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Learning your Earning: Are Labor Income Shocks Really That Persistent?

Guvenen, Fatih - Society for Economic Dynamics - SED - 2004

In this paper we examine the risk situation facing individuals in the labor market. The current consensus in the literature is that the labor income process has a large random walk component. We argue two points. First, the direct estimates of this parameter (from labor income data) appear to be...

Persistent link: https://www.econbiz.de/10005085467

Stock market optimism and participation cost: a mean-variance estimation

Tiseno, Andrea; Paiella, Monica - Society for Economic Dynamics - SED - 2006

Using Italian household data we jointly estimate the yearly cost of participating to the stock market and the cross sectional distribution of optimism about excess returns of stocks over bonds. Using mean-variance analysis we derive individual efficient portfolio allocation rules, as functions...

Persistent link: https://www.econbiz.de/10005048003

The Dynamics of Chapter 13 Bankruptcy

Eraslan, Hulya; Li, Wenli; Sarte, Pierre-Daniel - Society for Economic Dynamics - SED - 2006

The â€œBankruptcy Abuse Prevention and Consumer Protection Act of 2005â€ makes extensive changes to U.S. consumer bankruptcy regulations. One of its most important features is to prohibit debtors from filing under Chapter 7 when some or all of a debtorâ€™s unsecured liability can be...

Persistent link: https://www.econbiz.de/10005051214

Evidence on the Effect of US Consumer Bankruptcy Exemptions

Grant, Charles - Society for Economic Dynamics - SED - 2004

Bankruptcy (defaulting on one's debts) acts as insurance if it allows default in cases of negative income shocks. However, if debts are not fully recoverable, lenders may instead react by limiting the amount that they allow households to borrow. This upper borrowing limit will increase as the...

Persistent link: https://www.econbiz.de/10005027313

Malaria

Gollin, Douglas; Zimmermann, Christian - Society for Economic Dynamics - SED - 2005

Persistent link: https://www.econbiz.de/10005069382

Fertility and the Value of Life

Soares, Rodrigo R.; Birchenall, Javier A. - Society for Economic Dynamics - SED - 2004

altruism are important in evaluating life expectancy and health related gains. First, child mortality can be very important in …

Persistent link: https://www.econbiz.de/10005069455

Medical Expenditure Puzzle

Han, Xiaoshu - Society for Economic Dynamics - SED - 2006

What does your medical expenditure do to your health? Researchers often get significant negative sign on the relative … coefficient in the reduced form health production regression. The puzzling result motivates this simple dynamic quantitative … general equilibrium model to study the relationships between health status, medical expenditure and employment. The structural …

Persistent link: https://www.econbiz.de/10005090741

Death and Development

Lorentzen, Peter; McMillan, John; Wacziarg, Romain - Society for Economic Dynamics - SED - 2006

Analyzing a variety of cross-national and sub-national data sources, we show that high adult mortality reduces economic growth by shortening time horizons. Higher adult mortality is associated with increased levels of risky behavior, higher fertility and lower investment in physical and human...

Persistent link: https://www.econbiz.de/10005090780

Borrowing Constraints, Parental Altruism and Human Capital Accumulation

Soares, Jorge - Society for Economic Dynamics - SED - 2006

This paper investigates the impact of borrowing constraints on human capital accumulation and welfare. In a standard overlapping-generations model where parental altruism results in transfers that children allocate to consumption and education, the average level of welfare is higher when...

Persistent link: https://www.econbiz.de/10005051235

Health, Development, and the Demographic Transition

Cervellati, Matteo; Sunde, Uwe - Society for Economic Dynamics - SED - 2006

dimensions of health, which themselves are endogenously determined in the process of development. By disentangling the distinct … roles that different dimensions of health, such as adult longevity, child mortality, and overall healthiness, play for …

Persistent link: https://www.econbiz.de/10005069258