Sector specific news shocks in aggregate and sectoral fluctuations: presented at CESifo Area Conference on Macro, Money & International Finance, February 2013
In: CESifo working papers 4269
In: Fiscal policy, macroeconomics and growth
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In: CESifo working papers 4269
In: Fiscal policy, macroeconomics and growth
In: Journal of economic dynamics & control, Band 137, S. 104330
ISSN: 0165-1889
In: CAMA Working Paper No. 101/2021
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In: CESifo Working Paper No. 7959
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In: Bank of England Working Paper No. 925
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In: CESifo Working Paper No. 9142
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In: CESifo Working Paper Series No. 4837
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In: CESifo Working Paper No. 11013
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In: Journal of monetary economics, Band 126, S. 87-104
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In: CESifo Working Paper No. 9285
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We study how furlough affects household financial distress during the COVID-19 pandemic. Furlough increases the probability of late housing and bill payments by 30% and 9%, respectively. The effects exist for individuals who rent their home, but not mortgagees who can mitigate financial distress by reducing expenditure during furlough by deferring mortgage payments though the Mortgage Holiday Scheme. Furloughed individuals significantly reduce expenditure and spend their savings to offset furlough-induced income reductions. This creates wealth inequality but lowers the probability a furloughed worker experiences financial distress after returning to work. Estimates show an 80% government contribution to furloughed workers' wages minimizes the incidence of financial distress at the lowest cost to taxpayers.
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In: CESifo Working Paper No. 8148
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Working paper