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Confronting the Robinson Crusoe paradigm with household-size heterogeneity
Koulovatianos, Christos; Schröder, Carsten; Schmidt, Ulrich - Center for Financial Studies - 2008
Modern macroeconomics empirically addresses economy-wide incentives behind economic actions by using insights from the way a single representative household would behave. This analytical approach requires that incentives of the poor and the rich are strictly aligned. In empirical analysis a...
Persistent link: https://www.econbiz.de/10010986469
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Do demographics prevent consumer aggregates from reflecting micro-level preferences?
Koulovatianos, Christos; Schröder, Carsten; Schmidt, Ulrich - Center for Financial Studies - 2014
Most simulated micro-founded macro models use solely consumer-demand aggregates in order to estimate deep economy-wide preference parameters, which are useful for policy evaluation. The underlying demand-aggregation properties that this approach requires, should be easy to empirically disprove:...
Persistent link: https://www.econbiz.de/10010986479
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Does income inequality lead to consumption inequality? Evidence and theory
Krueger, Dirk; Perri, Fabrizio - Center for Financial Studies - 2005
Using data from the Consumer Expenditure Survey we first document that the recent increase in income inequality in the … US has not been accompanied by a corresponding rise in consumption inequality. Much of this divergence is due to … different trends in within-group inequality, which has increased significantly for income but little for consumption. We then …
Persistent link: https://www.econbiz.de/10010958571
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Confronting the Robinson Crusoe paradigm with household-size heterogeneity
Koulovatianos, Christos; Schröder, Carsten; Schmidt, Ulrich - Center for Financial Studies - 2008
Modern macroeconomics empirically addresses economy-wide incentives behind economic actions by using insights from the way a single representative household would behave. This analytical approach requires that incentives of the poor and the rich are strictly aligned. In empirical analysis a...
Persistent link: https://www.econbiz.de/10005007631
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Does Income Inequality Lead to Consumption Inequality? Evidence and Theory
Krueger, Dirk; Perri, Fabrizio - Center for Financial Studies - 2005
Using data from the Consumer Expenditure Survey we first document that the recent increase in income inequality in the … US has not been accompanied by a corresponding rise in consumption inequality. Much of this divergence is due to … different trends in within-group inequality, which has increased significantly for income but little for consumption. We then …
Persistent link: https://www.econbiz.de/10005022438
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Escapist policy rules
Bullard, James; Cho, In-Koo - Center for Financial Studies - 2003
We study a simple, microfounded macroeconomic system in which the monetary authority employs a Taylor-type policy rule. We analyze situations in which the self-confirming equilibrium is unique and learnable according to Bullard and Mitra (2002). We explore the prospects for the use of large...
Persistent link: https://www.econbiz.de/10010986393
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Permanent and transitory policy shocks in an empirical macro model with asymmetric information
Kozicki, Sharon; Tinsley, P. A. - Center for Financial Studies - 2003
distinguish between these two shocks and, under incomplete learning, private perceptions of the inflation target will not equal …
Persistent link: https://www.econbiz.de/10010986417
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Monetary policy, indeterminacy and learning
Evans, George W.; McGough, Bruce - Center for Financial Studies - 2003
under private agent learning can in some cases be stable when the observed sunspot has a suitable time series structure. In …
Persistent link: https://www.econbiz.de/10010986495
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Escapist Policy Rules
Bullard, James; Cho, In-Koo - Center for Financial Studies - 2003
We study a simple, microfounded macroeconomic system in which the monetary authority employs a Taylor-type policy rule. We analyze situations in which the self-confirming equilibrium is unique and learnable according to Bullard and Mitra (2002). We explore the prospects for the use of ‘large...
Persistent link: https://www.econbiz.de/10005022420
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Monetary Policy, Indeterminacy and Learning
Evans, George W.; McGough, Bruce - Center for Financial Studies - 2003
under private agent learning can in some cases be stable when the observed sunspot has a suitable time series structure. In …
Persistent link: https://www.econbiz.de/10005120769