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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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Capital Taxation and Ownership when Markets are Incomplete
Farhi, Emmanuel - National Bureau of Economic Research (NBER) - 2007
This paper analyzes the theoretical and quantitative implications of optimal capital taxation in the neoclassical growth model with aggregate shocks and incomplete markets. The model features a representative-agent economy with proportional taxes on labor and capital. I first consider the case...
Persistent link: https://www.econbiz.de/10005829854
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What Drives Aggregate Investment?
Bachmann, Rüdiger; Zorn, Peter - National Bureau of Economic Research (NBER) - 2013
-driven business cycle hypothesis for the case of aggregate investment. We construct a survey-based measure of technology shocks to … gauge their contribution to short-run investment fluctuations. We estimate an upper bound for the contribution of technology … shocks to the variance of the aggregate investment growth rate of 19 percent. The larger part of fluctuations in aggregate …
Persistent link: https://www.econbiz.de/10010969200
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Firms' Optimism and Pessimism
Bachmann, Rüdiger; Elstner, Steffen - National Bureau of Economic Research (NBER) - 2013
Are firms' expectations systematically too optimistic or too pessimistic? Does it matter? We use micro data from the West German manufacturing subset of the IFO Business Climate Survey to infer quarterly production changes at the firm level and combine them with production expectations over a...
Persistent link: https://www.econbiz.de/10010969204
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Lumpy Investment, Lumpy Inventories
Bachmann, Rüdiger; Ma, Lin - National Bureau of Economic Research (NBER) - 2012
one type of capital good to save and invest in, fixed capital investment dynamics are tightly linked to consumption … dynamics, which are similar across lumpy and frictionless investment models. With capital goods heterogeneity, households … capital adjustment frictions. We quantify our arguments by introducing inventories into a two-sector lumpy investment model …
Persistent link: https://www.econbiz.de/10011188529
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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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Mortgage Rates, Household Balance Sheets, and the Real Economy
Keys, Benjamin J.; Piskorski, Tomasz; Seru, Amit; Yao, … - National Bureau of Economic Research (NBER) - 2014
This paper investigates the impact of lower mortgage rates on household balance sheets and other economic outcomes during the housing crisis. We use proprietary loan-level panel data matched to consumer credit records using borrowers' Social Security numbers, which allows for accurate...
Persistent link: https://www.econbiz.de/10010951393
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Under-Savers Anonymous: Evidence on Self-Help Groups and Peer Pressure as a Savings Commitment Device
Meier, Stephan; Kast, Felipe; Pomeranz, Dina - National Bureau of Economic Research (NBER) - 2012
We test the effectiveness of self-help peer groups as a commitment device for precautionary savings, through two randomized field experiments among 2,687 microentrepreneurs in Chile. The first experiment finds that self-help peer groups are a powerful tool to increase savings (the number of...
Persistent link: https://www.econbiz.de/10010821682
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The Time-Series Properties of Aggregate Consumption: Implications for the Costs of Fluctuation
Reis, Ricardo - National Bureau of Economic Research (NBER) - 2005
uncertainty, through its impact on precautionary savings and investment. The two approaches lead to costs of fluctuations that are …
Persistent link: https://www.econbiz.de/10005829338
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Corporate Cash Holding in Asia
Horioka, Charles Yuji; Hagiwara, Akiko Terada- - National Bureau of Economic Research (NBER) - 2013
In this paper, we analyze the determinants of corporate saving in the form of changes in the stock of cash for 11 Asian economies using firm-level data from the Oriana Database for the 2002-2011 period. We find some evidence that cash flow has a positive impact on the change in the stock of...
Persistent link: https://www.econbiz.de/10010951047