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Unsecured debt, consumer bankruptcy, and small business
Meh, Césaire Assah (contributor); Terajima, Yaz (contributor) - 2008
In this paper we develop a quantitative model of entrepreneurial activity (risk-taking) and consumer bankruptcy choices and use the model to study the effects of bankruptcy regulations on entrepreneurial activity, bankruptcy rate and welfare. We show that eliminating bankruptcy exemptions leads...
Persistent link: https://www.econbiz.de/10003641358
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Aggregate and welfare effects of redistribution of wealth under inflation and price-level targeting
Meh, Césaire Assah (contributor);  … - 2008
Since the work of Doepke and Schneider (2006a) and Meh and Terajima (2008), we know that inflation causes major redistribution of wealth between households and the government, between nationals and foreigners, and between households within the same country. Two types of monetary policy,...
Persistent link: https://www.econbiz.de/10003773003
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Real effects of price stability with endogenous nominal indexation
Meh, Césaire Assah; Quadrini, Vincenzo; Terajima, Yaz - 2009
We study a model with repeated moral hazard where financial contracts are not fully indexed to inflation because nominal prices are observed with delay as in Jovanovic & Ueda (1997). More constrained firms sign contracts that are less indexed to the nominal price and, as a result, their...
Persistent link: https://www.econbiz.de/10003852858
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Credit constraints and consumer spending
Beaton, Kimberly - 2009
spending when it undergoes large changes. In this respect, she estimates a consumption function in which only large expansions …
Persistent link: https://www.econbiz.de/10003933295
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Consumption, housing collateral, and the Canadian business cycle
Christensen, Ian; Corrigan, Paul; Mendicino, Caterina; … - 2009
correlation between consumption and house prices. Finally we find that housing collateral induced spillovers account for a large … share of consumption growth during the housing market boom-bust cycle of the late 1980s. -- Business fluctuations and cycles …
Persistent link: https://www.econbiz.de/10003933334
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A model of housing stock for Canada
Dupuis, David; Zheng, Isabel Yi - 2010
Using an error-correction model (ECM) framework, the authors attempt to quantify the degree of disequilibrium in Canadian housing stock over the period 1961–2008 for the national aggregate and over 1981–2008 for the provinces. They find that, based on quarterly data, the level of housing...
Persistent link: https://www.econbiz.de/10003996869
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On the welfare cost of rare housing disasters
Xu, Shaofeng - 2015
-housing consumption each year to eliminate the housing disaster risk. The evaluation of this risk, however, varies considerably across age … groups, with a welfare cost as high as 10 percent of annual non-housing consumption for the old, but near zero for the young …
Persistent link: https://www.econbiz.de/10011302010
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Exploring differences in household debt across euro area countries and the United States
Christelis, Dimitris; Ehrmann, Michael; Georgarakos, … - 2015
We use internationally comparable household-level data for ten euro area economies and the United States to investigate cross-country differences in debt holdings and the potential of debt overhang. U.S. households have the highest prevalence of both collateralized and non-collateralized debt,...
Persistent link: https://www.econbiz.de/10010526694
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An equilibrium analysis of the rise in house prices and mortgage debt
Xu, Shaofeng - 2013
This paper examines the contributions of population aging, mortgage innovation and historically low interest rates to the sharp rise in U.S. house prices and mortgage debt between 1994 and 2005. I construct an overlapping generations general equilibrium housing model and find that these three...
Persistent link: https://www.econbiz.de/10009734359
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House prices, consumption and the role of non-mortgage debt
Kartashova, Katya; Tomlin, Ben - 2013
This paper examines the relationship between house prices and consumption, through the use of debt. Using unique … and nonhousing consumption - this connection is new to the literature on house prices and consumption. We conclude that … non-housing consumption. Our results can be thought of as the establishment of a conservative lower bound for the overall …
Persistent link: https://www.econbiz.de/10009690836