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User profiles for author:"Fabrizio Perri"

fabrizio perri

University of Minnesota
Verified email at umn.edu
Cited by 2987

Business cycles in emerging economies: the role of interest rates

[TXT] from nyu.edu
Full text - MIT Libraries
PA Neumeyer… - Journal of Monetary Economics, 2005 - Elsevier
We find that in a sample of emerging economies business cycles are more volatile than in
developed ones, real interest rates are countercyclical and lead the cycle, consumption is
more volatile than output and net exports are strongly countercyclical. We present a model ...
Cited by 535 - Related articles - Library Search - BL Direct - All 49 versions

International business cycles with endogenous incomplete markets

[PDF] from fperri.net
Full text - MIT Libraries
PJ Kehoe… - Econometrica, 2002 - Wiley Online Library
Backus, Kehoe, and Kydland (1992), Baxter and Crucini (1995), and Stockman and Tesar
(1995) find two major discrepancies between standard international business cycle models
with complete markets and the data: In the models, cross-country correlations are much ...
Cited by 455 - Related articles - Library Search - BL Direct - All 34 versions

Does income inequality lead to consumption inequality? evidence and theory1

[TXT] from nyu.edu
Full text - MIT Libraries
D Krueger… - Review of Economic Studies, 2006 - Wiley Online Library
Using data from the Consumer Expenditure Survey, we first document that the recent
increase in income inequality in the US has not been accompanied by a corresponding rise
in consumption inequality. Much of this divergence is due to different trends in within- ...
Cited by 452 - Related articles - Library Search - BL Direct - All 67 versions

[PDF] Financial autarky and international business cycles

[PDF] from hhs.se
Full text - MIT Libraries
J Heathcote… - Journal of Monetary Economics, 2002 - swopec.hhs.se
Abstract We present a two-country, two-good model in which there do not exist any markets
for international trade in financial assets. We compare the predictions of this model to those
of two other models, one in which markets are complete and a second in which a single ...
Cited by 344 - Related articles - View as HTML - All 22 versions

Financial globalization and real regionalization

[TXT] from nyu.edu
J Heathcote… - 2002 - nber.org
Over the period 1972-1986, the correlations of GDP, employment and investment between
the United States and an aggregate of Europe, Canada and Japan were respectively 0.76,
0.66, and 0.63. For the period 1986 to 2000 the same correlations were much lower: 0.26, ...
Cited by 220 - Related articles - BL Direct - All 60 versions

The international diversification puzzle is not as bad as you think

[PDF] from jonathanheathcote.com
J Heathcote… - 2007 - nber.org
In simple one-good international macro models, the presence of non-diversifiable labor
income risk means that country portfoliosshould be heavily biased toward foreign assets.
The fact that theopposite pattern of diversification is observed empirically constitutes the ...
Cited by 121 - Related articles - Library Search - BL Direct - All 65 versions

Unequal we stand: An empirical analysis of economic inequality in the United States, 1967-2006

[PDF] from frb.org
Full text - MIT Libraries
J Heathcote, F Perri… - Review of Economic Dynamics, 2010 - Elsevier
We conduct a systematic empirical study of cross-sectional inequality in the United States,
integrating data from the Current Population Survey, the Panel Study of Income Dynamics,
the Consumer Expenditure Survey, and the Survey of Consumer Finances. In order to ...
Cited by 108 - Related articles - Library Search - All 46 versions

[BOOK] Risk sharing: private insurance markets or redistributive taxes?

[PDF] from minneapolisfed.org
D Krueger, F Perri… - 1999 - minneapolisfed.org
ABSTRACT We explore the welfare consequences of different taxation schemes in an
economy where agents are debtЛconstrained. If agents default on their debt, they are
banned from future credit markets, but retain their private endowments which are subject ...
Cited by 88 - Related articles - View as HTML - Get it from MIT Libraries - Library Search - All 21 versions

The" Great Moderation" and the US External Imbalance

[PDF] from fperri.net
A Fogli… - 2006 - nber.org
The early 1980s marked the onset of two striking features of the current world macro-
economy: the fall in US business cycle volatility (the" great moderation") and the large and
persistent US external imbalance. In this paper we argue that an external imbalance is a ...
Cited by 91 - Related articles - Library Search - BL Direct - All 27 versions

