Narrow search
Showing 1 - 10 of 700
Cover Image
Wealth shocks and macroeconomic dynamics
Cooper, Daniel; Dynan, Karen E. - 2013 - This version: June 14, 2013
The effect of wealth on consumption is an issue of longstanding interest to economists. Analysts believe that … impact of changes in wealth on household consumption and the overall macroeconomy. There is an extensive existing literature …
Persistent link: https://www.econbiz.de/10009760038
Cover Image
Chapter 5. Who Bears the Cost of Recessions? The Role of House Prices and Household Debt
Mian, A.; Sufi, A. - In: Handbook of macroeconomics : volume 2, v. 2A-2B SET, (pp. 255-296). 2016
This chapter reviews empirical estimates of differential income and consumption growth across individuals during … recessions. Most existing studies examine the variation in income and consumption growth across individuals by sorting on ex ante … or contemporaneous income or consumption levels. We build on this literature by showing that differential shocks to …
Persistent link: https://www.econbiz.de/10014024289
Cover Image
Income distribution and the Great Depression
Belabed, Christian A. - 2015
, is rarely discussed. In this paper we discuss the rise of top-end inequality and its effects on household consumption …, saving, and debt for the 1920s by applying a non-standard theory of consumption, the relative income hypothesis, to the … period of interest. We argue that income inequality is linked to the increase of household consumption and the simultaneous …
Persistent link: https://www.econbiz.de/10011289390
Cover Image
Do credit supply shocks have asymmetric effects?
Finck, David; Rudel, Paul - 2020
They do. Partly. We identify credit supply shocks via sign restrictions in a Bayesian VAR and separate them into positive and negative. Using local projections, we find that positive credit supply shocks leave notably different prints in private debt, mortgage debt, and debt: GDP, as opposed to...
Persistent link: https://www.econbiz.de/10012224893
Cover Image
The cyclical dynamics of illiquid housing, debt, and foreclosures
Hedlund, Aaron - In: Quantitative economics : QE ; journal of the … 7 (2016) 1, pp. 289-328
This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables using a tractable, searchtheoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model highlights the importance of liquidity spirals that...
Persistent link: https://www.econbiz.de/10011798986
Cover Image
Credit-Induced Boom and Bust
Di Maggio, Marco - 2016
This paper exploits the federal preemption of national banks in 2004 from local laws against predatory lending to gauge the effect of the supply of credit on the real economy. First, the preemption regulation resulted in an 11% increase in annual lending in the 2004-2006 period, which is...
Persistent link: https://www.econbiz.de/10013006214
Cover Image
Has the Fed's Expansion of Capital Only Driven Speculation? And Are We Really in a Asset-Driven Recession?
Caldararo, Niccolo Leo - 2018
The current economic condition of the world economies presents an unusual number of aspects. While inflation is low as is unemployment, wage stagnation and wild increases in asset prices, especially equities, are incongruent. Yet central banks have massively increased liquidity and this has...
Persistent link: https://www.econbiz.de/10012930966
Cover Image
Economic Growth and Business Cycles : The Labor Supply Decision with Two Types of Technological Progress
Graves, Philip E. - 2011
An informal model is described that leads to multiple macroeconomic equilibria as a consequence of random variation in the relative amounts of technological change for new and existing goods. The novel observation is that the rate of introduction and market penetration of new goods vis-a-vis...
Persistent link: https://www.econbiz.de/10012756204
Cover Image
The saving and employment effects of higher job loss risk
Juelsrud, Ragnar E.; Wold, Ella Getz - 2019
In this paper we use Norwegian tax data and a novel natural experiment to isolate the impact of job loss risk on saving behavior. We find that a one percentage point increase in job loss risk increases liquid savings by roughly 1.2 - 2.0 percent. Further, we show that employment falls in...
Persistent link: https://www.econbiz.de/10012214377
Cover Image
An Austrian View of Expectations and the Business Cycles
Mueller, Paul - 2014
-temporal coordination of production and consumption, heterogeneous specificity of capital, nonneutrality of money, and the capital structure …
Persistent link: https://www.econbiz.de/10013062188