empirical tests, motivated by a simple theory, demonstrate that low-liquidity firms amplified its transmission …

We show how normative standpoints determine optimal taxation of wealth. Since wealth is not equal to capital, we find …

households would pay more attention to capital income risk if they have (i) lower initial wealth endowment, (ii) lower marginal …

We study optimal savings in continuous time with exogenous transitions between employment and unemployment as the only … dynamics of consumption and wealth between jumps can be expressed as a Fuchsian system. We derive conditions under which an … invariant joint distribution for the state variables, i.e., wealth and labour market status, exists and is unique. We also …

study how cash in hand influences decisions in a different but very important domain: savings. Savings accounts are a … promising tool for reducing poverty, but the use of savings accounts is often puzzlingly low. Holding on to cash that needs to … be physically deposited into a savings account may increase the psychological costs of saving. This study experimentally …

Incomplete markets models imply heterogeneous household savings behaviour which in turn generates pecuniary … in the population, these savings externalities may contribute to inequality. Working with an open economy heterogenous … earnings processes of British households with university and non-university educated heads entail savings externalities that …