Can We Really Observe Hyperbolic Discounting? ∗ (2007)
Jesús Fernández-villaverde, Arijit Mukherji, Juan Carlos Conesa, John Dickhaut, Carlos Garriga, Tom Holmes, ...
This paper proposes a new, more robust, experiment to test for the presence of hyperbolic discounting. Recently, a growing literature has studied intertemporal choice when individuals discount the...
Un análisis de equilibrio general de dos propuestas de reforma de la seguridad social (2005)
Este trabajo cuanti.ca los efectos de dos propuestas de reforma del sistema de seguridad social en España utilizando un modelo de equilibrio general de generaciones sucesivas. La primera propuesta...
Un análisis de equilibrio general de dos propuestas de reforma de la seguridad social (2005)
Este trabajo cuanti.ca los efectos de dos propuestas de reforma del sistema de seguridad social en España utilizando un modelo de equilibrio general de generaciones sucesivas. La primera propuesta...
UN ANÁLISIS DE EQUILIBRIO GENERAL DE DOS PROPUESTAS DE REFORMA DE LA SEGURIDAD SOCIAL (2005)
Este trabajo cuantifica los efectos de dos propuestas de reforma del sistema de seguridad social en España utilizando un modelo de equilibrio general de generaciones sucesivas. La primera propuesta...
Sistema fiscal y reforma de la Seguridad Social (2001)
Conesa, Juan Carlos, Garriga, Carlos
El presente trabajo analiza desde un punto de vista cuantitativo, mediante un modelo de equilibrio general de generaciones sucesivas, los efectos sobre la economía española de eliminar el actual...
"Accounting for Changes in the Homeownership Rate"
Yoshiro Miwa, Matthew Chambers, Carlos Garriga, Don E. Schlagenhauf
After years of being relatively constant, the homeownership rate -a target for housing policy- has increased since 1995. This paper attempts to understand why the homeownership rate has been...
Accounting for Changes in the Homeownership Rate
Matthew Chambers, Carlos Garriga
After 40 years of stability, the homeownership rate -- a target for housing policy -- has steadily increased since 1995. We attempt to understand this increase using a quantitative model to evaluate...
Optimal Response to a Demographic Shock
Juan C. Conesa, Carlos Garriga
We examine the optimal policy response to an exogenously given demographic shock. Such a shock affects negatively the financing of retirement pensions, and we use optimal fiscal policy in order to...
Optimal response to a transitory demographic shock in Social Security financing
Juan Carlos Conesa, Carlos Garriga
We examine the optimal policy response to a transitory demographic shock that affects negatively the financing of retirement pensions. In contrast to existing literature, we endogenously determine...
Mortgage contracts and housing tenure decisions
Matthew Chambers, Carlos Garriga, Don Schlagenhauf
In this paper, we analyze various mortgage contracts and their implications for housing tenure and investment decisions using a model with heterogeneous consumers and liquidity constraints. We find...
Optimal Taxation with Imperfect Competition and Aggregate Returns to Specialization
Javier Coto-Martínez, Carlos Garriga, Fernando Sánchez-Losada
In this article we explore the proposition that, in economies with imperfect competitive markets, the optimal capital income tax is negative and the optimal tax on firms' profits is confiscatory. We...
Optimal taxation with imperfect competition and aggregate returns to specialization
Javier Coto-Martínez, Carlos Garriga, Fernando Sánchez-Losada
In this paper we explore the proposition that in economies with imperfect competitive markets the optimal capital income tax is negative and the optimal tax on firms profits is confiscatory. We show...
Accounting for changes in the homeownership rate
Matthew Chambers, Carlos Garriga, Don E. Schlagenhauf
After three decades of being relatively constant, the homeownership rate increased over the 1994–2005 period to attain record highs. The objective of this paper is to account for the observed boom...
