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The Subjective Inflation Expectations of Households and Firms : Measurement, Determinants, and Implications
Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - National Bureau of Economic Research - 2022
Households' and firms' subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households' and firms' economic...
Persistent link: https://www.econbiz.de/10013210074
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Cognitive Economics
Kimball, Miles S. - 2015
Welfare Economics. A key theme of Cognitive Economics is finite cognition (often misleadingly called "bounded rationality …
Persistent link: https://www.econbiz.de/10012457832
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Financial Decision-Making in Markets and Firms : A Behavioral Perspective
De Bondt, Werner F. M. - 1994
In its attempt to model financial markets and the behavior of firms, modern finance theory starts from a set of … paradigm may be criticized, however, because (1) the assumptions are descriptively false and incomplete, and (2) the theory … often lacks predictive power. One way to make progress is to characterize actual decision- making behavior. Efforts along …
Persistent link: https://www.econbiz.de/10012474142
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The Zero-Beta Interest Rate
Di Tella, Sebastian; Hébert, Benjamin; Kurlat, Pablo; … - National Bureau of Economic Research - 2023
We use equity returns to construct a time-varying measure of the interest rate that we call the zero-beta rate: the expected return of a stock portfolio orthogonal to the stochastic discount factor. The zero-beta rate is high and volatile. In contrast to safe rates, the zero-beta rate fits the...
Persistent link: https://www.econbiz.de/10014337830
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Supply and Demand and the Term Structure of Interest Rates
Greenwood, Robin; Hanson, Samuel G.; Vayanos, Dimitri - National Bureau of Economic Research - 2023
We survey the growing literature emphasizing the role that supply-and-demand forces play in shaping the term structure of interest rates. Our starting point is the Vayanos and Vila (2009, 2021) model of the term structure of default-free bond yields, which we present in both discrete and...
Persistent link: https://www.econbiz.de/10014437010
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Price Level and Inflation Dynamics in Heterogeneous Agent Economies
Kaplan, Greg; Nikolakoudis, Georgios; Violante, Giovanni L. - National Bureau of Economic Research - 2023
We study equilibria in a heterogeneous-agent incomplete-market economy with nominal government debt and flexible prices. Unlike in representative agent economies, steady-state equilibria exist when the government runs persistent deficits, provided that the level of deficits is not too large. In...
Persistent link: https://www.econbiz.de/10014322820
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Optimal Mortgage Refinancing with Inattention
Berger, David; Milbradt, Konstantin; Tourre, Fabrice; … - National Bureau of Economic Research - 2024
We build a model of optimal fixed-rate mortgage refinancing with fixed costs and inattention and derive a new sufficient statistic that can be used to measure inattention frictions from simple moments of the rate gap distribution. In the model, borrowers pay attention to rates sporadically so...
Persistent link: https://www.econbiz.de/10014544725
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The Effect of Capital Structure When Expected Agency Costs are Extreme
Harvey, Campbell R. - 2001
We provide new evidence that debt creates shareholder value for firms that face agency costs. Our tests are unique in two respects. First, we focus on a sample of firms with potentially extreme agency problems. We study emerging market firms where the routine use of pyramid ownership structures...
Persistent link: https://www.econbiz.de/10012470266
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Contractibility and Asset Ownership : On-Board Computers and Governance in U.S. Trucking
Baker, George P. - 2000
We investigate how the contractibility of actions affecting the value of an asset affects asset ownership. We examine this by testing how on-board computer (OBC) adoption affects truck ownership. We develop and test the proposition that adoption should lead to less ownership by drivers,...
Persistent link: https://www.econbiz.de/10012471133
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A Rent-Protection Theory of Corporate Ownership and Control
Bebchuk, Lucian Arye - 1999
This paper develops a rent-protection theory of corporate ownership structure - and in particular, of the choice … between concentrated and dispersed ownership of corporate shares and votes. The paper analyzes the decision of a company …'s initial owner whether to maintain a lock on control when the company goes public. This decision is shown to be very much …
Persistent link: https://www.econbiz.de/10012471585