Auflistung LIF-SAFE Working Papers nach JEL-Klassifizierung "E21"
Anzeige der Dokumente 1-15 von 15
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A Life-Cycle Model with Ambiguous Survival Beliefs
(2015-10-02)Based on a cognitive notion of neo-additive capacities reflecting likelihood insensitivity with respect to survival chances, we construct a Choquet Bayesian learning model over the life-cycle that generates a motivational ... -
Aggregate and Distributional Effects of Increasing Taxes on Top Income Earners
(2015-07-13)We analyze the macroeconomic implications of increasing the top marginal income tax rate using a dynamic general equilibrium framework with heterogeneous agents and a fiscal structure resembling the actual U.S. tax system. ... -
Austerity, Fiscal Uncertainty, and Economic Growth: Insights from Fiscally Weak EU Countries
(2014-08-08)Recent empirical evidence suggests that during the last years fiscally weak European countries significantly cut their R&D budgets in an effort to reduce their deficit, according to the spirit of the Fiscal Compact. We ... -
Banks’ financial distress, lending supply and consumption expenditure
(2014-02-01)We employ a unique identification strategy linking survey data on household consumption expenditure to bank-level data to estimate the effects of bank financial distress on consumer credit and consumption expenditures. We ... -
Did Consumers Want Less Debt? Consumer Credit Demand versus Supply in the Wake of the 2008-2009 Financial Crisis
(2014-01-01)We explore the sources of household balance sheet adjustment following the collapse of the housing market in 2006. First, we use microdata from the Federal Reserve Board’s Senior Loan Officer Opinion Survey to document ... -
Does Product Familiarity Matter for Participation?
(2015-05-19)"Household access to financial products is often conditioned on previous use. However, banning access when learning is possible may be discriminatory or counterproductive. The ""experiment"" of German reunification ... -
Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods
(2016-04-18)This paper investigates extensions of the method of endogenous gridpoints (ENDGM) introduced by Carroll (2006) to higher dimensions with more than one continuous endogenous state variable. We compare three different ... -
Explaining Intra-Monthly Consumption Patterns: The Timing of Income or the Timing of Consumption Commitments?
(2018-11-01)A number of recent studies have concluded that consumer spending patterns over the month are closely linked to the timing of income receipt. This correlation is interpreted as evidence of hyperbolic discounting. I re-examine ... -
Household Debt and Social Interactions
(2013-12-06)Can concern with relative standing, which has been shown to influence consumption and labor supply, also increase borrowing and the likelihood of financial distress? We find that perceived peer income contributes to debt ... -
Housing Habits and Their Implications for Life-Cycle Consumption and Investment
(2017-01-26)We solve a rich life-cycle model of household decisions involving consumption of perishable goods and housing services, habit formation for housing consumption, stochastic labor income, stochastic house prices, home renting ... -
Incompatible European Partners? Cultural Predispositions and Household Financial Behavior
(2015-01-27)The Eurozone fiscal crisis has created pressure for institutional harmonization, but skeptics argue that cultural predispositions can prevent convergence in behavior. Our paper derives a robust cultural classification of ... -
International Capital Markets with Time-Varying Preferences
(2017-08-02)We propose a 2-country asset-pricing model where agents' preferences change endogenously as a function of the popularity of internationally traded goods. We determine the effect of the time-variation of preferences on ... -
Optimal Taxes on Capital in the OLG Model with Uninsurable Idiosyncratic Income Risk
(2018-02-09)We characterize the optimal linear tax on capital in an Overlapping Generations model with two period lived households facing uninsurable idiosyncratic labor income risk. The Ramsey government internalizes the general ... -
The Impact of Biases in Survival Beliefs on Savings Behavior
(2017-03-24)"On average young people ""undersave"" whereas old people ""oversave"" with respect to the rational expectations model of life-cycle consumption and savings. According to numerous studies on subjective survival beliefs, ... -
When Should Retirees Tap Their Home Equity?
(2020-10-28)This paper studies a household’s optimal demand for a reverse mortgage. These contracts allow homeowners to tap their home equity to finance consumption needs. In stylized frameworks, we show that the decision to enter a ...