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Families as Shocks

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Author Info
Luis Cubbedu (IMF)
Jose-Victor Rios-Rull (University of Pennsylvania and CAERP)
Abstract

In this paper we show the quantitative importance of the process that determines changes in family composition to determine the main macroeconomic magnitudes. We do so by modelling family type as a stochastic process that affects households in a way similar to shocks to earnings. Agents respond to these process by optimally choosing savings. We show that the size of savings differs dramatically depending on the details of the stochastic process. The model is quantitative: its fundamental parameters are estimated using U.S. data.

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Paper provided by Centro de Altisimos Estudios Rios Perez (CAERP) in its series Centro de Alti­simos Estudios Ri­os Pe©rez(CAERP) with number 1.

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Length: 16 pages
Date of creation: Aug 2002
Date of revision:
Handle: RePEc:cae:caerpp:1

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  1. Marina Azzimonti-Renzo & Pierre-Daniel G. Sarte & Jorge Soares, 2003. "Optimal public investment with and without government commitment," Working Paper 03-10, Federal Reserve Bank of Richmond. [Downloadable!]
  2. Gauti B. Eggertsson, 2006. "Fiscal multipliers and policy coordination," Staff Reports 241, Federal Reserve Bank of New York. [Downloadable!]
  3. Christos Koulovatianos & Leonard J. Mirman, 2004. "Endogenous Public Policy and Long-Run Growth," University of Cyprus Working Papers in Economics 2-2004, University of Cyprus Department of Economics. [Downloadable!]
  4. Gauti B. Eggertsson, 2005. "Optimal monetary and fiscal policy under discretion in the New Keynesian model: a technical appendix to "Great Expectations and the End of the Depression"," Staff Reports 235, Federal Reserve Bank of New York. [Downloadable!]
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This page was last updated on 2009-11-25.

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