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Bracke, Philippe; Hilber, Christian; Silva, Olmo - London School of Economics (LSE) - 2012

after entering homeownership. The negative link can be rationalized by portfolio considerations: leveraged housing …

Persistent link: https://www.econbiz.de/10011126138

A reconciliation of two alternative approaches towards buffer stock saving

Michaelides, Alexander - London School of Economics (LSE) - 2003

This paper shows that the two main models in the buffer stock saving literature can be nested in a model that varies the level of available social insurance. Equivalently, the assumption about the time series process for labor income (and social insurance during unemployment) is crucial in...

Persistent link: https://www.econbiz.de/10010745934

House prices and rents: micro evidence from a matched dataset in Central London

Bracke, Philippe - London School of Economics (LSE) - 2013

Using the proprietary dataset of a real estate agency, I analyse tens of thousands of housing sale and rental …

Persistent link: https://www.econbiz.de/10010744927

Immigration and the access to social housing in the UK

Battiston, Diego; Dickens, Richard; Manning, Alan; … - London School of Economics (LSE) - 2014

This paper investigates the impact of immigration on the probability of being in social housing in the UK. In recent … years immigrant households are slightly more likely than natives to be in social housing but once one controls for relevant … household characteristics immigrants are significantly less likely to be in social housing than natives. However, there has been …

Persistent link: https://www.econbiz.de/10011126582

Portfolio choice with internal habit formation : a life-cycle model with uninsurable labor income risk

Gomes, Francisco J.; Michaelides, Alexander - London School of Economics (LSE) - 2003

Motivated by the success of internal habit formation preferences in explaining asset pricing puzzles, we introduce these preferences in a life-cycle model of consumption and portfolio choice with liquidity constraints, undiversifiable labor income risk and stock-market participation costs. In...

Persistent link: https://www.econbiz.de/10010928771

Asset pricing with limited risk sharing and heterogeneous agents

Gomes, Francisco; Michaelides, Alexander - London School of Economics (LSE) - 2005

We solve a model with incomplete markets and heterogeneous agents that generates a large equity premium, while simultaneously matching stock market participation and individual asset holdings. The high risk premium is driven by incomplete risk sharing among stockholders, which results from the...

Persistent link: https://www.econbiz.de/10010744865

Rare events and annuity market participation

Lopes, Paula; Michaelides, Alexander - London School of Economics (LSE) - 2005

We investigate whether a rare event (like the default of the annuity provider) can explain the annuity market participation puzzle. High risk aversion is needed to change behavior in the presence of such a disastrous shock but higher risk aversion also makes annuities more valuable. Therefore,...

Persistent link: https://www.econbiz.de/10010745400

Aggregate implications of defined benefit and defined contribution systems

Gomes, Francisco; Michaelides, Alexander - London School of Economics (LSE) - 2003

We use a general equilibrium life-cycle model with incomplete markets and heterogeneous agents to evaluate the macroeconomic and welfare implications of Defined Benefit (DB) versus Defined Contribution (DC) systems, and to investigate the effects of incremental reform within a particular system....

Persistent link: https://www.econbiz.de/10010746402

How deep is the annuity market participation puzzle?

Inkmann, Joachim; Lopes, Paula; Michaelides, Alexander - London School of Economics (LSE) - 2007

Using U.K. microeconomic data, we analyze the empirical determinants of voluntary annuity market demand. We find that annuity market participation increases with financial wealth, life expectancy and education and decreases with other pension income and a possible bequest motive for surviving...

Persistent link: https://www.econbiz.de/10011071216