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Money illusion in retirement savings with a minimum guarantee

Donnelly, Catherine; Khemka, Gaurav; Lim, William - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015534437

Inflation and individual investors' behavior : evidence from the German hyperinflation

Braggion, Fabio; Meyerinck, Felix von; Schaub, Nic - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014446396

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Inflation and individual investors' behavior : evidence from the German hyperinflation

Braggion, Fabio; Meyerinck, Felix von; Schaub, Nic - 2021 - This version: August 2021

Edition: This version: August 2021

Book / Working Paper

Currency reform, currency biases and Ghana's forex market fluctuations : beyond the macroeconomic fundamentals

Bawuah, Bernard; Agyei-Ampomah, Samuel; Owusu-Ansah, Anthony - 2023

Redenomination of currency has become a common phenomenon in recent past among emerging and transitional economies. In 2007, Ghana became one of the economies to redenominate in recent past. This currency policy adaptation has the potential of triggering certain individual behavioral biases on...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014500975

Money illusion and TIPS demand

Lioui, Abraham; Tarelli, Andrea - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014305960

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Money Illusion and TIPS Demand

Lioui, Abraham - 2019

Book / Working Paper

Experimental Exploration of Money Illusion in Long-term Financial Decision Making

Cordes, Henning; Branger, Nicole; Langer, Thomas - 2023

Inadequate consideration of inflation when making long-term financial decisions – so-called money illusion – can have severe consequences for future financial wellbeing. Thus, it is essential to understand how different methods of informing private investors about inflation affect their...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014254822

How the provision of inflation information affects pension contributions : a field experiment

Büsing, Pascal; Cordes, Henning; Langer, Thomas - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014364558

Apolitical money : an illusion?

Issing, Otmar - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014364822

Compounding money and nominal price illusions

Caglayan, Mustafa O.; Duarte, Diogo; Duarte, Victor F.; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015446782

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Compounding Money and Nominal-Price Illusions

Caglayan, Mustafa O.; Duarte, Diogo; Lu, Xiaomeng - 2022

Book / Working Paper

Negative Interest Rates and Money Illusion

Todorovic, Aleksandar - 2022

This paper researches the impact of negative and positive nominal interest rates on money illusion for individuals’ saving and investment decisions involving risk-taking. Money illusion refers to an individual’s nominal rather than real reasoning, driving towards suboptimal decisions. Using...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013404747

Strategic Behaviors and Information Cost Under Money Illusion

Kim, Min-Jik - 2022

Money illusion, first documented by Fisher(1928), is the phenomenon that an agent cannot distinguish real monetary value from nominal one. In this paper, money illusion is considered as a matter of information based on the Grossman and Stiglitz(1980), and the uninformed investors can...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014080357

Replication : the money illusion effect in a Brazilian sample and meta-analyses

Ferreira, Mariana de Moraes; Santiago, Milena Yumi Tsushima - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015063913

Inflation response in a New Keynesian model with money illusion

Tamegawa, Kenichi - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014543852

Staggered Wage Setting Without Money Illusion : Variations on a Theme of Taylor

Buiter, Willem H.; Jewitt, Ian - 2021

In a number of influential recent papers, Taylor (1979a, b; 1980a, b) has analyzed the behaviour of an economy characterized by staggered over-lapping wage contracts and rational expectations. His model has the "Keynesian" feature that the second moment of the distribution function of real output...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013221541

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Staggered Wage Setting without Money Illusion : Variations on a Theme of Taylor

Buiter, Willem H. - 1980

Book / Working Paper

Price competition and nominal illusion: experimental evidence and a behavioural model

Morales, Antonio J.; Fatas, Enrique - 2021

The standard approach to nominal illusion in Economics sees it as a transitory phenomenon, as economic agents eventually see through the nominal veil, making the right choices. Recent empirical studies suggest that money illusion may persist, distorting real prices in a variety of economic...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012694352

Money illusion in free-to-play games

Benti, Behailu Shiferaw; Haß, Dominik; Stadtmann, Georg - 2021

Regularly, free-to-play games use their own virtual currency for in-game store purchases. We analyze the money illusion phenomenon by examining free-to-playgames and their virtual currency exchange rate policies. We find that above pari exchange rates and advertising bonus packs instead of price...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012438187

