文章基本信息

标题：Households’ response to economic crisis
本地全文：下载
作者：Petr Jakubik
期刊名称：BOFIT Discussion Papers
印刷版ISSN：1456-4564
电子版ISSN：1456-5889
出版年度：2011
出版社：Bank of Finland Institute for Economies in Transition (BOFIT)
摘要：This paper studies the economic impact of the current global economic downturn on the household sector. Household budgets can be negatively affected by declines in nominal wages and increases in unemployment. We empirically test this effect for the small open emerging economy. As a result of a lack of individual data on household finances, micro data are simulated. Our analysis clearly shows that there is a significant additional decline in consumption related to an increase in household default rates and unemployment. We find that potential household insolvencies have important implications for the financial system as well as for the macroeconomy.