[PDF] On the welfare consequences of the increase in inequality in the United States

[PDF] from nber.org
D Krueger… - 2004 - nber.org
The sharp increase in wage and earnings inequality in the United States over the last 30
years is a well-documented fact. Katz and Autor (1999) summarize the findings of a large
body of empirical research on this topic by concluding that" many researchers using a ...
Cited by 74 - Related articles - View as HTML - Library Search - BL Direct - All 19 versions

Exchange rate overshooting and the costs of floating

[PDF] from frbsf.org
M Cavallo, K Kisselev, F Perri… - Mimeograph, New York …, 2002 - papers.ssrn.com
Abstract: Currency crises are usually associated with large nominal and real depreciations.
In some countries depreciations are perceived to be very costly (" fear of floating"). In this
paper we try to understand the reasons behind this fear. We first look at episodes of ...
Cited by 71 - Related articles - All 19 versions

Competitive equilibria with limited enforcement

[PDF] from upi-yptk.ac.id
PJ Kehoe… - 2002 - nber.org
This study demonstrates how constrained efficient allocations can arise endogenously as
equilibria in an economy with a limited ability to enforce contracts and with private agents
behaving competitively, taking a set of taxes as given. The taxes in this economy limit risk- ...
Cited by 65 - Related articles - Library Search - BL Direct - All 32 versions

Why has the US economy become less correlated with the rest of the world?

[PDF] from jonathanheathcote.com
Full text - MIT Libraries
J Heathcote… - The American Economic Review, 2003 - JSTOR
In this paper we do two things. First we document that over the last 40 years the US business
cycle has become less synchronized with the cycle in the rest of the world. Second we try to
explain why this has happened. We use a general-equilibrium model as a tool to ...
Cited by 58 - Related articles - All 21 versions

Public versus private risk sharing

[PDF] from asu.edu
Full text - MIT Libraries
D Krueger… - Journal of Economic Theory, 2011 - Elsevier
Can public income insurance through progressive income taxation improve the allocation of
risk in an economy where private risk sharing is incomplete? The answer depends crucially
on the fundamental friction that limits private risk sharing in the first place. If risk sharing is ...
Cited by 50 - Related articles - Library Search - All 27 versions

[CITATION] kDoes Income Inequality Lead to Consumption Inequality

D Krueger… - Evidence and Theory, lReview of Economic Studies, 2006
Cited by 35 - Related articles

The Great Depression in Italy: trade restrictions and real wage rigidities

[PDF] from psu.edu
Full text - MIT Libraries
F Perri… - Review of Economic Dynamics, 2002 - Elsevier
In Italy, as in many other countries, the years immediately after 1929 were characterized by a
major slowdown in economic activity. We argue that the depth and duration of the crisis
cannot be explained solely by productivity shocks. We present a model in which trade ...
Cited by 32 - Related articles - BL Direct - All 18 versions

Cross-sectional facts for macroeconomists

[PDF] from free.fr
Full text - MIT Libraries
D Krueger, F Perri, L Pistaferri… - Review of Economic …, 2010 - Elsevier
This article provides an introduction to the special issue of the Review of Economic
Dynamics on “Cross-Sectional Facts for Macroeconomists”. The issue documents, for nine
countries, the level and the evolution, over time and over the life cycle, of several ...
Cited by 29 - Related articles - Library Search - All 24 versions

Understanding Consumption Smoothing: Evidence from the US Consumer Expenditure Data

[PDF] from psu.edu
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D Krueger… - Journal of the European Economic …, 2005 - Wiley Online Library
Abstract Consumption models with endogenous debt constraints differ from standard
incomplete markets models in their predictions about an individual household's ability to
smooth consumption across time and states of the world. In this paper we develop these ...
Cited by 30 - Related articles - All 14 versions

International recessions

[PDF] from usc.edu
F Perri… - 2011 - nber.org
The 2008-2009 crisis was characterized by an unprecedented degree of international
synchronization as all major industrialized countries experienced large macroeconomic
contractions around the date of Lehman bankruptcy. At the same time countries also ...
Cited by 24 - Related articles - Library Search - All 48 versions

The role of fiscal policy in Japan: a quantitative study

[TXT] from nyu.edu
Full text - MIT Libraries
F Perri - Japan and the World Economy, 2001 - Elsevier
This paper analyzes the role of fiscal policy in the recent slowdown in Japan. A dynamic
general equilibrium model is developed in which fiscal policy can have both expansionary
effects (through increasing returns) and contractionary effects (through the increase of ...
Cited by 18 - Related articles - All 11 versions

[PDF] How do households respond to income shocks?

