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I study the role played by uninsured idiosyncratic risk and liquidity constraints in the propagation of aggregate fluctuations. To this purpose, I compare the aggregate fluctuations of two model economies that differ in their insurance technologies only. In one of these model economies liquidity constrained households vary their holdings of a nominally denominated asset in order to buffer an uninsured idiosyncratic shock to their individual production opportunities. In the other economy every idiosyncratic component of risk can be costlessly insured. I find that the limited insurance technology implies fluctuations in output that are 20% larger, fluctuations in hours relative to output that are 9% larger, fluctuations in consumption relative to output that are 18% smaller, and a correlation of hours and productivity that is 15% smaller...
Spain's current recession was preceded by an extended period of rapid growth in real estate and equity prices. The recent sudden and sharp decline in these asset prices has been followed by a deep economic contraction. Is this recession a large but transient phenomenon? Or is it perhaps instead the harbinger of a protracted period of depressed asset prices and economic stagnation? Japan experienced a similar pattern of growth in land and equity prices in the late 1980s. The collapse of the Japanese bubble economy was followed by a protracted period of declines in asset prices and depressed economic activity. We compare Japan's experience in the 1980s and 1990s with current developments in Spain. One message that emerges from this narrative is that a fiscal tightening in Japan in 1997 may have been premature. We develop a prototypical N...
This article uses data from the 1998 European Union Household Panel to study economic inequality in Spain. It reports data on the Spanish distributions of income, labor income, and capital income, and on related features of inequality, such as age, employment status, educational attainment, and marital status. It also reports data on the income mobility of Spanish households. We find that income, earnings, and, very especially, capital income are very unequally distributed in Spain.
Inequality, Income distribution, Labor earnings distribution, Capital income distribution,
Flat-tax reforms, Efficiency, Inequality, Earnings distribution, Income distribution
Flat-tax reforms, efficiency, inequality, earnings distribution, income distributions, wealth distribution.
Computable general equilibrium; Social security reform; Retirement
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