We study the transmission of monetary policy in the presence of heterogeneous households and examine the implications when the share of constrained households is a function of monetary policy. We build an analytically tractable heterogeneous agent New Keynesian model (THANK) with an endogenous...

We specify and estimate a lifecycle model of consumption, housing demand and labor supply in an environment where individuals may file for bankruptcy or default on their mortgage. Uncertainty in the model is driven by house price shocks, education specific productivity shocks, and catastrophic...

We suggest to use information from the state register of personal cars as an alternative indicator of economic inequality in countries with a large share of shadow economy. We illustrate our approach using the Latvian pool of personal cars. Our main finding is that the extent of household...

This study provides a comparison of the size and value of unpaid family care work in two European member States, Italy and Poland. Using the Italian and Polish time use surveys, both the opportunity cost and the market replacement approaches are employed to separately estimate the value of...

Using the case study of Trinidad and Tobago we investigate for an emerging economy the socioeconomic, demographic, and attitudinal characteristics that influence the propensity of individuals in the household sector to participate in the hidden economy and their perception of the risk of...

We suggest to use information from the state register of personal cars as an alternative indicator of economic inequality in countries with a large share of shadow economy. We illustrate our approach using the Latvian pool of personal cars. Our main finding is that the extent of household...

This study provides a comparison of the size and value of unpaid family care work in two European member States, Italy and Poland. Using the Italian and Polish time use surveys, both the opportunity cost and the market replacement approaches are employed to separately estimate the value of...

This paper examines the link between financial deepening and formalization in Peru. Using data from the National Household Survey, Bloomberg and the Central Bank of Peru Central Bank, the Catao, Pages, and Rosales (2009) model is implemented at activity level (2-digits ISIC), and the Rajan and...

How do labor market and health outcomes interact over the life cycle in a country characterized by a large informal sector and strong inequalities? To quantify the effects of bad health on labor market trajectories, wealth, and consumption, we develop a life-cycle heterogeneous agents model with...

We use a semiparametric bivariate probit model to explore the determinants of the conditional probability that a household has informal loans given objective or subjective liquidity constraints regarding access to credit through banking channels. In our empirical study, we use Italian microdata...