Narrow search
Showing 1 - 10 of 1,880
Cover Image
Inequality and the Zero Lower Bound
Fernández-Villaverde, Jesús; Marbet, Joël; Nuño, Galo; … - 2023
This paper studies how household inequality shapes the effects of the zero lower bound (ZLB) on nominal interest rates on aggregate dynamics. To do so, we consider a heterogeneous agent New Keynesian (HANK) model with an occasionally binding ZLB and solve for its fully nonlinear stochastic...
Persistent link: https://www.econbiz.de/10014348051
Cover Image
The Interplay of Economic, Social and Political Fragmentation
Bosworth, Steven - 2019
This paper examines how skill-biased growth can generate economic fragmentation (income dis-parities) that give rise to social fragmentation (the adoption of increasingly incompatible social identities and values), which generate political fragmentation (the adoption of increasingly incompatible...
Persistent link: https://www.econbiz.de/10012859600
Cover Image
Partisan Bias in Inflation Expectations
Bachmann, Oliver - 2019
We examine partisan bias in inflation expectations. Our dataset includes inflation expectations of the New York Fed … based on how partisans respond to changes in the White House's occupant (partisan bias). The results also corroborate the …
Persistent link: https://www.econbiz.de/10012860297
Cover Image
Interest Rate Skewness and Biased Beliefs
Chernov, Mikhail; Bauer, Michael - 2021
Conditional yield skewness is an important summary statistic of the state of the economy. It exhibits pronounced variation over the business cycle and with the stance of monetary policy, and a tight relationship with the slope of the yield curve. Most importantly, variation in yield skewness has...
Persistent link: https://www.econbiz.de/10013222193
Cover Image
Still in Search of the Sunk Cost Bias
Negrini, Marcello; Riedl, Arno; Wibral, Matthias - 2021
Evidence from hypothetical scenarios strongly suggests the existence of a sunk cost bias, the tendency to ‘throw good … psychological channels underlying such a bias is scarce. We present a laboratory experiment designed to investigate the sunk cost … bias and to test some prominent psychological mechanisms. Inspired by the hypothetical scenarios, we use a two …
Persistent link: https://www.econbiz.de/10013315181
Cover Image
Biased Survival Expectations and Behaviours : Does Domain Specific Information Matter?
Costa-Font, Joan; Vilaplana-Prieto, Cristina - 2021
European countries for more than a decade, we estimate time-varying individual level bias in ‘survival expectations' (BSE) at …
Persistent link: https://www.econbiz.de/10013311581
Cover Image
Forecasting Inflation with a Zero Lower Bound or Negative Interest Rates : Evidence from Point and Density Forecasts
Anderl, Christina; Caporale, Guglielmo Maria - 2022
This paper investigates the predictive power of the shadow rate for the inflation rate in countries with a zero lower bound (the US, the UK and Canada) and in those with negative rates (Japan, the Euro Area and Switzerland). Using shadow rates obtained from two different models (the Wu-Xia...
Persistent link: https://www.econbiz.de/10013292499
Cover Image
Mixing QE and Interest Rate Policies at the Effective Lower Bound : Micro Evidence from the Euro Area
Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; … - 2021
In the presence of negative monetary-policy rates and a zero lower bound on deposit rates, banks that are more exposed to central banks’ asset-purchase programs reduce their lending to the real economy by more than their counterparts. When banks face a lower bound on customer deposit rates, an...
Persistent link: https://www.econbiz.de/10013323089
Cover Image
Big G
Cox, Lydia - 2020
"Big G" typically refers to aggregate government spending on a homogeneous good. In this paper, we open up this construct by analyzing the entire universe of procurement contracts of the US government and establish five facts. First, government spending is granular, that is, it is concentrated...
Persistent link: https://www.econbiz.de/10012836206
Cover Image
Cognitive Biases : Mistakes or Missing Stakes?
Enke, Benjamin - 2020
reduced reliance on intuitions. In none of the tasks are very high stakes sufficient to de-bias participants, or come even …
Persistent link: https://www.econbiz.de/10012838245