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Precautionary Savings or Working Longer Hours?

Pijoan-Mas, Josep - Society for Economic Dynamics - SED - 2004

heterogeneous agents when explicitly considering the labor supply decision of households. I find that precautionary savings are …

Persistent link: https://www.econbiz.de/10005085443

A Competitive Theory of Credit Scoring

Chatterjee, Satyajit; Corbae, Dean - Society for Economic Dynamics - SED - 2004

We study how credit scoring impacts the ability of individuals to consumption smooth. Our environment has ex-ante heterogeneity of household types. Credit scoring is interpreted as an intermediary's posterior of a household's type conditional on its bankruptcy and borrowing decisions. The...

Persistent link: https://www.econbiz.de/10005085444

Housing v. Financial Wealth: a Cross-Country Comparison

Piazzesi, Monika; Schneider, Martin - Society for Economic Dynamics - SED - 2004

This paper compares wealth portfolios across countries. The household sector in the US and Canada owns much more financial wealth, and much less housing wealth, than the household sector in most of Europe. We address this fact using a calibrated two sector growth model with endogenous financial...

Persistent link: https://www.econbiz.de/10005085456

Consumption over the Life Cycle: Some Facts from Consumer Expenditure Survey Data

Krueger, Dirk; Fernandez-Villaverde, Jesus - Society for Economic Dynamics - SED - 2004

that households do not smooth consumption over their lifetimes. This is especially the case for services from consumer …

Persistent link: https://www.econbiz.de/10004970340

Online Appendix to Efficient Timing of Retirement

Kingston, Geoffrey H. - Society for Economic Dynamics - SED - 2001

Post-retirement, the model in the main text (published in the Review of Economic Dynamics) reduces to the Merton (1969) problem, which has of course an exact solution. Pre-retirement, however, the agent holds an American option, namely, retire now or keep working. Problems involving American...

Persistent link: https://www.econbiz.de/10004977902

Informational Assumptions on Income Processes and Consumption in the Buffer Stock Model of Savings

Hryshko, Dmytro - Society for Economic Dynamics - SED - 2006

transitory component, with uncorrelated permanent and transitory shocks. This characterization is not innocuous since households …

Persistent link: https://www.econbiz.de/10004977909

Accounting for the Heterogeneity in Retirement Wealth

Yang, Fang - Society for Economic Dynamics - SED - 2006

very well the empirical observation that households with similar lifetime incomes hold very different amounts of wealth at … low lifetime income households, while the existence of intergenerational links is crucial in explaining the heterogeneity … in retirement wealth among high lifetime income households …

Persistent link: https://www.econbiz.de/10004977910

Capital markets liberalization and global imbalances

Quadrini, Vincenzo - Society for Economic Dynamics - SED - 2006

This paper studies the consequences of capital markets liberalization for global imbalances (non-zero foreign asset positions) when countries are heterogeneous in the degree of financial market development. Countries characterized by more advanced financial markets tend to accumulate large...

Persistent link: https://www.econbiz.de/10004977946

Credit Market and Macroeconomic Volatility

Mendicino, Caterina - Society for Economic Dynamics - SED - 2006

This paper investigate how the degree of credit market development is related to business cycle fluctuations in industrialized countries. I show that a business cycle model with collateral constraints generate a negative relation between the volatility of the cyclical component of output and the...

Persistent link: https://www.econbiz.de/10005069211

Household wealth and entrepreneurship: is there a link?

Magri, Silvia - Society for Economic Dynamics - SED - 2006

explanatory power in the decision of becoming entrepreneurs only for households that are financially constrained. Further, the … importance of net wealth should be higher for the poorest households. We test these theoretical predictions for the Italian case … instrumented, net wealth still explains the occupational choice, with a more important effect for the households in the first two …

Persistent link: https://www.econbiz.de/10005069279