[PDF] from weindex.info
D Krueger… - 2009 - weindex.info
Abstract We use the Italian Survey of Household Income and Wealth from 1987 to 2008 and
the two most recent waves of the Panel Study of Income Dynamics (for the years 2004 and
2006), the only available micro data-sets that contain a household panel on detailed ...
Cited by 13 - Related articles - View as HTML - All 26 versions

Macroeconomic volatility and external imbalances

A Fogli… - 2008 - ssc.wisc.edu
First we document that macroeconomic volatility is a statistically robust and economically
significant determinant of external imbalances for OECD economies over the period 1970.1
2006.4. In particular we find that, after controlling for a wide array of possible determinants ...
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[PDF] Cross-Sectional Facts for Macroeconomists: United States (1967-2006)

[PDF] from umn.edu
J Heathcote, F Perri… - Unublished manuscript, 2008 - econ.umn.edu
Abstract This paper documents time trends for US cross-sectional inequality in individual
wages and hours, and household earnings and consumption. The empirical analysis covers
the period 1967-2006 and is based on three data sources: CPS, PSID and CEX. An effort ...
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Evaluating asset pricing models with limited commitment using household consumption data

[PDF] from bcrp.gob.pe
Full text - MIT Libraries
D Krueger, H Lustig… - Journal of the European …, 2008 - Wiley Online Library
Abstract We evaluate the asset pricing implications of a class of models in which risk sharing
is imperfect because of limited enforcement of intertemporal contracts. Lustig (2004) has
shown that in such a model the asset pricing kernel can be written as a simple function of ...
Cited by 11 - Related articles - BL Direct - All 25 versions

[PDF] Business Cycles in emerging economies: the role of country risk

[PDF] from gub.uy
PA Neumeyer… - H unpublished manuscript, Universidad T. di …, 1999 - bcu.gub.uy
This paper quantitatively assesses the relation between! uctuations in the interest rate
(country risk) faced by an emerging economy and the business cycle. We develop a model
in which the borrowing rate affects households decisions on consumption and asset ...
Cited by 7 - Related articles - View as HTML - All 8 versions

[CITATION] mThe International Diversifi& cation Puzzle is Not as bad as You Think, nworking paper

J Heathcote… - NYU Stern and Georgetown University, 2005
Cited by 6 - Related articles

Sovereign debt, defaults and bailouts

M Tomz, ML Wright… - Paper presented, 2005 - fperri.com
In the state in which it is less costly. ie in the state in which there are the smallest gains from
trade, ie in the state in which A is lowest and in which R is highest. Interpreting this double
punishment phase as default, model loosely consistent with the historical facts. If A and R ...
Cited by 6 - Related articles - View as HTML - All 7 versions

[PDF] Inequality in Times of Crisis: Lessons From the Past and a First Look at the Current Recession

[PDF] from univr.it
J Heathcote, F Perri… - manuscript, University of Minnesota, 2010 - dse.univr.it
The debate on the adverse consequences of the economic crisis in the US flags rising
unemployment as the most pressing issue. Households in which a bread-winner becomes
unemployed face a significant decline in earnings. Thus rising unemployment ...
Cited by 7 - Related articles - View as HTML - All 2 versions

[CITATION] Private and public risk sharing in economies with limited enforcement

D Krueger… - 2005 Meeting Papers, 2005 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
Cited by 5 - Related articles - Cached - All 4 versions

[CITATION] lDefault and Enforcement Constraintsm

F Perri - The New Palgrave Dictionary in Economics, 2007
Cited by 4 - Related articles

[CITATION] Emerging market business cycles: The role of interest rates

A Neumeyer… - NBER Working Paper, 2004
Cited by 4 - Related articles

[CITATION] Business Cycles in Emerging Economies: The Role of Country Risk, reproduced

