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The Effects Of Liquidity Constraints On Consumption
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Book Synopsis Asymptotic Theory for Econometricians by : Halbert White
Download or read book Asymptotic Theory for Econometricians written by Halbert White and published by Academic Press. This book was released on 2014-06-28 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is intended to provide a somewhat more comprehensive and unified treatment of large sample theory than has been available previously and to relate the fundamental tools of asymptotic theory directly to many of the estimators of interest to econometricians. In addition, because economic data are generated in a variety of different contexts (time series, cross sections, time series--cross sections), we pay particular attention to the similarities and differences in the techniques appropriate to each of these contexts.
Book Synopsis Household Leverage and the Recession by : Callum Jones
Download or read book Household Leverage and the Recession written by Callum Jones and published by International Monetary Fund. This book was released on 2018-08-30 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We evaluate and partially challenge the ‘household leverage’ view of the Great Recession. In the data, employment and consumption declined more in states where household debt declined more. We study a model where liquidity constraints amplify the response of consumption and employment to changes in debt. We estimate the model with Bayesian methods combining state and aggregate data. Changes in household credit limits explain 40 percent of the differential rise and fall of employment across states, but a small fraction of the aggregate employment decline in 2008-2010. Nevertheless, since household deleveraging was gradual, credit shocks greatly slowed the recovery.
Book Synopsis The Effect of Liquidity Constraints on Consumption and Labor Supply by : Sergio Nicoletti-Altimari
Download or read book The Effect of Liquidity Constraints on Consumption and Labor Supply written by Sergio Nicoletti-Altimari and published by . This book was released on 1995 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Festschrift in Honor of Peter Schmidt by : Robin C. Sickles
Download or read book Festschrift in Honor of Peter Schmidt written by Robin C. Sickles and published by Springer Science & Business Media. This book was released on 2014-03-15 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Introduction: This volume is dedicated to the remarkable career of Professor Peter Schmidt and the role he has played in mentoring us, his PhD students. Peter’s accomplishments are legendary among his students and the profession. Each of the papers in this Festschrift is a research work executed by a former PhD student of Peter’s, from his days at the University of North Carolina at Chapel Hill to his time at Michigan State University. Most of the papers were presented at The Conference in Honor of Peter Schmidt, June 30 - July 2, 2011. The conference was largely attended by his former students and one current student, who traveled from as far as Europe and Asia to honor Peter. This was a conference to celebrate Peter’s contribution to our contributions. By “our contributions” we mean the research papers that make up this Festschrift and the countless other publications by his students represented and not represented in this volume. Peter’s students may have their families to thank for much that is positive in their lives. However, if we think about it, our professional lives would not be the same without the lessons and the approaches to decision making that we learned from Peter. We spent our days together at Peter’s conference and the months since reminded of these aspects of our personalities and life goals that were enhanced, fostered, and nurtured by the very singular experiences we have had as Peter’s students. We recognized in 2011 that it was unlikely we would all be together again to celebrate such a wonderful moment in ours and Peter’s lives and pledged then to take full advantage of it. We did then, and we are now in the form of this volume.
Book Synopsis National Saving and Economic Performance by : B. Douglas Bernheim
Download or read book National Saving and Economic Performance written by B. Douglas Bernheim and published by University of Chicago Press. This book was released on 1991-05 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: "... Papers presented at a conference held at the Stouffer Wailea Hotel, Maui, Hawaii, January 6-7, 1989. ... part of the Research on Taxation program of the National Bureau of Economic Research." -- p. ix.
Book Synopsis Weekly Weather and Crop Bulletin by :
Download or read book Weekly Weather and Crop Bulletin written by and published by . This book was released on 1994 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Economics of Consumption by : Tullio Jappelli
Download or read book The Economics of Consumption written by Tullio Jappelli and published by Oxford University Press. This book was released on 2017 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Economics of Consumption, Tullio Jappelli and Luigi Pistaferri provide a comprehensive examination of the most important developments in the field of consumption decisions and evaluate economic models against empirical evidence.
Book Synopsis Investing Cash Transfers to Raise Long Term Living Standards by : Paul Gertler
Download or read book Investing Cash Transfers to Raise Long Term Living Standards written by Paul Gertler and published by World Bank Publications. This book was released on 2006 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The authors test whether poor households use cash transfers to invest in income generating activities that they otherwise would not have been able to do. Using data from a controlled randomized experiment, they find that transfers from the Oportunidades program to households in rural Mexico resulted in increased investment in micro-enterprise and agricultural activities. For each peso transferred, beneficiary households used 88 cents to purchase consumption goods and services, and invested the rest. The investments improved the household's ability to generate income with an estimated rate of return of 17.55 percent, suggesting that these households were both liquidity and credit constrained. By investing transfers to raise income, beneficiary households were able to increase their consumption by 34 percent after five and a half years in the program. The results suggest that cash transfers to the poor may raise long-term living standards, which are maintained after program benefits end. "--World Bank web site.
