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- W4254777136 abstract "Between 2007 and 2013, U.S. households experienced a large and persistent decline in net worth. The objective of this paper is to study the business cycle implications of such a decline. We first develop a tractable monetary model in which households face idiosyncratic unemployment risk that they can partially self-insure using savings. A low level of liquid household wealth opens the door to self-fullfilling fluctuations: if wealth-poor households expect high unemployment, they have a strong precautionary incentive to cut spending, which can make the expectation of high unemployment a reality. Monetary policy, because of the zero lower bound, cannot rule out such expectations-driven recessions. In contrast, when wealth is sufficiently high, an aggressive monetary policy can keep the economy at full employment. Finally, we document that during the U.S. Great Recession wealth-poor households increased saving more sharply than richer households, pointing towards the importance of the precautionary channel over this period." @default.
- W4254777136 created "2022-05-12" @default.
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- W4254777136 date "2017-07-25" @default.
- W4254777136 modified "2023-09-25" @default.
- W4254777136 title "Wealth and Volatility" @default.
- W4254777136 doi "https://doi.org/10.21034/sr.508" @default.
- W4254777136 hasPublicationYear "2017" @default.
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