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Super-long discount rates for insurers in incomplete markets with bond supply control

Saito, Taiga; Takahashi, Akihiko - 2025 - This version : 17 March 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015359703

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Super-long discount rates for insurers in incomplete markets with bond supply control

Saito, Taiga; Takahashi, Akihiko - 2025 - Revised in July 2025

Edition: Revised in July 2025

Book / Working Paper

An incomplete multi-currency equilibrium model with heterogeneous time preferences and subjective beliefs

Mita, Daiya; Saito, Taiga; Takahashi, Akihiko - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015459630

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An incomplete multi-currency equilibrium model with heterogeneous time preferences and subjective beliefs

Mita, Daiya; Saito, Taiga; Takahashi, Akihiko - 2025

Book / Working Paper

Portfolio optimization in DC pension scheme with unhedgeable stochastic wage

Menoncin, Francesco; Vigna, Elena - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015436802

Insurance against aggregate shocks

Kunieda, Takuma; Shibata, Akihisa - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014513476

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Insurance against aggregate shocks

Kunieda, Takuma; Shibata, Akihisa - 2024

Book / Working Paper

Insurance against aggregate shocks

Kunieda, Takuma; Shibata, Akihisa - 2024

Book / Working Paper

Taxing speculative trades as a prudential policy

Park, Junghum - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015562419

The changing landscape of international development : an introduction

Dupas, Pascaline; Goldberg, Pinelopi K.; Pande, Rohini - 2026

Since the late 1980s, extreme poverty has declined sharply, life expectancy and schooling have increased, and electoral democracy has expanded. However poverty reduction has slowed in recent years, particularly following the COVID-19 pandemic, amid intensifying conflict, fragility, climate...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015609858

Intertemporal self-insurance and excess sensitivity of affluent households

Savoia, Ettore - 2026

This paper studies household consumption behavior when saving motives differ due to preference or income risk heterogeneity. I show that self-insurance operates along two margins: a standard liquidity margin determined by the level of current resources and an intertemporal margin governed by...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015612455

The insurance value of public insurance against idiosyncratic income risk

Busch, Christopher; Madera, Rocio - 2026

The tax and transfer system partially insures households against individual income risk. We build a framework to assess the size and (welfare) value of this partial insurance, which is based on exploiting distributional differences between household gross income and disposable income. Our...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015596659

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The insurance value of public insurance against idiosyncratic income risk

Busch, Christopher; Madera, Rocío - 2026

Book / Working Paper

Information-neutral hedging of derivatives under market impact and manipulation risk

Alimoradian, Behzad; Barigou, Karim; Eyraud, Anne - 2026

The literature on derivative pricing in illiquid markets has mostly focused on computing optimal hedging controls, but empirical microstructure studies show that large order flow generates persistent and predictable price effects. Therefore, these controls can themselves induce endogenous market...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015591116

Pricing rules with market frictions : an axiomatic approach

Cornet, Bernard - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015619822

Do firms know what they are looking for? : a demand-side experiment to reduce labor market frictions

Lallemant, Tess - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015641968

Transition dynamics in heterogeneous-agent models and the distributional consequences of taxation

Gutsch, Alexandra; Schult, Christoph - 2026

We study how idiosyncratic income risk shapes the aggregate and distributional effects of labor and capital income taxation in dynamic general equilibrium models. To this end, we compare a heterogeneous-agent (HA) model with uninsurable idiosyncratic labor productivity risk and a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015651001

On the limits of hedging inflation risk in investment portfolios

Chen, Damiaan H. J.; Beetsma, Roel; Wijnbergen, Sweder van - 2026 - This version: April 9, 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015632820

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On the limits of hedging inflation risk in investment portfolios

Chen, Damiaan H. J.; Beetsma, Roel; Wijnbergen, Sweder van - 2025 - This version: October 7, 2025

Edition: This version: October 7, 2025

Book / Working Paper

On the limits of hedging inflation risk in investment portfolios

Chen, Damiaan H. J.; Beetsma, Roel; Wijnbergen, Sweder van - 2025

Book / Working Paper

The inefficient markets hypothesis : a theory of casino capitalism

Hellwig, Christian - 2026

I develop a general equilibrium model of investment and equity markets in which departures from the Efficient Markets Hypothesis generate "Casino Capitalism": time-inconsistent, shorttermist firm decisions, firm-level over-investment coupled with inefficient liquidation of positiveNPV projects,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015666633

Firm-worker matches: experience or inspection goods?