Book Synopsis Wealth, Disposable Income and Consumption by : R. Tiff Macklem
Download or read book Wealth, Disposable Income and Consumption written by R. Tiff Macklem and published by . This book was released on 1994 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report develops a measure of aggregate private sector wealth in Canada that includes financial, physical, and human wealth, and examines the ability of this wealth measure to explain aggregate consumption. The relationship between consumption and wealth is explored both to gauge the usefulness of the wealth measures developed and to improve upon empirical consumption models for Canada. The study augments the standard EC consumption model with a comprehensive measure of wealth, thus partly bridging the gap between life cycle-permanent income consumption equations and the more empirically motivated EC consumption models based on disposable income.
Book Synopsis Identifying Binding Constraints to Growth by : Mr.Mauricio Vargas
Download or read book Identifying Binding Constraints to Growth written by Mr.Mauricio Vargas and published by International Monetary Fund. This book was released on 2015-01-14 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: As emphasized by Hausmann, Rodrik and Velasco, the policy challenge of boosting growth requires prioritization and identifying what are the most binding constraints. This paper draws on firm-level data from the World Bank Enterprise Survey, which suggests that the obstacles for the functioning of firms is related to firm size. Recognizing the potential endogeneity and simultaneity between firms' constraints and firm size, we implement an Ordered-Probit model with a potential categorical endogenous regressor to estimate, for the case of Bolivia, the conditional probability of facing obstacles given the firm size category, while controlling for other factors. The results confirm the importance of allowing for the roles of firm size in identifying constraints and suggest priorities for policies to remove constraints to economic performance.
Book Synopsis Informality Revisited by : William Francis Maloney
Download or read book Informality Revisited written by William Francis Maloney and published by World Bank Publications. This book was released on 2003 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author develops a view of the informal sector in developing countries primarily as an unregulated micro-entrepreneurial sector and not as a disadvantaged residual of segmented labor markets. Drawing on recent work from Latin America, he offers alternative explanations for many of the characteristics of the informal sector customarily regarded as evidence of its inferiority.
Book Synopsis Inside and Outside Liquidity by : Bengt Holmstrom
Download or read book Inside and Outside Liquidity written by Bengt Holmstrom and published by MIT Press. This book was released on 2013-01-11 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two leading economists develop a theory explaining the demand for and supply of liquid assets. Why do financial institutions, industrial companies, and households hold low-yielding money balances, Treasury bills, and other liquid assets? When and to what extent can the state and international financial markets make up for a shortage of liquid assets, allowing agents to save and share risk more effectively? These questions are at the center of all financial crises, including the current global one. In Inside and Outside Liquidity, leading economists Bengt Holmström and Jean Tirole offer an original, unified perspective on these questions. In a slight, but important, departure from the standard theory of finance, they show how imperfect pledgeability of corporate income leads to a demand for as well as a shortage of liquidity with interesting implications for the pricing of assets, investment decisions, and liquidity management. The government has an active role to play in improving risk-sharing between consumers with limited commitment power and firms dealing with the high costs of potential liquidity shortages. In this perspective, private risk-sharing is always imperfect and may lead to financial crises that can be alleviated through government interventions.
Book Synopsis Engineering Investment Process by : Florian Ielpo
Download or read book Engineering Investment Process written by Florian Ielpo and published by Elsevier. This book was released on 2017-03-22 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Engineering Investment Process: Making Value Creation Repeatable explores the quantitative steps of a financial investment process. The authors study how these steps are articulated in order to make any value creation, whatever the asset class, consistent and robust. The discussion includes factors, portfolio allocation, statistical and economic backtesting, but also the influence of negative rates, dynamical trading, state-space models, stylized facts, liquidity issues, or data biases. Besides the quantitative concepts detailed here, the reader will find useful references to other works to develop an in-depth understanding of an investment process. - Blends academic research with practical experience from quants, fund managers, and economists - Puts financial mathematics and econometrics in their rightful place - Presents useful information that will increase the reader's understanding of markets - Clearly provides both the global framework, the investment process, and the useful econometric and financial tools that help in its construction - Includes efficient tools taken from up-to-date econometric and financial techniques
Book Synopsis Dynamic Macroeconomic Analysis by : Sumru Altug
Download or read book Dynamic Macroeconomic Analysis written by Sumru Altug and published by Cambridge University Press. This book was released on 2003-11-20 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of essays applies modern micro-founded macroeconomic models to some of the most important economic policy questions facing monetary and macroeconomic policymakers. Key issues surveyed include: consumption investment; growth and business cycles; the role of government; asset pricing; the interaction of monetary and fiscal policy; open-economy issues; stabilization policy and general equilibrium analysis of emerging market crises. The book includes specially commissioned chapters from recognized authorities.
