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- - -,-------------------. -| PREAMBLE | -`-------------------' - -@preamble{ "\providecommand{\noopsort}[1]{} - \providecommand{\singleletter}[1]{#1} " -} - -,-------------------. -| BIBTEX ENTRIES | -`-------------------' - - -@inproceedings{approxContMrkv, - address = {Berlin, Heidelberg}, - title = {Precise approximations of the probability distribution of a markov process in time: {An} application to probabilistic invariance}, - isbn = {978-3-642-54862-8}, - abstract = {The goal of this work is to formally abstract a Markov process evolving over a general state space as a finite-state Markov chain, with the objective of precisely approximating the state probability distribution of the Markov process in time. The approach uses a partition of the state space and is based on the computation of the average transition probability between partition sets. In the case of unbounded state spaces, a procedure for precisely truncating the state space within a compact set is provided, together with an error bound that depends on the asymptotic properties of the transition kernel of the Markov process. In the case of compact state spaces, the work provides error bounds that depend on the diameters of the partitions, and as such the errors can be tuned. The method is applied to the problem of computing probabilistic invariance of the model under study, and the result is compared to an alternative approach in the literature.}, - booktitle = {Tools and algorithms for the construction and analysis of systems}, - publisher = {Springer Berlin Heidelberg}, - author = {Esmaeil Zadeh Soudjani, Sadegh and Abate, Alessandro}, - editor = {Ábrahám, Erika and Havelund, Klaus}, - year = {2014}, - pages = {547--561}, - doi = {10.1007/978-3-642-54862-8_45} -} - -@article{denmark_pandemics, - author = {Asger Lau Andersen and Emil Toft Hansen and Niels Johannesen and Adam Sheridan}, - journal = {Covid Economics}, - volume = {7}, - pages = {88--111}, - title = {Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data}, - year = {2020}, -} - -@techreport{hkpMemory, - title = "On the Welfare Cost of Consumption Fluctuations in the Presence of Memorable Goods", - author = "Hai, Rong and Krueger, Dirk and Postlewaite, Andrew", - type = "Working Paper", - institution = "SSRN", - year = {2018}, - URL = "https://ssrn.com/abstract=3263498", - abstract = {We propose a new classification of consumption goods into nondurable goods, durable goods and a new class which we call "memorable" goods. A good is memorable if a consumer can draw current utility from its past consumption experience through memory. We propose a novel consumption-savings model in which a consumer has a well-defined preference ordering over both nondurable goods and memorable goods. Memorable goods consumption differs from nondurable goods consumption in that current memorable goods consumption may also impact future utility through the accumulation process of the stock of memory. In our model, households optimally choose a lumpy profile of memorable goods consumption even in a frictionless world. Using Consumer Expenditure Survey data, we then document levels and volatilities of different groups of consumption goods expenditures, as well as their expenditure patterns, and show that the expenditure patterns on memorable goods indeed differ significantly from those on nondurable and durable goods. Finally, we empirically evaluate our model's predictions with respect to the welfare cost of consumption fluctuations and conduct an excess-sensitivity test of the consumption response to predictable income changes. We find that (i) the welfare cost of household-level consumption fluctuations may be overstated by 1.7 percentage points (11.9\% points as opposed to 13.6\% points of permanent consumption) if memorable goods are not appropriately accounted for; (ii) the finding of excess sensitivity of consumption documented in important papers of the literature might be entirely due to the presence of memorable goods.}, -} - -@article{healthWealth, - author = {Andrew Glover and Jonathan Heathcote and Dirk Krueger and - Jos{\'e}-V{\'\i}ctor R{\'\i}os-Rull}, - journal = {Covid Economics}, - volume = {6}, - pages = {22--64}, - title = {Health versus Wealth: On the Distributional Effects - of Controlling a Pandemic}, - year = {2020}, -} -@article{faria_FPpandemic, - author = {Miguel {Faria-e-Castro}}, - journal = {Covid Economics}, - volume = {2}, - pages = {67--101}, - title = {Fiscal Policy during a Pandemic}, - year = {2020}, -} - -@article{jorda_pandemics, - author = {Jorda, Oscar and Singh, Sanjay R. and Taylor, Alan M.}, - journal = {Covid Economics}, - volume = {1}, - pages = {1--15}, - title = {Longer-run Economic Consequences of Pandemics}, - year = {2020}, -} - - -@techreport{bblmMultiplier, -author={Christian Bayer and Benjamin Born and Ralph Luetticke and Gernot Muller}, -title ={The Coronavirus Stimulus Package: How Large is the Transfer Multiplier?}, -institution={Centre for Economic Policy Research}, -year={2020}, -month={April}, -type={Working Paper}, -journal={CEPR Working Paper DP14600}, -url={https://portal.cepr.org/discussion-paper/16193} -} - -@techreport{BickBlandin2020, - author = {Alexander Bick and Adam Blandin}, - month = {April}, - type = {Working paper}, - institution = {Arizona State University}, - title = {Real Time Labor Market Estimates During the 2020 Coronavirus Outbreak}, - year = {2020}, - url = {https://alexbick.weebly.com/uploads/1/0/1/3/101306056/bb_covid.pdf}, -} - -@TechReport{bayer_corona, - author = {Christian Bayer and Benjamin Born and Ralph Luetticke and Gernot J. M\"{u}ller}, - title = {The Coronavirus Stimulus Package: How Large Is the Transfer Multiplier?}, - year = {2020}, - type = {discussion paper}, - institution = {CEPR}, - number = {14600}, -} - -@techreport{ConsumptionResponse, - author = {Carroll, Christopher D. and Edmund Crawley and Jiri Slacalek and Matthew White}, - title = {Modeling the Consumption Response to the CARES Act}, - journal= {\href{https://github.com/econ-ark.org}{Econ-ARK Project}}, - year = {2020}, -} - -@techreport{SpanishSpending, - author={Carvalho, V.M and J.R. Garcia and S. Hansen and A. Ortiz and T. Rodrigo and J.V. Mora Rodriguez and J. Ruiz}, - year={2020}, - title={Tracking the COVID-19 Crisis with High-Resolution Transaction Data}, - journal={Cambridge Working Papers in Economics CWPE2030)}, - institution={Cambridge University} -} - - -@techreport{krugman_corona, - title = {Notes on Coronacoma Economics}, - author = {Paul Krugman}, - institution = {City University of New York}, - type = {mimeo}, - year = {2020}, -} - -@techreport{covid_USsurvey, - title = {Inequality in the Impact of the Coronavirus Shock: New Survey Evidence for the US}, - author = {Abi {Adams-Prassl} and Teodora Boneva and Marta Golin and Christopher Rauh}, - institution = {Oxford University}, - type = {mimeo}, - year = {2020}, -} - - - -@techreport{SwagelCBO2020, - author = {Swagel, Phill}, - institution = {Congressional Budget Office}, - month = {April}, - type = {Blog post}, - title = {Updating CBO's Economic Forecast to Account for the Pandemic}, - year = {2020}, - url = {https://www.cbo.gov/publication/56314} -} - - -@article{cyranoski_we_2020, - title = {`{We} need to be alert': {Scientists} fear second coronavirus wave as {China}'s lockdowns ease}, - copyright = {2020 Nature}, - shorttitle = {`{We} need to be alert'}, - url = {https://www.nature.com/articles/d41586-020-00938-0}, - doi = {10.1038/d41586-020-00938-0}, - abstract = {Other countries on lockdown will be watching for a resurgence of infections in Hubei province now that travel restrictions are lifting.}, - language = {en}, - urldate = {2020-04-10}, - journal = {Nature}, - author = {Cyranoski, David}, - month = mar, - year = {2020}, - file = {Snapshot:C\:\\Users\\edmun\\Zotero\\storage\\VZAC6KGJ\\d41586-020-00938-0.html:text/html} -} - -@techreport{verner_pandemics, - title = {Pandemics Depress the Economy, Public Health Interventions Do Not: Evidence from the 1918 Flu}, - author = {Sergio Correia and Stephan Luck and Emil Verner}, - institution = {MIT Sloan}, - type = {mimeo}, - year = {2020}, -} - - -@TechReport{ert_covid, - author={Eichenbaum, Martin S. and Rebelo, Sergio and Trabandt, Mathias}, - title={The Macroeconomics of Epidemics}, - year=2020, - type={working paper}, - institution={National Bureau of Economic Research}, - number = {26882}, -} - -@TechReport{aal_covid, - author={Fernando Alvarez and David Argente and Francesco Lippi}, - title={A Simple Planning Problem for {COVID}-19 Lockdown}, - year=2020, - type={ BFI working paper}, - institution={University of Chicago}, - number = {34}, -} - - -@TechReport{covidMacroImpl, - author={Guerrieri, Veronica and Lorenzoni, Guido and Straub, Ludwig and Werning, Ivan}, - title={Macroeconomic Implications of {COVID}-19: Can Negative Supply Shocks Cause Demand Shortages?}, - year=2020, - type={working paper}, - institution={National Bureau of Economic Research}, - number = {26918}, -} - - -@TechReport{kmv_pandemics, - author={Greg Kaplan and Benjamin Moll and Giovanni L. Violante}, - title={Pandemics According to HANK}, - year=2020, - institution={Princeton University}, - type={mimeo}, -} - -@InCollection{akmwwInequality-Discuss, - author={Christopher D. Carroll and Edmund Crawley}, - title={Comment on `When Inequality Matters for Macro and Macro Matters for Inequality'}, - booktitle={{NBER Macroeconomics Annual}}, - publisher={National Bureau of Economic Research}, - year=2017, - month={April}, - volume={32}, - pages={76--92}, -} - -@ARTICLE{carroll_EGM, - author = {Christopher D. Carroll}, - title = {The Method of Endogenous Gridpoints for Solving Dynamic Stochastic - Optimization Problems}, - journal = {Economics Letters}, - year = {2006}, - volume = {91}, - pages = {312--320}, - number = {3} -} - -@misc{nyFedCoronaBlog, - author = {Olivier Armantier and Gizem Kosar and Rachel Pomerantz and Daphne Skandalis and Kyle Smith and Giorgio Topa and Wilbert {van der Klaauw}}, - howpublished = - {\href{https://libertystreeteconomics.newyorkfed.org/2020/04/coronavirus-outbreak-sends-consumer-expectations-plummeting.html}{URL - link retrieved on 04/07/2020 \texttt{here}.}}, - journal = {Liberty Street Economics}, - number = {April 6}, - type = {Blog}, - title = {Coronavirus Outbreak Sends Consumer Expectations Plummeting}, - year = {2020}, -} - - - -@techreport{baker_Cpandemic, - title = {How Does Household Spending Respond to an Epidemic? Consumption During the 2020 COVID-19 Pandemic}, - author = {Baker, Scott R. and Farrokhnia, R. A. and Meyer, Steffen and Pagel, Michaela and Yannelis, Constantine}, - institution = {National Bureau of Economic Research}, - type = {working paper}, - number = {26949}, - year = {2020}, -} - -@InProceedings{carroll_et_al-proc-scipy-2018, - author = { {C}hristopher {D}. {C}arroll and {A}lexander {M}. {K}aufman and {J}acqueline {L}. {K}azil and {N}athan {M}. {P}almer and {M}atthew {N}. {W}hite }, - title = { {T}he {E}con-{A}{R}{K} and {H}{A}{R}{K}: {O}pen {S}ource {T}ools for {C}omputational {E}conomics }, - booktitle = { {P}roceedings of the 17th {P}ython in {S}cience {C}onference }, - pages = { 25 - 30 }, - year = { 2018 }, - editor = { {F}atih {A}kici and {D}avid {L}ippa and {D}illon {N}iederhut and {M} {P}acer }, - doi = { 10.25080/Majora-4af1f417-004 } -} - -@misc{matthew_n_white_2017_1001068, - author = {Christopher D Carroll and Matthew N White and - Team Econ-ARK}, - month = Oct, - note = {Available at via doi:10.5281/zenodo.1001068 or at - \url{https://doi.org/10.5281/zenodo.1001068}}, - title = {econ-ark/HARK: 0.8.0}, - year = {2017}, - doi = {10.5281/zenodo.1001068}, - url = {https://doi.org/10.5281/zenodo.1001068}, -} - -@article{hrsHabit, - author = {Havranek, Tomas and Rusnak, Marek and Sokolova, Anna}, - journal = {European Economic Review}, - pages = {142--167}, - publisher = {Elsevier}, - title = {Habit formation in consumption: A meta-analysis}, - volume = {95}, - year = {2017}, - doi = {10.1016/j.euroecorev.2017.03.009}, - url = {https://doi.org/10.1016/j.euroecorev.2017.03.009}, -} - -@article{cdSmooth, - author = {Campbell, John and Deaton, Angus}, - journal = {The Review of Economic Studies}, - month = {jul}, - note = {\url{http://www.jstor.org/stable/2297552}}, - number = {3}, - pages = {357--373}, - publisher = {The Review of Economic Studies Ltd.}, - title = {{W}hy is {C}onsumption {S}o {S}mooth?}, - volume = {56}, - year = {1989}, - abstract = {For thirty years it has been accepted that - consumption is smooth because permanent income is - smoother than measured income. This paper considers - the evidence for the contrary position, that - permanent income is in fact less smooth than measured - income, so that the smoothness of consumption cannot - be straightforwardly explained by permanent income - theory. The paper argues that in postwar U.S. - quarterly data, consumption is smooth because it - responds with a lag to changes in income.}, - issn = {0034-6527}, - url = {http://www.jstor.org/stable/2297552}, -} - -@article{hallRandomWalk, - author = {Hall, Robert E.}, - journal = {Journal of Political Economy}, - note = {Available at - {\url{http://www.stanford.edu/~rehall/Stochastic-JPE-Dec-1978.pdf}}}, - pages = {971--87}, - title = {Stochastic Implications of the Life-Cycle/Permanent - Income Hypothesis: Theory and Evidence}, - volume = {96}, - year = {1978}, - url = {http://www.stanford.edu/~rehall/Stochastic-JPE-Dec- - 1978.pdf}, -} - -@article{mrSlumps, - author = {Mankiw, N. Gregory and Reis, Ricardo}, - journal = {Quarterly Journal of Economics}, - month = {November}, - number = {4}, - pages = {1295--1328}, - title = {Sticky Information Versus Sticky Prices: A Proposal - to Replace the New Keynesian Phillips Curve}, - volume = {117}, - year = {2002}, -} - -@article{carroll:epidemicinflQJE, - author = {Carroll, Christopher D.}, - journal = {Quarterly Journal of Economics}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/epidemiologyQJE.pdf}}, - number = {1}, - pages = {269--298}, - title = {{M}acroeconomic {E}xpectations of {H}ouseholds and - {P}rofessional {F}orecasters}, - volume = {118}, - year = {2003}, - url = {https://www.econ2.jhu.edu/people/ccarroll/epidemiologyQJE.pdf}, -} - -@article{dynanHabits, - author = {Dynan, Karen E.}, - journal = {American Economic Review}, - note = {\url{http://www.jstor.org/stable/117335}}, - number = {3}, - title = {Habit Formation in Consumer Preferences: Evidence - from Panel Data}, - volume = {90}, - year = {2000}, - url = {http://www.jstor.org/stable/117335}, -} - -@article{ayNearRational, - author = {Akerlof, George A. and Janet L. Yellen}, - journal = {The Quarterly Journal of Economics}, - number = {5}, - pages = {823--38}, - title = {A Near-rational Model of the Business Cycle, with - Wage and Price Intertia}, - volume = {100}, - year = {1985}, -} - -@techreport{arsInvestmentInattention, - author = {Adrien Auclert and Matthew Rognlie and Ludwig Straub}, - institution = {Stanford University}, - type = {mimeo}, - title = {Investment, Heterogeneity, and Inattention}, - year = {2019}, -} - -@article{pischkeMicroMacro, - author = {Pischke, J{\"o}rn-Steffen}, - journal = {Econometrica}, - number = {4}, - pages = {805--40}, - title = {Individual Income, Incomplete Information, and - Aggregate Consumption}, - volume = {63}, - year = {1995}, -} - -@article{simsInattention, - author = {Sims, Christopher}, - journal = {Journal of Monetary Economics}, - note = {available at - \url{http://ideas.repec.org/a/eee/moneco/v50y2003i3p665-690.html}}, - number = {3}, - pages = {665--690}, - title = {Implications of Rational Inattention}, - volume = {50}, - year = {2003}, -} - -@article{gabaixSparsityQJE, - author = {Xavier Gabaix}, - journal = {The Quarterly Journal of Economics}, - number = {4}, - pages = {1661--1710}, - title = {A Sparsity-Based Model of Bounded Rationality}, - volume = {129}, - year = {2014}, - url = {https://ideas.repec.org/a/oup/qjecon/v129y2014i4p1661- - 1710.html}, -} - -@article{reis:inattentive, - author = {Reis, Ricardo}, - journal = {Journal of Monetary Economics}, - number = {8}, - pages = {1761--1800}, - publisher = {Elsevier}, - title = {Inattentive Consumers}, - volume = {53}, - year = {2006}, -} - -@article{mw09:RI, - author = {Ma\'{c}kowiak, Bartosz and Mirko Wiederholt}, - journal = {American Economic Review}, - month = {June}, - number = {3}, - pages = {769-803}, - title = {{Optimal Sticky Prices under Rational Inattention}}, - volume = {99}, - year = {2009}, - abstract = {This paper presents a model in which price setting - firms decide what to pay attention to, subject to a - constraint on information flow. When idiosyncratic - conditions are more variable or more important than - aggregate conditions, firms pay more attention to - idiosyncratic conditions than to aggregate - conditions. When we calibrate the model to match the - large average absolute size of price changes observed - in micro data, prices react fast and by large amounts - to idiosyncratic shocks, but only slowly and by small - amounts to nominal shocks. Nominal shocks have strong - and persistent real effects. (JEL D21, D83, E31, - E52)}, - doi = {}, - url = {https://ideas.repec.org/a/aea/aecrev/v99y2009i3p769- - 803.html}, -} - -@article{mackWiedREStud15, - author = {Ma\'{c}kowiak, Bartosz and Wiederholt, Mirko}, - journal = {The Review of Economic Studies}, - number = {4}, - pages = {1502--1532}, - title = {Business Cycle Dynamics under Rational Inattention}, - volume = {82}, - year = {2015}, - doi = {10.1093/restud/rdv027}, - url = {+ http://dx.doi.org/10.1093/restud/rdv027}, -} - -@article{LuoRinGE, - author = {Yulei Luo and Jun Nie and Gaowang Wang and - Eric R. Young}, - journal = {Journal of Economic Theory}, - pages = {55--87}, - title = {Rational Inattention and the Dynamics of Consumption - and Wealth in General Equilibrium}, - volume = {172}, - year = {2017}, -} - -@article{luo:inatC, - author = {Yulei Luo}, - journal = {Review of Economic Dynamics}, - number = {2}, - pages = {366--385}, - title = {Consumption Dynamics under Information Processing - Constraints}, - volume = {11}, - year = {2008}, -} - -@article{sims_beyondLQ, - author = {Christopher A. Sims}, - journal = {American Economic Review}, - month = {May}, - number = {2}, - pages = {158--163}, - title = {Rational Inattention: Beyond the Linear--Quadratic - Case}, - volume = {96}, - year = {2006}, -} - -@article{tutino_RIconsumption, - author = {Antonella Tutino}, - journal = {Review of Economic Dynamics}, - month = {July}, - number = {3}, - pages = {421--439}, - title = {Rationally Inattentive Consumption Choices}, - volume = {16}, - year = {2013}, -} - -@incollection{woodfordImperfect, - address = {Princeton}, - author = {Woodford, Michael}, - booktitle = {Knowledge, Information and Expectations in Modern - Macroeconomics}, - editor = {Aghion, P. and R. Frydman and J. Stiglitz and - M. Woodford}, - publisher = {Princeton University Press}, - title = {Imperfect Common Knowledge and the Effects of - Monetary Policy}, - year = {2002}, - abstract = {This paper reconsiders the Phelps-Lucas hypothesis, - according to which temporary real effects of purely - nominal disturbances result from imperfect - information, but departs from the assumptions of - Lucas (1973) in two crucial respects. Due to - monopolistically competitive pricing, higher-order - expectations are crucial for aggregate inflation - dynamics, as argued by Phelps (1983). And - decisionmakers' subjective perceptions of current - conditions are assumed to be of imperfect precision, - owing to finite information processing capacity, as - argued by Sims (2001). The model can explain highly - persistent real effects of a monetary disturbance, - and a delayed effect on inflation, as found in VAR - studies.}, - url = {http://EconPapers.repec.org/RePEc:nbr:nberwo:8673}, -} - -@article{msInertiaAER, - author = {Stephen Morris and Hyun Song Shin}, - journal = {The American Economic Review}, - number = {2}, - pages = {152--157}, - publisher = {American Economic Association}, - title = {Inertia of Forward-Looking Expectations}, - volume = {96}, - year = {2006}, - issn = {00028282}, - url = {http://www.jstor.org/stable/30034632}, -} - -@article{muthOptimal, - author = {Muth, John F.}, - journal = {Journal of the American Statistical Association}, - number = {290}, - pages = {299--306}, - title = {Optimal Properties of Exponentially Weighted - Forecasts}, - volume = {55}, - year = {1960}, -} - -@article{lucas:imperfectInfo, - author = {Lucas, Robert E.}, - journal = {American Economic Review}, - month = {June}, - number = {3}, - pages = {326--334}, - title = {Some International Evidence on Output-Inflation - Tradeoffs}, - volume = {63}, - year = {1973}, -} - -@article{ludvigson&michaelides:excesses, - author = {Ludvigson, Sydney and Alexander Michaelides}, - journal = {American Economic Review}, - month = {June}, - number = {3}, - pages = {631--647}, - title = {Does Buffer Stock Saving Explain the Smoothness and - Excess Sensitivity of Consumption?}, - volume = {91}, - year = {2001}, -} - -@techreport{fhnMPC, - author = {Andreas Fagereng and Martin B. Holm and - Gisle J. Natvik}, - institution = {Statistics Norway}, - type = {discussion paper}, - title = {MPC Heterogeneity and Household Balance Sheets}, - volume = {852}, - year = {2017}, -} - -@article{jpsTax, - author = {Johnson, David S. and Parker, Jonathan A. and - Souleles, Nicholas S.}, - journal = {American Economic Review}, - month = {December}, - number = {5}, - pages = {1589--1610}, - title = {Household Expenditure and the Income Tax Rebates of - 2001}, - volume = {96}, - year = {2006}, - url = {http://ideas.repec.org/a/aea/aecrev/v96y2006i5p1589- - 1610.html}, -} - -@article{aslCredit, - author = {Sumit Agarwal and Chunlin Liu and - Nicholas S. Souleles}, - journal = {Journal of Political Economy}, - month = {December}, - number = {6}, - pages = {986--1019}, - title = {The Reaction of Consumer Spending and Debt to Tax - Rebates--Evidence from Consumer Credit Data}, - volume = {115}, - year = {2007}, - url = {http://www.nber.org/papers/w13694}, -} - -@article{bppInequality, - author = {Blundell, Richard and Pistaferri, Luigi and - Preston, Ian}, - journal = {American Economic Review}, - month = {December}, - number = {5}, - pages = {1887--1921}, - title = {Consumption Inequality and Partial Insurance}, - volume = {98}, - year = {2008}, -} - -@article{kvwWealthyH2m, - author = {Kaplan, Greg and Violante, Gianluca and - Weidner, Justin}, - journal = {Brookings Papers on Economic Activity}, - pages = {77--138}, - title = {The Wealthy Hand-to-Mouth}, - volume = {Spring}, - year = {2014}, - abstract = {The wealthy hand-to-mouth are households who hold - little or no liquid wealth (e.g. cash, checking, and - saving accounts), despite owning sizable amounts of - illiquid assets (i.e., assets that carry a - transaction cost, such as housing, large durables, or - retirement accounts). This portfolio configuration - implies that these households have large marginal - propensities to consume out of small income changes - –a key determinant of the macroeconomic - effects of fiscal policy. The wealthy hand-to-mouth, - therefore, behave in many respects like households - with little or no net worth, yet they escape standard - definitions (and empirical measurements) of - hand-to-mouth agents based on net worth. We use - survey data on household portfolios for the U.S., - Canada, Australia, the U.K., Germany, France, Italy, - and Spain to document the share of such households - across countries, their demographic characteristics, - the composition of their balance sheet, and the - persistence of hand-to-mouth status over the life - cycle. Finally, we discuss the implications of this - group of consumers for macroeconomic modelling and - policy analysis.}, -} - -@article{jappelliPistaferri_FPMPC, - author = {Jappelli, Tullio and Pistaferri, Luigi}, - journal = {AEJ: Marcoeconomics}, - number = {4}, - pages = {107--36}, - title = {Fiscal Policy and MPC Heterogeneity}, - volume = {6}, - year = {2014}, -} - -@article{parker25million, - author = {Jonathan A. Parker}, - journal = {American Economic Journal: Macroeconomics}, - month = {October}, - number = {9}, - pages = {153--183}, - title = {Why Don't Households Smooth Consumption? Evidence - from a \$25 Million Experiment}, - volume = {4}, - year = {2017}, -} - -@techreport{aydinCresponse, - author = {Deniz Ayd{\i}n}, - institution = {Washington University, St.\ Louis}, - type = {mimeo}, - title = {Consumption Response to Credit Expansions: Evidence - from Experimental Assignment of 45,307 Credit Lines}, - year = {2018}, -} - -@article{carroll&kimball:concavity, - author = {Carroll, Christopher D. and Kimball, Miles S.}, - journal = {Econometrica}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}}, - number = {4}, - pages = {981--992}, - title = {On the {C}oncavity of the {C}onsumption {F}unction}, - volume = {64}, - year = {1996}, - url = {https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}, -} - -@article{chettySzeidl:cCommitmentsEcta, - author = {Raj Chetty and Adam Szeidl}, - journal = {Econometrica}, - month = {03}, - number = {}, - pages = {855--890}, - title = {Consumption Commitments and Habit Formation}, - volume = {84}, - year = {2016}, - url = {https://ideas.repec.org/a/wly/emetrp/v84y2016ip855- - 890.html}, -} - -@article{alvarezGuisoLippi:DurCons, - author = {Fernando Alvarez and Luigi Guiso and Francesco Lippi}, - journal = {American Economic Review}, - month = {August}, - number = {5}, - pages = {2272--2300}, - title = {Durable Consumption and Asset Management with - Transaction and Observation Costs}, - volume = {102}, - year = {2012}, - doi = {}, - url = {https://ideas.repec.org/a/aea/aecrev/v102y2012i5p2272- - 2300.html}, -} - -@article{coibGor:AER15, - author = {Olivier Coibion and Yuriy Gorodnichenko}, - journal = {American Economic Review}, - month = {August}, - number = {8}, - pages = {2644--2678}, - title = {{Information Rigidity and the Expectations Formation - Process: A Simple Framework and New Facts}}, - volume = {105}, - year = {2015}, - doi = {}, -} - -@article{fuhrer:JME17, - author = {Jeffrey C. Fuhrer}, - journal = {Journal of Monetary Economics}, - month = {April}, - pages = {22--55}, - title = {Expectations as a Source of Macroeconomic - Persistence: Evidence from Survey Expectations in a - Dynamic Macro Model}, - volume = {86}, - year = {2017}, - doi = {}, -} - -@techreport{fuhrerIntrinsicPersistence, - author = {Fuhrer, Jeffrey C.}, - institution = {Federal Reserve Bank of Boston}, - month = may, - number = {18-9}, - type = {working paper}, - title = {Intrinsic Expectations Persistence: Evidence from - Professional and Household Survey Expectations}, - year = {2018}, -} - -@incollection{cmModel, - address = {Cambridge, MA}, - author = {Campbell, John Y. and Mankiw, N. Gregory}, - booktitle = {NBER Macroeconomics Annual, 1989}, - editor = {Blanchard, Olivier J. and Fischer, Stanley}, - note = {\url{http://www.nber.org/papers/w2924.pdf}}, - pages = {185--216}, - publisher = {MIT Press}, - title = {Consumption, Income, and Interest Rates: - Reinterpreting the Time-Series Evidence}, - year = {1989}, - url = {http://www.nber.org/papers/w2924.pdf}, -} - -@article{blanchardFinite, - author = {Blanchard, Olivier J.}, - journal = {Journal of Political Economy}, - month = {April}, - number = {2}, - pages = {223--247}, - title = {Debt, Deficits, and Finite Horizons}, - volume = {93}, - year = {1985}, -} - -@article{edge2007Learning, - author = {Edge, Rochelle M and Laubach, Thomas and - Williams, John C}, - journal = {Journal of Monetary Economics}, - number = {8}, - pages = {2421--2438}, - publisher = {Elsevier}, - title = {Learning and shifts in long-run productivity growth}, - volume = {54}, - year = {2007}, -} - -@article{jorgenson:ProductivityGrowthResurgence, - author = {Dale W. Jorgenson and Mun S. Ho and Kevin J. Stiroh}, - journal = {Journal of Economic Perspectives}, - month = {Winter}, - number = {1}, - pages = {3--24}, - title = {A Retrospective Look at the U.S. Productivity Growth - Resurgence}, - volume = {22}, - year = {2008}, - doi = {}, -} - -@article{zeldesStochastic, - author = {Zeldes, Stephen P.}, - journal = {Quarterly Journal of Economics}, - month = {May}, - number = {2}, - pages = {275--298}, - title = {Optimal Consumption with Stochastic Income: - {D}eviations from Certainty Equivalence}, - volume = {104}, - year = {1989}, -} - -@article{lmpPermShocks, - author = {Low, Hamish and Meghir, Costas and Pistaferri, Luigi}, - journal = {The American economic review}, - number = {4}, - pages = {1432--1467}, - publisher = {American Economic Association}, - title = {Wage risk and employment risk over the life cycle}, - volume = {100}, - year = {2010}, -} - -@article{pistaferriSuperior, - author = {Luigi Pistaferri}, - journal = {The Review of Economics and Statistics}, - month = {August}, - number = {3}, - pages = {465-476}, - title = {Superior Information, Income Shocks, And The - Permanent Income Hypothesis}, - volume = {83}, - year = {2001}, -} - -@article{gsInferring, - author = {Guvenen, Fatih and Smith, Anthony A.}, - journal = {Econometrica}, - number = {6}, - pages = {2085-2129}, - title = {Inferring Labor Income Risk and Partial Insurance - From Economic Choices}, - volume = {82}, - year = {2014}, - abstract = {This paper uses the information contained in the - joint dynamics of individuals' labor earnings and - consumption-choice decisions to quantify both the - amount of income risk that individuals face and the - extent to which they have access to informal - insurance against this risk. We accomplish this task - by using indirect inference to estimate a structural - consumption–savings model, in which individuals - both learn about the nature of their income process - and partly insure shocks via informal mechanisms. In - this framework, we estimate (i) the degree of partial - insurance, (ii) the extent of systematic differences - in income growth rates, (iii) the precision with - which individuals know their own income growth rates - when they begin their working lives, (iv) the - persistence of typical labor income shocks, (v) the - tightness of borrowing constraints, and (vi) the - amount of measurement error in the data. In - implementing indirect inference, we find that an - auxiliary model that approximates the true structural - equations of the model (which are not estimable) - works very well, with negligible small sample bias. - The main substantive findings are that income shocks - are moderately persistent, systematic differences in - income growth rates are large, individuals have - substantial amounts of information about their income - growth rates, and about one-half of income shocks are - smoothed via partial insurance. Putting these - findings together, the amount of uninsurable lifetime - income risk that individuals perceive is - substantially smaller than what is typically assumed - in calibrated macroeconomic models with incomplete - markets.}, - doi = {10.3982/ECTA9446}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.3982/ECTA9446}, -} - -@misc{kmpIncomeExpectations, - author = {Karahan, Fatih and Sean Mihaljevich and - Laura Pilossoph}, - howpublished = - {\href{http://libertystreeteconomics.newyorkfed.org/2017/11/understanding-permanent-and-temporary-income-shocks.html}{URL - link retrieved on 03/02/2018 \texttt{here}.}}, - journal = {Liberty Street Economics}, - number = {November 08}, - type = {Blog}, - title = {Understanding Permanent and Temporary Income Shocks}, - year = {2017}, -} - -@article{kennickellPermanent, - author = {Kennickell, Arthur}, - journal = {mimeo, Board of Governors of the Federal Reserve - System}, - title = {Saving and Permanent Income: Evidence from the 1992 - SCF}, - year = {1995}, -} - -@article{opLiquidH2M, - author = {Olafsson, Arna and Pagel, Michaela}, - journal = {The Review of Financial Studies}, - number = {11}, - pages = {4398--4446}, - title = {The Liquid Hand-to-Mouth: Evidence from Personal - Finance Management Software}, - volume = {31}, - year = {2018}, -} - -@incollection{sswNAIRU, - address = {New York}, - author = {Staiger, Douglas and James H. Stock and - Mark W. Watson}, - booktitle = {The Roaring Nineties: Can Full Employment Be - Sustained?}, - editor = {Alan B. Krueger and Robert Solow}, - publisher = {The Russell Sage Foundation and Century Press}, - title = {Prices Wages and the US NAIRU in the 1990s}, - year = {2001}, -} - -@article{fernald:disappointingRecovery, - author = {John G. Fernald and Robert Hall and James Stock and - Mark Watson}, - journal = {Brookings Papers on Economic Activity}, - title = {The Disappointing Recovery of Output after 2009}, - volume = {Spring}, - year = {2017}, - doi = {}, -} - -@article{bmpMITshocks, - author = {Boppart, Timo and Krusell, Per and Mitman, Kurt}, - journal = {Journal of Economic Dynamics and Control}, - number = {C}, - pages = {68--92}, - title = {Exploiting MIT Shocks in Heterogeneous-Agent - Economies: The Impulse Response as a Numerical - Derivative}, - volume = {89}, - year = {2018}, -} - -@article{zeldes:jpe, - author = {Zeldes, Stephen P.}, - journal = {Journal of Political Economy}, - note = {Available at - {\url{http://www.jstor.org/stable/1831315}}}, - pages = {305--46}, - title = {Consumption and Liquidity Constraints: An Empirical - Investigation}, - volume = {97}, - year = {1989}, - url = {http://www.jstor.org/stable/1831315}, -} - -@article{som07, - author = {Martin Sommer}, - journal = {Advances in Macroeconomics}, - number = {1}, - pages = {Article 21}, - title = {Habit Formation and Aggregate Consumption Dynamics}, - volume = {7}, - year = {2007}, -} - -@article{workingTimeAgg, - author = {Holbrook Working}, - journal = {Econometrica}, - number = {4}, - pages = {916--918}, - title = {Note on the Correlation of First Differences of - Averages in a Random Chain}, - volume = {28}, - year = {1960}, -} - -@article{cfwSentiment, - author = {Carroll, Christopher D. and Fuhrer, Jeffrey C. and - Wilcox, David W.}, - journal = {American Economic Review}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/SentAERCarrollFuhrerWilcox.pdf}}, - number = {5}, - pages = {1397-1408}, - title = {Does Consumer Sentiment Forecast Household Spending? - {I}f So, Why?}, - volume = {84}, - year = {1994}, - url = {https://www.econ2.jhu.edu/people/ccarroll/ - SentAERCarrollFuhrerWilcox.pdf}, -} - -@article{cssIntlStickyC, - author = {Carroll, Christopher D. and Sommer, Martin and - Slacalek, Jiri}, - journal = {Review of Economics and Statistics}, - month = {October}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/cssIntlStickyC/}}, - number = {4}, - pages = {1135--1145}, - title = {International Evidence on Sticky Consumption Growth}, - volume = {93}, - year = {2011}, - abstract = {This paper estimates the degree of stickiness in - aggregate consumption growth (sometimes interpreted - as reflecting consumption habits) for thirteen - advanced economies. We find that after controlling - for measurement error, consumption growth has a high - degree of autocorrelation, with a stickiness - parameter of about 0.7 on average across countries. - The sticky consumption growth model outperforms the - random walk model of Hall (1978) and typically fits - the data better than the popular Mankiw (1989) model, - though in a few countries, the sticky consumption - growth and Campbell-Mankiw models work about equally - well.}, - doi = {10.1162/REST\_a\_00122}, - url = {https://doi.org/10.1162/REST_a_00122}, -} - -@article{wilcox:aer, - author = {Wilcox, David W.}, - journal = {American Economic Review}, - number = {4}, - pages = {922--941}, - title = {The Construction of U.S. Consumption Data: Some Facts - and Their Implications for Empirical Work}, - volume = {82}, - year = {1992}, -} - -@article{soulelesTaxRefunds, - author = {Souleles, Nicholas S.}, - journal = {American Economic Review}, - month = {September}, - number = {4}, - pages = {947--958}, - title = {The Response of Household Consumption to Income Tax - Refunds}, - volume = {89}, - year = {1999}, -} - -@techreport{kuengTaxnews, - author = {Lorenz Kueng}, - institution = {Northwestern University}, - type = {working paper}, - title = {Tax News: Identifying the Household Consumption - Response to Tax Expectations Using Municipal Bond - Prices}, - year = {2012}, - url = {http://citeseerx.ist.psu.edu/viewdoc/summary? - doi=10.1.1.646.4710}, -} - -@article{BrowningColladoAER, - author = {Browning, Martin and Collado, M. Dolores}, - journal = {American Economic Review}, - number = {3}, - pages = {681--692}, - title = {The Response of Expenditures to Anticipated Income - Changes: Panel Data Estimates}, - volume = {91}, - year = {2001}, -} - -@article{hsiehAlaska, - author = {Hsieh, Chang-Tai}, - journal = {American Economic Review}, - number = {1}, - pages = {397--405}, - title = {Do consumers react to anticipated income changes? - Evidence from the Alaska permanent fund}, - volume = {93}, - year = {2003}, -} - -@article{CoulibalyLiMortgage, - author = {Coulibaly, Brahima and Li, Geng}, - journal = {The Review of Economics and Statistics}, - month = {February}, - number = {1}, - pages = {10--19}, - publisher = {MIT Press}, - title = {Do Homeowners Increase Consumption after the Last - Mortgage Payment? An Alternative Test of the - Permanent Income Hypothesis}, - volume = {88}, - year = {2006}, - doi = {doi: 10.1162/003465306775565693}, - issn = {0034-6535}, - url = {http://www.ingentaconnect.com/content/mitpress/restat/2006/ - 00000088/00000001/art00002}, -} - -@article{kuengAlaska, - author = {Kueng, Lorenz}, - journal = {The Quarterly Journal of Economics}, - number = {4}, - pages = {1693--1751}, - publisher = {Oxford University Press}, - title = {Excess sensitivity of high-income consumers}, - volume = {133}, - year = {2018}, -} - -@article{brodaParker, - author = {Broda, Christian and Parker, Jonathan A.}, - journal = {Journal of Monetary Economics}, - number = {S}, - pages = {20--36}, - title = {The Economic Stimulus Payments of 2008 and the - Aggregate Demand for Consumption}, - volume = {68}, - year = {2014}, -} - -@article{cstwMPC, - author = {Christopher D. Carroll and Jiri Slacalek and - Kiichi Tokuoka and Matthew N. White}, - journal = {Quantitative Economics}, - month = {November}, - note = {At - \url{https://www.econ2.jhu.edu/people/ccarroll/papers/cstwMPC}}, - pages = {977-1020}, - title = {The Distribution of Wealth and the Marginal - Propensity to Consume}, - volume = {8}, - year = {2017}, - doi = {10.3982/QE694}, - url = {http://onlinelibrary.wiley.com/doi/10.3982/QE694/pdf}, -} - -@article{kmvHANK, - author = {Kaplan, Greg and Moll, Benjamin and - Violante, Giovanni L.}, - journal = {American Economic Review}, - month = {March}, - number = {3}, - pages = {697--743}, - title = {Monetary Policy According to HANK}, - volume = {108}, - year = {2018}, - abstract = {We revisit the transmission mechanism of monetary - policy for household consumption in a Heterogeneous - Agent New Keynesian (HANK) model. The model yields - empirically realistic distributions of household - wealth and marginal propensities to consume because - of two key features: multiple assets with different - degrees of liquidity and an idiosyncratic income - process with leptokurtic income changes. In this - environment, the indirect effects of an unexpected - cut in interest rates, which operate through a - general equilibrium increase in labor demand, far - outweigh direct effects such as intertemporal - substitution. This finding is in stark contrast to - small- and medium-scale Representative Agent New - Keynesian (RANK) economies, where intertemporal - substitution drives virtually all of the transmission - from interest rates to consumption.}, -} - -@techreport{ckConsumption, - author = {Crawley, Edmund and Kuchler, Andreas}, - institution = {Danmarks Nationalbank}, - month = {November}, - number = {129}, - type = {working paper}, - title = {Consumption Heterogeneity: Micro Drivers and Macro - Implications}, - year = {2018}, -} - -@article{bbdUncertainty, - author = {Baker, Scott R and Bloom, Nicholas and - Davis, Steven J}, - journal = {The Quarterly Journal of Economics}, - number = {4}, - pages = {1593--1636}, - publisher = {Oxford University Press}, - title = {Measuring economic policy uncertainty}, - volume = {131}, - year = {2016}, -} - -@article{carroll_sticky_2020, - journal = {American {Economic} {Journal:} {Macroeconomics}}, - title = {Sticky {Expectations} and {Consumption} {Dynamics}}, - url = {http://www.nber.org/papers/w24377}, - abstract = {Macroeconomic models often invoke consumption “habits” to explain the substantial persistence of aggregate consumption growth. But a large literature has found no evidence of habits in microeconomic datasets that measure the behavior of individual households. We show that the apparent conflict can be explained by a model in which consumers have accurate knowledge of their personal circumstances but ‘sticky expectations’ about the macroeconomy. In our model, the persistence of aggregate consumption growth reflects consumers’ imperfect attention to aggregate shocks. Our proposed degree of (macro) inattention has negligible utility costs, because aggregate shocks constitute only a tiny proportion of the uncertainty that consumers face.}, - volume = {Forthcoming}, - author = {Carroll, Christopher D. and Crawley, Edmund and Slacalek, Jiri and Tokuoka, Kiichi and White, Matthew N.}, - year = {2020}, - doi = {10.3386/w24377} -} - - -@techreport{FariaBlog2020, - author = {{Faria-e-Castro}, Miguel}, - institution = {Federal Reserve Bank, St. Louis}, - month = {March}, - type = {Blog post}, - title = {Back-of-the-Envelope Estimates of Next Quarter's Unemployment Rate}, - year = {2020}, - url = {https://www.stlouisfed.org/on-the-economy/2020/march/back-envelope-estimates-next-quarters-unemployment-rate} -} - -@techreport{JPMorganBlog2020, - author = {JPMorgan}, - institution = {JPMorgan}, - month = {March}, - day = {27}, - type = {Blog post}, - title = {Fallout from COVID-19: Global Recession, Zero Interest Rates and Emergency Policy Actions}, - year = {2020}, - url = {https://www.jpmorgan.com/global/research/fallout-from-covid19} -} - -@techreport{Bloomberg1, - author = {Bloomberg}, - institution = {Bloomberg}, - month = {March}, - day = {17}, - type = {Press article}, - title = {Mnuchin Warns Virus Could Yield 20\% Jobless Rate Without Action}, - year = {2020}, - url = {https://www.bloomberg.com/news/articles/2020-03-17/mnuchin-warns-virus-could-yield-20-jobless-rate-without-action-k7wheob8} -} - -@techreport{Bloomberg2, - author = {Bloomberg}, - institution = {Bloomberg}, - month = {March}, - day = {22}, - type = {Press article}, - title = {U.S. Jobless Rate May Soar to 30\%, Fed's Bullard Says}, - year = {2020}, - url = {https://www.bloomberg.com/news/articles/2020-03-22/fed-s-bullard-says-u-s-jobless-rate-may-soar-to-30-in-2q} -} - -@techreport{LeiboviciSocial2020, - author = {Leibovici, Fernando and Santacreu, Ana Maria}, - institution = {Federal Reserve Bank, St. Louis}, - month = {March}, - type = {Blog post}, - title = {Social Distancing and Contact-Intensive Occupations}, - year = {2020}, - url = {https://www.stlouisfed.org/on-the-economy/2020/march/social-distancing-contact-intensive-occupations} -} - -@techreport{GasconCOVID2020, - author = {Gascon, Charles}, - institution = {Federal Reserve Bank, St. Louis}, - month = {March}, - type = {Blog post}, - title = {COVID-19: Which Workers Face the Highest Unemployment Risk?}, - year = 2020, - url = {https://www.stlouisfed.org/on-the-economy/2020/march/covid-19-workers-highest-unemployment-risk} -} - - -@article{SabelhausSong, - author = {John Sabelhaus and Jae Song}, - journal = {Journal of Monetary Economics}, - number = {4}, - pages = {391--403}, - title = {The Great Moderation in Micro Labor Earnings}, - volume = {57}, - year = {2010}, -} - -@article{todaCrossSection, -author = {Alexis Akira Toda}, - title = {Incomplete market dynamics and cross-sectional distributions}, - journal = {Journal of Economic Theory}, - volume = {154}, - pages = {310-348}, - doi = {10.1016/j.jet.2014.09.015}, - year = {2014}, - month = {November} -} - -@article{geometricDeath, - author = {Beare, Brendan K. and Alexis Akira Toda}, - title = {Geometrically stopped Markovian random growth processes and Pareto tails}, - year = {2017}, - journal = {arXiv}, - doi = {arxiv.org/abs/1712.01431}, - url = {https://arxiv.org/abs/1712.01431} -} - - -@Unpublished{MaTodaMPC, - author = {Ma, Qingyin and Toda, Alexis Akira}, - title = {Asymptotic Marginal Propensity to Consume}, - year = {2020}, - url = {https://arxiv.org/abs/2002.09108}, - note = {Manuscript, Australian National University} -} - -@Article{StachurskiToda2019JET, - author = {Stachurski, John and Toda, Alexis Akira}, - title = {An Impossibility Theorem for Wealth in Heterogeneous-agent Models with Limited Heterogeneity}, - journal = {Journal of Economic Theory}, - year = {2019}, - volume = {182}, - pages = {1-24}, - month = jul, - doi = {10.1016/j.jet.2019.04.001}, -} - -@Article{MaStachurskiToda2020JET, - author = {Ma, Qingyin and Stachurski, John and Toda, Alexis Akira}, - title = {The Income Fluctuation Problem and the Evolution of Wealth}, - journal = {Journal of Economic Theory}, - year = {2020}, - volume = {187}, - pages = {105003}, - month = may, - doi = {10.1016/j.jet.2020.105003}, -} - -@article{guerrieri2017credit, - title={Credit crises, precautionary savings, and the liquidity trap}, - author={Guerrieri, Veronica and Lorenzoni, Guido}, - journal={The Quarterly Journal of Economics}, - volume={132}, - number={3}, - pages={1427--1467}, - year={2017}, - publisher={Oxford University Press} -} - -@article{bayer2019precautionary, - title={Precautionary savings, illiquid assets, and the aggregate consequences of shocks to household income risk}, - author={Bayer, Christian and L{\"u}tticke, Ralph and Pham-Dao, Lien and Tjaden, Volker}, - journal={Econometrica}, - volume={87}, - number={1}, - pages={255--290}, - year={2019}, - publisher={Wiley Online Library} -} - -@article{seater1997optimal, - title={An optimal control solution to the liquidity constraint problem}, - author={Seater, John J}, - journal={Economics Letters}, - volume={54}, - number={2}, - pages={127--134}, - year={1997}, - publisher={Elsevier} -} - -@ARTICLE{solowTheory, -title = {\href{https://www.elgaronline.com/view/journals/roke/6-4/roke.2018.04.02.xml}{A theory is a sometime thing}}, -author = {Solow, Robert}, -year = {2018}, -journal = {Review of Keynesian Economics}, -volume = {6}, -number = {4}, -pages = {421-424}, -url = {https://EconPapers.repec.org/RePEc:elg:rokejn:v:6:y:2018:i:4:p421-424} -} - -@Preamble{ "\providecommand{\noopsort}[1]{} " -# "\providecommand{\singleletter}[1]{#1} " } - -@article{cctwMoM, - author = {Carroll, Christopher D. and Karsten Chipeniuk and Kiichi Tokuoka and Weifeng Wu}, - title = {The Method of Moderation}, - journal = {Manuscript, Johns Hopkins University}, - year = 2020, - url = {https://www.econ2.jhu.edu/people/ccarroll/cctwMoM} -} - -@Book{bellmanDynamicProgramming, - author = "Bellman, Richard", - title = "Dynamic Programming", - publisher = "Princeton University Press", - year = "1957", - address = "Princeton, NJ, USA", - edition = "1", - bib2html_rescat = "General RL", -} - - -@InProceedings{carroll_et_al-proc-scipy-2018, - author = { {C}hristopher {D}. {C}arroll and {A}lexander {M}. {K}aufman and {J}acqueline {L}. {K}azil and {N}athan {M}. {P}almer and {M}atthew {N}. {W}hite }, - title = { {T}he {E}con-{A}{R}{K} and {H}{A}{R}{K}: {O}pen {S}ource {T}ools for {C}omputational {E}conomics }, - booktitle = { {P}roceedings of the 17th {P}ython in {S}cience {C}onference }, - pages = { 25 - 30 }, - year = { 2018 }, - editor = { {F}atih {A}kici and {D}avid {L}ippa and {D}illon {N}iederhut and {M} {P}acer }, - doi = { 10.25080/Majora-4af1f417-004 } -} - -@ARTICLE{chkLiqConstr, - author = {Carroll, Christopher D. and Martin Holm and Miles S. Kimball}, - title = {Liquidity Constraints and Precautionary Saving}, - journal = {\href{https://www.econ2.jhu.edu/people/ccarroll/papers/LiqConstr}{Manuscript, Johns Hopkins University}}, - year = 2019, - note = {Status: Revise and Resubmit; latest version at \url{https://www.econ2.jhu.edu/people/ccarroll/papers/LiqConstr}}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/LiqConstr}, -} - - -@article{guerrieri2017credit, - title={Credit crises, precautionary savings, and the liquidity trap}, - author={Guerrieri, Veronica and Lorenzoni, Guido}, - journal={The Quarterly Journal of Economics}, - volume={132}, - number={3}, - pages={1427--1467}, - year={2017}, - publisher={Oxford University Press} -} - -@article{glLiq, - author = {Guerrieri, Veronica and Lorenzoni, Guido}, - journal = {The Quarterly Journal of Economics}, - number = {3}, - pages = {1427--1467}, - publisher = {Oxford University Press}, - title = {Credit crises, precautionary savings, and the - liquidity trap}, - volume = {132}, - year = {2017}, -} - -@article{blPrecautionary, - title={Precautionary savings, illiquid assets, and the aggregate consequences of shocks to household income risk}, - author={Bayer, Christian and L{\"u}tticke, Ralph and Pham-Dao, Lien and Tjaden, Volker}, - journal={Econometrica}, - volume={87}, - number={1}, - pages={255--290}, - year={2019}, - publisher={Wiley Online Library} -} - -@article{khanMacroPru, - author = {Shujaat Khan}, - title = {Macroprudential Policies in a Heterogeneous Agent Model of Housing Default}, - journal = {Department of Economics, Johns Hopkins University}, - year = {2019}, - url = {https://pdfs.semanticscholar.org/8e9d/dfe7c204bbfa8a23f42f4931461fb467fc08.pdf?