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pro vyhledávání: '"Matthias Schlegl"'
Publikováno v:
Institute of Social and Economic Research Discussion Papers. 1088:1-49
We introduce a preference for wealth into the standard search and matching model to analyze the labor market when there is persistent demand shortage. We show that, under some conditions, a secular stagnation steady state exists in which the economy
Publikováno v:
SSRN Electronic Journal.
We introduce a preference for wealth into the standard search and matching model to analyze the labor market when there is persistent demand shortage. We show that, under some conditions, a secular stagnation steady state exists in which the economy
Publikováno v:
European Economic Review. 108:78-104
Why do economies fall into prolonged periods of economic stagnation, particularly in the aftermath of credit booms? We study the interactions between household debt, liquidity and asset prices in a model of persistent demand shortage. We show that fi
Sovereign governments owe debt to many foreign creditors and can choose which creditors to favor when making payments. This paper documents the de facto seniority structure of sovereign debt using new data on defaults (missed payments or arrears) and
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::c914daff121eeb801d5c557b3658a458
https://doi.org/10.3386/w25793
https://doi.org/10.3386/w25793
Publikováno v:
SSRN Electronic Journal.
Publikováno v:
SSRN Electronic Journal.
We consider a neoclassical economy where households derive utility from holding wealth. We show that, under some conditions, there can be rational bubbles. Hence, we provide a microfoundation for bubbles that relies on a frictionless infinite-horizon
Publikováno v:
SSRN Electronic Journal.
Autor:
Matthias Schlegl
Publikováno v:
SSRN Electronic Journal.
I present a model of secular stagnation with land and infinitely-lived agents with wealth preferences. Land is the prime example of a non-producible productive asset and rules out a negative real interest rate in steady state. With standard wealth pr
Publikováno v:
SSRN Electronic Journal.
Publikováno v:
SSRN Electronic Journal.
Why do advanced economies fall into prolonged periods of economic stagnation? What is the role of asset prices and private sector indebtedness for the transition to and the severity of stagnation? This paper presents a stylized money-in-the-utility m