PA Neumeyer… - 1999
Cited by 3 - Related articles

[CITATION] This Time is Different: Financial Integration and the 2007 Crisis

S Kalemli-Ozcan, E Papaioannou… - 2010 - Mimeo
Cited by 3 - Related articles

[CITATION] Exchange rates overshooting and the costs of floating. New York University, Stern School of Business

F Perri, N Roubini, K Kisselev… - Unpublished Manuscript, 2001
Cited by 2 - Related articles

[CITATION] The international diversification puzzle is not as bad as you think

H Jonathan… - NBER working paper, 2007
Cited by 2 - Related articles

[CITATION] The Great Moderation and the US Global Imbalance

Full text - MIT Libraries
F Alessandra… - Monetary and Economic Studies, 2006
Cited by 2 - Related articles

[CITATION] Does Income Inequality Lead to Consumption Inequality? Emprical Findings and a Theoretical Explanation

D Kruger… - 2000 - mimeo
Cited by 2 - Related articles

[CITATION] mInternational Diversification Puzzle is not as bad as you think, nworking paper

J Heathcote… - Georgetown University, 2005
Cited by 2 - Related articles

[CITATION] Macroeconomic Volatilities and External Imbalances

A Fogli… - 2009 - Working Paper, University of …
Cited by 2 - Related articles

[CITATION] Exchange Rate Overshooting and the Costs of Floating

C Michele, K Kisselev, F Perri… - Manuscript, New York University, 2002
Cited by 2 - Related articles

[CITATION] kBusiness Cycles in Emerging Economies: The Role of Interest Rates, lJournal of Monetary Economics

PA Neumeyer… - 2005 - Vol
Cited by 2 - Related articles

[PDF] How does Household Consumption Respond to Income Shocks?!

[PDF] from itam.mx
D Krueger… - 2008 - daaem.itam.mx
Abstract We use the Italian Survey of Household Income and Wealth (SHIW) to document
how the consumption of nondurables and durables, capital income and real as well as
finacial wealth change in response to a labor income shock. We find that nondurable ...
Cited by 3 - Related articles - View as HTML - All 19 versions

[CITATION] The role of fiscal policy in Japan: a quantitative study

P Fabrizio - New-York University Stern School of Business Working …, 1999
Cited by 2 - Related articles

[CITATION] 'Business Cycle in Emerging Economies: the role of interest rate'

Full text - MIT Libraries
N Pablo… - Journal of Monetary Economics, 2005
Cited by 2 - Related articles

[CITATION] How do households respond to income changes?

D Krueger… - 2008 - Mimeo, University of Minnesota
Cited by 2 - Related articles

[CITATION] Fabiano Schivardi (2010), Tax Buyouts

M Del Negro… - Journal of Monetary Economics
Cited by 2 - Related articles - Get it from MIT Libraries

[PDF] Global Banks and Crisis Transmission

[PDF] from fperri.net
S Kalemli-Ozcan, E Papaioannou… - University of Houston mimeo, 2011 - fperri.net
Abstract We study the effect of financial integration on the transmission of international
business cycles. In a sample of 20 developed countries between 1978 and 2009 we find that
while increases in financial linkages were associated with more divergent output cycles ...
Cited by 2 - View as HTML

[CITATION] On the Welfare Consequences of the Increase in Income Inequality in the United States

D Krueger… - 2003 - Working Paper
Cited by 2 - Related articles - Get it from MIT Libraries

[CITATION] Emerging Market Business Cycles: The Role of Interest Rates

F Perri… - NBER working paper, 2004
Cited by 2 - Related articles

[CITATION] Comment'on 'Unsecured Credit Markets Are Not Insurance Markets'

F Perri - Carnegie-Rochester Conference,'The Causes and …, 2008
Cited by 3 - Related articles

[CITATION] International Borrowing, Investment and Default

V Guerrieri, G Lorenzoni… - 2009 - MIT Work in Progess
Cited by 2 - Related articles

[CITATION] Why has the US Economy become less correlated with the rest of the world?” photocopy

J Heathcote… - Georgetown University,(January), 2003
Cited by 2 - Related articles