_ga=2.95712860.1156899890.1563925023-1991616136.1563925023} -} - -@article{SSinHANK, - title = {Monetary Policy Transmission with Many Agents}, - author = {Crawley, Edmund and Seungcheol Lee}, - journal = {Manuscript, Johns Hopkins University}, - year = {2019}, - month = {March}, -} - -@article{blSolving, - title = {Solving Heterogeneous Agent Models In Discrete Time With Many Idiosyncratic States By Perturbation Methods}, - author = {Christian Bayer and Ralph Luetticke}, - journal = {Centre for Economic Policy Research}, - volume = {Discussion Paper 13071}, - year = 2018 -} - -@article{carrollHeteroAndMacro, - title = {Heterogeneity and Macro Modeling In Policymaking Institutions}, - year = {2019}, - journal = {Presentation to the Heads of Research of the European Central Banks}, - url = {https://mybinder.org/v2/gh/econ-ark/PARK/master?filepath=Hetero-And-Macro/Hetero-And-Macro.ipynb} -} - -@article{auclertMonetary, - title={Monetary policy and the redistribution channel}, - author={Auclert, Adrien}, - journal={American Economic Review}, - volume={109}, - number={6}, - pages={2333--67}, - year={2019}, - url = {https://pubs.aeaweb.org/doi/pdfplus/10.1257/aer.20160137}, - note = {\href{https://pubs.aeaweb.org/doi/pdfplus/10.1257/aer.20160137}{https://pubs.aeaweb.org/doi/pdfplus/10.1257/aer.20160137}} -} - -@article{ccarrollHeteroAndMacro, - author = {Carroll, Christopher}, - title = {Heterogeneity and Macro Modeling In Policymaking Institutions}, - journal = {Presentation to the Heads of Research of the European Central Banks}, - year = 2019 -} - -@article{klRiskPremia, - author = {Rohan Kekre and Moritz Lenel}, - title = {Redistribution, risk premia, and the macroeconomy}, - journal = {Slides Presented at NBER `Micro to Macro' Working Group}, - year = 2019 -} - -@article{wolfGEInvariance, - author = {Wolf, Christian}, - title = {The Missing Intercept: A Sufficient Statistics Approach to General Equilibrium Effects}, - journal = {Slides Presented at NBER `Micro to Macro' Working Group}, - year = 2019 -} - -@article{CrawleyMonPolicywithHeterogeneity, - author = {Crawley, Edmund}, - title = {Intro to Monetary Policy with Heterogeneity}, - journal = {Slides Presented at JHU ``Computational Methods in Economics''}, - year = 2019 -} - - -@book{beckenbach1983inequalities, -volume = {30}, -publisher = {Springer}, -year = {1983}, -edition = {reprint}, -title = {Inequalities}, -author = {Beckenbach, Edwin F and Bellman, Richard} -} - -@article{druedahl2018precautionary, - title={Precautionary borrowing and the credit card debt puzzle}, - author={Druedahl, Jeppe and J{\o}rgensen, Casper Nordal}, - journal={Quantitative Economics}, - volume={9}, - number={2}, - pages={785--823}, - year={2018}, - publisher={Wiley Online Library} -} - -@article{park2006analytical, - title={An analytical solution to the inverse consumption function with liquidity constraints}, - author={Park, Myung-Ho}, - journal={Economics Letters}, - volume={92}, - number={3}, - pages={389--394}, - year={2006}, - publisher={Elsevier} -} - -@article{nishiyama2012concavity, - title={On the Concavity of the Consumption Function with a Quadratic Utility under Liquidity Constraints}, - author={Nishiyama, Shin-Ichi and Kato, Ryo}, - journal={Theoretical Economics Letters}, - volume={2}, - number={05}, - pages={566}, - year={2012}, - publisher={Scientific Research Publishing} -} - -@article{holm2018consumption, - title={Consumption with liquidity constraints: An analytical characterization}, - author={Holm, Martin Blomhoff}, - journal={Economics Letters}, - volume={167}, - pages={40--42}, - year={2018}, - publisher={Elsevier} -} - - -@article{lee2007degree, - title={The degree of precautionary saving: A reexamination}, - author={Lee, Jeong-Joon and Sawada, Yasuyuki}, - journal={Economics Letters}, - volume={96}, - number={2}, - pages={196--201}, - year={2007}, - publisher={Elsevier} -} - -@article{lee2010precautionary, - title={Precautionary saving under liquidity constraints: Evidence from rural Pakistan}, - author={Lee, Jeong-Joon and Sawada, Yasuyuki}, - journal={Journal of Development Economics}, - volume={91}, - number={1}, - pages={77--86}, - year={2010}, - publisher={Elsevier} -} - - -@article{fulford2015important, - title={How important is variability in consumer credit limits?}, - author={Fulford, Scott L}, - journal={Journal of Monetary Economics}, - volume={72}, - pages={42--63}, - year={2015}, - publisher={Elsevier} -} - - - -@article{kmvHANK, - author = {Kaplan, Greg and Moll, Benjamin and - Violante, Giovanni L.}, - journal = {American Economic Review}, - month = {March}, - number = {3}, - pages = {697--743}, - title = {Monetary Policy According to HANK}, - volume = {108}, - year = {2018}, - abstract = {We revisit the transmission mechanism of monetary policy for household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of household wealth and marginal propensities to consume because of two key features: multiple assets with different degrees of liquidity and an idiosyncratic income process with leptokurtic income changes. In this environment, the indirect effects of an unexpected cut in interest rates, which operate through a general equilibrium increase in labor demand, far outweigh direct effects such as intertemporal substitution. This finding is in stark contrast to small- and medium-scale Representative Agent New Keynesian (RANK) economies, where intertemporal substitution drives virtually all of the transmission from interest rates to consumption.}, -} - - -@techreport{fuhrerIntrinsicPersistence, - author = {Fuhrer, Jeffrey C.}, - institution = {Federal Reserve Bank of Boston}, - month = may, - number = {18-9}, - type = {working paper}, - title = {Intrinsic Expectations Persistence: Evidence from - Professional and Household Survey Expectations}, - year = {2018}, -} - - -@techreport{kuengTaxnews, - author = {Lorenz Kueng}, - type = {working paper}, - title = {Tax News: Identifying the Household Consumption - Response to Tax Expectations Using Municipal Bond - Prices}, - institution = {Northwestern University}, - year = {2012}, - url = {http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.646.4710}, -} - - -@article{kvwWealthyH2m, - author = {Kaplan, Greg and Violante, Gianluca and Weidner, Justin}, - journal = {Brookings Papers on Economic Activity}, - pages = {77--138}, - title = {The Wealthy Hand-to-Mouth}, - volume = {Spring}, - year = {2014}, - abstract = {The wealthy hand-to-mouth are households who hold - little or no liquid wealth (e.g. cash, checking, and - saving accounts), despite owning sizable amounts of - illiquid assets (i.e., assets that carry a - transaction cost, such as housing, large durables, or - retirement accounts). This portfolio configuration - implies that these households have large marginal - propensities to consume out of small income changes - –a key determinant of the macroeconomic - effects of fiscal policy. The wealthy hand-to-mouth, - therefore, behave in many respects like households - with little or no net worth, yet they escape standard - definitions (and empirical measurements) of - hand-to-mouth agents based on net worth. We use - survey data on household portfolios for the U.S., - Canada, Australia, the U.K., Germany, France, Italy, - and Spain to document the share of such households - across countries, their demographic characteristics, - the composition of their balance sheet, and the - persistence of hand-to-mouth status over the life - cycle. Finally, we discuss the implications of this - group of consumers for macroeconomic modelling and - policy analysis.}, -} - -@techreport{arsInvestmentInattention, - author = {Adrien Auclert and Matthew Rognlie and Ludwig Straub}, - institution = {Stanford University}, - type = {mimeo}, - title = {Investment, Heterogeneity, and Inattention}, - year = {2019}, -} - -@article{ktvHousingWealthEffect, - title={The Housing Wealth Effect: Quasi-Experimental Evidence}, - author={Kessel, Dany and Tyrefors, Bj{\"o}rn and Vestman, Roine}, - journal={Available at SSRN}, - year={2019} -} - -@article{pjInfo, - title={Information sharing in credit markets}, - author={Pagano, Marco and Jappelli, Tullio}, - journal={The Journal of Finance}, - volume={48}, - number={5}, - pages={1693--1718}, - year={1993}, - publisher={Wiley Online Library} -} - -@article{sims_beyondLQ, - author = {Christopher A. Sims}, - journal = {American Economic Review}, - month = {May}, - number = {2}, - pages = {158--163}, - title = {Rational Inattention: Beyond the Linear--Quadratic - Case}, - volume = {96}, - year = {2006}, -} - -@article{tutino_RIconsumption, - author = {Antonella Tutino}, - journal = {Review of Economic Dynamics}, - month = {July}, - number = {3}, - pages = {421--439}, - title = {Rationally Inattentive Consumption Choices}, - volume = {16}, - year = {2013}, -} - -@article{opLiquidH2M, - author = {Olafsson, Arna and Pagel, Michaela}, - journal = {The Review of Financial Studies}, - number = {11}, - pages = {4398--4446}, - title = {The Liquid Hand-to-Mouth: Evidence from Personal - Finance Management Software}, - volume = {31}, - year = {2018}, -} - -@article{dornbuschOvershooting, -author = {Dornbusch, Rudiger}, -title = {Expectations and Exchange Rate Dynamics}, -journal = {Journal of Political Economy}, -volume = {84}, -number = {6}, -pages = {1161-1176}, -year = {1976}, -doi = {10.1086/260506}, -URL = { https://doi.org/10.1086/260506}, -eprint = {https://doi.org/10.1086/260506}, -abstract = { The paper develops a theory of exchange rate movements under perfect capital mobility, a slow adjustment of goods markets relative to asset markets, and consistent expectations. The perfect foresight path is derived and it is shown that along that along that path a monetary expansion causes the exchange rate to depreciate. An initial overshooting of exchange rates is shown to derive from differential adjustment speed of markets. The magnitude and persistence of the overshooting is developed in terms of the structural parameters of the model. To the extent that output responds to a monetary expansion in the short run, this acts a a dampening effect on exchange depreciation and may, in fact, lead to an increase in interest rates. } -} - -@article{bmpMITshocks, - author = {Boppart, Timo and Krusell, Per and Mitman, Kurt}, - journal = {Journal of Economic Dynamics and Control}, - number = {C}, - pages = {68--92}, - title = {Exploiting MIT Shocks in Heterogeneous-Agent - Economies: The Impulse Response as a Numerical - Derivative}, - volume = {89}, - year = {2018}, - url = {\href{https://www.sciencedirect.com/science/article/pii/S0165188918300022}{https://www.sciencedirect.com/science/article/pii/S0165188918300022}} -} - - -@article{cochrane_nearRational, - author = {Cochrane, John H}, - journal = {American Economic Review}, - month = {June}, - number = {3}, - pages = {319--337}, - title = {The Sensitivity of Tests of the Intertemporal - Allocation of Consumption to Near-Rational - Alternatives}, - volume = {79}, - year = {1989}, -} - -@article{hrsHabit, - author = {Havranek, Tomas and Rusnak, Marek and Sokolova, Anna}, - journal = {European Economic Review}, - pages = {142--167}, - publisher = {Elsevier}, - title = {Habit formation in consumption: A meta-analysis}, - volume = {95}, - year = {2017}, - doi = {10.1016/j.euroecorev.2017.03.009}, - url = {https://doi.org/10.1016/j.euroecorev.2017.03.009}, -} - -@article{reis:inattentive, - author = {Reis, Ricardo}, - journal = {Journal of Monetary Economics}, - number = {8}, - pages = {1761--1800}, - publisher = {Elsevier}, - title = {Inattentive Consumers}, - volume = {53}, - year = {2006}, -} - -@article{mw09:RI, - author = {Ma\'{c}kowiak, Bartosz and Mirko Wiederholt}, - journal = {American Economic Review}, - month = {June}, - number = {3}, - pages = {769-803}, - title = {{Optimal Sticky Prices under Rational Inattention}}, - volume = {99}, - year = {2009}, - abstract = {This paper presents a model in which price setting - firms decide what to pay attention to, subject to a - constraint on information flow. When idiosyncratic - conditions are more variable or more important than - aggregate conditions, firms pay more attention to - idiosyncratic conditions than to aggregate - conditions. When we calibrate the model to match the - large average absolute size of price changes observed - in micro data, prices react fast and by large amounts - to idiosyncratic shocks, but only slowly and by small - amounts to nominal shocks. Nominal shocks have strong - and persistent real effects. (JEL D21, D83, E31, - E52)}, - doi = {}, - url = {https://ideas.repec.org/a/aea/aecrev/v99y2009i3p769- - 803.html}, -} - -@article{LuoRinGE, - author = {Yulei Luo and Jun Nie and Gaowang Wang and - Eric R. Young}, - journal = {Journal of Economic Theory}, - volume = {172}, - pages = {55--87}, - title = {Rational Inattention and the Dynamics of Consumption - and Wealth in General Equilibrium}, - year = {2017}, -} - -@article{luo:inatC, - author = {Yulei Luo}, - journal = {Review of Economic Dynamics}, - number = {2}, - pages = {366--385}, - title = {Consumption Dynamics under Information Processing - Constraints}, - volume = {11}, - year = {2008}, -} - -@article{ludvigson&michaelides:excesses, - author = {Ludvigson, Sydney and Alexander Michaelides}, - journal = {American Economic Review}, - month = {June}, - number = {3}, - pages = {631--647}, - title = {Does Buffer Stock Saving Explain the Smoothness and - Excess Sensitivity of Consumption?}, - volume = {91}, - year = {2001}, -} - -@article{bppInequality, - author = {Blundell, Richard and Pistaferri, Luigi and - Preston, Ian}, - journal = {American Economic Review}, - month = {December}, - number = {5}, - pages = {1887--1921}, - title = {Consumption Inequality and Partial Insurance}, - volume = {98}, - year = {2008}, -} - - - -@techreport{aydinCresponse, - author = {Deniz Ayd{\i}n}, - institution = {Washington University, St.\ Louis}, - type = {mimeo}, - title = {Consumption Response to Credit Expansions: Evidence - from Experimental Assignment of 45,307 Credit Lines}, - year = {2018}, -} - -@article{carroll&kimball:concavity, - author = {Carroll, Christopher D. and Kimball, Miles S.}, - journal = {Econometrica}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}}, - number = {4}, - pages = {981--992}, - title = {On the {C}oncavity of the {C}onsumption {F}unction}, - volume = {64}, - year = {1996}, - url = {https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}, -} - -@article{pistaferriSuperior, - author = {Luigi Pistaferri}, - journal = {The Review of Economics and Statistics}, - month = {August}, - number = {3}, - pages = {465-476}, - title = {Superior Information, Income Shocks, And The - Permanent Income Hypothesis}, - volume = {83}, - year = {2001}, -} - -@article{gsInferring, - author = {Guvenen, Fatih and Smith, Anthony A.}, - journal = {Econometrica}, - number = {6}, - pages = {2085-2129}, - title = {Inferring Labor Income Risk and Partial Insurance - From Economic Choices}, - volume = {82}, - year = {2014}, - abstract = {This paper uses the information contained in the - joint dynamics of individuals' labor earnings and - consumption-choice decisions to quantify both the - amount of income risk that individuals face and the - extent to which they have access to informal - insurance against this risk. We accomplish this task - by using indirect inference to estimate a structural - consumption–savings model, in which individuals - both learn about the nature of their income process - and partly insure shocks via informal mechanisms. In - this framework, we estimate (i) the degree of partial - insurance, (ii) the extent of systematic differences - in income growth rates, (iii) the precision with - which individuals know their own income growth rates - when they begin their working lives, (iv) the - persistence of typical labor income shocks, (v) the - tightness of borrowing constraints, and (vi) the - amount of measurement error in the data. In - implementing indirect inference, we find that an - auxiliary model that approximates the true structural - equations of the model (which are not estimable) - works very well, with negligible small sample bias. - The main substantive findings are that income shocks - are moderately persistent, systematic differences in - income growth rates are large, individuals have - substantial amounts of information about their income - growth rates, and about one-half of income shocks are - smoothed via partial insurance. Putting these - findings together, the amount of uninsurable lifetime - income risk that individuals perceive is - substantially smaller than what is typically assumed - in calibrated macroeconomic models with incomplete - markets.}, - doi = {10.3982/ECTA9446}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.3982/ECTA9446}, -} - -@article{kennickellPermanent, - author = {Kennickell, Arthur}, - journal = {mimeo, Board of Governors of the Federal Reserve - System}, - title = {Saving and Permanent Income: Evidence from the 1992 - SCF}, - year = {1995}, -} - -@article{wilcox:aer, - author = {Wilcox, David W.}, - journal = {American Economic Review}, - number = {4}, - pages = {922--941}, - title = {The Construction of U.S. Consumption Data: Some Facts - and Their Implications for Empirical Work}, - volume = {82}, - year = {1992}, -} - -@article{soulelesTaxRefunds, - author = {Souleles, Nicholas S.}, - journal = {American Economic Review}, - month = {September}, - number = {4}, - pages = {947--958}, - title = {The Response of Household Consumption to Income Tax - Refunds}, - volume = {89}, - year = {1999}, -} - -@article{BrowningColladoAER, - author = {Browning, Martin and Collado, M. Dolores}, - journal = {American Economic Review}, - number = {3}, - pages = {681--692}, - title = {The Response of Expenditures to Anticipated Income - Changes: Panel Data Estimates}, - volume = {91}, - year = {2001}, -} - -@article{hsiehAlaska, - author = {Hsieh, Chang-Tai}, - journal = {American Economic Review}, - number = {1}, - pages = {397--405}, - title = {Do consumers react to anticipated income changes? - Evidence from the Alaska permanent fund}, - volume = {93}, - year = {2003}, -} - -@article{kuengAlaska, - title={Excess sensitivity of high-income consumers}, - author={Kueng, Lorenz}, - journal={The Quarterly Journal of Economics}, - volume={133}, - number={4}, - pages={1693--1751}, - year={2018}, - publisher={Oxford University Press} -} - -@article{bbdUncertainty, - author = {Baker, Scott R and Bloom, Nicholas and - Davis, Steven J}, - journal = {The Quarterly Journal of Economics}, - number = {4}, - pages = {1593--1636}, - publisher = {Oxford University Press}, - title = {Measuring economic policy uncertainty}, - volume = {131}, - year = {2016}, -} - - -@inbook{NBERc13907, - Crossref = "NBEReich-4", - title = "Survey Measurement of Probabilistic Macroeconomic Expectations: Progress and Promise", - author = "Charles F. Manski", - BookTitle = "NBER Macroeconomics Annual 2017, volume 32", - Publisher = "University of Chicago Press", - year = "2017", - month = "April", - URL = "http://www.nber.org/chapters/c13907", -} - -@INBOOK{bmsValidity, - title = {The Validity of Consumption Data: Are the Consumer - Expenditure Interview and Diary Surveys - Informative?}, - publisher = {University of Chicago Press}, - year = 2013, - author = {Adam Bee and Bruce D. Meyer and James X. Sullivan}, - month = {February}, - booktitle = {Improving the Measurement of Household Expenditures}, - crossref = {NBERcarr11-1}, - url = {http://www.nber.org/chapters/c12662} -} - -@INBOOK{pgmCEvsPCE, - title = {Understanding the Relationship: CE Survey and PCE}, - publisher = {University of Chicago Press}, - year = 2012, - author = {William Passero and Thesia I. Garner and Clinton - McCully}, - month = {April}, - booktitle = {Improving the Measurement of Household Expenditures}, - crossref = {NBERcarr11-1}, - url = {http://www.nber.org/chapters/c12659} -} - -@inproceedings{ParkerSoulelesCarroll, - Crossref = "NBERcarr11-1", - author = {Parker, Jonathan A. and Nicholas S. Souleles and - Christopher D. Carroll}, - title = {The Benefits of Panel Data in Consumer Expenditure - Surveys}, - booktitle = {Improving the Measurement of Consumer Expenditures}, - chapter = {7}, - note = {Final version at - \href{https://www.econ2.jhu.edu/people/ccarroll/papers/ParkerSoulelesCarroll/}{\texttt{https://www.econ2.jhu.edu/people/ccarroll/papers/ParkerSoulelesCarroll/}}}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/ParkerSoulelesCarroll/} -} - -@InBook{deatonPuzzlesAndParadoxes, - title = {{P}uzzles and {P}aradoxes}, - year = {2013}, - author = {Angus Deaton}, - crossref = {Eminent}, - file = {deatonPuzzlesAndParadoxes.pdf:deatonPuzzlesAndParadoxes.pdf:PDF}, -} - - - -@misc{crawley_time_2018, - author = {Crawley, Edmund}, - title = {Time Aggregation in Panel Data on Income and Consumption}, - year = {2018}, - howpublished = {Mimeo, Department of Economics, Johns Hopkins University} -} - -@techreport{ckConsumption, - author = {Crawley, Edmund and Kuchler, Andreas}, - institution = {Danmarks Nationalbank}, - month = {November}, - number = {129}, - type = {working paper}, - title = {Consumption Heterogeneity: Micro Drivers and Macro - Implications}, - year = {2018}, -} - -@misc{clMonetary, - author = {Crawley, Edmund and Lee, Seungcheol}, - title = {Monetary Policy Transmission with Many Agents}, - year = {2019}, - howpublished = {Mimeo, Department of Economics, Johns Hopkins University} -} - -@article{summersSecStagReuters, - author = {Summers, Lawrence}, - journal = {Reuters Analysis \& Opinion}, - title = {On secular stagnation}, - volume = {16}, - year = {2013}, -} - -@article{summersSecStagAER, - author = {Summers, Lawrence H}, - journal = {American Economic Review}, - number = {5}, - pages = {60--65}, - title = {Demand side secular stagnation}, - volume = {105}, - year = {2015}, -} - -@article{krugmanSecStagNYT, - author = {Krugman, Paul}, - journal = {New York Times}, - pages = {2013}, - title = {Secular stagnation, coalmines, bubbles, and Larry - Summers}, - volume = {16}, - year = {2013}, -} - -@article{krugmanSecStagCEPR, - author = {Krugman, Paul}, - journal = {Secular stagnation: Facts, causes and cures}, - pages = {61--68}, - publisher = {CEPR Press London}, - title = {Four observations on secular stagnation}, - year = {2014}, -} - -@article{gordonSecStag, - author = {Gordon, Robert J}, - journal = {American Economic Review}, - number = {5}, - pages = {54--59}, - title = {Secular stagnation: A supply-side view}, - volume = {105}, - year = {2015}, -} - -@article{hhhwSecStagNo, - author = {Hamilton, James D and Harris, Ethan S and - Hatzius, Jan and West, Kenneth D}, - journal = {IMF Economic Review}, - number = {4}, - pages = {660--707}, - publisher = {Springer}, - title = {The equilibrium real funds rate: Past, present, and - future}, - volume = {64}, - year = {2016}, -} - -@article{BergerEtAl:HPandC, - author = {David Berger and Veronica Guerrieri and - Guido Lorenzoni and Joseph Vavra}, - journal = {Review of Economic Studies}, - number = {3}, - pages = {1502--1542}, - title = {House Prices and Consumer Spending}, - volume = {85}, - year = {2018}, -} - -@inproceedings{mue07, - author = {Muellbauer, John N.}, - booktitle = {Housing, Housing Finance and Monetary Policy}, - pages = {267--334}, - publisher = {Jackson Hole Symposium, Federal Reserve Bank of - Kansas City}, - title = {Housing, Credit and Consumer Expenditure}, - year = {2007}, -} - -@TECHREPORT{hall:slump, - author = {Hall, Robert E.}, - title = {The Long Slump}, - institution = {{ASSA M}eetings, Denver}, - year = 2011, - type = {{AEA} {P}residential {A}ddress}, - owner = {Jiri}, - timestamp = {2011.01.13} -} - -@article{gkLiq, - author = {Gauti B. Eggertsson and Paul Krugman}, - journal = {The Quarterly Journal of Economics}, - number = {3}, - pages = {1469--1513}, - title = {Debt, Deleveraging, and the Liquidity Trap: A - Fisher--Minsky--Koo Approach}, - volume = {127}, - year = {2012}, -} - - -@article{justPrimTamb:CredSupplyAndHouseBoom, - author = {Alejandro Justiniano and Giorgio Primiceri and - Andrea Tambalotti}, - journal = {Journal of Political Economy}, - title = {Credit Supply and the Housing Boom}, - year = {forthcoming}, -} - -@techreport{huoRRfinFrictionsGR, - author = {Huo, Zhen and R\'{\i}os-Rull, Jos\'e-V\'{\i}ctor}, - institution = {Federal Reserve Bank of Minneapolis}, - month = feb, - number = {526}, - type = {Staff Report}, - title = {Financial Frictions, Asset Prices, and the Great - Recession}, - year = {2016}, -} - -@techreport{garrigaHedlund, - author = {Carlos Garriga and Aaron Hedlund}, - institution = {University of Missouri}, - type = {mimeo}, - title = {Housing Finance, Boom--Bust Episodes, and - Macroeconomic Fragility}, - year = {2018}, -} - -@techreport{kmv:houseBoomBust, - author = {Greg Kaplan and Kurt Mitman and Giovanni L. Violante}, - institution = {National Bureau of Economic Research}, - month = aug, - number = {23694}, - type = {working paper}, - title = {The Housing Boom and Bust: Model Meets Evidence}, - year = {2017}, - url = {https://ideas.repec.org/p/nbr/nberwo/23694.html}, -} - -@techreport{goreaMidriganLiqConstraints, - author = {Denis Gorea and Virgiliu Midrigan}, - institution = {New York University}, - type = {mimeo}, - title = {Liquidity Constraints in the U.S. Housing Market}, - year = {2018}, -} - -@article{wooleyDeregulation, - author = {Woolley, John T.}, - journal = {Presidential Studies Quarterly}, - number = {1}, - pages = {60-80}, - title = {Persistent Leadership: Presidents and the Evolution - of U.S. Financial Reform, 1970-2007}, - volume = {42}, - year = {2012}, - abstract = {Between 1970 and 2007, presidents of both parties - consistently and actively supported financial - deregulation. Given the low visibility and relatively - technical nature of the issues, presidents saw - deregulation as the best way to respond to technical - innovation in the industry and disruptions caused by - inflation. This history suggests several lessons for - students of the role of presidents in policy making. - Presidents can be active in promoting policy reform - even though standard methods for defining the - presidential agenda do not reveal this fact. We see - presidential engagement reflected in White House - statements both before and after legislation is - passed, and in White House use of study reports and - messages to shape an elite consensus.}, - doi = {10.1111/j.1741-5705.2012.03941.x}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1741- - 5705.2012.03941.x}, -} - -@article{landvoigt:rfs, - author = {Landvoigt, Tim}, - journal = {The Review of Financial Studies}, - month = {04}, - number = {6}, - pages = {1865--1902}, - title = {{Housing Demand During the Boom: The Role of - Expectations and Credit Constraints}}, - volume = {30}, - year = {2017}, -} - -@techreport{krusell:usWealthDistr, - author = {Joachim Hubmer and Per Krusell and - Anthony A. {Smith, Jr.}}, - institution = {Yale University}, - type = {mimeo}, - title = {A Comprehensive Quantitative Theory of the U.S. - Wealth Distribution}, - year = {2018}, -} - - -@article{dgTANK, - author = {Debortoli, Davide and Gal{\'\i}, Jordi}, - journal = {Manuscript}, - month = {September}, - title = {Monetary policy with heterogeneous agents: Insights - from TANK models}, - year = {2017}, -} - -@article{bfjstUncertain, - author = {Nicholas Bloom and Max Floetotto and Nir Jaimovich and - Itay {Saporta-Eksten} and Stephen J. Terry}, - journal = {Econometrica}, - month = {May}, - number = {3}, - pages = {1031--1065}, - title = {Really Uncertain Business Cycles}, - volume = {86}, - year = {2018}, -} - -@techreport{BoE_forecasting, - author = {Burgess, Stephen and Fernandez-Corugedo, Emilio and - Groth, Charlotta and Harrison, Richard and - Monti, Francesca and Theodoridis, Konstantinos and - Waldron, Matt}, - institution = {Bank of England}, - month = may, - number = {471}, - type = {working paper}, - title = {The Bank of England's Forecasting Platform: COMPASS, - MAPS, EASE and the Suite of Models}, - year = {2013}, -} - -@article{Trichet_JacksonHoleSpeech, - author = {Jean-Claude Trichet}, - journal = {Proceedings, Economic Policy Symposium, Jackson Hole}, - number = {}, - pages = {243--266}, - title = {Luncheon Address: Central Banking in Uncertain Times: - Conviction and Responsibility}, - volume = {}, - year = {2010}, -} - -@article{bexUncertaintyAssetPrices, - author = {Bekaert, Geert and Engstrom, Eric and Xing, Yuhang}, - journal = {Journal of Financial Economics}, - number = {1}, - pages = {59--82}, - publisher = {Elsevier}, - title = {Risk, uncertainty, and asset prices}, - volume = {91}, - year = {2009}, -} - -@article{drechslerUncertainty, - author = {Drechsler, Itamar}, - journal = {The Journal of Finance}, - number = {5}, - pages = {1843--1889}, - publisher = {Wiley Online Library}, - title = {Uncertainty, time-varying fear, and asset prices}, - volume = {68}, - year = {2013}, -} - -@article{gmAssetPricing, - author = {Gomes, Francisco and Michaelides, Alexander}, - journal = {The Review of Financial Studies}, - number = {1}, - pages = {415--448}, - publisher = {Society for Financial Studies}, - title = {Asset pricing with limited risk sharing and - heterogeneous agents}, - volume = {21}, - year = {2007}, -} - -@techreport{glover:intergenRedistr, - author = {Andrew Glover and Jonathan Heathcote and Dirk Krueger and - R\'{\i}os-Rull, Jos\'e-V\'{\i}ctor}, - institution = {National Bureau of Economic Research}, - month = {October}, - note = - {\url{https://www.sas.upenn.edu/~dkrueger/research/RecessionNew.pdf}}, - number = {16924}, - type = {updated version of working paper}, - title = {Intergenerational Redistribution in the Great - Recession}, - year = {2017}, -} - -@article{favilukis:housing, - author = {Jack Favilukis and Sydney C. Ludvigson and - Stijn {Van Nieuwerburgh}}, - journal = {Journal of Political Economy}, - number = {1}, - pages = {140--223}, - title = {The Macroeconomic Effects of Housing Wealth, Housing - Finance, and Limited Risk Sharing in General - Equilibrium}, - volume = {125}, - year = {2017}, -} - -@techreport{ducaEtAl10_creditArch, - author = {John V. Duca and John Muellbauer and Anthony Murphy}, - institution = {University of Oxford}, - type = {mimeo}, - title = {Credit Market Architecture and the Boom and Bust in - the U.S. Consumption}, - year = {2010}, -} - -@ARTICLE{nsSavingRevisions, - author = {Nakamura, Leonard I. and Stark, Thomas}, - title = {Mismeasured Personal Saving and the Permanent Income - Hypothesis}, - journal = {Working Papers}, - year = 2007, - note = - {\url{http://philadelphiafed.org/research-and-data/publications/working-papers/2007/wp07-8.pdf}}, - file = {nsSavingRevisions.pdf:nsSavingRevisions.pdf:PDF}, - publisher = {Federal Reserve Bank of Philadelphia}, - doi = {dx.doi.org/10.2139/ssrn.707089}, - url = - {http://philadelphiafed.org/research-and-data/publications/working-papers/2007/wp07-8.pdf} -} - -@article{bhutta_mortgageDebt, - author = {Bhutta, Neil}, - journal = {Journal of Monetary Economics}, - number = {C}, - pages = {284--298}, - title = {The Ins and Outs of Mortgage Debt During the Housing - Boom and Bust}, - volume = {76}, - year = {2015}, -} - -@techreport{malmendierSheng, - author = {Ulrike Malmendier and Leslie Sheng Shen}, - institution = {National Bureau of Economic Research}, - month = jun, - number = {24696}, - type = {working paper}, - title = {Scarred Consumption}, - year = {2018}, -} - -@article{jstLeveragedBubbles, - author = {Jord\`{a}, \`{O}scar and Schularick, Moritz and - Taylor, Alan M.}, - journal = {Journal of Monetary Economics}, - number = {S}, - pages = {1--20}, - title = {Leveraged Bubbles}, - volume = {76}, - year = {2015}, -} - -@article{rrAftermath, - author = {Reinhart, Carmen M. and Rogoff, Kenneth S.}, - journal = {American Economic Review}, - month = {May}, - number = {2}, - pages = {466--72}, - title = {The Aftermath of Financial Crises}, - volume = {99}, - year = {2009}, - abstract = {This study investigates the impact of the current - financial crisis on Canada's potential GDP growth. - Using a simple accounting framework to decompose - trend GDP growth into changes in capital, labor - services and total factor productivity, we find a - sizeable drop in Canadian potential growth in the - short term. The estimated decline of about 1 - percentage point originates from a sharply - decelerating capital stock accumulation (as - investment has dropped steeply) and a rising - long-term unemployment rate (which would raise - equilibrium unemployment rates). However, over the - medium term, we expect Canada's potential GDP growth - to gradually rise to around 2 percent, below the - pre-crisis growth rate, mostly reflecting the effects - of population aging and a secular decline in average - working hours.}, - url = {http://ideas.repec.org/a/aea/aecrev/v99y2009i2p466-72.html}, -} - -@article{hurstStafford, - author = {Hurst, Erik and Stafford, Frank}, - journal = {Journal of Money, Credit and Banking}, - month = {December}, - number = {6}, - pages = {985--1014}, - title = {{Home Is Where the Equity Is: Mortgage Refinancing - and Household Consumption}}, - volume = {36}, - year = {2004}, -} - -@article{cooper_housingCollateral, - author = {Daniel Cooper}, - journal = {The Review of Economics and Statistics}, - month = {October}, - number = {4}, - pages = {1183--1197}, - title = {House Price Fluctuations: The Role of Housing Wealth - as Borrowing Collateral}, - volume = {95}, - year = {2013}, -} - -@article{asWealthEffect, - author = {Aruoba, S Boragan and Elul, Ronel and - Kalemli-Ozcan, Sebnem}, - journal = {FRB of Philadelphia Working Paper}, - title = {How Big is the Wealth Effect? 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An - Alternative Test of the Permanent Income Hypothesis}, - volume = {55}, - year = {1987}, -} - -@book{slpMethods, - author = {Stokey, Nancy L. and Lucas, Robert E. and - Edward C. Prescott}, - publisher = {Harvard University Press}, - title = {Recursive Methods in Economic Dynamics}, - year = {1989}, -} - -@ARTICLE{mnUnique, - author = {Janusz Matkowski and Andrzej S. 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Some new results - on the income fluctuation problem}, - volume = {26}, - year = {2002}, -} - -@article{lsIncFluct, - author = {Li, Huiyu and Stachurski, John}, - journal = {Journal of Economic Dynamics and Control}, - pages = {353--365}, - publisher = {Elsevier}, - title = {Solving the income fluctuation problem with unbounded - rewards}, - volume = {45}, - year = {2014}, -} - -@article{scheinkman&weiss:borrowing, - author = {Scheinkman, Jos\'e and Weiss, Laurence}, - journal = {Econometrica}, - number = {1}, - pages = {23--46}, - title = {Borrowing Constraints and Aggregate Economic - Activity}, - volume = {54}, - year = {1986}, -} - -@article{asHomogeneous, - author = {Alvarez, Fernando and Stokey, Nancy L}, - journal = {Journal of economic theory}, - number = {1}, - pages = {167--189}, - publisher = {Elsevier}, - title = {Dynamic programming with homogeneous functions}, - volume = {82}, - year = {1998}, -} - -@article{rrExistence, - author = {Rinc{\'o}n-Zapatero, Juan Pablo and - Rodr{\'\i}guez-Palmero, Carlos}, - journal = {Econometrica}, - number = {5}, - pages = {1519--1555}, - publisher = {Wiley Online Library}, - title = {Existence and uniqueness of solutions to the Bellman - equation in the unbounded case}, - volume = {71}, - year = {2003}, -} - -@article{mvExistence, - author = {Martins-da-Rocha, V Filipe and Vailakis, Yiannis}, - journal = {Econometrica}, - number = {3}, - pages = {1127--1141}, - publisher = {Wiley Online Library}, - title = {Existence and uniqueness of a fixed point for local - contractions}, - volume = {78}, - year = {2010}, -} - -@article{yaoNote, - author = {Jiaxiong Yao}, - journal = {Manuscript, Johns Hopkins University}, - title = {The Theoretical Foundations of Buffer Stock Saving: A - Note}, - year = {2012}, -} - -@article{duranDiscounting, - author = {Dur{\'a}n, Jorge}, - journal = {Economic Theory}, - number = {2}, - pages = {395--413}, - publisher = {Springer}, - title = {Discounting long run average growth in stochastic - dynamic programs}, - volume = {22}, - year = {2003}, -} - - -@Article{jorgenson:ProductivityGrowthResurgence, - author={Dale W. Jorgenson and Mun S. Ho and Kevin J. Stiroh}, - title={A Retrospective Look at the U.S. Productivity Growth Resurgence}, - journal={Journal of Economic Perspectives}, - year=2008, - volume={22}, - number={1}, - pages={3--24}, - month={Winter}, - keywords={}, - doi={}, -} - - -@Article{fernald:disappointingRecovery, - author={John G. Fernald and Robert Hall and James Stock and Mark Watson}, - title={The Disappointing Recovery of Output after 2009}, - journal={Brookings Papers on Economic Activity}, - year=2017, - volume={Spring}, - keywords={}, - doi={}, -} - -% Update in /Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/economics.bib as well as here -@article{cAndCwithStickyE, - title = {Sticky Expectations and Consumption Dynamics}, - journal = {Forthcoming, American Economic Journal: Macroeconomics}, - year = {2020}, - month = {July}, - author = {Christopher D. Carroll and Edmund Crawley and Jiri Slacalek and Kiichi Tokuoka and Matthew N. White} - } - -@article{edge2007learning, - title={Learning and shifts in long-run productivity growth}, - author={Edge, Rochelle M and Laubach, Thomas and Williams, John C}, - journal={Journal of Monetary Economics}, - volume={54}, - number={8}, - pages={2421--2438}, - year={2007}, - publisher={Elsevier} -} - -@ARTICLE{fnHousingHabits, - author = {Flavin, Marjorie and Shinobu Nakagawa}, - title = {A Model of Housing in the Presence of Adjustment - Costs: A Structural Interpretation of Habit - Persistence}, - journal = {The American Economic Review}, - year = {2008}, - volume = {98}, - pages = {474--495}, - number = {1}, - note = {\\ \url{http://www.jstor.org/stable/29729980}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fnHousingHabits.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fnHousingHabits.pdf:PDF}, - publisher = {JSTOR}, - url = {http://www.jstor.org/stable/29729980} -} - -@techreport{fuhrer:IntrinsicPersistence, - author = {Jeffrey C. Fuhrer}, - institution = {Federal Reserve Bank of Boston}, - type = {Presentation at {NBER Summer Institute}}, - title = {Intrinsic Persistence in Expectations: Evidence from - Micro Data}, - year = {2017}, -} - - -@article{fuhrer:JME17, - author = {Jeffrey C. Fuhrer}, - journal = {Journal of Monetary Economics}, - month = {April}, - pages = {22--55}, - title = {Expectations as a Source of Macroeconomic - Persistence: Evidence from Survey Expectations in a - Dynamic Macro Model}, - volume = {86}, - year = {2017}, - doi = {}, -} - - - -@techreport{Kueng:Near-rationality, - title = {Explaining Consumption Excess Sensitivity with Near-Rationality: Evidence from Large Predetermined Payments}, - author = {Lorenz Kueng}, - institution = {National Bureau of Economic Research}, - type = {working paper}, - series = {working paper series}, - number = {21772}, - year = {2015}, - month = {December}, - doi = {10.3386/w21772}, -} - -@misc{kmpIncomeExpectations, - author = {Karahan, Fatih and Sean Mihaljevich and - Laura Pilossoph}, - howpublished = - {\href{http://libertystreeteconomics.newyorkfed.org/2017/11/understanding-permanent-and-temporary-income-shocks.html}{URL link retrieved on 03/02/2018 \texttt{here}.}}, - journal = {Liberty Street Economics}, - number = {November 08}, - type = {Blog}, - title = {Understanding Permanent and Temporary Income Shocks}, - year = {2017}, -} - -@article{kalmanFilter, - Author = {Kalman, Rudolph Emil}, - Title = {A New Approach to Linear Filtering and Prediction Problems}, - Journal = {Transactions of the ASME--Journal of Basic Engineering}, - Volume = {82}, - Number = {Series D}, - Pages = {35--45}, - Year = {1960} -} - -@Article{alvarezGuisoLippi:DurCons, - author={Fernando Alvarez and Luigi Guiso and Francesco Lippi}, - title={Durable Consumption and Asset Management with Transaction and Observation Costs}, - journal={American Economic Review}, - year=2012, - volume={102}, - number={5}, - pages={2272--2300}, - month={August}, - keywords={}, - doi={}, - url={https://ideas.repec.org/a/aea/aecrev/v102y2012i5p2272-2300.html} -} - - -@Article{gabaixSparsityQJE, - author={Xavier Gabaix}, - title={A Sparsity-Based Model of Bounded Rationality}, - journal={The Quarterly Journal of Economics}, - year={2014}, - volume={129}, - number={4}, - pages={1661--1710}, - url={https://ideas.repec.org/a/oup/qjecon/v129y2014i4p1661-1710.html} -} - - -@TechReport{hebertWoodford, - author={Benjamin H\'{e}bert and Michael Woodford}, - title={Rational Inattention and Sequential Information Sampling}, - year=2017, - month=Sep, - institution={National Bureau of Economic Research}, - type={NBER Working Papers}, - url={https://ideas.repec.org/p/nbr/nberwo/23787.html}, - number={23787}, -} - - -@Article{chettySzeidl:cCommitmentsEcta, - author={Raj Chetty and Adam Szeidl}, - title={Consumption Commitments and Habit Formation}, - journal={Econometrica}, - year=2016, - volume={84}, - number={}, - pages={855--890}, - month={03}, - url={https://ideas.repec.org/a/wly/emetrp/v84y2016ip855-890.html} -} - -@ARTICLE{css10_stickyCgrowth_restat, - author = {Christopher D. Carroll and Jiri Slacalek and Martin Sommer}, - title = {International Evidence on Sticky Consumption Growth}, - journal = {The Review of Economics and Statistics}, - year = {2011}, - volume = {93}, - number = {4}, - pages = {1135--1145}, - owner = {Jirka}, - timestamp = {2010.06.10} -} - - -@ARTICLE{som07, - author = {Martin Sommer}, - title = {Habit Formation and Aggregate Consumption Dynamics}, - journal = {Advances in Macroeconomics}, - year = {2007}, - volume = {7}, - pages = {Article 21}, - number = {1} -} - -@article{mackWiedREStud15, -author = {Ma\'{c}kowiak, Bartosz and Wiederholt, Mirko}, -title = {Business Cycle Dynamics under Rational Inattention}, -journal = {The Review of Economic Studies}, -volume = {82}, -number = {4}, -pages = {1502--1532}, -year = {2015}, -doi = {10.1093/restud/rdv027}, -URL = { + http://dx.doi.org/10.1093/restud/rdv027}, -eprint = {/oup/backfile/content_public/journal/restud/82/4/10.1093_restud_rdv027/2/rdv027.pdf} -} - -@Article{coibGor:AER15, - author={Olivier Coibion and Yuriy Gorodnichenko}, - title={{Information Rigidity and the Expectations Formation Process: A Simple Framework and New Facts}}, - journal={American Economic Review}, - year=2015, - volume={105}, - number={8}, - pages={2644--2678}, - month={August}, - keywords={}, - doi={}, -} - - - - -@article{msInertiaAER, - ISSN = {00028282}, - URL = {http://www.jstor.org/stable/30034632}, - author = {Stephen Morris and Hyun Song Shin}, - journal = {The American Economic Review}, - number = {2}, - pages = {152--157}, - publisher = {American Economic Association}, - title = {Inertia of Forward-Looking Expectations}, - volume = {96}, - year = {2006} -} - -@article{ganong2017effect, - title={The Effect of Debt on Default and Consumption: Evidence from Housing Policy in the Great Recession}, - author={Ganong, Peter and Noel, Pascal}, - journal={Unpublished Working Paper}, - year={2017}, - url={https://scholar.harvard.edu/files/ganong/files/ganong_noel_housing_draft_2016-11-09.pdf} -} - -@article{hkmoHousingMPC, - author = {Aaron Hedlund and Fatih Karahan, Kurt Mitman, Serdar Ozkan}, - title = {Monetary Policy, Heterogeneity, and the Housing Channel}, - year = {2017}, - journal = {RBNZ Conference on Heterogeneous Agents and Housing}, -} - -@article{druedahlNEGM, - url = {www.econ.ku.dk/druedahl/papers/2017_NEGM.pdf}, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/druedahlNEGM.pdf}}, - title = {A Fast Nested Endogenous Grid Method for Solving General Consumption-Saving Models}, - author = {Druedahl, Jeppe}, - journal = {Manuscript, University of Copenhagen} -} - -@Article{JBES1982, - author={Perraudin, William R M and Sorensen, Bent E}, - title={{The Credit-Constrained Consumer: An Empirical Study of Demand and Supply in the Loan Market}}, - journal={Journal of Business and Economic Statistics}, - year=1992, - volume={10}, - number={2}, - pages={179-192}, - month={April}, - keywords={}, - doi={}, - abstract={No abstract is available for this item.}, - url={https://ideas.repec.org/a/bes/jnlbes/v10y1992i2p179-92.html} -} -@Article{JBES1996, - author={Ho, Mun S and Perraudin, William R M and Sorensen, Bent E}, - title={{A Continuous-Time Arbitrage-Pricing Model with Stochastic Volatility and Jumps}}, - journal={Journal of Business and Economic Statistics}, - year=1996, - volume={14}, - number={1}, - pages={31-43}, - month={January}, - keywords={}, - doi={}, - abstract={ The authors formulate and test a continuous time asset pricing model using U.S. equity market data. They assume that stock returns are driven by common factors including random jump-size Poisson processes and Brownian motions with stochastic volatility. The model places over-identifying restrictions on the mean returns allowing one to identify risk neutral probability distributions useful in pricing derivative securities. The authors test for the restrictions and decompose moments of the asset returns into the contributions made by different factors. Their econometric methods take full account of time aggregation.}, - url={https://ideas.repec.org/a/bes/jnlbes/v14y1996i1p31-43.html} -} -@Article{JECM2000, - author={Perraudin, William R. M. and Sorensen, Bent E.}, - title={{The demand for risky assets: Sample selection and household portfolios}}, - journal={Journal of Econometrics}, - year=2000, - volume={97}, - number={1}, - pages={117-144}, - month={July}, - keywords={}, - doi={}, - abstract={No abstract is available for this item.}, - url={https://ideas.repec.org/a/eee/econom/v97y2000i1p117-144.html} -} -@Article{JEcM1997, - author={Andersen, Torben G. and Sorensen, Bent E.}, - title={{GMM and QML asymptotic standard deviations in stochastic volatility models: Comments on Ruiz (1994)}}, - journal={Journal of Econometrics}, - year=1997, - volume={76}, - number={1-2}, - pages={397-403}, - month={}, - keywords={}, - doi={}, - abstract={No abstract is available for this item.}, - url={https://ideas.repec.org/a/eee/econom/v76y1997i1-2p397-403.html} -} -@Article{JIE1998, - author={Sorensen, Bent E. and Yosha, Oved}, - title={{International risk sharing and European monetary unification}}, - journal={Journal of International Economics}, - year=1998, - volume={45}, - number={2}, - pages={211-238}, - month={August}, - keywords={}, - doi={}, - abstract={}, - url={https://ideas.repec.org/a/eee/inecon/v45y1998i2p211-238.html} -} -@Article{REStat1996, - author={Ho, Mun S and Sorensen, Bent E}, - title={{Finding Cointegration Rank in High Dimensional Systems Using the Johansen Test: An Illustration Using Data Based Monte Carlo Simulations}}, - journal={The Review of Economics and Statistics}, - year=1996, - volume={78}, - number={4}, - pages={726-732}, - month={November}, - keywords={}, - doi={}, - abstract={ The authors examine the ability of the Johansen (1991) test to estimate the number of unit roots in high dimensional systems. They use data based Monte Carlo methods as a simple means of evaluating the validity of inference using asymptotic critical values. These simulations for a typical annual post-World War II dataset illustrate how the estimated number of unit roots change in a nonmonotone fashion with the dimension of the system, and with the number of lags in the VAR representation. The authors find that overparametrization in high dimensions is as bad as underparametrization. The Bayes information criteria outperforms the Akaike information criteria in their setup. Copyright 1996 by MIT Press.}, - url={https://ideas.repec.org/a/tpr/restat/v78y1996i4p726-32.html} -} - -@Article{asGMM, - author={Andersen, Torben G and Sorensen, Bent E}, - title={{GMM Estimation of a Stochastic Volatility Model: A Monte Carlo Study}}, - journal={Journal of Business and Economic Statistics}, - year=1996, - volume={14}, - number={3}, - pages={328-352}, - month={July}, - keywords={}, - doi={}, - abstract={ The authors examine alternative generalized method of moments procedures for estimation of a lognormal stochastic autoregressive volatility model by Monte Carlo methods. They document the existence of a trade-off between the number of moments, or information, included in estimation and the quality, or precision, of the objective function used for estimation. Furthermore, an approximation to the optimal weighting matrix is utilized to explore the impact of the weighting matrix for estimation, specification testing, and inference procedures. The results provide guidelines that help achieve desirable small sample properties in settings characterized by strong conditional heteroskedasticity and correlation among the moments.