Gregory, Victoria; Menzio, Guido; Topa, Giovanni - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015667216

Designing second-best price zones in electricity markets

Boeschemeier, Jonas; Schwenen, Sebastian - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015668666

Capital risk, fiscal policy, and the distribution of wealth

Modena, Andrea; Regis, Luca - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015189207

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Capital risk, fiscal policy, and the distribution of wealth

Modena, Andrea; Regis, Luca - 2023 - This version: 19th July 2023

Edition: This version: 19th July 2023

Book / Working Paper

A multi-agent incomplete equilibrium model and its applications to reinsurance pricing and life-cycle investment

Kizaki, Keisuke; Saito, Taiga; Takahashi, Akihiko - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015049386

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A multi-agent incomplete equilibrium model and its applications to reinsurance pricing and life-cycle investment

Kizaki, Keisuke; Saito, Taiga; Takahashi, Akihiko - 2023

Book / Working Paper

A multi-agent incomplete equilibrium model and its applications to reinsurance pricing and life-cycle investment

Kizaki, Keisuke; Saito, Taiga; Takahashi, Akihiko - 2023

Book / Working Paper

A multi-agent incomplete equilibrium model and its applications to reinsurance pricing and life-cycle investment

Kizaki, Keisuke; Saito, Taiga; Takahashi, Akihiko - 2022 - Revised in January 2023

Edition: Revised in January 2023

Book / Working Paper

Actuarial-consistency and two-step actuarial valuations : a new paradigm to insurance valuation

Barigou, Karim; Linders, Daniël; Yang, Fan - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014325043

Crypto quanto and inverse options

Alexander, Carol; Chen, Ding; Imeraj, Arben - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014370619

Asset pricing and risk sharing in complete markets : an experimental investigation

Biais, Bruno; Mariotti, Thomas; Moinas, Sophie; Pouget, … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015618245

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Asset pricing and risk sharing in complete markets : an experimental investigation

Biais, Bruno; Mariotti, Thomas; Moinas, Sophie; Pouget, … - 2024

Book / Working Paper

Incomplete markets, pumped hydro storage and the role of policy in Australia's national electricity market

Simshauser, Paul; Gohdes, Nicholas - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015546226

Optimal fiscal policy under endogenous disaster risk : how to avoid wars?

Valaitis, Vytautas; Villa, Alessandro T. - 2025

We examine the role of government investment in defense capital as a deterrence tool. Using an optimal fiscal policy framework with endogenous disaster risk, we allow for an endogenous determination of geopolitical risk and defense capacity, which we discipline using the Geopolitical Risk Index....

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015439470

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Optimal fiscal policy under endogenous disaster risk : how to avoid wars?

Valaitis, Vytautas; Villa, Alessandro T. - 2025

Book / Working Paper

Optimal fiscal policy under endogenous disaster risk : how to avoid wars?

Valaitis, Vytautas; Villa, Alessandro T. - 2025

Book / Working Paper

Heterogeneity and aggregate consumption : an empirical assessment

Debortoli, Davide; Galí, Jordi - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015374882

Shareholder engagement in an ESG-CAPM with incomplete markets : much ado about nothing?

Hara, Chiaki; Hens, Thorsten - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015375411

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Shareholder engagement in an ESG-CAPM with incomplete markets : much ado about nothing?

Hara, Chiaki; Hens, Thorsten - 2025

Book / Working Paper

Ideas, institutions, and incompleteness

Hingl, Kurtis; Shera, Marcus - 2025

We propose a framework for institutional change in the 'rules-in-equilibrium' tradition and introduce the term institutional incompleteness. Institutions are incomplete when their constituent rules fail to induce behavioural beliefs about the strategies of others and hence fail to achieve an...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015376342

Incomplete markets as correlated distortions

Armangue-Jubert, Tristany; Pietrobon, Davide; Ruggieri, … - 2025

We argue that capital misallocation arises endogenously due to incomplete consumption insurance. We model risk-averse entrepreneurs with heterogeneous productivity who face idiosyncratic output shocks and choose how much capital to rent before uncertainty unfolds. We show that incomplete markets...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015272991

Market power, growth and wealth inequality

Impullitti, Giammario; Rendahl, Pontus - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015337623

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Market power, growth, and wealth inequality

Impullitti, Giammario; Rendahl, Pontus - 2025

Book / Working Paper

Market power, growth, and wealth inequality

Impullitti, Giammario; Rendhal, Pontus - 2025

Book / Working Paper

Market power, growth, and wealth inequality

Impullitti, Giammario; Rendahl, Pontus - 2025

Book / Working Paper

Shareholder unanimity : a survey from the viewpoint of incomplete markets

Zierhut, Michael; Hara, Chiaki - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015337966

Consumption insurance and credit shocks

Wöhrmüller, Stefan - 2025 - This draft: January 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015179483

