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 …

This paper examines the role of monetary policy in an environment with aggregate risk and incomplete markets. In a two … optimal allocation. This policy aims to stabilize the savings rate in the economy via the effect of expected inflation on real …

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 …

risk. Overall, there is robust evidence that the term PRA announcements reduced bank funding costs at both 1-month and 3 …