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Euler consumption equation with non-separable preferences over consumption and leisure and collateral constraints
Kilponen, Juha - Suomen Pankki - 2009
This paper derives and estimates an aggregate Euler consumption equation which allows one to compare the importance of collateral constraints and non-separability of consumption and leisure as alternative sources of excess sensitivity of consumption to current income. Estimation results suggest...
Persistent link: https://www.econbiz.de/10004979450
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Euler Consumption Equation with Non-Separable Preferences over Consumption and Leisure and Collateral Constraints
Kilponen, Juha - 2009
This paper derives and estimates an aggregate Euler consumption equation which allows one to compare the importance of collateral constraints and non-separability of consumption and leisure as alternative sources of excess sensitivity of consumption to current income. Estimation results suggest...
Persistent link: https://www.econbiz.de/10013158381
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Private Debt and Idiosyncratic Volatility: A Business Cycle Analysis
Iacoviello, Matteo - Society for Economic Dynamics - SED - 2005
Persistent link: https://www.econbiz.de/10005069372
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Consumption in the Great Recession : the financial distress channel
Athreya, Kartik B.; Mather, Ryan; Mustre-del-Río, José; … - 2019
During the Great Recession, the collapse of consumption across the U.S. varied greatly but systematically with house-price declines. We find that financial distress among U.S. households amplified the sensitivity of consumption to house-price shocks. We uncover two essential facts: (1) the...
Persistent link: https://www.econbiz.de/10012137091
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Financial Cycles and Bankruptcies in the Nordic Countries
Hansen, Jan - 2003
This paper studies the relationship between macroeconomic imbalances and bankruptcies in the Nordic countries. Finland, Sweden, Norway and Denmark liberalised their financial markets during the 1980s and experienced the consecutive emergence of a financial cycle, followed by severe banking...
Persistent link: https://www.econbiz.de/10010321312
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Financial Cycles and Bankruptcies in the Nordic Countries
Hansen, Jan - Sveriges Riksbank - 2003
This paper studies the relationship between macroeconomic imbalances and bankruptcies in the Nordic countries. Finland, Sweden, Norway and Denmark liberalised their financial markets during the 1980s and experienced the consecutive emergence of a financial cycle, followed by severe banking...
Persistent link: https://www.econbiz.de/10005649101
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Financial Distress, Bankruptcy Law and the Business Cycle
Sussman, Oren; Suarez, Javier - Department of Economics, Oxford University - 2004
This paper explores the business cycle implications of financial distress and bankruptcy law. We find that due to the presence of financial imperfections the effect of liquidations on the price of capital goods can generate endogenous fluctuations. We show that a law reform that...
Persistent link: https://www.econbiz.de/10011146262
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Financial cycles and bankruptcies in the Nordic countries
Hansen, Jan - 2003
This paper studies the relationship between macroeconomic imbalances and bankruptcies in the Nordic countries. Finland, Sweden, Norway and Denmark liberalised their financial markets during the 1980s and experienced the consecutive emergence of a financial cycle, followed by severe banking...
Persistent link: https://www.econbiz.de/10011584527
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On the Welfare Cost of Rare Housing Disasters
Xu, Shaofeng - 2015
This paper examines the welfare cost of rare housing disasters characterized by large drops in house prices. I … construct an overlapping generations general equilibrium model with recursive preferences and housing disaster shocks. The … likelihood and magnitude of housing disasters are inferred from historic housing market experiences in the OECD. The model shows …
Persistent link: https://www.econbiz.de/10011396703
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The housing wealth effect on consumption reconsidered
Lindner, Fabian - 2014
Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … which housing price changes work as a wealth effect. In such models, windfall gains in housing always lead to positive … changes in consumption. However, this might constitute a fallacy of composition. Such models ignore that changes in housing …
Persistent link: https://www.econbiz.de/10010335898