Visualitza per matèria "Incomplete markets"

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  • Heterogeneity and aggregate fluctuations: insights from TANK models
    Debortoli, Davide; Galí, Jordi, 1961- (2024-03)
    We analyze the merits and limitations of simple tractable New Keynesian models (RANK and TANK) in accounting for the aggregate predictions of Heterogenous Agent New Keynesian models (HANK). By means of comparison of a ...
  • Job uncertainty and deep recessions
    Ravn, Morten O.; Sterk, Vincent (2015-07)
    This paper proposes a theory in which aggregate shocks also produce idiosyncratic risk which in turn introduces a demand channel that we argue is relevant for understanding the Great Recession. We study a model in which ...
  • Quantifying the welfare gains from history dependent income taxation
    Kapicka, Marek (2017-08)
    I quantify the welfare gains from introducing history dependent income tax in an incomplete markets overlapping generations framework where individuals face uninsurable idiosyncratic shocks. I assume that the income tax ...
  • Tax reform with endogenous borrowing limits and incomplete asset markets
    Ábrahám, Árpád; Cárceles Poveda, Eva (2016-06)
    This paper studies different income tax reforms in an infinite horizon economy with a progressive labor income tax code, incomplete markets and endogenous borrowing constraints on asset holdings. The endogenous limits are ...
  • The fiscal multiplier
    Hagedorn, Marcus; Manovskii, Iourii; Mitman, Kurt (2018-05)
    We measure the size of the fiscal multiplier using a heterogeneous agents model with incomplete markets, capital and rigid prices and wages. This environment captures all elements that are considered essential for a ...

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