The savings multiplier

Savings and Prize-Linked Savings Accounts

Savings and Prize-Linked Savings Accounts Many households have insufficient savings to handle moderate and routine consumption shocks. Many of these financially fragile households also have the highest lottery expenditures as a proportion of income. This combination suggests that Prize-Linked Savings (PLS) accounts, that combine principal-security with lottery-type jackpots, can increase saving...

The Finance-Uncertainty Multiplier∗

We show theoretically and empirically how real and financial frictions amplify the impact of uncertainty shocks on firms’investment, employment, debt (term structure of debt growth), and cash holding. We start by building a model with real and financial frictions, alongside uncertainty shocks, and show how adding financial frictions to the model roughly doubles the negative impact of uncertaint...

The Social Multiplier

In many cases, aggregate data is used to make inferences about individual level behavior. If there are social interactions in which one person’s actions influence his neighbor’s incentives or information, then these inferences are inappropriate. The presence of positive social interactions, or strategic complementarities, implies the existence of a social multiplier where aggregate relationship...

On the Nilpotent Multiplier of a Free Product

On the cyclic Homology of multiplier Hopf algebras

In this paper, we will study the theory of cyclic homology for regular multiplier Hopf algebras. We associate a cyclic module to a triple $(mathcal{R},mathcal{H},mathcal{X})$ consisting of a regular multiplier Hopf algebra $mathcal{H}$, a left $mathcal{H}$-comodule algebra $mathcal{R}$, and a unital left $mathcal{H}$-module $mathcal{X}$ which is also a unital algebra. First, we construct a para...