In this paper, I conduct an international comparison of the financial health of households using data on household wealth and indebtedness for the Group of Seven (G7) countries and show that, even though household borrowings in Japan were the highest among the G7 countries, at least until 2000,...

Analysis of an original, broad, internet-based survey reveals that debt holding is related to three aspects of time discounting: present bias, measured by the degree of declining impatience in the generalized hyperbolic discount function; borrowing aversion, captured by a sign effect -...

This paper studies the relationship between horizontal product differentiation and the welfare effects of third-degree price discrimination in oligopoly. By deriving linear demand from a representative consumer's utility and focusing on the symmetric equilibrium of a pricing game, we...

This paper synthesizes, in one Leontief economic model, the arguments of exploitation and unequal distribution of wealth by Roemer (1982,1986) and of the power relationship between employers and employees concerning the labor extraction by Boyles and Gintis (1988,1990). The author introduces the...

This paper studies the relationship between horizontal product differentiation and the welfare effects of third-degree price discrimination in oligopoly. By deriving linear demand from a representative consumer's utility and focusing on the symmetric equilibrium of a pricing game, we...

We propose a model of parental altruism in relation to children’s habit formation, as children are unaware of their developing habits while young and only become cognizant with age. We show that an altruistic mother (1) maintains the amount of income transferred to her child lower than the...

In this paper, we use provincial panel data on China for the 2002-19 period to conduct a spatial autocorrelation analysis of household saving rates as well as a dynamic panel analysis of the determinants of household saving rates using a spatial Durbin model. To summarize our main findings, we...

A literature debates the explanations for the cyclical properties of emerging markets using either trend shocks (Aguiar and Gopinath 2007) or financial frictions (Neumeyer and Perri 2004; Garcia-Cicco, Pancrazi, and Uribe 2010). We state a formal proposition that makes explicit the parametric...

What are the consequences of the preference for wealth for the accumulation of capital and for the dynamics of wealth inequality? Assuming that wealth per se is a luxury good, inequality tends to rise whenever the interest rate is larger than the economic growth rate. This induces the economy to...

In this paper, we conduct a dynamic panel analysis of the determinants of the household saving rate in China using a life cycle model and panel data on Chinese provinces for the 1995-2004 period from China's household survey. We find that China's household saving rate has been high and rising...