By the same authors

Housing wealth, credit constraints and fiscal policy: who suffers most from austerity?

Research output: Other contribution

Standard

Housing wealth, credit constraints and fiscal policy: who suffers most from austerity? / Ozkan, Fatma Gulcin; McManus, Richard; Trzeciakiewicz, Dawid .

2016.

Research output: Other contribution

Harvard

Ozkan, FG, McManus, R & Trzeciakiewicz, D 2016, Housing wealth, credit constraints and fiscal policy: who suffers most from austerity?..

APA

Ozkan, F. G., McManus, R., & Trzeciakiewicz, D. (2016). Housing wealth, credit constraints and fiscal policy: who suffers most from austerity?. Unpublished

Vancouver

Ozkan FG, McManus R, Trzeciakiewicz D. Housing wealth, credit constraints and fiscal policy: who suffers most from austerity? 2016.

Author

Ozkan, Fatma Gulcin ; McManus, Richard ; Trzeciakiewicz, Dawid . / Housing wealth, credit constraints and fiscal policy: who suffers most from austerity?. 2016.

Bibtex - Download

@misc{a4214e374b4d4913a6fd739a6a62afdd,
title = "Housing wealth, credit constraints and fiscal policy:: who suffers most from austerity?",
abstract = "This paper develops a New Keynesian DSGE model incorporating the interaction between housing wealth and credit constraints to examine the distributional consequences of fiscal austerity. Our model features three distinct classes of households where heterogeneity in agents captures important characteristics of observed consumption behaviour. We find that although the costs of fiscal austerity are borne by all agents, the timing of sacrifice is substantially different. While credit-constrained households lose out in short to medium term following fiscal adjustment, interestingly, there is a reversal of fortune over a longer horizon; the credit unconstrained suffer in the long-term. A trade-off emerges between distributional equity and the output effects of fiscal consolidations. Finally, both the aggregate and the distributional consequences of fiscal austerity are determined much more by its composition than its speed.",
author = "Ozkan, {Fatma Gulcin} and Richard McManus and Dawid Trzeciakiewicz",
year = "2016",
language = "English",
type = "Other",

}

RIS (suitable for import to EndNote) - Download

TY - GEN

T1 - Housing wealth, credit constraints and fiscal policy:

T2 - who suffers most from austerity?

AU - Ozkan, Fatma Gulcin

AU - McManus, Richard

AU - Trzeciakiewicz, Dawid

PY - 2016

Y1 - 2016

N2 - This paper develops a New Keynesian DSGE model incorporating the interaction between housing wealth and credit constraints to examine the distributional consequences of fiscal austerity. Our model features three distinct classes of households where heterogeneity in agents captures important characteristics of observed consumption behaviour. We find that although the costs of fiscal austerity are borne by all agents, the timing of sacrifice is substantially different. While credit-constrained households lose out in short to medium term following fiscal adjustment, interestingly, there is a reversal of fortune over a longer horizon; the credit unconstrained suffer in the long-term. A trade-off emerges between distributional equity and the output effects of fiscal consolidations. Finally, both the aggregate and the distributional consequences of fiscal austerity are determined much more by its composition than its speed.

AB - This paper develops a New Keynesian DSGE model incorporating the interaction between housing wealth and credit constraints to examine the distributional consequences of fiscal austerity. Our model features three distinct classes of households where heterogeneity in agents captures important characteristics of observed consumption behaviour. We find that although the costs of fiscal austerity are borne by all agents, the timing of sacrifice is substantially different. While credit-constrained households lose out in short to medium term following fiscal adjustment, interestingly, there is a reversal of fortune over a longer horizon; the credit unconstrained suffer in the long-term. A trade-off emerges between distributional equity and the output effects of fiscal consolidations. Finally, both the aggregate and the distributional consequences of fiscal austerity are determined much more by its composition than its speed.

M3 - Other contribution

ER -