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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
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The effects of changes in local-bank health on household consumption
Cooper, Daniel; Peek, Joe - 2018 - This version: October, 2018
Focusing on localized measures of bank health and economic activity, and renters as well as homeowners, this paper uses an innovative approach to identifying households likely in need of credit to investigate the effect on household spending of a deterioration in local-bank health. The analysis...
Persistent link: https://www.econbiz.de/10011905009
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Saving on a rainy day, borrowing for a rainy day
Alan, Sule; Crossley, Thomas F.; Low, Hamish - 2012
The aim of this paper is to understand what a recession means for individual consumers, and to model in a life-cycle framework how individuals respond to recessions. Our focus is on the sharp increase in savings rates that have been observed in the current and recent recessions. We show...
Persistent link: https://www.econbiz.de/10009530241
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Business cycle fluctuations and private savings in OECD countries : a panel data analysis
Adema, Yvonne; Pozzi, Lorenzo - 2012
Persistent link: https://www.econbiz.de/10009724306
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Catching up with the Joneses and borrowing constraints : an agent-based analysis of household debt
König, Nadja; Größl, Ingrid - 2014
We study an Agent-based model of household-bank relationships where households borrow for the purpose of consumption …. Desired consumption is driven by households disposable income as well as a social norm of consumption. If households care … conduct several computational experiments, where the absence of the social consumption norm (Joneses effect) functions as …
Persistent link: https://www.econbiz.de/10010425727
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An agent-based model of trickle-up growth and income inequality
Palagi, Elisa; Napoletano, Mauro; Roventini, Andrea; … - 2021
We build an agent-based model to study how coordination failures, credit constraints and unequal access to investment opportunities affect inequality and aggregate income dynamics. The economy is populated by households who can invest in alternative projects associated with different...
Persistent link: https://www.econbiz.de/10012584308
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The Aino 3.0 model
Silvo, Aino; Verona, Fabio - 2020
macroeconomic and macroprudential policies. We show how the availability of a durable consumption good (housing), on the one hand …
Persistent link: https://www.econbiz.de/10012225376
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Credit and saving constraints in general equilibrium : evidence from survey data
Granda Carvajal, Catalina; Hamann S., Franz A.; Tamayo, … - 2017
In this paper, we build a heterogeneous agents-dynamic general equilibrium model wherein saving constraints interact with credit constraints. Saving constraints in the form of fixed costs to use the financial system lead households to seek informal saving instruments (cash) and result in lower...
Persistent link: https://www.econbiz.de/10011656466
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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
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Do consumers gamble to convexify?
Crossley, Thomas F.; Low, Hamish; Smith, Sarah - 2011
The combination of credit constraints and indivisible consumption goods may induce some riskaverse individuals to play … convexify their budget set. -- Gambling ; Lotteries ; Consumption ; Durables …
Persistent link: https://www.econbiz.de/10008991953