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The intertemporal marginal propensity to consume out of future persistent cash-flows : evidence from transaction data
Druedahl, Jeppe; Jensen, Emil Bjerre; Leth-Petersen, Søren - 2022
to account for anticipation effects on consumption. We investigate this using high-frequency spending and balance sheet … with a standard buffer-stock consumption model, and implies that it is less effective to target stimulus to low liquidity …
Persistent link: https://www.econbiz.de/10013361501
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Consumption and Portfolio Rebalancing Response of Households to Monetary Policy : Evidence of the HANK Channel
Agarwal, Sumit - 2020
, households increase consumption by 2,095 rupees (30 USD) and risky investments by 20,728 rupees (300 USD) after the expiry of … term deposits. The increase in risky investment is about 10 times as much as the increase in consumption, suggesting that … more risky assets (mutual funds and equities). We estimate the interest elasticity of consumption to be -1.02 and interest …
Persistent link: https://www.econbiz.de/10012835832
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Households' response to the wealth effects of inflation
Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas - 2024
consumption and hypothetical debt decisions. Our findings suggest that real wealth mediates the sensitivity of consumption to …
Persistent link: https://www.econbiz.de/10014490357
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Managing households' expectations with salient economic policies
D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2019 - This version: August 2019
consumption via managing inflation expectations based on the Euler equation. Unconventional fiscal policy uses trivial … announcements of future consumer-price increases to boost inflation expectations and consumption expenditure on impact. Instead …
Persistent link: https://www.econbiz.de/10012057290
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Home ownership and monetary policy transmission
Koeniger, Winfried; Ramelet, Marc-Antoine - 2018
points in Switzerland. The response of non-housing consumption in Switzerland is less heterogeneous across renters and …
Persistent link: https://www.econbiz.de/10011961488
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Home ownership and monetary policy transmission
Koeniger, Winfried; Ramelet, Marc-Antoine - 2018
.6 percentage points in Switzerland. The response of non-housing consumption in Switzerland is less heterogeneous across renters and …
Persistent link: https://www.econbiz.de/10011949270
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Home ownership and monetary policy transmission
Koeniger, Winfried; Ramelet, Marc-Antoine - 2018
.6 percentage points in Switzerland. The response of non-housing consumption in Switzerland is less heterogeneous across renters and …
Persistent link: https://www.econbiz.de/10011932446
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Rented vs. Owner-Occupied Housing and Monetary Policy
Rubio, Margarita - 2016
The aim of this paper is to show how housing tenure (rented vs. owner-occupied) affects monetary policy. In order to do that, I propose a dynamic stochastic general equilibrium model with housing, both owned and rented. First, I analyze how, in the model, preference parameters, fiscal incentives...
Persistent link: https://www.econbiz.de/10013003950
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The role of MPC heterogeneity for fiscal and monetary policy in the Euro Area
Albacete, Nicolas; Fessler, Pirmin; Pekanov, Atanas - 2024
Closely following the seminal contribution of Jappelli and Pistaferri (2014) - based on Italian household survey data - we employ data of 22 European countries to assess the role of heterogeneity of the marginal propensity to consume (MPC) for fiscal policy in the Euro area. We document an...
Persistent link: https://www.econbiz.de/10014486919
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Financial Development, Non-Bank E-Money, and Central Bank Digital Currency
Wang, Xin; Hu, Xiaoxiong - 2022
We develop a new framework to examine the effects of retail central bank digital currencies (CBDCs) on financial inclusion and stability, particularly how the results depend on an economy's existing degree of financial development. We demonstrate that when offering CBDCs in underdeveloped...
Persistent link: https://www.econbiz.de/10013294560