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Why Aging Induces Deflation and Secular Stagnation
Braun, R.; Ikeda, Daisuke - 2022
We provide a quantitative theory of deflation and secular stagnation. In our lifecycle framework, an aging population puts persistent downward pressure on the price level, real interest rates, and output. A novel feature of our theory is that it also recognizes the reactions of government...
Persistent link: https://www.econbiz.de/10014236307
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Why aging induces deflation and secular stagnation
Braun, R. Anton; Ikeda, Daisuke - 2022
We provide a quantitative theory of deflation and secular stagnation. In our lifecycle framework, an aging population puts persistent downward pressure on the price level, real interest rates, and output. A novel feature of our theory is that it also recognizes the reactions of government...
Persistent link: https://www.econbiz.de/10013382196
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Current Account Balances and Non-financial Corporate Savings—A Cross-Country Perspective
Banerjee, Purna; Sinha, Sonalika - 2022
As non-financial corporate sector savings tend to increase globally, its effect on the current account balance assumes particular significance for macrofinancial stability. This study investigates the relationship between current account balance and (non-financial) corporate savings for a panel...
Persistent link: https://www.econbiz.de/10014236744
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Children Matter : Global Imbalances and the Economics of Demographic Transition
Batsuuri, Tsendsuren - 2022
This paper investigates the effect of child dependency on the economy and external imbalances under an asymmetric demographic and productivity transition within a lifecycle model. It embeds dependent children within a two-country model with lifecycle features to examine child dependency’s...
Persistent link: https://www.econbiz.de/10013295892
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Internal U.S. Migration and Consumption Dynamics : A Panel Data Analysis
Kim, Hyun Yeol - 2021
Using the Kilts Nielsen Consumer Panel (KNCP), this paper documents new stylized facts on expenditure and income growth upon migration. First, movers' KNCP expenditures relative to non-movers' decline by 6% during a year before the move, and then increase by 9% during a year after the move....
Persistent link: https://www.econbiz.de/10013321905
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The Heterogeneous Response of Real Estate Asset Prices to a Global Shock
Heiniger, Sandro; Koeniger, Winfried; Lechner, Michael - 2022
We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate market by causal machine learning, using new granular data at the municipal level for Germany. We exploit differences in the incidence of Covid infections or short-time work at the...
Persistent link: https://www.econbiz.de/10014236309
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The heterogeneous response of real estate asset prices to a global shock
Heiniger, Sandro; Koeniger, Winfried; Lechner, Michael - 2022
We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate market by causal machine learning, using new granular data at the municipal level for Germany. We exploit differences in the incidence of Covid infections or short-time work at the...
Persistent link: https://www.econbiz.de/10013445569
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The heterogeneous response of real estate asset prices to a global shock
Heiniger, Sandro; Koeniger, Winfried; Lechner, Michael - 2022
We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate market by causal machine learning, using new granular data at the municipal level for Germany. We exploit differences in the incidence of Covid infections or short-time work at the...
Persistent link: https://www.econbiz.de/10014486607
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Cross-country heterogeneity in intertemporal substitution
Havránek, Tomáš; Horváth, Roman; Havránková, Zuzana; … - 2013
We collect 2,735 estimates of the elasticity of intertemporal substitution in consumption from 169 published studies … participation substitute a larger fraction of consumption intertemporally in response to changes in expected asset returns. Micro …
Persistent link: https://www.econbiz.de/10009786885
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Macroeconomic disasters and forward-looking consumers : historical evidence and evidence from the Covid-19 pandemic
Pozzi, Lorenzo; Sadaba, Barbara - 2021
the aggregate consumption to income ratio. By standard intertemporal budget constraint logic, this ratio is linked to … expectations of future income and consumption growth rates. We investigate whether these expectations suffice to explain the shifts … in the consumption-income ratio that occur during disaster periods or whether, on the other hand, consumers become more …
Persistent link: https://www.econbiz.de/10012511037