[CITATION] 2oo2, Financial Autarky and International Business Cycles

J Heathcote… - Journal of Monetary Economics
Cited by 2 - Related articles - Get it from MIT Libraries

[PDF] Tax Buyouts

[PDF] from eea-esem.com
M Del Negro, F Perri… - 2006 - eea-esem.com
Abstract The paper proposes a new instrument for fiscal policy, a contract between the
government and individual agents whereby the agent pays a sum of money upfront in
exchange for a given reduction in her tax rate for a pre-specified period of time. Using a ...
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[CITATION] How does Household Consumption Respond to Income Shocks? Evidence, Theory and Implications

D Krueger… - 2008 - mimeo, University of Pennsylvania
Cited by 1 - Related articles

[CITATION] Financial globalization and real globalization

J Heathcote… - 2002 - Centre for Economic Policy …
Cited by 1 - Related articles - Get it from MIT Libraries

The International Diversification Puzzle Is Not as Bad as You Think

F Perri… - Working Papers, 2007 - ideas.repec.org
In simple one-good international macro models, the presence of non-diversifiable labor
income risk means that country portfolios should be heavily biased toward foreign assets.
The fact that the opposite pattern of diversification is observed empirically constitutes the ...
Cited by 1 - Related articles - Cached - Get it from MIT Libraries - All 4 versions

[CITATION] The Great Moderation and the US External Imbalance

F Perri… - 2006 - National Bureau of Economic …
Cited by 1 - Related articles - Get it from MIT Libraries - Library Search - BL Direct

Private Insurance Markets or Redistributive Taxes?

[TXT] from nyu.edu
D Krueger… - NYU Working Paper No. S-MF-99-07, 1999 - papers.ssrn.com
Abstract: We explore the welfare consequences of different taxation schemes in an economy
where agents are debt-constrained. If agents default on their debt, they are banned from
future intertemporal trade, but retain their private (labor) endowments which are subject to ...
Cited by 1 - Related articles - All 4 versions

Tax buyouts

[PDF] from minneapolisfed.org
Full text - MIT Libraries
M Del Negro, F Perri… - Journal of Monetary Economics, 2010 - Elsevier
The paper studies a fiscal policy instrument that can reduce fiscal distortions without
affecting revenues, in a politically viable way. The instrument is a private contract (tax
buyout), offered by the government to each citizen, whereby the citizen can choose to pay ...
Cited by 1 - Related articles - Library Search - All 21 versions

[PDF] Understanding the Great Depression: What Can We Learn from the Italian Experience

[PDF] from minneapolisfed.org
F Perri… - 2000 - minneapolisfed.org
ABSTRACT We analyze the Italian economy in the interwar years. In Italy, as in many other
countries, the years immmediately after 1929 were characterized by a major slodown in
economic activity as non farm output declined almost 12We argue that the slowdown ...
Cited by 1 - Related articles - View as HTML - All 3 versions

[PDF] Wealth and Volatility

[PDF] from nyu.edu
J Heathcote… - 2012 - econ.as.nyu.edu
Figure 1 documents the relationship between household wealth and aggregate volatility in
the United States. Volatility is measured as the standard deviation of the quarterly real GDP
growth rate over a 5 years period (where the x axis in the graph denotes the start of that ...
Cited by 1 - View as HTML

Exchange rate overshooting and the costs of floating

F Perri, M Cavallo, K Kisselev… - Proceedings, 2004 - ideas.repec.org
Currency crises are usually associated with large nominal and real depreciations. In some
countries depreciations are perceived to be very costly ('fear of floating'). In this paper we try
to understand the reasons behind this fear. We first look at episodes of currency crises in ...
Cited by 1 - Related articles - Cached - Get it from MIT Libraries - All 4 versions

[PDF] Inequality and redistribution during the Great Recession

[PDF] from fperri.net
F Perri… - 2012 - fperri.net
ABSTRACT In this paper, we explore the impact of the Great Recession on economic
inequality and redistribution in the United States. We analyze many sorts of inequality (in
earnings, disposable income, consumption expenditures and wealth) for different sections ...
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DP3583 Does Income Inequality Lead to Consumption Inequality?

