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Asset Prices and Aggregate Demand in a "Covid-19" Shock : A model of Endogenous Risk Intolerance and LSAPs
Caballero, Ricardo J. - 2020
In this paper we: (i) provide a model of endogenous risk intolerance and serve aggregate demand contractions following … addressing these contractions. The key mechanism stems from heterogeneous risk tolerance: as a recessionary shock hits the … economy and brings down asset prices, risk-tolerant agents' wealth share declines and their leverage rises endogenously. This …
Persistent link: https://www.econbiz.de/10012836868
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Differences in Euro-Area Household Finances and Their Relevance for Monetary-Policy Transmission
Hintermaier, Thomas - 2019
This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life-cycle incomplete-markets model with a liquid financial asset...
Persistent link: https://www.econbiz.de/10012898763
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Differences in Euro-Area Household Finances and Their Relevance for Monetary-Policy Transmission
Hintermaier, Thomas - 2019
This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life-cycle incomplete-markets model with a financial asset and...
Persistent link: https://www.econbiz.de/10012859309
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Differences in euro-area household finances and their relevance for monetary-policy transmission
Hintermaier, Thomas; Koeniger, Winfried - 2018
This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life-cycle incomplete-markets model with a liquid financial asset...
Persistent link: https://www.econbiz.de/10011863469
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Differences in euro-area household finances and their relevance for monetary-policy transmission
Hintermaier, Thomas; Koeniger, Winfried - 2019
This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life-cycle incomplete-markets model with a financial asset and...
Persistent link: https://www.econbiz.de/10012129430
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Differences in euro-area household finances and their relevance for monetary-policy transmission
Hintermaier, Thomas; Koeniger, Winfried - 2019
This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life-cycle incomplete-markets model with a financial asset and...
Persistent link: https://www.econbiz.de/10012133482
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Monetary policy over the life cycle
Braun, R. Anton; Ikeda, Daisuke - 2021 - August 2021 (Revised September 2021)
A tighter monetary policy is generally associated with higher real interest rates on deposits and loans, weaker performance of equities and real estate, and slower growth in employment and wages. How does a household's exposure to monetary policy vary with its age? The size and composition of...
Persistent link: https://www.econbiz.de/10012604303
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Why aging induces deflation and secular stagnation
Braun, R. Anton; Ikeda, Daisuke - 2022
We provide a quantitative theory of deflation and secular stagnation. In our lifecycle framework, an aging population … puts persistent downward pressure on the price level, real interest rates, and output. A novel feature of our theory is …
Persistent link: https://www.econbiz.de/10013382196
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Household Portfolios, Monetary Policy and Asset Prices
Leombroni, Matteo; Rogers, Ciaran - 2021
In this paper we study the role of household portfolio rebalancing channel for the aggregate and redistributive effects of monetary policy. The transmission of monetary policy works not only through the usual income and substitution motives, but also through an endogenous portfolio rebalancing...
Persistent link: https://www.econbiz.de/10013321564
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Monetary policy uncertainty and firm risk-taking
Luo, Weijie; Wang, Yong; Zhang, Xiaoge - In: Pacific-Basin finance journal 71 (2022), pp. 1-13
Persistent link: https://www.econbiz.de/10014513842