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A note on the cointegration of consumption, income, and wealth
Rudd, Jeremy; Whelan, Karl - Federal Reserve Board (Board of Governors of the … - 2002
log consumption, assets, and labor income will be cointegrated. They conclude that this cointegrating relationship is …, assets, and labor income that are jointly consistent with an underlying budget constraint. By contrast, Lettau and Ludvigson …
Persistent link: https://www.econbiz.de/10005393831
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Empirical evidence on human capital spillovers
Rudd, Jeremy - Federal Reserve Board (Board of Governors of the … - 2000
This paper examines whether the average level of human capital in a region affects the earnings of an individual residing in that region in a manner that is external to the individual's own human capital. I find little evidence of an external effect of human capital, which suggests that human...
Persistent link: https://www.econbiz.de/10005514123