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Declining inflation rates might have negative consequences for tax revenues. Phenomena like the inflationary bracket … fiscal drag for OECD countries since 1965. Some considerations on the role of money illusion and indexation in this context … lay the theoretical base followed by a descriptive view on the relation between inflation, growth and tax revenues in the …
Persistent link: https://www.econbiz.de/10010297682
Die strategische Asset Allokation ist die für den langfristigen Anlageerfolg wichtigste Entscheidung eines Kapitalanlegers. Eine fundierte Entscheidung erfordert einen mehrstufigen, strukturierten Prozess. Der Anleger muss sich mit den realistischen Chancen des Kapitalmarktes und mit seinen...
Persistent link: https://www.econbiz.de/10010305678
laboratory. Third, nominalist heuristics are incompatible with expected utility theory which excludes the evaluation stage, and … are also incompatible with prospect theory which assumes that, while the evaluation stage can involve systematic mistakes … model and identify what is a mistake, and b) decision makers can maximise. However, contrary to prospect theory, in the …
Persistent link: https://www.econbiz.de/10010274186
This note shows that full price indexation is not optimal in the long-run in the New Keynesian model. Moreover, we show … that more price stickiness may increase steady state welfare, if price indexation is partial. …
Persistent link: https://www.econbiz.de/10010326095
We consider the effect of money illusion - defined referring to Stevens' ratio estimation function - on the long-run Phillips curve in an otherwise standard New Keynesian model of sticky wages. We show that if households under-perceive real economic variables, negative money...
Persistent link: https://www.econbiz.de/10010277352
keinen effektiven Schutz vor Inflation. Stattdessen zeigen Regressionsanalysen negative Korrelationen an. Ein steigendes … Inflation und der damit einhergehenden möglichen Verschlechterung der gesamtwirtschaftlichen Lage ihre Erwartungen anpassen. Ein …- und Wohnimmobilien bei steigender Inflation auch von steigenden Renditen auszugehen. Vor allem bei Wohnimmobilien ist der …
Persistent link: https://www.econbiz.de/10011633232
This paper examines a continuous-time intertemporal consumption and portfolio choice problem for an ambiguity-averse investor with multiple priors when the expected return of a risky asset is unobservable and follows a hidden Markov chain. The investor's beliefs over investment opportunities are...
Persistent link: https://www.econbiz.de/10010277894
In the experimental scenario several agents repeatedly invest in n (n2) state-specific assets. The evolutionarily stable and equilibrium (Blume and Easley, 1992) portfolio for this situation requires to distribute funds according to the constant probabilities of the various states. The different...
Persistent link: https://www.econbiz.de/10010274010
Ignoring the effects of inflation in retirement planning can have severe consequences for an individual's future … financial well‐being. Yet, many pension funds do not communicate inflation‐related information, presumably for the fear of … prediction, the provision of inflation information could increase pension contributions, because it reveals possible pension …
Persistent link: https://www.econbiz.de/10014504219
This paper estimates a common component in many price series that has an equiproportional effect on all prices. Changes in this component can be interpreted as changes in the value of the numeraire since, by definition, they leave all relative prices unchanged. The first aim of the paper is to...
Persistent link: https://www.econbiz.de/10010260598