Rasmus Bisgaard Larsen forsvarer sin ph.d.-afhandling ved Økonomisk Institut


Rasmus Bisgaard Larsen


"Essays in Macroeconomics: Consumption Behavior, Price Dynamics, and Fiscal Spending"".

Det vil være muligt før forsvaret at rekvirere en kopi af afhandlingen ved henvendelse til Charlotte.Jespersen@econ.ku.dk

Tid og sted

28. april 2020 kl. 15:00. Link til at logge på overværelse af forsvaret følger her: https://ucph-ku.zoom.us/j/9536476672


  • Professor Søren Leth-Petersen, Økonomisk Institut, Københavns Universitet, Danmark (formand)
  • Lektor Céline Poilly, Universitet Aix-Marseille
  • Lektor Luigi Paciello, EIEF


This thesis consists of three self-contained chapters in the field of macroeconomics.

The first chapter studies the effects of households’ income on the quality of their purchases using household-level scanner data. By exploiting the randomized disbursement timing of the Economic Stimulus Payments of 2008, we show that households not only increase their spending but also tilt spending toward products of higher quality when they receive a temporary transfer of money. In addition, we document that consumption responses are heterogeneous across the income distribution. We build and calibrate a buffer-stock model, which rationalizes these consumption patterns. The chapter is co-authored with Christoffer Jessen Weissert.

The second chapter investigates how regional changes in government spending affect local retail prices by using retail scanner data from the United States. I estimate the effects of spending components from the American Recovery and Reinvestment Act of 2009 and Department of Defense contracts. Estimates from both sources show that retail prices respond positively to an increase in government spending. I provide evidence, which indicate that this cannot be accounted for by changes in retailers’ marginal costs.

The third chapter provides evidence indicating that U.S. house prices increase in the face of positive shocks to government spending. This response is not consistent with the predictions by a large variety of dynamic stochastic general equilibrium models. To address this problem, we devise and estimate a model with endogenous firm entry and love of variety effects. These features generate increasing returns to scale, which enables the model to generate an increase in house prices after a positive shock to government spending. The chapter is co-authored with Søren Hove Ravn and Emiliano Santoro.


For at overvære ph.d.-forsvaret, se venligst her: https://ucph-ku.zoom.us/j/9536476672