Veranstaltungsreihe: Macroeconomics and Labor Markets
Der Lehrstuhl für Volkswirtschaftslehre der Friedrich-Alexander-Universität Erlangen-Nürnberg, Prof. Merkl, der Lehrstuhl für Global Governance, Prof. Moser und das Kompetenzfeld Gesamtwirtschaft des Instituts für Arbeitsmarkt- und Berufsforschung (IAB) organisieren eine gemeinsame Seminarreihe mit Themen an der Schnittstelle von Makroökonomie und Arbeitsmarkt.
Job Displacement, Remarriage, and Marital Sorting
Why Has the US Economy Recovered So Consistently from Every Recession in the Past 70 Years?
The Long-Run Labor Market Effects of the Canada-U.S. Free Trade Agreement
The Impact of the Federal Pandemic Unemployment Compensation on Job Search and Vacancy Creation
Income Taxation and Job Creation
Optimal Taxation with On-the-Job Search
Marginal Propensities to Consume Before and After the Great Recession
Using a quasi maximum likelihood approach for a semi-structural model, we find highly precise and distinct estimates of consumption responses to idiosyncratic income shocks for different groups of households. Homeowners stratified by liquid wealth exhibit the most dispersion in their marginal propensities to consume. Time-varying estimates support strong patterns of heterogeneity by homeownership status and balance sheet liquidity, with economically and statistically significant increases in the sensitivity of transitory consumption for homeowners, especially those with lower liquid wealth, following the collapse in house prices with the Great Recession. These findings support consumption theories that include housing as an illiquid asset.