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Hintermaier, Thomas; Koeniger, Winfried - 2015

We show that the size of collateralized household debt determines an economy's vulnerability to crises of confidence. The house price feeds back on itself by contributing to a liquidity effect, which operates through the value of housing in a collateral constraint. Over a specific range of debt...

Persistent link: https://www.econbiz.de/10011401681

The Long-Term Effects of Labor Market Entry in a Recession: Evidence from the Asian Financial Crisis

Choi, Eleanor J.; Choi, Jaewoo; Son, Hyelim - 2020

This study investigates the long-term effects of initial labor market conditions by comparing cohorts who graduated from college before, during, and after the 1997–1998 Asian financial crisis in South Korea. We measure the overall welfare effect by examining their labor market activities,...

Persistent link: https://www.econbiz.de/10012207690

Short-Time Work and Precautionary Savings

Dengler, Thomas; Gehrke, Britta - 2021

In the Covid-19 crisis, most OECD countries use short-time work schemes (subsidized working time reductions) to preserve employment relationships. This paper studies whether short-time work can save jobs through stabilizing aggregate demand in recessions. We build a New Keynesian model with...

Persistent link: https://www.econbiz.de/10012597475

How Bad Is Involuntary Part-time Work?

Borowczyk-Martins, Daniel; Lalé, Etienne - 2016

We use a set of empirical and analytical tools to conduct parallel analyses of involuntary part-time work and unemployment in the U.S. labor market. In the empirical analysis, we document that the similar cyclical behavior of involuntary part-time work and unemployment masks major differences in...

Persistent link: https://www.econbiz.de/10011479293

Income inequality and saving

Alvarez-Cuadrado, Francisco; el Attar, Mayssun - 2012

average saving rate decreased by eight percentage points. Over the same period the US experienced a substantial increase in … inequality and a continuous decrease in the aggregate saving rate. We propose an explanation based on interpersonal comparisons … consistent with these trends. When households care about their consumption relative to others, individual saving rates decrease …

Persistent link: https://www.econbiz.de/10010291404

The Risk of Divorce and Household Saving Behavior

Gonzalez, Libertad; Özcan, Berkay - Institute for the Study of Labor (IZA) - 2008

We analyze the impact of an increase in the risk of divorce on the saving behaviour of married couples. From a … in 1996 as an exogenous increase in the likelihood of marital dissolution. We analyze the saving behaviour over time of …

Persistent link: https://www.econbiz.de/10005233842

Income Inequality and Saving

Alvarez-Cuadrado, Francisco; El-Attar, Mayssun - Institute for the Study of Labor (IZA) - 2012

Persistent link: https://www.econbiz.de/10010604098

Stability and dynamics in an overlapping generations economy with flexible wage negotiations

Koskela, Erkki; Puhakka, Mikko - 2007

We analyze the stability and dynamics of an overlapping generations model with imperfectly competitive labour markets. By focusing on the right-to-manage wage bargaining we assume that wage is negotiated after the capital stock decision. With Cobb-Douglas utility and production functions the...

Persistent link: https://www.econbiz.de/10010268603

Stability and Dynamics in an Overlapping Generations Economy with Flexible Wage Negotiations

Koskela, Erkki; Puhakka, Mikko - Institute for the Study of Labor (IZA) - 2007

Persistent link: https://www.econbiz.de/10005822108

A Vague Theory of Choice over Time

Manzini, Paola; Mariotti, Marco - 2004

We propose a novel approach to modelling time preferences, based on a cognitive shortcoming of human decision makers: the perception of future events becomes increasingly ?blurred? as the events are pushed further in time. We axiomatise a class of preference representations which can be...

Persistent link: https://www.econbiz.de/10010261983