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The role of capital accumulation as a driver of the labor income share requires capital and labor to be substitutes, which appears paradoxical in a world predominantly characterized by complementarity between capital and labor. This paper argues that the composition of skills in the labor force...
Persistent link: https://www.econbiz.de/10012005920
as a non-linear function of the Weibull distribution of capital-labor ratio. Empirical findings support the choice of a …
Persistent link: https://www.econbiz.de/10012059148
Satiation of need is generally ignored by growth theory. I study a model where consumers may be satiated in any given … endogenized, the satiated equilibrium generically survives. For some parameter values, its growth rate is positive while labor … supply declines over time to zero. Its growth rate is then lower than that of the non satiated equilibrium. Hence, the …
Persistent link: https://www.econbiz.de/10011744591
on inflation; b) introducing growth generating mechanisms. …
Persistent link: https://www.econbiz.de/10010272671
on inflation; b) introducing growth generating mechanisms. …
Persistent link: https://www.econbiz.de/10008548711
This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good …
Persistent link: https://www.econbiz.de/10010262477
This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good …
Persistent link: https://www.econbiz.de/10005762377
This paper studies the direct impact of households' debt on consumption over the business cycle. We use household-level panel data for Spain, and focus on a interesting period of analysis, 2002-2017, characterized by large variations in leverage, consumption, and asset prices. We find that debt...
Persistent link: https://www.econbiz.de/10013351761
One suggested hypothesis for the dramatic rise in household borrowing that preceded the financial crisis is that low-income households increased their demand for credit to finance higher consumption expenditures in order to keep up with higherincome households. Using household level data on debt...
Persistent link: https://www.econbiz.de/10010333254
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