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Exchange Rate Protection and Exchange Rate Conflict
Bliss, Christopher; Joshi, Vijay R - C.E.P.R. Discussion Papers - 1987
The paper investigates a model of "exchange rate protection" by two countries. Either or both countries may protect their tradable sectors by maintaining undervalued exchange rates. The mechanism of protection considered involves a country increasing its national saving rate and exporting...
Persistent link: https://www.econbiz.de/10005791547
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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
the workhorse incomplete-markets life-cycle economy. In this framework, households can hold two assets: a low … a transaction cost. The optimal life-cycle pattern of wealth accumulation implies that many households are "wealthy hand … propensities to consume out of additional income. We document the existence of such households in data from the Survey of Consumer …
Persistent link: https://www.econbiz.de/10009293985
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Costly Contracts and Consumer Credit
Livshits, Igor; MacGee, James; Tertilt, Michèle - C.E.P.R. Discussion Papers - 2011
the dispersion of credit card interest rates nearly tripled, and the share of credit card debt of lower income households …
Persistent link: https://www.econbiz.de/10009322977
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Housing and the Macroeconomy: The Role of Bailout Guarantees for Government Sponsored Enterprises
Jeske, Karsten; Krueger, Dirk; Mitman, Kurt - C.E.P.R. Discussion Papers - 2011
heterogeneous, infinitely lived households and competitive housing and mortgage markets. Households have the option to default on … investment. The interest rate subsidy is a regressive policy: eliminating it benefits low-income and low-asset households who did … not own homes or had small mortgages, while lowering the welfare of high-income, high-asset households. …
Persistent link: https://www.econbiz.de/10009351520
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The wrong shape of insurance? What cross-sectional distributions tell us about models of consumption-smoothing
Broer, Tobias - C.E.P.R. Discussion Papers - 2011
This paper shows how two standard models of consumption risk-sharing - self-insurance through borrowing and saving and limited commitment to insurance contracts - replicate similarly well the standard, second-moment measures of insurance observed in US micro-data. A non-parametric analysis,...
Persistent link: https://www.econbiz.de/10009385760
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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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Non-Separable Preferences and Frisch Labor Supply: One Solution to a Fiscal Policy Puzzle
Bilbiie, Florin Ovidiu - C.E.P.R. Discussion Papers - 2009
This paper proposes a theoretical explanation of the empirical finding that private consumption increases in response to an increase in government spending. The explanation requires two ingredients. First, labor demand expands (e.g. prices are sticky). Second, general non-separable preferences...
Persistent link: https://www.econbiz.de/10008459766