Periods of low household wealth in United States macroeconomic history have also been periods of high business cycle … unemployment. The novel feature is that the scope for sunspot-driven volatility depends on the level of household wealth. When … wealth is high, consumer demand is largely insensitive to unemployment expectations and the economy is robust to confidence …

Periods of low household wealth in United States macroeconomic history have also been periods of high business cycle … unemployment. The novel feature is that the scope for sunspot-driven volatility depends on the level of household wealth. When … wealth is high, consumer demand is largely insensitive to unemployment expectations and the economy is robust to confidence …

in relation to their financial planning horizon. Modern Portfolio Theory predicts that households, in general, exhibit … risk aversion. Aversion to wealth volatility should correspondingly be highest among those households with the shortest … planning horizons. This study estimated percentage changes in wealth and wealth volatility over time categorized by financial …