Crisis y cambio en America latina. Escenarios prospectivos
In: Revista latinoamericana de política comparada, Band 3, S. 154-157
ISSN: 1390-4248
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In: Revista latinoamericana de política comparada, Band 3, S. 154-157
ISSN: 1390-4248
In: Journal of international economics, Band 108, S. 243-259
ISSN: 0022-1996
In: NBER Working Paper No. w27647
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Working paper
In: Journal of monetary economics, Band 122, S. 38-55
In: Journal of monetary economics, Band 116, S. 23-38
In: NBER Working Paper No. w32522
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In: NBER Working Paper No. w28213
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Working paper
In: NBER Working Paper No. w25985
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Working paper
In: American economic review, Band 113, Heft 8, S. 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, Band 1, Heft 1, S. 191-241
ISSN: 2832-9341
In: Journal of international economics, Band 139, S. 103650
ISSN: 0022-1996
In: NBER Working Paper No. w27917
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Working paper
In: NBER Working Paper No. w32129
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In: NBER Working Paper No. w32556
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