A Model of the Consumption Response to Fiscal Stimulus Payments

By Greg Kaplan, Giovanni L. Violante. 2011

924 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/47402d80db56b8aea3dc943abd43ae323d60b1ef

How researchers see this paper

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

In Accounting

In Economics and Econometrics

Citations in the corpus

Debt and the Consumption Response to Household Income Shocks (2015, result): “Kaplan and Violante (2011) outline a framework that could rationalize differential responses to gross debt and gross asset holdings in an incomplete markets model and which is consistent with these results.”
Monetary Policy According to HANK (2018, positive): “First, we follow Kaplan and Violante (2014) in assuming that households can save in two assets: a low-return liquid asset and a high-return illiquid asset”
Mortgage Design in an Equilibrium Model of the Housing Market (2018, positive): “9 Expression (7) can be viewed either as a tool to compute equilibrium in heterogeneousagent economies, following Krusell and Smith (1998), or as an assumption that households and investors are boundedly rational and formulate simple forecast rules for the aggregate state.”
The Liquid Hand-to-Mouth: Evidence from Personal Finance Management Software (2018, methodology): “Kaplan and Violante (2014a) do not need to assume that households have hyperbolic-discounting preferences and still generate a high marginal propensity to consume out of transitory shocks in a two-asset environment.”
Stock Market Returns and Consumption (2020, result): “These results are consistent with models of buffer-stock households, such as those proposed by Zeldes (1989), Caroll (1997), Gourinchas and Parker (2002) and, more recently, Kaplan and Violante (2014) that predict households with low liquid wealth exhibit higher MPC from temporary income or wealth s”
Which Workers Bear the Burden of Social Distancing? (2020, positive): “16We use the code made publicly available from Kaplan et al. (2014). mouth households are households with liquid assets that are less than half of one month’s income.”
Income and Wealth Inequality in America, 1949–2016 (2018, positive): “Wealthy Hand-to-Mouth Households Kaplan and Violante (2014) argue that the group of households that behave like hand-to-mouth consumers—that is, as if they had no wealth for consumption smoothing—is much larger, as many households hold wealth in illiquid assets that cannot be easily accessed.”
When Inequality Matters for Macro and Macro Matters for Inequality (2018, positive): “In this section, we apply our method to solve a two-asset incomplete markets model in the spirit of Kaplan and Violante (2014) and Kaplan, Moll and Violante (2016), which is explicitly parameterized to match key features of these distributions.”