D Krueger… - 2002 - cepr.org
This Paper first documents the evolution of the cross-sectional income and consumption
distribution in the US in the past 25 years. Using data from the Consumer Expenditure
Survey we find that a rising income inequality has not been accompanied by a ...
Cached - All 3 versions

Evaluation asset pricing models with limited commitment using household consumption data PDF Logo

[PDF] from econstor.eu
D Krueger, H Lustig… - econstor.eu
Zusammenfassung: We evaluate the asset pricing implications of a class of models in which
risk sharing is imperfect because of the limited enforcement of intertemporal contracts. Lustig
(2004) has shown that in such a model the asset pricing kernel can be written as a simple ...
Related articles - All 2 versions

[PDF] Dirk Krueger University of Pennsylvania and NBER

[PDF] from fperri.net
F Perri - 2003 - fperri.net
ABSTRACT This paper first documents the evolution of the cross-sectional income and
consumption distribution in the US in the past 25 years. Using data from the Consumer
Expenditure Survey we find that rising income inequality has not been accompanied by a ...
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[CITATION] Data Appendix to The Great Depression in Italy: Trade Restrictions and Real Wage Rigidities

F Perri… - Technical Appendices, 2002 - econpapers.repec.org
Related works: Journal Article: The Great Depression in Italy: Trade Restrictions and Real Wage
Rigidities (2002) This item may be available elsewhere in EconPapers: Search for items with
the same title. ... This site is part of RePEc and all the data displayed here is part of the ...
Cached - All 4 versions

The Research Agenda: Dirk Krueger and Fabrizio Perri on Risk Sharing across Households, Generations and Countries

D Krueger… - EconomicDynamics Newsletter, 2011 - ideas.repec.org
Dirk Krueger is Professor of Economics, especially Macroeconomics at Goethe University
Frankfurt (Germany). Fabrizio Perri is Associate Professor of Economics at the Stern School
of Business, New York University and currently visiting the Research Department at the ...
Cached - All 4 versions

Does income inequality lead to consumption inequality?: Evidence and theory PDF Logo

[PDF] from econstor.eu
D Krueger… - econstor.eu
Zusammenfassung: Using data from the Consumer Expenditure Survey we first document
that the recent increase in income inequality in the US has not been accompanied by a
corresponding rise in consumption inequality. Much of this divergence is due to different ...
Related articles

[CITATION] Advanced Topics in Macroeconomics (B30. 3332) Spring 2006

F Perri… - 2006
Related articles

Topics in risk sharing and macroeconomics

F Perri - 1999 - repository.upenn.edu
Abstract We study the causes and the consequences of limited risk sharing in two areas
macroeconomics: the transmission of international business cycles and the welfare effect of
taxes. The first two chapters focus on international business cycles, since earlier work has ...
Cached - All 4 versions

[PDF] Comment on:“Planning to cheat: EU fiscal policy in real time” by Roel Beetsma, Massimo Giuliodori and Peter Wierts

[PDF] from fperri.net
F Perri - 2009 - fperri.net
This paper presents and organizes a number of interesting facts about the process of budget
planning in countries in the European union. The purpose of this comment is analyze further
the relation between planned and actual fiscal stance and to explain why characterizing ...
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[PDF] Dirk Krueger Stanford University and University of Pennsylvania

[PDF] from cepr.org
F Perri - 2001 - cepr.org
ABSTRACT This paper investigates the relationship between the cross-sectional income
and consumption distribution in the US. Using data from the Consumer Expenditure Survey
and the Current Population Survey we find that in the last two decades a rising income ...
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[CITATION] Tax buyouts: raising government revenue without distorting work decisions

M Del Negro, F Perri… - 2010 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. In case of further problems read the IDEAS help page. Note that these files are
not on the IDEAS site. Please be patient as the files may be large.
Cached

[Current Accounts in the Long and the Short Run]: Comment

Full text - MIT Libraries
F Perri - NBER Macroeconomics Annual, 2002 - JSTOR
This is a very interesting paper, and it contributes to our understanding of the determination
of the current account in developed countries. In a previous paper [Kraay and Ventura
(2000), henceforth KV] the authors developed a theory of the current account based on ...
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[PDF] INSTITUTE FOR MONETARY AND ECONOMIC STUDIES

