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Sudden Flight and True Sudden Stops
Rothenberg, Alexander D. - 2010
We extend the sudden stops literature by allowing crisis episodes to be caused by either the retreat of global investors, as is assumed but not shown in the extant literature, or the sudden flight of local investors. We find that almost half of the previously defined sudden stops are actually...
Persistent link: https://www.econbiz.de/10012760514
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Land Prices and Business Fixed Investments in Japan
Kiyotaki, Nobuhiro; West, Kenneth D. - 2021
investment. We develop a model that includes land in the production function. We show that in this model movements in land prices … between land and capital is greater than one. We then estimate an aggregate investment function. Consistent with an elasticity … movements in land prices explain relatively little of the movement in the business fixed investment. In addition to possibly …
Persistent link: https://www.econbiz.de/10013231865
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How Collateral Laws Shape Lending and Sectoral Activity
Calomiris, Charles W. - 2016
We demonstrate the central importance of creditors' ability to use “movable” assets as collateral (as distinct from “immovable” real estate) when borrowing from banks. Using a unique cross-country micro-level loan dataset containing loan-to-value ratios for different assets, we find that...
Persistent link: https://www.econbiz.de/10013000520
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Portfolio Choice in Retirement : Health Risk and the Demand for Annuities, Housing, and Risky Assets
Yogo, Motohiro - 2010
In a life-cycle model, a retiree faces stochastic health depreciation and chooses consumption, health expenditure, and the allocation of wealth between bonds, stocks, and housing. The model explains key facts about asset allocation and health expenditure across health status and age. The...
Persistent link: https://www.econbiz.de/10013150983
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Baby Boomer Retirement Security : The Roles of Planning, Financial Literacy, and Housing Wealth
Lusardi, Annamaria - 2007
We compare wealth holdings across two cohorts of the Health and Retirement Study: the early Baby Boomers in 2004, and individuals in the same age group in 1992. Levels and patterns of total net worth have changed relatively little over time, though Boomers rely more on housing equity than their...
Persistent link: https://www.econbiz.de/10012778261
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The Total Risk Premium Puzzle
Jordà, Òscar - 2019
The risk premium puzzle is worse than you think. Using a new database for the U.S. and 15 other advanced economies from 1870 to the present that includes housing as well as equity returns (to capture the full risky capital portfolio of the representative agent), standard calculations using...
Persistent link: https://www.econbiz.de/10012890480
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Age-Based Property Tax Exemptions
Banzhaf, H. Spencer - 2019
Many local jurisdictions offer property tax exemptions or similar concessions to older citizens. Such exemptions represent substantial intergenerational transfers and may have important implications for local public finances. The consequences of age-based property tax exemptions depend upon the...
Persistent link: https://www.econbiz.de/10012894430
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When Real Estate is the Only Game in Town
Choi, Hyun-Soo - 2014
publicly traded firms headquartered there are more likely to own an investment home nearby. Households in these areas are also …
Persistent link: https://www.econbiz.de/10013060699
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Housing Supply and Housing Bubbles
Glaeser, Edward L. - 2015
Like many other assets, housing prices are quite volatile relative to observable changes in fundamentals. If we are going to understand boom-bust housing cycles, we must incorporate housing supply. In this paper, we present a simple model of housing bubbles that predicts that places with more...
Persistent link: https://www.econbiz.de/10012750145
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Net Worth and Housing Equity in Retirement
Sinai, Todd M. - 2012
This paper documents the trends in the life-cycle profiles of net worth and housing equity between 1983 and 2004. The net worth of older households significantly increased during the housing boom of recent years. However, net worth grew by more than housing equity, in part because other assets...
Persistent link: https://www.econbiz.de/10012755273