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Displaying results 1 to 16 of 16.

  1. Essays on income risk, portfolio choices and the macroeconomy
    Author: Azzalini, Gualtiero
    Published: 2023
    Publisher:  Department of Economics, Stockholm University, Stockholm

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    Language: English
    Media type: Dissertation
    Format: Online
    ISBN: 9789180143691
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    Series: Monograph series / Institute for International Economic Studies, Stockholm University ; no. 124
    Subjects: Macroeconomics; household finance; income risk; portfolio choice; wealth inequality; heterogeneous agents; insurance; search and matching
    Scope: 1 Online-Ressource (circa 214 Seiten), Illustrationen
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    Dissertation, Stockholm University, 2023
  2. Rethinking the welfare state
    Author: Guner, Nezih; Kaygusuz, Remzi; Ventura, Gustavo
    Published: [2023]
    Publisher:  BSE, Barcelona School of Economics, [Barcelona]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BSE working paper ; 1386 (March 2023)
    Subjects: Taxes and transfers; household labor supply; income risk; Social Insurance; Universal Basic Income
    Scope: 1 Online-Ressource (circa 84 Seiten), Illustrationen
  3. Income risk, precautionary saving, and loss aversion
    an empirical test
    Author: Ibanez, Marcela; Schneider, Sebastian O.
    Published: June 2023
    Publisher:  Max Planck Institute for Research on Collective Goods, Bonn

    This paper empirically examines the behavioral precautionary saving hypothesis that uncertainty about future income triggers an increase in saving because of loss aversion. Guided by the theoretical model of Koszegi and Rabin (2009), we first extend... more

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    This paper empirically examines the behavioral precautionary saving hypothesis that uncertainty about future income triggers an increase in saving because of loss aversion. Guided by the theoretical model of Koszegi and Rabin (2009), we first extend their theoretical analysis to also consider the internal margin, i.e., the strength, of loss aversion, and then empirically study the relation between income risk, experimentally elicited loss aversion, and precautionary savings. We do so using a sample of 640 individuals from the low-income population of Bogotá, characterized by limited financial education and subject to substantial income risk. In line with the theoretical predictions, we find that an increase in income risk is associated with higher savings for loss-averse individuals, and that this increase in savings grows with the degree of loss aversion. An accompanying laboratory experiment confirms that an exogenous increase in income risk causally leads to this observed pattern. Thus, consistent with the theoretical predictions derived from the model of Koszegi and Rabin (2009), but in contrast to common assumptions, our findings establish that loss aversion is not necessarily an obstacle to saving, and thus identify new approaches of increasing saving among individuals with low financial education.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 21.11116/0000-000D-5CFF-E
    hdl: 10419/274064
    Series: Discussion papers of the Max Planck Institute for Research on Collective Goods ; 2023, 6
    Subjects: Reference-dependent utility; expectations; consumption plans; precautionary savings; loss aversion; risk preferences; income risk; low income; Bogotá; experiment
    Scope: 1 Online-Ressource (circa 122 Seiten), Illustrationen
  4. Rethinking the welfare state
    Author: Guner, Nezih; Kaygusuz, Remzi; Ventura, Gustavo
    Published: August 2023
    Publisher:  Centro de estudios monetarios y financieros, Madrid, Spain

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    Source: Union catalogues
    Language: English
    Media type: Book
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    Series: Working paper / CEMFI ; 2304
    Subjects: Taxes and transfers; universal basic income; household labor supply; income risk; social insurance
    Scope: 1 Online-Ressource (circa 83 Seiten), Illustrationen
  5. Banks, debts and workers
    Author: Denk, Oliver; Fialho, Priscilla
    Published: 2020
    Publisher:  OECD, Paris, France

    Private debt owed to banks and other financial institutions has been at unprecedented high levels. This paper studies the role of these high levels of debt for workers, based on an assembled micro-dataset that harmonises household surveys from 29... more

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    Private debt owed to banks and other financial institutions has been at unprecedented high levels. This paper studies the role of these high levels of debt for workers, based on an assembled micro-dataset that harmonises household surveys from 29 OECD countries. High debt is found to be associated with two bad outcomes for workers: weaker wage growth and an increased risk that they encounter a sharp fall in their wages. People who tend to be particularly affected are the low-skilled, individuals with unstable employment paths and financially vulnerable households. Strong bank supervision and macroprudential measures that aim to avoid credit overexpansion are two policies that can improve the links of private debt with labour income growth and risk. Overall, the evidence in this paper points to finance as one factor behind wage stagnation and the social divisions in today’s labour markets.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
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    Series: OECD Economics Department working papers ; no. 1640
    Subjects: Finance; credit; labour earnings; income growth; income risk; Economics
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  6. Income risk inequality
    evidence from Spanish administrative records
    Author: Arellano, Manuel; Bonhomme, Stéphane; De Vera, Micole; Hospido, Laura; Wei, Siqi
    Published: 2021
    Publisher:  Banco de España, Madrid

