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The Role of the Growth of Risk-Averse Wealth in the Decline of the Safe Real Interest Rate
Hall, Robert E. - 2016
-averse countries, notably China, which thereby shed corresponding amounts of risk …
Persistent link: https://www.econbiz.de/10012993244
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Approximation Bias in Linearized Euler Equations
Paxson, Christina H.; Ludvigson, Sydney C. - 2021
A wide range of empirical applications rely on linear approximations to dynamic Euler equations. Among the most notable of these is the large and growing literature on precautionary saving that examines how consumption growth and saving behavior are affected by uncertainty and prudence. Linear...
Persistent link: https://www.econbiz.de/10013245738
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Accounting for Macro-Finance Trends : Market Power, Intangibles, and Risk Premia
Farhi, Emmanuel - 2018
traditional culprits of increasing savings supply and technological growth slowdown …
Persistent link: https://www.econbiz.de/10012907462
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The Interest Rate Effect on Private Saving : Alternative Perspectives
Aizenman, Joshua - 2016
Using an uneven panel of 135 countries from 1995 to 2014, we investigate the link between interest rates and private saving, and focus on whether the interest rate effect is dominated by the income (i.e., negative) or the substitution (i.e., positive) effect. With the baseline estimation, we...
Persistent link: https://www.econbiz.de/10012978514
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Aggregate Fertility and Household Savings : A General Equilibrium Analysis Using Micro Data
Banerjee, Abhijit V. - 2014
critical for understanding the relationship between aggregate fertility and household savings. First, we document that parents … household savings. Then, we construct an OLG model that parametrically matches the PE empirical evidence. Finally, we extend the … aggregate fertility on household savings …
Persistent link: https://www.econbiz.de/10013053493
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Debt Deleveraging and the Exchange Rate
Benigno, Pierpaolo - 2012
Deleveraging from high debt can provoke deep recession with significant international side effects. The exchange rate of the deleveraging country will depreciate in the short run and appreciate in the long run. The real interest rate will fall by more than in the rest of the world. Bounds and...
Persistent link: https://www.econbiz.de/10013108269
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When Does it Pay to Delay Social Security? The Impact of Mortality, Interest Rates, and Program Rules
Shoven, John B. - 2013
Social Security benefits may be commenced at any time between ages 62 and 70. As individuals who claim later can, on average, expect to receive benefits for a shorter period, an actuarial adjustment is made to the monthly benefit to reflect the age at which benefits are claimed. In earlier work...
Persistent link: https://www.econbiz.de/10013090660
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Inflation, Real Interest Rates, and the Bond Market : A Study of UK Nominal and Index-Linked Government Bond Prices
Barr, David G. - 2008
This paper estimates expected future real interest rates and inflation rates from observed prices of UK government nominal and index-linked bonds. The estimation method takes account of imperfections in the indexation of UK index-linked bonds. It assumes that expected log returns on all bonds...
Persistent link: https://www.econbiz.de/10012774964
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Inflation and Real Interest Rates on Assets with Different Risk Characteristics
Huizinga, John P. - 2010
Several recent studies find that ex ante real returns for short-term U.S. Treasury securities are negatively correlated both with inflation and with nominal interest rates. This paper examines whether these findings extend to the short-term holding return on publicly and privately issued...
Persistent link: https://www.econbiz.de/10012760341
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A Shadow Rate New Keynesian Model
Wu, Jing Cynthia - 2016
We propose a tractable and coherent framework that captures both conventional and unconventional monetary policies with the shadow fed funds rate. Empirically, we document the shadow rate's resemblance to an overall financial conditions index, various private interest rates, the Fed's balance...
Persistent link: https://www.econbiz.de/10012978529