Showing 1 - 10 of 101
This paper proposes a model of asset-market equilibrium with portfolio delegation and optimal fee contracts. Fund managers and investors strategically interact to determine funds' investment profiles, while they share portfolio risk through fee contracts. In equilibrium, their investment...
Persistent link: https://www.econbiz.de/10011293478
house value is higher than what the household can afford, it inevitably increases the risk for the household. The housing … policy implications is that the results could help define the maximum mortgage that may be granted to a given household and …
Persistent link: https://www.econbiz.de/10003968758
Health insurance status can change over the life cycle for exogenous reasons (e.g. Medicare for the elders, PPACA for younger agents, termination of coverage at retirement in employer-provided plans). Durability of the health capital, endogenous mortality and morbidity, as well as backward...
Persistent link: https://www.econbiz.de/10010412774
demographic characteristics, household level economic variables, and government housing policies. We present a comprehensive model … of a household's tenure choice, one that allows for the taxation of imputed rental income and capital gains, deductions … capitalization effects and households' choices of household structure, mortgage loan-to-value ratio, and wealth accumulation must be …
Persistent link: https://www.econbiz.de/10013067117
, they choose to maintain liquid savings – household working capital – not just for precautionary motives but also to support …
Persistent link: https://www.econbiz.de/10012271205
When the zero lower bound on nominal interest rate binds, monetary policy makers may lack traditional tools to stimulate aggregate demand. We investigate whether "unconventional" fiscal policy, in the form of pre-announced consumption tax changes, has the potential to meaningfully shift durables...
Persistent link: https://www.econbiz.de/10012219281
How predictable are personal income tax rates in the U.S., and does household spending respond to news about future …
Persistent link: https://www.econbiz.de/10012219292
What is the impact of positive information sharing on households’ access to credit? Exploiting a nation-wide introduction of mandatory information sharing between banks on borrowers` current exposures, we differentiate between borrowers who apply to new banks and those who reapply to banks...
Persistent link: https://www.econbiz.de/10014238103
We adapt the design of five experimental studies on retirement decision-making and conduct reproductions with a larger sample from the broader population. We reproduce most of the main effects of the original studies. In particular, we find that consumption decisions are less efficient when...
Persistent link: https://www.econbiz.de/10013491806
Annuities, long-term care insurance and reverse mortgages remain unpopular to manage longevity, medical and housing price risks after retirement. We analyze low demand using a life-cycle model structurally estimated with a unique stated-preference survey experiment of Canadian households. Low...
Persistent link: https://www.econbiz.de/10014256631