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Credit Shocks and Aggregate Fluctuations in an Economy with Production Heterogeneity
Khan, Aubhik - 2011
equilibrium model wherein firms face persistent shocks to aggregate and individual productivity. In our model economy, optimal …,s) firm-level investment policies.In the presence of persistent heterogeneity in capital, debt and total factor productivity …, the effects of a financial shock are amplified and propagated through large and long-lived disruptions to the distribution …
Persistent link: https://www.econbiz.de/10013121072
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Quantitative Implication of a Debt-Deflation Theory of Sudden Stops and Asset Prices
Mendoza, Enrique G. - 2005
equilibrium portfolios and asset prices. When the constraints do not bind, productivity shocks cause standard real …
Persistent link: https://www.econbiz.de/10012785072
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Aging and Pension Reform : Extending the Retirement Age and Human Capital Formation
Vogel, Edgar - 2013
Projected demographic changes in industrialized and developing countries vary in extent and timing but will reduce the share of the population in working age everywhere. Conventional wisdom suggests that this will increase capital intensity with falling rates of return to capital and increasing...
Persistent link: https://www.econbiz.de/10013085913
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A Contagious Malady? Open Economy Dimensions of Secular Stagnation
Eggertsson, Gauti B. - 2016
Conditions of secular stagnation - low interest rates, below target inflation, and sluggish output growth - characterize much of the global economy. We consider an overlapping generations, open economy model of secular stagnation, and examine the effect of capital flows on the transmission of...
Persistent link: https://www.econbiz.de/10012989734
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Deficits and Intergenerational Welfare in Open Economies
Persson, Torsten - 2021
This paper deals with public debt in open economies, extending Diamond's overlapping generations model to deal with a small openeconor as well as an international eciuilibrium of two large economies. It focuses on the intergenerational welfare redistributions caused by an increase in the public...
Persistent link: https://www.econbiz.de/10013223082
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Migration and Pension
Razin, Assaf; Sadka, Efraim - 2022
Migration has important implications for the financial soundness of the pension system, which is an important pillar of the welfare state. While it is common sense to expect that young migrants, even if low-skilled, can help society pay the benefits to the currently elderly, it may nevertheless...
Persistent link: https://www.econbiz.de/10013309210
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The Shocks Matter : Improving Our Estimates of Exchange Rate Pass-Through
Forbes, Kristin J. - 2018
A major challenge for monetary policy is predicting how exchange rate movements will impact inflation. We propose a new focus: directly incorporating the underlying shocks that cause exchange rate fluctuations when evaluating how these fluctuations “pass through” to import and consumer...
Persistent link: https://www.econbiz.de/10012915641
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The Transfer of Human Capital
Jovanovic, Boyan; Nyarko, Yaw - 2021
to the young is therefore a cornerstone of productivity growth. We study this process in a model in which the old sell … we show that the model generates a negative relation between a firm's productivity and its probability of failure …
Persistent link: https://www.econbiz.de/10013213428
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A Model of Secular Stagnation
Eggertsson, Gauti B. - 2014
without any self-correcting force to full employment. The trigger for the slump is a deleveraging shock, which creates an …
Persistent link: https://www.econbiz.de/10013045296
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The Welfare Cost of Business Cycles Revisited : Finite Lives and Cyclical Variation in Idiosyncratic Risk
Storesletten, Kjetil; Telmer, Chris; Yaron, Amir - 2021
productivity shocks and countercyclical variation in the volatility of idiosyncratic shocks. Based on both aggregate data and … variation in idiosyncratic risk, which both amplifies the welfare cost of aggregate productivity shocks and imposes a cost of …
Persistent link: https://www.econbiz.de/10013222898