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Asset purchases, limited asset markets participation and inequality

Publications associées (32)

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Expectations-driven cycles in the housing market

Luisa Lambertini

This paper explores the transmission of "news shocks" in a model of the housing market and shows that anticipated signals or beliefs of future macroeconomic developments can generate boom-bust cycles in the housing market and lead to business cycle fluctua ...

2017

Dynamic interaction of market and behavioural barriers in the transition towards a circular economy: a heterogeneous-agent approach

In this paper we analyse transition towards circular economy as a complex adaptive system focusing on the market and behavioural barriers. We investigate the conditions for successful introduction of a new production which is appropriate for a circular eco ...

A World Resources Forum Production, PSI2017

Public policy for innovation and urban environment

Technological innovation has become central to the development of nations. The OECD countries and developing countries have created systems to encourage innovation and dissemination of technological innovation. In macroeconomic terms, companies already rec ...

A World Resources Forum Production, PSI2017

Parameter Learning in General Equilibrium: The Asset Pricing Implications

Pierre Collin Dufresne

Parameter learning strongly amplifies the impact of macroeconomic shocks on marginal utility when the representative agent has a preference for early resolution of uncertainty. This occurs as rational belief updating generates subjective long-run consumpti ...

American Economic Association2016

Financial Frictions within the Macroeconomy

Victoria Nuguer

Financial factors are central to the recent economic crisis. Most macroeconomic models treat banks and financial intermediation as a veil. These models are unable to account for the recent financial crisis and they cannot be used for policy evaluation. Fin ...

EPFL2014

Expectation-Driven Cycles in the Housing Market: Evidence from Survey Data

Luisa Lambertini

Using a vector-autoregression (VAR) model and data from the University of Michigan Survey of Consumers, we provide evidence on the importance of news and consumers' beliefs for housing-market dynamics and aggregate fluctuations. We document that innovation ...

2013

Essays in Information-Based Asset Pricing

Michael Hasler

I started my Ph.D. studies in the Fall 2008, a period ex-post perceived as being at the core of the Financial Crisis. At that time my ideas were vague and I struggled to find a good research topic. As surprising as it might appear, in one single week the d ...

EPFL2013

On the Benefits of a Monetary Union: Does it Pay to Be Bigger?

Chiara Forlati

This paper revisits the question of the appropriate domain of a currency area using a New-Keynesian open economy model in which the world is split in two areas, each framed as a continuum of small open regions. We show that the adoption of a common currenc ...

Center for Fiscal Policy Working Paper Series2013

Leaning Against Boom-Bust Cycles in Credit and Housing Prices

Luisa Lambertini

This paper studies the potential gains of monetary and macro-prudential policies that lean against house-price and credit cycles. We rely on a model that features Borrowers and Savers and allows for over-borrowing induced by news-shock-driven cycles. We fi ...

Elsevier2013

Financial Markets Equilibrium with Heterogeneous Agents

Semyon Malamud

This paper presents an equilibrium model in a pure exchange economy when investors have three possible sources of heterogeneity. Investors may differ in their beliefs, in their level of risk aversion, and in their time preference rate. The authors study th ...

Oxford University Press2012