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Precautionary Portfolio Behavior from a Life-Cycle Perspective

Bertaut, Carol C.; Haliassos, Michael - EconWPA - 1996

The literature on household asset accumulation draws a sharp distinction between "short-run" precautionary motives to buffer consumption from annual income shocks, and "long-run" life cycle considerations under income certainty. However, estimates of shock persistence imply considerable career...

Persistent link: https://www.econbiz.de/10005134929

Borrowing Constraints, Portfolio Choice, and Precautionary

Haliassos, Michael; Hassapis, Christis - EconWPA - 1998

This paper studies effects of two classes of borrowing constraints, collateral- and income-based, on wealth accumulation, portfolio behavior and on precautionary motives. We examine the sensitivity of solutions to tightness of constraints, education level, and preference parameters. The models...

Persistent link: https://www.econbiz.de/10005412592

Adaptive learning and multiple equilibria in a natural rate monetary model with unemployment persistence

Rantala, Anssi - EconWPA - 2004

This paper demonstrates that the adaptive learning approach to modelling private sector expectations can be used as an equilibriumselection mechanism in a natural-rate monetary model with unemployment persistence. In particular, it is shown that only one of the two rational expectations...

Persistent link: https://www.econbiz.de/10005125682

Sequential Estimation of Dynamic Discrete Games

Aguirregabiria, Victor; Mira, Pedro - EconWPA - 2004

This paper studies the estimation of dynamic discrete games of incomplete information. Two main econometric issues appear in the estimation of these models: the indeterminacy problem associated with the existence of multiple equilibria, and the computational burden in the solution of the game....

Persistent link: https://www.econbiz.de/10005134412

Insisting on a Non-Negative Price: Oligopoly, Uncertainty, Welfare, and Multiple Equilibria

Lagerlof, Johan - EconWPA - 2003

I study Cournot competition under incomplete information about demand while assuming that market price must be non-negative for all demand realizations. Although this assumption is very natural, it has only rarely been made in the earlier literature. Yet it has important economic consequences:...

Persistent link: https://www.econbiz.de/10005135132

Private and Public Information in Self-Fulfilling Currency Crises

Bannier, Christina E. - EconWPA - 2003

This paper analyses the implications of information dissemination on currency crises in models with self-fulfilling expectations. Following Morris/Shin (1999, 2000), we introduce noisy private and public information, so that under certain conditions for the noise parameters a unique equilibrium...

Persistent link: https://www.econbiz.de/10005408151

Human capital, fertility and growth under borrowing constraints

Papagni, Author ERasmo - EconWPA - 2002

In this paper we investigate economic growth in economies where households face liquidity constraints, and young agents rely on the family to finance their investments in education. We analyze the type of family aid in which youths can borrow because their parents guarantee the loan repayment...

Persistent link: https://www.econbiz.de/10005408246

Divergence in Economic Performance: Transitional Dynamics with Multiple Equilibria

Xie, Danyang - EconWPA - 2002

Special pairs of the utility functions and the production functions are used in this paper to uncover the transitional dynamics in a Lucas model of growth. The main findings are as follows: A continuum of equilibria exists if the external effect of human capital in goods production is...

Persistent link: https://www.econbiz.de/10005408268

Endogenous Market Thickness and Honesty : A Quality Trap Model

Bandyopadhyay, Siddhartha - EconWPA - 2004

Many emerging or transition economies lack institutional arrangements (like ISO certification) to credibly signal product quality. The absence of such institutions leads to low levels of market activity with poor quality products on sale. In this paper, we use a dynamic framework with asymmetric...

Persistent link: https://www.econbiz.de/10005412865

Fear of disruption: a model of Markov-switching regimes for the Brazilian country risk conditional volatility

Une, Maurício Yoshinori; Portugal, Marcelo Savino - EconWPA - 2005

In the literature, little role is attributed to the country risk conditional volatility in the determination of the … Brazilian country risk conditional volatility, with special emphasis on Markov switching regimes. Results indicate that the high … volatility regime periods, better identified by the latter, coincide with all the severe liquidity crisis episodes suffered by …

Persistent link: https://www.econbiz.de/10005556329

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