This paper studies the secular increase in U.S. household debt and its relation to growing income inequality and … financial fragility. We exploit a new household-level dataset that covers the joint distributions of debt, income, and wealth in … increase in U.S. household debt between the 1970s and 2007. The resulting debt increase made balance sheets more sensitive to …

We have investigated the influence of fiscal instruments, notably taxes on income and government spending, on household … consumption in two different samples and two measures of household debt to provide a comprehensive analysis of the topic. We used … dynamic panel models and the GMM approach for 32 advanced and emerging countries from 1995 to 2019. Our findings suggest that …

This paper considers estimation and inference in panel vector autoregressions (PVARs) with fixed effects when the time … dimension of the panel is finite, and the cross-sectional dimension is large. A Maximum Likelihood (ML) estimator based on a … derive unit root and cointegration tests in panels with short time dimension; these tests have the attractive feature that …

common stochastic trends and common stochastic cycles. When modeling the dynamics of multiple time series for a panel of … investigate the relationships between separation in cointegration and separation in serial correlation common features. Loosely …

This paper analyses the short- and long-run effects of trade openness on financial development in a panel including …

This paper provides a new methodology for the analysis of multiple long run relations in panel data models where the … cross section dimension, n, is large relative to the time series dimension, T. For panel data models with large n … approach is illustrated with an application to key financial variables using an unbalanced panel of US firms from merged CRSP …

little evidence for them. We argue that this outcome could be due to episodic failure of cointegration, possible two … pooled mean group estimator (SPMG) to deal with these features. Using this new panel estimator and a dataset spanning almost …

integration ; misalignment ; second-generation panel unit-root and cointegration tests …

implements the panel-data approach of Kónya (2006), which is based on SUR systems and Wald tests with country-specific bootstrap …