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Credit, Housing Collateral and Consumption: Evidence from the UK, Japan and the US

Aron, Janine; Duca, John V; Muellbauer, John; Murata, Keiko - C.E.P.R. Discussion Papers - 2010

The consumption behaviour of UK, US and Japanese households is examined and compared using a modern Ando-Modigliani style consumption function. The models incorporate income growth expectations, income uncertainty, housing collateral and other credit effects. These models therefore capture...

Persistent link: https://www.econbiz.de/10008468550

The Time-Series Properties of Aggregate Consumption: Implications for the Costs of Fluctuations

Reis, Ricardo - C.E.P.R. Discussion Papers - 2005

While this is typically ignored, the properties of the stochastic process followed by aggregate consumption affect the estimates of the costs of fluctuations. This paper pursues two approaches to modelling aggregate consumption dynamics and to measuring how much society dislikes fluctuations,...

Persistent link: https://www.econbiz.de/10005136677

Income and Consumption Smoothing Among US States: Regions or Clubs?

Sørensen, Bent E; Yosha, Oved - C.E.P.R. Discussion Papers - 1997

We measure the amount of income insurance and cross-sectional consumption smoothing (lending and borrowing) achieved within subgroups of states, such as regions or clubs, e.g. the club of rich states. We find that there is as much income insurance between, as well as within, regions. By...

Persistent link: https://www.econbiz.de/10005504778

Taking Banks to Solow

Gersbach, Hans; Rochet, Jean-Charles; Scheffel, Martin - C.E.P.R. Discussion Papers - 2015

We develop a simple integration of banks into the Solow model. The objective is to provide a tractable benchmark for analyzing the long-term impact of crises on economic activities and growth. A fraction of firms have to rely on banks for financing their investments, while banks themselves face...

Persistent link: https://www.econbiz.de/10011186631

International Capital Flows and the Boom-Bust Cycle in Spain

In 'T Veld, Jan; Kollmann, Robert; Pataracchia, Beatrice; … - C.E.P.R. Discussion Papers - 2014

We study the joint dynamics of foreign capital flows and real activity during the recent boom-bust cycle of the Spanish economy, using a three-country New Keynesian model with credit constrained households and firms, a construction sector and a government. We estimate the model using...

Persistent link: https://www.econbiz.de/10011083472

The Transmission Mechanism in Good and Bad Times

Mumtaz, Haroon; Surico, Paolo - C.E.P.R. Discussion Papers - 2014

Does the transmission of economic policies and structural shocks vary with the state of the economy? We answer this question using a strategy based on quantile regressions, which account for both endogeneous regressors and state-dependent parameters. An application to U.S. real activity and...

Persistent link: https://www.econbiz.de/10011083570

The Precautionary Saving Effect of Government Consumption

Ercolani, Valerio; Pavoni, Nicola - C.E.P.R. Discussion Papers - 2014

household consumption dispersion, wealth and saving. According to our model, this result is explained by a change in the level … of precautionary saving, with public health care acting as a form of consumption insurance. We compute the implied … saving is positive and sizable. When we include the effect of taxation, the sign of the impact multiplier depends on a few …

Persistent link: https://www.econbiz.de/10011083638

Wealth, Credit Conditions and Consumption: Evidence from South Africa

Aron, Janine; Muellbauer, John - C.E.P.R. Discussion Papers - 2012

There is widespread disagreement about the role of housing wealth in explaining consumption. This paper exploits liquid and illiquid wealth time series from household balance sheet data for South Africa, previously constructed by the authors, to explain fluctuations in the ratios of consumption...

Persistent link: https://www.econbiz.de/10011084339

The 1920s and the 1990s in Mutual Reflection

Gordon, Robert J - C.E.P.R. Discussion Papers - 2005

1924-1930, reminds us that business cycles emerge from the complex interplay of multiple factors, not just one. Common …

Persistent link: https://www.econbiz.de/10005792478

Consumption Dynamics and Real Exchange Rate

Ravn, Morten O - C.E.P.R. Discussion Papers - 2001

empirical plausibility of recent theories of international business cycles that associate a crucial role to the real exchange …

Persistent link: https://www.econbiz.de/10005662242

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