The Experts below are selected from a list of 12549 Experts worldwide ranked by ideXlab platform
Amir Sufi - One of the best experts on this subject based on the ideXlab platform.
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the great recession lessons from Microeconomic Data
Social Science Research Network, 2010Co-Authors: Atif Mian, Amir SufiAbstract:We highlight how a micro-level analysis of the Great Recession provides us with important clues to understand the origins of the crisis, the link between credit and asset prices, the feedback effect from asset prices to the real economy, and the role of household leverage in explaining the downturn. We hope that our discussion also serves as an example of the usefulness of incorporating Microeconomic Data and techniques in answering traditional macroeconomic questions.
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the great recession lessons from Microeconomic Data
The American Economic Review, 2010Co-Authors: Atif Mian, Amir SufiAbstract:Crises and sharp economic downturns, while undesirable, provide economists with a unique opportunity to test and hone economic theory. Indeed, some of the most influential advance ments in economic thought, including Milton Friedman’s monetarist tradition, John Maynard Keynes’ fiscal theory, and Irving Fisher’s debtdeflation hypothesis, emerged from analysis of the Great Depression. The current economic malaise, which we refer to as “The Great Recession,” provides another watershed moment to reevaluate our core economic beliefs. However, in contrast to our peers in previous crises, we are fortunate to have access to large-scale Microeconomic Datasets and advancements in computational capacity. These advantages allow for a more rigorous analysis of the current recession and therefore a more informed understanding of its origins, propagation, and consequences. Our purpose is to highlight how a micro-level analysis of the Great Recession provides us with important clues to understand the origins of the crisis, the link between credit and asset prices, the feedback effect from asset prices to the real economy, and the role of household leverage in explaining the downturn. We hope that our discussion also serves as an example of the useful ness of incorporating Microeconomic Data and techniques in answering traditional macroeco nomic questions. I. What Were the Origins of the Credit Cycle: Credit Demand or Credit Supply?
Tullio Jappelli - One of the best experts on this subject based on the ideXlab platform.
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Financial Development and the Underground Economy
Journal of Development Economics, 2013Co-Authors: Salvatore Capasso, Tullio JappelliAbstract:Abstract We provide a theoretical and empirical study of the relation between financial development and the size of the underground economy. In our theoretical framework agents allocate investment between a low-return technology which can be operated with internal funds, and a high-return technology which requires external finance. Firms can reduce the cost of funding by disclosing part or all of their assets and pledging them as collateral. The disclosure decision, however, also involves higher tax payments and reduces tax evasion. We show that financial development (a reduction in the cost of external finance) can reduce tax evasion and the size of the underground economy. We test the main implications of the model using Italian Microeconomic Data that allow us to construct a micro-based index of the underground economy. In line with the model's predictions, we find that local financial development is associated with a smaller size of the underground economy, controlling for the potential endogeneity of financial development and other determinants of the underground economy.
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financial market imperfections and home ownership a comparative study
European Economic Review, 2003Co-Authors: Maria Concetta Chiuri, Tullio JappelliAbstract:We explore the determinants of the international pattern of home ownership using the Luxembourg Income Study (LIS), a collection of Microeconomic Data on fourteen OECD countries. In most, the cross-section is repeated over time and includes several demographic variables carefully matched between the different surveys. This allows us to construct a truly unique international Dataset, merging Data on more than 400,000 households with aggregate panel Data on mortgage loans and down payment ratios. After controlling for demographic characteristics, country effects, cohort effects and calendar time effects, we find strong evidence that the availability of mortgage finance - as measured by outstanding mortgage loans and down payment ratios - affects the age-profile of home ownership, especially at the young end. The results have important implications for the debate on the relationship between saving and growth.
