Recent empirical studies have found that consumption is more sensitive to current income than simple versions of the … life-cycle, permanent income hypothesis would predict. The present paper studies a model in which the fraction of consumers … exhibiting excess sensitivity is endogenously determined. The presence of income uncertainty and restrictions on borrowing are …

Nominal income rules for monetary policy have long been debated, but two issues are of particular recent interest …

that increases in income are conducive to increases in democracy levels. This doubt stems mainly from the fact that while a … strong positive correlation exists between income and democracy levels, the relationship disappears when one controls for …, such as institutional quality. In this paper, we reexamine the robustness of the income-democracy relationship. We extend …

We reassess the empirical evidence for a positive relationship between income and democracy, commonly known as the … role for income in democracy, while under the Wooldridge method we obtain much smaller and not always statistically … therefore favors a positive role for income in promoting democracy, but does not preclude a role for institutions in determining …

The trend toward increasing inequality in family income in the United States since the late 1960s is well documented … changes in family income inequality and poverty during the years 1969-1998, focusing on labor supply and family structure as …-half of rising inequality in family income during this period. The impact of changing family structure was most pronounced in …

Nominal income rules for monetary policy have long been debated, but two issues are of particular recent interest …

The trend toward increasing inequality in family income in the United States since the late 1960s is well documented … changes in family income inequality and poverty during the years 1969-1998, focusing on labor supply and family structure as …-half of rising inequality in family income during this period. The impact of changing family structure was most pronounced in …