The Optimal Tax Treatment of Housing Capital in the Neoclassical Growth Model

In a dynamic setting, housing is both an asset and a consumption good.But should it be taxed like other forms of consumption or like other forms of saving?We consider the optimal taxation of the imputed rent from owner housing within a version of the neoclassical growth model.We find that the optimal tax rate on the imputed rent is quite sensitive to the constraints imposed on the other available tax rates.In general, it is not optimal to tax the imputed rent at the same rate as the business capital income

Actuarial Adjustments, Retirement Behaviour and Worker Heterogeneity

The behavioural response with respect to actuarial adjustments in the German public pension system is analysed. The introduction of actuarial adjustments serves as a source of exogenous variation to estimate discrete time transition rates into retirement. The analysis is conducted on administrative data from social security records and on survey data in a comparative scenario. Probability mass points that occur for institutional reasons and due to social norms are controlled for. Moreover, worker heterogeneity is taken into account, which has not been addressed in the previous literature. The results show that on average retirement is postponed by five months due to financial incentives via actuarial adjustments. However, this response is about 40 per cent lower for manual workers compared to non-manual workers which indicates that their retirement income may deteriorate.Die Studie untersucht die Verhaltensreaktion auf finanzielle Anreize hinsichtlich des Renteneintrittsalters. Die Einführung versicherungsmathematischer Abschläge dient als Quelle exogener Variation, um Renteneintrittsraten in diskreter Zeit zu schätzen. Die Analyse basiert auf Administrativdaten der Deutschen Rentenversicherung (VSKT) sowie Umfragedaten des Sozioökonomischen Panels (SOEP) um mögliche Unterschiede in den Ergebnissen aufgrund der Datenmenge und Datenqualität in einem komparativen Szenario zu kontrollieren. Ein besonderer Fokus in der Analyse des Renteneintrittsverhaltens liegt auf individueller Heterogenität hinsichtlich des physischen Anspruchs ehemals ausgeübter Berufe. Die Ergebnisse zeigen, dass die Einführung versicherungsmathematischer Abschläge in Deutschland zu einer durchschnittlichen Verzögerung des Renteneintritts um fünf Monate führt. Diese Reaktion auf finanzielle Anreize ist bei Individuen mit ehemals physisch anspruchsvollen Berufen jedoch etwa 40% niedriger

Early Retirement Across Europe. Does Non-Standard Employment Increase Participation of Older Workers?

Hervorming Sociale Regelgevin

Consumer behavior towards fuel efficient vehicles. Volume IV: operating instructions and programs documentation for the CS Vehicle Choice Simulation Model. Final report.

National Highway Traffic Safety Administration, Technology Assessment Division, Washington, D.C.Mode of access: Internet.Author corporate affiliation: Cambridge Systematics, Mass.Report covers the period Oct 1977-Sept 1980. Released Feb 1981. Contract amount $215,251Subject code: DECMSubject code: NKQPSubject code: SCDCSubject code: SCDCVSubject code: WNBPSubject code: WTHDSSubject code: YCJ

Federal Home Loan Mortgage Corporation

This paper is the first to directly estimate the determinants of differences in premiums received by public and private sellers in the market for bank branches (deposit bases). Deposit premiums received in private sector transactions exceeded those received by the FDIC and the RTC, even afier controlling for known characteristics of the transactions and afier corrections for possible sample selection bias. The observed differentialdisappeared by 1992, suggesting improved market efficiencyand/or the impact of FDICIA (1991), which mandated “least-cost ” resolution procedures for failed institutions. Additionally,the evidence suggests that bank branches are Independent Value Objects whose auctions always result in “unintended ” transfers of value to the winning bidders. This result, while consistent with previous literature that found positive Cumulative Abnormal Returns to the winners of auctions for the branches of failed banks, nevertheless suggests that not all of the positive CARScan be due to market ineticiency

A comparison of car ownership models

In this paper, car ownership models that can be found in the literature (with a focus on the recent literature and on models developed for transport planning) are classified into a number of model types. The different model types are compared on a number of criteria: inclusion of demand and supply side of the car market, level of aggregation, dynamic or static model, long-run or short-run forecasts, theoretical background, inclusion of car use, data requirements, treatment of business cars, car type segmentation, inclusion of income, of fixed and/or variable car cost, of car quality aspects, of licence holding, of socio-demographic variables and of attitudinal variables, and treatment of scrappage

A Structural Model for Early Exit of Older Men in Belgium

In this paper we propose a structural model of the retirement decision for older workers in Belgium. We model the exit paths available through the various available schemes. Our framework allows exploiting all information on possible exit paths and also better identifying preferences and constraints. Results based upon Belgian microsimulation data from 2001 for private sector workers fits rather well observed behavior. Simulations of hypothetical reforms illustrate the potential effects of changing social security rules