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Reconciling The Effects of Monetary Policy Actions on Consumption Within A Heterogeneous Agent Framework

Ahmad, Yamin - Society for Computational Economics - SCE - 2005

introduced into NNS models to try and reconcile the movements in interest rates, consumption and inflation. The key findings here … are that heterogeneity and wage inertia are needed to help reconcile these observations. Aggregate consumption and its … wages one periods in advance. When myopic households set wages in the current period, aggregate consumption and its expected …

Persistent link: https://www.econbiz.de/10005345080

Monetary Concequences of Alternative Fiscal Policy Rules

Railavo, Jukka - Society for Computational Economics - SCE - 2005

In this paper we analyse the monetary impact of alternative fiscal policy rules using the debt and deficit, both mentioned as measures of fiscal policy performance in the Stability and Growth Pact (SGP). We use a New Keynesian model, with distortionary taxation and an appropriately defined...

Persistent link: https://www.econbiz.de/10005345042

Investment-Specific and Multifactor Productivity in Multi-Sector Open Economies:Data and Analysis

Guerrieri, Luca; Henderson, Dale - Society for Computational Economics - SCE - 2005

In the last half of the 1990s, labor productivity growth rose in the U.S. and fell almost everywhere in Europe. We document changes in both capital deepening and multifactor productivity (MFP) growth in both the information and communication technology (ICT) and non-ICT sectors. We view MFP...

Persistent link: https://www.econbiz.de/10005345090

Financial Frictions, Distribution Costs, and Current Account Crises

Leduc, Sylvain; Valderrama, Diego - Society for Computational Economics - SCE - 2005

Current account crises in emerging markets are characterized by large increases in interest rates, big drops in output, and large real currency depreciations. Current models of crisis with financial frictions do not generate very large movements in these variables. Recent work has shown that the...

Persistent link: https://www.econbiz.de/10005342997

Portfolio Flows, Foreign Direct Investment, Crises

Uctum, Merih; Uctum, Remzi - Society for Computational Economics - SCE - 2005

The goal of the paper is to analyze how financial and economic crises affect the relation between capital flows and their determinants. We develop a model of foreign portfolio investment (FPI) and foreign direct investment (FDI), and apply it to Turkey using an endogenous break analysis and...

Persistent link: https://www.econbiz.de/10005343001

Expansionary Fiscal Shocks and the Trade Deficit

Erceg, Christopher; Guerrieri, Luca - Society for Computational Economics - SCE - 2005

consumption, and a reduction in the labor income tax rate. Our salient finding is that a fiscal deficit has a relatively small …

Persistent link: https://www.econbiz.de/10005343022

Quantifying the Inefficiency of the US Social Security System

Parra, J. C.; Huggett, M. - Society for Computational Economics - SCE - 2005

We quantify the inefficiency of the retirement component of the US social security system within a model where agents receive idiosyncratic labor-productivity shocks that are privately observed

Persistent link: https://www.econbiz.de/10005342987

Education and Self-Employment: Relationships between Earnings and Wealth Inequality

Terajima, Yaz - Society for Computational Economics - SCE - 2005

This paper quantitatively studies the interaction of education and occupation choices and its implication in accounting for changes in the relative wealth of households over 1983-2001 in the United States. Among households whose head is a college graduate, the ratio of the average household...

Persistent link: https://www.econbiz.de/10005343004

Housing, Personal Bankruptcy, Entrepreneurship

Terajima, Yaz; Meh, Cesaire - Society for Computational Economics - SCE - 2005

Homestead exemption is defined as the level of home equity that a household declaring bankruptcy can keep. This exemption level varies across states in the United States. As entreprenurial activities are risky, small business owners value the insurance the bankruptcy law provides. In their...

Persistent link: https://www.econbiz.de/10005343040

Portfolio Choice and Permanent Income

Zin, Stanley; Tallarini, Thomas - Society for Computational Economics - SCE - 2005

starting point. We use perturbation methods around this analytical solution to derive decision rules for consumption and …

Persistent link: https://www.econbiz.de/10005132666