Households' Balance Sheets and the Effect of Fiscal Policy
利用美国家庭面板数据识别六类家庭，通过多主体新凯恩斯模型分析家庭结构变化如何影响政府支出冲击的传导，发现负财富家庭占比对财政乘数和分配效应起关键作用。
Abstract Using households' balance‐sheet composition in the Panel Survey of Income Dynamics, we identify six household types. Since 1999, there has been a decline in the share of patient households and an increase in the share of impatient households with negative wealth. Using a six‐agent New Keynesian model with search and matching frictions, we explore how changes in households' shares affect the transmission of government spending shocks. We show that the relative share of households in the left tail of the wealth distribution plays a key role in the aggregate marginal propensity to consume, the magnitude of fiscal multipliers, and the distributional consequences of government spending shocks. While the output and consumption multipliers are positively correlated with the share of households with negative wealth, the size of the employment multiplier is negatively correlated. Moreover, our calibrated model can deliver jobless fiscal expansions.