The Discounted Euler Equation: A Note
نویسندگان
چکیده
منابع مشابه
The Discounted Euler Equation: A Note
We present a simple model with income risk and borrowing constraints which yields a “discounted Euler equation.” This feature of the model mutes the extent to which news about far future real interest rates (i.e., forward guidance) affects current outcomes. We show that this simple model approximates the outcomes of a rich model with uninsurable income risk and borrowing constraints in response...
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ژورنال
عنوان ژورنال: Economica
سال: 2017
ISSN: 0013-0427,1468-0335
DOI: 10.1111/ecca.12226