Debt in emerging markets and developing economies is at its highest level in half a century. In about 9 in 10 emerging markets and developing economies, debt is higher now than it …
AK Kashyap, JC Stein - Journal of Economic Perspectives, 2023 - aeaweb.org
Recent research has found that monetary policy works in part by influencing the risk premiums on both traded financial-market securities and intermediated loans. Research has …
Progress in artificial intelligence and related forms of automation technologies threatens to reverse the gains that developing countries and emerging markets have experienced from …
A Mian, L Straub, A Sufi - The Quarterly Journal of Economics, 2021 - academic.oup.com
We propose a theory of indebted demand, capturing the idea that large debt burdens lower aggregate demand, and thus the natural rate of interest. At the core of the theory is the …
Rising income inequality since the 1980s in the United States has generated a substantial increase in saving by the top of the income distribution, which we call the saving glut of the …
Do wealthier households save a larger share of their incomes than poorer ones? We use Norwegian administrative panel data on income and wealth to answer this empirical …
We argue that the economy of the industrialized world taken as a whole is currently–and for the foreseeable future will remain–highly prone to secular stagnation. But for extraordinary …
We propose a general and highly efficient method for solving and estimating general equilibrium heterogeneous‐agent models with aggregate shocks in discrete time. Our …
The benefits of new technologies accrue not only to high‐skilled labor but also to owners of capital in the form of higher capital incomes. This increases inequality. To make this …