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Debt-Deflation: Concepts, and a Stylised Model

Peter, Goetz von - EconWPA - 2005

This paper proposes a model of how agents adjust their asset holdings in response to losses in general equilibrium. By emphasising the relation between deflation and financial distress, we capture some original features of the early debt-deflation literature, such as distress selling,...

Persistent link: https://www.econbiz.de/10005126279

Dynamic Adjustment of Corporate Leverage: Is there a lesson to learn from the Recent Asian Crisis?

Driffield, Nigel; Mahambare, Vidya; Pal, Sarmistha - EconWPA - 2005

excess leverage and excess capital stock and also reveal signs of corporate inertia. This inertia has been evident not only …

Persistent link: https://www.econbiz.de/10005076955

A Short Review of the Long History of Turkish High Inflation

Kibritcioglu, Aykut - EconWPA - 2004

After experiencing high and persistent inflation for more than two decades, Turkey is entering a period of single-digit inflation again. Following a summary of the macroeconomic developments occurred since early 1970s, this paper attempts to survey the empirical literature both on the dynamics...

Persistent link: https://www.econbiz.de/10005561273

"Asynchronous Choice in Repeated Coordination Games"

Lagunoff, Roger; Matsui, Akihiko - EconWPA - 1997

repeated games if a full dimensionality condition holds. A critical feature of the model is the inertia in decisions. We show … how the inertia in asynchronous decisions determines the set of equilibrium payoffs. …

Persistent link: https://www.econbiz.de/10005118607

An Intensity Based Non-Parametric Default Model for Residential Mortgage Portfolios

Giorgi, Enrico De - EconWPA - 2002

In April 2001 Swiss banks held over CHF 500 billion in mortgages. This important segment accounts for about 63\% of all … the loan portfolios of Swiss banks. In this paper we restrict our attention to residential mortgages held by private …

Persistent link: https://www.econbiz.de/10005126112

First Home Ownership

Commission, Productivity - EconWPA - 2004

The terms of reference for the inquiry on First Home Ownership asked the Commission to evaluate the affordability and availability of housing for first home buyers. The Commission’s preliminary findings were released for public comment in December. In its final assessment, the Commission...

Persistent link: https://www.econbiz.de/10005118887

Why is Wealth Inequality Rising?

Smith, James P. - EconWPA - 2004

years. A very sharp rise in the inequality in household wealth has taken place at least since the mid-1980s. I first examine … have contributed to the recent secular decline in household savings. Throughout, this research relies on two longitudinal … surveys that have pioneered the incorporation of household wealth modules into multipurpose social science surveys: the Panel …

Persistent link: https://www.econbiz.de/10005412809

Reconciling Conflicting Evidence on the Elasticity of Intertemporal Substitution: A Macroeconomic Perspective

Guvenen, Fatih - EconWPA - 2005

In this paper we reconcile two opposing views about the elasticity of intertemporal substitution in consumption (EIS). Empirical studies using aggregate consumption data typically find that the EIS is close to zero (Hall, 1988). Calibrated models designed to match growth and fluctuations facts...

Persistent link: https://www.econbiz.de/10005561340

Inequality, Growth, and Overtaking

Sugimoto, Yoshiaki - EconWPA - 2003

This research develops a theory about the role of inequality in the overtaking of growth performance across countries. The theory captures two opposing effects of inequality on factor accumulation and suggests that the qualitative change in their combined effect is a prime cause of overtaking....

Persistent link: https://www.econbiz.de/10005407627

Wealth Heterogeneity and Escape from the Poverty-Environment Trap

Ikefuji, Masako; Horii, Ryo - EconWPA - 2005

A mutual link between poverty and environmental degradation is examined in an overlapping generations model with environmental externality, human capital, and credit constraints. Environmental quality affects labor productivity and thus wealth dynamics, whereas wealth distribution determines the...

Persistent link: https://www.econbiz.de/10005407670