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Quantitative macroeconomics with heterogeneous households [PDF]
Annual Review of Economics, 2009 Macroeconomics is evolving from the study of aggregate dynamics to the study of the dynamics of the entire equilibrium distribution of allocations across individual economic actors.
Giovanni L. Violante +2 more
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Heterogeneous Households under Uncertainty
SSRN Electronic Journal, 2019 I characterize a dynamic economy under general distributions of households’ risk tolerance, endowments, and beliefs about long-term growth. As the economy expands and the stock market rises (a) the fraction of households with declining consumption-share increases; (b) the wealth-share of high risk-tolerant households increases; (c) richer households ...
Pietro Veronesi
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Equilibrium Model of Housing Choice for Heterogeneous Households under Public Rental Housing Policy [PDF]
Sustainability, 2018 Shumin Zhou +3 more
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Heterogeneous households in a sticky-price model [PDF]
, 2009 This paper introduces heterogeneous households into an otherwise standard sticky-price model with industry-specific labor markets. Households differ in labor incomes and asset markets are incomplete.
Lee, Jae Won
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Heterogeneous Household Responses to Energy Price Shocks
SSRN Electronic Journal, 2023 We use survey evidence on reported spending in hypothetical energy price shock scenarios to study novel features of the price elasticity of energy demand and the marginal propensity to consume (MPC) after paying the energy bill. We document several nonlinearities depending on the sign and magnitude of the energy price shock that are economically ...
Gert Peersman, Joris Wauters
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Macroeconomics and Household Heterogeneity [PDF]
, 2016 Abstract The goal of this chapter is to study how, and by how much, household income, wealth, and preference heterogeneity amplify and propagate a macroeconomic shock. We focus on the US Great Recession of 2007–09 and proceed in two steps. First, using data from the Panel Study of Income Dynamics, we document the patterns of household income ...
Dirk Krueger +2 more
+4 more sources
International Studies of Economics, 2022 Economic policy uncertainty is proven to have an important effect on household consumption. However, the literature on its transmission mechanism and on comparing the consumption response of urban and rural households, especially in China, is limited. In
Yanwei Gu, Guancheng Jiang, Xiao Liang
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Crisis propagation in a heterogeneous self-reflexive DSGE model.
PLoS ONE, 2021 We study a self-reflexive DSGE model with heterogeneous households, aimed at characterising the impact of economic recessions on the different strata of the society.
Federico Morelli +3 more
doaj +1 more source
MPC Heterogeneity and Household Balance Sheets [PDF]
SSRN Electronic Journal, 2016 We use sizable lottery prizes in Norwegian administrative panel data to explore how transitory income shocks are spent and saved over time and how households’ marginal propensities to consume (MPCs) vary with household characteristics and shock size. We find that spending peaks in the year of winning and gradually reverts to normal within five years ...
Fagereng, Andreas +2 more
openaire +7 more sources
Household Heterogeneity and Real Exchange Rates [PDF]
The Economic Journal, 2006 We assume that individuals can fully insure themselves against cross-country shocks, but not against individual-specifi cs hocks. We consider two particular models of limited risk-sharing: domestically incomplete markets (DI) and private information-Pareto optimal (PIPO) risk-sharing. For each model, we derive a restriction relating the cross-sectional
Narayana R. Kocherlakota +1 more
openaire +4 more sources