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Inequality-constrained monetary policy in a financialized economy
Fierro, Luca Eduardo; Giri, Federico; Russo, Alberto - 2023
We study how income inequality affects monetary policy through the inequality-household debt channel. We design a … rate and decreasing bankruptcies during the household's debt boom phase. When inequality meets financial liberalization, a … that inequality may constrain the central bank, even when it is not explicitly targeted. …
Persistent link: https://www.econbiz.de/10013548811
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Macroeconomic Implications of Inequality and Income Risk
Aladangady, Aditya; Gagnon, Etienne; Johannsen, Benjamin K. - 2021
We explore the long-run relationship between income risk, inequality, and the macroeconomy in an overlapping … they require for bearing risk, leading to higher measured income and wealth inequality, a lower risk-free real interest … rate, and higher risk premiums. These findings suggest that the factors behind the observed rise in inequality over the …
Persistent link: https://www.econbiz.de/10013313121
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The Financial Effects of the COVID-19 Pandemic Are not Unprecedented : Multiple Historical Events Help Contextualize the Crisis
Higgins, CFA, CFP®, Mark - 2022
The COVID-19 Financial Crisis seems unprecedented, but this is largely because it combines attributes of multiple historical events, several of which occurred more than one hundred years ago. The easiest way to understand the fundamental dynamics of the crisis is to isolate the distinct phases...
Persistent link: https://www.econbiz.de/10013406480
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Labor Income Share Consequences of Global Financial Crisis : Evidence from Turkey
Tansever, Sinem - 2017
Purpose: The aim of this study is to examine the effects of the 2008 financial crisis on the labor share in Turkey, by conducting a comparative analysis of various labor share measures using both micro survey and aggregate data. Design/Methodology/Approach: By adopting aggregate data- based...
Persistent link: https://www.econbiz.de/10012951331
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Labor income share consequences of global financial crisis : evidence from Turkey
Tansever, Sinem Sefil - In: International journal of business and economic sciences … 10 (2017) 2, pp. 73-84
Purpose: The aim of this study is to examine the effects of the 2008 financial crisis on the labor share in Turkey, by conducting a comparative analysis of various labor share measures using both micro survey and aggregate data. Design/Methodology/Approach: By adopting aggregate data- based...
Persistent link: https://www.econbiz.de/10011709600
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How Effective Were Job-Retention Schemes During the COVID-19 Pandemic? A Microsimulation Approach for European Countries
Lam, W. Raphael; Solovyeva, Alexandra - 2023
rise in the unemployment rate, by about 3 percentage points, and income inequality during the pandemic. Our results show …
Persistent link: https://www.econbiz.de/10014254891
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Depression econometrics: A FAVAR model of monetary policy during the great depression
Ahmadi, Pooyan Amir; Ritschl, Albrecht - 2009
The prominent role of monetary policy in the U.S. interwar depression has been conventional wisdom since Friedman and Schwartz [1963]. This paper presents evidence on both the surprise and the systematic components of monetary policy between 1929 and 1933. Doubts surrounding GDP estimates for...
Persistent link: https://www.econbiz.de/10010270715
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Financial Stability Policies and Bank Lending : Quasi-Experimental Evidence from Federal Reserve Interventions in 1920-21
Rieder, Kilian - 2021
I estimate the comparative causal effects of monetary policy \leaning against the wind" (LAW) and macroprudential policy on bank-level lending and leverage by drawing on a single natural experiment. In 1920, when U.S. monetary policy was still decentralized, four Federal Reserve Banks...
Persistent link: https://www.econbiz.de/10013213942
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Financial stability policies and bank lending : quasi-experimental evidence from Federal Reserve interventions in 1920-21
Rieder, Kilian - 2020
I estimate the comparative causal effects of monetary policy "leaning against the wind" (LAW) and macroprudential policy on bank-level lending and leverage by drawing on a single natural experiment. In 1920, when U.S. monetary policy was still decentralized, four Federal Reserve Banks...
Persistent link: https://www.econbiz.de/10012318753
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Brexit and labour market inequalities : potential spatial and occupational impacts
Davenport, Alexander; Levell, Peter - 2021
In this paper we examine the possible distributional impacts of new trade barriers associated with the new Trade and Cooperation Agreement governing relations between the UK and EU after Brexit. We use a model of labour demand that incorporates input-output links across industries, and that...
Persistent link: https://www.econbiz.de/10012665590