This paper studies the signalling effect of the consumption-wealth ratio (cay) on German stock returns via vector error correction models (VECMs). The effect of cay on U.S. stock returns has been recently confirmed by Lettau and Ludvigson with a two-stage method. In this paper, performances of...

Die vorliegende Untersuchung befaßt sich mit verschiedenen Verfahren zur Berücksichtigung von Einkommensvorteilen aus selbstgenutztem Wohneigentum ("Imputed Rent") und deren Einfluß auf die personelle Einkommensverteilung. Nach einer theoretischen Darstellung der Verfahren und ihrer...

I use the PSID to decompose the rise in wage inequality into a permanent and a transitory component. I consider separately job stayers and job changers. I find that earnings instability (the variance of the transitory component of earnings) increased much more among job changers than among job...

This paper is an analysis of the English-language proficiency and labor market earnings of Soviet Jewish immigrants to the United States from 1965 to 2000, using the 2000 Census of Population. Comparisons are made to similar analyses using the 1980 and 1990 Censuses. A consistent finding is that...

Recent welfare reforms are prompting some state and local welfare agencies to use temporary help service firms to help place welfare recipients into jobs. Concerns have arisen that these jobs are more likely to pay low wages, provide fewer benefits, and offer less stability. We explore the...

Utility theory suggests that foreseeable risk should increase the compensation for work. This paper expands on this notion: on basis of utility theory, people should care not only about risk but also about the skewness in the distribution of the compensation paid. In particular, because the...

This paper explores the relative success of ethnic and immigrant Ukrainians in Canada and in the United States. We found evidence for both a sheepskin and citizenship effects, which partially explains the strong economic performance of Ukrainian immigrants in Canada. Ukrainian immigrants to the...

"This paper considers nonparametric identification and estimation of a generalized Roy model that includes a non-pecuniary component of utility associated with each choice alternative. Previous work has found that, without parametric restrictions or the availability of covariates, all of the...