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Impact of occupational unemployment risk on household spending

Cotton, Christopher D.; Garga, Vaishali; Rohan, Justin - 2022

The life-cycle consumption and permanent income hypotheses predict that if workers face greater likelihood of unemployment in the future that lowers expected future income, they will save more today. In this paper, we test this hypothesis by looking at the expenditure response of workers to the...

Persistent link: https://www.econbiz.de/10014304778

Consumption heterogeneity by occupation: Understanding the impact of occupation on personal consumption during the COVID-19 pandemic

Cotton, Christopher D.; Garga, Vaishali; Rohan, Justin - 2020

This paper exploits the variation in the unemployment rate of different occupations in the first part of the COVID-19 pandemic to analyze the response of consumption spending to unemployment risk. We find that earlier in the pandemic, higher unemployment risk did not reduce relative spending....

Persistent link: https://www.econbiz.de/10012606355

The role of credit on the evolution of wealth inequality in the USA

Oviedo Moguel, Rodolfo - 2020

In the USA, the share of household wealth held by the richest 1% increased from 23.5% in 1980 to 41.8% in 2012. This paper contributes to understanding the causes behind this increase. First, using an accounting decomposition, I show that more than half of the increase in the share of the top 1%...

Persistent link: https://www.econbiz.de/10012616406

The tail that wagged the dog: What explains the persistent employment effect of the 10-day PPP funding delay?

Gorbachev, Olga; Luengo-Prado, Maria José; Wang, J. … - 2023

Paycheck Protection Program (PPP) on employment recovery during the COVID-19 pandemic, as estimated by Doniger and Kay (2021 … county-level employment. The strong correlation between worse loan delay and slower employment growth in these counties is …

Persistent link: https://www.econbiz.de/10014442960

The cost of fiscal policy uncertainty: Industry evidence of its impact on the labor market

Wang, J. Christina - 2013

the dynamics of employment during this recovery, and particularly whether it has a differential impact on employment … indeed retards employment growth more in industries that rely more heavily on federal government demand: the growth rate in … the quarters in recent years when policy uncertainty spiked. A similar impact is found for the growth of total employment …

Persistent link: https://www.econbiz.de/10010478889

Employment and labour market vulnerabilities during COVID-19: The case of Romania

Chivu, Luminita; Georgescu, George - 2021

but also synergistic, in order to stimulate employment and capitalize the potential of each category, so as to contribute …, with the necessary policy support at central and local level, including in terms of employment. …

Persistent link: https://www.econbiz.de/10012511927

Shared-appreciation mortgages and uninsurable idiosyncratic shocks

Cóndor, Richard - 2020

Shared-appreciation mortgage (SAM) contracts, which display payments indexed to a local house price, have been proposed as an alternative to alleviate the costs of recessions. Using a heterogeneous agent model with two types of agents (Borrowers and Savers), uninsurable idiosyncratic income...

Persistent link: https://www.econbiz.de/10012616404

Evaluating the effects of the Home Affordable Modification Program

Cóndor, Richard - 2021

The Home Affordable Modification Program (HAMP) was a loan modification program introduced in 2009, in the U.S., to assist highly indebted homeowners with avoiding foreclosure. This program also encouraged private lenders to offer more sustainable modifications. This paper studies the role of...

Persistent link: https://www.econbiz.de/10012616421

A note on equity premia in markets with heterogeneous agents

Chudjakow, Tatjana - 2011

We analyze a static partial equilibrium model where the agents are not only heterogeneous in their beliefs about the return on risky assets but also in their attitude to it. While some agents in the economy are subjective utility maximizers others behave ambiguity averse in the sense of Knight...

Persistent link: https://www.econbiz.de/10010319978

Re-examining the role of financial constraints in business cycles: Is something wrong with the credit multiplier?

Olivella, Virginia; Roldán-Peña, Jessica - 2013

Motivated by the apparent failure of the credit multiplier mechanism (CM) to deliver amplification in DSGE models, we re-examine its role in business cycles to address the question: is something wrong with the CM? Our answer is no. In coming to this answer we construct a model with reproducible...

Persistent link: https://www.econbiz.de/10010322546

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