}, - url={https://ideas.repec.org/a/bes/jnlbes/v14y1996i3p328-52.html} -} -@Article{EJ1998, - author={Albaek, Karsten and Sorensen, Bent E}, - title={{Worker Flows and Job Flows in Danish Manufacturing, 1980-91}}, - journal={Economic Journal}, - year=1998, - volume={108}, - number={451}, - pages={1750-1771}, - month={November}, - keywords={}, - doi={}, - abstract={ The authors map turnover of workers and jobs in Danish manufacturing over the 1980 to 1991 period, using information about all individual manufacturing plants. They examine the relation between worker flows and job flows and the authors study separations from, and hires to, existing jobs (replacement hiring) in detail. Their results reveal large heterogeneity among workers as well as plants, even adjusting for the level of job flows. The cyclical properties of worker reallocation point to worker-flow dynamics being driven by workers quitting in upturns to find better jobs, rather than by plants upgrading the labor force in recessions.}, - url={https://ideas.repec.org/a/ecj/econjl/v108y1998i451p1750-71.html} -} -@Article{RePEc:eee:eecrev:v:45:y:2001:i:7:p:1271-1310, - author={Sorensen, Bent E. and Wu, Lisa and Yosha, Oved}, - title={{Output fluctuations and fiscal policy: U.S. state and local governments 1978-1994}}, - journal={European Economic Review}, - year=2001, - volume={45}, - number={7}, - pages={1271-1310}, - month={}, - keywords={}, - doi={}, - abstract={}, - url={https://ideas.repec.org/a/eee/eecrev/v45y2001i7p1271-1310.html} -} -@Article{JEcM1999, - author={Andersen, Torben G. and Chung, Hyung-Jin and Sorensen, Bent E.}, - title={{Efficient method of moments estimation of a stochastic volatility model: A Monte Carlo study}}, - journal={Journal of Econometrics}, - year=1999, - volume={91}, - number={1}, - pages={61-87}, - month={July}, - keywords={}, - doi={}, - abstract={No abstract is available for this item.}, - url={https://ideas.repec.org/a/eee/econom/v91y1999i1p61-87.html} -} - -@Article{JIMF2007, - author={Sorensen, Bent E. and Wu, Yi-Tsung and Yosha, Oved and Zhu, Yu}, - title={{Home bias and international risk sharing: Twin puzzles separated at birth}}, - journal={Journal of International Money and Finance}, - year=2007, - volume={26}, - number={4}, - pages={587-605}, - month={June}, - keywords={}, - doi={}, - abstract={}, - url={https://ideas.repec.org/a/eee/jimfin/v26y2007i4p587-605.html} -} -@Article{JPE2002, - author={Charlotte Ostergaard and Bent E. S{\o}rensen and Oved Yosha}, - title={{Consumption and Aggregate Constraints: Evidence from U.S. States and Canadian Provinces}}, - journal={Journal of Political Economy}, - year=2002, - volume={110}, - number={3}, - pages={634-645}, - month={June}, - keywords={}, - doi={}, - abstract={State-level consumption exhibits excess sensitivity to lagged income to the same extent as U.S. aggregate data, but state-specific (idiosyncratic) consumption exhibits substantially less sensitivity to lagged state-specific incomea result that also holds for Canadian provinces. We propose the following interpretation: borrowing and lending in response to changes in consumer demand are easier for individual U.S. states than for the United States as a whole, and therefore, the measured deviation from the benchmark permanent income hypothesis model is smaller. However, lagged state-specific variables help predict state-specific consumption, suggesting that the PIH model still requires qualification.}, - url={https://ideas.repec.org/a/ucp/jpolec/v110y2002i3p634-645.html} -} -@Article{RePEc:aeq:aeqaeq:v53_y2007_i1_q1_p3-17, - author={Bent E. Sørensen and Oved Yosha}, - title={{Producer Prices versus Consumer Prices in the Measurement of Risk Sharing}}, - journal={Applied Economics Quarterly (formerly: Konjunkturpolitik)}, - year=2007, - volume={53}, - number={1}, - pages={3-17}, - month={}, - keywords={Inter-regional insurance; U.S.\ states; Consumption smoothing; Volume of output; Price indices}, - doi={}, - abstract={In empirical research on the measurement of macroeconomic risk sharing there is no agreement on how Gross Domestic Product (GDP), or the corresponding series for regions, should be deflated. We present a stylized theoretical model that illustrates why the appropriate method for deflating nominal GDP (for the purpose of measuring risk sharing) is with a CPI deflator, not with a GDP deflator. We further explain that CPI deflated GDP (the ``consumption value'' of output) and GDP deflated with a GDP deflator (the volume of output) do represent the same underlying economic series up to measurement error. We illustrate the results estimating the amount of risk shared within subgroups of U.S. states.}, - url={https://ideas.repec.org/a/aeq/aeqaeq/v53_y2007_i1_q1_p3-17.html} -} -@Article{EconometricTheory1994, - author={Nabeya, Seiji and S{\o}rensen, Bent E.}, - title={{Asymptotic Distributions of the Least-Squares Estimators and Test Statistics in the Near Unit Root Model with Non-Zero Initial Value and Local Drift and Trend}}, - journal={Econometric Theory}, - year=1994, - volume={10}, - number={05}, - pages={937-966}, - month={December}, - keywords={}, - doi={}, - abstract={This paper considers the distribution of the Dickey-Fuller test in a model with non-zero initial value and drift and trend. We show how stochastic integral representations for the limiting distribution can be derived either from the local to unity approach with local drift and trend or from the continuous record asymptotic results of Sørensen [29]. We also show how the stochastic integral representations can be utilized as the basis for finding the corresponding characteristic functions via the Fredholm approach of Nabeya and Tanaka [16,17], This “link” between those two approaches may be of general interest. We further tabulate the asymptotic distribution by inverting the characteristic function. Using the same methods, we also find the characteristic function for the asymptotic distribution for the Schmidt-Phillips [26] unit root test. Our results show very clearly the dependence of the various tests on the initial value of the time series.}, - url={https://ideas.repec.org/a/cup/etheor/v10y1994i05p937-966_00.html} -} -@Article{REStat2010, - author={Sebnem Kalemli-Ozcan and Ariell Reshef and Bent E S{\o}rensen and Oved Yosha}, - title={{Why Does Capital Flow to Rich States?}}, - journal={The Review of Economics and Statistics}, - year=2010, - volume={92}, - number={4}, - pages={769-783}, - month={November}, - keywords={}, - doi={}, - abstract={ The magnitude and the direction of net international capital flows do not fit neoclassical models. The fifty U.S. states comprise an integrated capital market with very low barriers to capital flows, which makes them an ideal testing ground for neoclassical models. We develop a simple frictionless open economy model with perfectly diversified ownership of capital and find that capital flows among the states are consistent with the model. Therefore, the small size and \"wrong\" direction of net international capital flows are likely due to frictions associated with national borders, not to inherent flaws in the neoclassical model. (c) 2010 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.}, - url={https://ideas.repec.org/a/tpr/restat/v92y2010i4p769-783.html} -} -@Article{EconometricTheory1992, - author={S{\o}rensen, Bent E.}, - title={{Continuous Record Asymptotics in Systems of Stochastic Differential Equations}}, - journal={Econometric Theory}, - year=1992, - volume={8}, - number={01}, - pages={28-51}, - month={March}, - keywords={}, - doi={}, - abstract={This paper considers estimation based on a set of T + 1 discrete observations, y (0), y ( h ), y (2 h ),…, y ( Th ) = y ( N ), where h is the sampling frequency and N is the span of the data. In contrast to the standard approach of driving N to infinity for a fixed sampling frequency, the current paper follows Phillips [35,36] and Perron [29] and examines the “dual” asymptotics implied by letting h tend to zero while the span N remains fixed.}, - url={https://ideas.repec.org/a/cup/etheor/v8y1992i01p28-51_01.html} -} -@Article{JME2010, - author={Hryshko, Dmytro and José Luengo-Prado, María and S{\o}rensen, Bent E.}, - title={{House prices and risk sharing}}, - journal={Journal of Monetary Economics}, - year=2010, - volume={57}, - number={8}, - pages={975-987}, - month={November}, - keywords={}, - doi={}, - abstract={Homeowners in the Panel Study of Income Dynamics are able to maintain a high level of consumption following job loss (or disability) in periods of rising local house prices while the consumption drop for homeowners who lose their job in times of lower house prices is substantial. These results are consistent with homeowners being able to access wealth gains when housing appreciates as witnessed by their ability to smooth consumption more than renters. A calibrated model of endogenous homeownership and consumption is able to reproduce the patterns in the data quite well and provides an interpretation of the empirical results.}, - url={https://ideas.repec.org/a/eee/moneco/v57y2010i8p975-987.html} -} -@Article{QE2011, - author={Dmytro Hryshko and María José Luengo-Prado and Bent E. Sørensen}, - title={{Childhood determinants of risk aversion: The long shadow of compulsory education}}, - journal={Quantitative Economics}, - year=2011, - volume={2}, - number={1}, - pages={37-72}, - month={03}, - keywords={}, - doi={}, - abstract={}, - url={https://ideas.repec.org/a/ecm/quante/v2y2011i1p37-72.html} -} -@Article{BEJournal2012, - author={Hryshko Dmytro and Luengo-Prado Maria and Sorensen Bent E.}, - title={{The Effect of Education on Equity Holdings}}, - journal={The B.E. Journal of Economic Analysis and Policy}, - year=2012, - volume={12}, - number={1}, - pages={1-41}, - month={March}, - keywords={}, - doi={}, - abstract={We study the effect of education on equity ownership in the form of stocks or mutual funds (outside of retirement accounts). We find a causal effect of education on stockholding using the number of colleges in the county where the respondent grew up as an instrument and data from the Panel Study of Income Dynamics. The effect is particularly strong for whites from non-privileged backgrounds. We explore the channels through which education affects equity holdings using the Wisconsin Longitudinal Survey and find that, controlling for family fixed effects, increased cognition and features associated with having a white collar job appear to be the main channels.}, - url={https://ideas.repec.org/a/bpj/bejeap/v12y2012i1n10.html} -} -@Article{Canadian2012, - author={Faruk Balli and Sebnem Kalemli-Ozcan and Bent E. Sorensen}, - title={{Risk sharing through capital gains}}, - journal={Canadian Journal of Economics}, - year=2012, - volume={45}, - number={2}, - pages={472-492}, - month={May}, - keywords={}, - doi={}, - abstract={We estimate channels of international risk sharing between European Monetary Union (EMU), European Union, and other OECD countries, 1992-2007. We focus on risk sharing through savings, factor income flows, and capital gains. Risk sharing through factor income and capital gains was close to zero before 1999 but has increased since then. Risk sharing from capital gains, at about 6\%, is higher than risk sharing from factor income flows for European Union countries and OECD countries. Risk sharing from factor income flows is higher for euro zone countries, at 14\%, reflecting increased international asset and liability holdings in the euro area.}, - url={https://ideas.repec.org/a/cje/issued/v45y2012i2p472-492.html} -} -@Article{JIE2012, - author={Kalemli-Ozcan, Sebnem and Sorensen, Bent and Yesiltas, Sevcan}, - title={{Leverage across firms, banks, and countries}}, - journal={Journal of International Economics}, - year=2012, - volume={88}, - number={2}, - pages={284-298}, - month={}, - keywords={Leverage; Crisis; International; Banks; Firms}, - doi={10.1016/j.jinteco.2012.03}, - abstract={We present new stylized facts on bank and firm leverage during the period 2000–2009 using internationally comparable micro level data from many countries. We document the following patterns: a) there was an increase in leverage for investment banks prior to the sub-prime crisis; b) there was no visible increase in leverage for the typical commercial bank and non-financial firm; c) off-balance-sheet items constitute a big fraction of assets, especially for large commercial banks in the US, whereas investment banks do not report these items; d) the leverage ratio is procyclical for investment banks and for large commercial banks in the US; e) banks in emerging markets with tighter bank regulation and stronger investor protection experienced significantly less deleveraging during the crisis. The results suggest that excessive risk taking before the crisis was not easily detectable because the risk involved the quality rather than the quantity of assets.}, - url={https://ideas.repec.org/a/eee/inecon/v88y2012i2p284-298.html} -} -@Article{AER2003, - author={Sebnem Kalemli-Ozcan and Bent E. Sørensen and Oved Yosha}, - title={{Risk Sharing and Industrial Specialization: Regional and International Evidence}}, - journal={American Economic Review}, - year=2003, - volume={93}, - number={3}, - pages={903-918}, - month={June}, - keywords={}, - doi={}, - abstract={}, - url={https://ideas.repec.org/a/aea/aecrev/v93y2003i3p903-918.html} -} -@Article{SocialIndicators2012, - author={Cahit Guven and Bent Sørensen}, - title={{Subjective Well-Being: Keeping Up with the Perception of the Joneses}}, - journal={Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement}, - year=2012, - volume={109}, - number={3}, - pages={439-469}, - month={December}, - keywords={Happiness; Social comparison; Status; Perceptions; D14; D63; I31}, - doi={10.1007/s11205-011-9910-x}, - abstract={Using data from the US General Social Survey 1972–2004, we study the role of perceptions and status in self-reported happiness. Reference group income negatively relates to own happiness and high perceptions about own relative income, quality of dwelling, and social class relate positively and very significantly to happiness. Perceptions about income and status matter more for females, and for low income, conservative, more social, and less trusting individuals. Dwelling perceptions matter more for males, and for middle income, married, conservative, more social, and less trusting individuals. Copyright Springer Science+Business Media B.V. 2012}, - url={https://ideas.repec.org/a/spr/soinre/v109y2012i3p439-469.html} -} -@Article{EmpiricalEcon2013, - author={Hatice Balli and Bent S{\o}rensen}, - title={{Interaction effects in econometrics}}, - journal={Empirical Economics}, - year=2013, - volume={45}, - number={1}, - pages={583-603}, - month={August}, - keywords={Non-linear regression; Interaction terms; C12; C13}, - doi={10.1007/s00181-012-0604-2}, - abstract={We provide practical advice for applied economists regarding robust specification and interpretation of linear regression models with interaction terms. We replicate a number of prominently published results using interaction effects and examine if they are robust to reasonable specification permutations. Copyright Springer-Verlag 2013}, - url={https://ideas.repec.org/a/spr/empeco/v45y2013i1p583-603.html} -} - -@Article{Scandinavian2014, - author={Sebnem Kalemli-Ozcan and Emiliano Luttini and Bent Sorensen}, - title={{Debt Crises and Risk-Sharing: The Role of Markets versus Sovereigns}}, - journal={Scandinavian Journal of Economics}, - year=2014, - volume={116}, - number={1}, - pages={253-276}, - month={01}, - keywords={}, - doi={}, - abstract={}, - url={https://ideas.repec.org/a/bla/scandj/v116y2014i1p253-276.html} -} -@Article{JEEA2014, - author={Sebnem Kalemli-Ozcan and Bent Sorensen and Vadym Volosovych}, - title={{Deep Financial Integration And Volatility}}, - journal={Journal of the European Economic Association}, - year=2014, - volume={12}, - number={6}, - pages={1558-1585}, - month={December}, - keywords={}, - doi={}, - abstract={ We investigate the relationship between foreign direct ownership of firms and firm- and region-level output volatility using a novel panel data set for European countries. We document a positive, highly robust, relationship between firm-level foreign ownership and volatility of value added. This relationship holds cross-sectionally and in panels with firm fixed effects where the relationship captures within-firm variation over time. Considering domestic firms with assets in foreign countries, we document that it is international diversification, rather than the nationality of the owner, that explains this positive correlation. Our results can also be found at the aggregate level, where we show that region-level volatility is correlated positively with foreign investment in the region. We show that this positive relation between aggregate volatility and foreign investment can be explained by the granularity of the firm size distribution and the fact that foreign ownership is concentrated among the largest firms.}, - url={https://ideas.repec.org/a/bla/jeurec/v12y2014i6p1558-1585.html} -} -@Article{QJE1996, - author={Pierfederico Asdrubali and Bent E. S{\o}rensen and Oved Yosha}, - title={{Channels of Interstate Risk Sharing: United States 1963–1990}}, - journal={The Quarterly Journal of Economics}, - year=1996, - volume={111}, - number={4}, - pages={1081-1110}, - month={}, - keywords={}, - doi={}, - abstract={We develop a framework for quantifying the amount of risk sharing among states in the United States, and construct data that allow us to decompose the cross-sectional variance in gross state product into several components which we refer to as levels of smoothing. We find that 39 percent of shocks to gross state product are smoothed by capital markets, 13 percent are smoothed by the federal government, and 23 percent are smoothed by credit markets. The remaining 25 percent are not smoothed. We also decompose the federal government smoothing into subcategories: taxes, transfers, and grants to states.}, - url={https://ideas.repec.org/a/oup/qjecon/v111y1996i4p1081-1110..html} -} -@Article{J-Urban2016, - author={Craig, Steven G. and Hemissi, Wided and Mukherjee, Satadru and S{\o}rensen, Bent E.}, - title={{How do politicians save? Buffer-stock management of unemployment insurance finance}}, - journal={Journal of Urban Economics}, - year=2016, - volume={93}, - number={C}, - pages={18-29}, - month={}, - keywords={Government savings; Unemployment insurance; Impatience; Prudence}, - doi={10.1016/j.jue.2016.02.002}, - abstract={We fit an empirical structural model of forward looking government savings behavior to data from the U.S. state Unemployment Insurance (UI) programs 1976–2008. States increase benefits or lower taxes when Unemployment Trust fund balances are high, consistent with a desired target level of savings. This can be explained by the representative state program behaving like a Carroll (1992) buffer-stock consumer who trades off a desire to expend savings (impatience) against the fear of running out of funds (risk aversion). We calibrate the model to the data and find that statistics from model simulations match similar statistics produced from the data for reasonable levels of risk aversion and impatience.}, - url={https://ideas.repec.org/a/eee/juecon/v93y2016icp18-29.html} -} -@Article{AEJ2017, - author={Yuliya Demyanyk and Dmytro Hryshko and María Jose Luengo-Prado and Bent E. S{\o}rensen}, - title={{Moving to a Job: The Role of Home Equity, Debt, and Access to Credit}}, - journal={American Economic Journal: Macroeconomics}, - year=2017, - volume={9}, - number={2}, - pages={149-181}, - month={April}, - keywords={}, - doi={}, - abstract={We use individual-level credit reports merged with loan-level mortgage data to estimate how home equity interacted with mobility in relatively weak and strong labor markets in the United States during the Great Recession. We construct a dynamic model of housing, consumption, employment, and relocation, which provides a structural interpretation of our empirical results and allows us to explore the role that foreclosure played in labor mobility. We find that negative home equity is not a significant barrier to job-related mobility because the benefits of accepting an out-of-area job outweigh the costs of moving. This pattern holds even if homeowners are not able to default on their mortgages.}, - url={https://ideas.repec.org/a/aea/aejmac/v9y2017i2p149-81.html} -} -@TechReport{ORBIS, - author={Sebnem Kalemli-Ozcan and Bent Sorensen and Carolina Villegas-Sanchez and Vadym Volosovych and Sevcan Yesiltas}, - title={{How to Construct Nationally Representative Firm Level data from the ORBIS Global Database}}, - year=2015, - month=Sep, - institution={National Bureau of Economic Research, Inc}, - type={NBER Working Papers}, - url={https://ideas.repec.org/p/nbr/nberwo/21558.html}, - number={21558}, - abstract={Firm-level data on productivity, financial activity and firms' international linkages have become essential for research in the fields of macro, international finance and growth. This paper describes the development of a firm-level global panel dataset for public and private companies based on the administrative micro-dataset ORBIS, provided commercially by Bureau van Dijk Electronic Publishing (BvD). The ORBIS database provides data on firms' financial and productive activities from balance sheets and income statements together with detailed information on firms' domestic and international ownership structure for over 130 million companies across the world. Researchers need to overcome several challenges before making the database usable for research. First, the database is not designed for large downloads that is essential for an econometric analysis. Second, there are several inherent biases in the database that affect the download process and lead to missing information. Third, the raw data may contain a number of irregularities which, if not dealt with, will result in data loss during a standard cleaning procedure. In combination, these issues cause minimal coverage of small firms, extensive missing data, and poor national representation. We give detailed instructions on the data gathering process from ORBIS in terms of downloading methodology and cleaning procedure so that a researcher can construct a database that is nationally representative with minimal missing information. We provide examples from several European countries to present the process and discuss the resulting dataset in detail.}, - keywords={}, - doi={}, -} -@book{NBEReich-4, - title = "NBER Macroeconomics Annual 2017, volume 32", - author = "Martin S. Eichenbaum and Jonathan Parker", - institution = "National Bureau of Economic Research", - type = "Book", - publisher = "University of Chicago Press", - year = "2017", - URL = "http://www.nber.org/books/eich-4", -} - -@article{lebaron2006agent, - title={Agent-based computational finance}, - author={LeBaron, Blake}, - journal={Handbook of computational economics}, - volume={2}, - pages={1187--1233}, - year={2006}, - publisher={Elsevier} -} - -@article{qiu2017limited, - title={Limited individual attention and online virality of low-quality information}, - author={Qiu, Xiaoyan and Oliveira, Diego FM and Shirazi, Alireza Sahami and Flammini, Alessandro and Menczer, Filippo}, - journal={Nature Human Behavior}, - volume={1}, - pages={0132}, - year={2017} -} - -@article{epstein2009modelling, - title={Modelling to contain pandemics}, - author={Epstein, Joshua M}, - journal={Nature}, - volume={460}, - number={7256}, - pages={687--687}, - year={2009}, - publisher={Nature Publishing Group} -} -@article{gafhcghpyGetting, - title={Getting at systemic risk via an agent-based model of the housing market}, - author={Geanakoplos, John and Axtell, Robert and Farmer, Doyne J and Howitt, Peter and Conlee, Benjamin and Goldstein, Jonathan and Hendrey, Matthew and Palmer, Nathan M and Yang, Chun-Yi}, - journal={The American Economic Review}, - volume={102}, - number={3}, - pages={53--58}, - year={2012}, - publisher={American Economic Association} -} - -@article{bfhltuMacroprudential, - title={Macroprudential policy in an agent-based model of the UK housing market}, - author={Baptista, Rafa and Farmer, J Doyne and Hinterschweiger, Marc and Low, Katie and Tang, Daniel and Uluc, Arzu}, - journal={Bank of England Staff Working Paper No. 619: Macroprudential policy in an agent-based model of the UK housing market - Rafa Baptista, J Doyne Farmer, Marc Hinterschweiger, Katie Low, Daniel Tang and Arzu Uluc}, - year={2016} -} - -@article{bdksLeverage, - title={House Price Beliefs and Mortgage Leverage Choice}, - author={Bailey, Michael C and D{\'a}vila, Eduardo and Kuchler, Theresa and Stroebel, Johannes}, - journal={Manuscript}, - year={2017} -} - -@article{reiterSolving, - title = {Solving heterogeneous-agent models by projection and perturbation}, - volume = {33}, - number = {3}, - journal = {Journal of Economic Dynamics and Control}, - author = {Reiter, Michael}, - month = mar, - year = {2009}, - pages = {649--665}, - url = {https://www.sciencedirect.com/science/article/pii/S0165188908001528}, - note = {\href{https://www.sciencedirect.com/science/article/pii/S0165188908001528}{https://www.sciencedirect.com/science/article/pii/S0165188908001528}} -} - -@techreport{reiterApproximate, - title = {Approximate and {Almost}-{Exact} {Aggregation} in {Dynamic} {Stochastic} {Heterogeneous}-{Agent} {Models}}, - number = {258}, - institution = {Institute for Advanced Studies}, - author = {Reiter, Michael}, - month = oct, - year = {2010}, -} - - -@article{summersWolf2, - author = {Summers, Lawrence H.}, - journal = {Financial Times interview}, - note = {\url{http://larrysummers.com/commentary/speeches/brenton-woods-speech/}}, - title = {Larry Summers and Martin Wolf on New Economic - Thinking}, - year = {2011}, - url = {http://larrysummers.com/commentary/speeches/brenton-woods-speech/}, -} - -@article{akerlofMMM, - author = {Akerlof, George A.}, - journal = {American Economic Review}, - note = {\url{https://www.aeaweb.org/articles?id=10.1257/aer.97.1.5}}, - number = {1}, - pages = {5--36}, - title = {The Missing Motivation in Macroeconomics}, - volume = {97}, - year = {2007}, - url = {https://www.aeaweb.org/articles?id=10.1257/aer.97.1.5}, -} - -@article{shillerTeach, - author = {Shiller, Robert J.}, - journal = {Journal of Economic Education}, - number = {4}, - pages = {403--09}, - title = {How Should the Financial Crisis Change How We Teach Economics?}, - volume = {41}, - year = {2010}, -} - -@article{stock_confidence_1991, - title = {Confidence intervals for the largest autoregressive root in {U}.{S}. macroeconomic time series}, - volume = {28}, - url = {http://econpapers.repec.org/article/eeemoneco/v_3a28_3ay_3a1991_3ai_3a3_3ap_3a435-459.htm}, - number = {3}, - journal = {Journal of Monetary Economics}, - author = {Stock, James}, - year = {1991}, - pages = {435--459}, -} - -@article{tokuoka2013saving, - title={Saving response to unemployment of a sibling}, - author={Tokuoka, Kiichi}, - journal={Journal of Economic Behavior and Organization}, - volume={89}, - pages={58--75}, - year={2013}, - publisher={Elsevier} -} - - -@techreport{fhnMPC, - author = {Andreas Fagereng and Martin B. Holm and - Gisle J. Natvik}, - type = {discussion paper}, - institution = {Statistics Norway}, - title = {MPC Heterogeneity and Household Balance Sheets}, - volume = {852}, - year = {2017}, -} - -@article{lmpPermShocks, - title={Wage risk and employment risk over the life cycle}, - author={Low, Hamish and Meghir, Costas and Pistaferri, Luigi}, - journal={The American economic review}, - volume={100}, - number={4}, - pages={1432--1467}, - year={2010}, - publisher={American Economic Association} -} - -@techreport{gkosData, - title={What do data on millions of US workers reveal about life-cycle earnings risk?}, - author={Guvenen, Fatih and Karahan, Fatih and Ozkan, Serdar and Song, Jae}, - year={2015}, - institution={National Bureau of Economic Research} -} - -@article{bsDigustibus, - title={De gustibus non est disputandum}, - author={Stigler, George J and Becker, Gary S}, - journal={The American Economic Review}, - volume={67}, - number={2}, - pages={76--90}, - year={1977}, - publisher={JSTOR} -} - -@techreport{blanchardDSGE, - title={Do DSGE Models Have a Future?}, - author={Blanchard, Olivier}, - year={2016}, - note={Available at \href{https://piie.com/system/files/documents/pb16-11.pdf}{https://piie.com/system/files/documents/pb16-11.pdf}}, - url={https://piie.com/system/files/documents/pb16-11.pdf}, - institution={Petersen Institute for International Economics} -} - -@techreport{haldaneDappled, - title={The Dappled World}, - author={Haldane, Andy}, - year={2016}, - note={Available at \href{http://www.bankofengland.co.uk/publications/Pages/speeches/2016/937.aspx}{http://www.bankofengland.co.uk/publications/Pages/speeches/2016/937.aspx}}, - url={http://www.bankofengland.co.uk/publications/Pages/speeches/2016/937.aspx}, - journal={Speech Given at GLS Shackle Biennial Memorial Lecture}, - institution={Bank of England}, - month={November} -} - - -@article{auclertMPC, - title={Monetary policy and the redistribution channel}, - author={Auclert, Adrien}, - journal={Unpublished manuscript}, - year={2015} -} - -@misc{yellenHetero, - url={https://www.federalreserve.gov/newsevents/speech/yellen20161014a.htm}, - note={Available at \href{https://www.federalreserve.gov/newsevents/speech/yellen20161014a.htm}{https://www.federalreserve.gov/newsevents/speech/yellen20161014a.htm}}, - author = {Yellen, Janet}, - journal = {At \emph{The Elusive `Great' Recovery: Causes and Implications for Future Business Cycle Dynamics} 60th annual economic conference sponsored by the Federal Reserve Bank of Boston, Boston, Massachusetts}, - title = {Macroeconomic Research After the Crisis}, - year={2016}, - month={October}, - day={16} -} - -October 14, 2016 - - -Chair Janet L. Yellen - -At "The Elusive 'Great' Recovery: Causes and Implications for Future Business Cycle Dynamics" 60th annual economic conference sponsored by the Federal Reserve Bank of Boston, Boston, Massachusetts - -@misc{coeureHetero, - author={Coeure, Benoit}, - title={The relevance of household-level data for monetary policy and financial stability analysis}, - url = {http://www.ecb.europa.eu/press/key/date/2013/html/sp131017.en.html}, - journal={Opening Remarks Delivered at ECB Conference on Household Finance and Consumption}, - year = {2013}, - month= {October}, - day = {17}, - notes = {Available at \href{http://www.ecb.europa.eu/press/key/date/2013/html/sp131017.en.html}{http://www.ecb.europa.eu/press/key/date/2013/html/sp131017.en.html}} -} - - -@ARTICLE{ElizabethWhy, - author = {Elizabeth, Queen~of~England}, - title = {The economic forecasters' failing vision}, - journal = {Financial Times}, - year = 2008, - note = {https://www.ft.com/content/50007754-ca35-11dd-93e5-000077b07658}, - date = {November 25, 2008}, - url = {https://www.ft.com/content/50007754-ca35-11dd-93e5-000077b07658} -} - -@techreport{akmwwInequality-Discuss, - author = {Christopher D. Carroll and Edmund Crawley}, - title = {Discussion of `When Inequality Matters for Macro and Macro Matters for Inequality'}, - year = {2017}, - journal = {NBER Macroeconomics Annual}, - publisher = {MIT Press}, - institution = {NBER}, - url = {https://www.econ2.jhu.edu/people/ccarroll/discuss/2017-04_NBER_Macro-Annual/akmwwInequality/} -} - -% Version for CV -@inbook{akmwwInequality-DiscussNew, - Crossref = "NBEReich-4", - title = {Comment on `When Inequality Matters for Macro and Macro Matters for Inequality'}, - author = {SeHyoun Ahn and Greg Kaplan and Benjamin Moll and Thomas Winberry and Christian Wolf}, - Publisher = "NBER Macroeconomics Annual 2017, volume 32, University of Chicago Press", - pages = "76-92", - year = "2017", - month = "July", - URL = "http://www.nber.org/chapters/c13928", -note = "Published Discussion" -} - -@inbook{NBERc13928, - Crossref = "NBEReich-4", - title = {Comment on "When Inequality Matters for Macro and Macro Matters for Inequality"}, - author = "Christopher D. Carroll and Edmund Crawley", - BookTitle = "NBER Macroeconomics Annual 2017, volume 32", - Publisher = "University of Chicago Press", - pages = "76-92", - year = "2017", - month = "July", - URL = "http://www.nber.org/chapters/c13928", -} -@book{NBEReich-4, - title = "NBER Macroeconomics Annual 2017, volume 32", - author = "Martin Eichenbaum and Jonathan A. Parker", - institution = "National Bureau of Economic Research", - type = "Book", - publisher = "University of Chicago Press", - year = "2018", - URL = "http://www.nber.org/books/eich-4", -} - -@article{akmwwInequality, - title = {When Inequality Matters for Macro and Macro Matters for Inequality}, - author = {SeHyoun Ahn and Greg Kaplan and Benjamin Moll and Thomas Winberry and Christian Wolf}, - journal = {NBER Macroeconomics Annual}, - publisher = {MIT Press}, - year = 2017, - editor = {Jonathan Parker and Martin S. Eichenbaum, Organizers}, - volume = 32, - url = {http://www.princeton.edu/~moll/WIMM.pdf}, - address = {Cambridge, MA}, -} - - -@ARTICLE{infrastructureNYT, - author = {Jennifer Steinhauer}, - title = {Republicans Now Marching With Trump on Ideas They Had Opposed}, - journal = {New York Times}, - year = 2017, - month = {January}, - day = {27}, - note = {\url{https://www.nytimes.com/2017/01/26/us/politics/trump-republican-retreat.html}}, - url = {\url{https://www.nytimes.com/2017/01/26/us/politics/trump-republican-retreat.html}}, -} - -@techreport{amkstPuzzle, - title = "Late-in-Life Risks and the Under-Insurance Puzzle", - author = "John Ameriks and Joseph Briggs and Andrew Caplin and Matthew D. Shapiro and Christopher Tonetti", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "22726", - year = "2016", - month = "October", - doi = {10.3386/w22726}, - URL = "http://www.nber.org/papers/w22726", - abstract = {Individuals face significant late-in-life risks, including needing long-term care (LTC). Yet, they hold little long-term care insurance (LTCI). Using both “strategic survey questions,” which identify preferences, and stated demand questions, this paper investigates the degree to which a fundamental lack of interest and poor product features determine low LTCI holdings. It estimates a rich set of individual-level preferences and uses a life-cycle model to predict insurance demand, finding that better insurance would be far more widely held than are products in the market. Comparing stated and model-predicted demand shows that flaws in existing products provide a significant, but partial, explanation for this under-insurance puzzle.}, -} - -@article{fjFutureGrowth, -Author = {Fernald, John G. and Jones, Charles I.}, -Title = {The Future of US Economic Growth}, -Journal = {American Economic Review}, -Volume = {104}, -Number = {5}, -Year = {2014}, -Month = {May}, -Pages = {44-49}, -DOI = {10.1257/aer.104.5.44}, -URL = {http://www.aeaweb.org/articles?id=10.1257/aer.104.5.44}, -notes = {Available at {http://web.stanford.edu/~chadj/FernaldJones2014.pdf}} -} - -@techreport{kocherlakotaTrouble, - author = {Kocherlakota, Narayana}, - title = {Thoughts on `The Trouble With Macroeconomics'}, - url = {https://sites.google.com/site/kocherlakota009/home/research/9-15-16}, - note = {\url{https://sites.google.com/site/kocherlakota009/home/research/9-15-16}}, - month = {September}, - year = {2016}, - institution = {Kocherlakota Blog} -} - -@ARTICLE{caballeroPretense, - author = {Caballero, Ricardo J.}, - title = {Macroeconomics after the Crisis: Time to Deal with - the Pretense-of-Knowledge Syndrome}, - journal = {Journal of Economic Perspectives}, - year = 2010, - volume = 24, - pages = {85--102}, - number = 4, - note = {\url{http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.24.4.85}}, - doi = {10.1257/jep.24.4.85}, - url = {http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.24.4.85} -} - - -@techreport{romerTrouble, - author = {Romer, Paul}, - title = {The Trouble With Macroeconomics}, - url = {https://paulromer.net/wp-content/uploads/2016/09/WP-Trouble.pdf}, - year = {2016}, - month = {September}, - institution = {\url{http://paulromer.net}}, - note = {Available at \url{https://paulromer.net/wp-content/uploads/2016/09/WP-Trouble.pdf}}, -} - -@techreport{keynesMaster, - author = {Keynes, John Maynard}, - title = {The Collected Writings of John Maynard Keynes}, - volume = {X}, - year = {1972}, - publisher = {Royal Economic Society}, - url = {http://www.goodreads.com/quotes/798690-the-master-economist-must-possess-a-rare-combination-of-gifts}, - note = {\url{http://www.goodreads.com/quotes/798690-the-master-economist-must-possess-a-rare-combination-of-gifts}} -} - -@techreport{dkpQE, - title = "How Quantitative Easing Works: Evidence on the Refinancing Channel", - author = "Marco {Di Maggio} and Amir Kermani and Christopher Palmer", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "22638", - year = "2016", - month = "September", - doi = {10.3386/w22638}, - URL = "http://www.nber.org/papers/w22638", - abstract = {Despite massive large-scale asset purchases (LSAPs) by central banks around the world since the global financial crisis, there is a lack of empirical evidence on whether and how these programs affect the real economy. Using rich borrower-linked mortgage-market data, we document that there is a “flypaper effect” of LSAPs, where the transmission of unconventional monetary policy to interest rates and (more importantly) origination volumes depends crucially on the assets purchased and degree of segmentation in the market. For example, QE1, which involved significant purchases of GSE-guaranteed mortgages, increased GSE-eligible mortgage originations significantly more than the origination of GSE-ineligible mortgages. In contrast, QE2's focus on purchasing Treasuries did not have such differential effects. We find that the Fed's purchase of MBS (rather than exclusively Treasuries) during QE1 resulted in an additional \$600 billion of refinancing, substantially reduced interest payments for refinancing households, led to a boom in equity extraction, and increased refinancing mortgagors’ consumption by an additional \$76 billion. This de facto allocation of credit across mortgage market segments, combined with sharp bunching around GSE eligibility cutoffs, establishes an important complementarity between monetary policy and macroprudential housing policy. Our counterfactual simulations estimate that relaxing GSE eligibility requirements would have significantly increased refinancing activity in response to QE1, including a 20\% increase in equity extraction by households. Overall, our results imply that central banks could most effectively provide unconventional monetary stimulus by supporting the origination of debt that would not be originated otherwise.}, - } - -@article{grodzickiCCC, - title={The Evolution of Competition in the Credit Card Market}, - author={Grodzicki, Daniel}, - journal={The Pennsylvania State University}, - year={2015} - } - -@article{ausubelFailure, - title={The failure of competition in the credit card market}, - author={Ausubel, Lawrence M}, - journal={The American Economic Review}, - pages={50--81}, - year={1991}, - publisher={JSTOR} - } - -@article{pikettyCapital, - title={Capital in the twenty-first century}, - author={Piketty, Thomas}, - journal={Cambridge, MA, London}, - year={2014} - } - -@article{rognliePiketty, -author ={Rognlie, Matthew}, -title = {A Note on Piketty and Diminishing Returns to Capital}, -url = {http://www.mit.edu/~mrognlie/piketty_diminishing_returns.pdf}, -journal = {Under revision, Brookings Papers on Economic Activity}, -year = {2014}, -} - -@article{Piketty_Saez2003, - author = {Thomas Piketty and Emmanuel Saez}, - journal = {Quarterly Journal of Economics}, - number = {1}, - pages = {1--39}, - title = {Income Inequality in the United States, 1913--1998}, - volume = {118}, - year = {2003}, -} - - -@TECHREPORT{fgmpReturns, -title = {Heterogeneity in Returns to Wealth and the Measurement of Wealth Inequality}, -author = {Fagereng, Andreas and Luigi Guiso and Davide Malacrino and Luigi Pistaferri}, -year = 2016, -institution = {Einaudi Institute for Economics and Finance (EIEF)}, -type = {EIEF Working Papers Series}, -number = {16/1}, -url = {http://www.eief.it/files/2016/01/wp-01-heterogeneity-in-returns-to-wealth-and-the-measurement-of-wealth-inequality.pdf}, -note = {Available at \url{http://llorracc.net/cited/fgmpReturns}} -} - - -@techreport{ghosDespiteUzawa, - title = "Balanced Growth Despite Uzawa", - author = "Gene M. Grossman and Elhanan Helpman and Ezra Oberfield and Thomas Sampson", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "21861", - year = "2016", - month = "January", - doi = {10.3386/w21861}, - URL = "http://www.nber.org/papers/w21861", - abstract = {The evidence for the United States points to balanced growth despite falling investment-good prices and an elasticity of substitution between capital and labor less than one. This is inconsistent with the Uzawa Growth Theorem. We extend Uzawa's theorem to show that the introduction of human capital accumulation in the standard way does not resolve the puzzle. However, balanced growth is possible if schooling is endogenous and capital is more complementary with schooling than with raw labor. We describe balanced growth paths for a variety of neoclassical growth models with capital-augmenting technological progress and endogenous schooling. The balanced growth path in an overlapping-generations model in which individuals choose the duration of their education matches key features of the U.S. economic record.}, -} -@article{WhiteENDG, -author = "Matthew N. White", -title = "The Method of Endogenous Gridpoints in Theory and Practice", -year = "2015", -journal = "Journal of Economic Dynamics and Control", -volume = "60", -pages = "26-41", -url = {http://dx.doi.org/10.1016/j.jedc.2015.08.001}, -doi = {10.1016/j.jedc.2015.08.001}, -notePri = {http://llorracc.net/papers/WhiteENDG} -} - - -@TechReport{cpHetero, - Title = {The Heterogeneous-Agent Computational toolKit: An Extensible Framework for Solving and Estimating Heterogeneous-Agent Models}, - Author = {Carroll, Christopher D and Palmer, Nathan M}, - Institution = {Johns Hopkins University and Office of Financial Research}, - Journal = {Computing in Economics and Finance 2015, Taipei, Taiwan}, - Year = 2015, - Month = {June}, - url = {https://editorialexpress.com/cgi-bin/conference/download.cgi?db_name=CEF2015&paper_id=523}, - note = {Available at \url{https://editorialexpress.com/cgi-bin/conference/download.cgi?db_name=CEF2015&paper_id=523}}, - } - -@article{rodrikRules, - author= {Rodrik, Dani}, - title = {Economics Rules}, - url = {https://www.youtube.com/watch?feature=youtu.be&t=29m&v=Yxbcb7hxZP0&app=desktop}, - note = {Available at \href{https://www.youtube.com/watch?feature=youtu.be&t=29m&v=Yxbcb7hxZP0&app=desktop}{YouTube}}, - journal = {YouTube}, - year = {2015} -} - - - -@article{samuelson1937note, - title={A note on measurement of utility}, - author={Samuelson, Paul A}, - journal={The Review of Economic Studies}, - volume={4}, - number={2}, - pages={155--161}, - year={1937}, - publisher={JSTOR} - } - - -@article{samuelson1979we, - title={Why we should not make mean log of wealth big though years to act are long}, - author={Samuelson, Paul A}, - journal={Journal of Banking and Finance}, - volume={3}, - number={4}, - pages={305--307}, - year={1979}, - publisher={Elsevier}, - doi= {http://dx.doi.org/10.1016/0378-4266(79)90023-2} - } - -@article{BueraShin2009, - title={Productivity Growth and Capital Flows: The Dynamics of Reform}, - author={Buera, Francisco and Yongseok Shin}, - journal={NBER Working Paper 15268}, - year={2009} -} - -@article{Benhima2013, - title={A Reappraisal of the Allocation Puzzle through the Portfolio Approach}, - author={Benhima, Kenza}, - journal={Journal of international Economics}, - volume={89}, - number={2}, - pages={331--346}, - year={2013}, - publisher={Elsevier} -} - - -@article{BachettaBenhima2015, - title={The Demand for Liquid Assets, Corporate Saving and Global Imbalances}, - author={Bacchetta, Philippe and Kenza Benhima}, - journal={Journal of the European Economic Association}, - volume={forthcoming}, - year={2015} -} - -@misc{deatonStateCapacity, - author = {Angus Deaton}, - title = {Weak States, Poor Countries}, - journal = {Project Syndicate}, - year = {2013}, - url = {http://www.project-syndicate.org/commentary/economic-development-requires-effective-governments-by-angus-deaton}, - note = {Available at \texttt{\href{http://www.project-syndicate.org/commentary/economic-development-requires-effective-governments-by-angus-deaton}{Project Syndicate}}} - } - -@book{brynjolfsson2014second, - title={The second machine age: work, progress, and prosperity in a time of brilliant technologies}, - author={Brynjolfsson, Erik and McAfee, Andrew}, - year={2014}, - publisher={WW Norton \& Company} - } - - -@techreport{assMiddleClass, - title = "Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class", - author = "Manuel Adelino and Antoinette Schoar and Felipe Severino", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "20848", - year = "2015", - month = "January", - doi = {10.3386/w20848}, - URL = "http://www.nber.org/papers/w20848", - abstract = {We provide new facts on the debt dynamics leading up to the financial crisis of 2007. Earlier research suggests that distortions in the supply of mortgage credit, evidenced by a decoupling of credit flow from income growth, may have caused the rise in house prices and the subsequent housing market collapse. This paper shows that the increase in mortgage originations was shared across the whole distribution of borrowers, and that middle- and high-income borrowers made up the majority of originations even at the peak of the boom. Compared to prior years, middle- and high-income borrowers (not the poor), as well as those with medium and high credit scores, made up a much larger share of delinquencies in the crisis relative to earlier years. We show that the relation between individual mortgage size and income growth during the housing boom was always strongly positive, also in line with previous periods (and independent of how income is measured). These results are most consistent with an expectations based view of the financial crisis in which both homebuyers and lenders were buying into increasing housing values and defaulted once prices dropped. }, - } - -@TECHREPORT{aydinMPCLiq, -title = {The Marginal Propensity to Consume out of Liquidity}, -author = {Aydin, Deniz}, -year = {2015}, -institution = {Stanford Institute for Economic Policy Research}, -type = {Discussion Papers}, -number = {15-010}, -abstract = {This paper presents novel tests of competing models of intertemporal consumption behavior using unique European administrative panel data on income, spending and assets. I estimate the marginal propensity to consume (MPC) out of ‘liquidity’ -the debt response to a change in borrowing capacity- using changes in credit card limits in a randomized controlled trial implemented in September 2014 involving fifty-five thousand individuals. I obtain four empirical results: First, borrowing constraints change consumption dynamics even when they are not strictly binding. Two-thirds of the population accumulate a significant average of 20 cent of debt per dollar limit increase, relative to the control group. Second, the heterogeneity of the MPC is exclusively in line with precautionary models, a decreasing function of cash-on-hand. Third, the debt response to liquidity and credit card utilization are stationary. Fourth, additional liquidity is spent mostly on durables and services using installments, with a smaller fraction spent on non-durables and taken out as cash advances. I then use a workhorse Bewley model with realistic income risk and show that the joint dynamics of consumption, debt and the balance sheet in response to a change in borrowing constraints can be used to calibrate and test intertemporal models. Debt response to liquidity shocks identifies preference parameters via a simulated moments estimator. Hump-shaped debt response and mean-reverting credit card utilization are not consistent with myopia as the underlying preferences.}, -keywords = {consumption; debt; borrowing con- straints; precautionary saving; permanent income hypothesis; field experiment.}, -url = {http://EconPapers.repec.org/RePEc:sip:dpaper:15-010}, -notePri = {http://llorracc.net/aydinMPCLiq.pdf} -} - -@article{agarwalQuianSingaporeMPC, - author = {Sumit Agarwal and Wenlan Qian}, - journal = {American Economic Review}, - title = {Consumption and Debt Response to Unanticipated - Income Shocks: Evidence from a Natural Experiment in - Singapore}, - volume = 104, - number = 12, - year = 2014, - pages = {4205--4230}, -} - -@incollection{BrownLiebmanPollet, - editor = {Martin Feldstein and Jeffrey B. Liebman}, - author = {Jeffrey Brown and Jeffrey B. Liebman and Joshua - Pollett}, - publisher = {University of Chicago Press}, - booktitle = {The Distributional Aspects of Social Security and - Social Security Reform}, - title = {Estimating Life Tables That Reflect Socioeconomic - Differences in Mortality}, - year = 2002, - pages = {447--457}, -} - -@misc{SSLifeTables, - title = {Actuarial Life Table}, - author = {{Social Security Administration}}, - year = 2010, - note = {available at - \url{http://www.ssa.gov/oact/STATS/table4c6.html}}, -} - - -@inbook{WhyDoRichSaveNoURL, - author = {Christopher D. Carroll}, - editor = {Joel B. Slemrod}, - title = {Does Atlas Shrug? The Economic Consequences of - Taxing the Rich}, - year = 2000, - chapter = 14, - pages = {465--484} -} - - -@inproceedings{WhyDoRichSave, - author = {Christopher D. Carroll}, - booktitle = {Does Atlas Shrug? The Economic Consequences of Taxing the Rich}, - editor = {Joel B. Slemrod}, - publisher = {Harvard University Press}, - title = {Why Do the Rich Save So Much?}, - chapter = 14, - year = {2000}, - url = {https://www.econ2.jhu.edu/people/ccarroll/Why.pdf}, -} - -@article{ksHeteroPort, - author = {Krusell, Per and Smith, Anthony A.}, - journal = {Macroeconomic Dynamics}, - number = 2, - pages = {387--422}, - title = {Income and Wealth Heterogeneity, Portfolio Choice - and Equilibrium Asset Returns}, - volume = 1, - year = 1997, -} - -@Article{heathcote_fiscalPolicy, - author = {Jonathan Heathcote}, - title = {Fiscal Policy with Heterogeneous Agents and - Incomplete Markets}, - journal = {Review of Economic Studies}, - year = 2005, - volume = 72, - number = 1, - pages = {161--188}, -} - - -@article{kaplanViolanteWeidner_wealthyH2M, - author = {Violante, Gianluca and Kaplan, Greg and Weidner, Justin}, - journal = {Brookings Papers on Economic Activity}, - pages = {77--138}, - title = {The Wealthy Hand-to-Mouth}, - volume = {Spring}, - year = {2014}, -abstract = {The wealthy hand-to-mouth are households who hold little or no liquid wealth (e.g. cash, checking, and saving accounts), despite owning sizable amounts of illiquid assets (i.e., assets that carry a transaction cost, such as housing, large durables, or retirement accounts). This portfolio configuration implies that these households have large marginal propensities to consume out of small income changes –a key determinant of the macroeconomic effects of fiscal policy. The wealthy hand-to-mouth, therefore, behave in many respects like households with little or no net worth, yet they escape standard definitions (and empirical measurements) of hand-to-mouth agents based on net worth. We use survey data on household portfolios for the U.S., Canada, Australia, the U.K., Germany, France, Italy, and Spain to document the share of such households across countries, their demographic characteristics, the composition of their balance sheet, and the persistence of hand-to-mouth status over the life cycle. Finally, we discuss the implications of this group of consumers for macroeconomic modelling and policy analysis.}, -} - - -@TECHREPORT{kaplanViolanteWeidner_wealthyH2M_SED, -title = {The Wealthy Hand-to-Mouth}, -author = {Violante, Gianluca and Kaplan, Greg and Weidner, Justin}, -year = {2014}, -institution = {Society for Economic Dynamics}, -type = {2014 Meeting Papers}, -number = {192}, -abstract = {The wealthy hand-to-mouth are households who hold little or no liquid wealth (e.g. cash, checking, and saving accounts), despite owning sizable amounts of illiquid assets (i.e., assets that carry a transaction cost, such as housing, large durables, or retirement accounts). This portfolio configuration implies that these households have large marginal propensities to consume out of small income changes –a key determinant of the macroeconomic effects of fiscal policy. The wealthy hand-to-mouth, therefore, behave in many respects like households with little or no net worth, yet they escape standard definitions (and empirical measurements) of hand-to-mouth agents based on net worth. We use survey data on household portfolios for the U.S., Canada, Australia, the U.K., Germany, France, Italy, and Spain to document the share of such households across countries, their demographic characteristics, the composition of their balance sheet, and the persistence of hand-to-mouth status over the life cycle. Finally, we discuss the implications of this group of consumers for macroeconomic modelling and policy analysis.}, -url = {http://EconPapers.repec.org/RePEc:red:sed014:192} -} - - -@techreport{coronadoEtAl, - author = {Coronado, Julia Lynn and Lupton, Joseph P. and - Sheiner, Louise M.}, - institution = {Federal Reserve Board}, - number = 32, - type = {FEDS discussion paper}, - title = {The Household Spending Response to the 2003 Tax Cut: - Evidence from Survey Data}, - year = 2005, -} - -@Article{ssBang, - author = {Matthew D. Shapiro and Joel Slemrod}, - title = {Did the 2008 Tax Rebates Stimulate Spending?}, - journal = {American Economic Review}, - year = 2009, - volume = 99, - number = 2, - pages = {374--79}, - month = {May}, - abstract = {Only one-fifth of respondents to a rider on the - University of Michigan Survey Research Center's - Monthly Survey said that the 2008 tax rebates would - lead them to mostly increase spending. Almost half - said the rebate would mostly lead them to pay off - debt, while about a third saying it would lead them - mostly to save more. The survey responses imply that - the aggregate propensity to spend from the rebate - was about one-third, and that there would not be - substantially more spending as a lagged effect of - the rebates. Because of the low spending propensity, - the rebates in 2008 provided low \"bang for the - buck\" as economic stimulus. Putting cash into - the hands of the consumers who use it to save or pay - off debt boosts their well-being, but it does not - necessarily make them spend. Low-income individuals - were particularly likely to use the rebate to pay - off debt.

