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Life-cycle Forces make Monetary Policy Transmission Wealth-centric

Beaudry, Paul; Cavallino, Paolo; Willems, Tim - National Bureau of Economic Research - 2024

of consumption/saving decisions, thereby enriching the determinants of aggregate demand and affecting the transmission of …

Persistent link: https://www.econbiz.de/10014544789

Managing an Energy Shock : Fiscal and Monetary Policy

Auclert, Adrien; Monnery, Hugo; Rognlie, Matthew; … - National Bureau of Economic Research - 2023

This paper studies the macroeconomic effects of energy price shocks in energy-importing economies using a heterogeneous-agent New Keynesian model. When MPCs are realistically large and the elasticity of substitution between energy and domestic goods is realistically low, increases in energy...

Persistent link: https://www.econbiz.de/10014337777

Global Fund Flows and Emerging Market Tail Risk

Chari, Anusha; Stedman, Karlye Dilts; Lundblad, Christian - National Bureau of Economic Research - 2022

Global risk and risk aversion shocks have distinct distributional impacts on emerging market capital flows and returns. In particular, we find salient consequences of these different global shocks for tail risk in emerging markets. Open-end mutual fund trading provides a key mechanism linking...

Persistent link: https://www.econbiz.de/10013435139

How Do Households Respond to Income Shocks?

Krueger, Dirk; Malkov, Egor; Perri, Fabrizio - National Bureau of Economic Research - 2023

components, modest changes in consumption expenditures, and large changes in wealth. We then split the sample in households which … do not own business or real estate wealth, and households who do. For the first group, we find that consumption responses … income shocks can explain well the consumption and wealth responses, both at short and long horizons. For the second group …

Persistent link: https://www.econbiz.de/10014437025

Demand Shocks as Technology Shocks

Bai, Yan; Ríos-Rull, José-Víctor; Storesletten, Kjetil - National Bureau of Economic Research - 2024

qualitatively similar effects as true productivity shocks. These shocks account for a large share of the fluctuations in consumption …

Persistent link: https://www.econbiz.de/10014486260

The How and Why of Household Reactions to Income Shocks

Colarieti, Roberto; Mei, Pierfrancesco; Stantcheva, Stefanie - National Bureau of Economic Research - 2024

This paper studies how and why households adjust their spending, saving, and borrowing in response to transitory income shocks. We leverage new large-scale survey data to first quantitatively assess households' intertemporal marginal propensities to consume (MPCs) and deleverage (MPDs) (the...

Persistent link: https://www.econbiz.de/10014512045

The Linear Algebra of Economic Geography Models

Kleinman, Benny; Liu, Ernest; Redding, Stephen - National Bureau of Economic Research - 2023

We provide sufficient statistics for nominal and real wage exposure to productivity shocks in a constant elasticity economic geography model. These exposure measures summarize the first-order general equilibrium elasticity of nominal and real wages in each location with respect to productivity...

Persistent link: https://www.econbiz.de/10014322852

Financial sector ups and downs and the real sector : big hindrance, little help

Aizenman, Joshua - 2011

"We examine how financial expansion and contraction cycles affect the broader economy through their impact on 8 real economic sectors in a panel of 28 countries over 1960-2005, paying particular attention to large, or sharp, contractions and magnifying and mitigating factors. Overall, the...

Persistent link: https://www.econbiz.de/10011395532

Do Government Spending Multipliers Depend on the Sign of the Shock?

Ben Zeev, Nadav; Ramey, Valerie A.; Zubairy, Sarah - National Bureau of Economic Research - 2023

We analyze whether government spending multipliers differ by the sign of the shock. Using aggregate historical U.S. data, we apply Ben Zeev's (2020) nonlinear diagnostic tests and find evidence of nonlinearities in the impulse response functions of both government spending and GDP. We then...

Persistent link: https://www.econbiz.de/10014247936

State-Dependent Local Projections : Understanding Impulse Response Heterogeneity

Cloyne, James; Jordà, Òscar; Taylor, Alan M. - National Bureau of Economic Research - 2023

An impulse response is the dynamic average effect of an intervention across horizons. We use the well-known Kitagawa-Blinder-Oaxaca decomposition to explore a response's heterogeneity over time and over states of the economy. This can be implemented with a simple extension to the usual local...

Persistent link: https://www.econbiz.de/10014226168