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Consumption, Wealth, Stock and Housing Returns: Evidence from Emerging Markets
Caporale, Guglielmo Maria; Sousa, Ricardo M. - CESifo - 2011
consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for … wealth held in the form of housing (i.e., when stock and housing assets are substitutes), then they will temporarily reduce …
Persistent link: https://www.econbiz.de/10009325810
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Are Stock and Housing Returns Complements or Substitutes? Evidence from OECD Countries
Caporale, Guglielmo Maria; Sousa, Ricardo M. - CESifo - 2011
deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for …
Persistent link: https://www.econbiz.de/10009352230
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Re-examining the Decline in the US Saving Rate: The Impact of Mortgage Equity Withdrawal
Caporale, Guglielmo Maria; Costantini, Mauro; Paradiso, … - CESifo - 2012
In this paper we examine the role of mortgage equity withdrawal in explaining the decline of the US saving rate, since when house prices rise and mortgage rates are low, homeowners have an incentive to withdraw housing equity and this may affect the saving rate. We estimate a Vector Error...
Persistent link: https://www.econbiz.de/10010877879
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How Much Do Means-Tested Benefits Reduce the Demand for Annuities?
Bütler, Monika; Peijnenburg, Kim; Staubli, Stefan - CESifo - 2011
-tested payments creates an incentive to cash out (occupational) pension wealth for low and middle income earners, instead of taking … the annuity. Agents trade-off the advantages from annuitization, receiving the wealth-enhancing mortality credit, to the … disadvantages, giving up “free” wealth in the form of means-tested supplemental benefits. We find that the availability of means …
Persistent link: https://www.econbiz.de/10009150867
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Carbon Prices for the Next Thousand Years
Gerlagh, Reyer; Liski, Matti - CESifo - 2012
Climate is a persistent asset, bar none: changes in climate-related stocks have consequences spanning over centuries or possibly millennia to the future. To reconcile the discounting of such far-distant impacts and realism of the shorter-term decisions, we consider hyperbolic time-preferences in...
Persistent link: https://www.econbiz.de/10010554825
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Uncertain Longevity and Investment in Education
Sheshinski, Eytan - CESifo - 2009
It has been argued that increased life expectancy raises the rate of return on education, causing a rise in the investment in education followed by an increase in lifetime labor supply. Empirical evidence of these relations is rather weak. Building on a lifecycle model with uncertain longevity,...
Persistent link: https://www.econbiz.de/10008596600
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Growth and the Ageing Joneses
Fisher, Walter H.; Heijdra, Ben J. - CESifo - 2008
-as-you-go (PAYG) pension system with a statutory retirement date. This introduces a life-cycle in human wealth earnings and implies …
Persistent link: https://www.econbiz.de/10005766173
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Is Social Security behind the Collapse of Personal Saving?
Caliendo, Frank N. - CESifo - 2009
This paper considers the quantitative role of growth in the size of the social security program in contributing to the collapse of personal saving in the U.S. over the last few decades. Using a calibrated, general equilibrium life-cycle model this paper shows that social security may not be to...
Persistent link: https://www.econbiz.de/10005010144
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Carbon Prices for the Next Hundred Years
Gerlagh, Reyer; Liski, Matti - CESifo - 2014
World income grows fast without verifiable climate-change impacts on the economy. The growth spell can end if climate impacts turn real but this can take decades to learn. We develop a tractable stochastic climate-economy model with a hidden-state impact process to evaluate the contributions of...
Persistent link: https://www.econbiz.de/10010747216
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Baby Booming Inequality? Demographic Change and Earnings Inequality in Norway, 1967-2000
Almås, Ingvild; Havnes, Tarjei; Mogstad, Magne - CESifo - 2010
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 during 1967-2000. We find that the substantial...
Persistent link: https://www.econbiz.de/10008671734