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311 results, from 251
  • Diskussionspapiere 1046 / 2010

    Household Savings Decision and Income Uncertainty

    This paper empirically investigates the effects of changes in the interest rate as well as transitory income uncertainty on households' consumption-savings decision. Applying a structural demand model to German survey data, we estimate the uncompensated interest rate elasticity for savings, in line with the literature, to around zero. Accordingly, any policy-induced variation of net returns to savings ...

    2010| Martin Beznoska, Richard Ochmann
  • Diskussionspapiere 1158 / 2011

    Are Stock and Housing Returns Complements or Substitutes? Evidence from OECD Countries

    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
  • Diskussionspapiere 1159 / 2011

    Consumption, Wealth, Stock and Housing Returns: Evidence from Emerging Markets

    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
  • Diskussionspapiere 997 / 2010

    Do Google Searches Help in Nowcasting Private Consumption? A Real-Time Evidence for the US

    In this paper, we investigate whether the Google search activity can help in nowcasting the year-on-year growth rates of monthly US private consumption using a real-time data set. The Google-based forecasts are compared to those based on a benchmark AR(1) model and the models including the consumer surveys and financial indicators. According to the Diebold-Mariano test of equal predictive ability, ...

    2010| Konstantin A. Kholodilin, Maximilian Podstawski, Boriss Siliverstovs
  • SOEPpapers 254 / 2009

    Accounting for Imputed and Capital Income Flows in Income Inequality Analyses

    Using representative and consistent microdata from the German Socio-Economic Panel Study (SOEP) from 1985-2007, we illustrate that capital income (CI = return on financial investments) and imputed rent (IR = return on investments in owner-occupied housing) have become increasingly important sources of economic inequality in Germany over the last two decades. Whereas the operationalization of CI in ...

    2009| Joachim R. Frick, Markus M. Grabka
  • SOEPpapers 240 / 2009

    Precautionary and Entrepreneurial Saving: New Evidence from German Households

    The well-documented positive correlation between income risk and wealth was interpreted as evidence for high amounts of precautionary wealth in various studies. However, the large estimates emerged from pooling non-entrepreneurs and entrepreneurs without controlling for heterogeneity. This paper provides evidence for Germany based on representative panel data including private wealth balance sheets. ...

    2009| Frank M. Fossen, Davud Rostam-Afschar
  • SOEPpapers 239 / 2009

    Triggers and Determinants of Severe Household Indebtedness in Germany

    Overindebted private households have created economic and political concern. Using measures of relative (over-) indebtedness which relate household income and debt services to different concepts of subsistence levels, this paper investigates whether severe household indebtedness is driven by trigger events such as unemployment, childbirth, divorce, or the death of the partner. Exploiting the panel ...

    2009| Matthias Keese
  • Diskussionspapiere 946 / 2009

    Google Searches as a Means of Improving the Nowcasts of Key Macroeconomic Variables

    The Google Insights data are a collection of recorded Internet searches for a huge number of the keywords, which are available since January 2004. These searches represent a kind of revealed perceptions of Internet users, which are a (possibly not entirely representative) sample of the general public. These data can be used to improve the short-term forecasts or nowcasts of various macroeconomic variables. ...

    2009| Konstantin A. Kholodilin, Maximilian Podstawski, Boriss Siliverstovs, Constantin Bürgi
  • SOEPpapers 133 / 2008

    Private Retirement Savings in Germany: The Structure of Tax Incentives and Annuitization

    The present paper studies the growth, welfare and efficiency consequences of the recent introduction of tax-favored retirement accounts in Germany in a general equilibrium overlapping generations model with idiosyncratic lifespan and labor income uncertainty. We focus on the implicit differential taxation of specific savings motives, the mandatory annuitization of benefits and the impact of special ...

    2008| Hans Fehr, Christian Habermann
  • Refereed essays Web of Science

    Tax Liability-Side Equivalence in Experimental Posted-Offer Markets

    In theory, the incidence of a tax should be independent of the side of the market on which it is levied. This principle of liability-side equivalence underlies virtually all theories of tax incidence. Policy discussions, however, tend to place great emphasis on the legal division of tax payments. We use computerized experimental posted-offer markets to test liability-side equivalence. We find that ...

    In: The Southern Economic Journal 68 (2002), 3, S. 672-682 | Rainald Borck, Dirk Engelmann, Wieland Müller, Hans-Theo Normann
311 results, from 251
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