(This abstract was borrowed from another - version of this item.)}, - url = - {http://ideas.repec.org/a/aea/aecrev/v99y2009i2p374-79.html} -} - -@techreport{pseIncDistributionAndC, - author = {Luigi Pistaferri and Itay Saporta-Eksten}, - institution = {Ministry of Economy and Finance, Italy}, - number = 11, - type = {working paper}, - title = {Changes in the Income Distribution and Aggregate - Consumption}, - year = 2012, -} - -@techreport{mcKayPapp:wageRiskOverBC, - author = {McKay, Alisdair and Papp, Tamas}, - institution = {Boston University}, - number = 28, - type = {working paper}, - title = {Accounting for Idiosyncratic Wage Risk Over the - Business Cycle}, - year = 2011, -} - -@article{brickerEtAl:SCF2010, - author = {Bricker, Jesse and Kennickell, Arthur B. and Moore, - Kevin B. and Sabelhaus, John}, - institution = {Board of Governors of the Federal Reserve System}, - journal = {Federal Reserve Bulletin}, - month = {June}, - number = 2, - pages = {1--80}, - title = {Changes in U.S. Family Finances from 2007 to 2010: - Evidence from the Survey of Consumer Finances}, - volume = 98, - year = 2012, -} - -@article{brickerEtAl:topWealth, - author = {Bricker, Jesse and Henriques, Alice M. and Krimmel, Jacob and Sabelhaus, John}, - journal = {Brookings Papers on Economic Activity}, - pages = {261--321}, - title = {Measuring Income and Wealth at the Top Using Administrative and Survey Data}, - volume = {Spring}, - year = {2016}, - abstract={Administrative tax data indicate that U.S. top income and wealth shares are substantial and increasing rapidly (Piketty and Saez 2003, Saez and Zucman 2014). A key reason for using administrative data to measure top shares is to overcome the under-representation of families at the very top that plagues most household surveys. However, using tax records alone restricts the unit of analysis for measuring economic resources, limits the concepts of income and wealth being measured, and imposes a rigid correlation between income and wealth. The Survey of Consumer Finances (SCF) solves the under-representation problem by combining administrative and survey data (Bricker et al, 2014). Administrative records are used to select the SCF sample and verify that high-end families are appropriately represented, and the survey is designed to measure comprehensive concepts of income and wealth at the family level. The SCF shows high and rising top income and wealth shares, as in the ad ministrative tax data. However, unadjusted, the levels and growth based on administrative tax data alone appear to be substantially larger. By constraining the SCF to be conceptually comparable, we reconcile the differences, and show the extent to which restrictions and rigidities needed to estimate top income and wealth shares in the administrative data bias up levels and growth rates.}, - keywords={Administrative data; survey data; top income shares; top wealth shares}, -} - -@TechReport{brickerEtAl:topWealthWP, - author={Bricker, Jesse and Henriques, Alice M. and Krimmel, Jacob and Sabelhaus, John}, - title={Measuring Income and Wealth at the Top Using Administrative and Survey Data}, - year=2015, - month=Apr, - institution={Board of Governors of the Federal Reserve System}, - type={Finance and Economics Discussion Series}, - number={2015-30}, - abstract={Administrative tax data indicate that U.S. top income and wealth shares are substantial and increasing rapidly (Piketty and Saez 2003, Saez and Zucman 2014). A key reason for using administrative data to measure top shares is to overcome the under-representation of families at the very top that plagues most household surveys. However, using tax records alone restricts the unit of analysis for measuring economic resources, limits the concepts of income and wealth being measured, and imposes a rigid correlation between income and wealth. The Survey of Consumer Finances (SCF) solves the under-representation problem by combining administrative and survey data (Bricker et al, 2014). Administrative records are used to select the SCF sample and verify that high-end families are appropriately represented, and the survey is designed to measure comprehensive concepts of income and wealth at the family level. The SCF shows high and rising top income and wealth shares, as in the ad ministrative tax data. However, unadjusted, the levels and growth based on administrative tax data alone appear to be substantially larger. By constraining the SCF to be conceptually comparable, we reconcile the differences, and show the extent to which restrictions and rigidities needed to estimate top income and wealth shares in the administrative data bias up levels and growth rates.}, - keywords={Administrative data; survey data; top income shares; top wealth shares}, - doi={}, -} - - -@article{dsSecular, - title = {Fiscal Policy in a Depressed Economy [with Comments - and Discussion]}, - author = {DeLong, J Bradford and Summers, Lawrence H}, - journal = {Brookings Papers on Economic Activity}, - pages = {233--297}, - year = 2012, - publisher = {JSTOR} -} - -@Article{diamond:olg, - Title = {National Debt in a Neoclassical Growth Model}, - Author = {Diamond, Peter A.}, - Journal = {American Economic Review}, - Year = 1965, - Month = {December}, - Note = {\url{http://www.jstor.org/stable/1809231}}, - Pages = {1126--1150}, - Volume = 55, - Owner = {Nic Johnson}, - Url = {http://www.jstor.org/stable/1809231} -} - -@article{jappelliPistaferri:IncomeItaly, - author = {Tullio Jappelli and Luigi Pistaferri}, - journal = {Review of Economic Dynamics}, - number = 1, - pages = {133--153}, - title = {Does Consumption Inequality Track Income Inequality - in Italy?}, - volume = 13, - year = 2010, -} - -@article{pijoanSanchez:IncomeSpain, - author = {Josep Pijoan-Mas and Virginia Sanchez-Marcos}, - journal = {Review of Economic Dynamics}, - number = 1, - pages = {154--178}, - title = {Spain Is Different: Falling Trends of Inequality}, - volume = 13, - year = 2010, -} - -@article{albarranEtAl:IncomeSpain, - author = {Pedro Albarran and Raquel Carrasco and Maite - Martinez-Granado}, - journal = {Oxford Bulletin of Economics and Statistics}, - number = 4, - pages = {491--518}, - title = {Inequality for Wage Earners and Self-Employed: - Evidence from Panel Data}, - volume = 71, - year = 2009, -} - -@techreport{rostamAfscharYao, - author = {Davud Rostam-Afschar and Jiaxiong Yao}, - type = {mimeo}, - title = {Taxation and Precautionary Savings over the Life - Cycle}, - year = 2013, - institution = {Johns Hopkins University} -} - -@techreport{yao:LaborIncomeRisks, - author = {Yao Yao}, - institution = {University of Mannheim}, - type = {mimeo}, - title = {Labor Income Risks in Germany}, - year = 2011, -} - -@techreport{hfcsFirstResults, - author = {{Eurosystem Household Finance and Consumption - Network}}, - institution = {European Central Bank}, - type = {Statistics Paper Series}, - number = 2, - title = {The Eurosystem Household Finance and Consumption - Survey -- First Results}, - year = 2013, - note = - {\url{http://www.ecb.europa.eu/pub/pdf/other/ecbsp2en.pdf}}, -} - -@techreport{hfcsMethReport, - author = {{Eurosystem Household Finance and Consumption - Network}}, - institution = {European Central Bank}, - type = {Statistics Paper Series}, - number = 1, - title = {The Eurosystem Household Finance and Consumption - Survey -- Methodological Report}, - year = 2013, - note = - {\url{http://www.ecb.europa.eu/pub/pdf/other/ecbsp1en.pdf}}, -} - -@article{souleles:responseToReaganCuts, - author = {Souleles, Nicholas S.}, - journal = {Journal of Public Economics}, - pages = {99--120}, - title = {Consumer Response to the Reagan Tax Cuts}, - volume = 85, - year = 2002, -} - -@techreport{johnsonEtAl:2003childTaxCredit, - author = {Johnson, David S. and Parker, Jonathan A. and - Souleles, Nicholas S.}, - institution = {The Wharton School}, - type = {working paper}, - title = {The Response of Consumer Spending to Rebates During - an Expansion: Evidence from the 2003 Child Tax - Credit}, - year = 2009, -} - -@article{red_xSectFacts, - author = {{Review of Economic Dynamics}}, - number = 1, - pages = {1--264}, - note = {edited by by Dirk Krueger, Fabrizio Perri, Luigi - Pistaferri and Giovanni L. Violante}, - title = {Special Issue: Cross-Sectional Facts for - Macroeconomists}, - volume = 13, - year = 2010 -} - -@book{Deaton2006, - added-at = {2009-08-21T12:19:46.000+0200}, - address = {Baltimore, MD}, - author = {Deaton, {Angus}}, - biburl = - {http://www.bibsonomy.org/bibtex/26f2f87784d59d86af8c471e5857865a0/fbw_hannover}, - edition = {3. printing}, - interhash = {7c53d5852b508cc472d541bc99f54519}, - intrahash = {6f2f87784d59d86af8c471e5857865a0}, - isbn = 0801852544, - pagetotal = {VIII, 479}, - ppn_gvk = 485128217, - publisher = {Johns Hopkins Univ. Press}, - subtitle = {a microeconometric approach to development policy}, - timestamp = {2009-08-21T12:19:46.000+0200}, - title = {The analysis of household surveys}, - url = - {http://gso.gbv.de/DB=2.1/CMD?ACT=SRCHA&SRT=YOP&IKT=1016&TRM=ppn+485128217&sourceid=fbw_bibsonomy}, - year = 2000 -} - -@ARTICLE{mianSufi:aerBorrowing, - author = {Atif R. Mian and Amir Sufi}, - title = {House Prices, Home Equity-Based Borrowing, and the - {U.S.} Household Leverage Crisis}, - journal = {American Economic Review}, - pages = {2132--2156}, - year = 2011, - volume = 101, - owner = {Jirka}, - timestamp = {2011.01.14} -} - -@book{msScarcity, - title = {Scarcity: Why Having Too Little Means So Much}, - author = {Mullainathan, Sendhil and Shafir, Eldar}, - year = 2013, - publisher = {Macmillan} -} - -@inbook{engelCurve, - title = {Die productions- und consumptionsverh{\"a}ltnisse - des K{\"o}nigsreichs Sachsen}, - author = {Engel, Ernst}, - publisher = {C. Heinrich}, - address = {Dresden}, - year = 1857, - booktitle = {Die Lebenkosten Belgischer Arbeiter-Familien}, -} - -@book{dmConsumer, - author = {Deaton, Angus and John Muellbauer}, - title = {Economics and Consumer Behavior}, - publisher = {Cambridge University Press}, - year = 1980, - address = {New York} -} - -@TECHREPORT{deatonWorldBankReview, - author = {Deaton, Angus (Chair) and Abhijit Banerjee (MIT), - Nora Lustig (UNDP), and Kenneth Rogoff (Harvard.)}, - title = {{A}n {E}valuation of {W}orld {B}ank {R}esearch, 1998 - - 2005}, - year = 2012, - file = - {deatonWorldBankReview.pdf:deatonWorldBankReview.pdf:PDF}, - owner = {ccarroll}, - timestamp = {2013.05.27}, - url = - {http://siteresources.worldbank.org/DEC/Resources/84797-1109362238001/726454-1164121166494/RESEARCH-EVALUATION-2006-Main-Report.pdf} -} - -@TECHREPORT{deatonWorldBankReviewNotes, - author = {Deaton, Angus (Chair) and Abhijit Banerjee (MIT) and Nora Lustig (UNDP) and Kenneth Rogoff (Harvard.)}, - title = {{A}n {E}valuation of {W}orld {B}ank {R}esearch, 1998 - - 2005}, - year = 2012, - file = - {deatonWorldBankReview.pdf:deatonWorldBankReview.pdf:PDF}, - owner = {ccarroll}, - timestamp = {2013.05.27}, - url = - {http://siteresources.worldbank.org/DEC/Resources/84797-1109362238001/726454-1164121166494/RESEARCH-EVALUATION-2006-Main-Report.pdf} -} - -@BOOK{NBERwise11-2, - title = {{I}nvestigations in the {E}conomics of {A}ging}, - publisher = {University of Chicago Press}, - year = 2012, - author = {David A. 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Goldstein}, - title = {Portfolio Choice over the Life-Cycle when the Stock - and Labor Markets are Cointegrated}, - journal = {Journal of Finance}, - year = 2007, - volume = 62, - pages = {2123--2167}, - number = 5, - month = {Oct}, - note = - {\url{http://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.2007.01271.x/full}}, - doi = {DOI: 10.1111/j.1540-6261.2007.01271.x}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/bcLongRunRisk.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/bcLongRunRisk.pdf:PDF}, - url = - {http://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.2007.01271.x/full} -} - -@ARTICLE{bszHumK, - author = {Berk, Jonathan and Stanton, Richard and Zechner, - Josef}, - title = {Human Capital, Bankruptcy, and Capital Structure}, - journal = {Manuscript, Hass School of Business, Berkeley}, - year = 2009 -} - -@ARTICLE{Bernanke:savingglut, - author = {Bernanke, Ben}, - title = {The Global Saving Glut and the U.S.\ Current Account - Deficit}, - journal = {Remarks at the Sandridge Lecture, Virginia - Association of Economics, Richmond, Virginia}, - year = 2005, - volume = {March 10, 2005} -} - -@ARTICLE{bernanke&ferri&simon:flight, - author = {Bernanke, Benjamin and Ferrri, Giovanni and Simon, - Peter}, - title = {Is There a Flight to Quality in Consumer Lending?}, - journal = {Manuscript, Princeton University}, - year = 1997 -} - -@ARTICLE{bernanke&gertler&gilchrist:accellerator, - author = {Bernanke, Benjamin and Gertler, Mark and Gilchrist, - Simon}, - title = {The Financial Accellerator and the Flight to - Quality}, - journal = {Review of Economics and Statistics}, - year = 1996, - volume = 78, - pages = {1--15} -} - -@ARTICLE{bernankeGlut, - author = {Bernanke, Benjamin S.}, - title = {The Global Saving Glut and the U.S. Current Account - Deficit : A Speech at the Sandridge Lecture, - Virginia Association of Economics, Richmond, - Virginia, March 10, 2005 and the Homer Jones - Lecture, St.}, - journal = {Speech}, - year = 2005, - abstract = {No abstract is available for this item.}, - bdsk-url-1 = {http://ideas.repec.org/a/fip/fedgsq/y2005x19.html}, - keywords = {Balance of trade ; Budget deficits ; International - finance}, - url = {http://ideas.repec.org/a/fip/fedgsq/y2005x19.html} -} - -@ARTICLE{bernanke:adjcosts, - author = {Bernanke, Ben S.}, - title = {Adjustment Costs, Durables, and Aggregate - Consumption}, - journal = {Journal of Monetary Economics}, - year = 1985, - volume = 15, - pages = {41--68}, - number = 1 -} - -@ARTICLE{bernanke:liquidity, - author = {Bernanke, Ben S.}, - title = {Permanent Income, Liquidity, and Expenditure on - Automobiles: Evidence From Panel Data}, - journal = {Quarterly Journal of Economics}, - year = 1984, - volume = 99, - pages = {587--614}, - number = 3 -} - -@ARTICLE{bernanke:irreversible, - author = {Bernanke, Ben S.}, - title = {Irreversibility, Uncertainty, and Cyclical - Investment}, - journal = {Quarterly Journal of Economics}, - year = 1983, - volume = 98, - pages = {85--106}, - number = 1 -} - -@BOOK{blmp:infltarget, - title = {Inflation Targeting: Lessons from the International - Experience}, - publisher = {Princeton University Press}, - year = 1999, - author = {Bernanke, Ben S. and Laubach, Thomas and Mishkin, - Frederic S. and Posen, Adam S.}, - address = {Princeton, NJ} -} - -@ARTICLE{bernheim&garrett:education, - author = {Bernheim, B. Douglas and Garrett, Daniel M.}, - title = {The Determinants and Consequences of Financial - Education in the Workplace: Evidence From a Survey - of Households}, - journal = {NBER Working Paper No. 5667}, - year = 1996 -} - -@ARTICLE{bsw:variation, - author = {Bernheim, B. Douglas and Skinner, Jonathan and - Weinberg, Steven}, - title = {What Accounts for the Variation Retirement Wealth - Among US Households?}, - journal = {NBER Working Paper Number 6227}, - year = 1997 -} - -@INCOLLECTION{bernheim:literacy, - author = {Bernheim, Douglas}, - title = {Personal Saving, Information, and Economic Literacy: - New Directions for Public Policy}, - booktitle = {Tax Policiy for Economic Growth in the 1990s}, - publisher = {merican Council for Capital Formation}, - year = 1996, - pages = {53--78}, - address = {Washington, D.C.} -} - -@INCOLLECTION{b&s-m:usportfolios, - author = {Bertaut, Carol and Starr-McCluer, Martha}, - title = {Household Portfolios in the United States}, - booktitle = {Household Portfolios}, - publisher = {MIT Press}, - year = 2001, - editor = {Guiso, Luigi and Haliassos, Michael and Jappelli, - Tullio} -} - -@ARTICLE{bertaut:wealtheffects, - author = {Bertaut, Carol C.}, - title = {Equity Prices, Household Wealth, and Consumption - Growth in Foreign Industrial Countries: Wealth - Effects in the 1990s}, - journal = {Board of Governors of the Federal Reserve System - International Finance Discussion Papers 724}, - year = 2002 -} - -@ARTICLE{bertaut&haliassos:portfolio, - author = {Bertaut, Carol C. and Haliassos, Michael}, - title = {Precautionary portfolio behavior from a life-cycle - perspective}, - journal = {Journal of Economic Dynamics And Control}, - year = 1997, - volume = 21, - pages = {1511--1542}, - number = {8-9} -} - -@INCOLLECTION{bertola&caballero:kinks, - author = {Bertola, Guiseppe and Caballero, Ricardo J.}, - title = {Kinked Adjustment Costs and Aggregate Dynamics}, - booktitle = {NBER Macroeconomics Annual}, - publisher = {MIT Press}, - year = 1990, - editor = {Blanchard, Olivier J. and Fischer, Stanley}, - pages = {237--288}, - address = {Cambridge, MA} -} - -@ARTICLE{bertola&caballero:irreversible, - author = {Bertola, Guiseppe and Caballero, Ricardo J.}, - title = {Irreversibility and Aggregate Investment}, - journal = {Review of Economic Studies}, - year = 1994, - volume = 61, - pages = {223--246}, - number = 2 -} - -@ARTICLE{bgp:durables, - author = {Bertola, Giuseppe and Guiso, Luigi and Pistaferri, - Luigi}, - title = {Uncertainty and Consumer Durables Adjustment}, - journal = {Review of Economic Studies}, - year = 2005, - volume = 72, - pages = {973--1007}, - number = 4, - bdsk-url-1 = - {http://www.blackwell-synergy.com/doi/abs/10.1111/%200034-6527.00358}, - bdsk-url-2 = {http://dx.doi.org/10.1111/0034-6527.00358}, - doi = {doi: 10.1111/0034-6527.00358}, - url = {http://www.blackwell-synergy.com/doi/abs/10.1111/ - 0034-6527.00358} -} - -@ARTICLE{bmTrickleDown, - author = {Bertrand, Marianne and Adair Morse}, - title = {Trickle Down Consumption}, - journal = {Manuscript, Chicago Booth School of Business}, - year = 2012, - file = - {/Volumes/Sync/DropBox/Bib/Raw/ByCiteKey/bmTrickleDown.pdf:/Volumes/Sync/DropBox/Bib/Raw/ByCiteKey/bmTrickleDown.pdf:PDF} -} - -@INCOLLECTION{besley:kink, - author = {Besley, Timothy}, - title = {Savings, Credit, and Insurance}, - booktitle = {Handbook of Development Economics, Volume III}, - publisher = {Elsevier}, - year = 1995, - editor = {Behrman, Jere and Srinivasan, T.N.}, - chapter = 36, - pages = {2123--2207} -} - -@TECHREPORT{bic06, - author = {Alena {Bi{\v}c{{\'}a}kov{{\'}a}}}, - title = {Market vs. Institutions: The Trade-off Between - Unemployment and Wage Inequality Revisited}, - institution = {European University Institute}, - year = 2006, - type = {Economics Working Papers}, - number = 31 -} - -@TECHREPORT{bss06, - author = {Alena {Bi{\v} c{{\'}a}kov{{\'}a}} and Jiri {Sla{\v} - c{{\'}a}lek} and Michal {Slav{\'}\i k}}, - title = {Fiscal Implications of Personal Tax Adjustments in - the {C}zech {R}epublic}, - institution = {Czech National Bank}, - year = 2006, - type = {working paper}, - number = 7 -} - -@ARTICLE{bhw:sociallearning, - author = {Bikhchandani, Sushil, David Hirshleifer and Welch, - Ivo}, - title = {Learning from the Behavior of Others: Conformity, - Fads, and Informational Cascades}, - journal = {Journal of Economic Perspectives}, - year = 1998, - volume = 12, - number = 3 -} - -@BOOK{billingsley:probability, - title = {Probability and Measure}, - publisher = {John Wiley and Sons}, - year = 1995, - author = {Billingsley, Patrick}, - edition = {3rd} -} - -@BOOK{billingsley:convergence, - title = {Convergence of Probability Measures}, - publisher = {John Wiley and Sons}, - year = 1968, - author = {Billingsley, Patrick} -} - -@ARTICLE{binmore&samuelson:muddling, - author = {Binmore, Ken and Samuelson, Larry}, - title = {Muddling Through: Noisy Equilibrium Selection}, - journal = {Journal of Economic Theory}, - year = 1997, - volume = 74, - pages = {235--65} -} - -@ARTICLE{bizer&judd:tax, - author = {{Bizer, David S.} and {Kenneth L. Judd}}, - title = {Taxation and Uncertainty}, - journal = {American Economic Review}, - year = 1989, - volume = 79, - pages = {331--336}, - number = 2 -} - -@INCOLLECTION{blairPCEweightedCPI, - author = {Blair, Caitlin}, - title = {Constructing a PCE-Weighted Consumer Price Index}, - booktitle = {Improving the Measurement of Household Expenditures}, - publisher = {University of Chicago Press}, - year = 2013, - editor = {Carroll, Christopher D. and Thomas Crossley and John - Sabelhaus} -} - -@BOOK{blanchard&fischer:text, - title = {Lectures on Macroeconomics}, - publisher = {MIT Press}, - year = 1989, - author = {Blanchard, Olivier and Fischer, Stanley} -} - -@TECHREPORT{bg05, - author = {Olivier Blanchard and Jordi Gali}, - title = {Real Wage Rigidities and the New Keynesian Model}, - institution = {MIT}, - year = 2005, - type = {mimeo} -} - -@ARTICLE{blanchard:cweak, - author = {Blanchard, Olivier J.}, - title = {What Caused the Last Recession? Consumption and the - Recession of 1990-1991}, - journal = {American Economic Review}, - year = 1993, - volume = 83, - pages = {270--274}, - number = 2 -} - -@ARTICLE{blanchardFinite, - author = {Blanchard, Olivier J.}, - title = {Debt, Deficits, and Finite Horizons}, - journal = {Journal of Political Economy}, - year = 1985, - volume = 93, - pages = {223--247}, - number = 2, - month = {April} -} - -@ARTICLE{blanchard:burstingbubbles, - author = {Blanchard, Olivier J.}, - title = {Speculative Bubbles, Crashes, and Rational - Expectations}, - journal = {Economics Letters}, - year = 1989, - volume = 3, - pages = {387--389}, - note = - {\url{http://ideas.repec.org/a/eee/ecolet/v3y1979i4p387-389.html}}, - bdsk-url-1 = - {http://ideas.repec.org/a/eee/ecolet/v3y1979i4p387-389.html}, - url = - {http://ideas.repec.org/a/eee/ecolet/v3y1979i4p387-389.html} -} - -@ARTICLE{blanchardOutput, - author = {Blanchard, Olivier J.}, - title = {Output, the Stock Market, and Interest Rates}, - journal = {The American Economic Review}, - year = 1981, - volume = 71, - pages = {pp.132--143}, - number = 1, - bdsk-url-1 = {http://www.jstor.org/stable/1805045}, - copyright = {Copyright {\copyright} 1981 American Economic - Association}, - issn = 00028282, - jstor_articletype ={research-article}, - jstor_formatteddate ={Mar., 1981}, - language = {English}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/1805045} -} - -@ARTICLE{blanchflower&oswald:wellbeing, - author = {Blanchflower, David and Oswald, Andrew J.}, - title = {Well Being Over Time in Britain and the USA}, - journal = {Journal of Public Economics}, - year = 2004, - volume = 88, - pages = {1359--1386} -} - -@ARTICLE{blaukahn07, - author = {Francine D. Blau and Lawrence M. Kahn}, - title = {Changes in the Labor Supply Behavior of Married - Women: 1980--2000}, - journal = {Journal of Labor Economics}, - year = 2007, - pages = {393--438}, - number = 3, - vollume = 25 -} - -@TECHREPORT{blaukahn05, - author = {Francine D. Blau and Lawrence M. Kahn}, - title = {Changes in the Labor Supply Behavior of Married - Women: 1980--2000}, - institution = {National Bureau of Economic Research, Inc}, - year = 2005, - type = {NBER Working Papers}, - number = 11230, - month = Mar -} - -@BOOK{blinder:centbank, - title = {Central Banking in Theory and Practice}, - publisher = {MIT Press}, - year = 1998, - author = {Blinder, Alan S.}, - address = {Cambridge, MA} -} - -@ARTICLE{orphanides:terrorismjme, - author = {Blomberg, S. Brock and Hess, Gregory D. and - Orphanides, Athanasios}, - title = {The Macroeconomic Consequences of Terrorism}, - journal = {Journal of Monetary Economics}, - year = 2004, - volume = 51, - pages = {1007--1032}, - number = 5 -} - -@TECHREPORT{blzInvestment, - author = {Blomstr\"{o}m, M. and Lipsey, R.E. and Zejan, M.}, - title = {Is Fixed Investment the Key to Economic Growth?}, - year = 1996, - number = 1, - file = {elNotFactor.pdf:elNotFactor.pdf:PDF}, - journal = {The Quarterly Journal of Economics}, - pages = {269--276}, - publisher = {JSTOR}, - volume = 111 -} - -@article {bloomUncertainty, - author = {Bloom, Nicholas}, - title = {The Impact of Uncertainty Shocks}, - journal = {Econometrica}, - volume = 77, - number = 3, - publisher = {Blackwell Publishing Ltd}, - issn = {1468-0262}, - url = {http://dx.doi.org/10.3982/ECTA6248}, - doi = {10.3982/ECTA6248}, - pages = {623--685}, - keywords = {Adjustment costs, uncertainty, real options, labor - and investment}, - year = 2009, -} - -@ARTICLE{bloom&gunderson:canadian, - author = {Bloom, David and Gunderson, Morley}, - title = {An Analysis of the Earnings of Candian Immigrants}, - journal = {Manuscript, Columbia University}, - year = 1989 -} - -@ARTICLE{bloom2007uncertainty, - author = {Bloom, Nicholas and Bond, Stephen and Van Reenen, - John}, - title = {Uncertainty and investment dynamics}, - journal = {Review of Economic Studies}, - year = 2007, - volume = 74, - pages = {391--415}, - number = 2, - publisher = {Wiley Online Library} -} - -@INCOLLECTION{bllDemandSystem, - author = {Blow, Laura and Lechene, Valerie and Levell, Peter}, - title = {Using the CE to Model Household Demand}, - booktitle = {Improving the Measurement of Household Expenditures}, - publisher = {University of Chicago Press}, - year = 2012 -} - -@TECHREPORT{blundellEtAl_LaborDynNorway, - author = {Richard Blundell and Michael Graber and Magne - Mogstad}, - title = {Labor Income Dynamics and the Insurance from Taxes, - Transfers, and the Family}, - institution = {University College London}, - year = 2013, - type = {mimeo} -} - -@ARTICLE{Blundell:2013tm, - author = {Blundell, Richard and Low, Hamish and Preston, Ian}, - title = {{Decomposing changes in income risk using - consumption data}}, - journal = {Quantitative Economics}, - year = 2013, - volume = 4, - pages = {1--37}, - number = 1, - date-added = {2013-04-07T23:20:30GMT+00:00}, - date-modified ={2013-04-07T23:27:49GMT+00:00}, - file = - {{Quantitative_Economics_2013_Blundell.pdf:/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2013/Blundell/Quantitative_Economics_2013_Blundell.pdf:application/pdf}}, - local-url = - {file://localhost/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2013/Blundell/Quantitative_Economics_2013_Blundell.pdf}, - rating = 0, - read = {Yes}, - uri = - {\url{papers2://publication/uuid/FC751DEE-B1A6-4446-988D-F7480C959163}}, - url = - {http://onlinelibrary.wiley.com/doi/10.3982/QE44/abstract} -} - -@INCOLLECTION{blundmac99, - author = {Blundell, Richard and MaCurdy, Thomas}, - title = {Labor supply: A review of alternative approaches}, - booktitle = {Handbook of Labor Economics}, - publisher = {Elsevier}, - year = 1999, - editor = {O. Ashenfelter and D. Card}, - volume = 3, - series = {Handbook of Labor Economics}, - chapter = 27, - pages = {1559--1695} -} - -@ARTICLE{blundell, - author = {Blundell, Richard and Pistaferri, Luigi and Preston, - Ian}, - title = {Consumption Inequality and Partial Insurance}, - journal = {Manuscript}, - year = 2008 -} - -@Article{chiuriJappelli_Homeownership, - author = {Chiuri, Maria Concetta and Jappelli, Tullio}, - title = {Financial Market Imperfections and Home Ownership: A - Comparative Study}, - journal = {European Economic Review}, - year = 2003, - volume = 47, - number = 5, - pages = {857--875}, - month = {October}, -} - - -@Article{bps:familyLaborS, - author={Richard Blundell and Luigi Pistaferri and Itay Saporta-Eksten}, - title={Consumption Inequality and Family Labor Supply}, - journal={American Economic Review}, - year=2016, - volume={106}, - number={2}, - pages={387--435}, - month={February}, - keywords={}, - doi={}, - abstract={We examine the link between wage and consumption inequality using a life-cycle model incorporating consumption and family labor supply decisions. We derive analytical expressions for the dynamics of consumption, hours, and earnings of two earners in the presence of correlated wage shocks, nonseparability, progressive taxation, and asset accumulation. The model is estimated using panel data for hours, earnings, assets, and consumption. We focus on family labor supply as an insurance mechanism and find strong evidence of smoothing of permanent wage shocks. Once family labor supply, assets, and taxes are properly accounted for there is little evidence of additional insurance. (JEL D12, D14, D91, J22, J31)}, - url={https://ideas.repec.org/a/aea/aecrev/v106y2016i2p387-435.html} -} - -@TECHREPORT{bps:familyLaborS_NBERWP, - author = {Richard Blundell and Luigi Pistaferri and Itay - Saporta-Eksten}, - title = {Consumption Inequality and Family Labor Supply}, - institution = {National Bureau of Economic Research, Inc}, - year = 2012, - type = {NBER Working Papers}, - number = 18445, - month = Oct, - abstract = {In this paper we examine the link between wage - inequality and consumption inequality using a life - cycle model that incorporates household consumption - and family labor supply decisions. We derive - analytical expressions based on approximations for - the dynamics of consumption, hours, and earnings of - two earners in the presence of correlated wage - shocks, non-separability and asset accumulation - decisions. We show how the model can be estimated - and identified using panel data for hours, earnings, - assets and consumption. We focus on the importance - of family labour supply as an insurance mechanism to - wage shocks and find strong evidence of smoothing of - males and females permanent shocks to wages. Once - family labor supply, assets and taxes are properly - accounted for their is little evidence of additional - insurance.}, - url = {http://ideas.repec.org/p/nbr/nberwo/18445.html} -} - -@ARTICLE{bpQJE, - author = {Blundell, Richard W. and Preston, Ian}, - title = {Consumption Inequality and Income Uncertainty}, - journal = {Quarterly Journal of Economics}, - year = 1998, - volume = 113, - pages = {603--640} -} - -@TECHREPORT{stressTest, - author = {{Board of Governors of the Federal Reserve System}}, - title = {The Supervisory Capital Assessment Program: Design - and Implementation}, - year = 2009, - type = {white paper}, - note = {Available at \url{ - http://www.federalreserve.gov/newsevents/press/bcreg/20090424a.htm}} -} - -@ARTICLE{bodkin:mpc, - author = {Bodkin, Ronald}, - title = {Windfall Income and Consumption}, - journal = {American Economic Review}, - year = 1959, - volume = 49, - pages = {602--614}, - number = 4, - month = {September} -} - -@ARTICLE{bcfHabits, - author = {Michele Boldrin and Lawrence J. Christiano and Jonas - D. Fisher}, - title = {Habit Persistence, Asset Returns and the Business - Cycle}, - journal = {American Economic Review}, - year = 2001, - volume = 91, - pages = {149--66}, - number = 1 -} - -@ARTICLE{bdWontTell, - author = {Bollinger, C.R. and David, M.H.}, - title = {I Didn't Tell, And I Won't Tell: Dynamic Response - Error in the SIPP}, - journal = {Journal of Applied Econometrics}, - year = 2005, - volume = 20, - pages = {563--569}, - number = 4, - publisher = {Wiley Online Library} -} - -@ARTICLE{be05, - author = {Holger Bonin and Rob Euwals}, - title = {Participation Behavior of the {E}ast {G}erman Women - after {G}erman Unification}, - journal = {Applied Economics Quarterly}, - year = 2005, - volume = 51, - number = 4 -} - -@TECHREPORT{be02, - author = {Holger Bonin and Rob Euwals}, - title = {Participation Behavior of the {E}ast {G}erman Women - after {G}erman Unification}, - institution = {William Davidson Institute}, - year = 2002, - type = {working paper}, - number = 477 -} - -@ARTICLE{bgr:stockmarket, - author = {Boone, Laurence and Giorno, Claude and Richardson, - Pete}, - title = {Stock Market Fluctuations and Consumption Behavior: - Some Recent Evidence}, - journal = {OECD Economics Department Working Paper 208}, - year = 1998 -} - -@ARTICLE{booth:taxrevs, - author = {Booth, Mark}, - title = {Projecting Federal Tax Revenues and the Effect of - Changes in Tax Law}, - journal = {Congressional Budget Office}, - year = 1998 -} - -@INPROCEEDINGS{bor96, - author = {Claudio E. V. Borio}, - title = {Credit Characteristics and the Monetary Policy - Transmission in Fourteen Industrial Countries: - Facts, Conjectures and Some Econometric Evidence}, - booktitle = {Monetary Policy in a Converging Europe}, - year = 1996, - editor = {Alders and Koos}, - pages = {77--115}, - publisher = {MIT Press} -} - -@ARTICLE{boskinInterestElasticity, - author = {Boskin, Michael J.}, - title = {Taxation, Saving, and the Rate of Interest}, - journal = {The Journal of Political Economy}, - year = 1978, - pages = {3--27}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/boskinInterestElasticity.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/boskinInterestElasticity.pdf:PDF}, - publisher = {JSTOR} -} - -@ARTICLE{BosticEtAl:2009, - author = {Bostic, Raphael and Gabriel, Stuart and Painter, - Gary}, - title = {Housing Wealth, Financial Wealth, and Consumption: - New Evidence from Micro Data}, - journal = {Regional Science and Urban Economics}, - year = 2009, - volume = 39, - pages = {79--89} -} - -@BOOK{bosworth:global, - title = {Saving and Investment in a Global Economy}, - publisher = {The Brookings Institution}, - year = 1993, - author = {Bosworth, Barry}, - address = {Washington, DC} -} - -@ARTICLE{bbsMicro, - author = {Bosworth, Barry and Burtless, Gary and Sabelhaus, - John}, - title = {The Decline in Saving: Some Microeconomic Evidence}, - journal = {Brookings Papers on Economic Activity}, - year = 1991, - volume = 22, - pages = {183--256}, - number = {1991-1}, - bdsk-url-1 = - {http://ideas.repec.org/a/bin/bpeajo/v22y1991i1991-1p183-256.html}, - url = - {http://ideas.repec.org/a/bin/bpeajo/v22y1991i1991-1p183-256.html} -} - -@ARTICLE{blGenes, - author = {Bouchard, Thomas J. and Loehlin, John C.}, - title = {Genes, Evolution, and Personality}, - journal = {Behavior Genetics}, - year = 2001, - volume = 31, - pages = {243--273}, - number = 3, - note = - {\url{http://www.springerlink.com/content/qt0138g23w8720j1/fulltext.pdf}}, - abstract = {There is abundant evidence, some of it reviewed in - this paper, that personality traits are - substantially influenced by the genes. Much remains - to be understood about how and why this is the - case. We argue that placing the behavior genetics of - personality in the context of epidemiology, - evolutionary psychology, and neighboring - psychological domains such as interests and - attitudes should help lead to new insights. We - suggest that important methodological advances, such - as measuring traits from multiple viewpoints, using - large samples, and analyzing data by modern - multivariate techniques, have already led to major - changes in our view of such perennial puzzles as the - role of “unshared environment” in personality. In - the long run, but not yet, approaches via molecular - genetics and brain physiology may also make decisive - contributions to understanding the heritability of - personality traits. We conclude that the behavior - genetics of personality is alive and flourishing but - that there remains ample scope for new growth and - that much social science research is seriously - compromised if it does not incorporate genetic - variation in its explanatory models.}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/blGenes.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/blGenes.pdf:PDF}, - publisher = {Springer}, - url = - {http://www.springerlink.com/content/qt0138g23w8720j1/fulltext.pdf} -} - -@TECHREPORT{bound89, - author = {John Bound and Charles Brown and Greg J. Duncan and - Willard L Rodgers}, - title = {Measurement Error In Cross-Sectional and - Longitudinal Labor Market Surveys: Results From Two - Validation Studies}, - institution = {National Bureau of Economic Research, Inc}, - year = 1989, - type = {NBER Working Papers}, - number = 2884 -} - -@ARTICLE{bound&jaeger&baker:disease, - author = {Bound, John and Jaeger, David A. and Baker, Regina}, - title = {The Cure Can Be Worse Than The Disease: A Cautionary - Tale Regarding Instrumental Variables}, - journal = {NBER Technical Working Paper No. 137}, - year = 1993 -} - -@ARTICLE{bound&krueger:measerr, - author = {Bound, John and Krueger, Alan B.}, - title = {The Extent of Measurement Error in Longitudinal - Earnings Data: Do Two Wrongs Make A Right?}, - journal = {Journal of Labor Economics}, - year = 1991, - volume = 9, - number = 1 -} - -@TECHREPORT{rockinst, - author = {Boyd, Donald J. and Dadayan, Lucy}, - title = {Sales Tax Decline in Late 2008 Was the Worst in 50 - Years}, - institution = {The Nelson A. Rockefeller Institute of Government}, - year = 2009, - type = {State Revenue Report}, - number = 75, - note = {Available at \url{ - http://www.rockinst.org/pdf/government_finance/state_revenue_report/2009-04-14-(75)-state_revenue_report_sales_tax_decline.pdf - }} -} - -@ARTICLE{boyd:weighted, - author = {Boyd, John H.}, - title = {A Weighted Contraction Mapping Theorem}, - journal = {Journal of Economic Theory}, - year = 1990, - volume = 6, - pages = {343--362} -} - -@ARTICLE{bcd:refinancing, - author = {Brady, Peter J. and Canner, Glenn and Maki, Dean}, - title = {The Effects of Recent Mortgage Refinancing}, - journal = {Federal Reserve Bulletin}, - year = 2000 -} - -@ARTICLE{bl98, - author = {Jason Bram and Sydney Ludvigson}, - title = {Does Consumer Confidence Forecast Household - Expenditure? A Sentiment Index Horse Race}, - journal = {FRBNY Economic Policy Review}, - year = 1998, - volume = 4, - pages = {59--77}, - number = 2 -} - -@ARTICLE{bra04, - author = {William A. Branch}, - title = {The Theory of Rationally Heterogeneous Expectations: - Evidence from Survey Data on Inflation Expectations}, - journal = {Economic Journal}, - year = 2004, - volume = 114, - pages = {592--621}, - number = 497 -} - -@ARTICLE{branchQJE:hetero, - author = {Branch, William A.}, - title = {The Theory of Rationally Heterogeneous Expectations: - Evidence from Survey Data on Inflation Expectations}, - journal = {Manuscript, Department of Economics, College of - William and Mary}, - year = 2001 -} - -@ARTICLE{bcf93, - author = {Braun, Philip A. and Constantinides, George M. and - Ferson, Wayne E.}, - title = {Time Nonseparability in Aggregate Consumption: - International Evidence}, - journal = {European Economic Review}, - year = 1993, - volume = 37, - pages = {897--920} -} - -@ARTICLE{Braun, - author = {Braun, Richard Anton and Li, Huiyu and Stachurski, - John}, - title = {Computing Densities and Expectations in Stochastic - Recursive Economies: Generalized Look-Ahead - Techniques}, - journal = {Manuscript}, - year = 2009 -} - -@MISC{BravConstantinidesGeczy:1999, - author = {Brav, Alon and Constantinides, George M. and Geczy, - Christopher C.}, - title = {Asset Pricing with Heterogeneous Consumers and - Limited Participation: Empirical Evidence}, - howpublished = {Rodney L. White Center for Financial Research - working paper}, - month = {October}, - year = 1999 -} - -@TECHREPORT{bt96, - author = {Flint Brayton and Peter Tinsley}, - title = {A Guide to FRB/US: A Macroeconomic Model of the - United States}, - institution = {Federal Reserve Board}, - year = 1996, - type = {FEDS working paper}, - number = 42 -} - -@ARTICLE{brockmirman:growth, - author = {Brock, William and Mirman, Leonard}, - title = {Optimal Economic Growth and Uncertainty: The - Discounted Case}, - journal = {Journal of Economic Theory}, - year = 1972, - volume = 4, - pages = {479--513}, - number = 3, - month = {June} -} - -@TECHREPORT{bhHousingDepression, - author = {Michael Brocker and Christopher Hanes}, - title = {The 1920s American Real Estate Boom and the Downturn - of the Great Depression: Evidence from City Cross - Sections}, - institution = {National Bureau of Economic Research}, - year = 2013, - type = {Working Paper}, - number = 18852, - month = {February}, - abstract = {In the 1929-1933 downturn of the Great Depression, - house values and homeownership rates fell more, and - mortgage foreclosure rates were higher, in cities - that had experienced relatively high rates of house - construction in the residential real-estate boom of - the mid-1920s. Across the 1920s, boom cities had - seen the biggest increases in house values and - homeownership rates. These patterns suggest that the - mid-1920s boom contributed to the depth of the Great - Depression through wealth and financial effects of - falling house values. Also, they are very similar to - cross-sectional patterns across metro areas around - 2006.}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/bhHousingDepression.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/bhHousingDepression.pdf:PDF}, - series = {Working Paper Series}, - url = {http://www.nber.org/papers/w18852} -} - -@article{brodaParker:stimulus2008, - author = {Broda, Christian and Parker, Jonathan A.}, - journal = {Journal of Monetary Economics}, - number = {S}, - pages = {20--36}, - title = {The Economic Stimulus Payments of 2008 and the - Aggregate Demand for Consumption}, - volume = {68}, - year = {2014}, -} - -@article{bpStim, - author = {Christian Broda and Jonathan A. Parker}, - title = {The Economic Stimulus Payments of 2008 and the - Aggregate Demand for Consumption}, - journal = {Journal of Monetary Economics}, - year = {2014}, - volume = {68}, - pages = {S20--S36}, -} - -@UNPUBLISHED{br2009, - author = {Christian Broda and John Romalis}, - title = {The Welfare Implications of Rising Price Dispersion}, - note = {Manuscript, University of Chicago}, - month = {July}, - year = {2009} -} - -@ARTICLE{brown&light:tenure, - author = {Brown, James N. and Light, Audrey}, - title = {Interpreting Panel Data on Job Tenure}, - journal = {Journal of Labor Economics}, - year = 1992, - volume = 10, - pages = {219--257}, - number = 3 -} - -@TECHREPORT{BrownEtAl:2010, - author = {Brown, Meta and Haughwout, Andrew and Lee, Donghoon - and van der Klaau, Wilbert}, - title = {The Financial Crisis at the Kitchen Table: Trends in - Household Debt and Credi}, - institution = {Federal Reserve Bank of New York}, - year = 2010, - type = {Staff Reports}, - number = 480, - month = {December} -} - -@ARTICLE{browning&crossley:lifecycle, - author = {Browning, Martin and Crossley, Thomas F.}, - title = {The Life-Cycle Model of Consumption and Savings}, - journal = {Journal of Economic Perspectives}, - year = 2001, - volume = 15, - pages = {3--22}, - number = 3 -} - -@ARTICLE{blImputing, - author = {Browning, Martin and Leth-Petersen, Søren}, - title = {Imputing Consumption from Income and Wealth - Information}, - journal = {The Economic Journal}, - year = 2003, - volume = 113, - pages = {pp. F282-F301}, - number = 488, - abstract = {We investigate the feasibility of deriving a measure - of total expenditure at the household level from - administrative micro-data on income and wealth. We - use Danish administrative data that provides - measures of disposable income and the holding of - different assets at the end of the year. The ability - to link the households in the 1994-6 Danish - Expenditure Survey to their administrative data for - the years around the survey year offers a unique - possibility for constructing a measure of total - expenditure and of checking directly on the - reliability of the imputation. The results are - promising.}, - copyright = {Copyright © 2003 Royal Economic Society}, - issn = 00130133, - jstor_articletype ={research-article}, - jstor_formatteddate ={Jun., 2003}, - jstor_issuetitle ={Features}, - language = {English}, - publisher = {Wiley on behalf of the Royal Economic Society}, - url = {http://www.jstor.org/stable/3590202} -} - -@INCOLLECTION{bhh:micromacro, - author = {Browning, Martin J. and Hansen, Lars P. and Heckman, - James J.