We investigate the existence of a principal-agent problem between parents and financially dependent adult children within households on the purchase of a durable (such as a vehicle). We theoretically argue that children will select more expensive durables if parents contribute more towards its...

American business has recently been under fire, charged with inflated pricing and an inability to compete in the international marketplace. However, the evidence presented in this volume shows that the business community has been unfairly maligned-official measures of inflation and the standard...

Charles Tilly, in this eloquent manifesto, presents a powerful new approach to the study of persistent social inequality. How, he asks, do long-lasting, systematic inequalities in life chances arise, and how do they come to distinguish members of different socially defined categories of persons?...

This paper explores the implications of consumption heterogeneity between domestic and foreign investors on the cross-section of stock returns in a host country. We argue that foreign investors in a small open economy integrated into global financial markets may face consumption risk, which...

Mankiw’s puzzle of long-term (durable) consumption is a significant topic that needs to be solved. We statistically analyze a time series sample from Germany and from the Czech Republic (2004Q1 to 2016Q4). Furthermore, we discussed the analyses that have been performed to date for the USA and...