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Income Inequality, Mobility and the Accumulation of Capital
Garcia-Peñalosa, Cecilia; Turnovsky, Stephen - CESifo - 2013
We examine the determinants of income mobility and inequality in a Ramsey model with elastic labor supply and … relationship between mobility and inequality is complex. For example, a reduction in the interest rate and an increase in the wage … rate reduce capital income inequality and allow upward mobility of the ability-rich. However, the increase in the labor …
Persistent link: https://www.econbiz.de/10010732346
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Well-being Inequality and Reference Groups - An Agenda for New Research
Praag, Bernard M.S. Van - CESifo - 2010
It is argued that the concept of well –being inequality cannot be properly defined without taking the referencing … happiness inequality in happiness studies.We plead for an extension of the present happiness paradigm by setting up a new …
Persistent link: https://www.econbiz.de/10008533999
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Labor Market Policies and European Crises
Bertola, Giuseppe - CESifo - 2013
This paper studies theoretically and empirically why and how labor policies may reduce productivity and employment in order to stabilize labor incomes and redistribute resources. It proposes a specific stylized model where the tradeoffs facing labor policies are influenced by structural factors,...
Persistent link: https://www.econbiz.de/10010706002
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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
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Generalized Propensity Scores for Multiple Continuous Treatment Variables
Egger, Peter H. - 2013
This paper illustrates that the generalized propensity score method can easily be applied with multiple continuous endogenous treatment variables. Consistency proofs carry over straightforwardly to this general case, and the approach is shown to work well in finite samples with various...
Persistent link: https://www.econbiz.de/10013087726
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Leveraged Bubbles
Jorda, Oscar - 2015
What risks do asset price bubbles pose for the economy? This paper studies bubbles in housing and equity markets in 17 countries over the past 140 years. History shows that not all bubbles are alike. Some have enormous costs for the economy, while others blow over. We demonstrate that what makes...
Persistent link: https://www.econbiz.de/10013014986
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Hybrid Historical Simulation VaR and ES : Performance in Developed and Emerging Markets
Zikovic, Sasa - 2009
We introduce a new hybrid approach to joint estimation of Value at Risk (VaR) and Expected Shortfall (ES) for high quantiles of return distributions. We investigate the relative performance of VaR and ES models using daily returns for sixteen stock market indices (eight from developed and eight...
Persistent link: https://www.econbiz.de/10013155427
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Margins of Multinational Labor Substitution
Muendler, Marc-Andreas - 2008
Multinational labor demand responds to wage differentials at the extensive margin, when a multinational enterprise (MNE) expands into foreign locations, and at the intensive margin, when an MNE operates existing affiliates across locations. We derive conditions for parametric and nonparametric...
Persistent link: https://www.econbiz.de/10012774187
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Die Another Day : Duration in German Import Trade
Nitsch, Volker - 2007
International trade patterns at the product level are surprisingly dynamic. The majority of trade relationships exist for just a few, often only one to three, years. In this paper, I examine empirically the duration in German import trade at the 8-digit product level from 1995 to 2005. I find...
Persistent link: https://www.econbiz.de/10012776021
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Dissecting Characteristics Nonparametrically
Freyberger, Joachim - 2017
We propose a nonparametric method to test which characteristics provide independent information for the cross section of expected returns. We use the adaptive group LASSO to select characteristics and to estimate how they affect expected returns nonparametrically. Our method can handle a large...
Persistent link: https://www.econbiz.de/10012958874