}, - title = {Micro Data and General Equilibrium Models}, - booktitle = {Handbook of Macroeconomics}, - publisher = {North Holland}, - year = 1999, - editor = {Taylor, John and Woodford, Michael} -} - -@ARTICLE{browning&lusardi:jel, - author = {Browning, Martin J. and Lusardi, Annamaria}, - title = {Household Saving: Micro Theories and Micro Facts}, - journal = {Journal of Economic Literature}, - year = 1996, - volume = 34, - pages = {1797--855}, - number = 4 -} - -@ARTICLE{browning&burbridge:captax, - author = {{Browning, Martin} and {J. Burbridge}}, - title = {Consumption and Income Taxation}, - journal = {Oxford Economic Papers}, - year = 1990, - volume = 42, - pages = {281--292}, - number = 1 -} - -@INCOLLECTION{brownlee:historical, - author = {Brownlee, W. Elliot}, - title = {Historical Perspectives on U.S. Tax Policy Toward - the Rich}, - booktitle = {Does Atlas Shrug? The Economic Consequences of - Taxing the Rich}, - publisher = {Harvard University Press}, - year = 2000, - editor = {Slemrod, Joel B.} -} - -@ARTICLE{bryan&gavin:inflsurv, - author = {Bryan, Michael F. and Gavin, William T.}, - title = {Models of Inflation Expectations Formation: A - Comparison of Household and Economist Forecasts}, - journal = {Journal of Money, Credit, and Banking}, - year = 1986, - volume = 18, - pages = {539--43}, - month = {November} -} - -@ARTICLE{bg97, - author = {Robert M. Buckley and Eugene N. Gurenko}, - title = {Housing and Income Distribution in Russia: Zhivago's - Legacy}, - journal = {The World Bank Research Observer}, - year = 1997, - volume = 12, - pages = {19--32}, - number = 1 -} - -@MISC{bull:opttax, - author = {Bull, Nicholas}, - title = {When All the Optimal Dynamic Taxes are Zero}, - howpublished = {Board of Governors of the Federal Reserve System - Economic Activity Section Working Paper Series - \#137}, - year = 1993 -} - -@PHDTHESIS{bull:thesis, - author = {Bull, Nicholas}, - title = {Optimal Taxation in an Endogenous Growth Model with - Human Capital}, - school = {University of Minnesota}, - year = 1992 -} - -@BOOK{BLS2009, - title = {2008 Consumer Expenditure Interview Survey Public - Use Microdata User's Documentation}, - publisher = {Division of Consumer Expenditure Surveys, BLS, - U.S. Department of Labor}, - year = 2009, - author = {{Bureau~of~Labor~Statistics}}, - month = {October 15} -} - -@MISC{blsGemini, - author = {{Bureau{~}of{~}Labor{~}Statistics}}, - title = {Consumer Expenditure Survey (CE) Gemini Project}, - year = 2011, - bdsk-url-1 = {http://www.bls.gov/cex/geminiproject.htm}, - url = {http://www.bls.gov/cex/geminiproject.htm} -} - -@TECHREPORT{bea06, - author = {{Bureau of Economic Analysis}}, - title = {Updated Summary NIPA Methodologies}, - year = 2006, - type = {{Survey of Current Business, November}}, - note = {available at - {\url{http://www.bea.gov/scb/pdf/2006/11November/1106_nipa_method.pdf}}} -} - -@ARTICLE{byrne&davis:wealtheffects, - author = {Byrne, Joseph and Davis, Phillip}, - title = {Disaggregate Wealth and Aggregate Consumption: An - Investigation of Empirical Relationships for the G7}, - journal = {Manuscript, Brunel University}, - year = 2001 -} - -@ARTICLE{caballero&engel&haltiwanger:agginvdyn, - author = {Caballero, Ricardo and Engel, Eduardo and - Haltiwanger, John}, - title = {Plant-Level Adjustment and Aggregate Investment - Dynamics}, - journal = {Brookings Papers on Economic Activity, 1995:2}, - year = 1995, - pages = {1--39} -} - -@ARTICLE{caballero:slow, - author = {Caballero, Ricardo J.}, - title = {Durable Goods: An Explanation for Their Slow - Adjustment}, - journal = {Journal of Political Economy}, - year = 1993, - volume = 101, - pages = {351--384}, - number = 2 -} - -@ARTICLE{caballero:aer, - author = {Caballero, Ricardo J.}, - title = {Earnings Uncertainty and Aggregate Wealth - Accumulation}, - journal = {American Economic Review}, - year = 1991, - volume = 81, - pages = {859--871} -} - -@Article{caballero:jme, - Title = {Consumption Puzzles and Precautionary Savings}, - Author = {Caballero, Ricardo J.}, - Journal = {Journal of Monetary Economics}, - Year = 1990, - Note = - {\url{http://ideas.repec.org/p/clu/wpaper/1988_05.html}}, - Pages = {113-136}, - Volume = 25, - Owner = {Nic Johnson}, - Url = - {http://ideas.repec.org/a/eee/moneco/v25y1990i1p113-136.html} -} - -@ARTICLE{caballero&engel:dynamics, - author = {Caballero, Ricardo J. and Engel, Eduardo M. R. A.}, - title = {Explaining Investment Dynamics in - U.S. Manufacturing: A Generalized (S,s) Approach}, - journal = {NBER Working Paper No. 4887}, - year = 1994 -} - -@ARTICLE{cfg:globimbalances, - author = {Caballero, Ricardo J. and Farhi, Emmanuel and - Gourinchas, Pierre-Olivier}, - title = {An Equilibrium Model of {"}Global Imbalances{"} and - Low Interest Rates}, - journal = {American Economic Review}, - year = 2008, - volume = 98, - pages = {358--388}, - number = 1 -} - -@ARTICLE{cagettiInterestElasticity, - author = {Cagetti, Marco}, - title = {Interest Elasticity in a Life-Cycle Model with - Precautionary Savings}, - journal = {The American Economic Review}, - year = 2001, - volume = 91, - pages = {pp.418--421}, - number = 2, - copyright = {Copyright © 2001 American Economic Association}, - issn = 00028282, - jstor_articletype ={research-article}, - jstor_formatteddate ={May, 2001}, - jstor_issuetitle ={Papers and Proceedings of the Hundred Thirteenth - Annual Meeting of the American Economic Association}, - language = {English}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/2677800} -} - -@ARTICLE{cjStableEfficient, - author = {Cai, Y. and Judd, Kenneth L.}, - title = {Stable and Efficient Computational Methods for - Dynamic Programming}, - journal = {Journal of the European Economic Association}, - year = 2010, - volume = 8, - pages = {626--634}, - number = {2-3}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/cjStableEfficient.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/stableEfficient.pdf:PDF}, - publisher = {Wiley Online Library} -} - -@ARTICLE{calvoPrices, - author = {Calvo, Guillermo A.}, - title = {Staggered Contracts in a Utility-Maximizing - Framework}, - journal = {Journal of Monetary Economics}, - year = 1983, - volume = 12, - pages = {383--98}, - number = 3 -} - -@INCOLLECTION{camererMindful, - author = {Camerer, Colin}, - title = {The Case for Mindful Economics}, - booktitle = {The Foundations of Positive and Normative Economics: - A Handbook}, - publisher = {Oxford University Press, USA}, - year = 2010, - series = {The Handbooks in Economic Methodologies}, - note = - {\url{http://www2.e.u-tokyo.ac.jp/cemano/research/DRSS/documents/microCOE0806.pdf}}, - editors = {Caplin, A. and Schotter, A.}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/camererMindful.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/camererMindful.pdf:PDF}, - isbn = 9780199744855, - lccn = 2009049206, - url = - {http://www2.e.u-tokyo.ac.jp/cemano/research/DRSS/documents/microCOE0806.pdf} -} - -@ARTICLE{chDebt, - author = {Campbell, Jeffrey R. and Hercowitz, Zvi}, - title = {Welfare Implications of the Transition to High - Household Debt}, - journal = {Journal of Monetary Economics}, - year = 2009, - volume = 56, - pages = {1--16}, - number = 1, - month = {January}, - url = - {http://ideas.repec.org/a/eee/moneco/v56y2009i1p1-16.html} -} - -@TECHREPORT{campbellMechanism, - author = {Campbell, John Y.}, - title = {Inspecting the Mechanism: An Analytical Approach to - the Stochastic Growth Model}, - institution = {National Bureau of Economic Research, Inc}, - year = 1992, - type = {NBER Working Papers}, - number = 4188, - month = Oct, - bdsk-url-1 = {http://ideas.repec.org/p/nbr/nberwo/4188.html}, - url = {http://ideas.repec.org/p/nbr/nberwo/4188.html} -} - - -@ARTICLE{campbellRainyDay, - author = {Campbell, John Y.}, - title = {Does Saving Anticipate Declining Labor Income? An - Alternative Test of the Permanent Income Hypothesis}, - journal = {Econometrica}, - year = 1987, - volume = 55, - pages = {1249--73}, - note = {\\ \url{http://www.jstor.org/stable/1913556}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/campbellRainyDay.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/campbellRainyDay.pdf:PDF}, - url = {http://www.jstor.org/stable/1913556} -} - -@ARTICLE{cc99, - author = {John Y. Campbell and John H. Cochrane}, - title = {By Force of Habit: A Consumption-Based Explanation - of Aggregate Stock Market Behavior}, - journal = {Journal of Political Economy}, - year = 1999, - volume = 107, - pages = {205--51}, - number = 2 -} - -@INCOLLECTION{Campbell/Makiw:1989, - author = {Campbell, John Y. and Mankiw, Gregory N.}, - title = {Consumption, Income and Interest Rates: - Reinterpreting the Time Series Evidence}, - booktitle = {NBER macroeconomics annual}, - publisher = {MIT Press}, - year = 1989, - editor = {Blanchard, Olivier Jean and Fischer, Stanley}, - pages = {185--216}, - address = {Cambridge, MA} -} - -@INPROCEEDINGS{cmRuleOfThumb, - author = {John Y. Campbell and N. Gregory Mankiw}, - title = {Consumption, Income and Interest Rates: - Reinterpreting the Time Series Evidence}, - booktitle = {NBER Macroeconomics Annual}, - year = 1989, - editor = {Olivier J. Blanchard and Stanley Fischer}, - address = {Cambridge, MA}, - publisher = {MIT Press} -} - -@InCollection{cmModel, - Title = {Consumption, Income, and Interest Rates: - Reinterpreting the Time-Series Evidence}, - Author = {Campbell, John Y. and Mankiw, N. Gregory}, - Booktitle = {NBER Macroeconomics Annual, 1989}, - Publisher = {MIT Press}, - Year = 1989, - Address = {Cambridge, MA}, - Editor = {Blanchard, Olivier J. and Fischer, Stanley}, - Note = {\url{http://www.nber.org/papers/w2924.pdf}}, - Pages = {185--216}, - Owner = {Nic Johnson}, - Url = {http://www.nber.org/papers/w2924.pdf} -} - -@ARTICLE{cmRuleOfThumbIntl, - author = {Campbell, John Y. and Mankiw, N. Gregory}, - title = {The Response of Consumption to Income: A - Cross-Country Investigation}, - journal = {European Economic Review}, - year = 1991, - volume = 35, - number = 4, - pages = {723--67} -} - -@ARTICLE{campbell&shiller:longrun, - author = {Campbell, John Y. and Shiller, Robert J.}, - title = {Valuation Ratios and the Long-Run Stock Market - Outlook}, - journal = {Journal of Portfolio Management}, - year = 1998, - volume = 24, - pages = {11--26} -} - -@BOOK{cvAppendix, - title = {Appendix to `Strategic Asset Allocation: Portfolio - Choice for Long-Term Investors'}, - publisher = {Oxford University Press, USA}, - year = 2002, - author = {Campbell, John Y. and Viceira, Luis M.}, - note = {Available on 2011/01/22 at - \href{http://kuznets.fas.harvard.edu/~campbell/papers/bookapp.pdf}{\texttt{h% - ttp://kuznets.fas.harvard.edu/$\sim$campbell/papers/bookapp.pdf}}}, - bdsk-url-1 = - {http://kuznets.fas.harvard.edu/~campbell/papers/%20bookapp.pdf}, - isbn = 0198296940, - url = {http://kuznets.fas.harvard.edu/~campbell/papers/ - bookapp.pdf} -} - -@ARTICLE{campbell&cochrane:force, - author = {{Campbell, John Y.} and Cochrane, John H.}, - title = {By Force of Habit: A Consumption-Based Explanation - of Aggregate Stock Market Behavior}, - journal = {Journal of Political Economy}, - year = 1999, - volume = 107, - pages = {205--251}, - number = 2, - month = {April} -} - -@ARTICLE{cdp:refinancing, - author = {Canner, Glenn and Dynan, Karen and Passmore, Wayne}, - title = {Mortgage Refinancing in 2001 and Early 2002}, - journal = {Federal Reserve Bulletin}, - year = 2002, - volume = 88, - pages = {469--481S} -} - -@ARTICLE{caplin:aggdemand, - author = {Capli, Andrew S.}, - title = {The Variability of Aggregate Demand With (S,s) - Inventory Policies}, - journal = {Econometrica}, - year = 1985, - volume = 53, - pages = {1395--1409}, - number = 6 -} - -@ARTICLE{caplin&leahy:socialdiscount, - author = {Caplin, Andrew and Leahy, John}, - title = {The Social Discount Rate}, - journal = {Manuscript, Boston University}, - year = 1999 -} - -@ARTICLE{caplin&leahy:durables, - author = {Caplin, Andrew and Leahy, John}, - title = {Durable Goods Cycles}, - journal = {Manuscript, Boston University}, - year = 1997 -} - -@INCOLLECTION{CardarelliEtAl:2008, - author = {Cardarelli, Roberto and Igan, Deniz and Rebucci, - Alessandro}, - title = {The Changing Housing Cycle and the Implications for - Monetary Policy}, - booktitle = {World Economic Outlook}, - publisher = {Washington: International Monetary Fund}, - year = 2008, - chapter = 3 -} - -@TECHREPORT{cir08, - author = {Roberto Cardarelli and Deniz Igan and Alessandro - Rebucci}, - title = {The Changing Housing Cycle and the Implications for - Monetary Policy}, - institution = {International Monetary Fund, April}, - year = 2008, - type = {{World Economic Outlook, 103--133}} -} - -@ARTICLE{cll05, - author = {Raquel Carrasco and Jos{\'}{e} M. Labeaga and - J. David L{\'}{o}pez-Salido}, - title = {Consumption and Habits: Evidence from Panel Data}, - journal = {Economic Journal}, - year = 2005, - volume = 115, - pages = {144--165}, - number = 500 -} - -@ARTICLE{cll:habits, - author = {Carrasco, Raquel and Labeaga, Jos\`{e} M. and - L\`opez-Salido, J. David}, - title = {Consumption and Habits: Evidence from Panel Data}, - journal = {Economic Journal}, - year = 2005, - volume = 115, - pages = {144--165}, - number = 500, - note = {available at \url{http://ideas.repec.org/a/ecj/econjl/v115y2005i500p144-165.html}} -} - -@ARTICLE{carrington:wagelosses, - author = {Carrington, William J.}, - title = {Wage Losses for Displaced Workers}, - journal = {Journal of Human Resources}, - year = 1993, - volume = {XXVIII}, - pages = {435--62}, - number = 3 -} - -@ARTICLE{socialBufferStock, - author = {Carroll, Christopher}, - title = {Social Learning and Buffer Stock Saving}, - journal = {Ongoing research project}, - year = 2008 -} - -@BOOK{ccsCE, - title = {Improving the Measurement of Household Expenditures}, - publisher = {University of Chicago Press}, - year = {Forthcoming (2014)}, - author = {Christopher Carroll and Thomas Crossley and John - Sabelhaus}, - institution = {National Bureau of Economic Research}, - type = {Book}, -} - -@INCOLLECTION{carroll:epidemicinflSFI, - author = {Carroll, Christopher D.}, - title = {The {E}pidemiology of {M}acroeconomic - {E}xpectations}, - booktitle = {The Economy as an Evolving Complex System, III}, - publisher = {Oxford University Press}, - year = 2006, - editor = {Blume, Larry and Durlauf, Steven}, - note = {\href{https://www.econ2.jhu.edu/people/ccarroll/epidemiologySFI.pdf}{[PDF]},\href{https://www.econ2.jhu.edu/people/ccarroll/Epidemiology.zip}{[Code]}}, - url = {https://www.econ2.jhu.edu/people/ccarroll/epidemiologySFI.pdf} -} - -@INPROCEEDINGS{discussgw, - author = {Carroll, Christopher D.}, - title = {Discussion of `Macroeconomic Derivatives: An Initial - Analysis of Market-Based Macro Forecasts, - Uncertainty, and Risk' by Gurkaynak and Wolfers}, - booktitle = {NBER International Seminar on Macroeconomics}, - year = 2005, - editor = {Frankel, Jeffrey B.}, - publisher = {MIT Press}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/discuss/ISOM/gw/2005-06.zip}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/discuss/ISOM/gw/2005-06.zip}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/discuss/ISOM/gw/2005-06.zip} -} - -@INPROCEEDINGS{cdc:discussdk, - author = {Carroll, Christopher D.}, - title = {Discussion of `{T}he {R}ise in {U}.{S}.\ {H}ousehold - {I}ndebtedness: {C}auses and {C}onsequences'}, - booktitle = {Financial Stability and the Economic System - (Proceedings of a Conference at the Reserve Bank of - Australia, August 22, 2007)}, - year = 2007, - editor = {Kent, Christopher}, - note = - {\url{http://www.rba.gov.au/PublicationsAndResearch/Conferences/2007/Dynan_Kohn_disc.pdf}}, - bdsk-url-1 = - {http://www.rba.gov.au/PublicationsAndResearch/Conferences/2007/Dynan_Kohn_disc.pdf}, - url = - {http://www.rba.gov.au/PublicationsAndResearch/Conferences/2007/Dynan_Kohn_disc.pdf} -} - -@INPROCEEDINGS{msClunkersDiscuss, - author = {Carroll, Christopher D.}, - title = {Discussion of ``The Effects of Fiscal Stimulus: - Evidence from the 2009 `Cash for Clunkers' - Program''}, - booktitle = {Monetary Economics Meetings, Fall 2010}, - year = 2010, - editor = {Romer, David and Shapiro, Matthew}, - institution = {National Bureau of Economic Research}, - type = {Discussion} -} - -@ARTICLE{When-FHWC-Holds, - author = {Carroll, Christopher D.}, - year = {Ongoing}, - title = {Mathematica Notebook Illustrating Target Wealth In Cases Where FHWC-TBS Fails}, - journal = {./Code/Mathematica/Examples/ManipulateParameters/When-FHWC-Holds.nb}, - url = {https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/consumption/TractableBufferStock.zip}, - note = {Download \href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/consumption/TractableBufferStock.zip}{archive} and open Mathematica notebook} -} - -@ARTICLE{CRRA-RateRisk, - author = {Carroll, Christopher D.}, - title = {The Merton-Samuelson Model}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/assetpricing/CRRA-RateRisk/}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/AssetPricing/CRRA-RateRisk/} -} - -@INPROGRESS{carroll:learning, - author = {Carroll, Christopher D.}, - title = {Learning About Intertemporal Choice}, - year = {ongoing}, - journal = {Work in Progress} -} - -@INPROGRESS{carroll:stickycons, - author = {Carroll, Christopher D.}, - title = {Sluggish Consumption and Sticky Expectations}, - year = {ongoing}, - journal = {Work in Progress} -} - -@article{RepresentingWithoutRA-0-CFS, - author={Carroll, Christopher D.}, - title={Representing Consumption and Saving Without a Representative Consumer}, - year=2014, - institution={Center for Financial Studies (CFS)}, - journal={CFS Working Paper Series}, - url={http://ideas.repec.org/p/zbw/cfswop/464.html}, - note={At \url{http://ideas.repec.org/p/zbw/cfswop/464.html}}, - volume={464}, - abstract={The Great Recession confirmed a bedrock principle of modern consumption theory: It is impossible to explain aggregate spending behavior without knowledge of the underlying microeconomic distribution of circumstances and choices across households. National accounting frameworks therefore need to be augmented by \"bottom up\" measures that both (a) capture the microeconomic heterogeneity (in expenditures, income, assets, debt, and beliefs) in the population and (b) sum up to statistics that have a recognizable relationship to the aggregate totals that are already reasonably well measured.}, - keywords={National Accounting; Inequality; Distribution}, -} - -@INCOLLECTION{RepresentingWithoutRA, - author = {Christopher D. Carroll}, - title = {Representing Consumption and Saving Without a - Representative Consumer}, - booktitle = {Measuring Economic Sustainability and Progress}, - publisher = {University of Chicago Press}, - year = 2014, - series = {NBER-CRIW Studies in Income and Wealth}, - note = {At \url{https://www.econ2.jhu.edu/people/ccarroll/papers/RepresentingWithoutRA/}}, - editors = {Dale W.\ Jorgenson and J.\ Steven Landefeld and Paul - Schreyer}, - url = {http://ideas.repec.org/h/nbr/nberch/12824.html}, - abstract={The Great Recession confirmed a bedrock principle of modern consumption theory: It is impossible to explain aggregate spending behavior without knowledge of the underlying microeconomic distribution of circumstances and choices across households. National accounting frameworks therefore need to be augmented by \"bottom up\" measures that both (a) capture the microeconomic heterogeneity (in expenditures, income, assets, debt, and beliefs) in the population and (b) sum up to statistics that have a recognizable relationship to the aggregate totals that are already reasonably well measured.}, -} - -@MISC{MathFacts, - author = {Carroll, Christopher D.}, - title = {Math Facts Useful for Graduate Macroeconomics}, - howpublished = {Online Lecture Notes}, - year = {Current}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/mathfacts/}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/mathfacts/} -} - -@ARTICLE{carroll:nexus, - author = {Carroll, Christopher D.}, - title = {Habits, Precautionary Saving, and the Growth-Saving Nexus}, - journal = {Unpublished Manuscript, Johns Hopkins University}, - year = {{{2000} } - -@article{carroll:nexusinprogress -}} -} - -@ARTICLE{W-Hetero-Fed, - author = {Christopher D. Carroll}, - title = {Implications of Wealth Heterogeneity For - Macroeconomics}, - journal = {Johns Hopkins University Department of Economics - Working Paper Number 597}, - year = 2012, - month = {May}, - note = {Paper for Academic Consultants' Meeting, Board of - Governors of the Federal Reserve System, available - at - \url{https://www.econ2.jhu.edu/people/ccarroll/papers/W-Hetero-Fed.pdf}}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/W-Hetero-Fed.pdf} -} - -@Article{carrollBSTheory, - Title = {Theoretical {F}oundations of {B}uffer {S}tock {S}aving}, - Author = {Carroll, Christopher}, - Journal = {Manuscript, Department of Economics, Johns Hopkins University}, - Year = 2016, - Note = {Available at \url{https://econ-ark.github.io/BufferStockTheory}}, - Url = {https://econ-ark.github.io/BufferStockTheory.pdf}, - status = {Under Revision} -} - -@article{BufferStockTheory, - author = {Christopher D. Carroll}, - journal = {Forthcoming, \emph{Quantitative Economics}}, - note = {Available at \url{https://econ-ark.github.io/BufferStockTheory}}, - title = {Theoretical Foundations of Buffer Stock Saving}, - year = {2020}, - url = {https://econ-ark.github.io/BufferStockTheory.pdf}, -} - -@ARTICLE{carroll:bstheoryNBERWP, - author = {Carroll, Christopher D.}, - title = {Theoretical {F}oundations of {B}uffer {S}tock - {S}aving}, - journal = {NBER Working Paper No.\ 10867}, - year = 2004, - month = {November} -} - -@ARTICLE{carroll:bstheorynourl, - author = {Carroll, Christopher D.}, - title = {Theoretical {F}oundations of {B}uffer {S}tock - {S}aving}, - journal = {Manuscript, Johns Hopkins University}, - year = 2004 -} - -@ARTICLE{carroll:bstheory, - author = {Carroll, Christopher D.}, - title = {Theoretical {F}oundations of {B}uffer {S}tock - {S}aving}, - journal = {NBER Working Paper No. 10867 (Status: Revise and - Resubmit, {\em Quantitative Economics}, 2014)}, - year = 2004, - month = {November}, - note = {Latest version available at - {\url{https://www.econ2.jhu.edu/people/ccarroll/BufferStockTheory.pdf}}} -} - -@ARTICLE{SolvingMicroDSOPs, - author = {Carroll, Christopher D.}, - title = {Solving Microeconomic Dynamic Stochastic - Optimization Problems}, - journal = {Archive, Johns Hopkins University}, - year = 2014, - url = - {https://www.econ2.jhu.edu/people/ccarroll/SolvingMicroDSOPs/}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/SolvingMicroDSOPs/}} -} - -@ARTICLE{carroll:mpcperm, - author = {Carroll, Christopher D.}, - title = {Precautionary Saving and the Marginal Propensity to - Consume Out of Permanent Income}, - journal = {Journal of Monetary Economics}, - year = 2009, - volume = 56, - pages = {780--790}, - number = 6, - month = {September}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/MPCPerm}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/papers/MPCPerm.pdf}, - bdsk-url-2 = {http://dx.doi.org/10.1016/j.jmoneco.2009.06.016}, - doi = {http://dx.doi.org/10.1016/j.jmoneco.2009.06.016}, - publisher = {Elsevier}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/MPCPerm.pdf} -} - -@TECHREPORT{carrollTractable, - author = {Carroll, Christopher D.}, - title = {Lecture Notes: A Tractable Model of Buffer Stock - Saving}, - institution = {Johns Hopkins University}, - year = 2016, - note = {At - {\url{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/consumption}}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/consumption/TractableBufferStock.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/consumption/TractableBufferStock.pdf} -} - -@ARTICLE{TractableBufferStock, - author = {Carroll, Christopher D.}, - title = {A Tractable Model of Buffer Stock Saving}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/TractableBufferStock.pdf}, - year = 2009, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/TractableBufferStock.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/TractableBufferStock.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/TractableBufferStock.pdf} -} - -@Article{carrollIrrational, - Title = {Recent Stock Declines: Panic or the Purge of - `Irrational Exuberance'?}, - Author = {Carroll, Christopher D.}, - Journal = {The Economists' Voice}, - Year = 2008, - Note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/opinion/CampbellShillerReduxFinal.pdf}}, - Volume = 5, - Doi = {10.2202/1553-3832.1462}, - Owner = {Nic Johnson}, - Url = - {https://www.econ2.jhu.edu/people/ccarroll/opinion/CampbellShillerReduxFinal.pdf} -} - -@INCOLLECTION{carroll:consumption, - author = {Carroll, Christopher D.}, - title = {Consumption}, - booktitle = {Encyclopedia Brittanica}, - year = 2007 -} - -@ARTICLE{CARAModelWithYRisk, - author = {Carroll, Christopher D.}, - title = {The CARA Model With Income Risk}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/CARAModelWithY% - Risk.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/CARAModelWithYRisk.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/CARAModelWithYRisk.pdf} -} - -@ARTICLE{ConsAndLaborSupply, - author = {Carroll, Christopher D.}, - title = {Consumption and Labor Supply}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/ConsAndLaborSu% - pply.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/ConsAndLaborSupply.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/ConsAndLaborSupply.pdf} -} - -@ARTICLE{Durables, - author = {Carroll, Christopher D.}, - title = {Spending on Durable and Nondurable Goods}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/Durables.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/Durables.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/Durables.pdf} -} - -@ARTICLE{Envelope, - author = {Carroll, Christopher D.}, - title = {The Envelope Theorem and the Euler Equation}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/envelope.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/envelope.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/envelope.pdf} -} - -@ARTICLE{GenAcctsAndGov, - author = {Carroll, Christopher D.}, - title = {Generational Accounts and the Government Budget - Constraint}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/GenAcctsAndGov% - .pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/GenAcctsAndGov.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/GenAcctsAndGov.pdf} -} - -@ARTICLE{Habits, - author = {Carroll, Christopher D.}, - title = {Consumption Models with Habit Formation}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/Habits.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/Habits.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/Habits.pdf} -} - -@ARTICLE{Laibson, - author = {Carroll, Christopher D.}, - title = {Time Inconsistency {\it a la} Laibson}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/Laibson.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/Laibson.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/Laibson.pdf} -} - -@ARTICLE{OLGModel, - author = {Carroll, Christopher D.}, - title = {The Diamond Overlapping Generations Model}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/OLGModel.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/OLGModel.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/OLGModel.pdf} -} - -@ARTICLE{PerfForesightCRRA, - author = {Carroll, Christopher D.}, - title = {The Perfect Foresight CRRA Consumption Model}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/PerfForesightC% - RRA.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/PerfForesightCRRA.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/PerfForesightCRRA.pdf} -} - -@ARTICLE{RiskAndPSPremia, - author = {Carroll, Christopher D.}, - title = {Risk and Precautionary Premia}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/RiskAndPSPRemi% - a.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/RiskAndPSPRemia.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/RiskAndPSPRemia.pdf} -} - -@ARTICLE{SocSecAndKAccum, - author = {Carroll, Christopher D.}, - title = {Social Security and Capital Accumulation}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/SocSecAndKAccu% - m.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/SocSecAndKAccum.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/SocSecAndKAccum.pdf} -} - -@ARTICLE{carrollEGMNBER, - author = {Carroll, Christopher D.}, - title = {The {M}ethod of {E}ndogenous {G}ridpoints for - {S}olving {D}ynamic {S}tochastic {O}ptimization - {P}roblems}, - journal = {National Bureau of Economic Research Technical - Working Paper No. 309}, - year = 2005, - month = {June}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/EndogenousGridpoints.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/EndogenousGridpoints.pdf} -} - -@TECHREPORT{car04, - author = {Christopher D. Carroll}, - title = {Housing Wealth and Consumption Expenditure}, - institution = {Johns Hopkins University}, - journal = {Paper for Presentation at Academic Consultants' Meeting at the Board of Governors of the Federal Reserve System}, - year = 2004, - type = {mimeo} -} - -@TECHREPORT{car04b, - author = {Carroll, Christopher D.}, - title = {Theoretical Foundations of Buffer Stock Saving}, - institution = {NBER}, - year = 2004, - type = {working paper}, - number = 10867 -} - -@ARTICLE{carroll:fedwealth, - author = {Carroll, Christopher D.}, - title = {Housing Wealth and Consumption Expenditure}, - journal = {Paper Prepared for Briefing of Board of Governors of - the Federal Reserve System}, - year = 2004, - month = {January}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/papers/FedHouseWealthv2.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/FedHouseWealthv2.pdf} -} - -@ARTICLE{Carroll2004, - author = {Carroll, Christopher D.}, - title = {Housing Wealth and Consumption Expenditure}, - journal = {Paper Prepared for Academic Consultants Meeting of - Federal Reserve Board, January 2004}, - year = 2004, - note = {At - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/FedHouseWealthv2.pdf}}}, - institution = {Johns Hopkins University} -} - -@ARTICLE{carroll:macroexpectjhu, - author = {Carroll, Christopher D.}, - title = {Macroeconomic {E}xpectations of {H}ouseholds and - {P}rofessional {F}orecasters}, - journal = {Johns Hopkins University Department of Economics - Working Papers Number 477}, - year = 2002, - month = {December} -} - -@INCOLLECTION{carroll:richportfolios, - author = {Carroll, Christopher D.}, - title = {Portfolios of the Rich}, - booktitle = {Household Portfolios: Theory and Evidence}, - publisher = {MIT Press}, - year = 2002, - address = {Cambridge, MA}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/richportfolios.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/richportfolios.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/richportfolios.pdf} -} - -@ARTICLE{carroll:atheorynberwp, - author = {Carroll, Christopher D.}, - title = {A Theory of the Consumption Function, With and - Without Liquidity Constraints (Expanded Version)}, - journal = {NBER Working Paper Number W8387}, - year = 2001, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/ATheoryv3NBER.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/ATheoryv3NBER.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/ATheoryv3NBER.pdf} -} - -@ARTICLE{carroll:death, - author = {Carroll, Christopher D.}, - title = {Death to the {L}og-{L}inearized {C}onsumption - {E}uler {E}quation! ({A}nd {V}ery {P}oor {H}ealth - to the {S}econd-{O}rder Approximation)}, - journal = {Advances in Macroeconomics}, - year = 2001, - volume = 1, - pages = {Article 6}, - number = 1, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/death.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/death.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/death.pdf} -} - -@ARTICLE{carroll:deathbepress, - author = {Carroll, Christopher D.}, - title = {Death to the Log-Linearized Consumption Euler - Equation! (And Very Poor Health to the Second-Order - Approximation)}, - journal = {Advances in Macroeconomics}, - year = 2001, - volume = 1, - pages = {Article 6}, - number = 1, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/death.pdf}, - url = {\url{https://www.econ2.jhu.edu/people/ccarroll/death.pdf}} -} - -@ARTICLE{carroll:mpcpermNBER, - author = {Carroll, Christopher D.}, - title = {Precautionary Saving and the Marginal Propensity to - Consume Out of Permanent Income}, - journal = {NBER Working Paper Number W8233}, - year = 2001, - month = {April}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/MPCPermBigNBER.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/MPCPermBigNBER.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/MPCPermBigNBER.pdf} -} - -@INCOLLECTION{carroll:richportfoliosNBERWP, - author = {Carroll, Christopher D.}, - title = {{P}ortfolios of the {R}ich}, - booktitle = {NBER Working Paper No.\ 7826}, - year = 2001, - month = {August} -} - -@ARTICLE{carroll:RiskyHabits, - author = {Carroll, Christopher D.}, - title = {`{R}isky {H}abits' and the {M}arginal {P}ropsensity - to {C}onsume {O}ut of {P}ermanent {I}ncome}, - journal = {International Economic Journal}, - year = 2000, - volume = 14, - pages = {1--41}, - number = 4, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/riskyhabits.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/riskyhabits.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/riskyhabits.pdf} -} - -@ARTICLE{carroll:RiskyHabitsNBERWP, - author = {Carroll, Christopher D.}, - title = {`{R}isky {H}abits' and the {M}arginal {P}ropsensity - to {C}onsume {O}ut of {P}ermanent {I}ncome}, - journal = {NBER Working Paper No. 7839}, - year = 2000 -} - -@ARTICLE{carroll:solvinghabits, - author = {Carroll, Christopher D.}, - title = {Solving Consumption Models with Multiplicative - Habits}, - journal = {Economics Letters}, - year = 2000, - volume = 68, - pages = {67--77}, - number = 1, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/HabitsEconLett.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/HabitsEconLett.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/HabitsEconLett.pdf} -} - -@ARTICLE{carroll:habitstheoryshort, - author = {Carroll, Christopher D.}, - title = {Solving Models with Multiplicative Habits}, - journal = {Manuscript, Johns Hopkins University}, - year = 1999 -} - -@ARTICLE{carroll:riskyhabitsasia, - author = {Carroll, Christopher D.}, - title = {How `{R}isky {H}abits' {C}an {E}xplain a {L}ow - {M}arginal {P}ropensity to {C}onsume {D}uring - {R}ecessions}, - journal = {Invited Paper for Special Issue of International - Economic Journal}, - year = 1999 -} - -@MISC{carroll:macrosolve, - author = {Carroll, Christopher D.}, - title = {Sources and Methods for 'Unemployment Expectations, - Jumping (S,s) Triggers, and Household Balance - Sheets'}, - howpublished = {Web archive}, - year = 1998, - bdsk-url-1 = {http://nber.econ.jhu.edu:8080/People/ccarroll.html}, - url = {http://nber.econ.jhu.edu:8080/People/ccarroll.html} -} - -@ARTICLE{carroll:richsavenberwp, - author = {Carroll, Christopher D.}, - title = {{W}hy {D}o the {R}ich {S}ave {S}o {M}uch?}, - journal = {NBER Working Paper Number 6549}, - year = 1998, - month = {May} -} - -@ARTICLE{carroll:deathNBERWP, - author = {Carroll, Christopher D.}, - title = {{D}eath to the {L}og-{L}inearized {C}onsumption - {E}uler {E}quation! ({A}nd {V}ery {P}oor {H}ealth - to the {S}econd-{O}rder {A}pproximation)}, - journal = {NBER Working Paper No.\ 6298}, - year = 1997 -} - -@ARTICLE{carroll:bslcpihNBERWP, - author = {Carroll, Christopher D.}, - title = {Buffer-{S}tock {S}aving and the {L}ife - {C}ycle/{P}ermanent {I}ncome {H}ypothesis}, - journal = {NBER Working Paper No.\ 5788}, - year = 1996, - month = {October} -} - -@ARTICLE{carroll:howdoesfuture, - author = {Carroll, Christopher D.}, - title = {How Does Future Income Affect Current Consumption?}, - journal = {The Quarterly Journal of Economics}, - year = 1994, - volume = {CIX}, - pages = {111--148}, - number = 1, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/howdoesfuture.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/howdoesfuture.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/howdoesfuture.pdf} -} - -@ARTICLE{carroll:savingdecline, - author = {Carroll, Christopher D.}, - title = {The Decline in {U}.{S}.\ Saving}, - journal = {Forum for Applied Research and Public Policy}, - year = 1993, - volume = 8, - number = 4 -} - -@PHDTHESIS{carroll:phdthesis, - author = {Carroll, Christopher D.}, - title = {Three Essays on Consumption, Income, and Saving}, - school = {MIT}, - year = 1990 -} - -@ARTICLE{carroll&dunn:moredeath, - author = {Carroll, Christopher D. and Dunn, Wendy}, - title = {Euler Equation Estimation With Aggregated Time - Series Data}, - journal = {Work in Progress}, - year = 1999 -} - -@INCOLLECTION{cdSs, - author = {Carroll, Christopher D. and Dunn, Wendy E.}, - title = {Unemployment {E}xpectations, {J}umping ({S},s) - {T}riggers, and {H}ousehold {B}alance {S}heets}, - booktitle = {NBER Macroeconomics Annual, 1997}, - publisher = {MIT Press}, - year = 1997, - editor = {Bernanke, Benjamin S. and Rotemberg, Julio}, - pages = {165--229}, - address = {Cambridge, MA}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/macroann.pdf}; - Methodological Appendix: - \url{https://www.econ2.jhu.edu/people/ccarroll/methods3.pdf}; - Empirical Results and Simulation Programs: - \url{https://www.econ2.jhu.edu/people/ccarroll/cdfiles.html};}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/macroann.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/macroann.pdf} -} - -@ARTICLE{carroll&dunn:methods, - author = {Carroll, Christopher D. and Dunn, Wendy E.}, - title = {Data Sources and Solution Methods for Empirical and - Theoretical Results in 'Unemployment Expectations, - Jumping (S,s) Triggers, and Household Balance - Sheets'}, - journal = {http://econ.jhu.edu/People/CCarroll/carroll.html}, - year = 1998 -} - -@ARTICLE{cdSsNBERWP, - author = {Carroll, Christopher D. and Dunn, Wendy E.}, - title = {{U}nemployment {E}xpectations, {J}umping ({S},s) - {T}riggers, and {H}ousehold {B}alance {S}heets}, - journal = {NBER Working Paper No. 6081}, - year = 1997, - month = {July} -} - -@ARTICLE{cdk:balance, - author = {Carroll, Christopher D. and Dynan, Karen E. and - Krane, Spencer S.}, - title = {Unemployment {R}isk and {P}recautionary {W}ealth: - {E}vidence from {H}ouseholds' {B}alance {S}heets}, - journal = {Review of Economics and Statistics}, - year = 2003, - volume = 85, - number = 3, - month = {August}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/krynoll.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/krynoll.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/krynoll.pdf} -} - -@ARTICLE{cdk:balanceFEDS, - author = {Carroll, Christopher D. and Dynan, Karen E. and - Krane, Spencer S.}, - title = {Unemployment {R}isk and {P}recautionary {W}ealth: - {E}vidence from {H}ouseholds' {B}alance {S}heets}, - journal = {Finance and Economics Discussion Series Number - 1999-15, Federal Reserve Board}, - year = 1999, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/krynoll.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/krynoll.pdf} -} - -@ARTICLE{carroll&fratantoni:habits, - author = {Carroll, Christopher D. and Fratantoni, Michael}, - title = {Implications of Habit Formation for Consumption and - Portfolio Choice}, - journal = {Work In Progress}, - year = 1999 -} - -@Article{cfwSentiment, - Title = {Does Consumer Sentiment Forecast Household Spending? - {I}f So, Why?}, - Author = {Carroll, Christopher D. and Fuhrer, Jeffrey C. and - Wilcox, David W.}, - Journal = {American Economic Review}, - Year = 1994, - Note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/SentAERCarrollFuhrerWilcox.pdf}}, - Number = 5, - Pages = {1397-1408}, - Volume = 84, - Owner = {Nic Johnson}, - Url = - {https://www.econ2.jhu.edu/people/ccarroll/SentAERCarrollFuhrerWilcox.pdf}, - score = 20, -} - -@ARTICLE{cj:bufferIntl, - author = {Carroll, Christopher D. and Jeanne, Olivier}, - title = {A Tractable Model of Precautionary Reserves, Net - Foreign Assets, or Soverign Wealth Funds}, - journal = {Work In Progress}, - year = {ongoing} -} - -@Article{CarrollKimballPSPW, - Title = {Precautionary Saving and Precautionary Wealth}, - Author = {Carroll, Christopher D. and Kimball, Miles S.}, - Journal = {Palgrave Dictionary of Economics and Finance, 2nd - Ed.}, - Year = 2007, - Note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/PalgravePrecautionary.pdf}}, - Owner = {Nic Johnson}, - Url = - {https://www.econ2.jhu.edu/people/ccarroll/PalgravePrecautionary.pdf} -} - -@ARTICLE{carroll&kimball:liquidity, - author = {Carroll, Christopher D. and Kimball, Miles S.}, - title = {Liquidity Constraints and Precautionary Saving}, - journal = {Manuscript, Johns Hopkins University}, - year = 2005, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/liquidRevised.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/papers/liquidRevised.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/liquidRevised.pdf} -} - -@ARTICLE{carroll&kimball:liquidityHopkins, - author = {Carroll, Christopher D. and Kimball, Miles S.}, - title = {Liquidity Constraints and Precautionary Saving}, - journal = {Johns Hopkins University Working Paper Number 455}, - year = 2001, - month = {August}, - note = - {\url{http://econ.jhu.edu/pdf/papers/CarrollKimball2001.pdf}}, - bdsk-url-1 = - {http://econ.jhu.edu/pdf/papers/CarrollKimball2001.pdf}, - url = - {http://econ.jhu.edu/pdf/papers/CarrollKimball2001.pdf} -} - -@ARTICLE{carroll&kimball:liquidityNBERWP, - author = {Carroll, Christopher D. and Kimball, Miles S.}, - title = {Liquidity {C}onstraints and {P}recautionary - {S}aving}, - journal = {NBER Working Paper No. 8496}, - year = 2001 -} - -@INPROGRESS{carrollmaccini:entrepreneurs, - author = {Carroll, Christopher D. and Maccini, Louis J.}, - title = {Entrepreneurial Investment, Consumption Smoothing, and Dividends}, - year = {ongoing}, - journal = {Work in Progress}, - note = {With Louis J. Maccini} -} - -@ARTICLE{cosOzStickyC, - author = {Carroll, Christopher D. and Ossolinski, Crystal and - Slacalek, Jiri}, - title = {Sticky Consumption Growth and Housing Wealth - Effects: Evidence from Australia}, - journal = {Work In Progress}, - year = {ongoing} -} - -@TECHREPORT{co04, - author = {Christopher D. Carroll and Misuzu Otsuka}, - title = {Estimating the Wealth Effect on Consumption}, - institution = {Johns Hopkins University}, - year = 2004, - type = {mimeo} -} - -@TECHREPORT{cosHowLargeorig, - author = {Christopher D. Carroll and Misuzu Otsuka and Jiri - Slacalek}, - title = {What Is the Wealth Effect on Consumption? A New - Approach}, - institution = {Johns Hopkins University}, - year = 2006, - type = {mimeo} -} - -@ARTICLE{cow:habits, - author = {Carroll, Christopher D. and Overland, Jody R. and - Weil, David N.}, - title = {Saving and {G}rowth with {H}abit {F}ormation}, - journal = {American Economic Review}, - year = 2000, - volume = 90, - pages = {341--355}, - number = 3, - month = {June}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/AERHabits.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/AERHabits.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/AERHabits.pdf} -} - -@ARTICLE{cow00, - author = {Christopher D. Carroll and Jody R. Overland and - David N. Weil}, - title = {Saving and Growth with Habit Formation}, - journal = {American Economic Review}, - year = 2000, - volume = 90, - pages = {341--55}, - number = 3 -} - -@ARTICLE{cow:envy, - author = {Carroll, Christopher D. and Overland, Jody R. and - Weil, David N.}, - title = {Comparison Utility in a Growth Model}, - journal = {Journal of Economic Growth}, - year = 1997, - volume = 2, - pages = {339--367}, - number = 4, - month = {December}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/compare.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/compare.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/compare.pdf} -} - -@ARTICLE{cow:habitsfuhrercite, - author = {Carroll, Christopher D. and Overland, Jody R. and - Weil, David N.}, - title = {Saving and Growth with Habit Formation}, - journal = {FEDS Working Paper \# 95-42}, - year = 1995 -} - -@ARTICLE{crr:census, - author = {Carroll, Christopher D. and Rhee, Changyong and - Rhee, Byungkun}, - title = {Does {C}ultural {O}rigin {A}ffect {S}aving - {B}ehavior? {E}vidence from {I}mmigrants}, - journal = {Economic Development and Cultural Change}, - year = 1999, - volume = 48, - pages = {33--50}, - number = 1, - month = {October}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/censave.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/censave.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/censave.pdf} -} - -@ARTICLE{crr:censusNBERWP, - author = {Carroll, Christopher D. and Rhee, Changyong and - Rhee, Byungkun}, - title = {Does {C}ultural {O}rigin {A}ffect {S}aving - {B}ehavior? {E}vidence from {I}mmigrants}, - journal = {NBER Working Paper No. 6568}, - year = 1998, - month = {May} -} - -@ARTICLE{crr:culture, - author = {Carroll, Christopher D. and Rhee, Changyong and - Rhee, Byungkun}, - title = {Are {T}here {C}ultural {E}ffects on {S}aving? {S}ome - {C}ross-{S}ectional {E}vidence}, - journal = {The Quarterly Journal of Economics}, - year = 1994, - volume = {CIX}, - pages = {685--700}, - number = 3, - month = {August}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/crr-culture-qje.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/crr-culture-qje.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/crr-culture-qje.pdf} -} - -@ARTICLE{carroll&samwick:howbig, - author = {Carroll, Christopher D. and Samwick, Andrew A.}, - title = {{H}ow {I}mportant {I}s {P}recautionary {S}aving?}, - journal = {Review of Economics and Statistics}, - year = 1998, - volume = 80, - pages = {410--419}, - number = 3, - month = {August}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/howbig.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/papers/howbig.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/howbig.pdf} -} - -@ARTICLE{carroll&samwick:howbigNBERWP, - author = {Carroll, Christopher D. and Samwick, Andrew A.}, - title = {{H}ow {I}mportant {I}s {P}recautionary {S}aving?}, - journal = {NBER Working Paper No. 5194}, - year = 1995, - month = {July} -} - -@ARTICLE{carroll&samwick:natureNBERWP, - author = {Carroll, Christopher D. and Samwick, Andrew A.}, - title = {The {N}ature of {P}recautionary {W}ealth}, - journal = {NBER Working Paper No. 5193}, - year = 1995, - month = {July} -} - -@ARTICLE{carroll&samwick:naturewp, - author = {Carroll, Christopher D. and Samwick, Andrew A.}, - title = {The Nature of Precautionary Wealth}, - journal = {Manuscript, The Johns Hopkins University}, - year = 1995 -} - -@TECHREPORT{cs:stickyExp, - author = {Christopher D. Carroll and Jiri Slacalek}, - title = {Sticky Expectations and Consumption Dynamics}, - institution = {Johns Hopkins University}, - year = 2006, - type = {mimeo} -} - -@ARTICLE{cosHousing, - author = {Carroll, Christopher D. and Slacalek, Jiri and - Otsuka, Misuzu}, - title = {How Large Is the Housing Wealth Effect? A New - Approach}, - journal = {NBER Working Paper Number 12746}, - year = 2006, - month = {December}, - note = {\url{http://www.nber.org/papers/w12746}}, - bdsk-url-1 = {http://www.nber.org/papers/w12746}, - url = {http://www.nber.org/papers/w12746} -} - -@TECHREPORT{css:epid2, - author = {Christopher D. Carroll and Jiri Slacalek and Martin - Sommer}, - title = {International Evidence on Sticky Consumption - Dynamics}, - institution = {Johns Hopkins University}, - year = {in progress}, - type = {mimeo} -} - -@ARTICLE{cssUSSaving, - author = {Carroll, Christopher D. and Jiri Slacalek and Martin - Sommer}, - title = {Dissecting Saving Dynamics: Measuring Wealth, - Precautionary, and Credit Effects}, - journal = {Manuscript, Johns Hopkins University}, - year = 2019, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/cssUSSaving/}}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/cssUSSaving/} -} - -@TECHREPORT{css:epid, - author = {Christopher D. Carroll and Jiri Slacalek and Martin - Sommer}, - title = {The Epidemiology of Consumption}, - institution = {Johns Hopkins University}, - year = 2005, - type = {mimeo} -} - -@TECHREPORT{carroll&slacalek&tokuoka:stickyex, - author = {Carroll, Christopher D. and Slacalek, Jiri and - Tokuoka, Kiichi}, - title = {Sticky Expectations and Consumption Dynamics}, - year = {in progress}, - journal = {Manuscript} -} - -@TECHREPORT{cstMPC, - author = {Christopher D. Carroll and Jiri Slacalek and Kiichi - Tokuoka}, - title = {The Distribution of Wealth and the Marginal - Propensity to Consume}, - institution = {Johns Hopkins University}, - year = 2013, - note = {At \url{https://www.econ2.jhu.edu/people/ccarroll/papers/cstMPC}}, -} - -@article{cstMPCxc, - title = {The Distribution of Wealth and the MPC: Implications - of New European Data}, - author = {Carroll, Christopher D. and Slacalek, Jiri and - Tokuoka, Kiichi}, - journal = {The American Economic Review}, - volume = 104, - number = 5, - pages = {107--111}, - year = 2014, - publisher = {American Economic Association}, - note = {At - \href{https://www.econ2.jhu.edu/people/ccarroll/papers/cstMPCxc}{\texttt{https://www.econ2.jhu.edu/people/ccarroll/papers/cstMPCxc}}}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/cstMPCxc} -} - -@TECHREPORT{cst:BSinKS, - author = {Christopher D. Carroll and Jiri Slacalek and Kiichi - Tokuoka}, - title = {Digestible Microfoundations: Buffer-Stock Saving in - a Krussel--Smith World}, - institution = {Johns Hopkins University}, - year = 2011, - type = {mimeo} -} - -@ARTICLE{carroll&sommer:epidemiology, - author = {Carroll, Christopher D. and Sommer, Martin}, - title = {Dynamics of Aggregate Consumption in an - Epidemiological Model}, - journal = {Manuscript, Johns Hopkins University}, - year = 2004 -} - -@Incollection{sswNAIRU, - author = {Staiger, Douglas and James H. Stock and Mark W. Watson}, - title = {Prices Wages and the US NAIRU in the 1990s}, - year = {2001}, - booktitle = {The Roaring Nineties: Can Full Employment Be Sustained?