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On the Persistence of Income Shocks Over the Life Cycle : Evidence and Implications, Second Version

Karahan, Fatih - 2010

How does the persistence of earnings change over the life cycle? Do workers at different ages face the same variance of idiosyncratic shocks? This paper proposes a novel specification for residual earnings that allows for a lifetime profile in the persistence and variance of labor income shocks....

Persistent link: https://www.econbiz.de/10013145084

House price expectations and housing choice

Ludwig, Alexander; Mankart, Jochen; Quintana, Jorge; … - 2019

What is the role of heterogenous house-price expectations for boom-bust cycles in the housing market? We exploit a unique Dutch panel data set on households' house price expectations and their consumption, savings and housing choices for the period 2003-2016. This period was characterized by a...

Persistent link: https://www.econbiz.de/10012265571

Older or wealthier? : the impact of age adjustments on the wealth inequality ranking of countries

Almås, Ingvild; Mogstady, Magne - 2009

Differences in individual wealth holdings are widely viewed as a driving force of economic inequality. However, as this … in cross-sections, which eliminates transitory wealth inequality due to age, yet preserves inequality arising from other … yield erroneous wealth inequality rankings of countries. …

Persistent link: https://www.econbiz.de/10011635021

Borrowing constraints, search, and life-cycle inequality

Griffy, Benjamin - 2017 - This Version: Nov. 24th, 2017

inference to estimate the model parameters, and show that wealth inequality causes both placement into lower-paying jobs as well … wealth causes a larger decline in life-cycle consumption than a standard deviation decrease in initial human capital …

Persistent link: https://www.econbiz.de/10011963363

Costly financial intermediation in neoclassical growth theory

Mehra, Rajnish; Piguillem, Facundo; Prescott, Edward C. - In: Quantitative economics : QE ; journal of the … 2 (2011) 1, pp. 1-36

The neoclassical growth model is extended to include costly intermediated borrowing and lending between households. This is an important extension as substantial resources are used to intermediate the large amount of borrowing and lending between households. In 2007, in the United States, the...

Persistent link: https://www.econbiz.de/10011755708

Trends in household portfolio composition

Bricker, Jesse; Moore, Kevin; Thompson, Jeffrey P. - 2019 - This version: September 2019

. Tracking the evolution of wealth over time among birth-year cohorts, we observe the standard life-cycle asset accumulation …

Persistent link: https://www.econbiz.de/10012118968

Nonlinear household earnings dynamics, self-insurance, and welfare

De Nardi, Mariacristina; Fella, Giulio; Paz Pardo, Gonzalo - 2018

generate enough concentration at the upper tail of the wealth distribution. …

Persistent link: https://www.econbiz.de/10011872415

Wealth distribution and optimal inheritance taxation in life-cycle economies with intergenerational transfers

Heer, Burkhard - 2000

levels of wealth heterogeneity. In our overlapping generations model, heterogenous agents face uncertain lifetime and leave … a sniall proportion of ohserved wealth heterogeneitv. The introduction of an inheritance tax increases both welfare are … measured by the average value of the newborn and equality of the wealth distribution. Preliminary versions of this paper have …

Persistent link: https://www.econbiz.de/10010440978

Older or Wealthier?: The Impact of Age Adjustments on the Wealth Inequality Ranking of Countries

Almas, Ingvild; Mogstady, Magne - Forschungsbasierte Infrastruktureinrichtung … - 2009

Persistent link: https://www.econbiz.de/10005017433

Consumption-Based Asset Pricing Models

Mehra, Rajnish - In: Annual Review of Financial Economics 4 (2012) 1, pp. 385-409

A major research initiative in finance focuses on the determinants of the cross-sectional and time series properties of asset returns. With that objective in mind, asset pricing models have been developed, starting with the capital asset pricing models of Sharpe (1964), Lintner (1965), and...

Persistent link: https://www.econbiz.de/10010604247