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Monetary policy has implicit redistribution effects for households when households are different. This changes the aggregate consumption response to interest rate changes. This paper is the first to estimate the magnitude of redistributionary channels of monetary policy in the euro area. When...
Persistent link: https://www.econbiz.de/10014545241
effects on economic inequality and welfare. For that purpose we built a general equilibrium heterogeneous-agent model capable … to an increase of inequality during the initial transition period, reversing to more compressed distributions as the …
Persistent link: https://www.econbiz.de/10011417950
framework to analyse how income inequality, besides other structural and policy-related features, shapes the trade-off between … inequality and poverty and that the magnitude of the change is larger in more unequal countries. Such a cumulative process shapes …
Persistent link: https://www.econbiz.de/10012214250
Amidst considerable debate on the relationship between entrepreneurship and economic inequality, scholarship only …
Persistent link: https://www.econbiz.de/10012660133
: They cannot afford to buy private insurance, they are not covered by social insurance, and they are not entitled to social … assistance. Therefore, micro-insurance schemes have built up in many countries to fill the gap and reduce the vulnerability of … people in the informal sector. The question is how much micro-insurance can do in this regard: To what degree can micro-insurance …
Persistent link: https://www.econbiz.de/10014160756
Im Euroraum und insbesondere in Deutschland hat sich die Konjunktur lange Zeit nur schwach entwickelt. Ein wesentlicher Grund dafür war nur eine verhaltene Dynamik der Binnennachfrage und insbesondere des Konsums. Im Durchschnitt unterschiedlicher Länder ist ein deutlicher Einfluss der...
Persistent link: https://www.econbiz.de/10010377811
How sizable is the wealth effect on consumption in euro area countries? To address this question, we use newly available harmonized euro area wealth data and the methodology in Carroll et al. (2011b). We find that the marginal propensity to consume out of total wealth averaged across the largest...
Persistent link: https://www.econbiz.de/10011864125
Persistent link: https://www.econbiz.de/10012516122
We derive risk-neutral option price formulas for plain-vanilla and exotic electricity futures derivatives on the basis of diverse arithmetic multi-factor Ornstein-Uhlenbeck spot price models admitting seasonality. In these setups, we take additional forward-looking knowledge on future price...
Persistent link: https://www.econbiz.de/10013034157
We study modification properties of stochastic processes under different probability measures in an initially enlarged filtration setup. For this purpose, we consider several pure-jump Lévy processes under two equivalent probability measures and derive the associated martingale compensators...
Persistent link: https://www.econbiz.de/10012899336