aggregate shocks
Vulnerability of Household Consumption to Village-level Aggregate Shocks in a Developing Country
... Village-level aggregate shocks such as droughts and floods cannot be perfectly insured by risk sharing within a ...to aggregate shocks and that in marginal response to idiosyncratic ...to ...
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Taxes, debts, and redistributions with aggregate shocks
... the aggregate shock are exogenous, namely, a setting with one-period utilities that are quasilinear, meaning linear in ...i.i.d aggregate shocks to public ...expenditure shocks, a set that ...
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Taxation, redistribution, and debt in incomplete market economies with aggregate shocks
... We study an incomplete market economy with aggregate shocks and agents with hetero- geneous skills. To redistribute and to finance exogenous stochastic government expenditures, the government imposes ...
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Taxes, debts, and redistributions with aggregate shocks
... A planner sets a lump sum transfer and a linear tax on labor income in an economy with incomplete markets, heterogeneous agents, and aggregate shocks. The planner’s concerns about redistribution impart a ...
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Consumption response to aggregate shocks and the role of leverage
... shock can also explain our third empirical fact: that the observed consumption growth difference of high- and low-leveraged households is mainly driven by young households. In Figure 6 below, we present a more ...
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Essays on Macroeconomics and Labor Markets: Understanding Idiosyncratic and Aggregate Shocks
... We see this model as a natural extension of standard business cycle models and a place where we can depart from constant factor shares of income by assuming non competitive wages in a transparent and intuitive way. ...
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Monetary Policy Activism and Price Responsiveness to Aggregate Shocks under Rational Inattention
... to aggregate nominal ...to aggregate supply shocks than to nominal demand shocks, if …rms were relatively more informed about the former than they were about the ...to aggregate nominal ...
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Separability and aggregate shocks in the life-cycle model of consumption: evidence from Spain.
... In order to see whether this rejection was due to the fact that endogenous variables dated t-1 were not valid instruments, or else that a particular instrument was not valid, [r] ...
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Aggregate economic shocks, child schooling and child health
... of aggregate shocks on child education and health in light of a simple conceptual framework which relates the disparate nature of these outcomes to the basic economic mechanisms at ...
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Optimal asset taxes in financial markets with aggregate uncertainty
... where aggregate and idiosyncratic shocks are not stochas- tically independent, so that aggregate shocks do affect probability distributions over id- iosyncratic ...the aggregate state s ...
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Lumpy Investment in Dynamic General Equilibrium
... of aggregate shocks on aggregate endogenous variables (investment, in our ...limited aggregate inertia (recall the classic Caplin and Spulber (1987) result, where price-setters follow (S, s) ...
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Default cycles
... to aggregate shocks, is a shortcut to account for the so-called “credit spread puzzle” according to which actual credit spreads are larger than expected default losses ...
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EU Fiscal Stance Vulnerability: Are the Old Members the Gold Members?
... Overall, the alternative ordering of government revenues has a material effect on two out of six results of our interest. Note that our finding that the reordering matters gives us some assurance that there is enough ...
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In Search of Real Rigidities
... certain aggregate shocks, including exchange rate and monetary ...the aggregate inflation series may be largely disconnected from the size of the contract multiplier for mone- tary ...to ...
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Idiosyncratic Labour Income Risk and Aggregate Consumption: an Unobserved Component Approach
... approach. Aggregate labour income risk is estimated through a GARCH process on aggregate labour income ...on aggregate consumption growth of the growth rate in government transfers in US data and ...
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The impact of aggregate and disaggregate consumption shocks on the Equity Risk Premium in the United Kingdom
... consumption shocks on the ERPs of various FTSE indices (Column B of Table ...indices. Aggregate personal consumption shocks seem to have negative impact on the ERP of the aggregate FTSE ...
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Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?
... Figure 5 displays, for each country, the es- timated impulse responses of employment ( solid line ) and productivity ( dashed line ) to both types of shocks. With the exception of Japan, those responses show many ...
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How Do Different Oil Price Shocks Affect the Relationship Between Oil and Stock Markets?
... prices shocks’ origins (Kilian, 2009) and countries’ type, for example, for oil import-countries and oil-export ones (Wang et ...price shocks on stock markets in selected oil-importer and oil-exporter ...
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What Drives Business Cycle Fluctuations: Aggregate or Idiosyncratic Uncertainty Shocks?
... s’ shocks with ...the aggregate effects of idiosyncratic uncertainty shocks on economic ...of shocks to large and small firms on activity, we find supportive evidence of ...
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Trade Flows and Exchange Rate Shocks in Nigeria: An Empirical Result
... effect works to make imports more expensive to foreigners, it causes domestic exports to be cheaper for foreign buyers, at least, in the short run and as the volume of exports and imports do not adjust instantaneously in ...
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