BEGIN:VCALENDAR VERSION:2.0 PRODID:-//AMSE//Event Calendar//FR CALSCALE:GREGORIAN METHOD:PUBLISH BEGIN:VEVENT UID:event-10025@amse-aixmarseille.fr DTSTAMP:20260430T142113Z CREATED:20260430T142113Z LAST-MODIFIED:20260430T142113Z STATUS:CONFIRMED SEQUENCE:0 SUMMARY:Macro and labor market seminar - Yvan Becard DTSTART:20230502T103000Z DTEND:20230502T113000Z DESCRIPTION:Recent work shows that across a broad range of macroeconomic mo dels with non-Ricardian consumer behavior\, uniform transfer payments are m acro-equivalent to interest rate cuts (Wolf\, 2022). That is\, policymakers can use stimulus payments to substitute for conventional monetary policy w hen\, say\, the zero lower bound on nominal interest rates binds. We argue that in the same class of models\, temporarily reducing consumption taxes p rovides more stimulus than transfers — at the same cost to the taxpayer. Simulating these policies in a quantitative New Keynesian model with hetero geneous households\, we find that aggregate output expands at least twice a s much. This suggests that when governments are unable to manipulate intere st rates\, they should consider cutting existing taxes rather than sending checks to people.\\n\\nContact: Frédéric Deroïan: frederic.deroian[at]u niv-amu.fr\n\nPlus d'informations: https://amse-aixmarseille.fr/en/events/y van-becard-0 LOCATION:Îlot Bernard du Bois - Salle 21\, AMU - AMSE\, 5-9 boulevard Maur ice Bourdet\, 13001 Marseille URL;VALUE=URI:https://amse-aixmarseille.fr/en/events/yvan-becard-0 CONTACT:Frédéric Deroïan: \;frederic.deroian[at]univ-amu.fr TRANSP:OPAQUE END:VEVENT END:VCALENDAR