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Which Ladder to Climb? Decomposing Life Cycle Wage Dynamics
Bayer, Christian - 2019
Wages grow and become more unequal as workers age. Economic theory focuses on worker investment in human capital …
Persistent link: https://www.econbiz.de/10012897647
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Quality of Life in a Dynamic Spatial Model
Ahlfeldt, Gabriel M.; Bald, Fabian; Roth, Duncan; … - 2021
We develop a dynamic spatial model in which heterogeneous workers are imperfectly mobile and forward-looking and yet all structural fundamentals can be inverted without assuming that the economy is in a stationary spatial equilibrium. Exploiting this novel feature of the model, we show that the...
Persistent link: https://www.econbiz.de/10013314774
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Poverty and Individual Responsibility
Piacquadio, Paolo G. - 2020
Poverty-reducing policies ought to prioritize the "deserving" poor, that is, those who do all that can be reasonably … a theory of justice accommodating norms of individual responsibility. I propose and axiomatically characterize a family … of poverty indices that address these issues. Formally, poverty is measured by the sum of specific indices of individual …
Persistent link: https://www.econbiz.de/10012838242
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When Pro-Poor Microcredit Institutions Favor Richer Borrowers - A Moral Hazard Story
Biancini, Sara; Venet, Baptiste; Ettinger, David - 2021
We suggest an explanation for the existence of “mission drift”, the tendency for Microfinance Institutions (MFIs) to lend money to wealthier borrowers rather than to the very poor. We focus on the relationship between MFIs and external funding institutions. We assume that both the MFIs and...
Persistent link: https://www.econbiz.de/10013245624
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Poverty and welfare measurement on the basis of prospect theory
Jäntti, Markus; Kanbur, Ravi; Nyyssölä, Milla; … - 2013
This paper examines the measurement of social welfare, poverty and inequality taking into account reference …-dependence, loss aversion and diminishing sensitivity - aspects emphasized in Prospect Theory - to social welfare measurement. We … differences between standard poverty and inequality measures based on observed income and measures that are calculated based on …
Persistent link: https://www.econbiz.de/10010291490
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Decomposing the Disposition Effect
Maier, Johannes; Fischer, Dominik - 2021
We theoretically show that there is a fundamental disconnect between the disposition effect, i.e., investors’ tendency to sell winning assets too early and losing assets too late, and its common empirical measure, namely a positive difference between the proportion of gains and losses...
Persistent link: https://www.econbiz.de/10013324218
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Shocks, Frictions, and Inequality in US Business Cycles
Bayer, Christian - 2020
How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiquid assets. The model enlarges the set of shocks and...
Persistent link: https://www.econbiz.de/10012841741
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Will Destination-Based Taxes Be Fully Exploited When Available? An Application to the U.S. Commodity Tax System
Agrawal, David R. - 2019
-level policies that increase tax avoidance opportunities, the results of the empirical model broadly confirm our theory …
Persistent link: https://www.econbiz.de/10012892221
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Non-Linearities and Persistence in US Long-Run Interest Rates
Caporale, Guglielmo Maria; Gil-Alana, Luis A.; … - 2021
This note examines the stochastic behaviour of US monthly 10-year government bond yields. Specifically, it estimates a fractional integration model suitable to capture both persistence and non-linearities, these being two important properties of interest rates. Two series are analysed, one from...
Persistent link: https://www.econbiz.de/10013314848
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The Short and the Long of it : Stock-Flow Matching in the US Housing Market
Smith, Eric; Xie, Zoe; Fang, Lei - 2022
This paper investigates the US housing market from just before the Great Recession onward (2006-2019) and assesses the viability of stock-flow matching in generating the observed outcomes. The paper documents that the probability a house sells declines sharply after listing for two weeks....
Persistent link: https://www.econbiz.de/10014243085