In macroeconomic models featuring borrowing-constrained agents, the effects of monetary policy depend on the fiscal reaction to interest rate changes. This paper presents new evidence on the dynamic causal effects of U.S. monetary policy shocks on fiscal instruments and estimates a Heterogeneous Agent New Keynesian model with fiscal feedback rules to match the empirical results. I find that U.S. fiscal ...
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This paper analyzes possibly time-varying shock transmission in structural vector autoregressive (VAR) models when the reduced-form VAR coefficients are time-invariant and the shocks are identified through non-Gaussianity. To check for possible time-variation in the impulse responses, we propose Wald tests for two situations: (1) homoskedastic and (2) heteroskedastic structural shocks. For the latter ...
How are the many Ukrainians who have come to Germany since the start of the Russian war of aggression on February 24, 2022, faring? An answer comes from the “Longitudinal Study on Refugees from Ukraine in Germany (SUARE),” which has published a research report on the topic on 3 March, 2025. The report, based on data collected between July 2023 and January 2024, is being published by the Institute for ...
