Narrow search
Showing 1 - 10 of 136
Cover Image
Risk and saving in two-person households : more scope for precautionary saving
Apps, Patricia; Andrienko, Yuri; Rees, Ray - 2012
The existing literature suggests that when the saving decision of two-earner households under risk is analysed, standard results on the existence of precautionary saving no longer apply: precautionary saving is obtained if and only if very stringent conditions hold. This paper shows that when...
Persistent link: https://www.econbiz.de/10009613678
Cover Image
Optimal Capital Income Taxation with Housing
Nakajima, Makoto - 2010
generations model, which incorporates characteristics of housing and the U.S. preferential tax treatment for owner …-occupied housing. Housing tax policy is found to have a substantial effect on how capital income should be taxed. Given the U ….S. preferential tax treatment for owner-occupied housing, the optimal capital income tax rate is close to zero, contrary to the high …
Persistent link: https://www.econbiz.de/10013144276
Cover Image
Consumer Bankruptcy, Mortgage Default and Labor Supply
Li, Wenli; Meghir, Costas; Oswald, Florian - 2022
We specify and estimate a lifecycle model of consumption, housing demand and labor supply in an environment where …
Persistent link: https://www.econbiz.de/10013492266
Cover Image
Unemployment risk and over-indebtedness : a micro-econometric perspective
Du Caju, Philip; Rycx, François; Tojerow, Ilan - 2015
, retired, etc.) and other household characteristics (i.e. demographics, housing status, household wealth and income, etc.) to …
Persistent link: https://www.econbiz.de/10011407930
Cover Image
"Should I pay for you or for myself"? : the optimal level and composition of retirement benefit systems
Praag, Bernard M. S. van; Cardoso, Pedro - 2001
Feldstein [1985] posed the questions of what would be the optimal level of retirement benefit, and what would be the optimal mix between the pay-as-you-go system and the funded pension system under the assumption of an exogenous interest rate. We reconsider the problem with the addition of a...
Persistent link: https://www.econbiz.de/10011339670
Cover Image
Credit, bankruptcy, and aggregate fluctuations
Nakajima, Makoto; Ríos-Rull, José-Víctor - 2019
We document the cyclical properties of unsecured consumer credit (procyclical and volatile) and of consumer bankruptcies (countercyclical and very volatile). Using a growth model with household heterogeneity in earnings and assets with access to unsecured credit (because of bankruptcy costs) and...
Persistent link: https://www.econbiz.de/10012197797
Cover Image
Credit, Bankruptcy, and Aggregate Fluctuations
Nakajima, Makoto - 2014
We ask two questions related to how access to credit affects the nature of business cycles. First, does the standard theory of unsecured credit account for the high volatility and procyclicality of credit and the high volatility and countercyclicality of bankruptcy filings found in U.S. data?...
Persistent link: https://www.econbiz.de/10013044939
Cover Image
Assessing Bankruptcy Reform in a Model with Temptation and Equilibrium Default
Nakajima, Makoto - 2015
A life-cycle model with equilibrium default in which consumers with and without temptation coexist is constructed to evaluate the 2005 bankruptcy law reform and other counterfactual reforms. The calibrated model indicates that the 2005 bankruptcy reform achieves its goal of reducing the number...
Persistent link: https://www.econbiz.de/10013026767
Cover Image
Assessing Bankruptcy Reform in a Model with Temptation and Equilibrium Default
Nakajima, Makoto - 2016
A life-cycle model with equilibrium default in which agents with and without temptation coexist is constructed to evaluate the 2005 bankruptcy law reform. The calibrated model indicates that the 2005 reform reduces bankruptcies, as seen in the data, and improves welfare, as lower default premia...
Persistent link: https://www.econbiz.de/10012986504
Cover Image
Rising Indebtedness and Temptation : A Welfare Analysis
Nakajima, Makoto - 2011
Is the observed large increase in consumer indebtedness since 1970 beneficial for U.S. consumers? This paper quantitatively investigates the macroeconomic and welfare implications of relaxing borrowing constraints using a model with preferences featuring temptation and self-control. The model...
Persistent link: https://www.econbiz.de/10013120581