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  1. Furlough and household financial distress during the Covid-19 pandemic
    Autor*in: Görtz, Christoph; McGowan, Danny; Yeromonahos, Mallory
    Erschienen: September 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We study how furlough affects household financial distress during the COVID-19 pandemic. Furlough increases the probability of late housing and bill payments by 30% and 9%, respectively. The effects exist for individuals who rent their home, but not... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63
    Fernleihe:
    keine Fernleihe

     

    We study how furlough affects household financial distress during the COVID-19 pandemic. Furlough increases the probability of late housing and bill payments by 30% and 9%, respectively. The effects exist for individuals who rent their home, but not mortgagees who can mitigate financial distress by reducing expenditure during furlough by deferring mortgage payments though the Mortgage Holiday Scheme. Furloughed individuals significantly reduce expenditure and spend their savings to offset furlough-induced income reductions. This creates wealth inequality but lowers the probability a furloughed worker experiences financial distress after returning to work. Estimates show an 80% government contribution to furloughed workers’ wages minimizes the incidence of financial distress at the lowest cost to taxpayers.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/245466
    Schriftenreihe: CESifo working paper ; no. 9285 (2021)
    Schlagworte: furlough; short-time work; Coronavirus job retention scheme; Covid-19 pandemic; financial distress; automatic stabilizers; inequality
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  2. Asymmetries in risk premia, macroeconomic uncertainty and business cycles
    Autor*in: Görtz, Christoph; Yeromonahos, Mallory
    Erschienen: [2021]
    Verlag:  Rimini Centre for Economic Analysis, [Waterloo, Ontario]

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 714
    Fernleihe:
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    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper series / Rimini Centre for Economic Analysis ; wp 21, 25
    Schlagworte: Risk Premium; Business cycles; Bayesian Learning; Asymmetry; Uncertainty; Nowcasting
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  3. Asymmetries in risk premia, macroeconomic uncertainty and business cycles
    Autor*in: Görtz, Christoph; Yeromonahos, Mallory
    Erschienen: [2019]
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    A large literature suggests that the expected equity risk premium is countercyclical. Using a variety of different measures for this risk premium, we document that it also exhibits growth asymmetry, i.e. the risk premium rises sharply in recessions... mehr

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    Verlag (kostenfrei)
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63
    Fernleihe:
    keine Fernleihe

     

    A large literature suggests that the expected equity risk premium is countercyclical. Using a variety of different measures for this risk premium, we document that it also exhibits growth asymmetry, i.e. the risk premium rises sharply in recessions and declines much more gradually during the following recoveries. We show that a model with recursive preferences, in which agents cannot perfectly observe the state of current productivity, can generate the observed asymmetry in the risk premium. Key for this result are endogenous fluctuations in uncertainty which induce procyclical variations in agent’s nowcast accuracy. In addition to matching moments of the risk premium, the model is also successful in generating the growth asymmetry in macroeconomic aggregates observed in the data, and in matching the cyclical relation between quantities and the risk premium.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/214961
    Schriftenreihe: Array ; no. 7959 (November 2019)
    Umfang: 1 Online-Ressource (circa 46 Seiten)
  4. Asymmetries in risk premia, macroeconomic uncertainty and business cycles
    Autor*in: Görtz, Christoph; Yeromonahos, Mallory
    Erschienen: [2021]
    Verlag:  Australian National University, Crawford School of Public Policy, Centre for Applied Macroeconomic Analysis, Canberra

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    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VSP 1716
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: CAMA working paper ; 2021, 101 (December 2021)
    Schlagworte: Risk Premium; Business cycles; Bayesian Learning; Asymmetry; Uncertainty; Nowcasting
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen