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Keyword: non-linearities; 

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CEP discussion paper
Machiavelli versus concave utility functions: should bads be spread out or concentrated?

Is wellbeing higher if the same number of negative events is spread out rather than bunched in time? Should positive events be spread out or bunched? We answer these questions exploiting quarterly data on six positive an...Read more...

Paul Frijters, Christian Krekel and Aydogan Ulker

13 March 2020

CEP discussion paper
Cyclical Risk Aversion, Precautionary Saving and Monetary Policy

This paper analyzes the conduct of monetary policy in an environment in which cyclical swings in risk appetite affect households' propensity to save. It uses a New-Keynesian model featuring external habit formation to sh...Read more...

Bianca De Paoli and Pawel Zabczyk

2 March 2012