The aim of this article is to explore main linkages among the participation rate, potential output and pension funding system. Based on the existing literature, there are several possibilities how to render the current set-up of the pension system sustainable. This sustainability is...

ERES:conference

This paper explores the aggregate welfare effects of housing price changes in the heterogeneous agent general equilibrium model with multi-sector production side. The model includes two types of households:credit-constrained households and unconstrained households. These types differ not only...

Rent regulation, which was put into effect in the Czech Republic in 1980s, has created a shortage of affordable rental housing in Czech Republic and has resulted in considerable difference between the free-market rents and regulated rents. Due to growing public pressure, in 2006 the government...

This research analyzes the effects of recent housing price appreciation on aggregate welfare. It generalizes the results of Bajari & Krainer (2005), who find that in the credit unconstrained economy with exogenous housing price there are no effects of housing price appreciation on aggregate...

This research analyzes the effects of recent housing price appreciation on aggregate welfare. It generalizes the results of Bajari et al (2005), who find that in a credit unconstrained economy with exogenous housing prices there is no effect of housing price appreciation on aggregate welfare....

This paper explores the link between mortgage origination fees and housing prices. It is argued that sharp decline in mortgage origination fees in US since the late 1980s was caused by mortgage market deregulation and mortgage innovation. Based on this reasoning the sources of exogenous...

We study a natural experiment in the Czech Republic where the maximum regulated rent appreciation has depended explicitly on the price of real estate since 2007. We track the tenure choice of households from consumption surveys for subsequent years. Rent deregulation makes households in...

The paper deals with some relevant effects of appreciation of housing prices on social and aggregate welfare. As it has been found difficult to assess the current situation given the housing market being the most affected by the crisis, earlier data from 1995 to 2006 have been used. It...