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Growth ; Sustained Consumption ; Extinction ; Risk Aversion …
Persistent link: https://www.econbiz.de/10008649291
Most empirical studies assume only monotonic preferences for households. Behavioral research however providessubstantial evidence that preferences for wealth are measured relative to a reference point. In this paper weintroduce and solve a two-period consumption and savings model for a...
Persistent link: https://www.econbiz.de/10011317449
This paper views the growth and convergence process of the four Visegrad economies - the Czech Republic, Hungary, Poland and Slovakia - through the lens of the open economy, stochastic neoclassical growth model. We use a unified framework to understand both the long-run convergence path and...
Persistent link: https://www.econbiz.de/10011686350
The macroeconomic effects on growth, investment and private sector employment of different ways of rolling back the welfare state are analysed. Cutting public spending on private goods induces a lower interest rate, a higher wage, a lower capital stock and a fall in employment. Cutting public...
Persistent link: https://www.econbiz.de/10001775081
Persistent link: https://www.econbiz.de/10001928058
Home equity is the most important part of a household portfolio, but only recently has it become more accessible through innovations in the mortgage market and financial deregulation. This study looks at the factors driving home equity withdrawal on a household level using Dutch survey data and...
Persistent link: https://www.econbiz.de/10003951793
During the Great Recession of 2007, unemployment reached nearly 10 percent and the ratio of unemployment to open positions (as measured by the Help Wanted OnLine Index) more than tripled. The weak labor market prompted an unprecedented extension in the length of time in which a claimant can...
Persistent link: https://www.econbiz.de/10010403637
Persistent link: https://www.econbiz.de/10003912220
We use micro data on young married households from the Japanese Panel Survey of Consumers in order to analyze the importance of borrowing constraints in Japan. We find (1) that 8 to 15 percent of young married Japanese households are borrowing-constrained, (2) that household assets and the...
Persistent link: https://www.econbiz.de/10003339290
In this paper we investigate the size of the consumption drop at retirement in Italy. We use micro data on food and total non-durable household spending covering the period 1993-2004, and evaluate the change in consumption that accompanies retirement by exploiting the exogenous variability in...
Persistent link: https://www.econbiz.de/10003754525