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Welch, Finis - In: American Economic Review 89 (1999) 2, pp. 1-17

Persistent link: https://www.econbiz.de/10005563253

Kumhof, Michael; Rancière, Romain; Winant, Pablo - In: American Economic Review 105 (2015) 3, pp. 1217-45

The paper studies how high household leverage and crises can be caused by changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of high-income households, a large increase in debt leverage of low- and...

Persistent link: https://www.econbiz.de/10011188462

Consumption Inequality over the Last Half Century: Some Evidence Using the New PSID Consumption Measure

Attanasio, Orazio; Pistaferri, Luigi - In: American Economic Review 104 (2014) 5, pp. 122-26

This paper contributes to the debate regarding trends in consumption inequality in the United States. We present a new … measure of consumption inequality based on the redesigned 1999–2011 PSID. We impute consumption to the families observed …–2010). Consumption inequality was stable in the 1970s, as was income inequality. It increased significantly after 1980. The Great …

Persistent link: https://www.econbiz.de/10010815624

Does Innovation Cause Stock Market Runups? Evidence from the Great Crash

Nicholas, Tom - In: American Economic Review 98 (2008) 4, pp. 1370-96

This article examines the stock market's changing valuation of corporate patentable assets between 1910 and 1939. It shows that the value of knowledge capital increased significantly during the 1920s compared to the 1910s as investors responded to the quality of technological inventions....

Persistent link: https://www.econbiz.de/10005821428

Money, Sticky Wages, and the Great Depression

Erceg, Christopher J.; Bordo, Michael D.; Evans, Charles L. - In: American Economic Review 90 (2000) 5, pp. 1447-1463

Persistent link: https://www.econbiz.de/10005821951

The Most Dangerous Idea in Federal Reserve History: Monetary Policy Doesn't Matter

Romer, Christina D.; Romer, David H. - In: American Economic Review 103 (2013) 3, pp. 55-60

Monetary policy-makers' beliefs about how the economy functions are a key determinant of the conduct of policy. That monetary policy has little impact under the prevailing circumstances is a belief which has resurfaced periodically over the Federal Reserve's 100-year history. In both the 1930s...

Persistent link: https://www.econbiz.de/10010659412

Shadowy Banks and Financial Contagion during the Great Depression: A Retrospective on Friedman and Schwartz

Mitchener, Kris James; Richardson, Gary - In: American Economic Review 103 (2013) 3, pp. 73-78

This essay assesses whether network linkages within the banking system amplified the real effects of bank failures during the Great Contraction. In 1929, nearly all interbank deposits held by Federal Reserve member banks belonged to "shadowy" nonmember banks which were outside the regulatory...

Persistent link: https://www.econbiz.de/10010659416

The Information-Technology Revolution and the Stock Market

Jovanovic, Boyan; Greenwood, Jeremy - In: American Economic Review 89 (1999) 2, pp. 116-122

Persistent link: https://www.econbiz.de/10005563751

Measuring How Fiscal Shocks Affect Durable Spending in Recessions and Expansions

Berger, David; Vavra, Joseph - In: American Economic Review 104 (2014) 5, pp. 112-15

We estimate how durable expenditures respond to government spending shocks at different points in the business cycle using a nonlinear VAR approach that allows for the durable multiplier to vary smoothly with the state of the economy. We find strong evidence that the aggregate durable spending...

Persistent link: https://www.econbiz.de/10010815491

Consumption Inequality and Partial Insurance

Blundell, Richard; Pistaferri, Luigi; Preston, Ian - In: American Economic Review 98 (2008) 5, pp. 1887-1921

This paper examines the link between income and consumption inequality. We create panel data on consumption for the … Survey. We document a disjuncture between income and consumption inequality over the 1980s and show that it can be explained …

Persistent link: https://www.econbiz.de/10005820366

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