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作者：Gollier, C
作者单位：Universite de Toulouse; Universite de Toulouse
摘要：The aim of this paper is to provide a theoretical foundation to the notions of time diversification and decreasing absolute aversion to risk on wealth. We examine the attitude towards risk on initial wealth when the agent allocate this wealth to consumption over his lifetime. Time diversification occurs in that case because the agent will optimally split the risk on wealth into small, seemingly independent, risks on consumption. The introduction of liquidity constraints reduces the implicit ti...
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作者：Burke, M; Prasad, K
作者单位：State University System of Florida; Florida State University
摘要：We study the emergence of institutions that facilitate lending within tile context of a reputational model of debt. Taking an evolutionary perspective, we examine a game played between randomly matched players, and ask whether debt can be supported in the long run when lenders are given the option of joining an information-sharing coalition. Despite the fact that players are assumed to be unsophisticated, and follow simple adaptive rules, we observe steady states with widespread lending. The g...
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作者：Demirgüç-Kunt, A; Detragiache, E
作者单位：The World Bank; International Monetary Fund
摘要：Based on evidence for 61 countries in 1980-1997, this study finds that explicit deposit insurance tends to increase the likelihood of banking crises, the more so where bank interest rates are deregulated and the institutional environment is weak. Also, the adverse impact of deposit insurance on bank stability tends to be stronger the more extensive is the coverage offered to depositors, where the scheme is funded, and where it is run by the government rather than the private sector. (C) 2002 E...
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作者：Almeida, H; Bonomo, M
作者单位：New York University; Getulio Vargas Foundation
摘要：We use a state-dependent model where pricing rules are optimal to examine the costs of a money-based disinflation under various assumptions about the credibility of the policy change. Our analysis allows us to relate actual credibility and future inflation inertia to the asymmetry of the price deviation distribution. An important implication of our state-dependent setting is that disinflation can be attained without substantial cost even in a situation of low credibility, provided that a mecha...
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作者：Wang, C; Williamson, SD
作者单位：University of Iowa; Carnegie Mellon University; Iowa State University
摘要：This paper is concerned with evaluating alternative unemployment insurance (UI) schemes in a dynamic economy with moral hazard. We consider changes in the size and duration of UI benefits, and the effects of experience rating, and use a dynamic contracting approach to determine a benchmark optimal allocation. Radical changes in the current UI system increase welfare, but not by much. A move to full experience rating has distributional effects, but the aggregate effects are negligible. (C) 2002...
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作者：Gervais, M
作者单位：Queens University - Canada; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：This paper studies the impact of the preferential tax treatment of housing capital in a dynamic general equilibrium life-cycle economy populated by heterogeneous individuals. The model includes the main housing tax provisions currently in place in the U.S. and a minimum downpayment requirement upon purchasing non-divisible houses. The tax code makes the return on housing capital larger than that on business capital, which distorts the lifetime profile and composition of individuals' savings. T...
