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Consumption, Wealth, Stock and Housing Returns: Evidence from Emerging Markets
Caporale, Guglielmo Maria; Sousa, Ricardo M. - CESifo - 2011
In this paper, we show, using the consumer’s budget constraint, that the residuals of the trend relationship among consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for a panel of 31 emerging economies and find that,...
Persistent link: https://www.econbiz.de/10009325810
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Are Stock and Housing Returns Complements or Substitutes? Evidence from OECD Countries
Caporale, Guglielmo Maria; Sousa, Ricardo M. - CESifo - 2011
In this paper we use a representative consumer model to analyse the equilibrium relation between the transitory deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for both stock returns and housing returns. The evidence...
Persistent link: https://www.econbiz.de/10009352230
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Risk Aversion and the Subjective Time Discount Rate: A Joint Approach
Praag, Bernard M.S. van; Booij, Adam S. - CESifo - 2003
In this paper we analyze a large sample of individual responses to six lottery questions. We derive a simultaneous estimate of risk aversion and the time preference discount rate per individual. This can be done because the consumption of a large prize is smoothed over a larger time period. It...
Persistent link: https://www.econbiz.de/10005416458
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Property Insurance, Portfolio Selection and their Interdependence
Chang, Fwu-Ranq - CESifo - 2008
This paper studies the interdependence between property insurance and portfolio selection. The insurance premium of property loss is shown to play the role of subsistence consumption in the analysis. Then, “security” becomes a necessity good and an increase in any insurance parameter would...
Persistent link: https://www.econbiz.de/10005765954
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Bank Networks: Contagion, Systemic Risk and Prudential Policy
Aldasoro, Inaki; Gatti, Domenico Delli; Faia, Ester - CESifo - 2015
We present a network model of the interbank market in which optimizing risk averse banks lend to each other and invest in non-liquid assets. Market clearing takes place through a tâtonnement process which yields the equilibrium price, while traded quantities are determined by means of a...
Persistent link: https://www.econbiz.de/10011155379
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The Savings-Inflation Puzzle
Heer, Burkhard; Süssmuth, Bernd - CESifo - 2006
We find that inflation did not unanimously decrease savings in the US during the postwar period. This result is …
Persistent link: https://www.econbiz.de/10005181527
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Adults' Financial Literacy and Households' Financial Assets: The Role of Banks Information Policies
Fort, Margherita; Manaresi, Francesco; Trucchi, Serena - CESifo - 2014
We investigate the role of banks information policies in fostering the accumulation of financial knowledge. In Italy, banks belonging to the PattiChiari Consortium implement policies aimed at increasing transparency and procedural simplification, without offering services at lower cost with...
Persistent link: https://www.econbiz.de/10010948806
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Tax Incentives, Bequest Motives, and the Demand for Life Insurance: Evidence from two Natural Experiments in Germany
Sauter, Nicolas; Walliser, Jan; Winter, Joachim - CESifo - 2010
Whole life insurance plays an important role in household saving. However, empirical evidence on its determinants is scarce. This paper studies two natural experiments to identify the effects of tax incentives and bequest motives on life-insurance demand. An unanticipated tax reform in 2000...
Persistent link: https://www.econbiz.de/10008534059
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Risk Premia in General Equilibrium
Posch, Olaf - CESifo - 2010
This paper shows that non-linearities imposed by a neoclassical production function alone can generate time-varying and asymmetric risk premia over the business cycle. These (empirical) key features become relevant, and asset market implications improve substantially when we allow for...
Persistent link: https://www.econbiz.de/10008511599
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Will Women Save more than Men? A Theoretical Model of Savings and Marriage
Grossbard, Shoshana Amyra; Pereira, Alfredo Marvao - CESifo - 2010
higher marriage rates and higher divorce rates will be associated with higher savings rates in the presence of economies of … marriage and with lower savings rates in the presence of diseconomies of marriage. In the context of traditional gender roles … traditional gender roles and marital status to understanding cross-country variation in gender differentials in savings behavior. …
Persistent link: https://www.econbiz.de/10008511602