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U.S. Stock Market Crash Risk, 1926-2006
Bates, David S. - National Bureau of Economic Research (NBER) - 2009
This paper applies the Bates (RFS, 2006) methodology to the problem of estimating and filtering time- changed Lévy processes, using daily data on U.S. stock market excess returns over 1926-2006. In contrast to density-based filtration approaches, the methodology recursively updates the...
Persistent link: https://www.econbiz.de/10004992858
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A Cautionary Note on Using Industry Affiliation to Predict Income
Pischke, Jorn-Steffen; Schwandt, Hannes - National Bureau of Economic Research (NBER) - 2012
Many literatures investigate the causal impact of income on economic outcomes, for example in the context of intergenerational transmission or well-being and health. Some studies have proposed to use employer wage differentials and in particular industry affiliation as an instrument for income....
Persistent link: https://www.econbiz.de/10010969398
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Housing Collateral, Credit Constraints and Entrepreneurship - Evidence from a Mortgage Reform
Jensen, Thais Lærkholm; Leth-Petersen, Søren; Nanda, … - National Bureau of Economic Research (NBER) - 2014
We study how a mortgage reform that exogenously increased access to credit had an impact on entrepreneurship, using individual-level micro data from Denmark. The reform allows us to disentangle the role of credit access from wealth effects that typically confound analyses of the collateral...
Persistent link: https://www.econbiz.de/10010969457
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Left, Right, Left: Income, Learning and Political Dynamics
Morrow, John; Carter, Michael - National Bureau of Economic Research (NBER) - 2013
The political left turn in Latin America, which lagged its transition to liberalized market economies by a decade or more, challenges conventional economic explanations of voting behavior. This paper generalizes the forward-looking voter model to a broad range of dynamic, non-concave income...
Persistent link: https://www.econbiz.de/10010950705
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Taxation of Intergenerational Transfers and Wealth
Kopczuk, Wojciech - National Bureau of Economic Research (NBER) - 2012
focus on understanding implications of inequality of inherited wealth: the topic that has been neglected in the past, even …
Persistent link: https://www.econbiz.de/10010950816
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Optimal Financial Knowledge and Wealth Inequality
Michaud, Pierre-Carl; Mitchell, Olivia; Lusardi, Annamaria - National Bureau of Economic Research (NBER) - 2013
cycle model featuring endogenous financial knowledge accumulation. The model generates substantial wealth inequality, over … the potential to account for a large proportion of wealth inequality. The fraction of the population which is rationally …
Persistent link: https://www.econbiz.de/10010950966
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Distributional Effects of Means Testing Social Security: An Exploratory Analysis
Gustman, Alan L.; Steinmeier, Thomas; Tabatabai, Nahid - National Bureau of Economic Research (NBER) - 2014
This paper examines the distributional implications of introducing additional means testing of Social Security benefits where proceeds are used to help balance Social Security's finances. Benefits of the top quarter of households ranked according to the relevant measure of means are reduced...
Persistent link: https://www.econbiz.de/10010951055
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Poverty and Self-Control
Bernheim, B. Douglas; Ray, Debraj; Yeltekin, Sevin - National Bureau of Economic Research (NBER) - 2013
The absence of self-control is often viewed as an important correlate of persistent poverty. Using a standard intertemporal allocation problem with credit constraints faced by an individual with quasi- hyperbolic preferences, we argue that poverty damages the ability to exercise self-control....
Persistent link: https://www.econbiz.de/10010951196
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Making the Most of Capital in the 21st Century
Lindert, Peter H. - National Bureau of Economic Research (NBER) - 2014
historical movements in inequality. This essay ranks the promise of different paths that scholars can usefully follow from the … point to which his book has guided us. The main path to follow is the income inequality history so well paved by Piketty and …'s emphasis on wealth, capital, and the rate of return. Following the income route to better inequality predictions requires …
Persistent link: https://www.econbiz.de/10010951213
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Medicaid Insurance in Old Age
De Nardi, Mariacristina; French, Eric; Jones, John Bailey - National Bureau of Economic Research (NBER) - 2013
The old age provisions of the Medicaid program were designed to insure poor retirees against medical expenses. However, it is the rich who are most likely to live long and face expensive medical conditions when very old. We estimate a rich structural model of savings and endogenous medical...
Persistent link: https://www.econbiz.de/10010951223