Narrow search
Showing 1 - 10 of 129
Cover Image
Effects of Wildfire Destruction on Migration, Consumer Credit, and Financial Distress
McConnell, Kathryn; Whitaker, Stephan; Fussell, Elizabeth; … - 2021
and household finances. In this study, we evaluate the effects of wildfire destruction on in-migration and out … changes in homeownership, consumer credit usage, and financial distress among people whose neighborhood suffered damaging … fires. We pair quarterly observations from the Federal Reserve Bank of New York/Equifax Consumer Credit Panel with building …
Persistent link: https://www.econbiz.de/10013309819
Cover Image
Fiscal Stimulus and Consumer Debt
Demyanyk, Yuliya - 2017
In the aftermath of consumer debt-induced recession, policymakers have questioned whether fiscal stimulus is effective during the periods of high consumer indebtedness. This study empirically investigates this question. Using detailed data on Department of Defense spending for the 2006-2009...
Persistent link: https://www.econbiz.de/10012968127
Cover Image
The Effect of Minimum Wages on Consumer Bankruptcy
Legal-Cañisá, Diego; Young, Eric R. - 2022
cannot sign the effect of MW on bankruptcy and credit utilization; we use a stylized consumption/saving model with default to …
Persistent link: https://www.econbiz.de/10013403318
Cover Image
Liquidity and Asset Market Dynamics
Rocheteau, Guillaume - 2010
We study economies with an essential role for liquid assets in transactions. The model can generate multiple stationary equilibria, across which asset prices, market participation, capitalization, output and welfare are positively related. It can also generate a variety of nonstationary...
Persistent link: https://www.econbiz.de/10013135202
Cover Image
Monetary Policy with Judgment
Gelain, Paolo - 2020
We consider two approaches to incorporate judgment into DSGE models. First, Bayesian estimation indirectly imposes judgment via priors on model parameters, which are then mapped into a judgmental interest rate decision. Standard priors are shown to be associated with highly unrealistic...
Persistent link: https://www.econbiz.de/10012833379
Cover Image
A Monetary Approach to Asset Liquidity
Rocheteau, Guillaume - 2010
This paper offers a monetary theory of asset liquidity – one that emphasizes the role of assets in payment arrangements … – and it explores the implications of the theory for the relationship between assets' intrinsic characteristics and …
Persistent link: https://www.econbiz.de/10013144528
Cover Image
Liquidity, Capital Pledgeability and Inflation Redistribution
Boel, Paola; Diaz, Julian; Finocchiaro, Daria - 2021
when collateral constraints are present, thus also inducing redistributive effects through credit. Third, we find this …
Persistent link: https://www.econbiz.de/10013314684
Cover Image
State-Dependent Pricing, Inflation, and Welfare in Search Economies
Craig, Ben R.; Rocheteau, Guillaume - 2007
This paper investigates the welfare effects of inflation in economies with search frictions and menu costs. We first analyze an economy where there is no transaction demand for money balances: Money is a mere unit of account. We determine a condition under which price stability is optimal and a...
Persistent link: https://www.econbiz.de/10014223072
Cover Image
Mis-specified Forecasts and Myopia in an Estimated New Keynesian Model
Hajdini, Ina - 2022
The paper considers a New Keynesian framework in which agents form expectations based on a combination of mis-specified forecasts and myopia. The proposed expectations formation process is found to be consistent with all three empirical facts on consensus inflation forecasts, namely, that...
Persistent link: https://www.econbiz.de/10013299210
Cover Image
Wealth Effects, Price Markups, and the Neo-Fisherian Hypothesis
Airaudo, Marco; Hajdini, Ina - 2021
By introducing Jaimovich-Rebelo (JR) consumption-labor nonseparable preferences into an otherwise standard New Keynesian model, we show that the occurrence of positive comovement between inflation and the nominal interest rate conditional on a nominal shock - the so-called neo-Fisherian...
Persistent link: https://www.econbiz.de/10013311006