This dissertation consists of three self-contained chapters. They share the focus on the short-run effects of macroeconomic policies. In Chapter 1, I study a particular fiscal policy: public infrastructure investment. Using a search and matching model of the labor market, I show that an expansion in public investment can have large short-run effects on employment through an anticipation effect on labor demand. Chapters 2 and 3 deal with the role of wealth inequality for the transmission of monetary policy. In Chapter 2, I use identified monetary policy shocks to provide empirical evidence, that greater wealth inequality is associated with stronger effects of monetary policy on economic activity. In the third chapter, I develop a Heterogeneous Agent New-Keynesian model with entrepreneurs. I find that entrepreneurs are important for the transmission of monetary to output and in particular to aggregate investment. When entrepreneurs hold a greater share of total wealth their investment response to monetary policy is stronger.
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