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Compensation incentives and risk taking behavior: evidence from mutual funds

Orphanides, Athanasios - Federal Reserve Board (Board of Governors of the … - 1996

This paper examines the role of compensation contracts in determining risk taking decisions by money managers in the … contracts have on risk taking in the mutual fund industry using paneldata. The methodology exploits the within-year cross … sectional variation in the performance of mutual funds to identify systematic time series variation in risk taking. Growth and …

Persistent link: https://www.econbiz.de/10005721143

Fertility Choice in a Life Cycle Model with Idiosyncratic Uninsurable Earnings Risk

Sommer, Kamila - Federal Reserve Board (Board of Governors of the … - 2014

-Bewley-Huggett framework augmented to include fertility decisions and infertility risk. Building on Becker and Tomes (1976), I model fertility … earnings risk lead to a postponement in births by young households, and are associated with a decline in the total number of … births. The linkage between earnings risk and fertility patterns highlights the important role that labor market conditions …

Persistent link: https://www.econbiz.de/10010784168

Rising inequality: transitory or permanent? New evidence from a U.S. panel of household income 1987-2006

DeBacker, Jason; Heim, Bradley; Panousi, Vasia; … - Federal Reserve Board (Board of Governors of the … - 2011

We use a new and large panel dataset of household income to shed light on the permanent versus transitory nature of rising inequality in individual male labor earnings and in total household income, both before and after taxes, in the United States over the period 1987-2006. Due to the quality...

Persistent link: https://www.econbiz.de/10009390669

The level and distribution of economic well-being

Bernanke, Ben S. - Federal Reserve Board (Board of Governors of the … - 2007

a speech before the Greater Omaha Chamber of Commerce, Omaha, Nebraska

Persistent link: https://www.econbiz.de/10010725350

The contribution of the minimum wage to U.S. wage inequality over three decades: a reassessment

Autor, David; Manning, Alan; Smith, Christopher L. - Federal Reserve Board (Board of Governors of the … - 2010

We reassess the effect of state and federal minimum wages on U.S. earnings inequality, attending to two issues that appear to bias earlier work: violation of the assumed independence of state wage levels and state wage dispersion, and errors-in-variables that inflate impact estimates via an...

Persistent link: https://www.econbiz.de/10008784284

Ponds and streams: wealth and income in the U.S., 1989 to 2007

Kennickell, Arthur B. - Federal Reserve Board (Board of Governors of the … - 2009

Much discussion treats the working definitions of wealth and income as if they were self-evident, but definitional choices can make substantial differences in the overall picture. To provide a clear basis on which to examine family wealth and income their interrelationship, this paper begins...

Persistent link: https://www.econbiz.de/10004965403

Macroeconomic implications of competitive college admissions

Iyigun, Murat F.; Levin, Andrew T. - Federal Reserve Board (Board of Governors of the … - 1998

We present a public higher education model in which there exist indivisibilities in educational investment. Consequently, when demand for educational services exceed supply, a screening mechanism, which may potentially be imperfect, is required to choose the student body. We demonstrate how...

Persistent link: https://www.econbiz.de/10005368221

Income inequality and macroeconomic fluctuations

Iyigun, Murat F.; Owen, Ann L. - Federal Reserve Board (Board of Governors of the … - 1997

When per capita income is low, increases in income inequality make macroeconomic cycles less severe. We present a model in which access to credit is based on earnings potential. If low as well as middle income individuals are credit constrained, increases in income inequality lead to smaller...

Persistent link: https://www.econbiz.de/10005368449

Measuring wealth with survey data: an evaluation of the 1983 Survey of Consumer Finances

Avery, Robert B.; Elliehausen, Gregory E.; Kennickell, … - Federal Reserve Board (Board of Governors of the … - 1987

Persistent link: https://www.econbiz.de/10005498233

The rise in lifetime earnings inequality among men

Aaronson, Stephanie - Federal Reserve Board (Board of Governors of the … - 2002

Recent trends in lifetime earnings inequality in the United States have been barely explored, despite the fact that lifetime earnings are a better measure of access to resources than the more widely studied annual earnings. This paper demonstrates that lifetime earnings inequality has increased...

Persistent link: https://www.econbiz.de/10005721085

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