Chodorow-Reich, Gabriel; Nenov, Plamen & Simsek, Alp (2019)

Stock Market Wealth and the Real Economy: A Local Labor Market Approach

NBER Working Paper Series Doi: 10.3386/w25959

We provide evidence on the stock market consumption wealth effect by using a local labor market analysis and regional heterogeneity in stock market wealth. An increase in local stock wealth driven by aggregate stock prices increases local employment and payroll in nontradable industries and in total, while having no effect on employment in tradable industries. In a model with consumption wealth effects and geographic heterogeneity, these responses imply a marginal propensity to consume out of a dollar of stock wealth of 2.8 cents per year. We also use the model to quantify the aggregate effects of a stock market wealth shock when monetary policy is passive. A 20% increase in stock valuations, unless countered by monetary policy, increases the aggregate labor bill by at least 0.85% and aggregate hours by at least 0.28% two years after the shock.

Juelsrud, Ragnar Enger & Nenov, Plamen (2019)

Dividend payouts and rollover crises

The Review of financial studies, 33(9), s. 4139- 4185. Doi: 10.1093/rfs/hhz130

We study dividend payouts when banks face coordination-based rollover crises. Banks in the model can use dividends to both risk shift and signal their available liquidity to short-term lenders, thus, influencing the lenders’ actions. In the unique equilibrium both channels induce banks to pay higher dividends than in the absence of a rollover crisis. In our model banks exert an informational externality on other banks via the inferences and actions of lenders. Optimal dividend regulation that corrects this externality and promote financial stability includes a binding cap on dividends. We also discuss testable implications of our theory.

Moen, Espen Rasmus; Nenov, Plamen & Sniekers, Florian (2019)

Buying First or Selling First in Housing Markets

Journal of the European Economic Association Doi: 10.1093/jeea/jvz069

Housing transactions by moving homeowners take two steps—buying a new house and selling the old one. This paper argues that the transaction sequence decisions of moving homeowners have important effects on the housing market. Moving homeowners prefer to buy first whenever there are more buyers than sellers in the market. However, this congests the buyer side of the market and increases the buyer–seller ratio, further strengthening the incentives of other moving owners to buy first. This endogenous strategic complementarity leads to multiple steady state equilibria and large fluctuations, which are broadly consistent with stylized facts about the housing cycle.

Nenov, Plamen (2017)

Endogenous Leverage and Advantageous Selection in Credit Markets

The Review of financial studies, 30(11), s. 3888- 3920. Doi: 10.1093/rfs/hhw077 - Fulltekst i vitenarkiv

Nenov, Plamen; Røed Larsen, Erling & Sommervoll, Dag Einar (2016)

Thick-market effects, housing heterogeneity, and the determinants of transaction seasonality

Economic Journal, 126(598), s. 2402- 2423. Doi: 10.1111/ecoj.12305

Nenov, Plamen (1)

Кризата на предприемачеството в България след 2009 г.

Капитал [Kronikk]

Nenov, Plamen (1)

Накъде върви България през периода "Борисов"

Капитал [Kronikk]

Moen, Espen Rasmus; Nenov, Plamen & Sniekers, Florian (2015)

Eerst kopen of eerst verkopen op de woningmarkt

[Article in business/trade/industry journal]. Economisch Statistische Berichten, 100(4706), s. 166- 169.

Moen, Espen Rasmus; Nenov, Plamen & Sniekers, Florian (2015)

Buying first or selling first in housing markets

[Article in business/trade/industry journal]. http://www.voxeu.org/