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Housing and the macroeconomy : the role of implicit guarantees for government-sponsored enterprises
Jeske, Karsten (contributor); Krueger, Dirk (contributor) - 2005
-sponsored enterprises. We construct a model with competitive housing and mortgage markets in which the government provides banks with … insurance against aggregate shocks to mortgage default risk. We use this model to evaluate aggregate and distributional impacts … equilibrium housing investment, higher mortgage default rates, and lower welfare. The welfare effects of this policy vary …
Persistent link: https://www.econbiz.de/10003222499
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Housing and the Macroeconomy : The Role of Bailout Guarantees for Government Sponsored Enterprises
Jeske, Karsten - 2011
Sponsored Enterprises (such as Fannie Mae and Freddy Mac) in the mortgage market. In order to do so we construct a model with … heterogeneous, infinitely lived households and competitive housing and mortgage markets. Households have the option to default on … provided and tax-financed mortgage interest rate subsidy. We find that eliminating this subsidy leads to substantially lower …
Persistent link: https://www.econbiz.de/10013119587
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On the welfare cost of consumption fluctuations in the presence of memorable goods
Hai, Rong; Krueger, Dirk; Postlewaite, Andrew - 2013
We propose a new classification of consumption goods into nondurable goods, durable goods and a new class which we call "memorable" goods. A good is memorable if a consumer can draw current utility from its past consumption experience through memory. We construct a novel consumption-savings...
Persistent link: https://www.econbiz.de/10010208579
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How Do Households Respond to Income Shocks?
Krueger, Dirk; Malkov, Egor; Perri, Fabrizio - National Bureau of Economic Research - 2023
We use panel data from the Italian Survey of Household Income and Wealth from 1991 to 2016 to document empirically what components of the household budget constraint change in response to shocks to household labor income, both over shorter and over longer horizons. We show that shocks to labor...
Persistent link: https://www.econbiz.de/10014437025
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On the Welfare Cost of Consumption Fluctuations in the Presence of Memorable Goods
Hai, Rong - 2020
We propose a new category of consumption goods, memorable goods, that generate a utility flow even after physical consumption. Empirically, memorable goods expenditures exhibit frequent zero monthly purchases and lumpy expenditure spikes. Memorable goods expenditures are 20% the size of...
Persistent link: https://www.econbiz.de/10012829727
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On the welfare cost of consumption fluctuations in the presence of memorable goods
Hai, Rong; Krueger, Dirk; Postlewaite, Andrew - In: Quantitative economics : QE ; journal of the … 11 (2020) 4, pp. 1177-1214
We propose a new category of consumption goods, memorable goods, that generate a utility flow even after physical consumption. Empirically, memorable goods expenditures exhibit frequent zero monthly purchases and lumpy expenditure spikes. Memorable goods expenditures are 20% the size of...
Persistent link: https://www.econbiz.de/10012316338
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On the Welfare Cost of Consumption Fluctuations in the Presence of Memorable Goods, Second Version
Hai, Rong - 2018
We propose a new category of consumption goods, memorable goods, that generate a flow of utility after consumption. We analyze an otherwise standard consumption model that distinguishes memorable goods from other nondurable goods. Consumers optimally choose lumpy consumption of memorable goods....
Persistent link: https://www.econbiz.de/10012937535
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On the Welfare Cost of Consumption Fluctuations in the Presence of Memorable Goods
Hai, Rong - 2013
We propose a new classification of consumption goods into nondurable goods, durable goods and a new class which we call "memorable" goods. A good is memorable if a consumer can draw current utility from its past consumption experience through memory. We propose a novel consumption-savings model...
Persistent link: https://www.econbiz.de/10013076431
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On the Welfare Cost of Consumption Fluctuations in the Presence of Memorable Goods
Rong, Hai - 2013
We propose a new classification of consumption goods into nondurable goods, durable goods and a new class which we call “memorable" goods. A good is memorable if a consumer can draw current utility from its past consumption experience through memory. We propose a novel consumption-savings...
Persistent link: https://www.econbiz.de/10013077248
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On the Welfare Cost of Consumption Fluctuations in the Presence of Memorable Goods, Second Version
Hai, Rong - 2014
We propose a new category of consumption goods, memorable goods, that generate a flow of utility after consumption. We analyze an otherwise standard consumption model that distinguishes memorable goods from other nondurable goods. Consumers optimally choose lumpy consumption of memorable goods....
Persistent link: https://www.econbiz.de/10013055339