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Quantifying the Impact of Financial Development on Economic Development
Greenwood, Jeremy; Sanchez, Juan M.; Wang, Cheng - National Bureau of Economic Research (NBER) - 2010
How important is financial development for economic development? A costly state verification model of financial intermediation is presented to address this question. The model is calibrated to match facts about the U.S. economy, such as intermediation spreads and the firm-size distribution for...
Persistent link: https://www.econbiz.de/10008631095
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Why Doesn't Technology Flow from Rich to Poor Countries?
Cole, Harold; Greenwood, Jeremy; Sanchez, Juan M. - National Bureau of Economic Research (NBER) - 2015
control the cash flows of a firm plays an important role in the technology adoption decision. Can such a theory help to …
Persistent link: https://www.econbiz.de/10011123623
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Macroeconomics With Heterogeneity: A Practical Guide
Guvenen, Fatih - National Bureau of Economic Research (NBER) - 2011
analyses of the permanent income ("self-insurance") model that examine how it fits the facts about life cycle allocations, to … arises from a mixture of idiosyncratic risk and fixed (or predictable) heterogeneity, making the two challenging to …
Persistent link: https://www.econbiz.de/10009372433
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The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk-Sharing in General Equilibrium
Ludvigson, Sydney C.; Van Nieuwerburgh, Stijn; … - National Bureau of Economic Research (NBER) - 2010
previously considered in existing quantitative macro studies of housing finance: aggregate business cycle risk, and a realistic …, the boom in house prices is entirely the result of a decline in the housing risk premium. Third, low interest rates cannot …
Persistent link: https://www.econbiz.de/10008634639
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How to Advance Theory with Structural VARs: Use the Sims-Cogley-Nason Approach
Kehoe, Patrick J. - National Bureau of Economic Research (NBER) - 2006
. This switch will vastly increase the value of the structural VAR literature for economic theory. …
Persistent link: https://www.econbiz.de/10005774407
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The Heterogeneous State of Modern Macroeconomics: A Reply to Solow
Chari, Varadarajan; Kehoe, Patrick J. - National Bureau of Economic Research (NBER) - 2007
macroeconomics is firmly grounded in economic theory. We disagree and explain why. …
Persistent link: https://www.econbiz.de/10005778451
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The Wealth Distribution in Bewley Models with Investment Risk
Benhabib, Jess; Bisin, Alberto; Zhu, Shenghao - National Bureau of Economic Research (NBER) - 2014
We study the wealth distribution in Bewley economies with idiosyncratic capital income risk. We show analytically that …
Persistent link: https://www.econbiz.de/10010821779
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Indian Equity Markets: Measures of Fundamental Value
Mehra, Rajnish - National Bureau of Economic Research (NBER) - 2010
In this paper, we take a critical look at the relationship between the value of capital stock in the Indian corporate sector and the valuation of claims to this capital stock in capital markets. We address the question of whether Indian equity valuations over the period 1991- 2008 are consistent...
Persistent link: https://www.econbiz.de/10008615767
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Rational Housing Bubble
Zhao, Bo - National Bureau of Economic Research (NBER) - 2013
This paper studies an economy inhabited by overlapping generations of homeowners and investors, with the only difference between the two being that homeowners derive utility from housing services whereas investors do not. Tight collateral constraint limits the borrowing capacity of homeowners...
Persistent link: https://www.econbiz.de/10010692225
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Why are Saving Rates of Urban Households in China Rising?
Chamon, Marcos; Prasad, Eswar - National Bureau of Economic Research (NBER) - 2008
of disposable income. We use household-level data to explain why households are postponing consumption despite rapid … income growth. Tracing cohorts over time indicates a virtual absence of consumption smoothing over the life cycle. Saving … rates have increased across all demographic groups although the age profile of savings has an unusual pattern in recent …
Persistent link: https://www.econbiz.de/10005710617