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Costs of Housing Crises: International Evidence
Aßmann, Christian; Hogrefe, Jens; Jannsen, Nils - Institut für Weltwirtschaft (IfW) - 2009
This analysis provides evidence for the costs housing crises induce in terms of GDP growth and under what circumstances these crises are particularly costly. Housing crises are often followed by recessions that are longer and deeper than other recessions. According to empirical estimates,a...
Persistent link: https://www.econbiz.de/10005258422
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Current Account Imbalances and Income Inequality: Theory and Evidence
Al-Hussami, Fares; Remesal, Álvaro Martín - Institut für Weltwirtschaft (IfW) - 2012
In this paper we analyze theoretically and empirically the impact of an increase in income inequality on the current account balance. We develop a model with consumption externalities and heterogeneous agents which explains how an increase in income inequality can affect negatively or positively...
Persistent link: https://www.econbiz.de/10010886828
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The housing wealth effect on consumption reconsidered
Lindner, Fabian - Institut für Weltwirtschaft (IfW) - 2014
Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in which housing price changes work as a wealth effect. In such models, windfall gains in housing always lead to positive changes in consumption. However, this might constitute a...
Persistent link: https://www.econbiz.de/10010956068
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Age-specific rise of income and consumption inequality
Zhu, Guozhong - Institut für Weltwirtschaft (IfW) - 2013
Based on Panel Study of Income Dynamics (PSID) and Consumer Expenditure Survey (CEX), the author presents evidence that the rise of income/consumption inequality over the past decades is more significant among younger households. This is consistent with the theory that the secular rise of...
Persistent link: https://www.econbiz.de/10010956091
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Through which channels can remittances spur economic growth in MENA countries?
Mim, Sami Ben; Ali, Mohamed Sami Ben - Institut für Weltwirtschaft (IfW) - 2012
This paper studies the remittances' effect on economic growth. Using panel data techniques, the authors estimate several specifications to provide support of such relationship for MENA countries over the period 1980-2009. The findings provide new robust evidence on how remittances are used in...
Persistent link: https://www.econbiz.de/10009646511
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Confronting the Representative Consumer with Household-Size Heterogeneity
Koulovatianos, Christos; Schröder, Carsten; Schmidt, Ulrich - Institut für Weltwirtschaft (IfW) - 2010
using insights from the way a single representative household would behave. Heterogeneity at the micro level can jeopardize …-level heterogeneity is household size, as individuals living in multi-member households have the potential to share goods within the … household, benefiting from household-size economies. Theoretically, we show that validating the role of a representative …
Persistent link: https://www.econbiz.de/10008727755
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Trend Growth and the Dynamic Effects of Government Spending
Tesfaselassie, Mewael F. - Institut für Weltwirtschaft (IfW) - 2011
The paper studies the macroeconomic effects of government spending shocks in an economy characterized by positive trend growth. It shows that the lower is the trend growth rate the less inflationary are government spending shocks and vice versa. Moreover, on impact output is higher but exhibits...
Persistent link: https://www.econbiz.de/10008805609
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Stock Market Wealth, Private Saving, and the Current Account in the United States: Should We Worry?
Strauß, Hubert - Institut für Weltwirtschaft (IfW) - 1999
The paper investigates by means of cointegration analysis whether the recently observed low levels of private saving and the current account balance in the United States are worrisome in the sense that they cannot be sufficiently explained by determinants which performed well in the past. Stock...
Persistent link: https://www.econbiz.de/10005818865
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International transmission of financial stress: evidence from a GVAR
Dovern, Jonas; Roye, Björn van - Institut für Weltwirtschaft (IfW) - 2013
We analyze the international transmission of financial stress and its effects on economic activity. We construct country specific monthly financial stress indexes (FSI) using dynamic factor models from 1970 until 2012 for 20 countries. We show that there is a strong co-movement of the FSI during...
Persistent link: https://www.econbiz.de/10010886840
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Uncertainty shocks, banking frictions, and economic activity
Bonciani, Dario; Roye, Björn van - Institut für Weltwirtschaft (IfW) - 2013
In this paper we investigate the effects of uncertainty shocks on economic activity using a Dynamic Stochastic General Equilibrium (DSGE) model with heterogenous agents and a stylized banking sector. We show that frictions in credit supply amplify the effects of uncertainty shocks on economic...
Persistent link: https://www.econbiz.de/10010886850