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Persistent link: https://www.econbiz.de/10009724306
This paper examines what determines the correlation between prices and turnover in European housing markets. Using a panel vector autoregressive model, we find that there is a particularly strong feedback mechanism between prices and turnover. Momentum effects are another important reason why...
Persistent link: https://www.econbiz.de/10011441590
two-period consumption and savings model for a loss-averse agent who measures utilityfrom consumption relative to a … on the sign of the real return on savings. The amount of saving is nondecreasing in initial wealth and the riskiness of …
Persistent link: https://www.econbiz.de/10011317449
Persistent link: https://www.econbiz.de/10001606689
over time. In our theory, repo market fragilities are associated with endogenous fluctuations in trade probabilities …
Persistent link: https://www.econbiz.de/10011980002
that theory predicts an inversion when consumers are either risk or loss averse. In those cases, an increase in price …
Persistent link: https://www.econbiz.de/10011520488
-down" model of executive optimization. Others, like salience theory, assume a "bottom-up" influence where attention is driven by … aversion. We discuss the insights regarding the nature of attention and its role in economic theory. …
Persistent link: https://www.econbiz.de/10012510861
This paper focuses on the role of habit formation in individual preferencesover consumption and saving. We closely relate to Alessie and Lusardi's(1997) model as we estimate a model which is based on their closed-formsolution, where saving is expressed as a function of lagged saving and...
Persistent link: https://www.econbiz.de/10011327546
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consumption models, including a numerically solved precautionary savings model. We find that inter-country differences are …
Persistent link: https://www.econbiz.de/10011373833