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A Theory of Social Impact Bonds
Tortorice, Daniel L. - 2020
Social impact bonds (SIBs) are an innovative financing mechanism for public goods. In a SIB, an investor provides capital to a service provider for a social intervention. The investor receives a return based on the outcome of the intervention relative to a predetermined benchmark. We describe...
Persistent link: https://www.econbiz.de/10012829219
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The Effect of Macroeconomic Uncertainty on Household Spending
Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, … - 2021
Using a new survey of European households, we study how exogenous variation in the macroeconomic uncertainty perceived by households affects their spending decisions. We use randomized information treatments that provide different types of information about the first and/or second moments of...
Persistent link: https://www.econbiz.de/10013236401
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Financial Expectations and Household Consumption : Does Middle Inflation Matter?
Brown, Sarah - 2020
account middle-inflation overestimate the impact of financial expectations …
Persistent link: https://www.econbiz.de/10012839066
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Differences in Euro-Area Household Finances and Their Relevance for Monetary-Policy Transmission
Hintermaier, Thomas - 2019
This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life-cycle incomplete-markets model with a financial asset and...
Persistent link: https://www.econbiz.de/10012859309
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Recession and Deflation?
Blanchflower, David G.; Bryson, Alex - 2022
Central bankers are raising interest rates on the assumption that wage-push inflation may lead to stagflation. This is …
Persistent link: https://www.econbiz.de/10014242328
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School Performance, Score Inflation and Economic Geography
Battistin, Erich - 2017
We show that grading standards for primary school exams in England have triggered an inflation of quality indicators in … inflation resulting from discretion in the grading of randomly assigned external markers. We find large housing price gains from … the school quality improvements artificially signaled by inflation as well as lower deprivation and more businesses …
Persistent link: https://www.econbiz.de/10012942088
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Private Information, Human Capital, andOptimal “Home Bias” in Financial Markets
Ehrlich, Isaac; Shin, Jong Kook; Yin, Yong - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2011
By allowing for imperfectly informed markets and the role of private information, we offer newinsights about observed deviations of portfolio concentrations in domestic relative to foreignrisky assets, or “home bias”, from what standard finance models predict. Our model ascribesthe...
Persistent link: https://www.econbiz.de/10009522205
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Explaining the Favorite-Longshot Bias : Is it Risk-Love or Misperceptions?
Snowberg, Erik C. - 2011
The favorite-longshot bias describes the longstanding empirical regularity that betting odds provide biased estimates of the probability of a horse winning - longshots are overbet, while favorites are underbet. Neoclassical explanations of this phenomenon focus on rational gamblers who overbet...
Persistent link: https://www.econbiz.de/10013133624
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League-Table Incentives and Price Bubbles in Experimental Asset Markets
Cheung, Stephen L. - 2011
We study experimental markets in which participants face incentives modeled upon those prevailing in markets for managed funds. Each participant's portfolio is periodically evaluated at market value and ranked in a league table according to short-term paper returns. Those who rank highly attract...
Persistent link: https://www.econbiz.de/10013124787
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To See is to Believe : Common Expectations in Experimental Asset Markets
Cheung, Stephen L. - 2012
We challenge the recent claim that mispricing in the experimental asset markets introduced by Smith, Suchanek, and Williams (1988) is merely an artefact of confusion over declining fundamental value, and can be eliminated through appropriate training. We instead propose that when training is...
Persistent link: https://www.econbiz.de/10013099096