Using household-level data from the Canadian Survey of Consumer Expectations over 2014Q4– 2022Q3, we provide insight into the formation of expectations for inflation, wag[...]

There is widespread agreement that, in the United States, higher house prices raise consumption via collateral or possibly wealth effects. The presence of similar channel[...]

This paper examines the welfare cost of rare housing disasters characterized by large drops in house prices. I construct an overlapping generations general equilibrium mo[...]

We use internationally comparable household-level data for ten euro area economies and the United States to investigate cross-country differences in debt holdings and the[...]

Despite a vast empirical literature that assesses the impact of financial integration on the economy, evidence of substantial welfare gains from consumption risk sharing [...]

We show that dynamic stochastic general equilibrium (DSGE) models with housing and collateralized borrowing predict a fall in house prices following positive government s[...]

Tax-deferred saving accounts (TDA) are systematically used in many countries. In the United States, households’ access to TDA exhibits substantial heterogeneity: 401(k) h[...]

We provide quantitative guidance on whether and to what extent different elements of Heterogeneous Agent New Keynesian (HANK) models amplify or dampen the response of agg[...]

This paper analyzes the effects of differential tax treatment of corporate and non-corporate income in the U.S. on capital accumulation, the allocation of resources acros[...]

This paper analyzes how household consumption decisions respond to accrued capital gains on owner-occupied housing using Canadian microdata. It makes an important methodo[...]