In this paper we analyze the equity, risk, and term premium in an representative agent exchange model economy where households preferences are subject to habit formation. As a novel feature, we develop theoretical measures for risk premium and term premium that can be used even when the...

This article uses data from the 1998 European Union Household Panel to study economic inequality in Spain. It reports data on the Spanish distributions of income, labor income, and capital income, and on related features of inequality, such as age, employment status, educational attainment, and...

In this paper we use the European Community Household Panel to explore the connection between education, over-education, and wage inequality in Spain for the period 1994-2001. Our central approach is based on quantile regression. We find that higher education is associated with higher wage...

The overeducation literature has typically assumed that the effect of overeducation on wages is constant across the conditional wage distribution. In this paper we use quantile regression and data from 12 European countries to show that differences across segments of the distribution are indeed...