[PDF] from eabcn.org
A Fogli… - eabcn.org
Abstract The early 1980s marked the onset of two striking features of the current world macro-
economy: the fall in US business cycles volatility (the great moderation) and the large and
persistent US external imbalance. In this paper we argue that an external imbalance is a ...
Related articles - All 3 versions

DP6982 The International Diversification Puzzle is Not as Bad as You Think

J Heathcote… - 2008 - cepr.org
In simple one-good international macro models, the presence of non-diversifiable labor
income risk means that country portfolios should be heavily biased toward foreign assets.
The fact that the opposite pattern of diversification is observed empirically constitutes the ...
Cached - All 3 versions

[PDF] Theoretical and Computational Appendix to: ePublic versus Private Risk Sharingf

[PDF] from nber.org
D Krueger… - 2009 - nber.org
Abstract In this appendix we provide more extensive proofs of results in the main paper. In
particular we explicitly prove results that are direct adap# tations of arguments from Atkeson
and Lucas (1995) and hence omitted in the main paper
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[CITATION] Search the journal

ES PRESCOTT, RM TOWNSEND, D KRUEGER… - Policy, 1999
Get it from MIT Libraries - All 2 versions

[PDF] Macroeconomics (ESSIM) 2008

[PDF] from bde.es
V Quadrini… - 2008 - bde.es
Abstract The majority of OECD countries has experienced a reduction in the volatility of
output during the last two decades. This period is also characterized by the liberalization of
the capital accounts of these countries. This paper examines whether capital markets ...
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Taxing Capital? Not a Bad Idea After All!

D Krueger, H Lustig… - CFS Working Paper Series, 2006 - ideas.repec.org
We evaluate the asset pricing implications of a class of models in which risk sharing is
imperfect because of the limited enforcement of intertemporal contracts. Lustig (2004) has
shown that in such a model the asset pricing kernel can be written as a simple function of ...
Cached - All 6 versions

[PDF] Comment on:“From Great Depression to Great Credit Crisis: Similarities, Differences and Lessons” by Miguel Almunia, Agustın Bénétrix, Barry Eichengreen, …

[PDF] from fperri.net
F Perri - 2009 - fperri.net
If, as it seems, the 2008 global recession is over and it has not been as severe and as
prolonged as the great depression who or what should we thank? Has this happened
because we have been just lucky this time or because now we make better and more ...
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[PDF] Dirk Krueger Stanford University, Hoover Institution and NBER dkrueger@ leland. stanford. edu

[PDF] from upenn.edu
F Perri - 2003 - econ.upenn.edu
We investigate the welfare consequences of the stark increase in wage and earnings inequality
in the US over the last 30 years. Our data stems from the Consumer Expenditure Survey, which
is the only US data set that contains information on wages, hours worked, earnings and ...
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[PDF] Unequal We Stand: An Empirical Analysis of Economic Inequality in the United States, 1967

[PDF] from fperri.net
J Heathcote, F Perri… - fperri.net
Abstract We conduct a systematic study of cross-sectional inequality in the United States
over the period 1967-2006. Our empirical analysis integrates three widely-used micro data
sources: the March Current Population Survey (CPS), the Panel Study of Income ...
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[PDF] Dirk Krueger Department of Economics, Stanford University, Stanford, CA 94305-6072 and NBER

[PDF] from psu.edu
F Perri - 2003 - Citeseer
ABSTRACT This paper first documents the evolution of the cross-sectional income and
consumption distribution in the US in the past 25 years. Using data from the Consumer
Expenditure Survey we find that rising income inequality has not been accompanied by a ...
Related articles - View as HTML - All 7 versions

[PDF] Assessing international risk sharing

[PDF] from fperri.net
F Perri - 2011 - fperri.net
How well do residents in a given country are able to share their income risks with individuals
in other countries? and if we find that the answer is” not very well” what can be done to
improve on the allocations of risk, through improvement of financial markets or through ...
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DP7538 Unequal We Stand: An Empirical Analysis of Economic Inequality in the United States, 1967-2006

