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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 ...
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 ...
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- ...
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 ...
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, ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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- ...
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 ...
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 ...
[CITATION] kDoes Income Inequality Lead to Consumption Inequality
D Krueger… - Evidence and Theory, lReview of Economic Studies, 2006
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
[CITATION] mThe International Diversifi& cation Puzzle is Not as bad as You Think, nworking paper
J Heathcote… - NYU Stern and Georgetown University, 2005
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 ...
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 ...
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 ...
[CITATION] lDefault and Enforcement Constraintsm
F Perri - The New Palgrave Dictionary in Economics, 2007
[CITATION] Emerging market business cycles: The role of interest rates
A Neumeyer… - NBER Working Paper, 2004
[CITATION] Business Cycles in Emerging Economies: The Role of Country Risk, reproduced
PA Neumeyer… - 1999
[CITATION] This Time is Different: Financial Integration and the 2007 Crisis
S Kalemli-Ozcan, E Papaioannou… - 2010 - Mimeo
[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
[CITATION] The international diversification puzzle is not as bad as you think
H Jonathan… - NBER working paper, 2007
[CITATION] The Great Moderation and the US Global Imbalance
F Alessandra… - Monetary and Economic Studies, 2006
[CITATION] Does Income Inequality Lead to Consumption Inequality? Emprical Findings and a Theoretical Explanation
D Kruger… - 2000 - mimeo
[CITATION] mInternational Diversification Puzzle is not as bad as you think, nworking paper
J Heathcote… - Georgetown University, 2005
[CITATION] Macroeconomic Volatilities and External Imbalances
A Fogli… - 2009 - Working Paper, University of …
[CITATION] Exchange Rate Overshooting and the Costs of Floating
C Michele, K Kisselev, F Perri… - Manuscript, New York University, 2002
[CITATION] kBusiness Cycles in Emerging Economies: The Role of Interest Rates, lJournal of Monetary Economics
PA Neumeyer… - 2005 - Vol
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 ...
[CITATION] The role of fiscal policy in Japan: a quantitative study
P Fabrizio - New-York University Stern School of Business Working …, 1999
[CITATION] 'Business Cycle in Emerging Economies: the role of interest rate'
N Pablo… - Journal of Monetary Economics, 2005
[CITATION] How do households respond to income changes?
D Krueger… - 2008 - Mimeo, University of Minnesota
[CITATION] Fabiano Schivardi (2010), Tax Buyouts
M Del Negro… - Journal of Monetary Economics
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 ...
[CITATION] On the Welfare Consequences of the Increase in Income Inequality in the United States
D Krueger… - 2003 - Working Paper
[CITATION] Emerging Market Business Cycles: The Role of Interest Rates
F Perri… - NBER working paper, 2004
[CITATION] Comment'on 'Unsecured Credit Markets Are Not Insurance Markets'
F Perri - Carnegie-Rochester Conference,'The Causes and …, 2008
[CITATION] International Borrowing, Investment and Default
V Guerrieri, G Lorenzoni… - 2009 - MIT Work in Progess
[CITATION] Why has the US Economy become less correlated with the rest of the world?” photocopy
J Heathcote… - Georgetown University,(January), 2003
[CITATION] 2oo2, Financial Autarky and International Business Cycles
J Heathcote… - Journal of Monetary Economics
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 ...
[CITATION] How does Household Consumption Respond to Income Shocks? Evidence, Theory and Implications
D Krueger… - 2008 - mimeo, University of Pennsylvania
[CITATION] Financial globalization and real globalization
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 ...
[CITATION] The Great Moderation and the US External Imbalance
F Perri… - 2006 - National Bureau of Economic …
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
[CITATION] Advanced Topics in Macroeconomics (B30. 3332) Spring 2006
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 ...
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 ...
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 ...
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.
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 ...
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 ...
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 ...
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
[CITATION] Search the journal
ES PRESCOTT, RM TOWNSEND, D KRUEGER… - Policy, 1999
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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
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 ...
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 ...
[CITATION] International Recessions [recurso Electrónico]
F Perri… - 2010 - University of Minnesota
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 ...
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 ...
[CITATION] Dirk Krueger Stanford University and NBER
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 ...
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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