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Is Home Bias in Assets Related to Home Bias in Goods?
van Wincoop, Eric - 2010
Obstfeld and Rogoff (2000) have reinvigorated an old literature on the link between home bias in the goods market and … home bias in the asset market by arguing that trade costs in the goods market can account for the observed portfolio home … the implied home bias are close to zero, casting significant doubt on a meaningful link between home bias in the goods and …
Persistent link: https://www.econbiz.de/10012760513
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International Financial Integration and Crisis Contagion
Devereux, Michael B. - 2014
International financial integration helps to diversify risk but also may increase the trans- mission of crises across countries. We provide a quantitative analysis of this trade-off in a two-country general equilibrium model with endogenous portfolio choice and collateral con- straints....
Persistent link: https://www.econbiz.de/10013046603
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What Determines End-of-Life Assets? a Retrospective View
Poterba, James M. - 2015
We consider assets when individuals were last observed prior to death in the Health and Retirement Study (HRS) and trace assets backwards to the age when these individuals were first observed. For most individuals, assets in the last year observed (LYO) were very similar to assets in the first...
Persistent link: https://www.econbiz.de/10013012608
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Demand Estimation Under Incomplete Product Availability
Conlon, Christopher T. - 2010
Incomplete product availability is an important feature of many markets; ignoring changes in availability may bias demand estimates. We study a new dataset from a wireless inventory system installed on 54 vending machines to track product availability every four hours. The data allow us to...
Persistent link: https://www.econbiz.de/10012758419
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Adjudication as a Private Good
Landes, William M.; Posner, Richard A. - 2021
theory of law, our finding that the public courts do not automatically generate efficient rules is disappointing, since it … strongly influenced by economic considerations and explicable in economic terms, is evidence that economic theory has a major …
Persistent link: https://www.econbiz.de/10013238728
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Differences of Opinion and International Equity Markets
Dumas, Bernard - 2011
We develop an international financial market model in which domestic and foreign residents differ in their beliefs about the information content in public signals. We determine how informational advantages by domestic investors in the interpretation of home public signals impact equity markets....
Persistent link: https://www.econbiz.de/10013130709
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When Bonds Matter : Home Bias in Goods and Assets
Coeurdacier, Nicolas - 2011
the model for G-7 countries and find strong empirical support for the theory. We are able to account for a significant …
Persistent link: https://www.econbiz.de/10013118846
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Sovereign Debt Markets in Turbulent Times : Creditor Discrimination and Crowding-Out Effects
Broner, Fernando - 2013
In 2007, countries in the euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and,...
Persistent link: https://www.econbiz.de/10013072346
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The International Diversification Puzzle is Not as Bad as You Think
Heathcote, Jonathan - 2007
against non-diversifiable labor income risk. We then use our our theory to link openness to trade to the level of …
Persistent link: https://www.econbiz.de/10012775835
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International Portfolio Allocation Under Model Uncertainty
Benigno, Pierpaolo - 2010
This paper proposes an explanation of the international home bias in equity based on ambiguity aversion. Doubts imply an additional hedging motif driven by the interaction between real exchange rate risk and ambiguity aversion. What matters is the long-run as opposed to the short-run risk....
Persistent link: https://www.econbiz.de/10012757854