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Using Italian household data we jointly estimate the yearly cost of participating to the stock market and the cross …
Persistent link: https://www.econbiz.de/10005048003
very well the empirical observation that households with similar lifetime incomes hold very different amounts of wealth at … retirement. Income heterogeneity and borrowing constraints are essential in generating the variation in retirement wealth among … in retirement wealth among high lifetime income households …
Persistent link: https://www.econbiz.de/10004977910
The U.S. tax policy on health insurance favors only those offered group insurance through their employers, and is highly regressive since the subsidy takes the form of deductions from the progressive income tax system. The paper investigates alternatives to the current policy. We find that a...
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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...
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creditors; and 4. the length of repayment plans and overall time spent in Chapter 13. We then use the estimated structural model …
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puzzle, (ii) the observed time-variation in aggregate portfolio holdings, and (iii) the occurrence of twin peaks in equity …
Persistent link: https://www.econbiz.de/10004970312