We evaluate the impact of loan-to-value restrictions on household financial vulnerability. Using Norwegian tax data, we first document a beneficial leverage effect, in which households respond to the regulation by reducing house purchase probabilities, debt and interest expenses. Second, we...

This paper investigates how monetary expansion affects household consumption and savings through household debts. Using monetary policy cuts in China in the end of 2008 as an experiment, we find that the resulted increase in indebted households’ disposable income leads to increasing...

This paper develops a new class of poverty and inequality measures we call common prosperity. This measure complements existing classes of measures and allows decomposition across income sources or components of consumption expenditure. This framework enables us to study the trade-off between...

Highly interconnected global supply chains make countries vulnerable to supply chain disruptions. In this paper, we estimate the macroeconomic effects of global supply chain shocks for the euro area. Our empirical model combines business cycle variables with data from international container...

It ist examined, how FinTech can lower investment barriers and help households move toward optimal risk-taking, using a unique account-level data on consumption, investments, and FinTech usage from Ant Group. During our sample period, China experienced a rapid increase in FinTech penetration in...

Workshop Program: Session 1: International Macro and Uncertainty; Session 2: What is happening to the Phillips curve?;

The conference seeks to bring together academics and policy makers to discuss the aggregate implications of structural reforms, both from a theoretical and an empirical perspective. Topics: - The macroeconomic impact of structural reforms, both in the short and long run - The optimal timing of...

With unemployment rising and potential growth faltering, labor market reform has become more necessary than ever in OECD countries. Divergences remain however vivid regarding the direction of reforms: Which labor contracts? What role for labor taxation? Which minimum wages? What role for labor...

The theme for this year's conference is The Aftermath of the Crisis and will thus focus on the challenges facing policy makers in the recovery phase. Participation will enable you to share ideas with some of the best researchers in this field about how we can quickly reduce the labour market...

This year will be the first for some time that official unemployment rates will rise. The overall predictions are that there could be around a million people unemployed in Australia by year's end. The underemployment rate will also rise. At present, around 10 per cent of the available labour...