13,860 research outputs found

    New York\u27s SEQRA in the Courts

    Get PDF

    Legal Review Concerning the Use of Health Impact Assessments in Non-Health Sectors

    Get PDF
    Examines laws supporting the use of health impact assessments in the areas of environment and energy, transportation, agriculture, and waste disposal and recycling, and issues regarding authority to conduct HIAs in these sectors. Makes recommendations

    Environmental Racism and Biased Methods of Risk Assessment

    Get PDF
    Based on analysis of a risk assessment for a proposed Louisiana uranium enrichment facility, the authors argue that environmental injustice occurs when assessors\u27 scientific methods cause de facto discrimination

    Household's Preferences and Monetary Policy Inertia

    Get PDF
    The estimation of monetary policy rules suggests that the interest rates set by central banks move with a certain inertia. Although a number of hypotheses have been suggested to explain this phenomenon, its ultimate origin is unclear, thus delineating this issue as a modern "puzzle" in monetary economics. We show that household's preferences can play an important role in determining optimal interest rate inertia. Importantly, this can occur even when the central bank has egligible preferences for smoothing the interest rate

    Optimal housing, consumption, and investment decisions over the life-cycle

    Get PDF
    We provide explicit solutions to life-cycle utility maximization problems simultaneously involving dynamic decisions on investments in stocks and bonds, consumption of perishable goods, and the rental and the ownership of residential real estate. House prices, stock prices, interest rates, and the labor income of the decision-maker follow correlated stochastic processes. The preferences of the individual are of the Epstein-Zin recursive structure and depend on consumption of both perishable goods and housing services. The explicit consumption and investment strategies are simple and intuitive and are thoroughly discussed and illustrated in the paper. For a calibrated version of the model we find, among other things, that the fairly high correlation between labor income and house prices imply much larger life-cycle variations in the desired exposure to house price risks than in the exposure to the stock and bond markets. We demonstrate that the derived closed-form strategies are still very useful if the housing positions are only reset infrequently and if the investor is restricted from borrowing against future income. Our results suggest that markets for REITs or other financial contracts facilitating the hedging of house price risks will lead to non-negligible but moderate improvements of welfare
    • …
    corecore