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consumption to a 'surprise' term in permanent income as well as past values of consumption growth. We can interpret this … income growth measuring the excess sensitivity of consumption with respect to income changes and thus the degree of liquidity … for the asymmetry in the income-consumption path for German regions both with respect to the long and short run adjustment …
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We investigate for Germany the positive correlation between the corporate savings glut in the non-financial corporate sector and the current account surplus from a capital account perspective. By employing sign restrictions our findings suggest that mostly labor market, world demand and...
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This paper shows that increased volatility of Örm-level productivity can push the nominal interest rate to its lower bound with large amplification effects on macroeconomic aggregates. The framework combines a simple canonical Önancial accelerator model, time varying risk shocks, and a zero...
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