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Documentos de trabajo / Banco de España, Eurosistema ; no. 2136
    Subjects: Spain; income dynamics; administrative data; income risk; inequality
    Scope: 1 Online-Ressource (circa 98 Seiten), Illustrationen
  7. Advance information and consumption insurance
    evidence from panel data
    Author: Pedroni, Marcelo; Singh, Swapnil; Stoltenberg, Christian
    Published: [2022]
    Publisher:  Tinbergen Institute, Amsterdam, The Netherlands

    We investigate whether US households possess advance information about their future income and what this means for consumption insurance. Based on insights from a theoretical model, we propose a new test to detect advance information, which requires... more

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    We investigate whether US households possess advance information about their future income and what this means for consumption insurance. Based on insights from a theoretical model, we propose a new test to detect advance information, which requires only panel data on consumption and income. Using the Panel Study of Income Dynamics, we find-in contrast to the existing literature-strong support for the existence of advance information. We use this evidence to estimate a standard incomplete markets model and find that advance information reduces households' income forecast errors by 15%. Our estimation results imply that 27% of all unexpected income changes are passed through to consumption. Ignoring advance information leads to a significant overestimation of consumption insurance and even more so at the bottom of the wealth distribution.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/263952
    Edition: Preliminary, April 15, 2022
    Series: Array ; TI 2022, 032
    Subjects: income risk; advance information; consumption insurance; panel data; incomplete markets
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  8. Essays on macroeconomics, monetary policy and mobility
    Author: Kramer, John Vincent
    Published: 2022
    Publisher:  Department of Economics, Stockholm University, Stockholm

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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
    ISBN: 9789179118594
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    Series: Monograph series / Institute for International Economic Studies, Stockholm University ; no. 117
    Subjects: Macroeconomics; monetary economics; monetary policy; heterogeneous agents; universal basic income; hiring subsidies; income risk; wealth inequality; misallocation; intergenerational mobility
    Scope: 1 Online-Ressource (circa 307 Seiten), Illustrationen
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    Dissertation, Stockholm University, 2022
  9. Advance information and consumption insurance: evidence and structural estimation
    Author: Pedroni, Marcelo; Singh, Swapnil; Stoltenberg, Christian
    Published: 2022
    Publisher:  Lietuvos Bankas, Vilnius

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    Media type: Book
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    Series: Working papers series / Lietuvos Bankas ; No.2022,108
    Subjects: income risk; advance information; consumption insurance; panel data; incomplete markets
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  10. Retirement eggs and retirement baskets
    Author: Dobrescu, Loretti Isabella; Shanker, Akshay; Bateman, Hazel; Newell, Benjamin R.; Thorp, Susan
    Published: [2022]
    Publisher:  CEPAR, ARC Centre of Excellence in Population Ageing Research, [Kensington, NSW]

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    Series: Working paper / CEPAR, ARC Centre of Excellence in Population Ageing Research ; 2022, 07
    Subjects: lifetime savings; portfolio choice; income risk; defaults; method of moments
    Scope: 1 Online-Ressource (circa 92 Seiten), Illustrationen
  11. Banks, debts and workers
    Author: Denk, Oliver; Fialho, Priscilla
    Published: 2020
    Publisher:  OECD, Paris, France

    Private debt owed to banks and other financial institutions has been at unprecedented high levels. This paper studies the role of these high levels of debt for workers, based on an assembled micro-dataset that harmonises household surveys from 29... more

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    Private debt owed to banks and other financial institutions has been at unprecedented high levels. This paper studies the role of these high levels of debt for workers, based on an assembled micro-dataset that harmonises household surveys from 29 OECD countries. High debt is found to be associated with two bad outcomes for workers: weaker wage growth and an increased risk that they encounter a sharp fall in their wages. People who tend to be particularly affected are the low-skilled, individuals with unstable employment paths and financially vulnerable households. Strong bank supervision and macroprudential measures that aim to avoid credit overexpansion are two policies that can improve the links of private debt with labour income growth and risk. Overall, the evidence in this paper points to finance as one factor behind wage stagnation and the social divisions in today’s labour markets.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
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    Series: OECD Economics Department working papers ; no. 1640
    Subjects: Finance; credit; labour earnings; income growth; income risk; Economics
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  12. Income risk inequality
    evidence from Spanish administrative records
    Author: Arellano, Manuel; Bonhomme, Stéphane; De Vera, Micole; Hospido, Laura; Wei, Siqi
    Published: [2021]
    Publisher:  Institute for Fiscal Studies, London

    In this paper we use administrative data from the social security to study income dynamics and income risk inequality in Spain between 2005 and 2018. We construct individual measures of income risk as functions of past employment history, income, and... more

