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Bier, Monika; Engelage, Daniel - 2010

We consider long-run behavior of agents assessing risk in terms of dynamic convex risk measures or, equivalently, utility in terms of dynamic variational preferences in an uncertain setting. By virtue of a robust representation, we show that all uncertainty is revealed in the limit and agents...

Persistent link: https://www.econbiz.de/10009452571

Characterization of time-consistent sets of measures in finite trees

Bier, Monika - 2010

In this paper we give an alternative characterization for time-consistent sets of measures in a discrete setting. For each measure \mathbb{P} in a time-consistent set \mathcal{P} we get a distinct set of predictable processes which in return decribe the \mathbb{P} uniquely. This implies we get a...

Persistent link: https://www.econbiz.de/10009452573

Economic uncertainty and divisive politics: evidence from the "dos Españas"

García-Uribe, Sandra; Mueller, Hannes; Sanz, Carlos

Este artículo utiliza las hemerotecas de dos periódicos para estimar el índice de incertidumbre sobre las políticas económicas —Economic Policy Uncertainty (EPU)—en España en 1905-1945, un período de gran polarización política. Encontramos que el estallido de la Guerra Civil en 1936...

Persistent link: https://www.econbiz.de/10012525467

The information content of conflict, social unrest and policy uncertainty measures for macroeconomic forecasting

Diakonova, Marina; Molina Sánchez, Luis; Mueller, Hannes; …

El hecho de que los episodios de disturbios y conflictos sociales, tensiones políticas e incertidumbre sobre las políticas económicas afectan a la evolución de la economía es comúnmente aceptado en Economía. Sin embargo, la dimensión en tiempo real de tales interacciones no ha sido tan...

Persistent link: https://www.econbiz.de/10013394586

The economic impact of conflict-related and policy uncertainty shocks: the case of Russia

Diakonova, Marina; Ghirelli, Corinna; Molina Sánchez, Luis

En el presente artículo se muestra como la incertidumbre política y las variables que miden el conflicto impactan sobre la actividad económica en Rusia (y en concreto sobre el PIB). Para ello se utilizan diversos indicadores que miden el conflicto, referidos a aspectos específicos de este...

Persistent link: https://www.econbiz.de/10013458112

Medicaid Crowd-Out of Long-Term Care Insurance with Endogenous Medicaid Enrollment

Kim, Geena - 2010

With states facing tightening Medicaid budgets, the high cost of financing long-term care for the elderly through Medicaid has prompted proposals to make private long-term care insurance (LTCI) more affordable through tax incentives. The effectiveness of tax incentives for stimulating LTCI...

Persistent link: https://www.econbiz.de/10009439040

Solving the Feldstein–Horioka Puzzle With Financial Frictions

Bai, Yan; Zhang, Jing - 2010

Unlike the prediction of a frictionless open economy model, long-term average savings and investment rates are highly … that the calibrated model with both frictions produces a savings–investment correlation and a volume of capital flows close …

Persistent link: https://www.econbiz.de/10009476626

The Response of Consumption in Russian Households to Economic Shocks

Stillman, Steven - 2001

changes in household savings are negatively related to exogenous income shocks, with this relationship strongest for low … wealth households. Only models of consumption which include precautionary savings motives can explain why poorer households … both reduce their consumption and increase their savings in response to an exogenous decline in income. …

Persistent link: https://www.econbiz.de/10009477527

The effects of the introduction of tax incentives on retirement savings

Ayuso Huertas, Juan; Jimeno Serrano, Juan F.; … - 2007

examine the incidence of the introduction in 1988 of tax incentives to retirement savings on contributions to pension funds … and on savings. We first identify the population cohorts who most used these incentives. Then we use data on the evolution …

Persistent link: https://www.econbiz.de/10012530176

Substituting Corporate Saving for Personal Saving: An Explanation for Falling Personal Saving Rates

Barney, L. Dwayne; Schooley, Diane K.; White, Harry - 2009

Purpose – The purpose of this paper is to test the hypothesis that savers may be substituting equity capital gains from stockholdings for traditional measures of personal saving. The analysis also aims to investigate dividend yield (DY) as a signal to investors about corporate saving rates...

Persistent link: https://www.econbiz.de/10009431834