Equilibrium mortgage choice and housing tenure decisions with refinancing
Matthew Chambers, Carlos Garriga, Don Schlagenhauf
The last decade has brought about substantial mortgage innovation and increased refinancing. The objective of the paper is to understand the determinants and implications of mortgage choice in the...
Optimal Fiscal Policy in Overlapping Generations Models
This paper provides, from a theoretical and quantitative point of view, an explanation of why taxes on capital returns are high (around 35%) by analyzing the optimal fiscal policy in an economy with...
Sistema Fiscal y Reforma de la Seguridad Social
Juan Carlos Conesa, Carlos Garriga
El presente trabajo analiza desde un punto de vista cuantitativo, mediante un modelo de equilibrio general de generaciones sucesivas, los efectos sobre la economia espanola de eliminar el actual...
Reforma del sistema de seguridad social y adquisicion de formacion
Juan Carlos Conesa, Carlos Garriga
This paper uses a overlapping generation general equilibrium model to study a reform of the social security system, going from an unfunded to a funded system. We also analyze the effects of this...
La financiacion del Sistema de Seguridad Social en Espana: Efectos dinamicos de una posible reforma
Juan Carlos Conesa, Carlos Garriga
Este articulo analiza los efectos de dos posibles reformas en la financiacion del actual sistema de Seguridad Social en Espana, y cuantifica los efectos de dichas reformas sobre los principales...
Accounting for changes in the homeownership rate
Matthew Chambers, Carlos Garriga, Don Schlagenhauf
After three decades of being relatively constant, the homeownership rate increased over the period 1994 to 2005 to attain record highs. The objective of this paper is to account for the observed boom...
Optimal fiscal policy in the design of Social Security reforms
Juan Carlos Conesa, Carlos Garriga
The quantitative macroeconomics literature has documented that in the basic Overlapping Generations model a privatization of the social security system, going from a Pay-As-You-Go to a Fully Funded...
The tax treatment of homeowners and landlords and the progressivity of income taxation
Matthew Chambers, Carlos Garriga, Don Schlagenhauf
This paper analyzes the connection between the asymmetric tax treatment of homeowners and landlords and the progressivity of income taxation using a quantitative overlapping generations general...
Carlos Garriga, Mark P. Keightley
This paper analyzes the effectiveness of three different types of education policies: tuition subsidies (broad based, merit based, and flat tuition), grant subsidies (broad based and merit based),...
The tax treatment of homeowners and landlords and the progressivity of income taxation
Matthew Chambers, Carlos Garriga, Don Schlagenhauf
This paper analyzes the connection between the asymmetric tax treatment of homeowners and landlords and the progressivity of income taxation using a quantitative overlapping generations general...
Equilibrium mortgage choice and housing tenure decisions with refinancing
Matthew S. Chambers, Carlos Garriga, Don Schlagenhauf
The last decade has brought about substantial mortgage innovation and increased refinancing. The objective of this paper is to understand the determinants and implications of mortgage choice in the...
OPTIMAL FISCAL POLICY IN THE DESIGN OF SOCIAL SECURITY REFORMS
Juan C. Conesa, Carlos Garriga
The quantitative literature has documented that a privatization of the social security system generates large long-run welfare gains at the cost of welfare losses for transition generations. In this...
A falling dollar raises inflation in the Gulf
Carlos Garriga, Michelle T. Armesto
Petroleum products - Prices ; Inflation (Finance) ; Dollar, American
Recent trends in homeownership
Carlos Garriga, William T. Gavin, Don Schlagenhauf
The homeownership rate began to trend upward in 1995 after years of being relatively constant, near 64 percent. This article describes recent changes in the share of U.S. housing that is...
Homeownership and Public Housing Policy
Housing economists have questioned whether current US tax and government mortgage policy actually fosters homeownership. In this paper we examine this question interms of a dynamic general...
Status Quo Problem in Social Security Reforms.
Conesa, Juan Carlos, Garriga, Carlos
Several papers show that a privatization of the social security system will not be politically supported by the current generations. The asymmetry in the timing of welfare gains and losses is what...