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the demand for money financial innovation and the welfare cost of inflation an analysis with household Data
Journal of Political Economy, 2002Co-Authors: Orazio Attanasio, Luigi Guiso, Tullio JappelliAbstract:We use Microeconomic Data on households to estimate the parameters of the demand for currency derived from a generalized Baumol‐Tobin model. Our Data set contains information on average currency, deposits, and other interest‐bearing assets; the number of trips to the bank; the size of withdrawals; and ownership and use of ATM cards. We model the demand for currency accounting for adoption of new transaction technologies and the decision to hold interest‐bearing assets. The interest rate and expenditure flow elasticities of the demand for currency are close to the theoretical values implied by standard inventory models. However, we find significant differences between individuals with an ATM card and those without. The estimates of the demand for currency allow us to calculate a measure of the welfare cost of inflation analogous to Bailey’s triangle, but based on a rigorous microeconometric framework. The welfare cost of inflation varies considerably within the population but never turns out to be very lar...
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the demand for money financial innovation and the welfare cost of inflation an analysis with household Data
1998Co-Authors: Orazio Attanasio, Luigi Guiso, Tullio JappelliAbstract:How far can shoe-leather go in explaining the welfare cost of inflation? Using a unique set of Microeconomic Data on households, we estimate the parameters of the demand for money derived from the generalized Baumol-Tobin model. Our Data set contains information on average holdings of cash, on deposits and other interest bearing accounts, on the number of trips to the bank, on the size of withdrawals and on the ownership and use of ATM cards. We model the adoption of new transaction technologies and use these estimates to correct for the selectivity bias induced by some households choosing to hold no interest bearing assets and some to use an ATM card. The interest rate and expenditureflow elasticities of the demand for cash are close to the tehoretical values implied by standard inventory models. However, we find significant differences between the individuals with an ATM card and those without. The estimates of the demand for cash allow us to calculate a measure of the welfare cost of inflation analogous to Bailey's triangle, but based on a rigorous Microeconomic framework. The welfare cost of inflation varies considerably within the population, but never turns out to be very large (about 0.1 percent of consumption or less). Our results are robust to various changes in the specification. In addition tot eh main results based on the average stock of cash held, we provide some evidence based on the number of trips to the bank and on the average withdrawals that confirm our basic findings.
Vassilis Tselios - One of the best experts on this subject based on the ideXlab platform.
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income inequality decentralisation and regional development in western europe
Environment and Planning A, 2012Co-Authors: Vassilis Tselios, John Tomaney, Andres Rodriguezpose, Andy Pike, Gianpiero TorrisiAbstract:This paper deals with the relationship between decentralisation, regional economic development, and income inequality within regions. Using multiplicative interaction models and regionally aggregated Microeconomic Data for more than 100,000 individuals in the European Union (EU), it addresses two main questions. First, whether fiscal and political decentralisation in Western Europe has an effect on within regional interpersonal inequality. Second, whether this potential relationship is mediated by the level of economic development of the region. The results of the analysis show that greater fiscal decentralisation is associated with lower interpersonal income inequality, but as regional income rises, further decentralisation is connected to a lower decrease in inequality. This finding is robust to the measurement and definition of income inequality, as well as to the weighting of the spatial units by their population size.
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welfare regimes and the incentives to work and get educated
Environment and Planning A, 2012Co-Authors: Andres Rodriguezpose, Vassilis TseliosAbstract:This paper examines whether differences in welfare regimes shape the incentives to work and get educated. Using Microeconomic Data for more than 100,000 European individuals, we show that welfare regimes make a difference for wages and education. First, people-based and household-based effects (internal returns to education, and household wage and education externalities) generate socioeconomic incentives for people to get an education and work which are stronger in countries with the weakest welfare systems, that is, those with what is known as 'residual' welfare regimes (Greece, Italy, Spain and Portugal). Second, place-based effects and, more specifically, differences in regional wage per capita and educational endowment and in regional interpersonal income and educational inequality, also influence wages and education in different ways across welfare regimes. Place-based effects have the greatest impact in the Nordic social-democratic welfare systems. The results are robust to the inclusion of a large number of people-based and place-based controls.