}, - editor = {Alan B. Krueger and Robert Solow}, - publication = {type}, - publisher = {The Russell Sage Foundation and Century Press}, - address = {New York} -} - -@ARTICLE{cssIntlStickyC, - author = {Carroll, Christopher D. and Sommer, Martin and Slacalek, Jiri}, - title = {International Evidence on Sticky Consumption Growth}, - journal = {Review of Economics and Statistics}, - year = 2011, - volume = 93, - pages = {1135--1145}, - number = 4, - month = {October}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/cssIntlStickyC/}}, - URL = { https://doi.org/10.1162/REST_a_00122}, - abstract = {This paper estimates the degree of stickiness in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that after controlling for measurement error, consumption growth has a high degree of autocorrelation, with a stickiness parameter of about 0.7 on average across countries. The sticky consumption growth model outperforms the random walk model of Hall (1978) and typically fits the data better than the popular Mankiw (1989) model, though in a few countries, the sticky consumption growth and Campbell-Mankiw models work about equally well. }, -doi = {10.1162/REST\_a\_00122}, -eprint = { https://doi.org/10.1162/REST_a_00122 } -} - - -@ARTICLE{cssIntlStickyCJHU, - author = {Carroll, Christopher D. and Sommer, Martin and - Slacalek, Jiri}, - title = {International Evidence on Sticky Consumption Growth}, - journal = {Johns Hopkins University Working Paper Number 542}, - year = 2008, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/cssIntlStickyC/}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/papers/cssIntlStickyC.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/cssIntlStickyC.pdf} -} - -@InCollection{carroll&summers:cparallelsy, - Title = {Consumption Growth Parallels Income Growth: Some New - Evidence}, - Author = {Carroll, Christopher D. and Summers, Lawrence H.}, - Booktitle = {National Saving and Economic Performance}, - Publisher = {Chicago University Press}, - Year = 1991, - Address = {Chicago}, - Editor = {{B.~Douglas Bernheim} and {John B. Shoven}}, - Note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/CParallelsY.pdf}}, - Owner = {Nic Johnson}, - Url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/CParallelsY.pdf} -} - -@ARTICLE{carroll&summers:jme, - author = {Carroll, Christopher D. and Summers, Lawrence H.}, - title = {Why Have Private Saving Rates in the US and Canada - Diverged?}, - journal = {Journal of Monetary Economics}, - year = 1987, - volume = 20, - pages = {249--279}, - number = 2, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/CarrollSummersJME.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/papers/CarrollSummersJME.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/CarrollSummersJME.pdf} -} - -@INPROGRESS{BSSinDGE, - author = {Carroll, Christopher D. and Tokuoka, Kiichi}, - title = {JEDC Project on Benchmark Solutions to Heterogeneous Agents Models}, - year = {Expected publication in {\it Journal of Economic Dynamics and Control}, - 2009}, - journal = {Buffer Stock Saving in Krusell-Smith General Equilibrium}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/BSSinDGE}, - url = {https://www.econ2.jhu.edu/people/ccarroll/BSSinDGE} -} - -@ARTICLE{ctJEDC, - author = {Carroll, Christopher D. and Tokuoka, Kiichi}, - title = {Buffer Stock Saving In Rational Expectations General - Equilibrium}, - journal = {Journal of Economic Dynamics and Control}, - year = 2009 -} - -@ARTICLE{carroll&vermulen:precautionarymultiplier, - author = {Carroll, Christopher D. and Vermulen, Koen}, - title = {The Precautionary Multiplier}, - journal = {Work in Progress}, - year = {2000-present} -} - -@ARTICLE{carroll&weil:habits, - author = {Carroll, Christopher D. and Weil, David N.}, - title = {Habits and Saving: Theory and Evidence}, - journal = {Work in Progress}, - year = 1997 -} - -@ARTICLE{carroll&weil:crcs, - author = {Carroll, Christopher D. and Weil, David N.}, - title = {Saving and {G}rowth: {A} {R}einterpretation}, - journal = {Carnegie-Rochester Conference Series on Public - Policy}, - year = 1994, - volume = 40, - pages = {133--192}, - month = {June}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/CarrollWeilSavingAndGrowth.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/CarrollWeilSavingAndGrowth.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/CarrollWeilSavingAndGrowth.pdf} -} - -@ARTICLE{carroll&weil:crcsNBERWP, - author = {Carroll, Christopher D. and Weil, David N.}, - title = {Saving and {G}rowth: {A} {R}einterpretation}, - journal = {NBER Working Paper No. 4470}, - year = 1993, - month = {September} -} - -@TECHREPORT{cqsUpdate, - author = {Case, Karl E. and Quigley, John M. and Shiller, - Robert J.}, - title = {Wealth Effects Revisited 1978-2009}, - institution = {Cowles Foundaion for Reserch in Economics, Yale - University}, - year = 2011, - type = {Cowles Foudation Discussion Paper}, - number = 1784, - month = {February} -} - -@ARTICLE{cqs05, - author = {Karl E. Case and John M. Quigley and Robert - J. Shiller}, - title = {Comparing Wealth Effects: The Stock Market Versus - the Housing Market}, - journal = {Advances in Macroeconomics}, - year = 2005, - volume = 5, - pages = {1--32}, - number = 1 -} - -@ARTICLE{cqs:housing, - author = {Case, Karl E. and Quigley, John M. and Shiller, - Robert J.}, - title = {Home-buyers, Housing and the Macroeconomy}, - journal = {Reserve Bank of Australia Conference on Asset Prices - and Monetary Policy Papers}, - year = 2003 -} - -@ARTICLE{cqs:wealtheffects, - author = {Case, Karl E. and Quigley, John M. and Shiller, - Robert J.}, - title = {Comparing Wealth Effects: The Stock Market Versus - the Housing Market}, - journal = {Institute of Business and Economic Research Working - Paper No. W01-004}, - year = 2003, - month = {May} -} - -@TECHREPORT{cqs01, - author = {Karl E. Case and John M. Quigley and Robert - J. Shiller}, - title = {Comparing Wealth Effects: The Stock Market Versus - the Housing Market}, - institution = {NBER}, - year = 2001, - type = {working paper} -} - -@ARTICLE{cs03, - author = {Karl E. Case and Robert J. Shiller}, - title = {Is There a Bubble in the Housing Market? An - Analysis}, - journal = {Brookings Papers on Economic Activity}, - year = 2003, - volume = 2003, - pages = {299--342}, - number = 2 -} - -@INCOLLECTION{csCPIReq, - author = {Casey, William and Sara Stanley}, - title = {Consumer Price Index Requirements of the Consumer - Expenditure Surveys}, - booktitle = {Forthcoming in {\it Improving the Measurement of - Household Expenditures}}, - publisher = {Chicago: University of Chicago Press}, - year = 2013, - editors = {Christopher Carroll, Thomas Crossley, and John - Sabelhaus} -} - -@ARTICLE{cass:growth, - author = {Cass, David}, - title = {Optimum growth in an aggregative model of capital - accumulation}, - journal = {Review of Economic Studies}, - year = 1965, - volume = 32, - pages = {233--240} -} - -@TECHREPORT{cal96, - author = {Cassou, Steven P. and Lansing, Kevin J.}, - title = {Growth Effects of a Flat Tax}, - institution = {Federal Reserve Bank of Cleveland}, - year = 1996, - type = {working paper}, - number = 9615 -} - -@ARTICLE{castaneda, - author = {Castaneda, Ana and Diaz-Gimenez, Javier and - Rios-Rull, Jose-Victor}, - title = {Accounting for the U.S.\ Earnings and Wealth - Inequality}, - journal = {Journal of Political Economy}, - year = 2003, - volume = 111, - pages = {818--857}, - number = 4, - month = {August} -} - -@TECHREPORT{cgp04, - author = {Catte, Pietro and Girouard, Nathalie and Price, - Robert and Andre, Christophe}, - title = {Housing Market, Wealth and the Business Cycle}, - institution = {OECD}, - year = 2004, - type = {working paper}, - number = 17 -} - -@ARTICLE{ces:nearly, - author = {Cavanagh, Christopher L. and Elliott, Graham and - Stock, James H.}, - title = {Inference in Models with Nearly Integrated - Regressors}, - journal = {Econometric Theory}, - year = 1995, - volume = 11, - pages = {1131--1147}, - number = 5 -} - -@TECHREPORT{cd04, - author = {Steven Cechetti and Guy Debelle}, - title = {Has the Inflation Process Changed?}, - institution = {Brandeis University}, - year = 2004, - type = {mimeo} -} - -@TECHREPORT{challe&ragot:precautionaryS, - author = {Edouard Challe and Xavier Ragot}, - title = {Precautionary Saving over the Business Cycle}, - institution = {Paris School of Economics}, - year = 2012, - type = {mimeo} -} - -@INCOLLECTION{chamberlain:paneldata, - author = {Chamberlain, Gary}, - title = {Panel Data}, - booktitle = {Handbook of Econometrics}, - publisher = {North-Holland}, - year = 1984, - editor = {Griliches, Zvi and Intriligator, Michael}, - address = {Amsterdam} -} - -@ARTICLE{cw:cUnderUncert, - author = {Chamberlain, Gary and Wilson, Charles A.}, - title = {Optimal Intertemporal Consumption Under Uncertainty}, - journal = {Review of Economic Dynamics}, - year = 2000, - volume = 3, - pages = {365--395}, - number = 3 -} - -@TECHREPORT{clpChinaSaving, - author = {Chamon, Marcos and Liu, Kai and Prasad, Eswar S.}, - title = {Income Uncertainty and Household Savings in China}, - institution = {National Bureau of Economic Research}, - year = 2010, - journal = {NBER Working Paper No.\ 16565} -} - -@ARTICLE{cpChina, - author = {Chamon, Marcus D. and Prasad, Eswar S.}, - title = {Why Are Saving Rates of Urban Households in China - Rising?}, - journal = {American Economic Journal: Macroeconomics}, - year = 2010, - volume = 2, - pages = {93--130}, - number = 1, - note = {Available at - \url{http://www.aeaweb.org/articles.php?doi=10.1257/mac.2.1.93}}, - bdsk-file-1 = - {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}, - date-modified ={2011-10-14 10:57:33 -0400}, - issn = {1945-7707}, - publisher = {American Economic Association} -} - -@MISC{cck:opttax, - author = {Chari, V.~V., Laurence J. 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An Alternative Test of the - Permanent Income Hypothesis}, - journal = {The Review of Economics and Statistics}, - year = 2006, - volume = 88, - pages = {10--19}, - number = 1, - month = {February}, - bdsk-url-1 = - {http://www.ingentaconnect.com/content/mitpress/restat/2006/2000000088/00000001/art00002}, - bdsk-url-2 = {http://dx.doi.org/10.1162/003465306775565693}, - doi = {doi: 10.1162/003465306775565693}, - issn = {0034-6535}, - publisher = {MIT Press}, - url = - {http://www.ingentaconnect.com/content/mitpress/restat/2006/ - 00000088/00000001/art00002} -} - -@INBOOK{ceaSaving, - chapter = 4, - title = {The Economic Report of the President, 2010}, - publisher = {Government Printing Office}, - year = 2010, - author = {{Council~of~Economic~Advisers}} -} - -@TECHREPORT{csSavingGenes, - author = {Cronqvist, Henrik and Siegel, Stephan}, - title = {The Origins of Savings Behavior}, - institution = {Institute for Financial Research}, - year = 2010, - type = {SIFR Research Report Series}, - number = 73, - abstract = {What are the origins of individual savings behavior? - Using data on identical and fraternal twins matched - with data on their savings behavior, we find that an - individual's savings propensity is governed by both - genetic predispositions, social transmission from - parents to their children, and gene-environment - interplay where certain environments moderate - genetic influences. Genetic variation explains about - 35 percent of the variation in savings rates across - individuals, and this genetic effect is stronger in - less constraining, high socioeconomic status - environments. Parent-child transmission influences - savings for young individuals and those who grew up - in a family environment with less competition for - parental resources. Individual-specific life - experiences is a very important explanation for - behavior in the savings domain, and strongest in - urban communities. In a world progressing rapidly - towards individual retirement savings autonomy, - understanding the origins of individuals' savings - behavior are of key importance to economists as well - as policy makers.}, - bdsk-url-1 = {http://econpapers.repec.org/RePEc:hhs:sifrwp:0073}, - keywords = {Savings; Consumption; Behavioral Genetics}, - url = {http://econpapers.repec.org/RePEc:hhs:sifrwp:0073} -} - -@ARTICLE{croushore:evaluating, - author = {Croushore, Dean}, - title = {Evaluating Inflation Forecasts}, - journal = {Manuscript, Federal Reserve Bank of Philadelphia}, - year = 2001 -} - -@ARTICLE{croushore:spfisgood, - author = {Croushore, Dean}, - title = {Evaluating Inflation Forecasts}, - journal = {Federal Reserve Bank of Philadelphia Working Paper - Number 98-14}, - year = 1998 -} - -@ARTICLE{Crucini:1999, - author = {Crucini, Mario J.}, - title = {On international and national dimensions of risk - sharing}, - journal = {The Review of Economics and Statistics}, - year = 1999, - volume = 81, - pages = {73--84}, - number = 1, - month = {Feb.} -} - -@ARTICLE{chh:reconsider, - author = {Cummins, Jason G. and Hassett, Kevin A. and Hubbard, - R. Glenn}, - title = {A Reconsideration of Investment Behavior Using Tax - Reforms as Natural Experiments}, - journal = {Brookings Papers on Economic Activity}, - year = 1994, - volume = 2, - pages = {1--59}, - note = {Available at { - \url{http://ideas.repec.org/p/nbr/nberre/1946.html}}} -} - -@ARTICLE{curtin:inflsurvart, - author = {Curtin, Richard T.}, - title = {Procedure to Estimate Price Expectations}, - journal = {Manuscript, University of Michigan Survey Research - Center}, - year = 1996 -} - -@ARTICLE{Curtinetal:1989, - author = {Curtin, Richard T. and Juster, F. Thomas and Morgan, - James N.}, - title = {Survey Estimates of Wealth: An Assessment of - Quality}, - journal = {The Measurement of Saving, Investment and Wealth}, - year = 1989, - volume = 52, - pages = {473--548}, - publisher = {National Bureau of Economic Research}, - series = {Studies in Income and Wealth} -} - -@ARTICLE{cutleretc:brookings, - author = {Cutler, David M. and Poterba, James M. and Sheiner, - Louise M. and Summers, Lawrence H.}, - title = {An Aging Society: Opportunity or Challenge?}, - journal = {Brookings Papers on Economic Activity, 1990:2}, - year = 1990 -} - -@ARTICLE{cfInequality, - author = {Barry Z. Cynamon and Steven M. Fazzari}, - title = {Inequality and Household Finance During the Consumer - Age}, - journal = {Working Paper, Washington University in St Louis}, - year = 2013, - month = {January} -} - -@ARTICLE{softCarp, - author = {D.A. Aruliah, C. Titus Brown, Neil P. Chue Hong, - Matt Davis, Richard T. Guy, Steven H.D. Haddock, - Katy Huff, Ian Mitchell, Mark Plumbley, Ben Waugh, - Ethan P. White, Greg Wilson, and Paul Wilson}, - title = {Best Practices for Scientific Computing}, - journal = {The Intertubes}, - year = 2012, - url = - {http://software-carpentry.org/blog/2012/10/best-practices-for-scientific-computing.html} -} - -@ARTICLE{ddfs08, - author = {D{\"}opke, J{\"}org and Dovern, Jonas and Fritsche, - Ulrich and Slacalek, Jiri}, - title = {The Dynamics of European Inflation Expectations}, - journal = {The B.E. Journal of Macroeconomics (Topics)}, - year = 2008, - volume = 8, - pages = {Article 12}, - number = 37 -} - -@TECHREPORT{ddfs05, - author = {D{\"}opke, J{\"}org and Dovern, Jonas and Fritsche, - Ulrich and Slacalek, Jiri}, - title = {European Inflation Expectation Dynamics}, - institution = {Deutsche Bundesbank}, - year = 2005, - type = {Deutsche Bundesbank discussion paper}, - number = 37 -} - -@ARTICLE{dardanoni:crosssection, - author = {Dardanoni, Valentino}, - title = {Precautionary Savings Under Income Uncertainty: A - Cross-Section Analysis}, - journal = {Applied Economics}, - year = 1991, - volume = 23, - pages = {153--160} -} - -@TECHREPORT{dav01, - author = {Melissa Davey}, - title = {Mortgage Equity Withdrawal and Consumption}, - institution = {{Bank of England, 100--103}}, - year = 2001, - type = {Quarterly Bulletin: Spring}, - pages = {100--103} -} - -@ARTICLE{dhsyECM, - author = {DAVIDSON, J. E. H. and HENDRY, DAVID F. and SRBA, - FRANK and YEO, STEVEN}, - title = {Econometric Modeling of the Aggregate Time-series - Relationship Between Consumer's Expenditure and - Income in the United Kingdom}, - journal = {Economic Journal}, - year = 1978, - volume = 88, - pages = {661--692} -} - -@TECHREPORT{davisMartinHousing, - author = {Morris A. Davis and Robert F. Martin}, - title = {Housing, House Prices, and the Equity Premium - Puzzle}, - institution = {Board of Governors of the Federal Reserve System}, - year = 2005, - type = {Finance and Economics Discussion Series}, - number = 13 -} - -@TECHREPORT{dp01, - author = {Morris A. Davis and Michael G. Palumbo}, - title = {A Primer on the Economics and Time Series - Econometrics of Wealth Effects}, - institution = {Federal Reserve Board}, - year = 2001, - type = {FEDS working paper}, - number = 9 -} - -@TECHREPORT{davis&heathcote:landprices, - author = {Morris Davis and Jonathan Heathcote}, - title = {The Price and Quantity of Residential Land in the - United States}, - institution = {Board of Governors of the Federal Reserve System}, - year = 2004, - type = {manuscript} -} - -@ARTICLE{davis&palumbo:wealtheffects, - author = {Davis, Morris and Palumbo, Michael}, - title = {A Primer on the Economics and Time Series - Econometrics of Wealth Effects}, - journal = {Federal Reserve Board Finance and Economics - Discussion Papers 2001-09}, - year = 2001 -} - -@MISC{DavisPalumbo:2001, - author = {Davis, Morris and Palumbo, Michael G.}, - title = {Does Stock Market Wealth Matter for Consumption?}, - howpublished = {Finance and Economics Discussion Series - 2001-23. Washington: Board of Governors of the - Federal Reserve System}, - year = 2001, - source = {Washington: Board of Governors of the Federal - Reserve System} -} - -@ARTICLE{dnKuznets, - author = {Deacon, Robert T. and Norman, Catherine S.}, - title = {Does the Environmental Kuznets Curve Describe How - Individual Countries Behave?}, - journal = {Land Economics}, - year = 2006, - volume = 82, - pages = {pp.291--315}, - number = 2, - abstract = {We examine within-country time series data on income - and concentrations of SO2, smoke, and particulates - to see if the shapes of pollution-income - relationships in individual countries agree - qualitatively with predictions of the environmental - Kuznets curve. The shapes of these relationships are - determined non-parametrically for individual - countries using recently available data on air - pollution concentrations. For smoke and - particulates, the shapes of within-country, - pollution-income patterns do not agree with the EKC - hypothesis more often than chance would dictate. For - SO2, which generally exhibits EKC-consistent - pollution-income relationships among wealthier - countries, the observed patterns are also consistent - with a simpler hypothesis.}, - copyright = {Copyright (c) 2006 The Board of Regents of the - University of Wisconsin System}, - doi = {10.3368/le.82.2.291}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/dnKuznets.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/dnKuznets.pdf:PDF}, - issn = 00237639, - jstor_articletype ={research-article}, - jstor_formatteddate ={May, 2006}, - language = {English}, - publisher = {University of Wisconsin Press}, - url = {http://www.jstor.org/stable/27647709} -} - -@ARTICLE{dhprvInequality, - author = {DeBacker, Jason and Heim, Bradley and Panousi, Vasia - and Ramnath, Shanthi and Vidangos, Ivan}, - title = {Rising Inequality: Transitory or Persistent? New - Evidence from a Panel of U.S. Tax Returns}, - journal = {Brookings Papers on Economic Activity}, - year = 2013, - volume = {Spring}, - pages = {67--122}, - owner = {akmaral}, - timestamp = {2014.02.02}, - url = {http://home.comcast.net/~bradheim/files/inequality_23Jan2013_all.pdf} -} - -@TECHREPORT{deb04, - author = {Guy Debelle}, - title = {Macroeconomic Implications of Rising Household Debt}, - institution = {Bank for International Settlements}, - year = 2004, - type = {working paper}, - number = 153 -} - -@ARTICLE{debelleDebt, - author = {Debelle, Guy}, - title = {Macroeconomic Implications of Rising Household Debt}, - journal = {Bank of International Settlements Working Paper - Number 513}, - year = 2004 -} - -@INCOLLECTION{debelle&fischer:cred, - author = {Debelle, Guy and Fischer, Stanley}, - title = {How Independent Should a Central Bank Be?}, - booktitle = {Goals, Guidelines, and Constraints Facing Monetary - Policymakers}, - publisher = {Federal Reserve Bank of Boston}, - year = 1994, - editor = {Fuhrer, Jeffrey C.}, - pages = {195--221}, - note = {Federal Reserve Bank of Boston Conference Series 38} -} - -@ARTICLE{DSW:2004, - author = {Dejuan, Joseph P. and Seater, John J. and Wirjanto, - Tony S.}, - title = {A direct test of the permanent Income Hypothesis - with an Application to the U.S. states}, - journal = {Journal of Money Credit and Banking}, - year = 2004, - volume = 36, - pages = {1091--1103}, - number = 6 -} - -@ARTICLE{dekle:miracle, - author = {Dekle, Robert}, - title = {Raising Saving Rates: {L}essons from the {J}apanese - Experience}, - journal = {Background Paper Prepared for {\it The East Asia - Miracle Project}}, - year = 1993, - address = {New York}, - publisher = {Oxford University Press} -} - -@ARTICLE{DelNegro:2002, - author = {Del Negro, Marco}, - title = {Asymmetric shocks among U.S. states}, - journal = {Journal of International Economics}, - year = 2002, - volume = 56 -} - -@PHDTHESIS{DelNegro:1998, - author = {Del Negro, Marco}, - title = {Aggregate Risk Sharing Across US States and Across - European Countries}, - school = {Yale University}, - year = 1998 -} - -@ARTICLE{ds04, - author = {Marco {Del Negro} and Frank Schorfheide}, - title = {Priors from General Equilibrium Models for VARs}, - journal = {International Economic Review}, - year = 2004, - volume = 45, - pages = {643--673}, - number = 2 -} - -@ARTICLE{deLongPeel, - author = {DeLong, J. Bradford}, - title = {Republic of the Central Banker}, - journal = {The American Prospect}, - year = 2008, - month = {October 27}, - note = {Available at - \url{http://www.prospect.org/cs/articles?article=republic_of_the_central_banker}} -} - -@ARTICLE{denhaan, - author = {Den Haan, Wouter J.}, - title = {Assessing the Accuracy of the Aggregate Law of - Motion in Models with Heterogeneous Agents}, - journal = {Jouranl of Economic Dynamics and Control}, - year = 2010, - volume = 34, - pages = {79--99}, - number = 1, - month = {January} -} - -@ARTICLE{denhaan:comparison, - author = {Den Haan, Wouter J.}, - title = {Comparison of Solutions to the Incomplete Markets - Model with Aggregate Uncertainty}, - journal = {Journal of Economic Dynamics and Control}, - year = 2010, - volume = 34, - pages = {4--27}, - number = 1, - month = {January} -} - -@ARTICLE{denhaan:agents, - author = {{Den Haan}, Wouter J.}, - title = {Understanding Equilibrium Models with a Small and a - Large Number of Agents}, - journal = {Manuscript, University of California at San Diego}, - year = 1996 -} - -@ARTICLE{denhaan:modelb, - author = {Den Haan, Wouter J. and Judd, Ken and Julliard, - Michel}, - title = {Description of Model B and Exercises}, - journal = {Manuscript}, - year = 2007 -} - -@ARTICLE{denhann:comp, - author = {Den Haan, Wouter J. and Judd, Kenneth L. and - Juillard, Michel}, - title = {Computational Suite of Models with Heterogeneous - Agents: Incomplete Markets and Aggregate - Uncertainty}, - journal = {Journal of Economic Dynamics and Control}, - year = 2010, - volume = 34, - pages = {1--3}, - number = 1, - month = {January} -} - -@ARTICLE{denhaan&rendahl, - author = {Den~Haan, Wouter J. and Rendahl, Pontus}, - title = {Solving the Incomplete Markets Model with Aggregate - Uncertainty Using Explicit Aggregation}, - journal = {Journal of Economic Dynamics and Control}, - year = 2010, - volume = 34, - pages = {69--78}, - number = 1, - month = {January} -} - -@MISC{bea:survey, - author = {Department of Commerce, Bureau of Economic Analysis}, - title = {Survey of Current Business}, - year = {periodic} -} - -@MISC{bea:wealth, - author = {Department of Commerce, Bureau of Economic Analysis}, - title = {Fixed Reproducible Tangible Wealth in the {U}nited - {S}tates, 1925-85}, - year = 1986, - note = {Updated periodically in the Survey of Current - Business} -} - -@ARTICLE{consumerGEP, - author = {{Deutsche Bank Securities}}, - title = {Global Economic Perspectives: Risks to US Consumer - Spending Overrated}, - journal = {Deutsche Bank Global Markets Research: Macro}, - year = 2012, - month = {February 14, 2012}, - file = {consumerGEP.pdf:consumerGEP.pdf:PDF} -} - -@ARTICLE{dl91, - author = {Diamond, Jr., Douglas B. and Michael J. Lea}, - title = {The Decline of Special Circuits in Developed Country - Housing Finance}, - journal = {Housing Policy Debate}, - year = 1991, - volume = 3, - pages = {747--777}, - number = 3 -} - -@ARTICLE{diamondSearch, - author = {Diamond, Peter A.}, - title = {Aggregate Demand Management in Search Equilibrium}, - journal = {Journal of Political Economy}, - year = 1982, - volume = 90, - pages = {881--894}, - month = {October} -} - -@INCOLLECTION{diebold&lopez:forecastbias, - author = {Diebold, Francis X. and Lopez, Jose A.}, - title = {Forecast Evaluation and Combination}, - booktitle = {Handbook of Statistics}, - publisher = {North Holland}, - year = 1996, - editor = {Maddala, G.S. and Rao, C.R.}, - pages = {241--68}, - address = {Amsterdam} -} - -@ARTICLE{dghNegativeEquity, - author = {Disney, Richard and Gathergood, John and Henley, - Andrew}, - title = {House Price Shocks, Negative Equity, and Household - Consumption in the United Kingdom}, - journal = {Manuscript, University of Nottingham}, - year = 2008, - month = {October} -} - -@TECHREPORT{DisneyEtAl:2003, - author = {Disney, Richard and Henley, Andrew and Jevons, - David}, - title = {House Price Shocks, Negative Equity and Household - Consumption in the UK in the 1990s}, - institution = {University of Nottingham}, - year = 2003, - type = {memo}, - month = Aug -} - -@BOOK{dixit&pindyck:option, - title = {Investment Under Uncertainty}, - publisher = {Princeton University Press}, - year = 1994, - author = {Dixit, Avinash K. and Pindyck, Robert S.}, - address = {Princeton, NJ} -} - -@ARTICLE{dfhsCognitive, - author = {Thomas Dohmen and Armin Falk and David Huffman and - Uwe Sunde}, - title = {Are Risk Aversion and Impatience Related to - Cognitive Ability?}, - journal = {American Economic Review}, - year = 2010, - volume = 100, - pages = {1238--60}, - number = 3, - month = {June}, - note = - {\url{http://ideas.repec.org/a/aea/aecrev/v100y2010i3p1238-60.html}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/dfhsCognitive.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/dfhsCognitive.pdf:PDF}, - url = - {http://ideas.repec.org/a/aea/aecrev/v100y2010i3p1238-60.html} -} - -@MISC{Doornik1994, - author = {Doornik, J. and Hansen, H.}, - title = {An omnibus test for univariate and multivariate - normality}, - year = 1994, - bdsk-url-1 = {http://citeseer.ist.psu.edu/doornik94omnibu.html}, - text = {Doornik, J. A., & Hansen, H. (1994). An omnibus test - for univariate and multivariate normality (Working - paper). NuOEeld College, Oxford.}, - url = {http://citeseer.ist.psu.edu/doornik94omnibu.html} -} - -@MISC{doornik94omnibus, - author = {J. Doornik and H. Hansen}, - title = {An omnibus test for univariate and multivariate - normality}, - year = 1994, - text = {Doornik, J. A., & Hansen, H. (1994). An omnibus test - for univariate and multivariate normality (Working - paper). NuOEeld College, Oxford.}, - url = {citeseer.ist.psu.edu/doornik94omnibu.html} -} - -@ARTICLE{dkw:Ss, - author = {Dotsey, Michael and King, Robert G. and Wolman, - Alexander L.}, - title = {State Dependent Pricing and the General Equilibrium - Dynamics of Money and Output}, - journal = {Quarterly Journal of Economics}, - year = 1999, - volume = 114, - pages = {655--690} -} - -@ARTICLE{DrezeModigliani, - author = {Dr\`eze, Jacques H. and Modigliani, Franco}, - title = {Consumption Decisions Under Uncertainty}, - journal = {Journal of Economic Theory}, - year = 1972, - volume = 5, - pages = {308--335} -} - -@ARTICLE{dua&ray:arima, - author = {Dua, Pami and Ray, Subash C.}, - title = {ARIMA Models of the Price Level: An Assessment of - the Multilevel Adaptive Learning Process in the USA}, - journal = {Journal of Forecasting}, - year = 1992, - volume = 11, - pages = {507--16} -} - -@BOOK{duesenberry:BOOK, - title = {Income, Saving, and the Theory of Consumer Behavior}, - publisher = {Harvard University Press}, - year = 1949, - author = {Duesenberry, James S.}, - address = {Cambridge, MA} -} - -@ARTICLE{duncan&hill:measerr, - author = {Duncan, Gregory J. and Hill, Daniel H.}, - title = {An Investigation of the Extent and Consequences of - Measurement Error in Labor-Economic Survey Data}, - journal = {Journal of Labor Economics}, - year = 1985, - volume = 3, - number = 4 -} - -@MISC{dunn:paper2, - author = {Dunn, Wendy E.}, - title = {Unemployment Risk, Precautionary Saving, and Durable - Goods Purchase Decisions}, - howpublished = {Manuscript, Board of Governors of the Federal - Reserve System}, - year = 1998 -} - -@article{CoeurdacierGuibaudJin2015, - title = {Credit Constraints and growth in a Global Economy}, - author = {Coeurdacier, Nicolas and St\'ephane Guibaud and Keyu Jin}, - journal = {American Economic Review}, - volume = {105}, - number = {9}, - pages = {2838-81}, - year = {2015}, -} - -@ARTICLE{JeanneBrookings, - author = {Jeanne, Olivier}, - title = {International Reserves in Emerging Market Countries: - Too Much of a Good Thing?}, - journal = {Brookings Papers on Economic Activity}, - year = 2007, - volume = 2007, - pages = {1--55} -} - - -@article{dmtMercant, -Author = {Durdu, Ceyhun Bora and Mendoza, Enrique G. and Terrones, Marco E.}, -Journal = {Journal of Development Economics}, -Title = {Precautionary Demand for Foreign Assets in Sudden Stop Economies: an Assessment of the New Mercantilism}, -Year = {2009}, -Volume={89}, -Pages={194 - 209} -} -@ARTICLE{dmtMercant-FedWP, - author = {Durdu, Ceyhun Bora and Mendoza, Enrique G. and - Terrones, Marco E.}, - title = {Precautionary Demand for Foreign Assets in Sudden - Stop Economies: An Assessment of the New - Mercantilism}, - journal = {FRB International Finance Discussion Paper No. 911}, - year = 2007, - month = {December} -} - -@ARTICLE{duyganTurk94, - author = {Duygan, Burcu}, - title = {Welfare Cost of Financial Crises When Risk-Sharing - Is Imperfect: Evidence from Turkey}, - journal = {Manuscript, European University Institute}, - year = 2006 -} - -@ARTICLE{dkEcRec07, - author = {Nikola Dvornak and Marion Kohler}, - title = {Housing Wealth, Stock Market Wealth and Consumption: - A Panel Analysis for Australia}, - journal = {Economic Record}, - year = 2007, - volume = 83, - pages = {117--130}, - number = 261 -} - -@ARTICLE{dynanDeleveraging, - author = {Dynan, Karen E.}, - title = {Is Household Debt Overhang Holding Back - Consumption?}, - journal = {Brookings Papers on Economic Activity}, - year = 2012, - month = {March}, - note = - {\url{http://www.brookings.edu/~/media/Files/Programs/ES/BPEA/2012_spring_bpea_papers/2012_spri}}, - url = - {http://www.brookings.edu/~/media/Files/Programs/ES/BPEA/2012_spring_bpea_papers/2012_spri} -} - -@ARTICLE{ad85, - author = {Angus Deaton}, - title = {Panel Data from Time Series and Cross Sections}, - year = 1985, - journal = {Journal of Econometrics}, - volume = 30, - pages = {109-26} -} - -@ARTICLE{dynanHabits, - author = {Dynan, Karen E.}, - title = {Habit Formation in Consumer Preferences: Evidence - from Panel Data}, - journal = {American Economic Review}, - year = 2000, - volume = 90, - number = 3, - note = {\url{http://www.jstor.org/stable/117335}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/dynanHabits.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/dynanHabits.pdf:PDF}, - url = {http://www.jstor.org/stable/117335} -} - -@ARTICLE{dynan:lawrenceiswrong, - author = {Dynan, Karen E.}, - title = {The rate of time preference and shocks to wealth: - evidence from panel data}, - journal = {Economic Activity Section Working Paper no. 134}, - year = 1993, - month = {July} -} - -@ARTICLE{dynan:precautionary, - author = {Dynan, Karen E.}, - title = {How Prudent Are Consumers?}, - journal = {Journal of Political Economy}, - year = 1993, - volume = 101, - pages = {1104--1113}, - number = 6 -} - -@ARTICLE{dk:hhdebt, - author = {Dynan, Karen E. and Kohn, Donald L.}, - title = {The Rise in U.S.\ Household Indebtedness: Causes and - Consequences}, - journal = {Finance and Economics Discussion Series 2007-37}, - year = 2007 -} - -@TECHREPORT{dynanKohnDebt, - author = {Karen E. Dynan and Donald L. Kohn}, - title = {The Rise in U.S. Household Indebtedness: Causes and - Consequences}, - institution = {Board of Governors of the Federal Reserve System}, - year = 2007, - type = {International Finance Discussion Paper}, - number = 37 -} - -@ARTICLE{dynan&maki:stockmarket, - author = {Dynan, Karen E. and Maki, Dean M.}, - title = {Does Stock Market Wealth Matter for Consumption?}, - journal = {Board of Governors of the Federal Reserve System, - Finance and Economics Discussion Papers 23}, - year = 2001 -} - -@ARTICLE{Dynan2012, - author = {Karen Dynan}, - title = {Is a Household Debt Overhang Holding Back - Consumption?}, - journal = {Brookings Papers on Economic Activity}, - year = 2012, - volume = {Spring}, - pages = {299--362}, - owner = {akmaral}, - timestamp = {2014.02.02} -} - -@MISC{DynanMaki:2001, - author = {Dynan, Karen E. and Maki, Dean M.}, - title = {A Primer on the Economics and Time Series - Econometrics of Wealth Effects}, - howpublished = {Finance and Economics Discussion Series - 2001-9. Washington: Board of Governors of the - Federal Reserve System}, - year = 2001, - source = {Washington: Board of Governors of the Federal - Reserve System} -} - -@ARTICLE{dsz:richsave, - author = {Dynan, Karen E. and Skinner, Jonathan S. and Zeldes, - Stephen P.}, - title = {Do the Rich Save More?}, - journal = {Manuscript, Board of Governors of the Federal - Reserve System}, - year = 1996 -} - -@INCOLLECTION{easterlin:cult, - author = {Easterlin, Richard}, - title = {Does Economic Growth Improve the Human Lot? Some - Empirical Evidence}, - booktitle = {Nations and Households in Economic Growth. Essays in - Honour of Moses Abramowitz}, - publisher = {Academic Press}, - year = 1974, - address = {New York and London}, - note = - {\url{http://graphics8.nytimes.com/images/2008/04/16/business/Easterlin1974.pdf}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/easterlinGrowth.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/easterlinGrowth.pdf:PDF}, - url = - {http://graphics8.nytimes.com/images/2008/04/16/business/Easterlin1974.pdf} -} - -@ARTICLE{elNotFactor, - author = {Easterly, William and Levine, Ross}, - title = {What Have We Learned From A Decade Of Empirical - Research On Growth? It's Not Factor Accumulation: - Stylized Facts And Growth Models}, - journal = {The World Bank Economic Review}, - year = 2001, - volume = 15, - pages = {177--219}, - number = 2, - publisher = {World Bank} -} - -@ARTICLE{ekpsLuck, - author = {Easterly, William and Kremer, Michael and Pritchett, - Lant and Summers, Lawrence H.}, - title = {Good Policy or Good Luck?}, - journal = {Journal of Monetary Economics}, - year = 1993, - volume = 32, - pages = {459--483}, - number = 3, - publisher = {Elsevier} -} - -@ARTICLE{abel&eberly:unified, - author = {Eberly, Janice and Abel, Andrew}, - title = {A Unified Model of Investment Under Uncertainty}, - journal = {American Economic Review}, - year = 1994, - volume = 84, - pages = {1369--1384}, - number = 5, - month = {December}, - note = {Available at { - \url{http://ideas.repec.org/a/aea/aecrev/v84y1994i5p1369-84.html}}} -} - -@ARTICLE{eberly:flexible, - author = {Eberly, Janice C.}, - title = {Flexible (S,s) Bands, Uncertainty, and Aggregate - Consumer Durables Purchases}, - journal = {Working Paper, University of Pennsylvania}, - year = 1997 -} - -@ARTICLE{eberly:jpe, - author = {Eberly, Janice C.}, - journal = {Journal of Political Economy}, - year = 1993 -} - -@BOOK{ceaARRAsixth, - title = {The Economic Impact of the American Recovery and - Reinvestment Act of 2009}, - publisher = {Government Printing Office}, - year = 2011, - author = {President's~Council~of~Economic~Advisers}, - address = {Washington, DC}, - month = {March}, - bdsk-url-1 = - {http://www.whitehouse.gov/the-press-office/2011/03/18/cea-releases-sixth-quarterly-report-economic-impact-recovery-act}, - day = 18, - url = - {http://www.whitehouse.gov/the-press-office/2011/03/18/cea-releases-sixth-quarterly-report-economic-impact-recovery-act} -} - -@ARTICLE{EdelsteinEtAl:2004, - author = {Edelstein, Robert H. and Lum, Sau Kim}, - title = {House prices, wealth effects, and the Singapore - macroeconomy}, - journal = {Journal of Housing Economics}, - year = 2004, - volume = 13, - pages = {342--367} -} - -@ARTICLE{edison&slok:neweconomy, - author = {Edison, Hali and k, Torsten Sl{\o}k}, - title = {Wealth Effects and the New Economy}, - journal = {IMF Working Paper 01/77}, - year = 2001 -} - -@ARTICLE{EdwardsCyclical, - author = {Edwards, Ryan D.}, - title = {The Cost of Cyclical Mortality}, - journal = {The B.E. Journal of Macroeconomics (Contributions)}, - year = 2009, - volume = 9, - note = {Available at - {\url{http://www.bepress.com/bejm/vol9/iss1/art7}, - DOI: 10.2202/1935-1690.1729}}, - issue = {1, Article 7} -} - -@MISC{edwards:whysave, - author = {Edwards, Sebastian}, - title = {Why are Saving Rates so Different Across Countries?: - An International Comparative Analysis}, - howpublished = {NBER Working Paper 5097}, - year = 1995 -} - -@TECHREPORT{ecb05b, - author = {Ehrmann, Michael and Fratzscher, Marcel}, - title = {Communication and Decision-making by Central Bank - Committees: Different Strategies, same - Effectiveness?}, - institution = {European Central Bank}, - year = 2005, - type = {European Central Bank Working Paper}, - number = 488 -} - -@TECHREPORT{eissa04, - author = {Eissa, Nada and Kleven, Henrik Jacobsen and Kreiner, - Claus Thustrup}, - title = {Evaluation of Four Tax Reforms in the {U}nited - {S}tates: {L}abor Supply and Welfare Effects for - Single Mothers}, - institution = {National Bureau of Economic Research, Inc}, - year = 2004, - type = {NBER Working Papers}, - number = 10935 -} - -@ARTICLE{elliott:restricted, - author = {Elliott, Graham}, - title = {Estimating Restricted Cointegrating Vectors}, - journal = {Journal of Business and Economic Statistics}, - year = 2000, - volume = 18, - pages = {91--99} -} - -@ARTICLE{elliott:initial, - author = {Elliott, Graham}, - title = {Efficient Tests for a Unit Root When the Initial - Observation is Drawn from its Unconditional - Distribution}, - journal = {International Economic Review}, - year = 1999, - volume = 40, - pages = {767--783}, - number = 3, - month = {August} -} - -@ARTICLE{elliott:almost, - author = {Elliott, Graham}, - title = {On the Robustness of Cointegration Methods When - Regressors Almost Have Unit Roots}, - journal = {Econometrica}, - year = 1998, - volume = 66, - pages = {149--158}, - number = 1, - month = {January} -} - -@ARTICLE{elliottfatas:current, - author = {Elliott, Graham and Fat\`as, Antonio}, - title = {International business cycles and the dynamics of - the current account}, - journal = {European Economic Review}, - year = 1996, - volume = 40, - pages = {361--387} -} - -@ARTICLE{elliottito:hetero, - author = {Elliott, Graham and Ito, Takatoshi}, - title = {Heterogeneous expectations and tests of Efficiency - in the yen/dollar forward exchange rate market}, - journal = {Journal of Monetary Economics}, - year = 1999, - volume = 43, - pages = {435--456} -} - -@ARTICLE{elliottjansson:stationary, - author = {Elliott, Graham and Jansson, Michael}, - title = {Testing for unit roots with stationary covariates}, - journal = {Journal of Econometrics}, - year = 2003, - volume = 115, - pages = {75--89}, - number = 1, - month = {July} -} - -@ARTICLE{ejp:optimalpower, - author = {Elliott, Graham and Jansson, Michael and Pesavento, - Elena}, - title = {Optimal Power for Testing Potential Cointegrating - Vectors with Known Parameters for Nonstationarity}, - journal = {Working Paper, Department of Economics, University - of California at San Diego}, - year = 2002 -} - -@ARTICLE{ekt:loss, - author = {Elliott, Graham and Komunjer, Ivana and Timmermann, - Allan G.}, - title = {Estimating Loss Function Parameters}, - journal = {CEPR Discussion Paper No. 3821}, - month = {March 2003} -} - -@ARTICLE{elliottstock:nearone, - author = {Elliott, Graham and Stock, James H.}, - title = {Confidence intervals for autoregressive coefficients - near one}, - journal = {Journal of Econometrics}, - year = 2001, - volume = 103, - pages = {155--181}, - number = {1-2} -} - -@ARTICLE{et:forecast, - author = {Elliott, Graham and Timmermann, Allan}, - title = {Optimal Forecast Combinations Under General Loss - Functions and Forecast Error Distributions}, - journal = {Forthcoming, Journal of Forecasting}, - year = 2004 -} - -@ARTICLE{et:regime, - author = {Elliott, Graham and Timmermann, Allan}, - title = {Optimal Forecast Combination Under Regime Switching}, - journal = {Forthcoming, International Economic Review}, - year = 2004 -} - -@ARTICLE{ellison&fudenberg:social, - author = {Ellison, Glen and Fudenberg, Drew}, - title = {Word-of-Mouth Communication and Social Learning}, - journal = {Quarterly Journal of Economics}, - year = 1995, - volume = 110, - pages = {93--125} -} - -@ARTICLE{EngenGruber:UI, - author = {Engen, Eric and Gruber, Jonathan}, - title = {Unemployment Insurance and Precautionary Saving}, - journal = {Journal of Monetary Economics}, - year = 2001, - volume = 47, - pages = {545--579} -} - -@ARTICLE{englund&ioannides:houseprices, - author = {Englund, Peter and Ioannides, Yannis}, - title = {House Price Dynamics: An International Empirical - Perspective}, - journal = {Journal of Housing Economics}, - year = 1997, - volume = 6, - pages = {119--136} -} - -@TECHREPORT{ecb05, - author = {{European Central Bank}}, - title = {Inflation Persistence and Price Setting Behaviour in - the Euro Area}, - year = 2005, - type = {report}, - note = {available at {\footnotesize - \url{http://www.ecb.int/home/pdf/research/inflationpersistencepricesettingreport.pdf}}} -} - -@TECHREPORT{ecb03, - author = {{European Central Bank}}, - title = {Structural Factors in the EU Housing Markets}, - institution = {European Central Bank}, - year = 2003, - type = {report}, - note = {available at {\footnotesize - \url{http://www.ecb.eu/pub/pdf/other/euhousingmarketsen.pdf}}} -} - -@TECHREPORT{elp02, - author = {Evans, Charles L. and Liu, Chin Te and Pham--Kanter, - Genevieve}, - title = {The 2001 Recession and the Chicago Fed National - Activity Index: Identifying Business Cycle Turning - Points}, - institution = {Federal Reserve Bank of Chicago}, - year = 2002, - type = {Economic Perspectives}, - pages = {26--43} -} - -@BOOK{evans&honk:book, - title = {Learning and Expectations in Macroeconomics}, - publisher = {Princeton University Press}, - year = 2001, - author = {Evans, George W. and Honkapohja, Seppo}, - address = {Princeton} -} - -@ARTICLE{evans&honk:survey, - author = {Evans, George W. and Honkapohja, Seppo}, - title = {Learning Dynamics}, - journal = {Manuscript, University of Oregon}, - year = 1999 -} - -@ARTICLE{evansInterestElasticity, - author = {Evans, Owen J.}, - title = {Tax Policy, the Interest Elasticity of Saving, and - Capital Accumulation: Numerical Analysis of - Theoretical Models}, - journal = {The American Economic Review}, - year = 1983, - pages = {398--410}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/evansInterestElasticity.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/evansInterestElasticity.pdf:PDF}, - publisher = {JSTOR} -} - -@ARTICLE{fama:inherit, - author = {Fama, Eugene F.}, - title = {Multiperiod Consumption-Investment Decisions}, - journal = {American Economic Review}, - year = 1970, - volume = 60, - pages = {163--74}, - number = 1 -} - -@ARTICLE{fhnRisk, - author = {Fan, Lin and Hobbs, Benjamin F. and Norman, - Catherine S.}, - title = {Risk Aversion And CO2 Regulatory Uncertainty In - Power Generation Investment: Policy And Modeling - Implications}, - journal = {Journal of Environmental Economics and Management}, - year = 2010, - volume = 60, - pages = {193--208}, - number = 3, - note = {\\ - \url{http://dx.doi.org/10.1016/j.jeem.2010.08.001}}, - doi = {10.1016/j.jeem.2010.08.001}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fhnRisk.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fhnRisk.pdf:PDF}, - publisher = {Elsevier}, - url = {http://dx.doi.org/10.1016/j.jeem.2010.08.001} -} - -@ARTICLE{faust:robust, - author = {Faust, Jon}, - title = {The Robustness of Identified VAR Conclusions About - Money}, - journal = {Carnegie-Rochester Conference Series on Public - Policy}, - year = 1998, - volume = 49, - pages = {207--244} -} - -@ARTICLE{faust:errors, - author = {Faust, Jon and Rogers, John}, - title = {Monetary Policy's Role in Exchange Rate Behavior}, - journal = {Journal of Monetary Economics}, - year = 2003, - volume = 50, - pages = {1403--24}, - number = 7, - month = {October} -} - -@ARTICLE{frsw:identifying, - author = {Faust, Jon and Rogers, John H. and Swanson, Eric and - Wright, Jonathan H.}, - title = {Identifying the Effects Of Monetary Policy Shocks On - Exchange Rates Using High Frequency Data}, - journal = {Journal of the European Economic Association}, - year = 2003, - volume = 1, - pages = {1031--57}, - month = {September} -} - -@ARTICLE{fhw:stigma, - author = {Fay, Scott and Hurst, Erik and White, Michelle}, - title = {The Bankruptcy Decision: Does Stigma Matter?}, - journal = {University of Michigan Working Paper}, - year = 1998, - volume = {98-1} -} - -@ARTICLE{fhp, - author = {Fazzari, Stephen and Hubbard, R. Glenn and Petersen, - Bruce C.}, - title = {Financing Constraints and Corporate Investment}, - journal = {Brookings Papers on Economic Activity}, - year = 1988, - volume = 1988, - pages = {141--206}, - number = 1, - bdsk-url-1 = - {http://links.jstor.org/sici?sici=0007-2303%281988%291988%3A1%3C141%3AFCACI%3E2.0.CO%3B2-O}, - url = - {http://links.jstor.org/sici?sici=0007-2303%281988%291988%3A1%3C141%3AFCACI%3E2.0.CO%3B2-O} -} - -@ARTICLE{flLifeCycleUncert, - author = {Feigenbaum, James and Geng Li}, - title = {Life Cycle Dynamics of Income Uncertainty and - Consumption}, - journal = {B.E. Journal of Macroeconomics}, - year = 2012, - volume = {12: Iss. 1 (Advances), Article 11} -} - -@ARTICLE{flUncert, - author = {Feigenbaum, James and Li, Geng}, - title = {Lifecycle Dynamics of Income Uncertainty and - Consumption}, - year = 2011 -} - -@ARTICLE{feldsteinInfl, - author = {Feldstein, M.}, - title = {{Inflation, tax rules and the stock market* 1}}, - journal = {Journal of Monetary Economics}, - year = 1980, - volume = 6, - pages = {309--331}, - number = 3, - issn = {0304-3932}, - publisher = {Elsevier} -} - -@ARTICLE{feldstein:myopic, - author = {Feldstein, Martin S.}, - title = {The Optimal Level of Social Security Benefits}, - journal = {Quarterly Journal of Economics}, - year = 1985, - volume = 100, - pages = {303--19} -} - -@Article{feldstein:induced, - Title = {Social Security, Induced Retirement, and Aggregate - Capital Formation}, - Author = {Feldstein, Martin S.}, - Journal = {Journal of Political Economy}, - Year = 1974, - Month = {October}, - Note = {Available at { - \url{http://www.jstor.org/stable/1829174}}}, - Number = 4, - Pages = {905--926}, - Volume = 82, - Owner = {Nic Johnson}, - Url = {http://www.jstor.org/stable/1829174} -} - -@ARTICLE{feldstein&horioka:sequalsi, - author = {Feldstein, Martin S. and Horioka, Charles Y.}, - title = {Domestic Saving and International Capital Flows}, - journal = {Economic Journal}, - year = 1980, - volume = 90, - pages = {314--29}, - month = {June} -} - -@ARTICLE{fernandez-corugedo:softlc, - author = {Fernandez-Corugedo, Emilio}, - title = {Soft Liquidity Constraints and Precautionary - Savings}, - journal = {Manuscript, Bank of England}, - year = 2000 -} - -@ARTICLE{fpb:consumption, - author = {Fernandez-Corugedo, Emilio and Price, Simon and - Blake, Andrew}, - title = {The Dynamics of Consumer's Expenditure: the UK - Consumption ECM Redux}, - journal = {Bank of England Working Paper 204}, - year = 2003 -} - -@TECHREPORT{fpb03, - author = {Fernandez-Corugedo, Emilio and Price, Simon and - Blake, Andrew}, - title = {The Dynamics of Consumers’ Expenditure: The UK - Consumption ECM Redux}, - institution = {Bank of England}, - year = 2003, - type = {working paper}, - number = 204 -} - -@BOOK{fisherInterestTheory, - title = {The Theory of Interest}, - publisher = {MacMillan}, - year = 1930, - author = {Fisher, Irving}, - address = {New York} -} - -@TECHREPORT{fisherEtAl:HsngBooms, - author = {Fisher, Lance A. and Otto, Glenn and Voss, Graham}, - title = {Housing Booms, Non-Financial Wealth and Consumption: - Lessons from the Australian Experience}, - institution = {University of Victoria}, - year = 2005, - type = {mimeo} -} - -@ARTICLE{fishe&idson:infohetero, - author = {Fisher, Raymond P. H. and Idson, Todd L.