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Wage Risk and Employment Risk Over the Life Cycle
Low, Hamish; Meghir, Costas; Pistaferri, Luigi - C.E.P.R. Discussion Papers - 2007
This paper decomposes the sources of risk to income that individuals face over their lifetimes. We distinguish productivity risk from employment risk and identify the components of each using the Survey of Income and Program Participation and the Panel Study of Income Dynamics. Estimates of...
Persistent link: https://www.econbiz.de/10005123649
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Uncertainty and Company Investment Dynamics: Empirical Evidence for UK Firms
Bloom, Nicholas; Bond, Stephen Roy; Van Reenen, John - C.E.P.R. Discussion Papers - 2003
This Paper investigates the empirical relationship between uncertainty and investment dynamics. This is motivated by … uncertainty, as firms place a greater value on the option to wait. Using simulated data we show that this more cautious behaviour … can be detected as a smaller impact of sales growth on investment for firms facing higher uncertainty. Using a stock …
Persistent link: https://www.econbiz.de/10005666662
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Optimal Expectation
Brunnermeier, Markus K; Parker, Jonathan A - C.E.P.R. Discussion Papers - 2004
This Paper introduces a tractable, structural model of subjective beliefs. Forward-looking agents care about expected future utility flows, and hence have higher current felicity if they believe that better outcomes are more likely. On the other hand, biased expectations lead to poorer decisions...
Persistent link: https://www.econbiz.de/10005124341
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Happiness on Tap: Piped Water Adoption in Urban Morocco
Devoto, Florencia; Duflo, Esther; Dupas, Pascaline; … - C.E.P.R. Discussion Papers - 2011
subset was offered a simplified procedure to purchase a household connection on credit (at a zero percent interest rate … treatment group, despite the financial cost of the connection. Our results suggest that facilitating access to credit for …
Persistent link: https://www.econbiz.de/10008915808
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Personal Pensions with Risk sharing: Affordable, Adequate and Stable Private Pensions in Europe
Bovenberg, A Lans; Nijman, Theo E - C.E.P.R. Discussion Papers - 2015
Private pension provision faces the challenging task of providing stable income streams during retirement. The challenge has increased markedly in the last decades due to volatile financial markets, falling interest rates and the withdrawal of employers and external insurers as risk bearers of...
Persistent link: https://www.econbiz.de/10011252616
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A Model of the Consumption Response to Fiscal Stimulus Payments
Kaplan, Greg; Violante, Giovanni L - C.E.P.R. Discussion Papers - 2011
A wide body of empirical evidence, based on randomized experiments, finds that 20-40 percent of fiscal stimulus payments (e.g. tax rebates) are spent on non-durable household consumption in the quarter that they are received. We develop a structural economic model to interpret this evidence. Our...
Persistent link: https://www.econbiz.de/10009293985
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Baby Booming Inequality? Demographic Change and Earnings Inequality in Norway, 1967-2000
Almas, Ingvild; Havnes, Tarjei; Mogstad, Magne - C.E.P.R. Discussion Papers - 2011
In this paper, we demonstrate how age-adjusted inequality measures can be used to evaluate whether changes in inequality over time are due to changes in the age-structure. To this end, we use administrative data on earnings for every male Norwegian over the period 1967-2000. We find that the...
Persistent link: https://www.econbiz.de/10009493554
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The Disappearing Gender Gap: The Impact of Divorce, Wages, and Preferences on Education Choices and Women's Work
Fernández, Raquel; Wong, Joyce Cheng - C.E.P.R. Discussion Papers - 2011
Women born in 1935 went to college significantly less than their male counterparts and married women's labor force participation (LFP) averaged 40% between the ages of thirty and forty. The cohort born twenty years later behaved very dierently. The education gender gap was eliminated and married...
Persistent link: https://www.econbiz.de/10009359486
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Asset Pricing under Rational Learning about Rare Disasters
Koulovatianos, Christos; Wieland, Volker - C.E.P.R. Discussion Papers - 2011
This paper proposes a new approach for modeling investor fear after rare disasters. The key element is to take into account that investors' information about fundamentals driving rare downward jumps in the dividend process is not perfect. Bayesian learning implies that beliefs about the...
Persistent link: https://www.econbiz.de/10009201120
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Cross Sectional Facts for Macroeconomists
Krueger, Dirk; Perri, Fabrizio; Pistaferri, Luigi; … - C.E.P.R. Discussion Papers - 2009
This paper provides an introduction to the special issue of the Review of Economic Dynamics on "Cross Sectional Facts for Macroeconomists''. The issue documents, for nine countries, the level and the evolution, over time and over the life cycle, of several dimensions of economic inequality,...
Persistent link: https://www.econbiz.de/10008509469