Optimal exchange-rate policy under collateral constraints and wage rigidity
In: Journal of international economics, Volume 131, p. 103478
ISSN: 0022-1996
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In: Journal of international economics, Volume 131, p. 103478
ISSN: 0022-1996
In: NBER Working Paper No. w29638
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In: NBER Working Paper No. w24221
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In: Journal of political economy, Volume 131, Issue 9, p. 2328-2369
ISSN: 1537-534X
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In: NBER Working Paper No. w28213
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In: FRB International Finance Discussion Paper No. 1257
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In: NBER Working Paper No. w19683
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In: CEPR Discussion Paper No. DP9218
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In: NBER Working Paper No. w18480
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In: American economic review, Volume 113, Issue 8, p. 2201-2231
ISSN: 1944-7981
We study crises characterized by large adjustments of aggregate consumption through their microlevel patterns. We document the cross-sectional patterns of consumption adjustment across the income distribution and find large adjustments for top-income households, who exhibit consumption-income elasticities similar to or larger than the average. We construct a heterogeneous-agent open economy model of consumption under income fluctuations and show that the data patterns are largely consistent with theories that attribute the dynamics of aggregate consumption to changes in aggregate permanent income. We also discuss our findings' implications for theories based on the tightening of households' borrowing constraints and analyze policy implications. (JEL D31, E21, E32, F33, G51, O11, O12)
In: Journal of political economy macroeconomics, Volume 1, Issue 1, p. 191-241
ISSN: 2832-9341
In: Journal of international economics, Volume 139, p. 103650
ISSN: 0022-1996