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Externe Monographien
Bonn:
IZA,
2011,
39 S.
(Discussion Paper Series / Forschungsinstitut zur Zukunft der Arbeit ; 5858)
| Peter Haan, Victoria Prowse
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Diskussionspapiere 1140 / 2011
How can public pension systems be reformed to ensure fiscal stability in the face of increasing life expectancy? To address this pressing open question in public finance, we estimate a life-cycle model in which the optimal employment, retirement and consumption decisions of forward-looking individuals depend, inter alia, on life expectancy and the design of the public pension system. We calculate that, ...
2011| Peter Haan, Victoria Prowse
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SOEPpapers 358 / 2011
A personal bankruptcy law that allows for a "fresh start" after bankruptcy reduces the individual risk involved in entrepreneurial activity. On the other hand, as risk shifts to creditors who recover less of their credit after a debtor's bankruptcy, lenders may charge higher interest rates or ration credit supply, which can hamper entrepreneurship. Both aspects of a more forgiving personal bankruptcy ...
2011| Frank M. Fossen
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Diskussionspapiere 1158 / 2011
In this paper we use a representative consumer model to analyse the equilibrium relation between the transitory deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for both stock returns and housing returns. The evidence based on data for 15 OECD countries shows that when agents expect future stock returns to be higher, they will ...
2011| Guglielmo Maria Caporale, Ricardo M. Souza
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Diskussionspapiere 1159 / 2011
In this paper, we show, using the consumer's budget constraint, that the residuals of the trend relationship among consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for a panel of 31 emerging economies and find that, when agents expect future stock returns to be higher, they will temporarily allow consumption to rise. Regarding ...
2011| Guglielmo Maria Caporale, Ricardo M. Souza
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Diskussionspapiere 1120 / 2011
This paper highlights the strategic role that private quality standards play in food supply chains. Considering two symmetric retailers that are exclusively supplied by a finite number of producers and endogenizing the producers' delivery choice, we show that there exist two asymmetric equilibria in the retailers' quality requirements. The asymmetry is driven by both the retailers.incentive to raise ...
2011| Vanessa von Schlippenbach, Isabel Teichmann
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SOEPpapers 396 / 2011
How can public pension systems be reformed to ensure fiscal stability in the face of increasing life expectancy? To address this pressing open question in public finance, we estimate a life-cycle model in which the optimal employment, retirement and consumption decisions of forward-looking individuals depend, inter alia, on life expectancy and the design of the public pension system. We calculate that, ...
2011| Peter Haan, Victoria Prowse
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Refereed essays Web of Science
This paper investigates the short-term effects of public smoking bans on individual smoking behavior. In 2007 and 2008, state-level smoking bans were gradually introduced in all of Germany's federal states. We exploit this variation to identify the effect that smoke-free policies had on individuals' smoking propensity and smoking intensity. Using rich longitudinal data from the German Socio-Economic ...
In:
Journal of Health Economics
30 (2011), 3, S. 591-601
| Silke Anger, Michael Kvasnicka, Thomas Siedler
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FINESS Working Papers 4.5 / 2010
We use a life-cycle model of consumption and portfolio choice to study the effects of social security on the investment decisions of households for the European case. Our model is mainly based on the one developed by Cocco, Gomes, and Maenhout (2005). We extend it by unemployment risk using Markov chains to model the transition between different employment states. In contrast to most models in the ...
2010| Vladimir Kuzin, Franziska Bremus
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Diskussionspapiere 992 / 2010
This paper investigates the short-term effects of public smoking bans on individual smoking behavior. In 2007 and 2008, state-level smoking bans were gradually introduced in all of Germany's sixteen federal states. We exploit this variation in the timing of state bans to identify the effect that smoke-free policies had on individuals' smoking propensity and smoking intensity. Using rich longitudinal ...
2010| Silke Anger, Michael Kvasnicka, Thomas Siedler