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Permanent Income Inequality: Australia, Britain, Germany, and the United States Compared

Leigh, Andrew - Research School of Economics, College of Business and … - 2009

A common critique of most measures of income inequality, which are based on a single year's income, is that they fail to take account of income mobility. If income fluctuations are large, and individuals can smooth consumption, then high inequality and high mobility may be no worse than low...

Persistent link: https://www.econbiz.de/10008511760

Consumption and Aggregate Constraints: Evidence from US States and Canadian Provinces

Ostergaard, Charlotte; Sørensen, Bent E; Yosha, Oved - C.E.P.R. Discussion Papers - 2001

State-level consumption exhibits excess sensitivity to lagged income to the same extent as US aggregate data, but state-specific (idiosyncratic) consumption exhibits substantially less sensitivity to lagged stste-specific income - a result that also holds for Canadian provinces. We propose the...

Persistent link: https://www.econbiz.de/10005792181

Resource rents; when to spend and how to save

Venables, Anthony J - C.E.P.R. Discussion Papers - 2010

Countries with substantial revenues from renewable resources face a complex range of revenue management issues. What is the optimal time profile of consumption from the revenue, and how much should be saved? Should saving be invested in foreign funds or in the domestic economy? How does...

Persistent link: https://www.econbiz.de/10008468644

Russian Fiscal Federalism: Impact of Political and Fiscal (De)centralization

Alexeev, Michael; Weber, Shlomo - C.E.P.R. Discussion Papers - 2013

evaluating the response of regional government’s expenditures to changes in the size of the GRP (gross regional product) and to … changes in the region’s tax collections. While the results related to regional shares of tax revenues and expenditures are … than for tax revenues but greater than for budget expenditures, which stresses the effectiveness of budget equalization …

Persistent link: https://www.econbiz.de/10011084505

Trade Prices and the Global Trade Collapse of 2008-2009

Gopinath, Gita; Itskhoki, Oleg; Neiman, Brent - C.E.P.R. Discussion Papers - 2012

We document the behavior of trade prices during the Great Trade Collapse of 2008-2009 using transaction-level data from the U.S. Bureau of Labor Statistics. First, we find that differentiated manufactures exhibited marked stability in their trade prices during the large decline in their trade...

Persistent link: https://www.econbiz.de/10011083970

Durable Goods, Borrowing Constraints and Consumption Insurance

Cerletti, Enzo; Pijoan-Mas, Josep - C.E.P.R. Discussion Papers - 2012

In this paper we study the transmission of income shocks into nondurable consumption in the presence of durable goods. We use a standard a life-cycle model with two goods to characterize the interaction of durability of goods, durability of shocks, and borrowing constraints as determinants of...

Persistent link: https://www.econbiz.de/10011084596

New Keynesian Models, Durable Goods and Collateral Constraints

Monacelli, Tommaso - C.E.P.R. Discussion Papers - 2006

Econometric evidence suggests that, in response to monetary policy shocks, durable and non-durable spending comove positively, and durable spending exhibits a much larger sensitivity to the policy shocks. A standard two-sector New Keynesian model with free borrowing persistently exhibits a...

Persistent link: https://www.econbiz.de/10005791335

Durable consumption and asset management with transaction and observation costs

Alvarez, Fernando; Guiso, Luigi; Lippi, Francesco - C.E.P.R. Discussion Papers - 2010

and 0.4 per year, respectively) with small observation costs (about 1 basis point of financial wealth) and larger … transaction costs (about 30 basis points of financial wealth). In spite of its small size the observation cost gives rise to …

Persistent link: https://www.econbiz.de/10008468638

Intertemporal Prices and the US Trade Balance in Durable Goods

Burda, Michael C; Gerlach, Stefan - C.E.P.R. Discussion Papers - 1990

This paper shows that virtually all of the rapid worsening of the US trade deficit since 1982 can be attributed to the balance on durable goods. Moreover, this deterioration has been concentrated in capital goods rather than consumer durables intertemporal prices play a key role in the...

Persistent link: https://www.econbiz.de/10005656219

Trade-Inducing Quality Standards for Used Durables

Clerides, Sofronis; Hadjiyiannis, Costas - C.E.P.R. Discussion Papers - 2005

We construct a theoretical framework to study the impact of asymmetric quality standards on used durable goods on trade flows, profits and consumer welfare. We show that asymmetry in quality standards generates trade in used goods from high to low standard countries while at the same time...

Persistent link: https://www.econbiz.de/10005666635