Participation in the stock market is limited, especially early in life. By contrast, human capital investment is widespread, especially early in life. Returns to equity are constant across households, while returns to human capital vary. The contribution of this paper is to demonstrate that once...

Our analysis uses a different, unique proprietary dataset that features three frequently used credit scores for each individual. Compared with the dataset used in the CFPB report, this dataset includes more recent time periods and provides a longer historical perspective of credit score comparisons

Portfolio choice models counter factually predict (or advise) almost universal equity market participation and a high share for equity in wealth early in life. Empirically consistent predictions have proved elusive without participation costs, informational frictions, or non standard...

Portfolio choice models counter factually predict (or advise) almost universal equity market participation and a high share for equity in wealth early in life. Empirically consistent predictions have proved elusive without participation costs, informational frictions, or nonstandard preferences....

In this paper, I will describe in detail both the Earned Income Tax Credit and the Child Tax Credit in the U.S., including their origins, their structure, and the effects they have on the labor market and family formation. I will then discuss the macroeconomic implications of U.S. welfare...

This chapter provides a comprehensive expository survey and synthesis of the theoretical determinants of migration. Early work beginning with Adam Smith, running through the pioneering research of Larry Sjaastad in the 1960s, and continuing through the end of the twentieth century established...

In this paper, I will describe in detail both the Earned Income Tax Credit and the Child Tax Credit in the U.S., including their origins, their structure, and the effects they have on the labor market and family formation. I will then discuss the macroeconomic implications of U.S. welfare...