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Differences in euro-area household finances and their relevance for monetary-policy transmission

Hintermaier, Thomas; Koeniger, Winfried - 2019

-cycle incomplete-markets model with a financial asset and housing to match the large heterogeneity of households asset portfolios … substantially across countries, and within countries by household characteristics such as age, housing tenure, and asset positions …

Persistent link: https://www.econbiz.de/10012142941

Net worth and housing equity in retirement

Sinai, Todd; Souleles, Nicholas S. - Center for Financial Studies - 2007

This paper documents the trends in the life-cycle profiles of net worth and housing equity between 1983 and 2004. The … net worth of older households significantly increased during the housing boom of recent years. However, net worth grew by … more than housing equity, in part because other assets also appreciated at the same time. Moreover, the younger elderly …

Persistent link: https://www.econbiz.de/10010986413

Mortgage markets, collateral constraints, and monetary policy: Do institutional factors matter?

Calza, Alessandro; Monacelli, Tommaso; Stracca, Livio - Center for Financial Studies - 2006

asset (housing). We study how the response of consumption to monetary policy shocks is affected by alternative values of …

Persistent link: https://www.econbiz.de/10010958674

Mortgage Markets, Collateral Constraints, and Monetary Policy: Do Institutional Factors Matter?

Calza, Alessandro; Monacelli, Tommaso; Stracca, Livio - Center for Financial Studies - 2007

asset (housing). We study how the response of consumption to monetary policy shocks is affected by alternative values of …

Persistent link: https://www.econbiz.de/10005022449

Household debt and crises of confidence

Hintermaier, Thomas; Koeniger, Winfried - 2015

. The house price feeds back on itself by contributing to a liquidity effect, which operates through the value of housing in …

Persistent link: https://www.econbiz.de/10011348214

How large is the housing wealth effect? A new approach

Carroll, Christopher D.; Otsuka, Misuzu; Slacalek, Jirka - Center for Financial Studies - 2006

-quarter) marginal propensity to consume from a $1 change in housing wealth is about 2 cents, with a final long-run effect around 9 cents …. Consistent with several recent studies, we find a housing wealth effect that is substantially larger than the stock wealth effect …

Persistent link: https://www.econbiz.de/10010986368

Dissecting saving dynamics: Measuring wealth, precautionary, and credit effects

Carroll, Christopher D.; Slacalek, Jiri; Sommer, Martin - Center for Financial Studies - 2012

We argue that the US personal saving rate's long stability (1960s-1980s), subsequent steady decline (1980s-2007), and recent substantial rise (2008-2011) can be interpreted using a parsimonious buffer stock model of consumption in the presence of labor income uncertainty and credit constraints....

Persistent link: https://www.econbiz.de/10010958787

Financial shocks and the real economy in a nonlinear world: From theory to estimation

Silvestrini, Andrea; Zaghini, Andrea - 2015

We examine the inter-linkages between financial factors and real economic activity. We review the main theoretical approaches that allow financial frictions to be embedded into general equilibrium models. We outline, from a policy perspective, the most recent empirical papers focusing on the...

Persistent link: https://www.econbiz.de/10011282354

Economic integration and mature portfolios

Christelis, Dimitris; Georgarakos, Dimitris; Haliassos, … - Center for Financial Studies - 2008

This paper documents and studies sources of international differences in participation and holdings in stocks, private businesses, and homes among households aged 50+ in the US, England, and eleven continental European countries, using new internationally comparable, household-level data. With...

Persistent link: https://www.econbiz.de/10010958804

Trust in risk sharing: A double-edged sword

Cole, Harold L.; Krueger, Dirk; Mailath, George J.; … - 2023

We analyze efficient risk-sharing arrangements when the value from deviating is determined endogenously by another risk sharing arrangement. Coalitions form to insure against idiosyncratic income risk. Self-enforcing contracts for both the original coalition and any coalition formed (joined)...

Persistent link: https://www.econbiz.de/10013557357