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    In this paper we use administrative data from the social security to study income dynamics and income risk inequality in Spain between 2005 and 2018. We construct individual measures of income risk as functions of past employment history, income, and demographics. Focusing on males, we document that income risk is highly unequal in Spain: more than half of the economy has close to perfect predictability of their income, while some face considerable uncertainty. Income risk is inversely related to income and age, and income risk inequality increases markedly in the recession. These findings are robust to a variety of specifications, including using neural networks for prediction and allowing for individual unobserved heterogeneity.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/249692
    Series: Working paper / lnstitute for Fiscal Studies ; 21, 37
    Subjects: Spain; income dynamics; administrative data; income risk; inequality
    Scope: 1 Online-Ressource (circa 105 Seiten), Illustrationen
  13. Income risk inequality
    evidence from Spanish administrative records
    Author: Arellano, Manuel; Bonhomme, Stéphane; De Vera, Micole; Hospido, Laura; Wei, Siqi
    Published: September 2021
    Publisher:  Centro de estudios monetarios y financieros, Madrid, Spain

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / CEMFI ; 2109
    Subjects: Spain; income dynamics; administrative data; income risk; inequality
    Scope: 1 Online-Ressource (circa 106 Seiten), Illustrationen
  14. Rethinking the welfare state
    Author: Guner, Nezih; Kaygusuz, Remzi; Ventura, Gustavo
    Published: July 2021
    Publisher:  Centro de estudios monetarios y financieros, Madrid, Spain

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / CEMFI ; 2107
    Subjects: Taxes and transfers; household labor supply; income risk; negative income tax
    Scope: 1 Online-Ressource (circa 73 Seiten), Illustrationen
  15. Trade, human capital, and income risk
    Author: Deng, Liuchun; Krishna, Pravin; Senses, Mine Zeynep; Stegmaier, Jens
    Published: December 2021
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    In this paper, we empirically assess the causal relationship between trade and individual income risk and study the role that human capital plays in this relationship using a rich, worker-level, longitudinal data set from Germany spanning from 1976... more

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    In this paper, we empirically assess the causal relationship between trade and individual income risk and study the role that human capital plays in this relationship using a rich, worker-level, longitudinal data set from Germany spanning from 1976 to 2012. Our estimates suggest substantial heterogeneity in labor income risk across workers in different entry cohorts, over workers' life cycles, and across workers with different levels of industry- and occupation-specific human capital. Accounting for entry-cohort effects and age effects, our findings suggest that within-industry changes in imports and exports (per worker) are strongly and causally related to income risk: Imports increase risk and exports decrease risk, and they do so in an economically significant manner. Importantly, we find there to be a complex interplay between human capital and the causal linkage between trade and risk: On average, individuals with higher levels of industry- or occupation-specific human capital experience lower income risk. However, a given increase in net import exposure in an industry increases risk for workers with higher levels of industry tenure more than it does for workers with lower levels of industry tenure. High levels of industry-specific human capital can therefore be costly, from a risk perspective, for workers in highly trade-exposed industries. We find no evidence of such an interaction between risk, industry trade exposure, and occupation-specific human capital.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    hdl: 10419/250614
    Series: Discussion paper series / IZA ; no. 14953
    Subjects: imports; exports; income risk; human capital; Germany
    Scope: 1 Online-Ressource (circa 43 Seiten)
  16. Income risk, precautionary saving, and loss aversion
    an empirical test
    Author: Ibanez, Marcela; Schneider, Sebastian O.
    Published: March 2021
    Publisher:  Max Planck Institute for Research on Collective Goods, Bonn

    This paper empirically examines the behavioral precautionary saving hypothesis by Koszegi and Rabin (2009) stating that uncertainty about future income triggers saving because of loss aversion. We extend their theoretical analysis to also consider... more

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    This paper empirically examines the behavioral precautionary saving hypothesis by Koszegi and Rabin (2009) stating that uncertainty about future income triggers saving because of loss aversion. We extend their theoretical analysis to also consider the internal margin, i.e., the strength, of loss aversion, and empirically study the relation between income risk, experimentally elicited loss aversion and precautionary savings. We do so using a sample of 640 individuals from the low-income population of Bogotá, characterized by limited financial education and subject to substantial income risk. In line with the theoretical predictions, we find that an increase in income risk is associated with higher savings for loss-averse individuals, and that this increase in savings grows with the degree of loss aversion. Thus, as suggested by Koszegi and Rabin (2009), but contrarily to common assumptions, our findings establish that loss aversion is not necessarily an obstacle to saving, and thus identify new approaches of increasing saving among individuals with low financial education.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 21.11116/0000-0008-1716-6
    hdl: 10419/245969
    Series: Discussion papers of the Max Planck Institute for Research on Collective Goods ; 2021, 6
    Subjects: Reference-dependent utility; expectations; consumption plans; precautionary savings; loss aversion; risk preferences; income risk; low-income; Bogotá; experiment
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen