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The Demand for Money, Financial Innovation, and the Welfare Cost of Inflation : An Analysis with Household Data
Attanasio, Orazio - 1998
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/10012472217
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The Demand for Money, Near-Money, and Treasury Bonds
Krishnamurthy, Arvind; Li, Wenhao - National Bureau of Economic Research - 2022
Bank-created money, shadow-bank money, and Treasury bonds all satisfy investors' demand for a liquid transaction medium and safe store of value. We measure the quantity of these three forms of liquidity and their corresponding liquidity premium over a sample from 1934 to 2016. We empirically...
Persistent link: https://www.econbiz.de/10013210079
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Money and Interest Rates in the United States during the Great Depression
Basile, Peter F. - 2010
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/10012462451
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The Demand For Money in the U.S. During the Great Depression : Estimates and Comparison with the Post War Experience
Hoffman, Dennis - 1989
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/10012475820
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Long-run Income and Interest Elasticities of Money Demand in the United States
Hoffman, Dennis - 1989
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/10012476104
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Taxation and Household Portfolio Composition : U.S. Evidence from the 1980s and 1990s
Poterba, James M. - 1999
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/10012471393
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The Effect of Principal Reduction on Household Distress : Evidence from Mortgage Cramdown
Cespedes, Jacelly C.; Parra, Carlos R.; Sialm, Clemens - National Bureau of Economic Research - 2021
Mortgage cramdown enabled bankruptcy judges to discharge the underwater portion of a mortgage during Chapter 13 bankruptcy before the Supreme Court disallowed this practice in 1993. We exploit the random assignment of cases to judges to quantify the ex-post effects of Chapter 13 bankruptcy over...
Persistent link: https://www.econbiz.de/10012585384
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Who Will Pay for Legacy Utility Costs?
Davis, Lucas W.; Hausman, Catherine - National Bureau of Economic Research - 2021
The growing "electrify everything" movement aims to reduce carbon dioxide emissions by transitioning households and firms away from natural gas toward electricity. This paper considers what this transition means for the customers who are left behind. Like most natural monopolies, natural gas...
Persistent link: https://www.econbiz.de/10012585439
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How Americans Respond to Idiosyncratic and Exogenous Changes in Household Wealth and Unearned Income
Golosov, Michail Ju.; Graber, Michael; Mogstad, Magne; … - National Bureau of Economic Research - 2021
We study how Americans respond to idiosyncratic and exogenous changes in household wealth and unearned income. Our …
Persistent link: https://www.econbiz.de/10012599290
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Welfare Costs of Idiosyncratic and Aggregate Consumption Shocks
Kōnstantinidēs, Giōrgos - National Bureau of Economic Research - 2021
household utility and benefits of eliminating idiosyncratic shocks related to the business cycle as 3.4% of utility. Estimates … the business cycle, estimate the negative skewness of shocks, target moments of idiosyncratic shocks from household … insuring idiosyncratic shocks unrelated to the business cycle, such as the death of a household's prime wage earner and job …
Persistent link: https://www.econbiz.de/10012599299