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Explaining Forward Exchange Bias .... Intra-day
Lyons, Richard K; Rose, Andrew K - C.E.P.R. Discussion Papers - 1994
in times of crisis, since it suggests an immunity to the central bank's interest rate defence. In equilibrium, however …
Persistent link: https://www.econbiz.de/10005124023
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Money Illusion and Housing Frenzies
Brunnermeier, Markus K; Julliard, Christian - C.E.P.R. Discussion Papers - 2007
A reduction in inflation can fuel run-ups in housing prices if people suffer from money illusion. For example, investors who decide whether to rent or buy a house by simply comparing monthly rent and mortgage payments do not take into account that inflation lowers future real mortgage costs. We...
Persistent link: https://www.econbiz.de/10005067397
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Monetary Policy in an Open Economy: The Differential Impact on Exporting and Non-Exporting Firms
Ber, Hedva; Blass, Asher; Yosha, Oved - C.E.P.R. Discussion Papers - 2002
Using firm-level data, we provide evidence that, although monetary policy affects real investment, the effect operates differentially: the greater its export intensity the less a firm is affected by tight money. We examine several interpretations and conclude that the impact is transmitted...
Persistent link: https://www.econbiz.de/10005504673
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The Wealth-Consumption Ratio
Lustig, Hanno; van Nieuwerburgh, Stijn; Verdelhan, Adrien - C.E.P.R. Discussion Papers - 2012
We derive new estimates of total wealth, the returns on total wealth, and the wealth effect on consumption. We estimate the prices of aggregate risk from bond yields and stock returns using a no-arbitrage model. Using these risk prices, we compute total wealth as the price of a claim to...
Persistent link: https://www.econbiz.de/10011083953
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What Calls to ARMs? International Evidence on Interest Rates and the Choice of Adjustable Rate Mortgages
Badarinza, Cristian; Campbell, John Y; Ramadorai, Tarun - C.E.P.R. Discussion Papers - 2014
The relative popularity of adjustable-rate mortgages (ARMs) and fixed-rate mortgages (FRMs) varies considerably both across countries and over time. We ask how movements in current and expected future interest rates affect the share of ARMs in total mortgage issuance. Using a nine-country panel...
Persistent link: https://www.econbiz.de/10011084239
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Monetary transmission in low income countries
Mishra, Prachi; Montiel, Peter J; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2010
framework prevalent in LICs drastically reduces the role of securities markets and increases the cost of bank lending to private … properly, the traditional monetary transmission channels (interest rate, bank lending, and asset price) are impaired. The … exchange rate channel, on the other hand, tends to be undermined by central bank intervention in the foreign exchange market …
Persistent link: https://www.econbiz.de/10008466328
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Global Imbalances: In Midstream?
Blanchard, Olivier J; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2010
been significant changes in saving and investment patterns across the world and imbalances have narrowed considerably. Does …
Persistent link: https://www.econbiz.de/10008468701
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Optimal Expectation
Brunnermeier, Markus K; Parker, Jonathan A - C.E.P.R. Discussion Papers - 2004
, agents’ prior beliefs are endogenously heterogeneous. Finally, in a consumption-saving problem with stochastic income, agents …
Persistent link: https://www.econbiz.de/10005124341
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Tax Incentives and the Demand for Life Insurance: Evidence from Italy
Jappelli, Tullio; Pistaferri, Luigi - C.E.P.R. Discussion Papers - 2001
The theoretical literature suggests that taxation can have a large impact on household portfolio selection and allocation. In this Paper we consider the tax treatment of life insurance, considering the cancellation of tax incentives in Italian life insurance contracts for investors with high...
Persistent link: https://www.econbiz.de/10005136504
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Trade Reform, Policy Uncertainty and the Current Account : A Non-Expected Utility Approach
van Wijnbergen, Sweder - C.E.P.R. Discussion Papers - 1990
Rapid trade liberalization is often followed by a decline in private savings, although permanent changes in trade policy do not affect intertemporal prices and should thus leave private savings unaffected. But a positive probability of future policy reversal lowers the consumption rate of...
Persistent link: https://www.econbiz.de/10005136731