Three essays in public financial economics
- This dissertation explores three issues of public finance. The first chapter presents evidence that the rise in house prices in California caused an expansion of local governments' debt in the early 2000s. Using a novel dataset on all local government debt in California dating back to the 1960s, the main empirical findings suggests that a percentage point rise in house prices in a given county beyond the long-term trend is associated with a 0.44 percentage point rise in debt of local governments within the county. The second chapter documents, using data of all municipal bonds issued in California and New York between 1996 and 2014, a significant decline in the benefits of using municipal bond insurance from approximately 5.1% of the overall deal value at 1996-2002 to 0.5% by 2011-2014. The main reason for the decline is associated to the decline in insurer's credit strength. The final chapter identifies a large class of cases where claiming Social Security early is a mistake regardless of any liquidity constraints, mortality concerns, bequest motives, time discount rates, or a variety of other preference related factors. The magnitude of the mistake can reach up to $250,000.
|Type of resource
|electronic; electronic resource; remote
|1 online resource.
|Stanford University, Department of Economics.
|Shoven, John B
|Shoven, John B
|Statement of responsibility
|Submitted to the Department of Economics.
|Thesis (Ph.D.)--Stanford University, 2017.
- © 2017 by Gila Shoshana Bronshtein
- This work is licensed under a Creative Commons Attribution Non Commercial 3.0 Unported license (CC BY-NC).
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