The aggregate spending multiplier crucially depends on the sectoral origin of government
purchases. To establish this result, we characterize analytically the response of aggregate …

This study empirically shows that higher uncertainty leads to not only a simultaneous drop in
consumption and investment, but also a rise in the relative price of investment goods. This …

This paper analyses the macroeconomic consequences of a fiscal policy implemented in
South Korea during COVID-19,'Korean Economic Impact Payment (KEIP)'program, that aims …

Motivated by the increased importance of trade between industrialized and less-developed
countries, we build a two-sector dynamic stochastic general equilibrium model featuring …

Are business cycles always costly? This paper sheds new light on this question in the
context of a two-sector neoclassical business cycle model by focusing on the roles of the …

We set-up a two-sector New Keynesian model with input-output linkages to study the
persistently high inflation during the post-COVID-19 period. We include multiple shocks as …

How should central banks optimally aggregate sectoral inflation rates in the presence of
imperfect labor mobility across sectors? We study this issue in a two-sector New-Keynesian …

This paper characterizes the shape of the Laffer curve for consumption tax analytically,
considering (i) the functional form of utility and (ii) the use of tax revenue in a neoclassical …

This study shows that the shape of the tax revenue curve for consumption tax and its
boundedness are sensitive to (i) the functional form of utility and (ii) the use of tax revenue in …

본 논문에서는 가변자본가동률 (variable capital utilization rate) 조정비용을 정의하는 두 가지
방식 중 어느 방식이 경기변동을 더욱 잘 설명하는지 분석해보고자 한다. 이를 위해 여러 마찰들 …