for the future (global savings glut). Low growth is linked to slowing population growth and a declining marginal …, from the perspective of Austrian business cycle theory, interest rates were step by step decreased by central banks to … nihilo and the need of time to produce capital invalidates the IS identity assumed in the Keynesian theory to hold …

funds futures data. The uncertainty is highest when it signals a loosening cycle. The uncertainty raises the risk premium in …

calibrate the size of income risk to match panel data on household income dynamics. But, for several reasons, what is measured … as risk from such data may not correspond to the risk perceived by the agent. This paper instead uses data from the … differential precautionary saving motives. I also explore the implications of the fact that the perceived risk is lower than the …

framework where financial frictions endogenously fluctuate between moderate (low risk) and severe (high risk), depending on the …