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Speech
Demographics, redistribution, and optimal inflation
Garriga, Carlos; Bullard, James B.; Waller, Christopher J. (2012)
May 30, 2012. "Demographics, Redistribution, and Optimal Inflation," with Carlos Garriga and Christopher J. Waller. Presented by Christopher Waller at the 2012 BOJ-IMES Conference Demographic Changes and Macroeconomic Performance.
Speech , Paper 200

Journal Article
Where is the slack in the labor market?
Garriga, Carlos (2014)
Current slack in the economy may be caused primarily by the construction sector.
Economic Synopses , Issue 13

Journal Article
Recent trends in homeownership
Gavin, William T.; Garriga, Carlos; Schlagenhauf, Don E. (2006-09)
The homeownership rate began to trend upward in 1995 after years of being relatively constant, near 64 percent. This article describes recent changes in the share of U.S. housing that is owner-occupied and explores the reasons for the surprising rise over the past decade. Explanations that have been offered include demographics, low mortgage rates, changes in housing policy, and innovations in the mortgage financial market. Of all these explanations, the most plausible one is that innovations in the financial markets increased access to mortgage finance, mainly by reducing downpayment ...
Review , Volume 88 , Issue Sep , Pages 397-412

Journal Article
A primer on social security systems and reforms
Garriga, Carlos; Conesa, Juan Carlos; Aubuchon, Craig P. (2011-01)
This article reviews the characteristics of different social security systems. Many configurations arise depending on the nature of a system?s funding and determination of benefits. Many reforms propose changing the U.S. Social Security system. The authors focus their analysis of the transition from a pay-as-you-go to a fully funded system. They argue that the key component of any reform is the treatment of the implicit liabilities of a country?s social security system. The welfare gains accruing to some cohorts as a result of such reforms usually stem from either a partial or complete ...
Review , Volume 93 , Issue Jan , Pages 19-35

Journal Article
Boom & gloom in housing markets: the sequel
Garriga, Carlos (2008-05)
National Economic Trends , Issue May

Ready for the Pandemic? Household Debt before the COVID-19 Shock
Famiglietti, Matthew; Garriga, Carlos (2020-05-13)
Before the pandemic, shares of delinquencies had already been growing in consumer finance loans, credit card debt, student loans and auto loans. And delinquencies can vary greatly among states.
On the Economy

Journal Article
The Homeownership Experience of Minorities During the Great Recession
Ricketts, Lowell R.; Garriga, Carlos; Schlagenhauf, Don E. (2017)
It has been argued that during the Great Recession, wealth losses were more concentrated for college-educated Black and Hispanic families than for White and Asian college-educated families and their non-college-educated Black and Hispanic peers. This article explores the extent to which the homeownership experience for families who purchased homes between 2004 and 2008 is a potentially important factor in explaining this finding. During the housing boom, the increase in homeownership for Blacks and Hispanics was very similar, but the second group had a smaller decline. Despite these ...
Review , Volume 99 , Issue 1 , Pages 139-167

Working Paper
Nominal rigidities in debt and product markets
Kydland, Finn E.; Šustek, Roman; Garriga, Carlos (2016-08-23)
Standard models used for monetary policy analysis rely on sticky prices. Recently, the literature started to explore also nominal debt contracts. Focusing on mortgages, this paper compares the two channels of transmission within a common framework. The sticky price channel is dominant when shocks to the policy interest rate are temporary, the mortgage channel is important when the shocks are persistent. The first channel has significant aggregate effects but small redistributive effects. The opposite holds for the second channel. Using yield curve data decomposed into temporary and persistent ...
Working Papers , Paper 2016-17

Journal Article
Inflation, Part 1: What Is it, Exactly?
Garriga, Carlos; Werner, Devin (2022-06-21)
Inflation measures the rate of change of a price index over time.
Economic Synopses , Issue 15 , Pages 1-3

Journal Article
Inflation, Part 2: How Do We Construct and Choose an Index?
Garriga, Carlos; Werner, Devin (2022-06-22)
Both the CPI and the PCE price indexes measure the prices of consumer goods and services— but they differ in important ways.
Economic Synopses , Issue 16 , Pages 1-3

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