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This paper uses a panel of state-level data to test whether changes in bank loan supply affect output. Since the U.S. states are small open economies with fixed exchange rates, state-specific shocks to money demand are automatically accommodated, leading to changes in lending if banks rely on...
Persistent link: https://www.econbiz.de/10005513074
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...
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of the twentieth century are consistent with consumption smoothing tendencies in the spirit of the permanent income … components, then we estimate marginal propensities to save out of each component of income. The two methodologies deliver similar … different contemporary household data. Marginal propensities to save out of unexpected income shocks are large relative to …
Persistent link: https://www.econbiz.de/10005393652
The issue of whether higher lifetime income households save a larger fraction of their income is an important factor in … empirical methods and the Panel Study on Income Dynamics, the Survey of Consumer Finances, and the Consumer Expenditure Survey … income groups: differences in Social Security benefits, different time preference rates, non-homothetic preferences, bequest …
Persistent link: https://www.econbiz.de/10005393664
Uninsurable income risk is often cited as an explanation for empirical deviations from the Lifecycle/Permanent-Income … estimating income uncertainty essentially measure the cross-sectional variance of a subpopulation rather than the true … income uncertainty. We measure income uncertainties as the variance of income forecasting errors at different ages and over …
Persistent link: https://www.econbiz.de/10005393793
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
Using data from the PSID, we find that household income has become noticeably more volatile during the past thirty … years. We estimate that the standard deviation of percent changes in household income rose one-fourth between the early 1970 …
Persistent link: https://www.econbiz.de/10005393857