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Essays on Macroeconomics.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Essays on Macroeconomics./
作者:	Sonnervig, Marcos.
面頁冊數:	1 online resource (86 pages)
附註:	Source: Dissertations Abstracts International, Volume: 85-04, Section: B.
Contained By:	Dissertations Abstracts International85-04B.
標題:	Statistics. -
電子資源:	click for full text (PQDT)
ISBN:	9798380619295

Essays on Macroeconomics.
Sonnervig, Marcos.

Essays on Macroeconomics. - 1 online resource (86 pages)

Source: Dissertations Abstracts International, Volume: 85-04, Section: B.

Thesis (Ph.D.)--New York University, 2023.

Includes bibliographical references

In Chapter 1 I show that standard incomplete-markets (SIM) models predict that the consumption of low-skilled households is more cyclical than the consumption of high-skilled because they hold fewer liquid assets and experience larger income changes. I use the Consumer Expenditure Survey to show that the opposite is true in the data: lower-skilled households experience smaller consumption changes over the business cycles. I also show that this difference in consumption cyclicality is explained by the fact that high-skilled households consume relatively more luxuries. Motivated by these facts, I extend the SIM model to allow for non-homothetic preferences over goods, which I discipline using cross-sectional data on how consumption shares of luxuries and necessities vary with income (Engel curves). The model reproduces the observation that consumption is more cyclical for high-skilled households because they spend a larger share of their income on luxuries, which are easier to substitute over time. The model also predicts that the welfare costs of recessions are larger for low-skilled households, despite their lower consumption declines.In Chapter 2, I study the heterogeneous impact of changes in monetary policy. In particular, how the consumption responses differ for households with different income levels and different income sources. Using data from the Consumer Expenditure Survey, I construct a time series for consumption of different income groups and estimate the differential impact of monetary policy shocks (identified following the approach of Romer and Romer (2004)). I find that positive monetary shocks are associated with large and persistent negative declines in the consumption of low-income households relative to the consumption of high-income households. I also find that this difference exists even when comparing households without financial and/or business income.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798380619295Subjects--Topical Terms:

556824
Statistics.
Subjects--Index Terms:

Standard incomplete-marketsIndex Terms--Genre/Form:

554714
Electronic books.

Essays on Macroeconomics.
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502 $a Thesis (Ph.D.)--New York University, 2023.
504 $a Includes bibliographical references
520 $a In Chapter 1 I show that standard incomplete-markets (SIM) models predict that the consumption of low-skilled households is more cyclical than the consumption of high-skilled because they hold fewer liquid assets and experience larger income changes. I use the Consumer Expenditure Survey to show that the opposite is true in the data: lower-skilled households experience smaller consumption changes over the business cycles. I also show that this difference in consumption cyclicality is explained by the fact that high-skilled households consume relatively more luxuries. Motivated by these facts, I extend the SIM model to allow for non-homothetic preferences over goods, which I discipline using cross-sectional data on how consumption shares of luxuries and necessities vary with income (Engel curves). The model reproduces the observation that consumption is more cyclical for high-skilled households because they spend a larger share of their income on luxuries, which are easier to substitute over time. The model also predicts that the welfare costs of recessions are larger for low-skilled households, despite their lower consumption declines.In Chapter 2, I study the heterogeneous impact of changes in monetary policy. In particular, how the consumption responses differ for households with different income levels and different income sources. Using data from the Consumer Expenditure Survey, I construct a time series for consumption of different income groups and estimate the differential impact of monetary policy shocks (identified following the approach of Romer and Romer (2004)). I find that positive monetary shocks are associated with large and persistent negative declines in the consumption of low-income households relative to the consumption of high-income households. I also find that this difference exists even when comparing households without financial and/or business income.
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653 $a Income
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