Jesús Fernández‐Villaverde
Biographic Data
| ID | 5806072 |
|---|---|
| NAME | Jesús Fernández‐Villaverde |
| GIVEN NAMES | Jesús |
| FAMILY NAME | Fernández‐Villaverde |
| SIGNATURE | VILLAVERDE J F |
| AFFILIATIONS | National Bureau of Economic Research |
| ORCID | 0000-0001-8323-3261 |
| VERIFIED | Yes |
| TOTAL WORKS | 7 |
| TOTAL CITATIONS | 1 |
| WORKS AS AUTHOR | 7 |
| WORKS AS EDITOR | 0 |
| FIRST PUBLICATION YEAR | 2007 |
| LATEST PUBLICATION YEAR | 2024 |
| H-INDEX | 1 |
Are We Fragmented Yet? Measuring Geopolitical Fragmentation and Its Causal Effect
After decades of rising global economic integration, the world economy is fragmenting.To measure this, we introduce a geopolitical fragmentation index based on a dynamic hierarchical factor model with time-varying parameters and stochastic volatility.We then use structural vector autoregressions and local projections to assess the causal effects of fragmentation.Increased fragmentation negatively impacts the global economy, with emerging economie…
Safe Assets
This paper investigates the quantity of safe assets. First, we estimate that the average safe-asset ratio (ratio of safe to total assets) in 34 OECD countries was 37% in 2015. Further, we document that this ratio is relatively stable over time. Second, we build a heterogeneous-agent model with rare disasters and risk aversion coefficients that accounts for (i) the average level of the safe-asset ratio; (ii) the stability of this ratio over time; …
Has machine learning rendered simple rules obsolete
Fiscal Volatility Shocks and Economic Activity
We study how unexpected changes in uncertainty about fiscal policy affect economic activity. First, we estimate tax and spending processes for the United States with time-varying volatility to uncover evidence of time-varying volatility. Second, we estimate a VAR for the US economy using the time-varying volatility found in the previous step. Third, we feed the tax and spending processes into an otherwise standard New Keynesian model. Both in the…
Optimal Capital Versus Labor Taxation with Innovation-Led Growth
Political Credit Cycles
We study the mechanisms through which the entry into the euro delayed, rather than advanced, key economic reforms in the eurozone periphery and led to the deterioration of important institutions in these countries. We show that the abandonment of the reform process and the institutional deterioration, in turn, not only reduced their growth prospects but also fed back into financial conditions, prolonging the credit boom and delaying the response …
Consumption over the Life Cycle
This paper uses Consumer Expenditure Survey data and a seminonparametric statistical model to estimate life-cycle profiles of consumption, controlling for demographics, cohort, and time effects. We construct age profiles for total and nondurable consumption as well as expenditure patterns for consumer durables. Special emphasis is placed on the comparison of different approaches to control for changes in demographics over the life cycle. We find …
Safe Assets
This paper investigates the quantity of safe assets. First, we estimate that the average safe-asset ratio (ratio of safe to total assets) in 34 OECD countries was 37% in 2015. Further, we document that this ratio is relatively stable over time. Second, we build a heterogeneous-agent model with rare disasters and risk aversion coefficients that accounts for (i) the average level of the safe-asset ratio; (ii) the stability of this ratio over time; …
Consumption over the Life Cycle
This paper uses Consumer Expenditure Survey data and a seminonparametric statistical model to estimate life-cycle profiles of consumption, controlling for demographics, cohort, and time effects. We construct age profiles for total and nondurable consumption as well as expenditure patterns for consumer durables. Special emphasis is placed on the comparison of different approaches to control for changes in demographics over the life cycle. We find …
Optimal Capital Versus Labor Taxation with Innovation-Led Growth
Political Credit Cycles
We study the mechanisms through which the entry into the euro delayed, rather than advanced, key economic reforms in the eurozone periphery and led to the deterioration of important institutions in these countries. We show that the abandonment of the reform process and the institutional deterioration, in turn, not only reduced their growth prospects but also fed back into financial conditions, prolonging the credit boom and delaying the response …
Fiscal Volatility Shocks and Economic Activity
We study how unexpected changes in uncertainty about fiscal policy affect economic activity. First, we estimate tax and spending processes for the United States with time-varying volatility to uncover evidence of time-varying volatility. Second, we estimate a VAR for the US economy using the time-varying volatility found in the previous step. Third, we feed the tax and spending processes into an otherwise standard New Keynesian model. Both in the…
Has machine learning rendered simple rules obsolete
Safe Assets
This paper investigates the quantity of safe assets. First, we estimate that the average safe-asset ratio (ratio of safe to total assets) in 34 OECD countries was 37% in 2015. Further, we document that this ratio is relatively stable over time. Second, we build a heterogeneous-agent model with rare disasters and risk aversion coefficients that accounts for (i) the average level of the safe-asset ratio; (ii) the stability of this ratio over time; …
Are We Fragmented Yet? Measuring Geopolitical Fragmentation and Its Causal Effect
After decades of rising global economic integration, the world economy is fragmenting.To measure this, we introduce a geopolitical fragmentation index based on a dynamic hierarchical factor model with time-varying parameters and stochastic volatility.We then use structural vector autoregressions and local projections to assess the causal effects of fragmentation.Increased fragmentation negatively impacts the global economy, with emerging economie…
Economics (6 works) · Macroeconomics (3 works) · Political science (3 works) · Business (2 works) · Computer Science (2 works) · Econometrics (2 works) · Fiscal Policies and Political Economy (2 works) · Monetary economics (2 works) · Aggregate expenditure (1 work) · Artificial Intelligence (1 work)