This paper analyzes a panel data set of Panel Study of Income Dynamics (PSID) households and demonstrates that the estimate of EIS (Elasticity of Intertemporal Substitution) for stockholders and non-stockholders is large and dierent between them, based upon the consumption-based capital asset...

The influential economic theory of intergenerational transfers predicts a negative connection between credit constraints and intergenerational mobility of consumption. Existing work has used bequest receipt to signal a parent's access to credit markets when investing in his children's human...

Using geometric illustrations, we investigate what implications of portfolio optimization in equilibrium can be generated by the simple mean-variance framework, under margin borrowing restrictions. First, we investigate the case of uniform marginability on all risky assets. It is shown that...

The present research covering the latest residential boom and bust cycle highlights the lack of uniform or constant time invariant wealth, housing and income relations. More important, wealth composition is shown to be a significant determinant of consumption. The marginal effects of housing...

type="main" xml:id="ecin12094-abs-0001" The influential economic theory of intergenerational transfers predicts a negative connection between credit constraints and intergenerational mobility of consumption. Existing work has used bequest receipt to signal a parent's access to credit markets...

The empirical literature has demonstrated that housing assets exhibit larger wealth effects than stocks (or, more broadly, financial assets), which is often interpreted as a larger MPC (Marginal Propensity of Consumption) out of housing wealth. Still, the question remains as to whether this...

The present research, which covers the latest residential boom and bust cycle, highlights that there are no uniform or constant time invariant wealth, housing, and income relations. Even more important, wealth composition is shown to be a significant determinant of consumption. The marginal...

We conduct an analysis of recent trends on the subfields of study that doctoral students in economics choose for their dissertations. By investigating data on the JEL classification codes of dissertations reported by the Journal of Economic Literature from 1991 to 2007, we find that the trends...

This paper provides an update to Skinner's (1987) predicted consumption measure for households in the Panel Study of Income Dynamics from 1980 to 2003. More than 80% of the variance in total non-durable consumption is explained by three expenditure components.

We estimate the wealth effects of housing and stock market wealth using time-series data for eight developed countries. In estimation we employ the structural vector-autoregressive regressions (SVAR), which articulate the dynamic interactions of shocks to housing prices, stock values, and...