Narrow search
Showing 1 - 10 of 83
Cover Image
Inequality and Happiness: When Perceived Social Mobility and Economic Reality do not Match
Bjørnskov, Christian; Dreher, Axel; Fischer, Justina A.V. - CESifo - 2010
In this paper, we revisit the association between happiness and inequality. We argue that the interaction between the …, income inequality is perceived more negatively with increased perceived fairness, due to the need for unexpected policy …
Persistent link: https://www.econbiz.de/10008671705
Cover Image
Restrictions on Risk Prices in Dynamic Term Structure Models
Bauer, Michael D. - CESifo - 2015
econometric framework for estimation of affine Gaussian DTSMs under restrictions on risk prices, which addresses the issues of a …
Persistent link: https://www.econbiz.de/10011200050
Cover Image
Asset Pricing with Uncertain Betas: A Long-Term Perspective
Gollier, Christian - CESifo - 2013
How should one evaluate investment projects whose CCAPM betas are uncertain? This question is particularly crucial for projects yielding long-lasting impacts on the economy, as is the case for example for many green investments. We define the notion of a certainty equivalent beta. We show that...
Persistent link: https://www.econbiz.de/10010877682
Cover Image
Evaluation of Long-Dated Investments under Uncertain Growth Trend, Volatility and Catastrophes
Gollier, Christian - CESifo - 2012
Because of the uncertainty about how to model the growth process of our economy, there is still much confusion about which discount rates should be used to evaluate actions having long-lasting impacts, as in the contexts of climate change, social security reforms or large public infrastructures...
Persistent link: https://www.econbiz.de/10010603851
Cover Image
Do Markets Care about Central Bank Governor Changes? Evidence from Emerging Markets
Moser, Christoph; Dreher, Axel - CESifo - 2007
Central bank governor changes in emerging markets may convey important signals about future monetary policy. Based on a new daily data set, this paper examines the reactions of foreign exchange markets, domestic stock market indices and sovereign bond spreads to central bank governor changes....
Persistent link: https://www.econbiz.de/10005765858
Cover Image
Risk Premia in General Equilibrium
Posch, Olaf - CESifo - 2010
This paper shows that non-linearities imposed by a neoclassical production function alone can generate time-varying and asymmetric risk premia over the business cycle. These (empirical) key features become relevant, and asset market implications improve substantially when we allow for...
Persistent link: https://www.econbiz.de/10008511599
Cover Image
Dusting off the Perception of Risk and Returns in FOREX Markets
Cumperayot, Phornchanok - CESifo - 2003
In this paper, we construct alternative theoretical models for exchange rates by introducing additional risk factors, based on the volatility of macroeconomic fundamentals. The modified flexible-price monetary model is used to characterize the long-run equilibrium of exchange rates, while the...
Persistent link: https://www.econbiz.de/10005094310
Cover Image
Measuring the Social Discount Rate under Uncertainty: A Methodology and Application
Ahsan, Syed; Tsigaris, Panagiotis - CESifo - 2002
It is well recognised that the issue of the social rate of discount applies only to the gains from public investment that accrues to the public sector. When it comes to measurement, however, there is a problem: public investment in infrastructure and the like do not usually yield direct...
Persistent link: https://www.econbiz.de/10005406216
Cover Image
Optimal Taxation, Child Care and Models of the Household
Apps, Patricia; Rees, Ray - CESifo - 2014
This paper presents the properties of optimal piecewise linear tax systems for two-earner households, based on joint and individual incomes respectively. A key contribution is the analysis of the interaction between second earner wage differences, variation in the price of child care and...
Persistent link: https://www.econbiz.de/10010877775
Cover Image
The Dynamics of Income-related Health Inequality among US Children
Chatterji, Pinka; Lahiri, Kajal; Song, Jingya - CESifo - 2011
We estimate and decompose family income-related inequality in child health in the US and analyze its dynamics using the … income-related child health inequality remains stable from early childhood into adolescence. The main factor underlying … income-related child health inequality is family income itself, although other factors, such as maternal education, also play …
Persistent link: https://www.econbiz.de/10009294101