Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/311164 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
ECB Working Paper No. 2998
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
During the COVID-19 pandemic, governments in the euro area sharply increased spending while the European Central Bank eased financing conditions. We use this episode to assess how such a concerted monetary-fiscal stimulus redistributes welfare between various age cohorts. Our assessment involves not only the income side of household balance sheets (mainly direct effects of transfers) but also the more obscure financing side that, to a substantial degree, occurred via indirect effects (with a prominent role of the inflation tax). Using a quantitative life-cycle model, and assuming that the deficit was partly unfunded by future taxes, we document that young households benefited from the stimulus, while middle-aged and older agents mainly paid the bill. Crucially, most welfare redistribution was due to indirect effects related to macroeconomic adjustment that resulted from the stimulus. As a consequence, even though all age cohorts received significant transfers, the welfare of some actually decreased.
Schlagwörter: 
COVID-19
Fiscal expansion
Monetary policy
Redistribution
JEL: 
E31
E51
E52
H5
J11
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-6894-2
Dokumentart: 
Working Paper

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