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Cross-Country Consumption Risk Sharing, a Long-Run Perspective
Qiao, Zhaogang - 2010
This paper estimates an empirical nonstationary panel regression model that tests long-run consumption risk sharing … risk sharing, which is mainly about risks at business cycle frequency. Since our methodology focuses on identifying … cointegrating relationships while allowing for arbitrary short-run dynamics, we can obtain a consistent estimate of long-run risk …
Persistent link: https://www.econbiz.de/10014402821
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Dissecting saving dynamics : measuring wealth, precautionary, and credit effects
Carroll, Chris; Slacalek, Jirka; Sommer, Martin - 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...
Persistent link: https://www.econbiz.de/10009622528
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Fear thy neighbor : spillovers from economic policy uncertainty
Biljanovska, Nina; Grigoli, Francesco; Hengge, Martina - 2017
High levels of economic policy uncertainty in various parts of the world revamped the de- bate about its impact on economic activity. With increasingly stronger economic, financial, and political ties among countries, economic agents have more reasons to be vigilant of for- eign economic policy....
Persistent link: https://www.econbiz.de/10011763593
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The valuation effects of geographic diversification : evidence from U.S. banks
Götz, Martin; Laeven, Luc; Levine, Ross - 2012
Persistent link: https://www.econbiz.de/10009572530
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The Valuation Effects of Geographic Diversification : Evidence From U.S. Banks
Laeven, Luc - 2012
This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United States on their market valuations. Using two novel identification strategies based on the dynamic process of interstate bank deregulation, we find that exogenous increases in...
Persistent link: https://www.econbiz.de/10014396954
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The Long-Run Effects of Tradeon Income and Income Growth
Brunner, Allan D. - 2003
leads to an increase in average income, economic theory is ambiguous about the possible effects on the long-run growth rate …
Persistent link: https://www.econbiz.de/10014404012
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Innocent bystanders? : monetary policy and inequality in the U.S.
Coibion, Olivier; Gorodnichenko, Yuriy; Küng, Lorenz; … - 2012
We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures....
Persistent link: https://www.econbiz.de/10009621686
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Technology Shocks and Aggregate Fluctuations : How Well Does the RBC Model Fit Postwar U.S. Data?
Galí, Jordi - 2004
Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the...
Persistent link: https://www.econbiz.de/10014403910
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Consumption Smoothing and Exchange Rate Volatility
Turtelboom, Bart - 1995
This paper analyzes exchange rate behavior in a model where consumers trade goods to diversify shocks to their income. A model with traded and nontraded goods is simulated in a multilateral context based upon historical output correlations for the period 1970–92. Simulation results indicate...
Persistent link: https://www.econbiz.de/10014397963
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Managing macrofinancial risk
Adrian, Tobias; Vitek, Francis - 2020
We augment a linearized dynamic stochastic general equilibrium (DSGE) model with a tractable endogenous risk mechanism … their conditional distributions. In particular, the model matches the key stylized facts of growth at risk. Accounting for …
Persistent link: https://www.econbiz.de/10012300643