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Audit Competition in Insurance Oligopolies

Boccard, Nicolas; Legros, Patrick - C.E.P.R. Discussion Papers - 2002

We provide a simple framework for analyzing how competition affects the choice of audit structures in an oligopolistic insurance industry. When the degree of competition increases, fraud increases but the response of the industry in terms of investment in audit quality follows a U-shaped...

Persistent link: https://www.econbiz.de/10005791672

Moral and Social Constraints to Strategic Default on Mortgages

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2009

We use survey data to study American households’ propensity to default when the value of their mortgage exceeds the … value of their house even if they can afford to pay their mortgage (strategic default). We find that 26% of the existing … the house. Yet, 17% of households would default, even if they can afford to pay their mortgage, when the equity shortfall …

Persistent link: https://www.econbiz.de/10005039578

Credit Standards and Segregation

Ouazad, Amine; Rancière, Romain - C.E.P.R. Discussion Papers - 2011

How do credit standards on the mortgage market affect neighbourhood choice and the resulting level of urban segregation …-2006 mortgage credit boom on the level of school segregation. Census tract racial composition is strongly correlated with the racial … composition of the 10 closest schools in the cross section. Matching a national data set of mortgage originations with annual …

Persistent link: https://www.econbiz.de/10008873328

A Gains from Trade Perspective on Macroeconomic Fluctuations

Beaudry, Paul; Portier, Franck - C.E.P.R. Discussion Papers - 2011

Business cycles reflect changes over time in the amount of trade between individuals. In this paper we show that incorporating explicitly intra-temporal gains from trade between individuals into a macroeconomic model can provide new insight into the potential mechanisms driving economic...

Persistent link: https://www.econbiz.de/10009221567

Fiscal Multipliers Over the Business Cycle

Michaillat, Pascal - C.E.P.R. Discussion Papers - 2011

This paper develops a theory characterizing the effects of fiscal policy on unemployment over the business cycle. The theory is based on a model of equilibrium unemployment in which jobs are rationed in recessions. Fiscal policy in the form of government spending on public-sector jobs reduces...

Persistent link: https://www.econbiz.de/10009324257

Skill-Biased Technological Change and the Business Cycle

Balleer, Almut; van Rens, Thijs - C.E.P.R. Discussion Papers - 2011

Over the past two decades, technological progress in the United States has been biased towards skilled labor. What does this imply for business cycles? We construct a quarterly skill premium from the CPS and use it to identify skill-biased technology shocks in a VAR with long-run restrictions....

Persistent link: https://www.econbiz.de/10009643505

A Banking Explanation of the US Velocity of Money: 1919-2004

Benk, Szilárd; Gillman, Max; Kejak, Michal - C.E.P.R. Discussion Papers - 2009

The paper shows that US GDP velocity of M1 money has exhibited long cycles around a 1.25% per year upward trend, during the 1919-2004 period. It explains the velocity cycles through shocks constructed from a DSGE model and annual time series data (Ingram et al., 1994). Model velocity is stable...

Persistent link: https://www.econbiz.de/10008496458

Macroeconomic Effects of Financial Shocks

Jermann, Urban; Quadrini, Vincenzo - C.E.P.R. Discussion Papers - 2009

In this paper we document the cyclical properties of U.S. firms' financial flows. Equity payouts are procyclical and debt payouts are countercyclical. We develop a model with explicit roles for debt and equity financing and explore how the observed dynamics of real and financial variables are...

Persistent link: https://www.econbiz.de/10008528541

The Anatomy of Unemployment Dynamics

Abbring, Jaap H; den Berg, Gerard J van; Ours, Jan C van - C.E.P.R. Discussion Papers - 1995

This paper examines the relation between individual unemployment durations and incidence on the one hand, and the time-varying macroeconomic conditions in the economy on the other. We allow for calendar time effects acting on the exit probabilities for all currently unemployed. We also allow for...

Persistent link: https://www.econbiz.de/10005123747

Factor-MIDAS for now- and forecasting with ragged-edge data: A model comparison for German GDP

Marcellino, Massimiliano; Schumacher, Christian - C.E.P.R. Discussion Papers - 2008

This paper compares different ways to estimate the current state of the economy using factor models that can handle unbalanced datasets. Due to the different release lags of business cycle indicators, data unbalancedness often emerges at the end of multivariate samples, which is sometimes...

Persistent link: https://www.econbiz.de/10005124208

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