Email
p.schneider4@lse.ac.uk

Office Address
Department of Economics
London School of Economics and Political Science
Houghton Street, London WC2A 2AE

Placement Officer
Matthias Doepke

Supervisors
Ricardo Reis 
Wouter Den Haan

References
Ricardo Reis
Department of Economics
London School of Economics and Political Sciences
Houghton St, London WC2A 2AE
r.a.reis@lse.ac.uk

Ben Moll
Department of Economics
London School of Economics and Political Sciences
Houghton St, London WC2A 2AE
b.moll@lse.ac.uk

Wouter Den Haan
Department of Economics
London School of Economics and Political Sciences
Houghton St, London WC2A 2AE
w.denhaan@lse.ac.uk

Household Liquidity Policy, with Patrick Moran.

We assess ‘household liquidity policy’, a novel approach to stimulating aggregate demand that relies on relaxed regulation instead of conventional fiscal tools. We analyse the effectiveness of these liquidity policies, focusing on a form that was widely used during the Covid-19 pandemic: early access to retirement savings accounts. In a heterogeneous agent model with retirement and present–biased households we find both liquidity and conventional fiscal policies can achieve similar boosts to aggregate consumption but have different distributional implications. Relative to fiscal policy, liquidity policy benefits wealthier workers, retirees, and future generations, due to its lower tax burden and added flexibility, but it is also highly regressive. Liquidity policy shifts the future financial burden of present–day stimulus onto poorer and more present–biased workers, who only feel the impact when it is too late to adjust. I Link to paper.

Publications

Disunited Kingdom? Brexit, Trade and Scottish Independence, with Hanwei Huang and Thomas Sampson. CEP Brexit Analysis No. 17 (2021).

Market Power and Monetary Policy, with Tommaso Aquilante, Shiv Chowla, Nikola Dacic, Andrew Haldane, Riccardo Masolo, Martin Seneca, and Srdan Tatomir. Bank of England Working Paper No. 798 (2019).

Decomposing Differences in Productivity Distributions, Bank of England Working Paper No. 740 (2018).

Organizational Cultures of Corruption, with Gautam Bose. Journal of Public Economic Theory (2017) 19:1.

Working Papers

Situational and Behavioral Determinants of Early Withdrawal from Retirement Accounts, with Patrick Moran.

The Nested-Drift Algorithm, with Soroush Sabet.

Yield to Temptation.