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How Did U.S. Consumers Use Their Stimulus Payments?

Coibion, Olivier; Gorodnichenko, Yuriy; Weber, Michael - 2020

Using a large-scale survey of U.S. consumers, we study how the large one-time transfers to individuals from the CARES Act affected their consumption, saving and labor-supply decisions. Most respondents report that they primarily saved or paid down debts with their transfers, with only about 15...

Persistent link: https://www.econbiz.de/10012269580

How Did U.S. Consumers Use Their Stimulus Payments?

Coibion, Olivier - 2020

Persistent link: https://www.econbiz.de/10012824591

Ambiguous Business Cycles, Recessions and Uncertainty: A Quantitative Analysis

Piccillo, Giulia; Poonpakdee, Poramapa - 2023

This paper investigates the effects of uncertainty on the macro economy by replicating its micro effects on individual subjective beliefs. In our model, the representative household has smooth ambiguity preferences and is uncertain about which scenario the economy will be in the next period:...

Persistent link: https://www.econbiz.de/10014469775

The effects of climate change on a small open economy

Economides, George; Xepapadeas, Anastasio - 2019

We investigate the impact of climate change on the macroeconomic performance of a small open economy. The setup is a new Keynesian dynamic stochastic general equilibrium model of a small open economy without monetary policy independence in which a climate module that interacts with the economy...

Persistent link: https://www.econbiz.de/10012018273

Monetary Policy under Climate Change

Economides, George; Xepapadeas, Anastasios - 2018

We study monetary policy under climate change in order to answer the question of whether monetary policy should take into account the expected impacts of climate change. The setup is a new Keynesian dynamic stochastic general equilibrium model of a closed economy in which a climate module that...

Persistent link: https://www.econbiz.de/10011872078

The Effects of Climate Change on a Small Open Economy

Economides, George - 2019

Persistent link: https://www.econbiz.de/10012888993

Drivers of Large Recessions and Monetary Policy Responses

Melina, Giovanni; Villa, Stefania - 2023

Shocks to capital utilization are introduced in a structural macroeconomic closed-economy model with financial frictions to capture disruptions on the ability of the capital stock to provide capital services used in production. Estimates for the Euro Area and the United States show that these...

Persistent link: https://www.econbiz.de/10014377564

Using Taylor Rules to Understand ECB Monetary Policy

Sauer, Stephan; Sturm, Jan-Egbert - 2003

evaluating monetary policy of central banks. As an extensive empirical analysis of the ECB's past behaviour still seems to be in … its infancy, we estimate several instrument policy reaction functions for the ECB which might shed some light on actual … monetary policy in the euro area in the recent past and answer questions like whether the ECB has actually followed a …

Persistent link: https://www.econbiz.de/10010315983

Monetary policy in a channel system

Berentsen, Aleksander; Monnet, Cyril - 2007

Channel systems for conducting monetary policy are becoming increasingly popular. Despite their popularity, the consequences of implementing policy with a channel system are not well understood. We develop a general equilibrium framework of a channel system and investigate the optimal policy. A...

Persistent link: https://www.econbiz.de/10010264077

Outside versus inside bonds: A Modigliani-Miller type result for liquidity constrained economies

Berentsen, Aleksander; Waller, Christopher Jude - 2010

When agents are liquidity constrained, two options exist - sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government (outside) bonds and in the other they can borrow by issuing (inside) bonds. All transactions are voluntary, implying no...

Persistent link: https://www.econbiz.de/10010277131