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Using Bankruptcy to Reduce Foreclosures: Does Strip-down of Mortgages Affect the Supply of Mortgage Credit?

Li, Wenli; Tewari, Ishani; White, Michelle - CESifo - 2014

We assess the credit market impact of allowing mortgage “strip-down” as a foreclosure-prevention measure, where strip …-term reduction in mortgage interest rates and a small, short-term increase in mortgage approval rates, but no long-term effects, and … the circuit court decisions did not consistently affect mortgage terms. These results suggest that strip-down would be an …

Persistent link: https://www.econbiz.de/10010877889

Optimal Risk-Sharing in Mortgage Contracts: The Effects of Potential Prepayment and Default

Brueckner, Jan K.; Lee, Kangoh - CESifo - 2014

Much of the literature on the economics of mortgage markets has studied the FRM-ARM choice made by individual borrowers … of optimal risk-sharing in mortgage contracts. But since only a small literature has studied this question, more research …’s (1986a) model, using it to characterize optimal contracts in the absence of mortgage termination, and then exploring how …

Persistent link: https://www.econbiz.de/10010948814

A 'Health Kuznets' Curve'? Cross-Country and Longitudinal Evidence

Costa-i-Font, Joan; Hernandez-Quevedo, Cristina; Sato, Azusa - CESifo - 2013

The distribution of income related health inequalities exhibits varying patterns when developing countries and developed countries are examined. One explanation is the existence of a health Kuznets’ curve. This paper sets out as an exploratory analysis to test the hypothesis of an inverse...

Persistent link: https://www.econbiz.de/10010877671

The New Stylized Facts about Income and Subjective Well-Being

Sacks, Daniel W.; Stevenson, Betsey; Wolfers, Justin - CESifo - 2013

In recent decades economists have turned their attention to data that asks people how happy or satisfied they are with their lives. Much of the early research concluded that the role of income in determining well-being was limited, and that only income relative to others was related to...

Persistent link: https://www.econbiz.de/10010877842

Fair and Efficient Taxation under Partial Control: Theory and Evidence

Ooghe, Erwin; Peichl, Andreas - CESifo - 2011

There is clear evidence that fairness plays a role in redistribution. Individuals want to compensate others for their misfortune, while they allow them to enjoy the fruits of their effort. This paper introduces fairness in a tax-benefit scheme that is based on several characteristics in order to...

Persistent link: https://www.econbiz.de/10009221559

Tradable Immigration Quotas

Moraga, Jesus Fernandez-Huertas; Rapoport, Hillel - CESifo - 2013

International migration is maybe the single most effective way to alleviate global poverty. When a given host country allows more immigrants in, this creates costs and benefits for that particular country as well as a positive externality for individuals and governments who care about world...

Persistent link: https://www.econbiz.de/10010607006

Subjective Well-Being and Income: Is there any Evidence of Satiation?

Stevenson, Betsey; Wolfers, Justin - CESifo - 2013

Many scholars have argued that once “basic needs” have been met, higher income is no longer associated with higher in subjective well-being. We assess the validity of this claim in comparisons of both rich and poor countries, and also of rich and poor people within a country. Analyzing...

Persistent link: https://www.econbiz.de/10010643335

Social Identity and Redistributive Preferences: A Survey

Costa-i-Font, Joan; Cowell, Frank - CESifo - 2013

Social identity has become accepted as a key concept underpinning the endogeneity of economic behaviour and preferences. It is important in explaining attitudes towards redistribution and pro-social behaviour. We examine how economic theory measures social identity and its effects on preferences...

Persistent link: https://www.econbiz.de/10010701093

Minimum Wage Incidence: The Case for Germany

Knabe, Andreas; Schöb, Ronnie - CESifo - 2008

Using data from the 2006 wave of the German Socio-Economic Panel (GSOEP), this paper analyzes how a minimum wage affects employment, wage inequality, public expenditures, and aggregate income in the low-wage sector. It is shown that a statutory minimum wage of EUR 7.50 per hour would cost...

Persistent link: https://www.econbiz.de/10005765743

The Effect of Direct Democracy on Income Redistribution: Evidence for Switzerland

Feld, Lars P.; Fischer, Justina A.V.; Kirchgässner, Gebhard - CESifo - 2006

There is an intensive dispute in political economics about the impact of institutions on income redistribution. While the main focus is on comparison between different forms of representative democracy, the influence of direct democracy on redistribution has attracted much less attention....

Persistent link: https://www.econbiz.de/10005765862