Climate change, labor market frictions, and inequality

Goenka, Aditya; Liu, Lin; Nguyen, Manh-Hung; Pang, Haokun - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015329120

Heterogeneity and aggegate consumption : an empirical assessment

Debortolí, Davide; Galí, Jordi - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015395077

Equilibrium with asymmetric information and restricted participation : the no-arbitrage characterization

Boisdeffre, Lionel de - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015420532

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Equilibrium with asymmetric information and restricted participation : the no-arbitrage characterization

Boisdeffre, Lionel de - 2024

Book / Working Paper

Financial frictions, information constraints, and labor market inefficiencies : a macro-financial perspective

Petrakis, Ioannis - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015424088

Debt maturity and government spending multipliers

Ghomi, Morteza; Mankart, Jochen; Oikonomou, Rigas; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015466873

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Debt maturity and government spending multipliers

Ghomi, Morteza; Mankart, Jochen; Oikonomou, Rigas; … - 2025

Book / Working Paper

Comparing search and intermediation frictions across markets

Pinter, Gabor; Üslü, Semih; Wijnandts, Jean-Charles - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015448712

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Comparing Search and Intermediation Frictions across Markets

Pinter, Gabor; Uslu, Semih - 2022

Book / Working Paper

Comparing Search and Intermediation Frictions Across Markets

Pinter, Gabor; Uslu, Semih - 2022

Book / Working Paper

Incomplete markets and exchange rates

Marin, Emile A.; Singh, Sanjay R. - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015448740

Competition considerations in change ownership reforms for electric cooperatives

Vega, Carlos L.; Olivo, Jestoni A.; Ventura, Antonio … - 2025

Change ownership reforms for electric cooperatives (ECs) have once again attracted policymakers' interest due to current e!orts in expediting their privatization. This note serves as input to this ongoing conversation using the lens of competition. We argue that unchecked consolidation -...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015449409

Aggregate lending standards and inequality

Schmidt, Vanessa; Seidl, Hannah Magdalena - 2025

We study the effects of movements in aggregate lending standards on macroeconomic aggregates and inequality. We show in a New Keynesian model with heterogeneous households and housing that a looser loan-to-value (LTV) ratio stimulates housing demand, nondurable consumption, and output. Our model...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015450255

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Aggregate lending standards and inequality

Schmidt, Vanessa; Seidl, Hannah Magdalena - 2025

Book / Working Paper

Income disaster model with optimal consumption

Park, Seyoung - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015450342

From imperfection to advantage : quantifying the benefits of imperfect advance load information for multi-truck carriers

Mirbeygishahabad, Mohammadjalal; Najafi, Mehdi; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015451405

The house price channel of quantitative easing

Seidl, Hannah Magdalena - 2025

I study the transmission mechanism of Quantitative Easing (QE) in the form of large-scale asset purchases in the mortgage market to aggregate consumption. To this end, I develop a New Keynesian model that features heterogeneous households, a microfounded housing market, and frictional...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015451846

Non-uniqueness of best-of option prices under basket calibration

Ahnouch, Mohammed; Elaachak, Lotfi; Ghadi, Abderrahim - 2025

This paper demonstrates that perfectly calibrating a multi-asset model to observed market prices of all basket call options is insufficient to uniquely determine the price of a best-of call option. Previous research on multi-asset option pricing has primarily focused on complete market settings...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015436527

Monetary and financial policy with privately optimal risk taking

Duncan, Alfred; Mainente, Joao de Camargo; Nolan, Charles - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015436758

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Monetary and financial policy with privately optimal risk taking

Duncan, Alfred; Mainente, Joao de Camargo; Nolan, Charles - 2024

Book / Working Paper

Shopping time and frictional goods markets : implications for the New-Keynesian model

Gantert, Konstantin - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015437324

Quantitative fundamental theorem of asset pricing

Acciaio, Beatrice; Backhoff-Veraguas, Julio; Pammer, Gudmund - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015460602

Existence and uniqueness of general equilibria in approximately complete security markets

Kusuda, Koji - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015446428

Entrepreneurship and the racial wealth gap

Albuquerque, Daniel; Ifergane, Tomer - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015426433

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Entrepreneurship and the racial wealth gap

Albuquerque, Daniel; Ifergane, Tomer - 2025

Book / Working Paper

Optimal compensation in competitive labor markets with heterogeneous employers and workers

Häfner, Samuel; Häusle, Niklas; Koeniger, Winfried; … - 2025 - Original version: November 2024, this version: September 2025

We develop a model to characterize optimal compensation when large risk-neutral firms and individual risk-averse consumers compete for heterogeneous workers. Production generates consumption utility over two periods, with an uncertain return in the second period. We analyze how screening motives...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015608378

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