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Borrowing without debt? Understanding the U.S. international investment position

Higgins, Matthew; Klitgaard, Thomas; Tille, Cédric - Federal Reserve Bank of New York - 2006

Sustained large U.S. current account deficits have led some economists and policymakers to worry that future current account adjustment could occur through a sudden and disruptive depreciation of the dollar and a sharp drop in U.S. consumption. Two factors that, to date, have cast doubt on such...

Persistent link: https://www.econbiz.de/10005420594

Asset allocation under multivariate regime switching

Guidolin, Massimo; Timmerman, Allan - Federal Reserve Bank of St. Louis - 2006

This paper studies asset allocation decisions in the presence of regime switching in asset returns. We find evidence that four separate regimes - characterized as crash, slow growth, bull and recovery states - are required to capture the joint distribution of stock and bond returns. Optimal...

Persistent link: https://www.econbiz.de/10005360566

Consumption and asset prices with homothetic recursive preferences

Fisher, Mark; Gilles, Christian - 1999

changing the numeraire from units of consumption to units of the consumption process. In terms of the new units, the wealth …

Persistent link: https://www.econbiz.de/10010397480

Consumption and asset prices with recursive preferences: Continuous-time approximations to discrete-time models

Fisher, Mark - 1999

discrete-time solutions are derived, illustrating the following ideas: (i) The price-dividend ratio (such as the wealth …

Persistent link: https://www.econbiz.de/10010397550

Work, consumption and culture : affluence and social change in the twenty-first century

Ransome, Paul - 2005

Persistent link: https://www.econbiz.de/10004821374

American mania : when more is not enough

Whybrow, Peter C. - 2005 - 1. ed.

Persistent link: https://www.econbiz.de/10004825813

The challenge of affluence : self-control and well-being in the United States and Britain since 1950

Offer, Avner - 2006

Persistent link: https://www.econbiz.de/10004861736

How worrisome is a negative saving rate?

Steindel, Charles - In: Current Issues in Economics and Finance 13 (2007) May

saving have remained positive, and household wealth is on the rise.> …

Persistent link: https://www.econbiz.de/10005512162

Consumption and asset prices with recursive preferences: Continuous-time approximations to discrete-time models

Fisher, Mark - Federal Reserve Bank of Atlanta - 1999

discrete-time solutions are derived, illustrating the following ideas: (i) The price-dividend ratio (such as the wealth …

Persistent link: https://www.econbiz.de/10005514546

Incorporating concern for relative wealth into economic models

Cole, Harold L.; Mailath, George J.; Postlewaite, Andrew - In: Quarterly Review (1995) Sum, pp. 12-21

consequences of a concern for relative wealth in models in which individuals are making labor/leisure decisions. The analysis shows … how individuals' decisions are affected by the aggregate income distribution and how the concern for relative wealth can … generate behavior that can be interpreted as conspicuous consumption when wealth is not directly observable. …

Persistent link: https://www.econbiz.de/10005491121