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A speech at the CFA Society of Nebraska, Omaha, Neb., Feb. 15, 2007
Persistent link: https://www.econbiz.de/10005420430
A speech at the CFA Society of Nebraska, Omaha, Neb., Feb. 15, 2007
Persistent link: https://www.econbiz.de/10011185495
This paper explores the possibility that economic fluctuations may be largely demand-driven. It is shown that the stylized open-economy business cycle regularities documented by Feldstein and Horioka (1980) and Backus, Kehoe and Kydland (1992) can be explained by demand shocks alone even in a...
Persistent link: https://www.econbiz.de/10005707686
This paper explores the relationship between age distribution and asset returns impled by an overlapping-generations asset pricing model. The model predicts that as more individuals reach the age when the increment to their wealth reaches its maximum, asset returns fall. Cross-sectional evidence...
Persistent link: https://www.econbiz.de/10005352835
The standard measures of nominal capital formation show the United States investing a proportion of GDP much lower than those of other developed countries throughout the last 2 years and falling further behind over time. In contrast, measures we have calculated in real terms across and over time...
Persistent link: https://www.econbiz.de/10005352975
shows that if households face idiosyncratic wealth-income risk and are borrowing constrained, an otherwise-standard growth … permanent income, so that high income growth can lead to substantially increased saving without high interest rates. The …
Persistent link: https://www.econbiz.de/10008583255
This paper addresses the issue of portfolio risk exposure as a function of age, and it focuses the debate by presenting detailed cross-sectional evidence about individual portfolios. It provides new empirical results that characterized the relationship between age and the risk exposure of...
Persistent link: https://www.econbiz.de/10005360548
This paper offers a descriptive empirical analysis of the geographic pattern of income inequality within a sample of …-level household income into two parts: one associated with the degree of variation among household incomes within neighborhoods … neighborhoods. Consistent with previous work, the results reveal that the vast majority of a city’s overall income inequality - at …
Persistent link: https://www.econbiz.de/10005490975
We estimate annual income elasticities of demand for lottery tickets using roughly twenty years of county-level data … for three states. We find that the income elasticity of demand (and thus the tax burden) for lottery tickets has changed … income. Trends in the income elasticity of demand for instant and online lottery games appear to be different. Our results …
Persistent link: https://www.econbiz.de/10005707679
Previous studies have examined the effect of income on lottery ticket expenditures using an aggregate measure of income …, usually personal income. Reasons exist, however, for believing that lottery expenditures do not respond equally to all sources … of income. This paper examines the propensity to purchase lottery tickets from separate types of income, namely income …
Persistent link: https://www.econbiz.de/10005707741