Money Illusion and the Effect of Reporting Components of Accounting Estimates on Financial Statement Users’ Investment Decisions

Anderson, Spencer B. - 2020

We hypothesize current financial reporting standards contribute to “money illusion,” in which investors overemphasize nominal cash flows and underemphasize effects of discount rates on valuation. We test our predictions in two experiments using a pool of professional and nonprofessional...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012823673

Modeling Money Non-Neutrality in Macroeconomics : The Role of Money Illusion

Rizzo, Leonardo - 2020

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012828406

Optimal investment for defined-contribution pension plans under money illusion

Wei, Pengyu; Yang, Charles - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014342057

Transcranial stimulation over the medial prefrontal cortex increases money illusion

Li, Jianbiao; Wang, Wei; Cao, Qian; Niu, Xiaofei - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014470865

Endogenous asymmetric money illusion

Duarte, Diogo; Saporito, Yuri F. - 2019

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012224998

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Endogenous Asymmetric Money Illusion

Duarte, Diogo - 2019

Book / Working Paper

Don’t Ignore Inflation Ignorance : An Experimental Analysis of the Degree of Money Illusion in Individual Decision Making

Branger, Nicole - 2019

Money illusion refers to the tendency to evaluate economic transactions in nominal rather than real terms. One manifestation of this phenomenon is the tendency to neglect future inflation in intertemporal investment decisions. Empirical evidence for this “inflation ignorance” is hard to...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012900193

Perceiving the Real Value : Inflation Communication, Money Illusion, and the Attractiveness of Investing

Cordes, Henning - 2019

In retirement planning, the ignorance of inflation – so-called money illusion – can have severe consequences for future financial wellbeing. It thus seems important to make private investors aware of the divergence between future nominal wealth and real purchasing power. Surprisingly,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012900678

In Search of Money Illusion in CEE Stock Markets : The CAPM Approach

Orlovaitė, Ernesta - 2019

We investigate whether the hypothesis of money illusion can explain the negative or non-existent stock returns and inflation co-movement, and lead to deviations from the CAPM-implied risk-return relation in ten Central Eastern European (CEE) markets. We employ the Cohen, Polk and Vuolteenaho...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012906159

Does Money Illusion Delude Investors?

Heo, Yuna - 2019

This study investigates the role of money illusion in a broad set of anomaly-based strategies. To the extent that anomalies reflect mispricing, I examine whether money illusion predicts anomaly returns. I find that, following periods of high inflation, anomalies are stronger and returns in short...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012890592

Olivera, Tanzi, Milošević: why was Avramović's programme adopted?

Popović, Dejan - 2022

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013352735

Disappearing money illusion

Engsted, Tom; Pedersen, Thomas Q. - 2018

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10011913758

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Disappearing Money Illusion

Engsted, Tom - 2018

Book / Working Paper

Propensity to search and income elasticity of demand : does the equilibrium really exist?

Malakhov, Sergey - 2018

The analysis of the propensity to search under price dispersion discovers the identity of the optimal consumption-leisure choices in the model of optimal search and in the classical model of individual labor supply when the propensity to search is unimportant. However, the vigorous propensity to...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012062883

Macroeconomics determinants of the correlation between stocks and bonds

Pericoli, Marcello - 2018

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10011941274

Asset mispricing and forecasting

Schütte, Erik Christian Montes - 2018

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10011947776

Money illusion: reconsidered in the light of cognitive science

Vincze, János - 2019

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012137253

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Money illusion reconsidered in the light of cognitive science

Vincze, János - 2017

Book / Working Paper

Funny money : philanthropic giving and the money illusion

Witkowski, Gregory R. - 2021

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012426519

Money illusion, financial literacy and implications of self-perceptions

Celiktas, Mehmet; Yilmaz, Neslihan - 2021

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012485048

Revisiting "money illusion" : Replication and extension of Shafir, Diamond, and Tversky (1997)

Ziano, Ignazio; Li, Jie; Tsun, Shue Man; Lei, Hoi Ching; … - 2021

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012621398

Inflation and investors' behavior : evidence from the German hyperinflation

Braggion, Fabio; Schaub, Nic; Meyerinck, Felix von - 2021

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012493230

Money illusion and household finance

Stephens, Thomas A.; Tyran, Jean-Robert - 2016

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10011586776

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Money illusion and household finance

