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We show that the stock market may fail to aggregate information even if it appears to be efficient, and that the resulting decrease in the information content of prices may drastically reduce welfare. We solve a macroeconomic model in which information about fundamentals is dispersed and...
Persistent link: https://www.econbiz.de/10013125571
Household investors chase stock market returns. Surveys suggest that households intend to "ride the bubble" by buying …
Persistent link: https://www.econbiz.de/10013049679
This paper studies the effect that changing demographic patterns have had on the household saving rate in China. We …'s utility enter into parent's utility where parents choose the consumption level of the young until they leave the household … the household saving rate …
Persistent link: https://www.econbiz.de/10013129127
-2008. Using data from the Flow of Funds Accounts (FFA) and Urban Household Surveys (UHS) supplemented by the findings from … household sectors. Although the causes of China's high saving are complex, we suggest that the evolving economic, demographic …
Persistent link: https://www.econbiz.de/10013130270
Some commentators have argued that the housing crisis may harm labor markets because homeowners who owe more than their homes are worth are less likely to move to places that have productive job opportunities. I show that, in the available data, negative equity does not make homeowners less...
Persistent link: https://www.econbiz.de/10013131307
correlated in most villages with portfolio-choice estimates. The heterogeneity matters for policy: Although the average household …
Persistent link: https://www.econbiz.de/10013131495
We measure the response of household spending to the economic stimulus payments (ESPs) disbursed in mid-2008, using …
Persistent link: https://www.econbiz.de/10013131507
: household and family life. In the present study we use the same IV approach to model the causal impact of Vietnam- era military …
Persistent link: https://www.econbiz.de/10013131668
This paper uses national household survey data to examine changes in real per capita incomes in South Africa between …
Persistent link: https://www.econbiz.de/10013131678
We document a large increase in the cyclicality of the incomes of high-income households, coinciding with the rise in their share of aggregate income. In the U.S., since top income shares began to rise rapidly in the early 1980s, incomes of those in the top 1 percent of the income distribution...
Persistent link: https://www.econbiz.de/10013135402