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作者：Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, Tullio; Kenny, Geoff
作者单位：University of Glasgow; European Central Bank; University of Naples Federico II; University of Naples Federico II
摘要：We use new euro area representative data from the Consumer Expectations Survey (CES) to elicit household-specific propensities to invest and consume out of positive wealth shocks. Using a randomized assignment of hypothetical lottery gains ranging from 5,000 to 50,000 and a realistic menu of consumption, saving and asset choices, we estimate the causal effect of wealth shocks on risky asset ownership and conditional asset shares. Wealth shocks have a positive effect on stockholding (between 8....
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作者：Ehrmann, Michael; Gnan, Phillipp; Rieder, Kilian
摘要：Using a novel database of media-reported anonymous leaks about monetary policy in the euro area, we conduct the first systematic empirical analysis of these confidential information disclosures originating from central banks. Our database reveals that Eurosystem leaks are frequent - in particular relative to leaks from other major central banks. We provide evidence that many Eurosystem leaks are likely not accidents, but placed strategically by insiders. Exploiting high-frequency financial mar...
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作者：Sastry, Karthik A.
作者单位：Princeton University
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作者：Vereshchagina, Galina
作者单位：Arizona State University;
摘要：This paper quantifies how idiosyncratic firm-level risk affects output, productivity and life-cycle firm growth in an environment in which the evolution of firm productivity is endogenous. It embeds firms' risky productivity investment into a Lucas span-of-control model with risk-averse firm owners and endogenous firm entry and exit, and studies the effects of mean-preserving increases in the variance of returns to productivity investment. An increase in uncertainty that raises the firm exit r...
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作者：Partsch, Emil Holst; Petrella, Ivan; Santoro, Emiliano
作者单位：University of Turin; Catholic University of the Sacred Heart
摘要：Durables' interest-rate sensitivity and their persistent comovement with nondurable spending are hallmarks of monetary policy transmission. We develop a two-sector HANK model that replicates this pattern-both across spending categories and among households sorted by liquid asset holdings, consistent with empirical evidence. Direct effects of real interest rate changes are quantitatively important in reproducing sectoral expenditure comovement, while infrequent information updating is crucial t...
