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  • SOEPpapers 117 / 2008

    Financial Risk Aversion and Household Asset Diversification

    This paper explores the relationship between risk attitude and asset diversification in household portfolios. We first examine the impact of manifested risk aversion on the total number of distinct assets held in a portfolio (naive diversification). The second part of the paper focuses on a more sophisticated strategy of diversification and asks whether financial theory is compatible with observed ...

    2008| Nataliya Barasinska, Dorothea Schäfer, Andreas Stephan
  • Diskussionspapiere 534 / 2005

    Corrective Ad Valorem and Unit Taxes: A Welfare Comparison

    The ad valorem versus unit taxes debate has traditionally emphasized tax yield. For this criterion, ad valorem taxes outperform unit taxes in terms of welfare for a wide range of imperfect competition settings, including Dixit-Stiglitz monopolistic competition. Yet, in a number of policy fields, such as environmental, health or trade economics, policy makers apply taxes to target the production/consumption ...

    2005| Susanne Dröge, Philipp J. H. Schröder
  • SOEPpapers 31 / 2007

    Cost Liability and Residential Space Heating Expenditures of Welfare Recipients in Germany

    Within the German welfare system, heating expenditures of recipients are in general fully covered by the government. This paper empirically tests for the hypothesis that households receiving welfare payments turn to over consumption of residential space heating. We use microdata from two different data sources to explore whether conditional heating expenditures of these households significantly differ ...

    2007| Katrin Rehdanz, Sven Stöwhase
  • 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
  • SOEPpapers 358 / 2011

    Personal Bankruptcy Law, Wealth and Entrepreneurship: Theory and Evidence from the Introduction of a "Fresh Start"

    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
  • Externe Monographien

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

    Zürich: KOF, 2010, 25 S.
    (KOF Working Papers ; 256)
    | Konstantin A. Kholodilin, Maximilian Podstawski, Boriss Siliverstovs
  • SOEPpapers 416 / 2011

    Ethnic Residential Segregation and Immigrants' Perceptions of Discrimination in West Germany

    Using survey data from the German Socio-Economic Panel, this study shows that immigrants living in segregated residential areas are more likely to report discrimination because of their ethnic background. This applies to both segregated areas where most neighbors are immigrants from the same country of origin as the surveyed person and segregated areas where most neighbors are immigrants from other ...

    2011| Verena Dill, Uwe Jirjahn
  • Diskussionspapiere 1056 / 2010

    Confronting the Representative Consumer with Household-Size Heterogeneity

    Much analysis in macroeconomics empirically addresses economy-wide incentives behind consumer/investment choices by using insights from the way a single representative household would behave. Heterogeneity at the micro level can jeopardize attempts to back up the representative consumer construct with microfoundations. One complex aspect of micro-level heterogeneity is household size, as individuals ...

    2010| Christos Koulovatianos, Carsten Schröder, Ulrich Schmidt
  • 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
299 results, from 221