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Limited Nominal Indexation of Optimal Financial Contracts

Autor: Meh, Césaire A., Quadrini, Vincenzo, Terajima, Yaz

Publikováno v: Journal of the European Economic Association.

When financial contracts are not fully enforceable and firms observe their own nominal sales before the observation of the aggregate nominal price, the optimal financial contract is not fully indexed to inflation. Because of the limited nominal index

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::239f584b73b057d06631d2db79365307
https://doi.org/10.1093/jeea/jvad029

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Computing Dynamic Heterogeneous-Agent Economies: Tracking the Distribution

Autor: Grey Gordon

Publikováno v: Economic Quarterly. 106:61-95

Theoretical formulations of dynamic heterogeneous-agent economies typically include a distribution as an aggregate state variable. This paper introduces a method for computing equilibrium of these models by including a distribution directly as a stat

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::572cc380eaae13ca4914872d0f912bdc
https://doi.org/10.21144/eq1060202

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Long-Term-Care Utility and Late-in-Life Saving

Autor: John Ameriks, Christopher Tonetti, Joseph Briggs, Matthew D. Shapiro, Andrew Caplin

Publikováno v: Journal of Political Economy. 128:2375-2451

Older wealthholders spend down assets much more slowly than predicted by classic life-cycle models. This paper introduces health-dependent utility into a model in which preferences for bequests, expenditures when in need of long-term care (LTC), and

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::4774d1b9cb2e5a045e04253cc42f260a
https://doi.org/10.1086/706686

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Identifying the depreciation rate of durables from marginal spending responses

Autor: Cao, Jin, Cui, Chao, Dinger, Valeriya, Holm, Martin B., Kang, Shulong

This paper presents a novel method to estimate the depreciation rate of durable goods using a combination of identified marginal and average spending shares. We apply our method to Chinese spending responses to disposable income changes induced by mo

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=dedup_wf_001::2c7858d54419d6e6c5f4b6984e920a99
https://hdl.handle.net/11250/2978669

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Managing Inequality over Business Cycles : Optimal Policies with Heterogeneous Agents and Aggregate Shocks

Autor: Xavier Ragot, François Le Grand

Publikováno v: International Economic Review
International Economic Review, Wiley, In press, ⟨10.1111/iere.12537⟩
International Economic Review, Wiley, 2022, 511-540 p
International Economic Review, In press, 63 (1), pp.511-540. ⟨10.1111/iere.12537⟩

We present a projection theory on the space of idiosyncratic histories for heterogeneous-agents models. This allows solving for optimal Ramsey policies in heterogeneous-agent models with aggregate shocks, using a Lagrangian approach. In addition, it

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::b5bd04453c647ec632a2a907d45306e1
https://hal.archives-ouvertes.fr/hal-03601016

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Inequality and the marriage gap

Autor: Nawid Siassi

Publikováno v: Review of Economic Dynamics. 31:160-181

Marriage is one of the most important determinants of economic prosperity, yet most existing theories of inequality ignore the role of the family. This paper documents that the cross-sectional distributions of earnings and wealth display a high degre

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::dcd6463307028b3639c3a868dbd07cb3
https://doi.org/10.1016/j.red.2018.06.004

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Peer effects and debt accumulation: Evidence from lottery winnings

Autor: Gulbrandsen, Magnus A. H.

I estimate the effect of lottery winnings on peers' debt accumulation using administrative data from Norway. I identify neighbors of lottery winners, and estimate an average debt response of 2.1 percent of the lottery prize among households that live

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=dedup_wf_001::3c2f2c99704548e8f8287c04fe35985c
https://hdl.handle.net/10419/264933

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Wealth inequality: Opportunity or unfairness?

Autor: Haliassos, Michael, Jansson, Thomas, Karabulut, Yigitcan

The authors present evidence of a new propagation mechanism for wealth inequality, based on differential responses, by education, to greater inequality at the start of economic life. The paper is motivated by a novel positive cross-country relationsh

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=dedup_wf_001::28c25d594352fb8a7c835affb055153a
https://hdl.handle.net/10419/235134

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Household Leverage and Labor Market Outcomes : Evidence from a Macroprudential Mortgage Restriction

Autor: Kabaş, Gazi, Roszbach, Kasper

Does household leverage matter for worker job search, matching in the labor market, and wages? Theoretically, household leverage can have opposing effects on the labor market through debt-overhang and liquidity constraint channels. To test which chan

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=dedup_wf_001::69e5c6683c0e131643d523a28b719f9b
https://hdl.handle.net/11250/2833887

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