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Show Me the Money : Tracking Consumer Spending with Daily Card Transaction Data During the Pandemic
Cevik, Serhan - 2022
household consumption behavior. This paper investigates how the spread of the pandemic and government interventions have …
Persistent link: https://www.econbiz.de/10014258781
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The Rich and the Great Recession
Bakker, Bas Berend - 2015
Most papers explaining the macro causes of the U.S. Great Recession focus on the behavior of the middle class: how its saving rate declined in the pre-crisis years, then surged following the crisis. This paper argues that the saving rate of the rich followed a similar pattern, the result of...
Persistent link: https://www.econbiz.de/10013028679
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Understanding the Macro-Financial Effects of Household Debt : A Global Perspective
Alter, Adrian - 2018
We confirm the negative relationship between household debt and future GDP growth documented in Mian, Sufi, and Verner … relationship. First, debt overhang impairs household consumption when negative shocks hit. Second, increases in household debt … be systematically neglected due to investors' overoptimistic expectations associated with household debt booms. In …
Persistent link: https://www.econbiz.de/10012918565
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Consumption Effects of Mortgage Payment Holidays : Evidence During the COVID-19 Pandemic
Albuquerque, Bruno; Varadi, Alexandra - 2022
as a mechanism for smoothing household consumption following negative aggregate shocks. Our results suggest that mortgage …
Persistent link: https://www.econbiz.de/10013294802
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News-Based Sentiment Indicators
Huang, Chengyu - 2020
We construct sentiment indices for 20 countries from 1980 to 2019. Relying on computational text analysis, we capture specific language like 'fear', 'risk', 'hedging', 'opinion', and, 'crisis', as well as 'positive' and 'negative' sentiments, in news articles from the Financial Times. We assess...
Persistent link: https://www.econbiz.de/10012843513
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Dissecting Saving Dynamics : Measuring Wealth, Precautionary, and Credit Effects
Carroll, Christopher D. - 2012
We argue that the U.S. personal saving rate's long stability (from the 1960s through the early 1980s), subsequent steady decline (1980s-2007), and recent substantial increase (2008-2011) can all be interpreted using a parsimonious ‘buffer stock' model of optimal consumption in the presence of...
Persistent link: https://www.econbiz.de/10013098587
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Monetary Policy and COVID-19
Brzoza-Brzezina, Michal; Kolasa, Marcin; Makarski, Krzysztof - 2022
We study the macroeconomic effects of the COVID-19 epidemic in a quantitative dynamic general equilibrium setup with nominal rigidities. We evaluate various containment policies and show that they allow to dramatically reduce the welfare cost of the disease. Then we investigate the role that...
Persistent link: https://www.econbiz.de/10013298753
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The Macroeconomic Impact of Social Unrest
Hadzi-Vaskov, Metodij; Pienknagura, Samuel; Ricci, Luca A. - 2022
This paper explores the macroeconomic impact of social unrest, using a novel index based on news reports. The findings are threefold. First, unrest has an adverse effect on economic activity, with GDP remaining on average 0.2 percentage points below the pre-shock baseline six quarters after a...
Persistent link: https://www.econbiz.de/10013300856
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Far More than a Shot in the Arm : Vaccines and Consumer Spending
Cevik, Serhan - 2023
household consumption behavior across the world. This paper provides an empirical investigation of how the COVID-19 vaccine …
Persistent link: https://www.econbiz.de/10014348907
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What Shapes Current Account Adjustment During Recessions?
Kolerus, Christina Elisabeth - 2022
This paper studies the dynamics of external accounts during 278 economic recession events in the past 60 years and sheds light on key factors that shape these patterns. Economic recessions trigger highly-persistent increases in the current account, driven by an initial, sharp decline in...
Persistent link: https://www.econbiz.de/10013305592