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Macroeconomic experiences and risk taking of euro area households
Ampudia, Miguel; Ehrmann, Michael - 2014
effects stemming from the experience of extreme stock market downturns. Households in countries that witnessed a particularly … severe 2008 stock market crash give substantially more weight to the most recent experience, suggesting that in these …
Persistent link: https://www.econbiz.de/10011605697
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Risk-sharing or risk-taking? Counterparty risk, incentives and margins
Biais, Bruno; Heider, Florian; Hoerova, Marie - 2012
We analyze optimal hedging contracts and show that although hedging aims at sharing risk, it can lead to more risk-taking. News implying that a hedge is likely to be loss-making undermines the risk-prevention incentives of the protection seller. This incentive problem limits the capacity to...
Persistent link: https://www.econbiz.de/10011605458
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A stochastic forward-looking model to assess the profitability and solvency of European insurers
Berdin, Elia; Kok, Christoffer; Pancaro, Cosimo - 2017
solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company encompassing both life and … non-life business and we calibrate it using country level data to make it representative of the major euro area insurance …
Persistent link: https://www.econbiz.de/10011667212
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Investor-driven corporate finance: Evidence from insurance markets
Kubitza, Christian - 2023
granular data on the bond transactions of U.S. insurance companies. Liquidity inflows from insurance premiums combined with …
Persistent link: https://www.econbiz.de/10014374692
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A Stochastic Forward-Looking Model to Assess the Profitability and Solvency of European Insurers
Berdin, Elia - 2017
solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company encompassing both life and … non-life business and we calibrate it using country level data to make it representative of the major euro area insurance …
Persistent link: https://www.econbiz.de/10012961958
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Insurers’ Investment Strategies : Pro- or Countercyclical?
Fache Rousová, Linda; Giuzio, Margherita - 2021
Traditionally, insurers are seen as stabilisers of financial markets that act countercyclically by buying assets whose price falls. Recent studies challenge this view by providing empirical evidence of procyclicality. This paper sheds new light on the underlying reasons for these opposing views....
Persistent link: https://www.econbiz.de/10013315359
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Macroeconomic Experiences and Risk Taking of Euro Area Households
Ampudia, Miguel - 2014
effects stemming from the experience of extreme stock market downturns. Households in countries that witnessed a particularly … severe 2008 stock market crash give substantially more weight to the most recent experience, suggesting that in these …
Persistent link: https://www.econbiz.de/10013058238
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The decline of activist stabilization policy: natural rate misperceptions, learning, and expectations
Orphanides, Athanasios; Williams, John C. - 2004
, learning from the experience of the 1970s, eschewed activist policies in favor of policies that concentrated on the achievement …
Persistent link: https://www.econbiz.de/10011604383
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Near-rational exuberance
Bullard, James; Evans, George W.; Honkapohja, Seppo - 2005
We study how the use of judgement or “add-factors” in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in standard macroeconomic...
Persistent link: https://www.econbiz.de/10011604601
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Robustifying learnability
Tetlow, Robert J.; von zur Muehlen, Peter - 2006
certain features of monetary policy rules that facilitate learning. However a treatment of policy design for learnability in … worlds where agents have potentially misspecified their learning models has yet to surface. This paper provides such a … understanding of the workings of the economy and that their learning the reduced forms of the economy is subject to potentially …
Persistent link: https://www.econbiz.de/10011604639