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102 records from EconBiz based on author Name
1. Households' risk perceptions, overplacement, and financial literacy
Bucher-Koenen, Tabea; Fessler, Pirmin; Silgoner, Maria Antoinette;2024
Type: Working Paper;
Availability:
2. How can a decline in R* be reversed? Productivity, retirement age, and the green transition
Holzmann, Robert; Breitenfellner, Andreas; Pointner, Wolfgang; Raggl, Anna; Sellner, Richard; Silgoner, Maria Antoinette; Stelzer, Anna; Stiglbauer, Alfred;2024
Type: Research Report;
Availability:
3. Households' risk perceptions, overplacement, and financial literacy
abstractHousehold financial resilience is related to the availability of financial resources but also to the ability to anticipate and assess future situations and prepare for them accordingly. Overplacement describes the tendency of individuals to rate themselves better than others, i.e. they believe that their own chances of experiencing a negative (positive) event are lower (higher) than those of others. In a randomized survey experiment we asses households' perceptions of specific risks, which could affect the future financial situation of their own household (treatment) or of a household with similar characteristics (control). On average, households assign lower probabilities to shocks that negatively affect personal finances if asked for their own household compared to a similar household - confirming overplacement bias in the context of financial risks. We do not find the reverse effect for positive shocks. The treatment effect is stronger among households with lower financial literacy, indicating that financial literacy is relevant for the ability to assess future financial shocks.
Bucher-Koenen, Tabea; Fessler, Pirmin; Silgoner, Maria Antoinette;2024
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link 4. How can a decline in R* be reversed? : productivity, retirement age, and the green transition
abstractThe room for maneuver of monetary policy and the relevance of the zero lower bound of nominal interest rates are largely determined by the level of and the outlook for the natural rate of interest (R*), i.e. the unobservable equilibrium interest rate that neither stimulates nor contracts the economy. Available estimates suggest that the rate has declined substantially over the last decades and even centuries. The literature on the potential drivers of this decline - both macroeconomic and financial - finds that demographic factors, real GDP trend growth, and total factor productivity have the most robust links with R*. Generally, the decline in R* was less pronounced in emerging market economies. We discuss three policies aimed at re-increasing R*, which promise to amplify the distance to the zero lower bound and therefore increase monetary policy space: (1) One promising route is boosting productivity via increased diffusion and deployment of digitalization and AI, and potentially also through transitioning toward a more climate-friendly economy. (2) Reforming the pension system, specifically raising the retirement age, could have strong transitory and even longer-term positive effects on R*. (3) The comparative advantage of the Global South is clean energy. Capital flows from the Global North to the Global South to finance investments in renewable energy may offer immense potential for unlocking productivity gains due to cheaper energy, less uncertainty, and higher returns.
Holzmann, Robert; Breitenfellner, Andreas; Pointner, Wolfgang; Raggl, Anna; Sellner, Richard; Silgoner, Maria Antoinette; Stelzer, Anna; Stiglbauer, Alfred;2024
Type: Graue Literatur; Non-commercial literature;
Availability:
Link 5. Households' financial resilience, risk perceptions, and financial literacy: Evidence from a survey experiment
Bucher-Koenen, Tabea; Fessler, Pirmin; Silgoner, Maria Antoinette;2023
Type: Working Paper;
Availability:
6. 27th Global Economy Lecture Sergei Guriev on "The political economy of Putin's war in Ukraine"
Silgoner, Maria Antoinette;2023
Type: Aufsatz in Zeitschrift; Article in journal;
Availability:
Link 7. Households' financial resilience, risk perceptions, and financial literacy : evidence from a survey experiment
abstractWe examine the financial resilience of Austrian households, relating it to their experience of financial shocks earlier in life and to their financial literacy. We find that previous negative (positive) financial shocks are negatively (positively) related to financial resilience. Financial literacy and households’ financial resilience are positively related. Based on a randomized survey experiment, we investigate the role of over-optimism when evaluating the potential impact of future events on households’ financial situation. Households are asked to assess specific risks for their own household (treatment) or for a household with similar characteristics (control). On average, households assign a lower probability to shocks that negatively affect personal finances if asked for their own household compared to a similar household. We do not find the reverse effect for positive shocks. We find a negative correlation between over-optimism and financial literacy, indicating that financial literacy is relevant to both, financial behavior and the ability to assess financial shocks.
Bucher-Koenen, Tabea; Fessler, Pirmin; Silgoner, Maria Antoinette;2023
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link
Link Link 8. Conference on European Economic Integration 2021 : recalibrating tomorrow's global value chains : prospects for CESEE
Silgoner, Maria Antoinette;2022
Type: Aufsatz in Zeitschrift; Article in journal;
Availability:
9. Quo vadis, productivity?
abstractAchieving high productivity growth is a central goal of policymaking, given that productivity (growth) impacts not only key macroeconomic variables, but also a country's living standards. Central banks have an intrinsic interest in promoting productivity growth because of its interaction with the natural rate of interest r*, a key variable of monetary policy. The natural rate of interest is also crucial for the scope of monetary policy space - both in terms of conventional and unconventional policies. Summarizing recent empirical evidence, we present nine hypotheses about why productivity dynamics may have slowed down recently in industrial countries around the world: (1) lack of (investment) demand; (2) expansionary monetary policy; (3) firm size and age; (4) technological cycles, the nature of recent innovations and the time it takes to apply them productively; (5) weak technological diffusion; (6) subdued creative destruction; (7) financial market dynamics and valuation; (8) population aging; and (9) regulation and the compliance burden. The factors that will shape future productivity trends may differ from today's and past drivers. For this reason, we highlight three policy fields that may become even more critical over the next decades: population aging, digitalization and climate change. We conclude that weak productivity growth must be approached from various angles. Appropriate policy mixes may differ widely across global and European regions. Here, central banks can play a crucial role in helping governments find this appropriate policy mix.
Breitenfellner, Andreas; Holzmann, Robert; Sellner, Richard; Silgoner, Maria Antoinette; Zörner, Thomas;2022
Type: Graue Literatur; Non-commercial literature;
Availability:
Link 10. Quo vadis, productivity?
Breitenfellner, Andreas; Holzmann, Robert; Sellner, Richard; Silgoner, Maria Antoinette; Zörner, Thomas;2022
Type: Research Report;
Availability:
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