}, - title = {Information-Induced Heteroscedasticity in Price - Expectations Data}, - journal = {Review of Economics and Statistics}, - year = 1990, - volume = 72, - pages = {304--312}, - number = 2 -} - -@INCOLLECTION{flavinHousingAndWealth, - author = {Flavin, Marjorie}, - title = {Housing and Wealth Portfolios}, - booktitle = {International Encyclopedia of Housing and Home}, - publisher = {Elsevier}, - year = {Forthcoming}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinHousingAndWealth.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinHousingAndWealth.pdf:PDF} -} - -@ARTICLE{flavinHAdjMacro, - author = {Flavin, Marjorie}, - title = {Housing, Adjustment Costs, and Macro Dynamics}, - journal = {CESifo Economics Studies Conference on Housing - Taxation and Regulation, 19–20 November 2010, - Munich}, - year = 2010, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinHAdjMacro.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinHAdjMacro.pdf:PDF}, - url = {http://dx.doi.org/10.1093/cesifo/ifr019} -} - -@TECHREPORT{flavinEndogenousRA, - author = {Flavin, Marjorie}, - title = {Housing, Adjustment Costs, and Endogenous Risk - Aversion}, - year = 2009, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinEndogenousRA.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinEndogenousRA.pdf:PDF}, - journal = {Bank of Spain conference on Household Finance and - Macroeconomics, Madrid, 15-16 October, 2009} -} - -@ARTICLE{flavinSmoothness, - author = {Flavin, Marjorie}, - title = {The Excess Smoothness of Consumption: Identification - and Interpretation}, - journal = {The Review of Economic Studies}, - year = 1993, - volume = 60, - number = 3, - month = {June}, - note = {\\ \url{http://www.jstor.org/stable/2298129}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinSmoothness.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinSmoothness.pdf:PDF}, - url = {http://www.jstor.org/stable/2298129} -} - -@ARTICLE{flavinLCorMyopia, - author = {Flavin, Marjorie}, - title = {Excess Sensitivity of Consumption to Current - Income:Liquidity Constraints or Myopia?}, - journal = {NBER Working Paper Number 1314}, - year = 1984, - note = {\\ - \url{http://www.worldcat.org/title/excess-sensitivity-of-consumption-to-current-income-liquidity-constraints-or-myopia/oclc/72446615}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinLCorMypopia.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinLCorMyopia.pdf:PDF}, - url = - {http://www.worldcat.org/title/excess-sensitivity-of-consumption-to-current-income-liquidity-constraints-or-myopia/oclc/72446615} -} - -@TECHREPORT{flavinRobust, - author = {Marjorie A. Flavin}, - title = {The Joint Consumption/Asset Demand Decision: A Case - Study in Robust Estimation}, - institution = {National Bureau of Economic Research}, - year = 1991, - type = {Working Paper}, - number = 3802, - month = {August}, - abstract = {The paper uses a previously unexploited data set -- - the Michigan Survey of Consumer Finances -- to ask - whether the finding that consumption tracks current - income more closely than is consistent with the - permanent income hypothesis can be attributed solely - or partially to borrowing constraints. Using - household data on income and asset stocks, the paper - studies the saving side of the consumption/saving - decision, and thus provides inferences on a - comprehensive concept of consumption. To limit the - influence of outliers, the paper uses a robust - instrumental variables estimator, and argues that - achieving robustness with respect to leverage points - is actually simpler, both conceptually and - computationally, in an instrumental variables - context than in the OLS context. The results - indicate that households do use asset stocks to - smooth their consumption, although this smoothing is - far from complete. However, there is no evidence - that the excess sensitivity of consumption to - current income is caused by borrowing - constraints. Compared to the conventional results, - the robust instrumental variables estimates are more - stable across different subsamples, more consistent - with the theoretical specification of the model, and - indicate that some of the most striking findings in - the conventional results were attributable to a - single, highly unusual observation.}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinRobust.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinRobust.pdf:PDF}, - series = {Working Paper Series}, - url = {http://www.nber.org/papers/w3802} -} - -@Article{flavinSensitive, - Title = {The Adjustment of Consumption to Changing - Expectations About Future Income}, - Author = {Flavin, Marjorie B.}, - Journal = {Journal of Political Economy}, - Year = 1981, - Note = {\\ \url{http://www.jstor.org/stable/1830816}}, - Pages = {974--1009}, - Volume = 89, - Owner = {Nic Johnson}, - Url = {http://www.jstor.org/stable/1830816} -} - -@ARTICLE{fy00, - author = {Marjorie A. Flavin and Takashi Yamashita}, - title = {Owner-Occupied Housing and the Composition of the - Household Portfolio over the Life-Cycle}, - journal = {American Economic Review}, - year = 2000, - volume = 92, - pages = {345--62} -} - -@TECHREPORT{fn04, - author = {Marjorie Flavin and Shinobu Nakagawa}, - title = {A Model of Housing in the Presence of Adjustment - Costs: A Structural Interpretation of Habit - Persistence}, - institution = {National Bureau of Economic Research}, - year = 2004, - type = {working paper}, - number = 10458 -} - -@ARTICLE{fyHousingLC, - author = {Flavin, Marjorie and Takashi Yamashita}, - title = {Owner-Occupied Housing: Life-Cycle Implications for - the Household Portfolio}, - journal = {American Economic Review: Papers and Proceedings}, - year = 2011, - volume = 101, - pages = {609-–614}, - number = 3, - note = {\\ \url{http://www.aeaweb.org/articles.php?doi= - 10.1257/aer.101.3.609}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fyHousingLifeCycle.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fyHousingLifeCycle.pdf:PDF}, - url = - {http://www.aeaweb.org/articles.php?doi=10.1257/aer.101.3.609} -} - -@ARTICLE{fyPortfolio, - author = {Flavin, Marjorie and Takashi Yamashita}, - title = {Owner-Occupied Housing: The Role of Collateral - Constraints on the Household Portfolio}, - journal = {Manuscript, UCSD}, - year = 2011, - month = {October}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fyPortfolio.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fyPortfolio.pdf:PDF} -} - -@ARTICLE{fyHousingHHPortfolio, - author = {Flavin, Marjorie and Yamashita, Takashi}, - title = {Owner-Occupied Housing and the Composition of the - Household Portfolio}, - journal = {The American Economic Review}, - year = 2002, - volume = 92, - pages = {pp.345--362}, - number = 1, - note = {\\ \url{http://www.jstor.org/stable/3083338}}, - copyright = {Copyright © 2002 American Economic Association}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fyHousingHHPortfolio.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fyHousingHHPortfolio.pdf:PDF}, - issn = 00028282, - jstor_articletype ={research-article}, - jstor_formatteddate ={Mar., 2002}, - language = {English}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/3083338} -} - -@ARTICLE{FlemingRemolona:whatmoves, - author = {Fleming, Michael and Remolona, Eli}, - title = {What Moves the Bond Market?}, - journal = {Federal Reserve Bank of New York Economic Policy - Review}, - year = 1997, - volume = 3, - pages = {31--50} -} - -@INCOLLECTION{fm00, - author = {Flemming, J.S. and Micklewright, John}, - title = {Income distribution, economic systems and - transition}, - booktitle = {Handbook of Income Distribution}, - publisher = {Elsevier}, - year = 2000, - editor = {Atkinson, Anthony B. and Bourguignon, Frank}, - pages = {843--918}, - address = {Cambridge, MA} -} - -@ARTICLE{fogliPerriMod, - author = {Fogli, Alessandra and Perri, Fabrizio}, - title = {The `Great Moderation' and the U.S.\ External - Imbalance}, - journal = {NBER Working Paper Number w12708}, - year = 2006, - month = {November} -} - -@TECHREPORT{fksvvFDIpty, - author = {Christian Fons-Rosen and Sebnem Kalemli-Ozcan and - Bent E. S{\o}rensen and Carolina Villegas-Sanchez - and Vadym Volosovych}, - title = {Quantifying Productivity Gains from Foreign - Investment}, - institution = {National Bureau of Economic Research}, - year = 2013, - type = {Working Paper}, - number = 18920, - month = {March}, - abstract = {We quantify the causal effect of foreign investment - on total factor productivity (TFP) using a new - global firm-level database. Our identification - strategy relies on exploiting the difference in the - amount of foreign investment by financial and - industrial investors and simultaneously controlling - for unobservable firm and country-sector-year - factors. 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Parker}, - title = {Consumption Over the Lifecycle}, - journal = EMA, - year = 2002, - volume = 70, - pages = {47--89}, - number = 1, - month = {January} -} - -@MISC{bog:flow, - author = {of Governors of the Federal Reserve System, Board}, - title = {Flow of Funds Accounts Financial Assets and - Liabilities, Year-End}, - year = {periodic} -} - -@BOOK{grahamDodd, - title = {Securities Analysis}, - publisher = {McGraw-Hill}, - year = 1934, - author = {Graham, Benjamin and Dodd, David}, - address = {New York} -} - -@INCOLLECTION{grantKeynes, - author = {Grant, Susan}, - title = {Chapter 3. The Key Skills of an Economists}, - booktitle = {Teaching and Assessing Skills in Economics}, - publisher = {Cambridge University Press}, - year = 2009, - note = {Available at - \url{http://assets.cambridge.org/97805215/48250/excerpt/9780521548250_excerpt.pdf}} -} - -@INPROCEEDINGS{gw07, - author = {Green, Richard K. and Wachter, Susan M.}, - title = {The Housing Finance Revolution}, - booktitle = {Housing, Housing Finance and Monetary Policy}, - year = 2007, - pages = {21--67}, - publisher = {Jackson Hole Symposium, Federal Reserve Bank of - Kansas City} -} - -@BOOK{greene:metrixtext, - title = {Econometric Analysis}, - publisher = {Prentice Hall}, - year = 2000, - author = {Greene, William H.}, - edition = 4 -} - -@BOOK{greene:econometrics, - title = {Econometrics}, - publisher = {MacMillan}, - year = 1990, - author = {Greene, William H.}, - address = {New York}, - edition = {Second} -} - -@ARTICLE{greenspan:debt, - author = {Greenspan, Alan}, - title = {Statement to the U.S. House Committee on Ways and - Means, December 18, 1991}, - journal = {Federal Reserve Bulletin}, - year = 1992, - volume = 78, - pages = {122--124}, - number = 2 -} - -@ARTICLE{greenspan&cohen:scrappage, - author = {Greenspan, Alan and Cohen, Darrel}, - title = {Motor Vehicle Stocks, Scrappage, and Sales}, - journal = {Manuscript, Board of Governors of the Federal - Reserve System}, - year = 1997 -} - -@TECHREPORT{gk05, - author = {Greenspan, Alan and Kennedy, James}, - title = {Estimates of Home Mortgage Originations, Repayments, - and Debt on One-to-Four-Family Residences}, - institution = {Federal Reserve Board}, - year = 2005, - type = {FEDS working paper}, - number = {2005--41} -} - -@article{gross&souleles:creditcards, - title={Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior? Evidence from Credit Card Data*}, - author={Gross, David B and Souleles, Nicholas S}, - journal={The Quarterly journal of economics}, - volume={117}, - number={1}, - pages={149--185}, - year={2002}, - publisher={Oxford University Press} - } - -@ARTICLE{gross&souleles:bankruptcy, - author = {Gross, David B. and Souleles, Nicholas S.}, - title = {Explaining the Rise in Bankruptcy and Delinquency: - Stigma Versus Risk-Composition}, - journal = {Manuscript, University of Pennsylvania}, - year = 1998 -} - -@ARTICLE{gru04, - author = {Gruber, Joseph W.}, - title = {A Present Value Test of Habits and the Current - Account}, - journal = {Journal of Monetary Economics}, - year = 2004, - volume = 51, - pages = {1495--1507}, - number = 7 -} - -@ARTICLE{grHabits, - author = {Alessandra Guariglia and Mariacristina Rossi}, - title = {Consumption, Habit Formation, and Precautionary - Saving: Evidence from the British Household Panel - Survey}, - journal = {Oxford Economic Papers}, - year = 2002, - volume = 54, - pages = {1--19} -} - -@ARTICLE{gjt:smallPS, - author = {Guiso, Luigi and Jappelli, Tullio and Terlizzese, - Daniele}, - title = {Earnings Uncertainty and Precautionary Saving}, - journal = {Journal of Monetary Economics}, - year = 1992, - volume = 30, - pages = {307--37}, - number = 2 -} - -@ARTICLE{guiso+paiella-risk, - author = {Guiso, Luigi and Paiella, Monica}, - title = {Risk Aversion, Wealth and Background Risk}, - journal = {C.E.P.R. Discussion Papers}, - year = 2001, - number = 2728, - month = mar, - note = {available at - http://ideas.repec.org/p/cpr/ceprdp/2728.html}, - type = {CEPR Discussion Papers} -} - -@ARTICLE{gsz:culture, - author = {Guiso, Luigi and Sapienza, Paola and Zingales, - Luigi}, - title = {Does Culture Affect Economic Outcomes?}, - journal = {Journal of Economic Perspectives}, - year = 2006, - note = {available at - http://ideas.repec.org/p/cpr/ceprdp/5505.html} -} - -@ARTICLE{GuvenenLearning, - author = {Guvenen, Fatih}, - title = {Learning Your Earning: Are Labor Income Shocks - Really Very Persistent?}, - journal = {American Economic Review}, - year = 2007, - volume = 97, - pages = {687--712}, - number = 3 -} - -@Article{gosCyclical, - author = {Fatih Guvenen and Serdar Ozkan and Jae Song}, - title = {{The Nature of Countercyclical Income Risk}}, - journal = {Journal of Political Economy}, - year = 2014, - volume = 122, - number = 3, - pages = {621--660}, - abstract = {This paper studies the cyclical nature of individual - income risk using a confidential dataset from the - U.S. Social Security Administration, which contains - (uncapped) earnings histories for millions of - individuals. The base sample is a nationally - representative panel containing 10 percent of all - U.S. males from 1978 to 2010. We use these data to - decompose individual income growth during recessions - into “between-group” and “within-group” - components. We begin with the behavior of - within-group shocks. Contrary to past research, we - do not find the variance of idiosyncratic income - shocks to be countercyclical. Instead, it is the - left-skewness of shocks that is strongly - countercyclical. That is, during recessions, the - upper end of the shock distribution collapses—large - upward income movements become less likely—whereas - the bottom end expands—large drops in income become - more likely. Thus, while the dispersion of shocks - does not increase, shocks become more left skewed - and, hence, risky during recessions. Second, to - study between-group differences, we group - individuals based on several observable - characteristics at the time a recession hits. One of - these characteristics—the average income of an - individual at the beginning of a business cycle - episode—proves to be an especially good predictor of - fortunes during a recession: prime-age workers that - enter a recession with high average earnings suffer - substantially less compared with those who enter - with low average earnings (which is not the case - during expansions). Finally, we find that the - cyclical nature of income risk is dramatically - different for the top 1 percent compared with all - other individuals—even relative to those in the top - 2 to 5 percent. }, - series = {Working Paper Series}, - url = {http://www.nber.org/papers/w18035} -} - -@ARTICLE{denHaanMarcet:parameterized, - author = {den Haan, Wouter J and Marcet, Albert}, - title = {Solving the Stochastic Growth Model by - Parameterizing Expectations}, - journal = {Journal of Business and Economic Statistics}, - year = 1990, - volume = 8, - pages = {31--34}, - number = 1, - month = {January}, - note = {Available at - {\url{http://ideas.repec.org/a/bes/jnlbes/v8y1990i1p31-34.html}}} -} - -@ARTICLE{hl:interpreting, - author = {Hahn, Jaehoon and Lee, Hangyong}, - title = {Interpreting the Predictive Power of the - Consumption-Wealth Ratio}, - journal = {University of Washington Working Paper}, - year = 2005 -} - -@ARTICLE{hahn&lee:cwunstable, - author = {Hahn, Jaehoon and Lee, Hangyong}, - title = {On the Estimation of the Consumption-Wealth Ratio: - Cointegrating Parameter Instability and its - Implications for Stock Return Forecasting}, - journal = {Manuscript, Columbia University}, - year = 2001 -} - -@TECHREPORT{hl01, - author = {Jaehoon Hahn and Hangyong Lee}, - title = {On the Estimation of the Consumption-Wealth Ratio: - Cointegrating Parameter Instability and its - Implications for Stock Return Forecasting}, - institution = {Columbia University}, - year = 2001, - type = {mimeo} -} - -@ARTICLE{haliassos&bertaut:fewholdstocks, - author = {Haliassos, Michael and Bertaut, Carol}, - title = {Why Do So Few Hold Stocks?}, - journal = {The Economic Journal}, - year = 1995, - volume = 105, - pages = {1110--1129} -} - -@INCOLLECTION{HaliassosMichaelides:computation, - author = {Haliassos, Michael and Michaelides, Alexander}, - title = {Calibration and Computation of Household Portfolio - Models}, - booktitle = {Household Portfolios}, - publisher = {MIT Press}, - year = 2002, - editor = {Guiso, Luigi and Haliassos, Michael and Japelli, - Tullio}, - chapter = 2, - pages = {55--101} -} - -@ARTICLE{haliassos&michaelides:ier, - author = {Haliassos, Michael and Michaelides, Alexander}, - title = {Portfolio Choice and Liquidity Constraints}, - journal = {International Economic Review}, - year = 2003, - volume = 44, - pages = {143--177}, - number = 1, - note = {available at - http://ideas.repec.org/a/ier/iecrev/v44y2003i1p143-177.html} -} - -@ARTICLE{hrw:relevance, - author = {Hall, Alastair R. and Rudebusch, Glenn D. and - Wilcox, David W.}, - title = {Judging Instrument Relevance In Instrumental - Variables Estimation}, - journal = {International Economic Review}, - year = 1996, - volume = 37, - pages = {283--298}, - number = 2 -} - -@ARTICLE{hall:cweak, - author = {Hall, Robert E.}, - title = {Macro Theory and the Recession of 1990-1991}, - journal = {American Economic Review}, - year = 1993, - volume = 83, - pages = {275--279}, - number = 2 -} - -@Article{hallSubstitution, - Title = {Intertemporal Substitution in Consumption}, - Author = {Hall, Robert E.}, - Journal = {Journal of Political Economy}, - Year = 1988, - Note = {Available at - {\url{http://www.stanford.edu/~rehall/Intertemporal-JPE-April-1988.pdf}}}, - Pages = {339-357}, - Volume = {XCVI}, - Owner = {Nic Johnson}, - Url = - {http://www.stanford.edu/~rehall/Intertemporal-JPE-April-1988.pdf} -} - - -@ARTICLE{hall&jones:ptyofnations, - author = {Hall, Robert E. and Jones, Charles I.}, - title = {Why Do Some Countries Produce So Much More Output - per Worker than Others?}, - journal = {Quarterly Journal of Economics}, - year = 1999, - volume = {CXIV}, - pages = {83--116}, - month = {February} -} - -@ARTICLE{hall&jorgenson:i, - author = {Hall, Robert E. and Jorgenson, Dale}, - title = {Tax Policy and Investment Behavior}, - journal = {American Economic Review}, - year = 1967, - volume = 57, - month = {June}, - note = {Available at { - \url{http://www.stanford.edu/~rehall/Tax-Policy-AER-June-1967.pdf}}} -} - -@ARTICLE{hall&mishkin:transitory, - author = {Hall, Robert E. and Mishkin, Frederic}, - title = {The Sensitivity of Consumption to Transitory Income: - Evidence from PSID Households}, - journal = {Econometrica}, - year = 1982, - volume = {L}, - pages = {461--81} -} - -@BOOK{hr95, - title = {The Flat Tax}, - publisher = {Hoover Institution Press}, - year = 1995, - author = {Hall and Rabushka}, - address = {Stanford} -} - -@ARTICLE{hst99, - author = {Ham, John C. and Svejnar, Jan and Terrell, - Katherine}, - title = {Women's Unemployment during Transition}, - journal = {The Economics of Transition}, - year = 1999, - volume = 7, - pages = {47--78}, - number = 1 -} - -@ARTICLE{hst98, - author = {Ham, John C. and Svejnar, Jan and Terrell, - Katherine}, - title = {Unemployment and the Social Safety Net during - Transitions to a Market Economy: Evidence from the - {C}zech and {S}lovak Republics}, - journal = {American Economic Review}, - year = 1998, - volume = 88, - pages = {1117--42}, - number = 5 -} - -@ARTICLE{hhkCoint, - author = {Hamburg, Britta and Hoffmann, Mathias and Keller, - Joachim}, - title = {Consumption, Wealth, and Business Cycles in Germany}, - journal = {Empirical Economics}, - year = 2008, - volume = 34, - pages = {451--476}, - number = 3 -} - -@TECHREPORT{hhk05, - author = {Hamburg, Britta and Hoffmann, Mathias and Keller, - Joachim}, - title = {Consumption, Wealth and Business Cycles in Germany}, - institution = {Deutsche Bundesbank}, - year = 2005, - type = {discussion paper}, - number = 16 -} - -@ARTICLE{hamilton:growthcycles, - author = {Hamilton, James D}, - title = {A New Approach to the Economic Analysis of - Nonstationary Time Series and the Business Cycle}, - journal = {Econometrica}, - year = 1989, - volume = 57, - pages = {357--384}, - month = {March} -} - -@ARTICLE{fhLimitations, - author = {Hamilton, James D. and Marjorie A. Flavin}, - title = {On the Limitations of Government Borrowing: A - Framework for Empirical Testing}, - journal = {The American Economic Review}, - year = 1986, - volume = 76, - pages = {808--819}, - number = 4, - month = {September}, - note = {\\ \url{http://www.jstor.org/stable/1806077}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fhGovBorrowing.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fhGovBorrowing.pdf:PDF}, - url = {http://www.jstor.org/stable/1806077} -} - -@TECHREPORT{han04, - author = {Handjiyska, Boriana}, - title = {Adjustment of Household Inflation Expectations in - Five OECD Countries}, - institution = {Johns Hopkins University}, - year = 2004, - type = {mimeo} -} - -@ARTICLE{han01, - author = {Hansen, Bruce E.}, - title = {The New Econometrics of Structural Change: Dating - Breaks in U.S.\ Labor Productivity}, - journal = {Journal of Economic Perspectives}, - year = 2001, - volume = 15, - pages = {117--28}, - number = 4 -} - -@MISC{hansen:hours, - author = {Hansen, Gary D.}, - title = {Fluctuations in Total Hours Worked: A Study Using - Efficiency Units}, - howpublished = {Working Paper, University of Minnesota}, - year = 1984 -} - -@ARTICLE{hansen&wright, - author = {Hansen, Gary D. and Wright, Randall}, - title = {The Labor Market in Real Business Cycle Theory}, - journal = {Federal Reserve Bank of Minneapol Quarterly Review}, - year = 1992, - volume = 16 -} - -@ARTICLE{hansen:gmm, - author = {Hansen, Lars M.}, - title = {Large Sample Properties of Generalized Method of - Moments Estimators}, - journal = {Econometrica}, - year = 1982, - pages = {1029--1054} -} - -@BOOK{hlp:inequalities, - title = {Inequalities}, - publisher = {Cambridge University Press}, - year = 1967, - author = {Hardy, Godfrey Harold and Littlewood, John E. and - Polya, George}, - edition = {Second} -} - -@ARTICLE{laibsonHarrisInstant, - author = {Harris, Christopher and Laibson, David I.}, - title = {Instantaneous Gratification}, - journal = {Manuscript, Harvard University}, - year = 2004 -} - -@ARTICLE{hjmrTemporal, - author = {Harrison, G.W. and Johnson, E. and McInnes, M.M. and - Rutstr{\"}om, E.E.}, - title = {Temporal stability of estimates of risk aversion}, - journal = {Applied Financial Economics Letters}, - year = 2005, - volume = 1, - pages = {31--35}, - number = 1, - note = - {\url{http://econpapers.repec.org/RePEc:taf:apfelt:v:1:y:2005:i:1:p:31-35}}, - abstract = {Estimates of risk aversion can be obtained from - controlled laboratory experiments. The temporal - stability of those preferences is assumed in many - applications. This assumption is tested by eliciting - risk aversion measures from subjects at two distinct - times. Evidence consistent with the stability - assumption is found.}, - publisher = {Routledge}, - url = - {http://econpapers.repec.org/RePEc:taf:apfelt:v:1:y:2005:i:1:p:31-35} -} - -@ARTICLE{hauseYdyn, - author = {Hause, John C.}, - title = {The Fine Structure of Earnings and the On-the-Job - Training Hypothesis}, - journal = {Econometrica}, - year = 1980, - volume = 48, - pages = {1013--1029}, - number = 4 -} - -@INCOLLECTION{hausmann85, - author = {Hausman, Jerry A.}, - title = {Taxes and labor supply}, - booktitle = {Handbook of Public Economics}, - publisher = {Elsevier}, - year = 1985, - editor = {Auerbach, A. J. and Feldstein, M.}, - volume = 1, - series = {Handbook of Public Economics}, - chapter = 4, - pages = {213--263} -} - -@ARTICLE{hausmanBonus, - author = {Hausman, Joshua K.}, - title = {Fiscal Policy and Economic Recovery: The Case of the - 1936 Veterans’ Bonus}, - journal = {Manuscript, University of California Berkeley}, - year = 2012 -} - -@ARTICLE{hprGrowthAccel, - author = {Hausmann, Ricardo and Pritchett, Lant and Rodrik, - Dani}, - title = {Growth Accelerations}, - journal = {Journal of Economic Growth}, - year = 2005, - volume = 10, - pages = {303--329}, - note = {10.1007/s10887-005-4712-0}, - abstract = {Unlike most cross country growth analyses, we focus - on turning points in growth performance. We look for - instances of rapid acceleration in economic growth - that are sustained for at least 8 years and identify - more than 80 such episodes since the 1950s. Growth - accelerations tend to be correlated with increases - in investment and trade, and with real exchange rate - depreciations. Political-regime changes are - statistically significant predictors of growth - accelerations. External shocks tend to produce - growth accelerations that eventually fizzle out, - while economic reform is a statistically significant - predictor of growth accelerations that are - sustained. However, growth accelerations tend to be - highly unpredictable: the vast majority of growth - accelerations are unrelated to standard determinants - and most instances of economic reform do not produce - growth accelerations.}, - affiliation = {Harvard University John F. Kennedy School of - Government USA USA}, - issn = {1381-4338}, - issue = 4, - keyword = {Business and Economics}, - publisher = {Springer Netherlands}, - url = {http://dx.doi.org/10.1007/s10887-005-4712-0} -} - -@ARTICLE{hprGrowth, - author = {Hausmann, Ricardo, Lant Pritchett and Rodrik, Dani}, - title = {Growth Accelerations}, - journal = {Journal of Economic Growth}, - year = 2005, - volume = 10, - pages = {303--329}, - number = 4 -} - -@BOOK{hayashiEconometrics, - title = {Econometrics}, - publisher = {Princeton University Press}, - year = 2000, - author = {Hayashi, Fumio} -} - -@BOOK{hayashi:understandingsaving, - title = {Understanding Saving : Evidence from the United - States and Japan}, - publisher = {The MIT Press}, - year = 1997, - author = {Hayashi, Fumio}, - address = {Cambridge, Mass} -} - -@ARTICLE{hayashi:japan, - author = {Hayashi, Fumio}, - title = {Japan's Saving Rate: New Data and Reflections,}, - journal = {NBER Working Paper No. 3205}, - year = 1989 -} - -@INCOLLECTION{hayashi:apparently, - author = {Hayashi, Fumio}, - title = {Why Is Japan's Saving Rate So Apparently High?}, - booktitle = {NBER Macroeconomics Annual, 1986}, - publisher = {NBER}, - year = 1986, - address = {Cambridge} -} - -@ARTICLE{hayashi:q, - author = {Hayashi, Fumio}, - title = {Tobin's Marginal Q and Average Q: A Neoclassical - Interpretation}, - journal = {Econometrica}, - year = 1982, - volume = 50, - pages = {213--224}, - number = 1, - month = {January}, - note = {Available at { - \url{http://ideas.repec.org/p/nwu/cmsems/457.html}}} -} - -@ARTICLE{Heathcote:2010tw, - author = {Heathcote, Jonathan and Perri, Fabrizio and - Violante, Giovanni L.}, - title = {{Unequal we stand: An empirical analysis of economic - inequality in the United States, 1967--2006}}, - journal = {Review of Economic Dynamics}, - year = 2010, - volume = 13, - pages = {15--51}, - number = 1, - date-added = {2013-04-07T22:40:16GMT+00:00}, - date-modified ={2013-04-07T23:27:49GMT+00:00}, - file = - {{Review_of_Economic_Dynamics_2010_Heathcote.pdf:/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2010/Heathcote/Review_of_Economic_Dynamics_2010_Heathcote.pdf:application/pdf}}, - local-url = - {file://localhost/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2010/Heathcote/Review_of_Economic_Dynamics_2010_Heathcote.pdf}, - rating = 0, - read = {Yes}, - uri = - {\url{papers2://publication/uuid/1A5D107A-FA11-4F35-9730-DD6C33149F12}}, - url = - {http://www.sciencedirect.com/science/article/pii/S1094202509000659} -} - -@ARTICLE{heaton&lucas:hetero, - author = {Heaton, John and Lucas, Deborah J.}, - title = {The Importance of Investor Heterogeneity and - Financial Market Imprefections for the Behavior of - Asset Prices}, - journal = {Manuscript, Northwestern University}, - year = 1994 -} - -@ARTICLE{HeckmanNobel, - author = {Heckman, James J.}, - title = {Micro Data, Heterogeneity, and the Evaluation of - Public Policy: Nobel Lecture}, - journal = {Journal of Political Economy}, - year = 2001, - volume = 109, - pages = {673--748}, - number = 4, - month = {August}, - bdsk-url-1 = - {http://ideas.repec.org/a/ucp/jpolec/v109y2001i4p673-748.html}, - url = - {http://ideas.repec.org/a/ucp/jpolec/v109y2001i4p673-748.html} -} - -@ARTICLE{heck93, - author = {Heckman, James J}, - title = {What Has Been Learned about Labor Supply in the Past - Twenty Years?}, - journal = {American Economic Review}, - year = 1993, - volume = 83, - pages = {116--21}, - number = 2 -} - -@ARTICLE{hec79, - author = {Heckman, James J.}, - title = {Sample Selection Bias as a Specification Error}, - journal = {Econometrica}, - year = 1979, - volume = 47, - pages = {153--161}, - number = 1 -} - -@ARTICLE{heckman:life, - author = {Heckman, James J.}, - title = {A Life-Cycle Model of Earnings, Learning, and - Consumption}, - journal = {Journal of Political Economy}, - year = 1976, - volume = 84, - pages = {S11--44}, - number = {4, pt. 2} -} - -@TECHREPORT{ht03, - author = {Helbling, Thomas and Terrones, Marco}, - title = {When Bubbles Burst}, - institution = {International Monetary Fund, April}, - year = 2003, - type = {{World Economic Outlook, 61--94}} -} - -@ARTICLE{orphanides:wardemocracyjpe, - author = {Hess, Gregory D. and Orphanides, Athanasios}, - title = {War and Democracy}, - journal = {Journal of Political Economy}, - year = 2001, - volume = 109, - pages = {776--810}, - number = 4, - month = {August}, - note = {available at - http://ideas.repec.org/a/ucp/jpolec/v109y2001i4p776-810.html} -} - -@ARTICLE{orphanides:warpoliticsaer, - author = {Hess, Gregory D and Orphanides, Athanasios}, - title = {War Politics: An Economic, Rational-Voter Framework}, - journal = {American Economic Review}, - year = 1995, - volume = 85, - pages = {828--46}, - number = 4, - month = {September}, - note = {available at - http://ideas.repec.org/a/aea/aecrev/v85y1995i4p828-46.html} -} - -@ARTICLE{Hess/Shin:1999, - author = {Hess, Gregory D. and Shin, Kwanho}, - title = {Risk sharing by households within and across regions - and industries}, - journal = {Journal of Monetary Economics}, - year = 2000, - volume = 45, - pages = {533--560} -} - -@ARTICLE{Hess/Shin:1998, - author = {Hess, Gregory D. and Shin, Kwanho}, - title = {Intranational business cycles in the United States}, - journal = {Journal of International Economics}, - year = 1998, - volume = 44, - pages = {289--313}, - keywords = {Hess/Shin: 1998} -} - -@ARTICLE{hmsHousingBubbleNo, - author = {Himmelberg, Charles and Mayer, Christopher and - Sinai, Todd}, - title = {Assessing High House Prices: Bubbles, Fundamentals - and Misperceptions}, - journal = {Journal of Economic Perspectives}, - year = 2005, - volume = 19, - pages = {67--92}, - number = 4 -} - -@ARTICLE{hochgurtel:bufferportfolio, - author = {Hochgurtel, Stefan}, - title = {A Buffer Stock Model with Portfolio Choice: - Implications of Income Risk and Liquidity - Constraints}, - journal = {Manuscript, Uppsala University}, - year = 1998 -} - -@ARTICLE{htRates, - author = {Holland, A.~Steven and Toma, Mark}, - title = {The Role of the Federal Reserve as ``Lender of Last - Resort'' and the Seasonal Fluctuation of Interest - Rates}, - journal = {Journal of Money, Credit and Banking}, - year = 1991, - volume = 23, - pages = {659--676}, - number = 4, - month = {November}, - note = {Stable: \url{http://www.jstor.org/stable/1992702}} -} - -@BOOK{holland:adaptation, - title = {Adaptation in Natural and Artificial Systems}, - publisher = {MIT Press}, - year = 1986, - author = {Holland, John H.}, - address = {Cambridge MA} -} - -@ARTICLE{hrj:entrep, - author = {Holtz-Eakin, Douglas and Rosen, Harvey S. and - Joulfaian, David}, - title = {Entrepreneurial Decisions and Liquidity Constraints}, - journal = {RAND Journal of Economics}, - year = 1994, - pages = {334--347}, - month = {Summer} -} - -@ARTICLE{hrj:sticking, - author = {Holtz-Eakin, Douglas and Rosen, Harvey S. and - Joulfaian, David}, - journal = {Journal of Political Economy}, - year = 1994, - volume = 102, - pages = {53--75}, - number = 1, - month = {February} -} -} - -@ARTICLE{horioka:coint, - author = {Horioka, Charles Y.}, - title = {A Cointegration Analysis of the Impact of the Age - Structure of the Population on the Household Saving - 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A Micro-Analysis of Motives for - Household Saving in Japan}, - journal = {Economic Journal}, - year = 1997, - volume = 107, - pages = {537--552}, - number = 442 -} - -@INPROCEEDINGS{horowitzBootstrap, - author = {Joel L. Horowitz}, - title = {The Bootstrap}, - booktitle = {Handbook of Econometrics}, - year = 2001, - editor = {James J. 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An - Investigation Of Data Quality in the 2004 SCF}, - institution = {Federal Reserve Board}, - year = 2006, - address = - {\href{http://www.federalreserve.gov/pubs/oss/oss2/papers/asa2006.3.pdf}{http://www.federalreserve.gov/pubs/oss/oss2/papers/asa2006.3.pdf}}, - month = {September} -} - -@TECHREPORT{Kennickell:2003, - author = {Kennickell, Arthur B.}, - title = {A Rolling Tide: Changes in the Distribution of - Wealth in the U.S., 1989-2001}, - institution = {Federal Reserve Board}, - year = 2003, - address = - {\href{http://www.federalreserve.gov/pubs/oss/oss2/papers/concentration.2004.5.pdf}{http://www.federalreserve.gov/pubs/oss/oss2/papers/concentration.2004.5.pdf}} -} - -@ARTICLE{kennickell:wealth, - author = {Kennickell, Arthur B.}, - title = {An Examination of Changes in the Distribution of - Wealth From 1989 to 1998: Evidence from the Survey - of Consumer Finances}, - journal = {Manuscript Prepared for Conference on Saving, - Intergenerational Transfers, and the Distribution of - Wealth, Bard College, June 7-9, 2000}, - year = 2000 -} - -@TECHREPORT{Kennickell:1999, - author = {Kennickell, Arthur B.}, - title = {Revisions to the SCF Weighting Methodology: - Accounting for Race/Ethnicity and Homeownership}, - institution = {Federal Reserve Board}, - year = 1999, - address = - {\href{http://www.federalreserve.gov/pubs/oss/oss2/papers/weight.revision.pdf}{http://www.federalreserve.gov/pubs/oss/oss2/papers/weight.revision.pdf}} -} - -@ARTICLE{kennickell&lusardi:scfquestions, - author = {Kennickell, Arthur B. and Lusardi, Annamaria}, - title = {Assessing the Importance of the Precautionary Saving - Motive: Evidence from the 1995 SCF}, - journal = {Manuscript, Board of Governors of the Federal - Reserve System}, - year = 1999 -} - -@ARTICLE{scf:focusgroup, - author = {{Kennickell, Arthur B.}, {Martha Starr-McCluer} and - {Annika Sunden}}, - title = {Saving and Financial Planning: Some Findings from a - Focus Group}, - journal = {Manuscript, Board of Governors of the Federal - Reserve System}, - year = 1995 -} - -@ARTICLE{kermack&mckendrick:disease, - author = {Kermack, W. O. and McKendrick, A. G.}, - title = {Contributions to the Mathematical Theory of - Epidemics}, - journal = {Proceedings of the Royal Academy of Sciences A}, - year = 1927, - volume = 115, - pages = {700--721} -} - -@BOOK{keynes:generaltheory, - title = {The General Theory of Employment, Interest, and - Money}, - publisher = {Harcourt, Brace}, - year = 1936, - author = {Keynes, John Maynard} -} - -@ARTICLE{wealthLit, - author = {Khalifa, Sherif}, - title = {Brief Summaries of Principal Papers on Housing - Wealth Effects}, - journal = {Manuscript, Johns Hopkins University}, - year = 2004, - month = {January}, - note = {Available at { - \url{https://www.econ2.jhu.edu/people/ccarroll/wealthLit.html}}}, - howpublished = {url} -} - -@ARTICLE{kz06, - author = {Hashmat Khan and Zhenhua Zhu}, - title = {Estimates of the Sticky-Information Phillips Curve - for the United States}, - journal = {Journal of Money, Credit and Banking}, - year = 2006, - volume = 38, - pages = {195--207}, - number = 1 -} - -@TECHREPORT{kz02, - author = {Hashmat Khan and Z. Zhu}, - title = {Estimates of the Sticky Information Phillips Curve - for the United States, Canada, and the United - Kingdom}, - institution = {Bank of Canada}, - year = 2002, - type = {working paper}, - volume = 19 -} - -@ARTICLE{khwajaMianTracing, - author = {Khwaja, Asim Ijaz and Mian, Atif}, - title = {Tracing the Impact of Bank Liquidity Shocks: - Evidence from an Emerging Market}, - journal = {Manuscript, Kennedy School of Government, Harvard - University}, - year = 2008 -} - -@TECHREPORT{kiley05, - author = {Michael T. Kiley}, - title = {A Quantitative Comparison of Sticky-Price and - Sticky-Information Models of Price Setting}, - institution = {Federal Reserve Board}, - year = 2005, - type = {mimeo} -} - -@BOOK{killingsworth83, - title = {Labor supply}, - publisher = {Cambridge: Cambridge University Press}, - year = 1983, - author = {Killingsworth, Mark R.} -} - -@ARTICLE{kim, - author = {Kim, Jinill and Kim, Sunghyun Henry and Kollmann, - Robert}, - title = {Solving the Incomplete Market Model with Aggregate - Uncertainty Using a Perturbation Method}, - journal = {Journal of Economic Dynamics and Control}, - year = 2010, - volume = 34, - pages = {50--58}, - number = 1, - month = {January} -} - -@ARTICLE{kimball:standardra, - author = {Kimball, Miles S.}, - title = {Standard Risk Aversion}, - journal = {Econometrica}, - year = 1993, - volume = 61, - pages = {589--611}, - number = 3, - month = may -} - -@ARTICLE{kimball:mpc, - author = {Kimball, Miles S.}, - title = {Precautionary Saving and the Marginal Propensity to - Consume}, - journal = {NBER Working Paper Number 3403}, - year = 1990 -} - -@ARTICLE{kimball:smallandlarge, - author = {Kimball, Miles S.}, - title = {Precautionary Saving in the Small and in the Large}, - journal = {Econometrica}, - year = 1990, - volume = 58, - pages = {53--73} -} - -@ARTICLE{kimball&mankiw:timing, - author = {Kimball, Miles S and Mankiw, N Gregory}, - title = {Precautionary Saving and the Timing of Taxes}, - journal = {Journal of Political Economy}, - year = 1989, - volume = 97, - pages = {863--79}, - number = 4, - month = {August}, - bdsk-url-1 = - {http://ideas.repec.org/a/ucp/jpolec/v97y1989i4p863-79.html}, - url = - {http://ideas.repec.org/a/ucp/jpolec/v97y1989i4p863-79.html} -} - -@ARTICLE{kssImputing, - author = {Kimball, Miles S. and Sahm, Claudia R. and Shapiro, - Matthew D.}, - title = {Imputing Risk Tolerance from Survey Responses}, - journal = {Journal of the American Statistical Association}, - year = 2008, - volume = 103, - pages = {1028--1038}, - number = 483, - note = - {\url{http://pubs.amstat.org/doi/pdf/10.1198/016214508000000139}}, - abstract = {Economic theory assigns a central role to risk - preferences. This article develops a measure of - relative risk tolerance using responses - tohypothetical income gambles in the Health and - Retirement Study. In contrast to most survey - measures that produce an ordinal metric, thisarticle - shows how to construct a cardinal proxy for the risk - tolerance of each survey respondent. The article - also shows how to accountfor measurement error in - estimating this proxy and how to obtain consistent - regression estimates despite the measurement - error. The risktolerance proxy is shown to explain - differences in asset allocation across households.}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/kssImputing.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/kssImputing.pdf:PDF}, - publisher = {ASA}, - url = - {http://pubs.amstat.org/doi/pdf/10.1198/016214508000000139} -} - -@ARTICLE{KimballWeil:Poss, - author = {Kimball, Miles S. and Weil, Philippe}, - title = {Precautoinary Saving and Consumption Smoothing - Across Time and Possibilities}, - journal = {Manuscript, University of Michigan}, - year = 2004, - month = {September} -} - -@BOOK{kindleberger, - title = {Manias, Panics, and Crashes: A History of Financial - Crises}, - publisher = {Wiley}, - year = 2005, - author = {Kindleberger, Charles P.}, - note = {5th Edition} -} - -@ARTICLE{king&leape:ageinfo, - author = {King, Mervyn and Leape, Jonathan}, - title = {Asset Accumulation, Information, and the Life Cycle}, - journal = {NBER Working Paper No. 2392}, - year = 1984 -} - -@INPROCEEDINGS{klCapital, - author = {King, Robert G. and Levine, Ross}, - title = {Capital Fundamentalism, Economic Development, and - Economic Growth}, - booktitle = {Carnegie-Rochester Conference Series on Public - Policy}, - year = 1994, - volume = 40, - pages = {259--292}, - organization = {Elsevier} -} - -@ARTICLE{kpr:prodn, - author = {King, Robert G. and Plosser, Charles I. and Rebelo, - Sergio T.}, - title = {Production, Growth, and Business Cycles, {I}: The - Basic Neoclassical Model and {II}: New Directions}, - journal = {Journal of Monetary Economics}, - year = 1988, - volume = 21, - pages = {195--232 and309--341}, - number = {2/3} -} - -@ARTICLE{king&rebelo:trans, - author = {King, Robert G. and Rebelo, Sergio T.}, - title = {Transitional Dynamics and Economic Growth in the - Neoclassical Model}, - journal = {American Economic Review}, - year = 1993, - volume = 83, - pages = {908--931}, - number = 4, - note = {Available at { - \url{http://ideas.repec.org/a/aea/aecrev/v83y1993i4p908-31.html}}} -} - -@ARTICLE{king&levine:crcs, - author = {{King, Robert G.} and {Levine, Ross E.}}, - title = {Capital Fundamentalism}, - journal = {Carnegie-Rochester Conference Series on Public - Policy}, - year = 1994, - volume = 40, - month = {June} -} - -@ARTICLE{king&rebelo:neo, - author = {{King, Robert G.} and {Sergio T. Rebelo}}, - title = {Public Policy and Economic Growth: Developing the - Neoclassical Implications}, - journal = {Journal of Political Economy}, - year = 1990, - volume = 98, - pages = {S126--S150}, - number = {5, pt 2} -} - -@ARTICLE{kirman1992whom, - author = {Kirman, Alan P.}, - title = {{Whom or What Does the Representative Individual - Represent?}}, - journal = {The Journal of Economic Perspectives}, - year = 1992, - volume = 6, - pages = {117--136}, - number = 2, - publisher = {JSTOR} -} - -@ARTICLE{klenow&r-c:toofar, - author = {Klenow, Peter J. and Rodr{\'}{i}guez-Clare, - Andr{\'}{e}s}, - title = {The Neoclassical Revival in Growth Economics: Has It - Gone Too Far?}, - journal = {NBER Macroeconomics Annual, 1997}, - year = 1997, - pages = {73--103} -} - -@ARTICLE{kocherlakota:stillapuzzle, - author = {Kocherlakota, Narayana}, - title = {The Equity Premium: It's Still a Puzzle}, - journal = {Journal of Economic Literature}, - year = 1996, - volume = {XXXIV}, - number = 1, - month = {March} -} - -@INCOLLECTION{knvSurveyVsAdminSweden, - author = {Koijen, Ralph and Stijn van Nieuwerburgh and Roine - Vestman}, - title = {Judging the Quality of Survey Data by Comparison - with ``Truth'' as Measured By Administrative - Records: Evidence from Sweden}, - booktitle = {Improving the Measurement of Household Expenditures}, - publisher = {University of Chicago Press}, - year = 2013, - address = {Chicago}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/knvSurveyVsAdminSweden.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/knvSurveyVsAdminSweden.pdf:PDF} -} - -@INCOLLECTION{knvAdminSurveySweden, - author = {Koijen, Ralph and Stijn Van Nieuwerburgh and Roine - Vestman}, - title = {Judging the Quality of Survey Data by Comparison - with ``Truth'' as Measured By Administrative - Records: Evidence from Sweden}, - booktitle = {Improving the Measurement of Household Expenditure}, - publisher = {University of Chicago Press}, - year = 2013, - note = {\\ - \url{http://nber.org/confer/2011/CRIWf11/Koijen_Van_Nieuwerburgh_Vestman.pdf}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/knvAdminSurveySweden.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/knvAdminSurveySweden.pdf:PDF}, - url = - {http://www.nber.org/confer/2011/CRIWf11/Koijen_Van_Nieuwerburgh_Vestman.pdf} -} - -@INCOLLECTION{knvTruth, - author = {Koijen, Ralph and S. Van Nieuwerburgh and Roine - Vestman}, - title = {Judging the Quality of Survey Data by Comparison - with Truth as Measured By Administrative Records: - Evidence from Sweden}, - booktitle = {Forthcoming in {\it Improving the Measurement of - Household Expenditures}}, - publisher = {Chicago: University of Chicago Press}, - year = 2013, - editors = {Christopher Carroll, Thomas Crossley, and John - Sabelhaus} -} - -@INCOLLECTION{koopmans:growth, - author = {Koopmans, Tjalling C.}, - title = {On the concept of optimal economic growth}, - booktitle = {(Study Week on the) Econometric Approach to - Development Planning}, - publisher = {North-Holland Publishing Co., Amsterdam}, - year = 1965, - chapter = 4, - pages = {225--87} -} - -@ARTICLE{kssInequalitySince1937, - author = {Kopczuk, Wojciech and Emmanuel Saez and Jae Song}, - title = {Earnings Inequality and Mobility in the United - States: Evidence from Social Security Data since - 1937*}, - journal = {Quarterly Journal of Economics}, - year = 2010, - volume = 125, - pages = {91--128}, - number = 1, - publisher = {MIT Press} -} - -@ARTICLE{kopecky2010finite, - author = {Kopecky, Karen A. and Suen, Richard M.H.}, - title = {Finite State Markov-Chain Approximations To Highly - Persistent Processes}, - journal = {Review of Economic Dynamics}, - year = 2010, - volume = 13, - pages = {701--714}, - number = 3, - note = - {\url{http://www.karenkopecky.net/RouwenhorstPaper.pdf}}, - bdsk-url-1 = {http://www.karenkopecky.net/RouwenhorstPaper.pdf}, - publisher = {Elsevier}, - url = {http://www.karenkopecky.net/RouwenhorstPaper.pdf} -} - -@TECHREPORT{kor05, - author = {Korenok, Oleg}, - title = {Empirical Comparison of Sticky Price and Sticky - Information Models}, - institution = {Virginia Commonwealth University}, - year = 2005, - type = {mimeo} -} - -@BOOK{kotlikoff&smith:pensions, - title = {Pensions in the American Economy}, - publisher = {University of Chicago Press}, - year = 1983, - author = {Kotlikoff, Laurence J. and Smith, Daniel E.} -} - -@ARTICLE{kotlikoff&summers:wealth, - author = {Kotlikoff, Laurence J. and Summers, Lawrence H.}, - title = {The Role of Intergenerational Transfers in Aggregate - Capital Accumulation}, - journal = {Journal of Public Economics}, - year = 1981, - volume = 89, - pages = {706--32}, - number = 4 -} - -@TECHREPORT{ko05, - author = {Krajcir, Zdenko and Ludovit, Odor}, - title = {First Year of the Tax Reform, or 19 Percent at Work - (Prvy rok danovej reformy alebo 19\%\ v akcii)}, - institution = {Institut financnej politiky, Ministerstvo financii - SR, Bratislava}, - year = 2005, - type = {working paper}, - number = 8, - note = {in Slovak} -} - -@ARTICLE{krebs:qje, - author = {Krebs, Tom}, - title = {Human Capital Risk And Economic Growth}, - journal = {The Quarterly Journal of Economics}, - year = 2003, - volume = 118, - pages = {709--744}, - number = 2, - month = {May}, - note = {available at - http://ideas.repec.org/a/tpr/qjecon/v118y2003i2p709-744.html} -} - -@ARTICLE{krebs:red, - author = {Krebs, Tom}, - title = {Growth and Welfare Effects of Business Cycles in - Economies with Idiosyncratic Human Capital Risk}, - journal = {Review of Economic Dynamics}, - year = 2003, - volume = 6, - pages = {846--868}, - number = 4, - month = {October}, - note = {available at - http://ideas.repec.org/a/red/issued/v6y2002i2p846-868.html} -} - -@ARTICLE{krebs:jmathe, - author = {Krebs, Tom}, - title = {Endogenous probabilities and the information - revealed by prices}, - journal = {Journal of Mathematical Economics}, - year = 2001, - volume = 36, - pages = {1--18}, - number = 1, - month = 9, - note = {available at - http://ideas.repec.org/a/eee/mateco/v36y2001i1p1-18.html} -} - -@ARTICLE{krebs:econlett, - author = {Krebs, Tom}, - title = {Information and asset prices in complete markets - exchange economies}, - journal = {Economics Letters}, - year = 1999, - volume = 65, - pages = {75--83}, - number = 1, - month = 10, - note = {available at - http://ideas.repec.org/a/eee/ecolet/v65y1999i1p75-83.html} -} - -@ARTICLE{krebs:jet, - author = {Krebs, Tom}, - title = {Statistical Equilibrium in One-Step Forward Looking - Economic Models}, - journal = {Journal of Economic Theory}, - year = 1997, - volume = 73, - pages = {365--394}, - number = 2, - month = 4, - note = {available at - http://ideas.repec.org/a/eee/jetheo/v73y1997i2p365-394.html} -} - -@ARTICLE{Maloney:2007vd, - author = {Tom Krebs and Pravin Krishna and William Maloney}, - title = {Human Capital, Trade Liberalization, and Income - Risk}, - journal = {Research Working papers}, - year = 2007, - abstract = {Abstract: Using data from Mexico, the authors study - empirically the link between trade policy and - individual income risk and the extent to which this - varies across workers of different human capital - (education) levels. They use longitudinal income - data on workers to ...