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Fiscal consolidation : welfare effects of the adjustment speed

Fonseca, Miguel - In: Notas económicas 51 (2020), pp. 39-67

Persistent link: https://www.econbiz.de/10012439238

The origins and effects of macroeconomic uncertainty

Bianchi, Francesco; Kung, Howard; Tirskikh, Mikhail - In: Quantitative economics : QE ; journal of the … 14 (2023) 3, pp. 855-896

We estimate a production‐based general equilibrium model featuring demand‐ and supply‐side uncertainty and an endogenous term premium. Using term structure and macroeconomic data, we find sizable effects of uncertainty on risk premia and business cycle fluctuations. Both demand‐ and...

Persistent link: https://www.econbiz.de/10014362538

Capital income risk and the dynamics of the wealth distribution

Hoang Van Khieu; Wälde, Klaus - 2018

In this paper, we develop and numerically solve a model of idiosyncratic labour income and idiosyncratic interest rates to predict the evolution of a wealth distribution over time. Stochastic labour income follows a deterministic growth trend and it fluctuates between a wage and unemployment...

Persistent link: https://www.econbiz.de/10011913697

Policy Risk and the Business Cycle

Born, Benjamin; Peifer, Johannes - 2011

The argument that policy risk, i.e. uncertainty about monetary and fiscal policy, has been holding back the economic recovery in the U.S. during the Great Recession has a large popular appeal. We analyze the role of policy risk in explaining business cycle fluctuations by using an estimated New...

Persistent link: https://www.econbiz.de/10010293363

Monetary and Fiscal Policies in a Sudden Stop : Is Tighter Brighter?

Ortiz, Alberto - 2012

In this paper we ask whether tighter monetary and fiscal policies are the right way to face a sudden stop (a sudden curtailment in capital flows) in a typical emerging economy. We develop exogenous measures of fiscal and monetary policy response and conclude that tighter policies are associated...

Persistent link: https://www.econbiz.de/10013104754

US financial shocks and the distribution of income and consumption in the UK

Mumtaz, Haroon; Theodoridis, Konstantinos - 2018

higher income and higher levels of consumption are affected more by this shock than households located towards the lower end … effect of this shock on aggregate output. …

Persistent link: https://www.econbiz.de/10011787854

US financial shocks and the distribution of income and consumption in the UK

Mumtaz, Haroon; Theodoridis, Konstantinos - 2017

higher income and higher levels of consumption are affected more by this shock than households located towards the lower end … effect of this shock on aggregate output. …

Persistent link: https://www.econbiz.de/10011867783

Estimating nonlinear heterogeneous agents models with neural networks

Kase, Hanno; Melosi, Leonardo; Rottner, Matthias - 2022

Economists typically make simplifying assumptions to make the solution and estimation of their highly complex models … predictions of the model. We leverage the recent advancements in machine learning to develop a solution and estimation method … method is much more efficient than existing global solution methods and that the estimation converges to the true parameter …

Persistent link: https://www.econbiz.de/10013257224

US business cycle dynamics at the zero lower bound

Böhl, Gregor; Strobel, Felix - 2020

the estimation severely distorts the analysis of the latest economic dynamics. …

Persistent link: https://www.econbiz.de/10012406022

US business cycle dynamics at the zero lower bound

Böhl, Gregor; Strobel, Felix - 2020

increase in consumption. The common practice of omitting the ZLB period in the estimation severely distorts the analysis of the …

Persistent link: https://www.econbiz.de/10012234437