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Subjective Intertemporal Substitution
Crump, Richard K. - 2020
We estimate the elasticity of intertemporal substitution (EIS)—the response of expected consumption growth to changes …). This unique data set allows us to estimate the consumption Euler equation with no auxiliary assumptions on the properties … with the results of much of the literature. In addition, planned consumption displays excess sensitivity to expected income …
Persistent link: https://www.econbiz.de/10012856136
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Globalization, macroeconomic performance, and monetary policy
Mishkin, Frederic S. - In: Journal of money, credit and banking : JMCB 41 (2009), pp. 187-196
Persistent link: https://www.econbiz.de/10003807835
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What to Expect From the Lower Bound on Interest Rates : Evidence from Derivatives Prices
Mertens, Thomas M. - 2020
This paper analyzes the effects of the lower bound for interest rates on the distributions of inflation and interest rates. We study a stylized New Keynesian model where the policy instrument is subject to a lower bound to motivate the empirical analysis. Two equilibria emerge: In the “target...
Persistent link: https://www.econbiz.de/10012851471