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Consumption and Government-Budget Finance in a High-Deficit Economy
Leiderman, Leonardo; Razin, Assaf - 2021
This paper characterizes empirically how government budget variables, such as spending, taxes, and deficits, affected private-sector consumption in the high-budget-deficit economy of Israel during the first half of the 1980s. The paper develops and estimates an intertemporal optimizing model of...
Persistent link: https://www.econbiz.de/10013218734
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Financial Regulation in General Equilibrium
Goodhart, Charles; Kashyap, Anil K.; Tsomocos, Dimitrios P. - 2021
This paper explores how different types of financial regulation could combat many of the phenomena that were observed in the financial crisis of 2007 to 2009. The primary contribution is the introduction of a model that includes both a banking system and a "shadow banking system" that each help...
Persistent link: https://www.econbiz.de/10013224399
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Credit Crises, Precautionary Savings, and the Liquidity Trap
Guerrieri, Veronica - 2013
their precautionary savings. This depresses interest rates, especially in the short run, and generates an output drop, even …
Persistent link: https://www.econbiz.de/10013092146
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Savings Constraints and Microenterprise Development : Evidence from a Field Experiment in Kenya
Dupas, Pascaline - 2010
Does limited access to formal savings services impede business growth in poor countries? To shed light on this question … expenditures. We see no impact for bicycle-taxi drivers. These results imply significant barriers to savings and investment for …
Persistent link: https://www.econbiz.de/10012757920
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Saving and Liquidity Constraints
Deaton, Angus - 2010
This paper is concerned with the theory of saving when consumers are not permitted to borrow, and with the ability of such a theory to account for some of the stylized facts of saving behavior. When consumers are relatively impatient, and when labor income is independently and identically...
Persistent link: https://www.econbiz.de/10012763409
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A Theory of the Consumption Function, with and Without Liquidity Constraints (Expanded Version)
Carroll, Christopher D. - 2021
This paper argues that the modern stochastic consumption model, in which impatient consumers face uninsurable labor income risk, matches Milton Friedman's (1957) original description of the Permanent Income Hypothesis much better than the perfect foresight or certainty equivalent models did. The...
Persistent link: https://www.econbiz.de/10013225387
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Liquidity Constraints and Precautionary Saving
Carroll, Christopher D.; Kimball, Miles S. - 2021
Economists working with numerical solutions to the optimal consumption/saving problem under uncertainty have long known that there are quantitatively important interactions between liquidity constraints and precautionary saving behavior. This paper provides the analytical basis for those...
Persistent link: https://www.econbiz.de/10013238937
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Savings and the Terms of Trade Under Borrowing Constraints
Agenor, Pierre-Richard; Aizenman, Joshua - 2021
This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings … in bad states of nature, savings rates will respond asymmetrically to favorable movements in the permanent component of … standard determinants of private savings. The results, based on panel data for non-oil commodity exporters of sub …
Persistent link: https://www.econbiz.de/10013244885
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Check in the Mail or More in the Paycheck : Does the Effectiveness of Fiscal Stimulus Depend on How it is Delivered?
Sahm, Claudia - 2010
Recent fiscal policies, including the 2008 stimulus payments and the 2009 Making Work Pay tax credit, aimed to increase household spending. This paper quantifies the spending response to these policies and examines differences in spending by whether the stimulus was delivered as a one-time...
Persistent link: https://www.econbiz.de/10013139740
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Household Debt and Saving During the 2007 Recession
Chakrabarti, Rajashri - 2011
changes in household debt and savings during the 2007 recession. We find that while different segments of the population were … retirement and savings accounts. If anything, such contributions actually declined on average during that year. Instead, the …
Persistent link: https://www.econbiz.de/10013125918