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The effects of labor income risk heterogeneity on the marginal propensity to consume
Savoia, Ettore - 2023
Using detailed micro-data, this paper documents that households with lower income risk (and higher income levels … designed to account for the empirically observed negative correlation between income levels and income risk. This interaction … generates saving dynamics such that the stationary distribution of wealth among households facing different risk levels is not …
Persistent link: https://www.econbiz.de/10014482888
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Optimal fiscal and monetary policy in a medium-scale macroeconomic model
Schmitt-Grohé, Stephanie (contributor);  … - 2006
In this paper, we study Ramsey-optimal fiscal and monetary policy in a mediumscale model of the U.S. business cycle. The model features a rich array of real and nominal rigidities that have been identified in the recent empirical literature as salient in explaining observed aggregate...
Persistent link: https://www.econbiz.de/10003320648
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The corporate saving glut and the current account in Germany
Klug, Thorsten; Mayer, Eric; Schuler, Tobias - 2021
We investigate, in the case of Germany, the positive correlation between the cyclical components of the corporate saving glut in the non-financial corporate sector and the current account surplus from a capital account perspective. Employing sign restrictions, our findings suggest that mostly...
Persistent link: https://www.econbiz.de/10012607560
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Model misspecification, the equilibrium natural interest rate and the equity premium
Tristani, Oreste (contributor) - 2007
This paper analyses the determinants of the natural rate of interest in a nonlinear model where agents are uncertain over both future technology growth and the future course of monetary policy. I show that the real natural rate can be affected by sizable uncertainty premia, including premia...
Persistent link: https://www.econbiz.de/10003554327
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Monetary policy expectation errors
Schmeling, Maik; Schrimpf, Andreas; Steffensen, Sigurd … - 2022 - This version: January 24, 2022
Persistent link: https://www.econbiz.de/10012888375
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Inflation at risk in advanced and emerging market economies
Banerjee, Ryan; Contreras, Juan; Mehrotra, Aaron N.; … - 2020
Persistent link: https://www.econbiz.de/10012385139
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Policy uncertainty, lender of last resort and the real economy
Jasova, Martina; Mendicino, Caterina; Supera, Dominik - 2021
We show that a reduction in lender of last resort (LOLR) policy uncertainty posi-tively affects bank lending and propagates to investment and employment. We exploita unique policy that reduced uncertainty regarding the availability of future LOLRfunding for banks as a quasi-natural experiment....
Persistent link: https://www.econbiz.de/10012426306
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The fundamentals of safe assets
Habib, Maurizio Michael; Stracca, Livio; Venditti, Fabrizio - 2020
changes in global risk (VIX). We find that inertia (whether the bond behaved as a safe asset in the past) and good … on whether the change in global risk is driven by financial shocks rather than by US monetary policy. …
Persistent link: https://www.econbiz.de/10012138612
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Uncertainty shocks, banking frictions and economic activity
Bonciani, Dario; Roye, Björn van - 2015
Persistent link: https://www.econbiz.de/10011349878
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Risk endogeneity at the lender/investor-of-last-resort
Caballero, Diego; Lucas, André; Schwaab, Bernd; Zhang, Xin - 2019
Persistent link: https://www.econbiz.de/10011981369