J Heathcote, F Perri… - 2009 - cepr.org
We conduct a systematic empirical study of cross-sectional inequality in the United States,
integrating data from the Current Population Survey, the Panel Study of Income Dynamics,
the Consumer Expenditure Survey, and the Survey of Consumer Finances. In order to ...
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[PDF] On the privatization of public debt

[PDF] from fperri.net
M Del Negro, F Perri… - 2005 Meeting Papers, 2005 - fperri.net
Page 1. ' & $ % On the privatization of public debt Very preliminary and incomplete
Marco del Negro Atlanta Fed Fabrizio Perri NYU Fabiano Schivardi Bank of Italy NYU
Stern Macro lunch, September 2005 Page 2. ' & $ % Motivation ...
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[PDF] Dirk Krueger Department of Economics, University of Pennsylvania, 3718 Locust Walk Philadelpia, PA 19104 and NBER

[PDF] from yale.edu
F Perri - 2003 - econ.yale.edu
ABSTRACT This paper first documents the evolution of the cross-sectional income and
consumption distribution in the US in the past 25 years. Using data from the Consumer
Expenditure Survey we find that rising income inequality has not been accompanied by a ...
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DP6010 The'Great Moderation'and the US External Imbalance

A Fogli… - 2006 - cepr.org
The early 1980s marked the onset of two striking features of the current world macro-
economy: the fall in US business cycle volatility (the “great moderation”) and the large and
persistent US external imbalance. In this paper we argue that an external imbalance is a ...
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[PDF] Theoretical and Computational Appendix to:“Risk Sharing: Private Insurance Markets or Redistributive Taxes?”

[PDF] from fperri.com
D Krueger… - 2001 - fperri.com
Abstract In this appendix we provide more extensive proofs of results in the main paper. In
particular we explicitly prove results that are direct adaptations of arguments from Atkeson
and Lucas (1995) and hence omitted in the main paper
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[PDF] Comment on:“Optimal saving distortions with recursive preferences” by Emmanuel Fahri and Iván Werning

[PDF] from fperri.com
Full text - MIT Libraries
F Perri - Journal of Monetary Economics, 2008 - fperri.com
This paper is part of a research agenda that deals with the normative analysis of Bewley/Aiyagari
(henceforth BA) economies.1 The distinguishing feature of these economies is that agents do
not have access to a full set of contingent claims and can only use an uncontingent bond ...
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DP7625 Public versus Private Risk Sharing

D Krueger… - 2010 - cepr.org
Can public insurance through redistributive income taxation improve the allocation of risk in
an economy in which private risk sharing is limited? The answer depends crucially on the
fundamental friction that limits private risk sharing in the first place. If risk sharing is ...
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[CITATION] International Recessions [recurso Electrónico]

F Perri… - 2010 - University of Minnesota
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How do households smooth earnings fluctuations: what can we learn from Consumer Expenditure Data?

F Perri… - 2004 Meeting Papers, 2004 - ideas.repec.org
In this paper we demonstrate that different incomplete markets models yield qualitatively
distinct predictions about how consumption growth responds to declines and increases in
earnings. Markets are either exogenously incomplete in that households can only trade a ...
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DP8483 International Recessions

F Perri… - 2011 - cepr.org
The 2008-2009 crisis was characterized by an unprecedented degree of international
synchronization as all major industrialized countries experienced large macroeconomic
contractions around the date of Lehman bankruptcy. At the same time countries also ...
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[CITATION] Dirk Krueger Stanford University and NBER

F Perri - 2002
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[PDF] Comment on:? Unsecured credit markets are not insurance markets? by Kartik Athreya, Xuan S. Tam and Eric R. Young

[PDF] from fperri.net
Full text - MIT Libraries
F Perri - Journal of Monetary Economics, 2009 - fperri.net
This paper contributes to the recent literature analyzing the consequences of the increased
idiosyncratic income risk experienced by US households over the last 30 years. 1 The major
result of the paper can be summarized as follows: in a model in which households can ...
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DP4482 Business Cycles in Emerging Economies: The Role of Interest Rates

PA Neumeyer… - 2004 - cepr.org
We find that in a sample of emerging economies business cycles are more volatile than in
developed ones, real interest rates are countercyclical and lead the cycle, consumption is
more volatile than output and net exports are strongly countercyclical. We present a model ...
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