This paper employs a calibrated model of the US economy to analyze the boom and bust in house prices as well as the shifts in the distribution of wealth during the years around the Great Recession. We replicate the dynamics of the housing market using shocks to aggregate income, the distribution...

The aim of this study is to determine the nature of the discretionary fiscal policy practiced by non-euro EU member states, namely to deduce some bias for one of the two types of fiscal policies - procyclical or countercyclical. For this purpose, we used time series for the period 1995-2020, of...

The anemic pace of the recovery of the U.S. economy from the Great Recession has frequently been blamed on heightened uncertainty, much of which concerns the nation's fiscal policy. Intuition suggests that increased policy uncertainty likely has different impacts on industries with different...

We assess the ability of the Reuters/Michigan Surveys of Consumers to predict future changes in consumer expenditures. The information in the Surveys is summarized by means of principal components of consumer attitudes with respect to income and wealth, interest rates, and prices. These summary...

The rising stockpile of cash as a share of total assets at U.S. firms has intrigued economists since at least the paper of Bates, Kahle, and Stulz (2006), yet there has been relatively little work on where this cash has come from and how it is related to investment performance. We exploit...

The "Great Recession" of 2007-2009, the worst economic downturn faced by the U.S. economy since the Great Depression, has also come to be known as the "Great Man-cession" in that job loss hit males harder than females. By contrast, this paper argues that the "man-cession" story is far too...

We use the 2007 and 2010 Surveys of Consumer Finances (SCF) and a difference-in-differences approach to investigate whether the Great Recession differentially affected the attitudes of men and women towards taking on debt, as well as whether it affected the relative financial position of women....

Using U.S. real-time data, we show that changes in the unemployment rate unexplained by Okun's Law have significant predictive power for GDP data revisions. A positive (negative) error in Okun's Law in real time implies that GDP will be later revised to show less (more) growth than initially...

In order to create an environment of low and stable inflation in Mexico it has been necessary to generate a framework for the conduction of monetary policy focused on price stability along with fiscal discipline. This paper describes some structural achievements to control inflation that have...

We study a large-scale quasi-experiment in the Brazilian banking sector characterized by an unexpected and macroeconomically relevant increase in lending by commercial government banks. Using credit registry data, we find that this intervention led to a reduction in lending rates, but it did not...