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The effects of labor income risk heterogeneity on the marginal propensity to consume

Savoia, Ettore - 2023

Using detailed micro-data, this paper documents that households with lower income risk (and higher income levels … designed to account for the empirically observed negative correlation between income levels and income risk. This interaction … labor income risk. Otherwise, the effects of income risk are masked by wealth effects. In neither case, the MPC depends on …

Persistent link: https://www.econbiz.de/10014482888

Doves for the Rich, Hawks for the Poor? Distributional Consequences of Monetary Policy

Gornemann, Nils - 2017

frictions render labor-market risk countercyclical and endogenous to monetary policy. Our main result is that a majority of …

Persistent link: https://www.econbiz.de/10013210409

Macroeconomic and stock market interactions with endogenous aggregate sentiment dynamics

Flaschel, Peter; Charpe, Matthieu; Galanis, Giorgos; … - 2017

This paper studies the implications of heterogeneous capital gain expectations on output and asset prices. We consider a disequilibrium macroeconomic model where agents' expectations on future capital gains affect aggregate demand. Agents' beliefs take two forms - fundamentalist and chartist -...

Persistent link: https://www.econbiz.de/10011657761

Output Gap in Presence of Financial Frictions and Monetary Policy Trade-Offs

Furlanetto, Francesco - 2014

The recent global financial crisis illustrates that financial frictions are a significant source of volatility in the economy. This paper investigates monetary policy stabilization in an environment where financial frictions are a relevant source of macroeconomic fluctuation. We derive a measure...

Persistent link: https://www.econbiz.de/10013049145

Macroeconomic and stock market interactions with endogenous aggregate sentiment dynamics

Flaschel, Peter; Charpe, Matthieu; Galanis, Giorgos; … - 2017

This paper studies the implications of heterogeneous capital gain expectations on output andasset prices. We consider a disequilibrium macroeconomic model where agents' expectations on future capital gains affect aggregate demand. Agents' beliefs take two forms - fundamentalist and chartist -...

Persistent link: https://www.econbiz.de/10011736031

Macroeconomic and stock market interactions with endogenous aggregate sentiment dynamics

Flaschel, Peter; Charpe, Mattieu; Galanis, Giorgos; … - 2017

Persistent link: https://www.econbiz.de/10011671937

Financialisation and the slowdown of labour productivity in Portugal : a post-Keynesian approach

Correia, Diogo; Barradas, Ricardo - In: PSL quarterly review 74 (2021) 299, pp. 325-346

income, the rise of inequality in personal income, and an intensification of the degree of financialisation. The paper finds … income inequality over the last decades. …

Persistent link: https://www.econbiz.de/10013175143

Equilibrium yield curves and the interest rate lower bound

Nakata, Taisuke; Tanaka, Hiroatsu - 2016 - This draft: October 2016

longer than previously expected lowers the expected short rate path, but its effect on term premiums depends on the risk …

Persistent link: https://www.econbiz.de/10011578779

Monetary policy through production networks : evidence from the stock market

Ozdagli, Ali; Weber, Michael - 2017 - This version: May 2017

Monetary policy shocks have a large impact on aggregate stock market returns in narrow event windows around press releases by the Federal Open Market Committee. We use spatial autoregressions to decompose the overall effect of monetary policy shocks into a direct (demand) effect and an indirect...

Persistent link: https://www.econbiz.de/10011657891

Monetary policy through production networks : evidence from the stock market

Ozdagli, Ali; Weber, Michael - 2017 - This version: October, 2017

Monetary policy shocks have a large impact on stock prices during narrow time windows centered around press releases by the FOMC. We use spatial autoregressions to decompose the overall effect of monetary policy shocks into a direct effect and a network effect. We attribute 50 to 85 percent of...

Persistent link: https://www.econbiz.de/10011770624