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Non-Durable Consumption and Housing Net Worth in the Great Recession : Evidence from Easily Accessible Data

Kaplan, Greg - 2016

housing net worth on household expenditures during the Great Recession. Their widely-cited estimates are based on proprietary … specification on our data, we obtain values for the elasticity of expenditures to the housing net worth shock that are virtually … conclusions about the separate roles of house prices and initial housing exposure/leverage for the drop in expenditures. Moreover …

Persistent link: https://www.econbiz.de/10012992649

A Model of the Consumption Response to Fiscal Stimulus Payments

Kaplan, Greg - 2011

A wide body of empirical evidence finds that around 25 percent of fiscal stimulus payments (e.g., tax rebates) are spent on nondurable household consumption in the quarter that they are received. To interpret this fact, we develop a structural economic model where households can hold two assets:...

Persistent link: https://www.econbiz.de/10013121052

Monetary Policy According to Hank

Kaplan, Greg - 2016

We revisit the transmission mechanism of monetary policy for household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of household wealth and marginal propensities to consume because of two key features: multiple assets with...

Persistent link: https://www.econbiz.de/10013001195

When Inequality Matters for Macro and Macro Matters for Inequality

Ahn, SeHyoun - 2017

We develop an efficient and easy-to-use computational method for solving a wide class of general equilibrium heterogeneous agent models with aggregate shocks, together with an open source suite of codes that implement our algorithms in an easy-to-use toolbox. Our method extends standard...

Persistent link: https://www.econbiz.de/10012954454

The Wealthy Hand-to-Mouth

Kaplan, Greg - 2014

The wealthy hand-to-mouth are households who hold little or no liquid wealth (cash, checking, and savings accounts), despite owning sizable amounts of illiquid assets (assets that carry a transaction cost, such as housing or retirement accounts). We use survey data on household portfolios for...

Persistent link: https://www.econbiz.de/10013054868

The Morphology of Price Dispersion

Kaplan, Greg - 2014

This paper is a study of the shape and structure of the distribution of prices at which an identical good is sold in a given market and time period. We find that the typical price distribution is symmetric and leptokurtic, with a standard deviation between 19% and 36%. Only 10% of the variance...

Persistent link: https://www.econbiz.de/10013059750