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We consider a linear growth model with idiosyncratic productivity shocks in which producers cannot commit to repay their loans. Borrowing constraints are determined endogenously by the borrowers’ incentives to repay, assuming that defaulters lose a share of output and are excluded from future...
Persistent link: https://www.econbiz.de/10009471686
La regulación macroprudencial en moneda extranjera puede reducir el riesgo sistémico; sin embargo, se sabe poco acerca de sus consecuencias no deseadas. Propongo un mecanismo teórico en el que el descalce de monedas actúa como un medio para relajar las restricciones crediticias de las...
Persistent link: https://www.econbiz.de/10013414503
Summary of Banco de España Working Paper no. 2326
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This paper explores the potential of using subjective well-being (SWB) data to valueenvironmental attributes. A theoretical framework compares this method, also known as the lifesatisfaction approach, with the standard hedonic pricing approach, identifying their similarities and differences. As...
Persistent link: https://www.econbiz.de/10009465958
. It was hypothesised that a greater association might be found between satisfaction and equality of income distribution … rather than between satisfaction and size of income. The interrelationship between wealth (GDPpc), equality of income and … mean satisfaction for fifteen EU states was assessed over a four year period (1995-1998). Equality of income was …
Persistent link: https://www.econbiz.de/10009475682
-being, the functional forms relying on income adaptation and social comparisons put forward in the happiness literature fail to … receive empirical validation. Under the income adaptation conjecture, utility functions that can convert the kind of economic … observed in individual level regressions. Functions that represent the preferences of agents who compare their income with the …
Persistent link: https://www.econbiz.de/10009476583
in this area raised doubts about the premise of neoclassical economics that additional income increases utility …-assessed satisfaction level depends not only on current resources (income); comparisons with other people and situations in the past have … data from the German Socio-Economic Panel (SOEP) to analyze the impact of inter- and intrapersonal income comparisons on …
Persistent link: https://www.econbiz.de/10009481012
rising per capita income levels, thereby rather confronting the expectations of orthodox economics. One focus of this … light on this seemingly paradoxical relationship between income and happiness. ‘Happiness’ remains an elusive concept, and … whether the relationship between income and subjective well-being is subject to a satiation or ‘basic needs’ point. This …
Persistent link: https://www.econbiz.de/10009448119
Persistent link: https://www.econbiz.de/10010353188
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