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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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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
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Learning to Take Risks? The Effect of Education on Risk-Taking in Financial Markets
Black, Sandra E.; Devereux, Paul J.; Lundborg, Petter; … - National Bureau of Economic Research (NBER) - 2015
We investigate whether acquiring more education when young has long-term effects on risk-taking behavior in financial markets and whether the effects spill over to spouses and children. There is substantial evidence that more educated people are more likely to invest in the stock market....
Persistent link: https://www.econbiz.de/10011213644
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Wealth Inequality, Family Background, and Estate Taxation
De Nardi, Mariacristina; Yang, Fang - National Bureau of Economic Research (NBER) - 2015
This paper provides two main contributions. First, it provides a new theory of wealth inequality that merges two forces generating inequality: bequest motives and inheritance of ability across generations; and an earnings process that allows for more earnings risk for the richest. Second, it...
Persistent link: https://www.econbiz.de/10011213895
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Quantitative Models of Wealth Inequality: A Survey
De Nardi, Mariacristina - National Bureau of Economic Research (NBER) - 2015
In the data, wealth is very unequally distributed, even more so than labor earnings and income, and the saving rate of wealthy people is high. Many dynamic models used for quantitative policy evaluation imply that once households get rich, they dissave. As a result, these models generate too...
Persistent link: https://www.econbiz.de/10011262924
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Racial Disparities in Savings Behavior for a Continuously Employed Cohort
Kuan, Kai Yuan; Cullen, Mark R.; Modrek, Sepideh - National Bureau of Economic Research (NBER) - 2015
The wealth gap has reached record highs. At the same time there has been substantial proliferation of 401(k) savings accounts as the dominant retirement savings vehicle, and these accounts make up an increasing proportion of overall wealth. In this paper we examine 401(k) saving behavior of...
Persistent link: https://www.econbiz.de/10011165131
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House Prices, Local Demand, and Retail Prices
Stroebel, Johannes; Vavra, Joseph - National Bureau of Economic Research (NBER) - 2014
We use detailed micro data to document a causal response of local retail price to changes in house prices, with elasticities of 15%-20% across housing booms and busts. Notably, these price responses are largest in zip codes with many homeowners, and non-existent in zip codes with mostly renters....
Persistent link: https://www.econbiz.de/10011269065
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Inflation as a Redistribution Shock: Effects on Aggregates and Welfare
Doepke, Matthias; Schneider, Martin - National Bureau of Economic Research (NBER) - 2006
to borrowers. In this study, we consider redistribution as a channel for aggregate and welfare effects of inflation. We … increase in savings. Even though inflation-induced redistribution has a persistent negative effect on output, it improves the …Episodes of unanticipated inflation reduce the real value of nominal claims and thus redistribute wealth from lenders …
Persistent link: https://www.econbiz.de/10005718366
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Where Did the Productivity Growth Go? Inflation Dynamics and the Distribution of Income
Gordon, Robert J.; Dew-Becker, Ian - National Bureau of Economic Research (NBER) - 2005
, this paper also asks whether faster productivity growth reduces inflation, raises nominal wage growth, or raises profits …. We find that an acceleration or deceleration of the productivity growth trend alters the inflation rate by at least one …
Persistent link: https://www.econbiz.de/10005089202
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Time Preferences and Consumer Behavior
Heutel, Garth; Ruhm, Christopher; Bradford, David; … - National Bureau of Economic Research (NBER) - 2014
We investigate the predictive power of survey-elicited time preferences using a representative sample of US residents. In regressions controlling for demographics and risk preferences, we show that the discount factor elicited from choice experiments using multiple price lists and real payments...
Persistent link: https://www.econbiz.de/10010969216