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Market integration and global crashes
Malamud, Semyon; Malkhozov, Aytek - 2016 - This version: July 23, 2016
We develop an equilibrium model of real and financial market integration in which real firms and financial investors independently decide on their investment into different locations (countries). We show that, in the presence financial frictions, firms' real investment choices become strategic...
Persistent link: https://www.econbiz.de/10011519056
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Financial technology and the inequality gap
Mihet, Roxana - 2020
Information-based models of capital income inequality that link return heterogeneity to investor sophistication levels … need to assume an increase in data costs to generate an increase in inequality. Empirically, this assumption contradicts …, I study the impact of financial innovation on capital income inequality in a theoretical framework where investors …
Persistent link: https://www.econbiz.de/10012421457
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Household inequality, corporate capital structure and entrepreneurial dynamism
Braggion, Fabio; Dwarkasing, Mintra; Ongena, Steven - 2014
Economic theories provide conflicting hypotheses on how wealth inequality affects entrepreneurial dynamism. To … empirically investigate its impact, we construct local measures of household wealth inequality based on financial rents, home … 1862 Homestead Act or US states' removal of “death taxes”. Wealth inequality decreases firm entry and exit, and the …
Persistent link: https://www.econbiz.de/10010412298
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Do household finances constrain unconventional fiscal policy?
Baker, Scott; Küng, Lorenz; McGranahan, Leslie; … - 2018
When the zero lower bound on nominal interest rate binds, monetary policy makers may lack traditional tools to stimulate aggregate demand. We investigate whether "unconventional" fiscal policy, in the form of pre-announced consumption tax changes, has the potential to meaningfully shift durables...
Persistent link: https://www.econbiz.de/10012219281
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Approximating equilibria with ex-post heterogeneity and aggregate risk
Pröhl, Elisabeth - 2017
Dynamic stochastic general equilibrium models with ex-post heterogeneity due to idiosyncratic risk have to be solved numerically. This is a nontrivial task as the cross-sectional distribution of endogenous variables becomes an element of the state space due to aggregate risk. Existing global...
Persistent link: https://www.econbiz.de/10011875645
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Wealth and income inequalities <- → r>g
Malevergne, Yannick; Sornette, Didier - 2016
. We show that increasing inequality promotes increasing gap r - g, and vice-versa, because capital is a cumulative … endless inequality spiral. …
Persistent link: https://www.econbiz.de/10011625600
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Monetary conditions and community redistribution through mortgage markets
Gupta, Manish; Ongena, Steven - 2024
Persistent link: https://www.econbiz.de/10014517302
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Strategic technology adoption and hedging under incomplete markets
Leippold, Markus; Stromberg, Jacob - 2014
We investigate the implications of technological innovation and non-diversifiable risk on entrepreneurial entry and optimal portfolio choice. In a real options model where two risk-averse individuals strategically decide on technology adoption, we show that the impact of non-diversifiable risk...
Persistent link: https://www.econbiz.de/10011293735
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Hedonic models and market segmentation
Bourassa, Steven C.; Dröes, Martijn I.; Hoesli, Martin - 2021
This paper explores the pricing of heterogeneous goods in the presence of market segmentation. We use housing as an example. We extend the theoretical hedonic model of Rosen (1974) and show that, in the presence of market segmentation, the hedonic price line is no longer continuous or unique....
Persistent link: https://www.econbiz.de/10012614885
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Life-cycle portfolio choice, the wealth distribution and asset prices
Kubler, Felix; Schmedders, Karl - 2010
This paper examines a canonical stochastic overlapping generations model with dynamically complete markets. Belief differences lead agents to place bets against each other and so wealth shifts across agents and across generations. Such changes in the wealth distribution strongly affect prices of...
Persistent link: https://www.econbiz.de/10003979514