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Distributional effects of surging housing costs under Schwabe's law
Grossmann, Volker; Larin, Benjamin; Löfflad, Hans Torben; … - 2019
The upward sloping trend of rents and house prices has initiated a debate on the consequences of surging housing costs for wealth inequality and welfare. We employ a frictionless two-sectoral macroeconomic model with a housing sector to investigate the dynamics of wealth inequality and the...
Persistent link: https://www.econbiz.de/10012026424
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Essential inputs and unbounded output : an alternative characterization of the neoclassical production function
Irmen, Andreas; Maußner, Alfred - 2014 - This Version: November 28, 2014
intuitive appeal of the latter feature, we conclude that the neoclassical growth model is a theory of eventual stagnation. …
Persistent link: https://www.econbiz.de/10010465163
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Secular stagnation : is immigration part of the solution?
Alves, José; Morgado, Sandro - 2022
In our article we review the secular stagnation hypothesis, firstly postulated by Hansen (1939), to describe the … definition of secular stagnation founded on four pillars: diminished long run growth potential, increasing aggregate demand … secular stagnation. For that, we consider one of the most evoked factors causing secular stagnation, demographics in the form …
Persistent link: https://www.econbiz.de/10012815750
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Country size, specialization patterns and secular demand stagnation
Ono, Yoshiyasu - 2017
Using a dynamic two-country two-commodity Ricardian model where preference for money (or wealth) leads to aggregate demand deficiency, this paper examines the relationship between the two countries' relative population size and their specialization patterns, employment and consumption. When the...
Persistent link: https://www.econbiz.de/10011754240
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Structural unemployment, underemployment, and secular stagnation
Hashimoto, Ken'ichi; Ono, Yoshiyasu; Schlegl, Matthias - 2020
is persistent demand shortage. We show that, under some conditions, a secular stagnation steady state exists in which the … addition to the job creation channel of the standard matching model. Turning to the stagnation equilibrium, the effects of … employment gap under stagnation are primarily driven by fluctuations in underemployment instead of structural unemployment. Our …
Persistent link: https://www.econbiz.de/10012219698
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Indebted demand
Mian, Atif; Straub, Ludwig; Sufi, Amir - 2020
We propose a theory of indebted demand, capturing the idea that large debt burdens by households and governments lower aggregate demand, and thus natural interest rates. At the core of the theory is the simple yet under-appreciated observation that borrowers and savers differ in their marginal...
Persistent link: https://www.econbiz.de/10012199991
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Das House-Kapital : a theory of wealth-to-income ratios
Grossmann, Volker; Steger, Thomas - 2016 - April 11, 2016 (Version 1.1)
This paper provides a novel macroeconomic model that is specifically designed to investigate the evolution of housing wealth. To capture the importance of land as an input factor for housing production and for the evolution of wealth in a growing economy, the analysis builds on three premises:...
Persistent link: https://www.econbiz.de/10011451042
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The neoclassical growth of China
Fernández-Villaverde, Jesús; Ohanian, Lee E.; Yao, Wen - 2023
This paper studies China's four-fold increase in per capita GDP relative to the U.S. between 1995 and 2019. First, we argue that China's growth pattern is very similar to that of several other East Asia economies that initially grew very quickly. Second, we show that a minimalist...
Persistent link: https://www.econbiz.de/10014293308
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Reasons for the demise of interest : savings glut and secular stagnation or central bank policy?
Mayer, Thomas; Schnabl, Gunther - 2019
efficiency of investment as well as to declining fixed capital investment due to digitalization (secular stagnation). In contrast … permanently. Furthermore, we find no empirical evidence for the global savings glut and secular stagnation hypotheses. Instead …
Persistent link: https://www.econbiz.de/10012124862
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Credit booms, debt overhang and secular stagnation
Illing, Gerhard; Ono, Yoshiyasu; Schlegl, Matthias - 2017
Why do advanced economies fall into prolonged periods of economic stagnation, particularly in the aftermath of credit … that financially more deregulated economies are more likely to experience persistent stagnation. In the short run, credit …
Persistent link: https://www.econbiz.de/10011774952