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Recession and deflation?
Blanchflower, David G.; Bryson, Alex - 2022
Central bankers are raising interest rates on the assumption that wage-push inflation may lead to stagflation. This is …
Persistent link: https://www.econbiz.de/10013448558
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A theory of social impact bonds
Tortorice, Daniel L.; Bloom, David E.; Kirby, Paige; … - 2020
Social impact bonds (SIBs) are an innovative financing mechanism for public goods. In a SIB, an investor provides capital to a service provider for a social intervention. The investor receives a return based on the outcome of the intervention relative to a predetermined benchmark. We describe...
Persistent link: https://www.econbiz.de/10012243331
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The effect of macroeconomic uncertainty on household spending
Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, … - 2021
Using a new survey of European households, we study how exogenous variation in the macroeconomic uncertainty perceived by households affects their spending decisions. We use randomized information treatments that provide different types of information about the first and/or second moments of...
Persistent link: https://www.econbiz.de/10012491975
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The expected, perceived, and realized inflation of U.S. households before and during the COVID-19 pandemic
Weber, Michael; Gorodnichenko, Yuriy; Coibion, Olivier - 2022
We examine the efficacy of affirmative action at universities whose value depends on peer and alumni networks. We study an elite Brazilian university that adopted race- and income-based affirmative action at a large scale. Using employer-employee data, we show that a key benefit of attending the...
Persistent link: https://www.econbiz.de/10012805824
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Inflation and wage expectations of firms and employees
Buchheim, Lukas; Link, Sebastian; Möhrle, Sascha - 2024
We study the link between expected inflation and wages using novel panel data from German firms and employees. We find … that pass-through - the percentage point change in wage growth given a one percentage point change in expected inflation … extensive margin, expected inflation has little effect on additional wage negotiations. …
Persistent link: https://www.econbiz.de/10015053872
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Financial expectations and household consumption : does middle inflation matter?
Brown, Sarah; Harris, Mark N.; Spencer, Christopher; … - 2020
account middle-inflation overestimate the impact of financial expectations. …
Persistent link: https://www.econbiz.de/10012180406
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Lifetime memories of inflation : evidence from surveys and the lab
Salle, Isabelle; Gorodnichenko, Yuriy; Coibion, Olivier - 2023
We study how individuals' memories of inflation shape their expectations about future inflation using both surveys and … the current inflation episode to last. Information treatments in which we show people prior disinflationary experiences … similarly strongly reduce inflation expectations of individuals on average and are often recalled as inflation memories months …
Persistent link: https://www.econbiz.de/10014444241
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The causal effects of inflation uncertainty on households' beliefs and actions
Georgarakos, Dimitris; Gorodnichenko, Yuriy; Coibion, … - 2024
We implement a survey-based randomized information treatment that generates independent variation in the inflation … expectations and the uncertainty about future inflation of European households. This variation allows us to assess how both first … and second moments of inflation expectations separately affect subsequent household decisions. We document several key …
Persistent link: https://www.econbiz.de/10015069388
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Government debt as insurance against macroeconomic risk
Barbie, Martin; Hagedorn, Marcus; Kaul, Ashok - 2001
Is there a role for debt beyond curing overaccumulation of capital? Does dynamic efficiency and the infeasibility of debt Ponzi schemes eliminate any Pareto-improving role for a government in a competitive economy with complete markets? Is there an optimal maturity structure of public debt?...
Persistent link: https://www.econbiz.de/10011405711
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Differences in euro-area household finances and their relevance for monetary-policy transmission
Hintermaier, Thomas; Koeniger, Winfried - 2019
This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life-cycle incomplete-markets model with a financial asset and...
Persistent link: https://www.econbiz.de/10012133482