Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/298289 
Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
Working Paper No. 120
Verlag: 
Università Cattolica del Sacro Cuore, Dipartimento di Economia e Finanza (DISCE), Milano
Zusammenfassung: 
We estimate a money-financing versus debt-financing medium-scale dynamic stochastic general equilibrium for the US with Borrower-Saver framework. Our results suggest that the share of net borrowers in a MF regime (17%) is lower than the one in a DF regime (19%). The MF regime enhances the positive effects of fiscal and risk premium shocks with respect to the DF regime. After an inflationary shock the MF regime leads to a mild recession while the DF regime leads to a temporary expansion followed by a sharp recession. The fiscal shock mainly explains the variance in output and borrower's consumption in a MF regime. The variance of the saver's consumption remains mainly linked to the risk premium shock in both regimes. In a DF regime, the wage mark-up shock plays the major role.
Schlagwörter: 
Borrowers-Savers
Bayesian Estimation
Monetary Policy
JEL: 
E32
E42
E52
Dokumentart: 
Working Paper

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