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Terleckyj, Nestor E. (ed.) - 1975

Persistent link: https://www.econbiz.de/10013336569

The How and Why of Household Reactions to Income Shocks

Colarieti, Roberto; Mei, Pierfrancesco; Stantcheva, Stefanie - National Bureau of Economic Research - 2024

-making processes across households (the "why"). The combination of the quantitative estimation of household response dynamics with a … qualitative exploration of the mental models employed during financial decisions provides a more complete view of household … showing significant variability. However, MPDs play a critical role in household financial adjustments and display …

Persistent link: https://www.econbiz.de/10014512045

Inflation's Impact on American Households

Altig, David; Auerbach, Alan J.; Eidschun, Erin F.; … - National Bureau of Economic Research - 2024

The post-COVID price surge has reignited interest in inflation's impact on American households. Even if anticipated and with full market adjustments, inflation affects households through its interaction with the fiscal system, which is the focus of this paper. Inflation affects households...

Persistent link: https://www.econbiz.de/10014544760

The Share Price Effects of Dividend Taxes and Tax Imputation Credits

Harris, Trevor S. - 1999

We examine the hypothesis that dividend taxes are capitalized into share prices by focusing on investors' implicit valuations of retained earnings versus paid-in equity. Retained earnings are distributable as taxable dividends, whereas paid-in equity is distributable as a tax-free return of...

Persistent link: https://www.econbiz.de/10012471338

High Idiosyncratic Volatility and Low Returns : International and Further U.S. Evidence

Ang, Andrew - 2008

Stocks with recent past high idiosyncratic volatility have low future average returns around the world. Across 23 developed markets, the difference in average returns between the extreme quintile portfolios sorted on idiosyncratic volatility is -1.31% per month, after controlling for world...

Persistent link: https://www.econbiz.de/10012464908

Measuring Economic Policy Uncertainty

Baker, Scott R. - 2015

We develop a new index of economic policy uncertainty (EPU) based on newspaper coverage frequency. Several types of evidence - including human readings of 12,000 newspaper articles - indicate that our index proxies for movements in policy-related economic uncertainty. Our US index spikes near...

Persistent link: https://www.econbiz.de/10012457036

David, Joel M. - 2015

Firm-level stock returns exhibit comovement above that in fundamentals, and the gap tends to be higher in developing countries. We investigate whether correlated beliefs among sophisticated, but imperfectly informed, traders can account for the patterns of return correlations across countries....

Persistent link: https://www.econbiz.de/10012457188

Using Asset Prices to Measure the Cost of Business Cycles

Alvarez, Fernando - 2000

We propose a method to measure the welfare cost of economic fluctuations that does not require full specification of consumer preferences and instead uses asset prices. The method is based on the marginal cost of consumption fluctuations, the per unit benefit of a marginal reduction in...

Persistent link: https://www.econbiz.de/10012470758

Interpretable Asset Markets?

Bansal, Ravi - 2002

In this paper we show that measures of economic uncertainty (conditional volatility of consumption) predict and are predicted by valuation ratios at long horizons. Further we document that asset valuations drop as economic uncertainty rises that is, financial markets dislike economic...

Persistent link: https://www.econbiz.de/10012469320

Asset Pricing with Countercyclical Household Consumption Risk

Constantinides, George M. - 2014

We show that shocks to household consumption growth are negatively skewed, persistent, countercyclical, and drive asset … drives the conditional cross-sectional moments of household consumption growth. The estimated model fits well the … unconditional cross-sectional moments of household consumption growth and the moments of the risk-free rate, equity premium, price …

Persistent link: https://www.econbiz.de/10012458555