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Persistent link: https://www.econbiz.de/10010251602
Portfolio choice models counter factually predict (or advise) almost universal equity market participation and a high share for equity in wealth early in life. Empirically consistent predictions have proved elusive without participation costs, informational frictions, or non standard...
Persistent link: https://www.econbiz.de/10012937056
Participation in the stock market is limited, especially early in life. By contrast, human capital investment is widespread, especially early in life. Returns to equity are constant across households, while returns to human capital vary. The contribution of this paper is to demonstrate that once...
Persistent link: https://www.econbiz.de/10013003301
Portfolio choice models counter factually predict (or advise) almost universal equity market participation and a high share for equity in wealth early in life. Empirically consistent predictions have proved elusive without participation costs, informational frictions, or nonstandard preferences....
Persistent link: https://www.econbiz.de/10013016904
The aftermath of the recent recession has seen calls to use transfers to poorer households as a means to enhance aggregate economic activity. The goal of this paper is to study the effects of wealth redistribution from rich to poor households on consumption and output in the short run. We first...
Persistent link: https://www.econbiz.de/10013034057
The goal of this paper is to show that household-level financial distress (FD) varies greatly, meaning there is unequal exposure to macroeconomic risk, and that FD can increase macroeconomic vulnerability. To do this, we first establish three facts: (i) regions in the U.S. vary significantly in...
Persistent link: https://www.econbiz.de/10012391177
Persistent link: https://www.econbiz.de/10012499002
The aftermath of the recent recession has seen calls to use transfers to poorer households as a means to enhance aggregate economic activity. The goal of this paper is to study the effects of wealth redistribution from rich to poor households on consumption and output in the short run. We first...
Persistent link: https://www.econbiz.de/10011801637
Persistent link: https://www.econbiz.de/10011804957
Persistent link: https://www.econbiz.de/10010423039