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Rational Inattention and the Dynamics of Consumption and Wealth in General Equilibrium
Luo, Yulei; Nie, Jun; Wang, Gaowang; Young, Eric R. - 2022
inattention (or RI, Sims 2003, 2010) for the cross-sectional dispersion of consumption and wealth (relative to income) in general …
Persistent link: https://www.econbiz.de/10014235439
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On the Relationships between Real Consumption, Income, and Wealth
Rudd, Jeremy B.; Palumbo, Michael; Whelan, Karl - 2003
goods and services to measures of real income and wealth, where the latter are deflated by a price index for total …
Persistent link: https://www.econbiz.de/10014108059
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Non-Durable Consumption and Housing Net Worth in the Great Recession : Evidence from Easily Accessible Data
Kaplan, Greg - 2017
In an influential paper, Mian, Rao, and Sufi (2013) exploit geographic variation in housing supply elasticities to measure the effect of changes in the housing share of net worth on total household expenditures during the Great Recession. Their widely-cited estimates are based on proprietary...
Persistent link: https://www.econbiz.de/10012946861
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Attention Allocation and Heterogeneous Consumption Responses
Luo, Yulei; Nie, Jun; Yin, Penghui - 2022
capacity, wealth endowments, income risks, and preferences for risk and time. We show that our model can generate results that … are consistent with several novel facts regarding how differences in individuals’ wealth levels and beliefs about their … limited attention is significantly larger for households with lower wealth; allowing these households to flexibly allocate …
Persistent link: https://www.econbiz.de/10014080041
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What We Don't Know Doesn't Hurt Us : Rational Inattention and the Permanent Income Hypothesis in General Equilibrium
Nie, Jun - 2014
impatience. We then explore how RI affects the equilibrium joint dynamics of consumption, income and wealth, and find that …
Persistent link: https://www.econbiz.de/10013043414
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Mankiw’s 'Puzzle' – Is Durable Consumption Declining?
Makovský, Petr - 2020
analyses that have been performed to date for the USA and France. These analyses have verified the Mankiw's puzzle theory about … to stagnate. We disproved Mankiw's puzzle theory using a data sample from the Czech Republic and Germany. This conclusion …
Persistent link: https://www.econbiz.de/10012840522
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Unconventional fiscal policy in HANK
Seidl, Hannah; Seyrich, Fabian - 2021
In HANK, we show that fiscal policy is an appropriate macroeconomic stabilization tool at the ZLB. Fiscal policy achieves the same macroeconomic aggregates and the same welfare as hypothetically unconstrained monetary policy by replicating its transmission mechanism. Consumption taxes and labor...
Persistent link: https://www.econbiz.de/10012549562
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Consumption and Investment Motives in Housing Wealth Accumulation of Spanish Households
Arrondel, Luc - 2010
according to the portfolio choice theory. Fewer still have tried to consider simultaneously the two-dimensional aspect of …
Persistent link: https://www.econbiz.de/10013144252
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Unconventional fiscal policy in HANK
Seidl, Hannah; Seyrich, Fabian - 2021 - This version: August 10, 2022
We show that in a New Keynesian model with household heterogeneity, fiscal policy can be a perfect substitute for monetary policy: three simple conditions for consumption taxes, labor taxes, and the government debt level are sufficient to induce the same consumption and labor supply of each...
Persistent link: https://www.econbiz.de/10013342046
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Rational inattention and the dynamics of consumption and wealth in general equilibrium
Luo, Yulei; Nie, Jun; Wang, Gaowang; Young, Eric R. - In: Journal of economic theory 172 (2017), pp. 55-87
Persistent link: https://www.econbiz.de/10011777050