We investigate the link between housing wealth concentration and the macroeconomic effects of a rise in domestic banks' exposure to sovereign securities. We build a general equilibrium model with housing and heterogeneous agents who differ in their investment opportunities. Banks, optimizing...

We develop a two-country, two-sector overlapping generations model to examine the effect of population aging on the real exchange rate (RER). While an older population raises the relative demand for nontradables (a feature of structural transformation) putting upward pressure on relative prices...

This paper explores the distributional implications of a fiscal devaluation acquired through a shift from labor to consumption taxes in an open-economy Heterogeneous Agents New Keynesian model with incomplete markets and uninsurable income risk. A permanent fiscal devaluation perfectly mimicking...

There is growing evidence that over the past few decades competition across markets in the EU may have weakened: industry concentration and markups appear to have increased, while the gap between market leaders and followers seems to have widened and business dynamism seems to have declined....

We incorporate age-specific socio-economic interactions in a SIR macroeconomic model to study the role of demographic factors for the COVID-19 epidemic evolution, its macroeconomic outcomes and possible containment measures. Our framework captures the endogenous response of rational individuals...