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Title:Stationary Equilibrium Distributions in Economies with Limited Commitment Author(s):BROER, TobiasDate:2009Type:Working PaperSeries/Number:EUI ECO; 2009/39Abstract:Limited commitment to contracts can explain imperfect risk sharing even when individuals have access to complete insurance markets. Past contributions have focused on the resulting cross-sectional distribution of consumption ...
Title:Deep Habits and the Dynamic Effects of Monetary Policy Shocks Author(s):RAVN, Morten O.; SCHMITT-GROHE, Stephanie; URIBE, Martin; UUSKULA, LennoDate:2008Type:Working PaperSeries/Number:EUI ECO; 2008/40Abstract:This paper introduces deep habits into a sticky-price sticky-wage economy and asks whether the countercyclical markup movements induced by deep habits is helpful for accounting for the dynamic effects of monetary policy ...
Title:Pension Risk, Retirement Saving and Insurance Author(s):GUISO, Luigi; JAPPELLI, Tullio; PADULA, MarioDate:2009Type:Working PaperSeries/Number:EUI ECO; 2009/18Abstract:Using a representative sample of Italian investors, we estimate the risk associated with
pension benefits by eliciting for each individual the subjective distribution of the
replacement rate as a summary indicator of ...
Title:Cash-on-hand and the duration of job search : quasi-experimental evidence from Norway Author(s):BASTEN, Christoph; FAGERENG, Andreas; TELLE, KjetilDate:2012Type:Working PaperSeries/Number:EUI ECO; 2012/21Abstract:We identify the causal effect of lump-sum severance payments on non-employment duration in Norway by exploiting a discontinuity in eligibility at age 50. We find that a severance payment worth 1.2 months’ earnings at the ...
Title:How important is intra-household risk sharing for savings and labor supply? Author(s):ORTIGUEIRA, Salvador; SIASSI, NawidDate:2010Type:Working PaperSeries/Number:EUI ECO; 2010/36Abstract:While it is recognized that the family is primarily an institution for risk sharing, little is known about the quantitative effects of this informal source of insurance on savings and labor supply. In this paper, we present ...
Title:What accounts for the changes in U.S. fiscal policy transmission? Author(s):BILBIIE, Florin Ovidiu; MEIER, André; MÜLLER, Gernot J.Date:2006Type:Working PaperSeries/Number:ECB Working Papers; 2006/582Abstract:Using vector autoregressions on U.S. time series for 1957-1979 and 1983-2004, we find government spending shocks to have stronger effects on output, consumption, and wages in the earlier sample. We try to account for this ...
Title:Missing consumption inequality : direct evidence from individual food data Author(s):SANTAEULÀLIA-LLOPIS, Raül; ZHENG, Yu
Date:2016Type:Working PaperSeries/Number:EUI ECO; 2016/12Abstract:Without data on individual consumption, inequality across individuals is almost invariably inferred by applying adult equivalence scales to household-level consumption data. To assess whether these household-based measures ...
Date:2016Type:Working PaperSeries/Number:EUI ECO; 2016/12Abstract:Without data on individual consumption, inequality across individuals is almost invariably inferred by applying adult equivalence scales to household-level consumption data. To assess whether these household-based measures ...
Title:Waiting for the paycheck : individual and aggregate effects of wage payment Author(s):BERNIELL, InésDate:2016Type:Working PaperSeries/Number:EUI MWP; 2016/05Abstract:This paper shows that the frequency at which workers are paid affects the within-month patterns of both household expenditure and aggregate economic activity. To identify causal effects, I exploit two novel sources of ...
Title:The Home Bias of the Poor: Terms of Trade Effects and and Portfolios across the Wealth Distribution Author(s):BROER, TobiasDate:2008Type:Working PaperSeries/Number:EUI ECO; 2008/28Abstract:Wealthier people generally hold a larger part of their savings in risky
assets. Using the US Survey of Consumer Finances, I show that wealthier
households also have a higher portfolio share of foreign assets. This ...
Title:Incomplete Markets and the Evolution of the US. Consumer Wealth Distribution Author(s):HINTERMAIER, Thomas; KOENIGER, WinfriedDate:2008Type:Working PaperSeries/Number:EUI MWP; 2008/27Abstract:We use a buffer-stock saving model to explain the evolution of the consumer net-worth
distribution in the US between 1983 and 2004. We focus on net-worth up to the 90th
percentile due to the well-known problem of matching ...