Book Synopsis Handbook of US Consumer Economics by : Andrew Haughwout
Download or read book Handbook of US Consumer Economics written by Andrew Haughwout and published by Academic Press. This book was released on 2019-08-12 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of U.S. Consumer Economics presents a deep understanding on key, current topics and a primer on the landscape of contemporary research on the U.S. consumer. This volume reveals new insights into household decision-making on consumption and saving, borrowing and investing, portfolio allocation, demand of professional advice, and retirement choices. Nearly 70% of U.S. gross domestic product is devoted to consumption, making an understanding of the consumer a first order issue in macroeconomics. After all, understanding how households played an important role in the boom and bust cycle that led to the financial crisis and recent great recession is a key metric. - Introduces household finance by examining consumption and borrowing choices - Tackles macro-problems by observing new, original micro-data - Looks into the future of consumer spending by using data, not questionnaires
Book Synopsis Encyclopedia of Energy, Natural Resource, and Environmental Economics by :
Download or read book Encyclopedia of Energy, Natural Resource, and Environmental Economics written by and published by Newnes. This book was released on 2013-03-29 with total page 1056 pages. Available in PDF, EPUB and Kindle. Book excerpt: Every decision about energy involves its price and cost. The price of gasoline and the cost of buying from foreign producers; the price of nuclear and hydroelectricity and the costs to our ecosystems; the price of electricity from coal-fired plants and the cost to the atmosphere. Giving life to inventions, lifestyle changes, geopolitical shifts, and things in-between, energy economics is of high interest to Academia, Corporations and Governments. For economists, energy economics is one of three subdisciplines which, taken together, compose an economic approach to the exploitation and preservation of natural resources: energy economics, which focuses on energy-related subjects such as renewable energy, hydropower, nuclear power, and the political economy of energy resource economics, which covers subjects in land and water use, such as mining, fisheries, agriculture, and forests environmental economics, which takes a broader view of natural resources through economic concepts such as risk, valuation, regulation, and distribution Although the three are closely related, they are not often presented as an integrated whole. This Encyclopedia has done just that by unifying these fields into a high-quality and unique overview. The only reference work that codifies the relationships among the three subdisciplines: energy economics, resource economics and environmental economics. Understanding these relationships just became simpler! Nobel Prize Winning Editor-in-Chief (joint recipient 2007 Peace Prize), Jason Shogren, has demonstrated excellent team work again, by coordinating and steering his Editorial Board to produce a cohesive work that guides the user seamlessly through the diverse topics This work contains in equal parts information from and about business, academic, and government perspectives and is intended to serve as a tool for unifying and systematizing research and analysis in business, universities, and government
Book Synopsis Consumption Behavior and the Effects of Government Fiscal Policies by : Randall P. Mariger
Download or read book Consumption Behavior and the Effects of Government Fiscal Policies written by Randall P. Mariger and published by Harvard University Press. This book was released on 1986 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Consumption Behavior and the Effects of Government Fiscal Policies, Randall Mariger explores how people make decisions about how much to consume and save over their lifetimes. An understanding of these issues illuminates not only individual behavior but important properties of the macro economy as well. The most popular framework for analyzing consumption has been the life-cycle theory. Mariger tests two fundamental, and controversial, assumptions underlying the theory--that there are no planned bequests and that human capital is marketable. To do this, he fits a structural consumption model that incorporates endogenous liquidity constraints (non-marketability of human capital), but no planned bequests, to data on a cross-section of U. S. families. This estimated model, in conjunction with estimates of alternative models, enables him to make inferences about the respective effects of liquidity constraints and social security wealth on consumption. This latter effect yields indirect evidence concerning planned bequests. Mariger also presents direct evidence concerning bequest behavior. Among his findings are that the model fits the data very well in spite of its tight theoretical structure; that liquidity constraints are prevalent and have important effects on consumption behavior; that planned bequests appear not to be common among families in the lower 99.1% of the wealth distribution; and that families in the upper 0.9% of the wealth distribution appear to plan substantial bequests. Mariger devotes the latter part of his book to studying the implications of his estimated consumption model for the effects of government fiscal policies. More specifically, he simulates the model to infer the effects of government tax/debt policy, as well as those of the social security system, on aggregate savings.
