Showing 1 - 10 of 1,649
How far can shoe-leather go in explaining the welfare cost of inflation? Using a unique set of microeconomic data on households, we estimate the parameters of the demand for money derived from the generalized Baumol-Tobin model. Our data set contains information on average holdings of cash, on...
Persistent link: https://www.econbiz.de/10013220397
This paper reexamines the debate over whether the United States fell into a liquidity trap in the 1930s. We first review the literature on the liquidity trap focusing on Keynes's discussion of "absolute liquidity preference" and the division that soon emerged between Keynes, who believed that a...
Persistent link: https://www.econbiz.de/10013139970
This study investigates the stability of long-run log-linear demand functions for narrowly defined monetary aggregates (M1, Monetary Base) in the U.S. during the post World War II period. The hypotheses that the individual time series which appear in such equations (real M1, real Monetary Base,...
Persistent link: https://www.econbiz.de/10013218424
This study investigates the equilibrium demand for narrowly defined monetary aggregate during the Great Depression. We find evidence in support of a stable demand for real balance, but no evidence in support of stable demand functions for real currency and real monetary base. This is consistent...
Persistent link: https://www.econbiz.de/10013232912
.S. household leverage from 2002 to 2006 and the increase in defaults from 2006 to 2008. Employing land topology-based housing …
Persistent link: https://www.econbiz.de/10013151131
household of only three people, in 1850 household size was twice that figure. Further, both the number of children and the … number of adults in a household have fallen dramatically. We develop a simple theory of household size where living with … others is beneficial solely because the costs of household public goods can be shared. In other words, we abstract from intra …
Persistent link: https://www.econbiz.de/10013155024
. Information treatments about current and next year's interest rates have a strong effect on household expectations but treatments …
Persistent link: https://www.econbiz.de/10012840847
Asset prices plunged between 2007 and 2010 but then rebounded from 2010 to 2016. The most telling finding is that median wealth plummeted by 44 percent over years 2007 to 2010. The inequality of net worth, after almost two decades of little movement, went up sharply from 2007 to 2010, and...
Persistent link: https://www.econbiz.de/10012941966
In this paper I analyze the pattern of saving behavior by U.S. households, using the Consumer Expenditure (CEX) Survey. The analysis' main goal is to explain the decline in aggregate personal saving in the United States in the 1980s. I estimate a typical' saving-age profile and identify...
Persistent link: https://www.econbiz.de/10012763405
This paper explores the relationship between household marginal income tax rates, the set of assets that households own …, and the portfolio shares accounted for by each of these assets. It analyzes data from the 1983, 1989, 1992, and 1995 … surveys. The empirical findings suggest that a household's marginal tax rate has an important effect its asset allocation …
Persistent link: https://www.econbiz.de/10012763785