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welfare regimes and the incentives to work and get educated
Social Science Research Network, 2011Co-Authors: Andres Rodriguezpose, Vassilis TseliosAbstract:This paper examines whether differences in welfare regimes shape the incentives to work and get educated. Using Microeconomic Data for more than 100,000 European individuals, the results show that welfare regimes make a difference for wages and education. First, people- and household-based effects (internal returns to education and household wage and education externalities) generate socioeconomic incentives for people to get an education and work, which are stronger in countries with the weakest welfare systems, i.e. those with what is known as Residual welfare regimes (Greece, Italy, Spain and Portugal). Second, place-based effects, and more specifically differences in regional wage per capita and educational endowment and in regional interpersonal income and educational inequality, also influence wages and education in different ways across welfare regimes. Place-based effects have the greatest incidence in the Nordic Social-Democratic welfare systems. These results are robust to the inclusion of a large number of people- and place-based controls.
Atif Mian - One of the best experts on this subject based on the ideXlab platform.
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the great recession lessons from Microeconomic Data
Social Science Research Network, 2010Co-Authors: Atif Mian, Amir SufiAbstract:We highlight how a micro-level analysis of the Great Recession provides us with important clues to understand the origins of the crisis, the link between credit and asset prices, the feedback effect from asset prices to the real economy, and the role of household leverage in explaining the downturn. We hope that our discussion also serves as an example of the usefulness of incorporating Microeconomic Data and techniques in answering traditional macroeconomic questions.
-
the great recession lessons from Microeconomic Data
The American Economic Review, 2010Co-Authors: Atif Mian, Amir SufiAbstract:Crises and sharp economic downturns, while undesirable, provide economists with a unique opportunity to test and hone economic theory. Indeed, some of the most influential advance ments in economic thought, including Milton Friedman’s monetarist tradition, John Maynard Keynes’ fiscal theory, and Irving Fisher’s debtdeflation hypothesis, emerged from analysis of the Great Depression. The current economic malaise, which we refer to as “The Great Recession,” provides another watershed moment to reevaluate our core economic beliefs. However, in contrast to our peers in previous crises, we are fortunate to have access to large-scale Microeconomic Datasets and advancements in computational capacity. These advantages allow for a more rigorous analysis of the current recession and therefore a more informed understanding of its origins, propagation, and consequences. Our purpose is to highlight how a micro-level analysis of the Great Recession provides us with important clues to understand the origins of the crisis, the link between credit and asset prices, the feedback effect from asset prices to the real economy, and the role of household leverage in explaining the downturn. We hope that our discussion also serves as an example of the useful ness of incorporating Microeconomic Data and techniques in answering traditional macroeco nomic questions. I. What Were the Origins of the Credit Cycle: Credit Demand or Credit Supply?
Thomas Heckel - One of the best experts on this subject based on the ideXlab platform.
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sticky wages evidence from quarterly Microeconomic Data
American Economic Journal: Macroeconomics, 2012Co-Authors: Herve Le Bihan, Jeremi Montornes, Thomas HeckelAbstract:Using an original micro-Dataset from France, we investigate nomi nal wage stickiness. Nominal wage changes are found to occur at a quarterly frequency of around 38 percent over our sample period, and to be to a large extent staggered across establishments, and very synchronized within establishments. We carry out an econometric analysis of wage changes based on a two-threshold sample selec tion model. Our results are that the timing of wage adjustments is time-dependent as opposed to state-dependent, there is evidence of predetermination in wage changes, and both backward and forward looking behavior is relevant in wage setting. (JEL E24, E52, J31)
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sticky wages evidence from quarterly Microeconomic Data
Research Papers in Economics, 2008Co-Authors: Thomas Heckel, Herve Le Bihan, Jeremi MontornesAbstract:This paper documents nominal wage stickiness using an original quarterly firm-level Dataset. We use the ACEMO survey, which reports the base wage for up to 12 employee categories in French firms over the period 1998 to 2005, and obtain the following main results. First, the quarterly frequency of wage change is around 35 percent. Second, there is some downward rigidity in the base wage. Third, wage changes are mainly synchronized within firms but to a large extent staggered across .firms. Fourth, standard Calvo or Taylor schemes fail to match micro wage adjustment patterns, but fixed duration "Taylor-like" wage contracts are observed for a minority of firms. Based on a two-thresholds sample selection model, we perform an econometric analysis of wage changes. Our results suggest that the timing of wage adjustments is not state-dependent, and are consistent with existence of predetermined of wage changes. They also suggest that both backward- and forward-looking behavior is relevant in wage setting.
