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of interest, so it would otherwise finance increased current consumption by borrowing against future wages. Collateral …
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"This study presents evidence that the correlation in brothers' earnings has risen in recent decades. We use two distinct cohorts of young men from the National Longitudinal Surveys and estimate that the correlation in earnings between brothers rose from 0.26 to 0.45. This suggests that family...
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We study the behavior of output, employment, consumption, and investment in Germany during the Great Depression of 1928 …-37. In this time period, real wages were countercyclical, and productivity and fiscal policy were procyclical. We use the … neoclassical growth model to investigate how much these factors contribute to the Depression. We find that real wages, which were …
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