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The Saving Glut of the Rich and the Rise in Household Debt
Mian, Atif R. - 2020
across states shows that the rise in top income shares can explain almost all of the accumulation of household debt held as a … financial asset by the household sector. Since the Great Recession, the saving glut of the rich has been financing government …
Persistent link: https://www.econbiz.de/10012837475
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Furlough and Household Financial Distress During the Covid-19 Pandemic
Görtz, Christoph; McGowan, Danny; Yeromonahos, Mallory - 2021
We study how furlough affects household financial distress during the COVID-19 pandemic. Furlough increases the …
Persistent link: https://www.econbiz.de/10013212266
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Consumption Patterns of Indebted Households : Unravelling the Relevance of Fiscal Policy
Afonso, António; Sá Fortes Leitão Rodrigues, Eduardo de - 2023
We have investigated the influence of fiscal instruments, notably taxes on income and government spending, on household … consumption in two different samples and two measures of household debt to provide a comprehensive analysis of the topic. We used … government spending or reduced taxes, in the presence of high indebtedness, actually discourage household consumption compared to …
Persistent link: https://www.econbiz.de/10014346252
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Indebted Demand
Mian, Atif R. - 2020
lead to indebted household demand, pushing down natural interest rates. Moreover, popular expansionary policies—such as …
Persistent link: https://www.econbiz.de/10012836950
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Tax Smoothing in a Business Cycle Model with Capital-Skill Complementarity
Angelopoulos, Konstantinos; Asimakopoulos, Stylianos; … - 2014
This paper undertakes a normative investigation of the quantitative properties of optimal tax smoothing in a business cycle model with state contingent debt, capital-skill complementarity, endogenous skill formation and stochastic shocks to public consumption as well as total factor and capital...
Persistent link: https://www.econbiz.de/10010352346
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Risk Pooling, Leverage, and the Business Cycle
Dindo, Pietro; Modena, Andrea; Pelizzon, Loriana - 2019
This paper investigates the interdependence between the risk-pooling activity of the financial sector and: output, consumption, risk-free rate, and Sharpe ratio in a dynamic general equilibrium model of a productive economy. Due to their exposure to idiosyncratic shocks and market segmentation,...
Persistent link: https://www.econbiz.de/10012052878
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Appropriate fiscal policy over the business cycle: Proper stimulus policies can work
Graves, Philip E. - 2010
Fiscal policy has become quite controversial in the post-Keynesian era, the debate over the Obama stimulus package being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to meaningfully progress in terms of providing useful...
Persistent link: https://www.econbiz.de/10010270872
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Risk Matters: Breaking Certainty Equivalence
Parra-Alvarez, Juan Carlos; Polattimur, Hamza; Posch, Olaf - 2020
In this paper we use the property that certainty equivalence, as implied by a first-order approximation to the solution of stochastic discrete-time models, breaks in its equivalent continuous-time version. We study the extent to which a first-order approximated solution built by perturbation...
Persistent link: https://www.econbiz.de/10012214161
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Appropriate Fiscal Policy Over the Business Cycle : Proper Stimulus Policies Can Work
Graves, Philip E. - 2010
Fiscal policy has become quite controversial in the post-Keynesian era, the debate over the Obama stimulus package being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to meaningfully progress in terms of providing useful...
Persistent link: https://www.econbiz.de/10013139182
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Risk Matters : Breaking Certainty Equivalence
Parra-Alvarez, Juan Carlos - 2020
In this paper we use the property that certainty equivalence, as implied by a first-order approximation to the solution of stochastic discrete-time models, breaks in its equivalent continuous-time version. We study the extent to which a first-order approximated solution built by perturbation...
Persistent link: https://www.econbiz.de/10012834991