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Persistent link: https://www.econbiz.de/10009152413
This paper compares the welfare effects of anticipated and unanticipated cost-push shocks in the canonical New … anticipation of a future cost-push shock leads to a higher welfare loss than an unanticipated shock. A welfare gain from the … anticipation of a future cost shock may only occur if prices are sufficiently flexible. We analytically show that this surprising …
Persistent link: https://www.econbiz.de/10003794092
This paper compares the welfare effects of anticipated and unanticipated cost-push shocks within the canonical New … anticipation of a future cost-push shock leads to a higher welfare loss than an unanticipated shock. A welfare gain from the … anticipation of a future cost shock may only occur if prices are sufficiently flexible. We show analytically that this result holds …
Persistent link: https://www.econbiz.de/10003826605
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This paper examines the real effects of banks switching to an expected credit loss (ECL) framework under IFRS 9. I identify the cross-bank variation in the ECL transition from banks' mandatory reconciliation disclosures about the day-one impact of the accounting change. I find evidence that the...
Persistent link: https://www.econbiz.de/10012857786
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The rational expectations assumption, e.g. in life-cycle models and portfolio-choice models, prescribes agents to have model-consistent beliefs and to avoid systematic prediction errors. In reality, justi cation and identification of expectations are nontrivial. One way to solve this problem is...
Persistent link: https://www.econbiz.de/10012139064
Wage growth occurs almost exclusively in full-time work, whereas it is close to zero in part-time work. German women, when asked to predict their own potential wage outcomes, show severely biased expectations with strong over-optimism about the returns to part-time experience. We estimate a...
Persistent link: https://www.econbiz.de/10014495723
prisoner health care by installing effective anti-drug programmes would be one of the most effective measures against crime. …
Persistent link: https://www.econbiz.de/10003805645