What is the role of the automatic stabilizers in the U.S. business cycle

By Ricardo Reis, A. McKay. 2012

353 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/3a995bb696b32bd9a900a39676571e5c2dc7a65c

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

Citations in the corpus

Precautionary Saving Over the Business Cycle (2016, unknown): “The wealth share of the poorest % one of our calibration targets belowis thus: A K = (n a (1 n ) ) ( + (1 ) )n k (32)”
Monetary Policy and the Redistribution Channel (2017, unknown): “10This effect is not apparent in the McKay et al. (2014) calibration, in which the government is the only borrower and taxes are only levied on the richest individuals.”
The Intertemporal Keynesian Cross (2018, unknown): “While 9Woodford (2011) uses a similar rule in a representative-agent model, as do McKay, Nakamura and Steinsson (2016) in a heterogeneous-agent model.”
The State of New Keynesian Economics: A Partial Assessment (2018, background): “By contrast, McKay et al. (2016) analyze a model with idiosyncratic shocks in which the effects of interest changes are dampened relative to the RANK benchmark, as a result of a built-in procyclical earnings risk (caused by the assumption of even distribution of countercyclical profits among workers”
Precautionary Savings, Illiquid Assets, and the Aggregate Consequences of Shocks to Household Income Risk (2019, background): “8Further examples of the New Keynesian incomplete markets literature are Auclert (2015), Challe and Ragot (2016), McKay, Nakamura, and Steinsson (2016), McKay and Reis (2016), Werning (2015), all of which, however, build on a single-asset framework.”
Incomplete Markets and Aggregate Demand (2015, background): “More recent work includes Guerrieri and Lorenzoni (2011), Kaplan and Violante (2011), Ravn and Sterk (2012), Eggertsson and Krugman (2012), McKay and Reis (2013), Sterk and Tenreyro (2013), Sheedy (2014), Auclert (2015) and McKay et al. (2015). These contributions focus on various different aspects ”
Fiscal multipliers in the 21st century (2016, unknown): “McKay and Reis (2013) study2 the effects of automatic stabilizers on volatility.”
The Decline, Rebound, and Further Rise in SNAP Enrollment: Disentangling Business Cycle Fluctuations and Policy Changes (2013, unknown): “In other recent work, McKay and Reis (2013) argue that SNAP is particularly effective as an automatic stabilizer.”
Unemployment (fears) and Deflationary Spirals (2015, unknown): “Examples are Rudanko (2009), Bils et al. (2011), McKay and Reis (2016), Challe et al. (2017), and Challe and Ragot (2016).”
The Fiscal Multiplier (2019, unknown): “…for example Oh and Reis (2012), Guerrieri and Lorenzoni (2015), Gornemann et al. (2012), Kaplan et al. (2016), Auclert (2016) and L¨utticke (2015), McKay and Reis (2016), McKay et al. (2015), Bayer et al. (2015), Ravn and Sterk (2013) and Den Haan et al. (2015), but we are not aware of any…”
Monetary Policy According to HANK (2018, background): “However, these models also fea- 5See Guerrieri and Lorenzoni (2011), Oh and Reis (2012), Ravn and Sterk (2012), McKay and Reis (2013), Gornemann et al. (2014), Auclert (2014), McKay et al. (2015), Den Haan et al. (2015), Bayer et al. (2015), and Werning (2015).”
Doves for the Rich, Hawks for the Poor? Distributional Consequences of Monetary Policy (2016, background): “McKay et al. (2015) study how borrowing constraints alter the efficacy of monetary forward guidance.”
When Inequality Matters for Macro and Macro Matters for Inequality (2018, unknown): “…agent counterpart.2,3 Our paper’s main message is that both of these excuses are less valid than commonly 1For examples studying fiscal policy, see McKay and Reis (2013) and Kaplan and Violante (2014); for monetary policy, see McKay, Nakamura and Steinsson (2015), Auclert (2014), and Kaplan,…”