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A large body of microeconomic evidence supports Friedman (1957)'s proposition that household income can be reasonably well described as having both transitory and permanent components. We show how to modify the widely-used macroeconomic model of Krusell and Smith (1998) to accommodate such a...
Persistent link: https://www.econbiz.de/10013034318
The debate over market/individual regulation and freedom is not a new discussion. However, a clear understanding of the freedoms (or the lack of freedoms) and their economic consequences on early black Americans provides an informative understanding to the freedoms (or the lack of freedoms), and...
Persistent link: https://www.econbiz.de/10014173448
can be explained by lagged changes in world stock and housing prices for the sample period 1982-2013. The results suggest …
Persistent link: https://www.econbiz.de/10013040039
This paper assesses the linkages between money, credit, house prices and economic activity in industrialised countries over the last three decades. The analysis is based on a fixed-effects panel VAR estimated using quarterly data for 17 industrialized countries spanning the period 1970-2006. The...
Persistent link: https://www.econbiz.de/10003778768
We build a panel of 14 emerging economies to estimate the magnitude of housing, stock market, and money wealth eÞects … that: (i) wealth effects are statistically significant and relatively large in magnitude; (ii) housing wealth effects tend … countries; (iii) housing wealth effects have increased for Asian coutries in recent years; and (iv) consumption reacts stronger …
Persistent link: https://www.econbiz.de/10003831615
This paper assesses the linkages between money, credit, house prices and economic activity in industrialised countries over the last three decades. The analysis is based on a fixed-effects panel VAR estimated using quarterly data for 17 industrialized countries spanning the period 1970-2006. The...
Persistent link: https://www.econbiz.de/10013316547
This paper models the effect of a HIV/AIDS epidemic on saving behavior and studies the welfare effects of testing for HIV. The model specifies a utility function that includes both regular consumption, and medical expenditures. Medical expenditures generate more utility if individuals are HIV...
Persistent link: https://www.econbiz.de/10014224367
When the challenges of population aging are being debated, the uncertain future of pension systems is a topic of high priority and large controversy. The aim of this chapter is not to provide a “consensus view” on social security and public insurance in aging populations but to put structure...
Persistent link: https://www.econbiz.de/10014023471
According to the life-cycle theory, countries with high and rising youth ratios or high and rising old-age ratios tend to have low savings relative to investment, which depresses their capital outflows. This paper puts life-cycle theory to the test and studies the impact of demographic change on...
Persistent link: https://www.econbiz.de/10013104636
Tests using Household, Income and Labour Dynamics in Australia (HILDA) unit record data from 2006/2007 to 2010/2011 indicate that Australian households on average insure against idiosyncratic income shocks. For a 10% change in income, non-durable expenditures change by 0.14%, while food...
Persistent link: https://www.econbiz.de/10013066994