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Some Social Welfare Implications of Behavioural Preferences

Gallice, Andrea - C.E.P.R. Discussion Papers - 2007

We investigate how the assumption that individuals are characterized by some recent forms of behavioural preferences changes the analysis of an otherwise classical welfare problem, namely the optimal allocation of a scarce resource among a finite number of claimants. We consider two preference...

Persistent link: https://www.econbiz.de/10005497756

An Analysis of Eurobonds

Beetsma, Roel; Mavromatis, Konstantinos - C.E.P.R. Discussion Papers - 2012

We analyse different forms of international debt mutualisation in a simple framework with a political distortion and (partial) default under adverse economic circumstances. One form is a debt repayment guarantee, which can be "unlimited" or "limited", i.e. only be invoked when the guarantee...

Persistent link: https://www.econbiz.de/10011083437

A Comparison of Debt and Primary-deficit Constraints

Beetsma, Roel; Ribeiro, Marcos Poplawski; Schabert, Andreas - C.E.P.R. Discussion Papers - 2008

This paper compares constraints on the public debt with constraints on the primary deficit. The analysis takes into account how an optimizing government reacts to the different constraints when deciding on a spending and borrowing plan. We find that the economy behaves similarly under both...

Persistent link: https://www.econbiz.de/10005662084

The Welfare Economics of Cooperative and Uncooperative Fiscal Policy

Buiter, Willem H.; Kletzer, Kenneth - C.E.P.R. Discussion Papers - 1990

In a competitive two-country overlapping generations model with perfect capital mobility, a plan that is individually Pareto optimal (that is Pareto optimal with respect to individual preferences) can be sustained without coordination of national fiscal policies where the fiscal arsenal is...

Persistent link: https://www.econbiz.de/10005662314

Welfare Implications of User Innovation

Henkel, Joachim; von Hippel, Eric - C.E.P.R. Discussion Papers - 2003

The literature on new goods and social welfare generally assumes that manufacturers develop innovations. But innovation by users has been found to also be an important part of innovative activity in the economy. In this Paper we explore the impact of users as a source of innovation on product...

Persistent link: https://www.econbiz.de/10005666650

Selective immigration policies, migrants' education and welfare at origin

Bertoli, Simone; Brücker, Herbert - C.E.P.R. Discussion Papers - 2011

Destination countries are progressively shifting towards selective immigration policies. These can eectively increase migrants' average education even if one allows for endogenous schooling decisions and education policies at origin. Still, more selective immigration policies reduce social...

Persistent link: https://www.econbiz.de/10008854467

The Effect of Housing on Portfolio Choice: A Reappraisal Using French Data

Fougère, Denis; Poulhes, Mathilde - C.E.P.R. Discussion Papers - 2012

Chetty and Szeidl (2012) propose to estimate the effect of housing on portfolio choice by distinguishing between the …

Persistent link: https://www.econbiz.de/10011083391

The Dynamics of Homeownership Among the 50+ in Europe

Angelini, Viola; Brugiavini, Agar; Weber, Guglielmo - C.E.P.R. Discussion Papers - 2012

We use life history data covering households in thirteen European countries to analyse residential moves past age 50. We observe four types of moves: renting to owning, owning to renting, trading up or trading down for home-owners. We find that in the younger group (aged 50-64) trading up and...

Persistent link: https://www.econbiz.de/10011084196

Money Illusion and Housing Frenzies

Brunnermeier, Markus K; Julliard, Christian - C.E.P.R. Discussion Papers - 2007

A reduction in inflation can fuel run-ups in housing prices if people suffer from money illusion. For example …

Persistent link: https://www.econbiz.de/10005067397

The Impact of Changing Demographics and Pensions on The Demand for Housing and Financial Assets

Cerny, Ales; Miles, David K; Schmidt, Lubomir - C.E.P.R. Discussion Papers - 2005

social security upon the demand for housing and the level of owner occupation is substantial. The overall structure of … generosity of state run, pay-as-you-go pensions. The interaction between social security reform and housing market conditions is … significant and suggests that any changes in pension rules will have substantial knock on effects on the housing market. …

Persistent link: https://www.econbiz.de/10005662297