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Does consumption decline at retirement? : evidence from repeated cross-section data for Germany

Beznoska, Martin; Steiner, Viktor - 2012

The life-cycle hypothesis implies that consumption would not decline at retirement. However, several studies found relevant declines in food consumption after retirement for the United States. Others concluded that this contradiction of the life-cycle hypothesis is solved by allowing for broader...

Persistent link: https://www.econbiz.de/10009579313

Household savings decision and income uncertainty

Beznoska, Martin; Ochmann, Richard - 2010

uncertainty on households' consumption-savings decision. Applying a structural demand model to German survey data, we estimate the … uncompensated interest rate elasticity for savings, in line with the literature, to around zero. Accordingly, any policy …-induced variation of net returns to savings is expected to have no significant effects on the level of savings. Moreover, we find …

Persistent link: https://www.econbiz.de/10009261306

Liquidity constraints and the permanent income hypothesis : pseudo panel estimation with German consumption survey data

Beznoska, Martin; Ochmann, Richard R. - 2012

This paper empirically investigates the relevance of liquidity constraints and excess sensitivity in intertemporal household consumption. Using a pseudo panel that has been constructed on rich German consumption survey data, we estimate the consumption responses to permanent and transitory...

Persistent link: https://www.econbiz.de/10009579365

The forward premium puzzle and latent factors day by day

Bernoth, Kerstin; Hagen, Jürgen von; Vries, Casper G. de - 2010

We use futures instead of forward rates to study the complete maturity spectrum of the forward premium puzzle from two days to six months. At short maturities the slope coefficient is positive, but these turn negative as the maturity increases to the monthly level. Futures data allow us to...

Persistent link: https://www.econbiz.de/10003949496

Drivers of private equity investment in CEE and Western European countries

Bernoth, Kerstin; Colavecchio, Roberta; Sass, Magdolna - 2010

A strong private equity market is a cornerstone for commercialization and innovation in modern economies. However, substantial differences exist in the relative amounts raised and invested in private equity across European countries. We investigate the macro-determinants of private equity...

Persistent link: https://www.econbiz.de/10003962276

The incidence of the European Union Emissions Trading System and the role of revenue recycling : empirical evidence from combined industry- and household-level data

Beznoska, Martin; Cludius, Johanna; Steiner, Viktor - 2012

We calculate the expected incidence of the European Union Emissions Trading System (EU-ETS) using industry and household-level data. By combining data on direct CO2 emissions by production sector from the German Environmental Account with the German Input-Output Accounts, we calculate the CO2...

Persistent link: https://www.econbiz.de/10009579351

Estimating a consumer demand system of energy, mobility and leisure : a microdata approach for Germany

Beznoska, Martin - 2014

This paper investigates empirically the consumer demand of environmentally relevant goods for Germany, as well as their relationship to the demand for leisure. Higher prices for energy goods like gas, electricity or fuel oil due to higher indirect taxation amongst others may have serious welfare...

Persistent link: https://www.econbiz.de/10010339053

Monetary policy and mispricing in stock markets

Beckers, Benjamin; Bernoth, Kerstin - 2016

This paper investigates whether central banks can attenuate excessive mispricing in stocks as suggested by the proponents of a \leaning against the wind" (LATW) monetary policy. For this, we decompose stock prices into a fundamental component, a risk premium, and a mispricing component. We argue...

Persistent link: https://www.econbiz.de/10011526074

Sovereign bond yield spreads : a time-varying coefficient approach

Bernoth, Kerstin; Erdogan, Burcu - 2010

We study the determinants of sovereign bond yield spreads across 10 EMU countries between Q1/1999 and Q1/2010. We apply a semiparametric time-varying coefficient model to identify, to what extent an observed change in the yield spread is due to a shift in macroeconomic fundamentals or due to...

Persistent link: https://www.econbiz.de/10009272613

Estimating a latent risk premium in exchange rate futures

Bernoth, Kerstin; Hagen, Jürgen von; Vries, Casper G. de - 2018

Using exchange rates futures instead of forwards completes the maturity spectrum of the correlation between the spot return and the premium. The correlation decreases with increasing maturity, presumably due to a latent risk premium. We hypothesize that the influence of the unobserved risk...

Persistent link: https://www.econbiz.de/10011843349