Un análisis de equilibrio general de dos propuestas de reforma de la seguridad social
Este trabajo cuantifica los efectos de dos propuestas de reforma del sistema de seguridad social en España utilizando un modelo de equilibrio general de generaciones sucesivas. La primera propuesta...
The loan structure and housing tenure decisions in an equilibrium model of mortgage choice
Matthew Chambers, Carlos Garriga, Don Schlagenhauf
The past decade has brought substantial innovations in the structure of mortgage loans. The objective of this paper is to understand how loan structure (terms of repayment and amortization schedule)...
Mortgage innovation, mortgage choice, and housing decisions
Matthew Chambers, Carlos Garriga, Don Schlagenhauf
This paper examines some of the more recent mortgage products now available to borrowers. The authors describe how these products differ across important characteristics, such as the down payment...
STATUS QUO PROBLEM IN SOCIAL SECURITY REFORMS
CONESA, JUAN CARLOS, GARRIGA, CARLOS
Several papers show that a privatization of the social security system will not be politically supported by the current generations. The asymmetry in the timing of welfare gains and losses is what...
Optimal response to a transitory demographic shock in social security financing
Juan Carlos Conesa, Carlos Garriga
The authors consider a transitory demographic shock that affects negatively the financing of retirement pensions-that is, workers either would have to pay more or retirees would receive less. In...
The Loan Structure and Housing Tenure Decisions in an Equilibrium Model of Mortgage Choice
Matt Chambers, Carlos Garriga, Don Schlagenhauf
The objective of this paper is to understand how loan structure affects (i) the borrower's selection of a mortgage contract and (ii) the aggregate economy. We develop a quantitative equilibrium...
Generational policy and the macroeconomic measurement of tax incidence
Juan Carlos Conesa, Carlos Garriga
In this paper we show that the generational accounting framework used in macroeconomics to measure tax incidence can, in some cases, yield inaccurate measurements of the tax burden across age...
Estate taxation with warm-glow altruism
Carlos Garriga, Fernando Sánchez-Losada
This article examines the properties of the optimal fiscal policy in an economy with warm-glow altruism (utility interdependence) and heterogeneous individuals. We propose a new efficiency concept,...
Lending standards in mortgage markets
While the data seem to suggest that lenders did the right thing by tightening standards and increasing denials...the ongoing financial crisis suggests that they did not tighten them enough.
ACCOUNTING FOR CHANGES IN THE HOMEOWNERSHIP RATE
Matthew Chambers, Carlos Garriga, Don E. Schlagenhauf
This article accounts for the boom in homeownership from 1994 to 2005 by examining the roles of demographic changes and mortgage innovations. To measure the impact of these factors, we construct a...
Estate taxation with warm-glow altruism
Carlos Garriga, Fernando Sánchez-Losada
This article examines the properties of the optimal fiscal policy in an economy with warm-glow altruism (utility interdependence) and heterogeneous individuals. We propose a new efficiency concept,...
Generational policy and the macroeconomic measurement of tax incidence
Juan Carlos Conesa, Carlos Garriga
In this paper we show that the generational accounting framework used in macroeconomics to measure tax incidence can, in some cases, yield inaccurate measurements of the tax burden across age...
Estate taxation with warm-glow altruism
Carlos Garriga, Fernando Sánchez-Losada
Optimal taxation, Altruism, Dynamic general equilibrium, H21, H30, E62,
Examining the housing crisis by home price tier
Michelle T. Armesto, Carlos Garriga
When broken down by price level - high-priced, mid-priced, and lower-priced homes - the housing boom and subsequent implosion affected each tier differently.
Indirect taxation and the welfare effects of altruism on the optimal fiscal policy
Carlos Garriga, Fernando Sánchez-Losada
This paper analyzes the welfare effects of altruism on the optimal fiscal policy. The existence of positive bequests links present and future generations in the economy. We show that these altruistic...