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Cozzi, Marco; Fella, Giulio - 2016

This paper is a quantitative, equilibrium study of the insurance role of severance pay when workers face displacement risk and markets are incomplete. A key feature of our model is that, in line with an established empirical literature, job displacement entails a persistent fall in earnings upon...

Persistent link: https://www.econbiz.de/10011458292

The contribution of frictions to expected returns

Hirakiy, Kazuhiro; Skiadopoulos, George - 2018

) within an asset pricing setting. We estimate CFER for the U.S. optionable stocks. We document that CFER is sizable, it …

Persistent link: https://www.econbiz.de/10011932555

Can financial hedging serve macroprudential objectives?

Andrián, Leandro; León-Díaz, John; Rojas, Eugenio - 2025

We examine hedging as a macroprudential tool in a Sudden Stops model of an economy exposed to commodity price … fluctuations. We find that hedging commodity revenues yields significant welfare gains by stabilizing public expenditure, which … externality that drives overborrowing in such models. As a result, hedging and traditional macroprudential policy act as …

Persistent link: https://www.econbiz.de/10015396125

Consumer default with complete markets : default-based pricing and finite punishment

Mateos-Planas, Xavier; Seccia, Giulio - 2013

loans of different sizes separately. This environment yields only partial insurance. The default-based pricing of debt makes …

Persistent link: https://www.econbiz.de/10010210815

Consumer bankruptcy, mortgage default and labour 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 individuals may file for bankruptcy or default on their mortgage. Uncertainty in the model is driven by house price shocks, education specific productivity shocks, and catastrophic...

Persistent link: https://www.econbiz.de/10013167646

Eliciting Beliefs: Theory and Experiments

Andersen, Steffen; Fountain, John; Harrison, Glenn W.; … - 2009

Subjective beliefs play a role in many economic decisions. There is a large theoretical literature on the elicitation of beliefs, and an equally large empirical literature. However, there is a gulf between the two. The theoretical literature proposes a range of procedures that can be used to...

Persistent link: https://www.econbiz.de/10012142357

Economic cycles and their synchronization : a survey of spectral properties

Sella, L.; Vivaldo, G.; Groth, A.; Ghil, Michael - 2013

The present work applies several advanced spectral methods to the analysis of macroeconomic fluctuations in three countries of the European Union: Italy, The Netherlands, and the United Kingdom. We focus here in particular on singular-spectrum analysis (SSA), which provides valuable spatial and...

Persistent link: https://www.econbiz.de/10010225969

Preference symmetries, partial differential equations, and functional forms for utility

Tyson, Christopher J. - 2013

A discrete symmetry of a preference relation is a mapping from the domain of choice to itself under which preference comparisons are invariant; a continuous symmetry is a one-parameter family of such transformations that includes the identity; and a symmetry field is a vector field whose...

Persistent link: https://www.econbiz.de/10009739671

Measuring gender differences in information sharing using network analysis : the case of the Austrian interlocking directorship network in 2009

Drago, Carlo; Aliberti, Livia Amidani; Carbonai, Davide - 2014

In recent literature a relevant problem has been the relationship between career/personal contact networks and different career paths. In addition, the recent advances in social capital theory have shown the way in which networks impact on personal careers. In particular women's careers appear...

Persistent link: https://www.econbiz.de/10010373741

On sharing the benefits of communication

Athanasiou, Efthymios; Dey, Santanu; Valletta, Giacomo - 2012

We put forward a model of private goods with externalities. Agents derive benefit from communicating with each other. In order to communicate they need to have a language in common. Learning languages is costly. In this setting no individually rational and feasible Groves mechanism exists. We...

Persistent link: https://www.econbiz.de/10009565542