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The Effects of the Saving and Banking Glut on the U.S. Economy
Primiceri, Giorgio; Tambalotti, Andrea; Justiniano, … - National Bureau of Economic Research (NBER) - 2013
We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...
Persistent link: https://www.econbiz.de/10010969208
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Why Has Japan's Massive Government Debt Not Wreaked Havoc (Yet)?
Horioka, Charles Yuji; Hagiwara, Akiko Terada-; Nomoto, … - National Bureau of Economic Research (NBER) - 2013
In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on the importance of foreign holders and speculate about the determinants of those trends. We find that Japanese government securities were held primarily by domestic holders until...
Persistent link: https://www.econbiz.de/10010951434
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Financial Integration, Financial Deepness and Global Imbalances
Mendoza, Enrique G.; Quadrini, Vincenzo; Ríos-Rull, … - National Bureau of Economic Research (NBER) - 2007
Large and persistent global financial imbalances need not be the harbinger of a world financial crash. Instead, we show that these imbalances can be the outcome of financial integration when countries differ in financial markets deepness. In particular, countries with more advanced financial...
Persistent link: https://www.econbiz.de/10005774458
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Global Savings and Global Investment: The Transmission of Identified Fiscal Shocks
Feyrer, James; Shambaugh, Jay C. - National Bureau of Economic Research (NBER) - 2009
This paper examines the effect of exogenous shocks to savings on world capital markets. Using the exogenous shocks to … US tax policy identified by Romer & Romer, we trace the impact of an exogenous shock to savings through the income … changes in private savings (Ricardian equivalence is not complete). We also find that only a small amount of the resulting …
Persistent link: https://www.econbiz.de/10005036810
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Public and Private Saving and the Long Shadow of Macroeconomic Shocks
Aizenman, Joshua; Noy, Ilan - National Bureau of Economic Research (NBER) - 2013
consistent with history-dependent dynamics: more experience of past crises tends to increase savings among households, but lead …
Persistent link: https://www.econbiz.de/10010796550
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Current Account Fact and Fiction
Backus, David; Henriksen, Espen; Lambert, Frederic; … - National Bureau of Economic Research (NBER) - 2009
With US trade and current account deficits approaching 6% of GDP, some have argued that the country is "on the comfortable path to ruin" and that the required "adjustment'' may be painful. We suggest instead that things are fine: although national saving is low, the ratios of household and...
Persistent link: https://www.econbiz.de/10008614663
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The Cross-Section and Time-Series of Stock and Bond Returns
Lustig, Hanno; Van Nieuwerburgh, Stijn; Koijen, Ralph S.J. - National Bureau of Economic Research (NBER) - 2010
Value stocks have higher exposure to innovations in the nominal bond risk premium, which measures the markets' perception of cyclical variation in future output growth, than growth stocks. The ICAPM then predicts a value risk premium provided that good news about future output lowers the...
Persistent link: https://www.econbiz.de/10008635918
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Modern Macroeconomics in Practice: How Theory is Shaping Policy
Kehoe, Patrick J.; Chari, Varadarajan - National Bureau of Economic Research (NBER) - 2006
Theoretical advances in macroeconomics made in the last three decades have had a major influence on macroeconomic policy analysis. Moreover, over the last several decades, the United States and other countries have undertaken a variety of policy changes that are precisely what macroeconomic...
Persistent link: https://www.econbiz.de/10005089123
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Understanding Equilibrium Models with a Small and a Large Number of Agents
Denhaan, Wouter - National Bureau of Economic Research (NBER) - 1996
In this paper, I compare a two-agent asset pricing model with the corresponding model with a continuum of agents. In a two-agent economy, interest rates respond to because each agent represents half of the population. These interest rate effects facilitate consumption smoothing. An agent in a...
Persistent link: https://www.econbiz.de/10005579910
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Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds
Gordon, Robert J. - National Bureau of Economic Research (NBER) - 2012
This paper raises basic questions about the process of economic growth. It questions the assumption, nearly universal since Solow's seminal contributions of the 1950s, that economic growth is a continuous process that will persist forever. There was virtually no growth before 1750, and thus...
Persistent link: https://www.econbiz.de/10010950998