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When preferences are homothetic, utility can be expressed in terms of current consumption and a variable that captures all information about future opportunities. We use this observation to express the differential equation that characterizes utility as a restriction on the information variable...
Persistent link: https://www.econbiz.de/10010397480
This paper applies a factor model to the study of risk sharing among U.S. states. The factor model makes it possible to disentangle movements in output and consumption due to national, regional, or state-specific business cycles from those due to measurement error. The results of the paper...
Persistent link: https://www.econbiz.de/10010397548
This paper presents tractable and efficient numerical solutions to general equilibrium models of asset prices and consumption where the representative agent has recursive preferences. It provides a discrete-time presentation of the approach of Fisher and Gilles (1999), treating continuous-time...
Persistent link: https://www.econbiz.de/10010397550
be interpreted as either a wage income stream or a stochastic endowment flow. We obtain a complete and original solution …
Persistent link: https://www.econbiz.de/10010397569
bank bonds across economy-wide income quantiles in the euro area and various euro area countries. We find that neither the …
Persistent link: https://www.econbiz.de/10013370141
disparities in income, employment, homeownership, education, access to credit, and retirement savings - all factors that …
Persistent link: https://www.econbiz.de/10013479458
how this income dynamic affects mental health. Using data on all Swedish couples who married in 2001, I show that mental … health is positively associated with own and spousal income. However, it is negatively linked to the wife's relative income … cent. This effect does not appear driven by divorce or spouses being on different income trajectories. …
Persistent link: https://www.econbiz.de/10014318973
results show that income, factor endowment, and policy independence are important to explain regional asymmetries between …
Persistent link: https://www.econbiz.de/10005870482
reach the levels of income enjoyed by the richest nations.[...] …
Persistent link: https://www.econbiz.de/10005870584
. This is modified by using tax data to allocate non-wage income across regions. The results suggest that the coefficient of …
Persistent link: https://www.econbiz.de/10005870953