Stephens, Thomas A.; Tyran, Jean-Robert - 2016

Book / Working Paper

Money illusion and household finance

Stephens, Thomas A.; Tyran, Jean-Robert - 2016

Book / Working Paper

Money Illusion and Household Finance

Stephens, Thomas Alexander - 2016

Book / Working Paper

Regimes dependent speculative trading : evidence from the United States housing market

Chen, Zhenxi - 2016

This paper investigates the U.S. housing price dynamics from the perspective of speculative trading, in addition to the macro-finance factors such as the stock market, household disposable income and nominal interest rate. It is found that among the speculative investors, fundamental traders...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10011509457

Money illusion matters for consumption-saving decision-making : an experimental investigation

Gemma, Yasufumi - 2016

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10011554920

The predictive power of dividend yields for future infl‡ation : money illusion or rational causes?

Engsted, Tom; Pedersen, Thomas Q. - 2016

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10011474702

Money illusion, financial literacy and numeracy : experimental evidence

Darriet, Elisa; Guille, Marianne; Vergnaud, Jean-Christophe - 2020

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012244267

Alternative explanation of the money illusion : the effect of unexpected low inflation

Tsai, I-Chun - 2020

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012486466

The effects of risk aversion and money illusion on the components of dividend growth rate

Duarte, Diogo; Gil, Hamilton Galindo; Montecinos Bravo, … - 2020

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012207252

The anti deflation bias

Bagus, Philipp - 2020

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012438111

Testing for Money Illusion Hypothesis in Aggregate Consumption Function : Mixed Data Sampling Approach

Motegi, Kaiji - 2015

Testing for the money illusion hypothesis in aggregate consumption function generally involves a regression model that projects real consumption onto nominal disposable income and a consumer price index. Price data are usually available at a monthly level, but consumption and income data are...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013013202

Did the Introduction of the Euro Lead to Money Illusion? Empirical Evidence from Germany

Bittschi, Benjamin - 2015

Using the introduction of the euro as a natural experiment, we provide economy-wide evidence for money illusion based on declared donations from German administrative income tax data. Our results suggest a magnitude of the money illusion effect between 2.4% and 7.6%. Compared to previous studies...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013015322

Did the introduction of the euro lead to money illusion? : empirical evidence from Germany

Bittschi, Benjamin; Duppel, Saskia - 2015

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10011316505

Are Chinese Individuals Prone to Money Illusion?

Mees, Heleen - 2014

We replicate the landmark study of Shafir, Diamond and Tversky (1997) to examine whether individuals in China are prone to money illusion. We find that money illusion is prevalent in China as well. Respondents in the Chinese sample are often somewhat more likely to base decisions on the real...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013067275

Understanding the Prevalence and Implications of Homeowner Money Illusion

Seiler, Michael - 2014

Money illusion, the tendency to favor nominal values over more economically relevant real values, is argued to be the source of real estate bubbles causing unnecessary instability in the economy. We examine the existence of money illusion in a residential real estate setting as well as its...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013064361

An Experimental Study of Money Illusion in Intertemporal Decision Making

Yamamori, Tetsuo - 2014

To examine the degree to which price fluctuations affect how individuals approach an intertemporal decision-making problem, we conduct a laboratory experiment in which subjects spend their savings on consumption over 20 periods. In the control treatment, the commodity price is constant across...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013044302

Virtual Money Illusion and the Fundamental Value of Non-Fiat Anonymous Digital Payment Methods : Coining a (Bit of) Theory to Describe the Bitcoin Phenomenon

Hunter, Greg W. - 2014

This paper investigates a simple question: What are the determinants of a Non-Fiat Anonymous Digital Payment Method's (N-FAD) value? The investigation illuminates a unique characteristic of money that is not widely discussed in the economic literature, which distinguishes commonly accepted...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013048906

Price competition in an inflationary environment : conference paper

Dürsch, Peter; Eife, Thomas A. - 2014

A constant price level facilitates cooperation among firms whereas steady inflation and deflation rates lower firms' ability to cooperate. In an experimental market with price competition we show that both inflation and deflation signicantly reduce cooperation compared to treatments with a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10010491108