}, - date-added = {2013-04-07T22:40:17GMT+00:00}, - date-modified ={2013-04-07T23:27:49GMT+00:00}, - file = - {{2007_Maloney.pdf:/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2007/Maloney/2007_Maloney.pdf:application/pdf}}, - local-url = - {file://localhost/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2007/Maloney/2007_Maloney.pdf}, - rating = 0, - uri = - {\url{papers2://publication/uuid/108309CC-3CD5-4F25-A62F-BF62FF0D7B50}}, - url = - {http://www.ingentaconnect.com/content/wb/wps4301/2007/00000001/00000001/art04276} -} - -@TECHREPORT{leth-petersen:liquidity, - author = {Claus Thustrup Kreiner and David Dreyer Lassen and - {S\o ren} Leth-Petersen}, - title = {Heterogeneous Responses and Aggregate Impact of the - 2001 Income Tax Rebates}, - institution = {CEPR}, - year = 2012, - type = {discussion paper}, - number = 9161 -} - -@INCOLLECTION{kllSurveyVsAdminDenmark, - author = {Kreiner, Claus Thustrup and David Dreyer Lassen and - S{\o}ren Leth-Petersen}, - title = {Examples of Combining Administrative Records and - Survey Data in Validation Studies}, - booktitle = {Improving the Measurement of Household Expenditure}, - publisher = {University of Chicago Press}, - year = 2013, - note = - {\url{http://www.nber.org/confer/2011/CRIWf11/Leth-Petersen.pdf}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/kllSurveyVsAdminDenmark.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/kllSurveyVsAdminDenmark.pdf:PDF}, - url = - {http://www.nber.org/confer/2011/CRIWf11/Leth-Petersen.pdf} -} - -@ARTICLE{kreinin:mpc, - author = {Kreinin, Mordecai E.}, - title = {Windfall Income and Consumption: Additional - Evidence}, - journal = {American Economic Review}, - year = 1961, - volume = 51, - pages = {388--390} -} - -@ARTICLE{kremer:unionsasdisease, - author = {Kremer, Michael}, - title = {An Epidemiological Model of Unions}, - journal = {Manuscript, Harvard University}, - year = 2000 -} - -@ARTICLE{KrepsPorteus:Prefs, - author = {Kreps, David M. and Porteus, Evan L.}, - title = {Temporal Resolution of Uncertainty and Dynamic - Choice Theory}, - journal = {Econometrica}, - year = 1978, - volume = 46, - pages = {185--200}, - month = {January} -} - -@ARTICLE{kpInequality, - author = {Krueger, Dirk and Perri, Fabrizio}, - title = {Does Income Inequality Lead to Consumption - Inequality? Evidence and Theory}, - journal = {The Review of Economic Studies}, - year = 2006, - volume = 73, - pages = {163--193}, - number = 1, - publisher = {Oxford University Press} -} - -@Misc{krugmanHistory, - Title = {Economics in the Crisis}, - Author = {Krugman, Paul}, - HowPublished = {Commencement Address, University of Lisbon}, - Month = {March}, - Note = - {\url{http://krugman.blogs.nytimes.com/2012/03/05/economics-in-the-crisis/}}, - Year = 2012, - file = {krugmanHistory.pdf:krugmanHistory.pdf:PDF}, - Owner = {Nic Johnson}, - Url = - {http://krugman.blogs.nytimes.com/2012/03/05/economics-in-the-crisis/} -} - -@ARTICLE{krugmanPostmodern, - author = {Krugman, Paul}, - title = {Postmodern Business Cycles}, - journal = {New York Times}, - year = 2012, - month = {January}, - note = {\url{http://krugman.blogs.nytimes.com/2012/01/27/postmodern-business-cycles/}}, - url = {http://krugman.blogs.nytimes.com/2012/01/27/postmodern-business-cycles/} -} - -@MISC{krugmanDarkAgeBlog, - author = {Krugman, Paul}, - title = {A Dark Age of Macroeconomics}, - howpublished = - {\url{http://krugman.blogs.nytimes.com/2009/01/27/a-dark-age-of-macroeconomics-wonkish/}}, - year = 2009, - journal = {New York Times}, - number = {January 27}, - type = {Blog} -} - -@ARTICLE{krugmanThoughts, - author = {Krugman, Paul}, - title = {Thoughts About Thinking}, - journal = {The Economist's View}, - year = 2008, - note = {Available at - {\url{http://economistsview.typepad.com/economistsview/2008/10/thoughts-about.html}}}, - bdsk-url-1 = - {http://economistsview.typepad.com/economistsview/2008/10/thoughts-about.html}, - url = - {http://economistsview.typepad.com/economistsview/2008/10/thoughts-about.html} -} - -@MISC{krugmanHousingBubble, - author = {Krugman, Paul}, - title = {That Hissing Sound}, - howpublished = {New York Times Column}, - month = {August}, - year = 2005, - bdsk-url-1 = - {http://www.nytimes.com/2005/08/08/opinion/08krugman.html}, - day = 8, - url = - {http://www.nytimes.com/2005/08/08/opinion/08krugman.html} -} - -@ARTICLE{ks99, - author = {Krusell, Per and Smith, Jr., Anthony A.}, - title = {On the Welfare Effects of Eliminating Business - Cycles}, - journal = {Review of Economic Dynamics}, - year = 1999, - volume = 2, - pages = {245--272} -} - -@ARTICLE{kcGenesRisk, - author = {Kuhnen, Camelia M. and Chiao, Joan Y.}, - title = {Genetic Determinants of Financial Risk Taking}, - journal = {PLoS ONE}, - year = 2009, - volume = 4, - pages = {e4362}, - number = 2, - month = 02, - abstract = {Individuals vary in their willingness to take - financial risks. Here we show that variants of two - genes that regulate dopamine and serotonin - neurotransmission and have been previously linked to - emotional behavior, anxiety and addiction (5-HTTLPR - and DRD4) are significant determinants of risk - taking in investment decisions. We find that the - 5-HTTLPR {\it s/s} allele carriers take 28\% less - risk than those carrying the {\it s/l} or {\it l/l} - alleles of the gene. DRD4 7-repeat allele carriers - take 25\% more risk than individuals without the - 7-repeat allele. These findings contribute to the - emerging literature on the genetic determinants of - economic behavior.}, - bdsk-url-1 = {http://dx.doi.org/10.1371/journal.pone.0004362}, - doi = {10.1371/journal.pone.0004362}, - publisher = {Public Library of Science}, - url = {http://dx.doi.org/10.1371/journal.pone.0004362} -} - -@ARTICLE{kydland&prescott:timeto, - author = {{Kydland, Finn E.} and {Edward C. Prescott}}, - title = {Time to Build and Aggregate Fluctuations}, - journal = {Econometrica}, - year = 1982, - volume = 50, - pages = {1345--1370}, - number = 6 -} - -@ARTICLE{kydland&prescott:inconsistent, - author = {{Kydland, Finn E.} and {Edward C. Prescott}}, - title = {Rules Rather than Discretion: The Inconsistency of - Optimal Plans}, - journal = {Journal of Political Economy}, - year = 1977, - volume = 85, - pages = {473--491}, - number = 3 -} - -@TECHREPORT{lm04, - author = {L{\"}unnemann, Patrick and Math{\"}a, Thomas Y.}, - title = {How Persistent Is Disaggregate Inflation? An - Analysis Across EU Countries and HICP Subindices}, - institution = {European Central Bank}, - year = 2004, - type = {European Central Bank working paper}, - number = 415 -} - -@INPROCEEDINGS{Lutkepohl04, - author = {Helmut L{\"}utkepohl}, - title = {Vector Autoregressive and Vector Error Correction - Models}, - booktitle = {Applied Econometric Time Series}, - year = 2004, - editor = {Helmut L{\"}utkepohl and Markus Kr{\"}atzig}, - address = {Cambridge}, - publisher = {Cambridge University Press} -} - -@BOOK{luet91, - title = {Introduction to Multiple Time Series Analysis}, - publisher = {Springer}, - year = 1991, - author = {L{\"}utkepohl, Helmut}, - address = {New York et al.} -} - -@TECHREPORT{lsy05, - author = {Labhard, Vincent and Sterne, Gabriel and Young, - Chris}, - title = {Wealth and Consumption: An Assessment of the - International Evidence}, - institution = {Bank of England}, - year = 2005, - type = {Bank of England woking paper}, - number = 275 -} - -@ARTICLE{labonte:housingpricebubble, - author = {Labonte, Marc}, - title = {U.S. Housing Prices: Is There a Bubble?}, - journal = {Congressional Research Service}, - year = 2003 -} - -@TECHREPORT{laf05, - author = {Laforte, Jean-Philippe}, - title = {Pricing Models: A Bayesian DSGE approach for the US - Economy}, - institution = {Board of Governors of the Federal Reserve System}, - year = 2005, - type = {mimeo} -} - -@ARTICLE{laibson:goldeneggs, - author = {Laibson, David}, - title = {Golden Eggs and Hyperbolic Discounting}, - journal = {Quarterly Journal of Economics}, - year = 1997, - volume = {CXII}, - pages = {443--477}, - number = 2 -} - -@ARTICLE{laibson:hyperbuffer, - author = {Laibson, David}, - title = {Hyperbolic Discount Functions and Time Preference - Heterogeneity}, - journal = {Manuscript, Harvard University}, - year = 1997 -} - -@TECHREPORT{lrtDiscount, - author = {David Laibson and Andrea Repetto and Jeremy - Tobacman}, - title = {Estimating Discount Functions with Consumption - Choices over the Lifecycle}, - institution = {National Bureau of Economic Research}, - year = 2007, - type = {Working Paper}, - number = 13314, - month = {August}, - abstract = {Intertemporal preferences are difficult to - measure. We estimate time preferences using a - structural buffer stock consumption model and the - Method of Simulated Moments. The model includes - stochastic labor income, liquidity constraints, - child and adult dependents, liquid and illiquid - assets, revolving credit, retirement, and discount - functions that allow short-run and long-run discount - rates to differ. Data on retirement wealth - accumulation, credit card borrowing, and - consumption-income comovement identify the - model. Our benchmark estimates imply a 40\% - short-term annualized discount rate and a 4.3\% - long-term annualized discount rate. Almost all - specifications reject the restriction to a constant - discount rate. Our quantitative results are - sensitive to assumptions about the return on - illiquid assets and the coefficient of relative risk - aversion. When we jointly estimate the coefficient - of relative risk aversion and the discount function, - the short-term discount rate is 15\% and the - long-term discount rate is 3.8\%.}, - series = {Working Paper Series}, - url = {http://www.nber.org/papers/w13314} -} - -@ARTICLE{lrt:debtpuzzle, - author = {Laibson, David and Repetto, Andrea and Tobacman, - Jeremy}, - title = {A Debt Puzzle}, - journal = {Manuscript, Harvard University}, - year = 1999 -} - -@ARTICLE{laitner:random, - author = {Laitner, John}, - title = {Random Earning Differences, Lifetime Liquidity - Constraints, and Altruistic Intergenerational - Transfers}, - journal = {Journal of Economic Theory}, - year = 1992, - volume = 58, - pages = {135--170}, - number = 2 -} - -@BOOK{landesbergerRestitution, - title = {Restitution Receipts, Household Savings and - Consumption Behavior in Israel}, - publisher = {Research Department, Bank of Israel}, - year = 1970, - author = {Landesberger, Michael}, - address = {Jerusalem} -} - -@ARTICLE{landsberger:mpcbyy, - author = {Landsberger, M.}, - title = {Windfall Income and Consumption: Comment}, - journal = {American Economic Review}, - year = 1966, - volume = 56, - pages = {534--540} -} - -@ARTICLE{lmf:mark2, - author = {Lane, Philip R. and Milesi-Ferretti, Gian Maria}, - title = {The External Wealth of Nations Mark II: Revised and - Extended Estimates of Foreign Assets and - Liabilities}, - journal = {Journal of International Economics}, - year = 2007, - volume = 73, - pages = {223--250}, - number = 2 -} - -@ARTICLE{lawrance:timepref, - author = {Lawrance, Emily C.}, - title = {Poverty and the Rate of Time Preference: Evidence - from Panel Data}, - journal = {Journal of Political Economy}, - year = 1991, - volume = 99, - pages = {54--77}, - number = 1 -} - -@ARTICLE{lebaron:summary, - author = {LeBaron, Blake}, - title = {Agent Based Computational Finance: Suggested - Readings and Early Research}, - journal = {Journal of Economic Dynamics and Control}, - year = {forthcoming} -} - -@TECHREPORT{LeBlanc:2000, - author = {Le Blanc, Gilles}, - title = {Regional Specialization, Local Externalities And - Clustering In Information Technology Industries}, - institution = {European Regional Science Association}, - year = 2000, - type = {ERSA conference papers}, - month = Aug, - bdsk-url-1 = {http://ideas.repec.org/p/wiw/wiwrsa/ersa00p168.html}, - url = {http://ideas.repec.org/p/wiw/wiwrsa/ersa00p168.html} -} - -@ARTICLE{Lehnert2003, - author = {Lehnert, Andreas}, - title = {Housing, Consumption, and Credit Constraints}, - journal = {Manuscript, Board of Governors of the Federal - Reserve System}, - year = 2003, - month = {December} -} - -@TECHREPORT{lehnert:housing, - author = {Andreas Lehnert}, - title = {Housing, Consumption and Credit Constraints}, - institution = {Board of Governors of the Federal Reserve System}, - year = 2001, - type = {manuscript} -} - -@INPROCEEDINGS{Leicester2012, - author = {Leicester, Andrew}, - title = {The Potential Use of In-Home Scanner Technology for - Budget Surveys}, - booktitle = {Improving the Measurement of Household Expenditures}, - year = 2012, - editor = {Carroll, Christopher D. and Thomas Crossley and John - Sabelhaus}, - publisher = {University of Chicago Press} -} - -@INCOLLECTION{leicesterScanner, - author = {Andrew Leicester}, - title = {The Potential Use of In-Home Scanner Technology for - Budget Surveys}, - booktitle = {Improving the Measurement of Household Expenditure}, - publisher = {University of Chicago Press}, - year = 2013, - note = {\\ Slides are at - \url{http://www.nber.org/confer/2011/CRIWf11/Leicester-Slides.pdf}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/leicesterScanner.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/leicesterScanner.pdf:PDF} -} - -@ARTICLE{LelandPrecaution, - author = {Leland, Hayne E.}, - title = {Saving and Uncertainty: The Precautionary Demand for - Saving}, - journal = {Quarterly Journal of Economics}, - year = 1968, - volume = 82, - pages = {465--473} -} - -@ARTICLE{lelbang&mukhergee:politics, - author = {Lelbang, David and Mukherjee, Bumba}, - title = {Elections, Partisan Politics and Stock Market - Performance: Theory and Evidence from a Century of - American and British Returns}, - journal = {Manuscript, University of Colorado}, - year = 2004 -} - -@ARTICLE{lettau:portfolios, - author = {Lettau, Martin}, - title = {Explaining the Facts with Adaptive Agents: The Case - of Mutual Fund Flows}, - journal = {Journal of Economic Dynamics and Control}, - year = 1997, - volume = 21, - pages = {1117--1147} -} - -@ARTICLE{llTrendCycle, - author = {Lettau, Martin and Ludvigson, Sydney}, - title = {Understanding Trend and Cycle in Asset Values: - Reevaluating the Wealth Effect on Consumption}, - journal = {American Economic Review}, - year = 2004, - volume = 94, - pages = {276--299}, - number = 1, - note = {\url{http://www.jstor.org/stable/3592779}}, - date-modified ={2011-10-15 00:09:24 -0400}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/llTrendCycle.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/llTrendCycle.pdf:PDF}, - url = {http://www.jstor.org/stable/3592779} -} - -@ARTICLE{lettau&ludvigson:assetvalues, - author = {Lettau, Martin and Ludvigson, Sydney}, - title = {Understanding Trend and Cycle in Asset Values: - Reevaluating the Wealth Effect on Consumption}, - journal = {NBER Working Paper 9848}, - year = 2003 -} - -@ARTICLE{llStockReturns, - author = {Lettau, Martin and Ludvigson, Sydney}, - title = {Consumption, Aggregate Wealth, and Expected Stock - Returns}, - journal = {Journal of Finance}, - year = 2001, - volume = 56, - pages = {815--849}, - number = 3, - note = {\url{http://www.jstor.org/stable/222534}}, - url = {http://www.jstor.org/stable/222534} -} - -@ARTICLE{llb:comment, - author = {Lettau, Martin and Ludvigson, Sydney and Barczi, - Nathan}, - title = {A Primer on the Economics and Time Series - Econometrics of Wealth Effects: A Comment}, - journal = {Federal Reserve Bank of New York}, - year = 2001 -} - -@ARTICLE{lettau&uhlig:rulesofthumb, - author = {Lettau, Martin and Uhlig, Harald}, - title = {Rules of Thumb and Dynamic Programming}, - journal = {American Economic Review}, - year = 1999, - volume = 89, - pages = {148--174} -} - -@ARTICLE{Levin:1998, - author = {Levin, Laurence}, - title = {Are assets fungible? Testing the behavioral theory - of life-cycle savings}, - journal = {Journal of Economic Organization and Behavior,}, - year = 1998, - volume = 36, - pages = {59--83}, - abstract = {This paper is an empirical investigation of the - behavioral life-cycle savings model. This model - posits that self-control problems causes individuals - to depart substantially from rational behavior. I - show that this model can explain how the consumption - of individuals at or near retirement vary with - changes in different types of financial - assets. Specifically, consumption spending is - sensitive to changes in income and in liquid assets, - but not very sensitive to changes in the value of - other types of assets such as houses and social - security (even though the value of non-liquid assets - is relatively large for most of the households in - the sample). In general, the evidence presented here - favors the Behavioral Life-Cycle Model over the - conventional life-cycle model even when liquidity - constraints are introduced.} -} - -@ARTICLE{levine&renelt:aer, - author = {{Levine, Ross E.} and {David Renelt}}, - title = {A Sensitivity Analysis of Cross-Country Growth - Regressions}, - journal = {American Economic Review}, - year = 1992, - volume = 82, - pages = {942--963}, - month = {September} -} - -@ARTICLE{lillard&weiss, - author = {Lillard, Lee A. and Weiss, Yoram}, - title = {Components of Variation in Panel Earnings Data: - American Scientists 1960-70}, - journal = {Econometrica}, - year = 1979, - volume = 47, - pages = {437--454}, - number = 2, - month = {March} -} - -@ARTICLE{lillard&karoly:richsave, - author = {Lillard, Lee and Karoly, Lynn}, - title = {Income and Wealth Accumulation Over the Lifecycle}, - journal = {Manuscript, RAND Corporation}, - year = 1997 -} - -@ARTICLE{lindbeck:welfarestate, - author = {Lindbeck, Assar}, - title = {Welfare State Disincentives with Endogenous Habits - and Norms}, - journal = {Scandinavian Journal of Economics}, - year = 1995, - volume = 97, - pages = {477--94}, - number = 4 -} - -@ARTICLE{lnw:norms, - author = {Lindbeck, Assar and Nyberg, S. and Weibull, J-W.}, - title = {Social Norms and Economic Incentives in the Welfare - State}, - journal = {Industrial Institute for Economic and Social - Research}, - year = 1997 -} - -@ARTICLE{lu00, - author = {Ljungqvist, Lars and Uhlig, Harald}, - title = {Tax Policy and Aggregate Demand Management under - Catching Up with the Joneses}, - journal = {American Economic Review}, - year = 2000, - volume = 90, - pages = {356--366}, - number = 3, - month = {June} -} - -@INPROCEEDINGS{lss:whatdrivesbook, - author = {Loayza, Norman and Schmidt-Hebbel, Klaus and - Serv{\'e}n, Luis}, - title = {What Drives Saving Across the World?}, - booktitle = {Saving in the World: Puzzles and Policies}, - year = 1998, - editor = {Serv{\'e}n, Luis} -} - -@ARTICLE{lss:whatdrives, - author = {Loayza, Norman and Schmidt-Hebbel, Klaus and - Serv{\'e}n, Luis}, - title = {What Drives Saving Across the World?}, - journal = {Review of Economics and Statistics}, - year = 2000, - volume = 82, - number = 1, - month = May -} - -@TECHREPORT{GarciaOlivera:2005, - author = {Lopez, Miguel Angel Garcia and Olivera, Ivan Muniz}, - title = {The Spatial Effect of Intra-Metropolitan - Agglomeration Economies}, - institution = {Department of Applied Economics at Universitat - Autonoma of Barcelona}, - year = 2005, - type = {Working Papers}, - number = 0513, - month = {June}, - bdsk-url-1 = {http://ideas.repec.org/p/uab/wprdea/wpdea0513.html}, - url = {http://ideas.repec.org/p/uab/wprdea/wpdea0513.html} -} - -@ARTICLE{lnFeathers, - author = {LoPrete, Chiara and Catherine S. 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A Disaggregate Analysis Using a - U.S. Consumption Panel}, - journal = {Econometrica}, - year = 1996, - volume = 64, - pages = {1151--82}, - number = 5 -} - -@Article{mehraPrescottPuzzle, - Title = {The Equity Premium: A Puzzle}, - Author = {Mehra, Rajnish and Prescott, Edward C.}, - Journal = {Journal of Monetary Economics}, - Year = 1985, - Note = {Available at { - \url{http://ideas.repec.org/a/eee/moneco/v15y1985i2p145-161.html}}}, - Pages = {145-61}, - Volume = 15, - Owner = {Nic Johnson}, - Url = - {http://ideas.repec.org/a/eee/moneco/v15y1985i2p145-161.html} -} - -@Article{mehra&prescott:puzzle, - Title = {The Equity Premium: A Puzzle}, - Author = {Mehra, Rajnish and Prescott, Edward C.}, - Journal = {Journal of Monetary Economics}, - Year = 1985, - Note = {Available at { - \url{http://ideas.repec.org/a/eee/moneco/v15y1985i2p145-161.html}}}, - Pages = {145-61}, - Volume = 15, - Owner = {Nic Johnson}, - Url = - {http://ideas.repec.org/a/eee/moneco/v15y1985i2p145-161.html} -} - -@ARTICLE{mehra:wealtheffect, - author = {Mehra, Yash}, - title = {The Wealth Effect in Empirical Life Cycle Aggregate - Consumption Equations}, - journal = {Federal Reserve Bank of Richmond Economic Quarterly, - 87/2}, - year = 2001 -} - -@ARTICLE{mehra:surveyinfl, - author = {Mehra, Yash P.}, - title = {Survey Measures of Expected Inflation: Revisiting - the Issues of Predictive Content and Rationality}, - journal = {Manuscript, Federal Reserve Bank of Richmond}, - year = 2002 -} - -@ARTICLE{menchik&david:nodissav, - author = {Menchik, Paul L. and David, Martin}, - title = {Income Distribution, Lifetime Savings, and Bequests}, - journal = {American Economic Review}, - year = 1983, - volume = 83, - pages = {672--690}, - number = 4 -} - -@ARTICLE{MendelsonAmihud:consumption, - author = {Mendelson, Haim and Amihud, Yakov}, - title = {Optimal Consumption Policy Under Uncertain Income}, - journal = {Management Science}, - year = 1982, - volume = 28, - pages = {683--697}, - number = 6, - month = {June} -} - -@article{mqrImbal, - Author = {Enrique G. Mendoza and Vincenzo Quadrini and Jos\'{e}-V\'{i}ctor R\'{i}os-Rull}, - Title = "{Financial Integration, Financial Development, and Global Imbalances}", - journal={Journal of Political Economy}, - Year = {2009}, - volume={117}, - number={3}, -} - -@ARTICLE{mqrImbal-NBERWP, - author = {Mendoza, Enrique G. and Quadrini, Vincenzo and - Rios-Rull, Jose-Victor}, - title = {Financial Integration, Financial Deepness and Global - Imbalances}, - journal = {NBER Working Paper Number w12909}, - year = 2007 -} - -@ARTICLE{merton:restat, - author = {Merton, Robert C.}, - title = {Lifetime Portfolio Selection under Uncertainty: The - Continuous Time Case}, - journal = {Review of Economics and Statistics}, - year = 1969, - volume = 51, - pages = {247--257} -} - -@ARTICLE{msFallacy, - author = {Merton, Robert C. and Samuelson, Paul A.}, - title = {Fallacy of the Log-Normal Approximation to Optimal - Portfolio Decision-Making over Many Periods}, - journal = {Journal of Financial Economics}, - year = 1974, - volume = 1, - pages = {67--94}, - number = 1, - issn = {0304-405X}, - publisher = {Elsevier} -} - -@ARTICLE{msWinning, - author = {Meyer, Bruce D. and Sullivan, James X.}, - title = {Winning the War: Poverty from the Great Society to - the Great Recession}, - journal = {Brookings Papers on Economic Activity}, - year = 2012, - month = {Fall}, - url = - {http://www.brookings.edu/~/media/Projects/BPEA/Fall2012/2012fallmeyer.pdf} -} - -@ARTICLE{msDecades, - author = {Meyer, Bruce D. and Sullivan, James X.}, - title = {Five Decades of Consumption and Income Poverty}, - journal = {Working Papers, Harris School of Public Policy - Studies, University of Chicago}, - year = 2009 -} - -@ARTICLE{MianSufi:2011, - author = {Mian, Atif and Sufi, Amir}, - title = {Consumers and the Economy, Part II: Household Debt - and the Weak U.S. Recovery}, - journal = {FRBSF Economic Letter}, - year = 2011, - volume = 4, - month = {January} -} - -@TECHREPORT{msClunkers, - author = {Mian, Atif and Sufi, Amir}, - title = {The Effects of Fiscal Stimulus: Evidence from the - 2009 `Cash for Clunkers' Program'}, - institution = {National Bureau of Economic Research}, - year = 2010, - type = {Working Paper}, - number = 16351, - month = {September}, - abstract = {A key rationale for fiscal stimulus is to boost - consumption when aggregate demand is perceived to be - inefficiently low. We examine the ability of the - government to increase consumption by evaluating the - impact of the 2009 ``Cash for Clunkers'' program on - short and medium run auto purchases. Our empirical - strategy exploits variation across U.S. cities in - ex-ante exposure to the program as measured by the - number of ``clunkers'' in the city as of the summer - of 2008. We find that the program induced the - purchase of an additional 360,000 cars in July and - August of 2009. However, almost all of the - additional purchases under the program were pulled - forward from the very near future; the effect of the - program on auto purchases is almost completely - reversed by as early as March 2010 -- only seven - months after the program ended. The effect of the - program on auto purchases was significantly more - short-lived than previously suggested. We also find - no evidence of an effect on employment, house - prices, or household default rates in cities with - higher exposure to the program.}, - bdsk-url-1 = {http://www.nber.org/papers/w16351}, - series = {Working Paper Series}, - url = {http://www.nber.org/papers/w16351} -} - -@ARTICLE{msMortgage, - author = {Mian, Atif and Sufi, Amir}, - title = {The Consequences of Mortgage Credit Expansion: - Evidence from the U.S. Mortgage Default Crisis}, - journal = {Quarterly Journal of Economics}, - year = 2009, - volume = 124, - number = 4, - month = {November} -} - -@ARTICLE{mianSufiQJE, - author = {Mian, Atif and Sufi, Amir}, - title = {The Consequences of Mortgage Credit Expansion: - Evidence from the 2007 Mortgage Default Crisis}, - journal = {Forthcoming, {\it Quarterly Journal of Economics}}, - year = 2008, - month = Apr, - note = {Available at - \url{http://ideas.repec.org/p/nbr/nberwo/13936.html}}, - institution = {National Bureau of Economic Research, Inc}, - type = {NBER Working Paper No. 13936} -} - -@ARTICLE{michaelides:reversion, - author = {Michaelides, Alexander}, - title = {Portfolio Choice, Liquidity Constraints and Stock - Market Mean Reversion}, - journal = {CEPR Discussion Paper No. 2823}, - year = 2005 -} - -@ARTICLE{michaelides:reconcile, - author = {Michaelides, Alexander}, - title = {A Reconciliation of Two Alternative Approaches - Towards Buffer Stock Saving}, - journal = {Economics Letters}, - year = 2003, - volume = 79, - pages = {137--143}, - number = 1, - month = {April} -} - -@ARTICLE{michaelidesBufHab, - author = {Michaelides, Alexander}, - title = {Buffer Stock Saving and Habit Formation}, - journal = {Manuscript, London School of Economics}, - year = 2002 -} - -@ARTICLE{GomesMichaelides:PortHabits, - author = {Michaelides, Alexander and Gomes, Francisco}, - title = {Portfolio Choice with Internal Habit Formation: A - Life-Cycle Model with Uninsurable Labor Income Risk}, - journal = {Review of Economic Dynamics}, - year = 2003, - volume = 6, - pages = {729--766}, - month = {October} -} - -@ARTICLE{michaelidesHaliassos:portfolio, - author = {Michaelides, Alexander and Haliassos, Michael}, - title = {Portfolio Choice and Liquidity Constraints}, - journal = {International Economic Review}, - year = 2003, - volume = 44, - pages = {144--177}, - number = 1, - month = {February} -} - -@ARTICLE{KalyvitisMichaelides:exchrates, - author = {Michaelides, Alexander and Kalyvitis, Sarantis}, - title = {New Evidence on the Effects of U.S.\ Monetary Policy - on Exchange Rates}, - journal = {Economics Letters}, - year = 2001, - volume = 71, - pages = {255--263}, - number = 2, - month = {May} -} - -@ARTICLE{michaelidesNg:speculative, - author = {Michaelides, Alexander and Ng, Serena}, - title = {Estimating the Rational Expectations Model of - Speculative Storage: A Monte Carlo Comparison of - Three Simulation Estimators}, - journal = {Journal of Econometrics}, - year = 2000, - volume = 96, - pages = {231--266}, - number = 2, - month = {June} -} - -@ARTICLE{ng:estbysim, - author = {Michaelides, Alexander and Ng, Serena}, - title = {Estimating the Rational Expectations Model of - Speculative Storage: A Monte Carlo Comparison of - Three Simulation Estimators}, - journal = {Manuscript, Department of Economics, Boston - University}, - year = 1997 -} - -@BOOK{micklethwaitWooldridgeCompany, - title = {The Company: A Short History of a Revolutionary - Idea}, - publisher = {Modern Library}, - year = 2002, - author = {Micklethwait, John and Wooldridge, Adrian} -} - -@MISC{milesi&roubini:hctax, - author = {{Milesi-Ferretti, Gian~Maria} and {Nouriel Roubini}}, - title = {Optimal Taxation of Human and Physical Capital in - Endogenous Growth Models}, - howpublished = {Mimeo}, - year = 1993 -} - -@ARTICLE{MillerPIH, - author = {Miller, Bruce L}, - title = {The Effect on Optimal Consumption of Increased - Uncertainty in Labor Income in the Multiperiod Case}, - journal = {Journal of Economic Theory}, - year = 1976, - volume = 13, - pages = {154--166} -} - -@ARTICLE{mishkin:durables, - author = {Mishkin, Frederic S.}, - title = {Consumer Sentiment and Spending on Durable Goods}, - journal = {Brookings Papers on Economic Activity, 1978:1}, - year = 1978, - pages = {217--231} -} - -@ARTICLE{mishkin:brookings, - author = {Mishkin, Frederic S.}, - title = {What Depressed the Consumer? The Household Balance - Sheet and the 1973-75 Recession}, - journal = {Brookings Papers on Economic Activity, 1977:1}, - year = 1977, - pages = {123--164} -} - -@ARTICLE{mishkin:aer, - author = {Mishkin, Frederic S.}, - title = {Illiquidity, Consumer Durable Expenditure, and - Monetary Policy}, - journal = {American Economic Review}, - year = 1976, - volume = 66, - pages = {642--654}, - number = 4 -} - -@TECHREPORT{misraSurico:heteroResponses, - author = {Kanisha Misra and Paolo Surico}, - title = {Heterogeneous Responses and Aggregate Impact of the - 2001 Income Tax Rebates}, - institution = {CEPR}, - year = 2011, - type = {discussion paper}, - number = 8306 -} - -@article{modiglianiWealth, - author = {Modigliani, Franco}, - title = {The Life Cycle Hypothesis, the Demand for Wealth, - and the Supply of Capital}, - journal = {Social Research}, - volume = 33, - pages = {160--217}, - year = 1966 -} - -@INCOLLECTION{modigliani:intercountry, - author = {Modigliani, Franco}, - title = {The Life Cycle Hypothesis of Saving and - Inter-Country Differences in the Saving Ratio}, - booktitle = {Induction, Growth, and Trade: Essays in Honor of Sir - Roy Harrod}, - publisher = {Clarendon Press}, - year = 1970, - editor = {Eltis, W.~A., et. al.}, - address = {London} -} - -@Article{modigliani:nobel, - Title = {Life Cycle, Individual Thrift, and the Wealth of - Nations}, - Author = {Modigliani, Franco}, - Journal = {American Economic Review}, - Year = 1986, - Month = {June}, - Note = {Available at { - \url{http://www.jstor.org/stable/1813352}}}, - Number = 76, - Pages = {297--313}, - Volume = 3, - Owner = {Nic Johnson}, - Url = {http://www.jstor.org/stable/1813352} -} - -@ARTICLE{ma63, - author = {Modigliani, Franco and Ando, Albert}, - title = {The Life Cycle Hypothesis of Saving: Aggregate - Implications and Tests}, - journal = {American Economic Review}, - year = 1963, - volume = 53, - pages = {55--84}, - number = 1 -} - -@INCOLLECTION{modigliani&brumberg:lifecycle, - author = {Modigliani, Franco and Brumberg, Richard}, - title = {Utility Analysis and the Consumption Function: An - Interpretation of Cross-Section Data}, - booktitle = {Post-Keynesian Economics}, - publisher = {Rutgers University Press}, - year = 1954, - editor = {Kurihara, Kenneth K.}, - pages = {388--436}, - address = {New Brunswick, N.J.} -} - -@ARTICLE{mmTheorem, - author = {Modigliani, Franco and Miller, Merton H.}, - title = {The Cost of Capital, Corporation Finance, and the - Theory of Investment}, - journal = {American Economic Review}, - year = 1958, - volume = 48, - pages = {261--297}, - number = 3, - month = {June} -} - -@INCOLLECTION{moffitt02, - author = {Moffitt, Robert}, - title = {Welfare Programs and Labor Supply}, - booktitle = {Handbook of Public Economics}, - publisher = {Elsevier}, - year = 2002, - editor = {Auerbach, A. J. and Feldstein, M.}, - volume = 4, - series = {Handbook of Public Economics}, - chapter = 34, - pages = {2393--2430} -} - -@ARTICLE{moffittID, - author = {Moffitt, Robert}, - title = {Identification And Estimation Of Dynamic Models With - A Time Series Of Repeated Cross-Sections}, - journal = {Journal of Econometrics}, - year = 1993, - volume = 59, - pages = {99--123}, - number = {1-2}, - publisher = {Elsevier} -} - -@ARTICLE{moffitt84, - author = {Moffitt, Robert}, - title = {The Estimation of a Joint Wage-Hours Labor Supply - Model}, - journal = {Journal of Labor Economics}, - year = 1984, - volume = 2, - pages = {550--66}, - number = 4 -} - -@ARTICLE{moffitt&gottschalk08, - author = {Moffitt, Robert A. and Gottschalk, Peter}, - title = {Trends in Transitory Variance of Male Earnings in - the U.S., 1970-2004}, - journal = {Manuscript}, - year = 2008 -} - -@ARTICLE{moffitt&gottschalk02, - author = {Moffitt, Robert A. and Gottschalk, Peter}, - title = {Trends in the Transitory Variance of Earnings in the - United States}, - journal = {Economic Journal}, - year = 2002, - volume = 112 -} - -@ARTICLE{moffitt&gottschalk95, - author = {Moffitt, Robert A. and Gottschalk, Peter}, - title = {Trends in the Covariance Structure of Earnings in - the U.S.: 1969-1987}, - journal = {Manuscript}, - year = 1995 -} - -@ARTICLE{mgCovariance, - author = {Moffitt, Robert and Gottschalk, Peter}, - title = {Trends in the Covariance Structure of Earnings in - the U.S.: 1969--1987}, - journal = {Journal of Economic Inequality}, - year = 2011, - volume = 9, - pages = {439--459}, - note = {doi: 10.1007/s10888-010-9154-z}, - affiliation = {Johns Hopkins University, Baltimore, MD, USA}, - file = - {/Volumes/Sync/DropBox/Bib/Raw/ByCiteKey/mgCovariance.pdf:/Volumes/Sync/DropBox/Bib/Raw/ByCiteKey/mgCovariance.pdf:PDF}, - issn = {1569-1721}, - issue = 3, - keyword = {Business and Economics}, - publisher = {Springer Netherlands}, - url = {http://dx.doi.org/10.1007/s10888-010-9154-z} -} - -@TECHREPORT{MooreJohnson:2005, - author = {Moore, Kevin and Johnson, Barry}, - title = {Consider the Source: Differences in Estimates of - Income and Wealth from Survey and Tax Data}, - institution = {Federal Reserve Board, Internal Revenue Service}, - year = 2005, - address = - {\href{http://www.federalreserve.gov/pubs/oss/oss2/papers/johnsmoore.pdf}{http://www.federalreserve.gov/pubs/oss/oss2/papers/johnsmoore.pdf}}, - month = {January} -} - -@ARTICLE{mor03, - author = {Moreira, Marcelo J.}, - title = {A Conditional Likelihood Ratio Test for Structural - Models}, - journal = {Econometrica}, - year = 2003, - volume = 71, - pages = {1027--1048}, - number = 4 -} - -@ARTICLE{morris&shin:inertia, - author = {Morris, Stephen and Shin, Hyung Sohn}, - title = {The Inertia of Forward Looking Expectations}, - journal = {Manuscript, London School of Economics}, - year = 2005 -} - -@ARTICLE{mpSearch, - author = {Mortensen, Dale T and Pissarides, Christopher A}, - title = {Job Creation and Job Destruction in the Theory of - Unemployment}, - journal = {Review of Economic Studies}, - year = 1994, - volume = 61, - pages = {397--415}, - number = 3, - month = {July}, - bdsk-url-1 = - {http://ideas.repec.org/a/bla/restud/v61y1994i3p397-415.html}, - url = - {http://ideas.repec.org/a/bla/restud/v61y1994i3p397-415.html} -} - -@ARTICLE{mroz87, - author = {Mroz, Thomas A}, - title = {The Sensitivity of an Empirical Model of Married - Women's Hours of Work to Economic and Statistical - Assumptions}, - journal = {Econometrica}, - year = 1987, - volume = 55, - pages = {765--99}, - number = 4 -} - -@ARTICLE{muellbauerFed, - author = {Muellbauer, John N.}, - title = {Housing, Credit, and Consumer Expenditure}, - journal = {Housing, Housing Finance, and Monetary Policy}, - year = 2007, - bdsk-url-1 = - {http://www.kc.frb.org/publicat/sympos/2007/PDF/Muellbauer_0415.pdf}, - publisher = {Federal Reserve Bank of Kansas City}, - url = {http://www.kc.frb.org/publicat/sympos/2007/PDF/Muellbauer_0415.pdf} -} - -@ARTICLE{mulligan&xavier:transition, - author = {Mulligan, Casey and i Martin, Xavier Sala}, - title = {Transitional Dynamics in Two-Sector Models of - Endogenous Growth}, - journal = {Quarterly Journal of Economics}, - year = 1993, - pages = {739--93}, - month = {August} -} - -@MISC{mulliganRBC, - author = {Mulligan, Casey B.}, - title = {Are Employers Unwilling to Hire, or Are Some Workers - Unwilling to Work?}, - howpublished = - {\url{http://economix.blogs.nytimes.com/2008/12/24/are-employers-unwilling-to-hire-or-are-workers-unwilling-to-work/}}, - year = 2008, - journal = {New York Times Economix Blog}, - volume = {January 8} -} - -@ARTICLE{Mulligan&sm:transdynam, - author = {{Mulligan, Casey B.} and {Xavier Sala-i-Martin}}, - title = {Transitional Dynamics in Two-Sector Models of - Endogenous Growth}, - journal = {Quarterly Journal of Economics}, - year = 1993, - volume = {CVIII}, - pages = {739--773}, - number = 3, - month = {August} -} - -@TECHREPORT{mrMobilityIndia, - author = {Munshi, Kaivan and Rosenzweig, Mark}, - title = {Why is Mobility in India so Low? Social Insurance, - Inequality, and Growth}, - institution = {National Bureau of Economic Research}, - year = 2009, - type = {Working Paper}, - number = 14850, - month = {April}, - abstract = {This paper examines the hypothesis that the - persistence of low spatial and marital mobility in - rural India, despite increased growth rates and - rising inequality in recent years, is due to the - existence of sub-caste networks that provide mutual - insurance to their members. Unique panel data - providing information on income, assets, gifts, - loans, consumption, marriage, and migration are used - to link caste networks to household and aggregate - mobility. Our key finding, consistent with the - hypothesis that local risk-sharing networks restrict - mobility, is that among households with the same - (permanent) income, those in higher-income caste - networks are more likely to participate in - caste-based insurance arrangements and are less - likely to both out-marry and out-migrate. At the - aggregate level, the networks appear to have coped - successfully with the rising inequality within - sub-castes that accompanied the Green - Revolution. The results suggest that caste networks - will continue to smooth consumption in rural India - for the foreseeable future, as they have for - centuries, unless alternative consumption-smoothing - mechanisms of comparable quality become available.}, - bdsk-url-1 = {http://www.nber.org/papers/w14850}, - series = {Working Paper Series}, - url = {http://www.nber.org/papers/w14850} -} - -@ARTICLE{muth:rational, - author = {Muth, John F.}, - title = {Rational Expectations and the Theory of Price - Movements}, - journal = {Econometrica}, - year = 1961, - volume = 29, - pages = {315--35}, - number = 3, - month = {July} -} - -@article{muthOptimal, - author = {Muth, John F.}, - journal = {Journal of the American Statistical Association}, - number = {290}, - pages = {299--306}, - title = {Optimal Properties of Exponentially Weighted - Forecasts}, - volume = {55}, - year = {1960}, -} - - -@ARTICLE{naik&moore:habits, - author = {Naik, Narayan and Moore, Michael}, - title = {Habit Formation and Intertemporal Substitution in - Individual Food Consumption}, - journal = {Review of Economics and Statistics}, - year = 1996, - volume = 78, - pages = {321--328}, - number = 2 -} - -@BOOK{cnstatMeasuring, - title = {Measuring What We Spend: Toward a New Consumer - Expenditure Survey}, - publisher = {The National Academies Press}, - year = 2012, - author = {{National Research Council}}, - note = {Don A. Dillman and Carol C. House, Editors; Panel on - Redesigning the BLS Consumer Expenditure Surveys; - Committee on National Statistics; Division of - Behavioral and Social Sciences and Education}, - isbn = 9780309265751, - url = {http://www.nap.edu/openbook.php?record_id=13520} -} - -@ARTICLE{neave:inherit, - author = {Neave, Edwin H.}, - title = {Multiperiod Consumption-Investment Decisions and - Risk Preference}, - journal = {Journal of Economic Theory}, - year = 1971, - volume = 3, - pages = {40--53}, - number = 1 -} - -@ARTICLE{nelson&startz:disease, - author = {{Nelson, Charles R.} and Startz, Richard}, - title = {The Distribution of the Instrumental Variables - Estimator and its t-Ratio When the Instrument iIs a - Poor One}, - journal = {Journal of Business}, - year = 1990, - volume = 63, - pages = {125--140} -} - -@ARTICLE{nwTelescoping, - author = {Neter, J. and Waksberg, J.}, - title = {A Study Of Response Errors In Expenditures Data From - Household Interviews}, - journal = {Journal of the American Statistical Association}, - year = 1964, - pages = {18--55}, - publisher = {JSTOR} -} - -@ARTICLE{newey&west:hac, - author = {Newey, Whitney K. and West, Kenneth D.}, - title = {A Simple Positive Semi-Definite, Heteroskedasticity - and Autorcorrelation Consistent Covariance Matrix}, - journal = {Econometrica}, - year = 1987, - volume = 55, - pages = {703--708} -} - -@ARTICLE{ng:acase, - author = {Ng, Y.~K.}, - title = {A Case for Happiness, Cardinalism, and Interpersonal - Comparability}, - journal = {Economic Journal}, - year = 1997, - volume = 107, - pages = {1848--1858} -} - -@TECHREPORT{nielsenExpectations, - author = {Nielsen, Hannah}, - title = {Essays on Expectations}, - institution = {Aachen}, - year = 2003 -} -@ARTICLE{nv:risk, - author = {Nielsen, Helena~Skyt and Vissing-Jorgensen, Annette}, - title = {The Impact of Labor Income Risk on Educational - Choices: Estimates and Implied Risk Aversion}, - journal = {Manuscript}, - year = 2006 -} - -@ARTICLE{normanRuleOfLaw, - author = {Norman, Catherine S.}, - title = {Rule of Law And The Resource Curse: Abundance Versus - Intensity}, - journal = {Environmental and Resource Economics}, - year = 2009, - volume = 43, - pages = {183--207}, - number = 2, - note = {\\ - \url{http://www.springerlink.com/index/573331512G41V538.pdf}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/normanRuleOfLaw.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/normanRuleOfLaw.pdf:PDF}, - publisher = {Springer}, - url = - {http://www.springerlink.com/index/573331512G41V538.pdf} -} - -@ARTICLE{ndfMontreal, - author = {Norman, Catherine S. and DeCanio, Stephen and Fan, - Lin}, - title = {The Montreal Protocol at 20: Ongoing Opportunities - For Integration With Climate Protection}, - journal = {Global Environmental Change}, - year = 2008, - volume = 18, - pages = {330--340}, - number = 2, - note = {\\ - \url{http://www.sciencedirect.com/science/article/pii/S0959378008000198}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/ndfMontreal.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/ndfMontreal.pdf:PDF}, - url = - {http://www.sciencedirect.com/science/article/pii/S0959378008000198} -} - -@ARTICLE{ow05, - author = {O'Reilly, Gerard and Whelan, Karl}, - title = {Has Euro-Area Inflatin Persistence Changed over - Time?}, - journal = {Review of Economics and Statistics}, - year = 2005, - volume = 87, - pages = {709--720}, - number = 4 -} - -@ARTICLE{obstfeld:habitsdiagram, - author = {Obstfeld, Maury}, - title = {International Adjustment with Habit-Forming - Consumption: A Diagrammatic Exposition}, - journal = {Review of International Economics}, - year = 1992, - volume = 1, - pages = {32--48}, - number = 1 -} - -@ARTICLE{orIntertemporal, - author = {Obstfeld, Maurice and Rogoff, Kenneth}, - title = {The Intertemporal Approach to the Current Account}, - journal = {in Handbook of International Economics, ed. by Gene - M. Grossman and Kenneth Rogoff (North Holland, - Amsterdam)}, - year = 1995, - volume = 3, - pages = {121--139} -} - -@BOOK{oecd04, - title = {Benefits and Wages: OECD Indicators}, - publisher = {Organization for Economic Co-operation and - Development}, - year = 2004, - author = {OECD} -} - - -@misc{carroll:reviewoecdOld, - journal = {Journal of Economic Literature}, - author = {OECD}, - year = {1997}, - note = {Book Review}, - title = {Global Capital Shortages: Real Threat or Pure Fiction?} -} - -% Version for CV -@article{carroll:reviewoecd, - doi = {10.2307/2729707}, - ISSN = {00220515}, - URL = {http://www.jstor.org/stable/2729707}, - author = {Christopher D. 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At - the aggregate level, the two share a strong - contemporaneous relationship: an increase in equity - values boosts sentiment. However, I examined the - nature of the relationship between the two. Does an - increase in stock prices raise aggregate sentiment - because people are wealthier or because they use - movements in stock prices as an indicator of future - economic activity and potential labor income growth? - Using individual observations from the Michigan - survey I found results more consistent with the view - that people use movements in equity prices as a - leading indicator. Although the findings do not rule - out a traditional wealth effect, they do raise some - questions about the causal role of wealth in - aggregate spending.} -} - -@ARTICLE{otoo:consumersentiment, - author = {Otoo, Maria Ward}, - title = {Consumer Sentiment and the Stock Market}, - journal = {Board of Governors of the Federal Reserve}, - year = 1999 -} - -@ARTICLE{overland:habits, - author = {Overland, Jody}, - title = {Optimal Saving with Stochastic Income and Habit - Formation}, - journal = {Manuscript, Brown University}, - year = 1997 -} - -@ARTICLE{padulaApprox, - author = {Padula, Mario}, - title = {An Approximate Consumption Function}, - journal = {Presentation at Computing in Economics and Finance - Meetings, Cyprus, 2006} -} - -@ARTICLE{pag84, - author = {Pagan, Adrian}, - title = {Econometric Issues in the Analysis of Regressions - with Generated Regressors}, - journal = {International Economic Review}, - year = 1984, - volume = 25, - pages = {221--247}, - number = 1 -} - -@ARTICLE{palumbo:medical, - author = {Palumbo, Michael G}, - title = {Uncertain Medical Expenses and Precautionary Saving - Near the End of the Life Cycle}, - journal = {Review of Economic Studies}, - year = 1999, - volume = 66, - pages = {395--421}, - number = 2, - note = {Available at - {\url{http://ideas.repec.org/a/bla/restud/v66y1999i2p395-421.html}}} -} - -@ARTICLE{palumbo:medicalWP, - author = {Palumbo, Michael G.}, - title = {Precautionary Saving and Out-Of-Pocket Medical - Expenditures Near the End of the Life Cycle}, - journal = {Manuscript, University of Houston}, - year = 1997 -} - -@ARTICLE{parente&prescott:technology, - author = {{Parente, Steven L.} and {Edward C. Prescott}}, - title = {Barriers to Technology Adoption and Development}, - journal = {Journal of Political Economy}, - year = 1994, - volume = 102, - pages = {298--321}, - number = 2 -} - -@ARTICLE{parkLiqConstrContinuous, - author = {Park, Myung-Ho}, - title = {An Analytical Solution to the Inverse Consumption - Function with Liquidity Constraints}, - journal = {Economics Letters}, - year = 2006, - volume = 92, - pages = {389--394} -} - -@comment{parkerSocSec:socialsecurityOld} -@ARTICLE{parkerSocSec, - author = {Parker, Jonathan A.}, - title = {The Reaction of Household Consumption to Predictable - Changes in Social Security Taxes}, - journal = {American Economic Review}, - year = 1999, - volume = 89, - pages = {959--973}, - number = 4, - month = {September} -} - -@ARTICLE{ParkerRiskReturn, - author = {Parker, Jonathan A.}, - title = {Consumption Risk and Expected Stock Returns}, - journal = {American Economic Review Papers and Proceedings}, - year = 2003, - volume = 93, - number = 2, - month = {May}, - note = {Available at { - \url{http://ideas.repec.org/p/nbr/nberwo/9548.html}}} -} - -@INCOLLECTION{Parker:Spendthrift, - author = {Parker, Jonathan A.}, - title = {Spendthrift in America? On Two Decades of Decline in - the U.S.\ Saving Rate}, - booktitle = {NBER Macroeconomics Annual 1999, Volume 14}, - publisher = {National Bureau of Economic Research, Inc}, - year = 2000, - series = {NBER Chapters}, - pages = {317--387}, - month = {July}, - bdsk-url-1 = {http://ideas.repec.org/h/nbr/nberch/11050.html}, - url = {http://ideas.repec.org/h/nbr/nberch/11050.html} -} - -@INCOLLECTION{parker_nberma_spendthrift, - author = {Parker, Jonathan A.}, - title = {Spendthrift in America? On Two Decades of Decline in - the U.S.\ Saving Rate}, - booktitle = {NBER Macroeconomics Annual 1999, Volume 14}, - publisher = {National Bureau of Economic Research, Inc}, - year = 2000, - series = {NBER Chapters}, - pages = {317--387}, - month = {July}, - bdsk-url-1 = {http://ideas.repec.org/h/nbr/nberch/11050.html}, - url = {http://ideas.repec.org/h/nbr/nberch/11050.html} -} - -@ARTICLE{parkerSocSecReEst, - author = {Parker, Jonathan A.}, - title = {The Consumption Function Re-Estimated}, - journal = {Mimeo, Princeton University}, - year = 1999 -} - -@ARTICLE{pjLuxuries, - author = {Parker, Jonathan A and Julliard, Christian}, - title = {Consumption Risk And The Cross Section Of Expected - Returns}, - journal = {Journal of Political Economy}, - year = 2005, - volume = 113, - pages = {185--222}, - number = 1, - publisher = {JSTOR} -} - -@ARTICLE{ParkerPrestonPrecaution, - author = {Parker, Jonathan A. and Preston, Bruce}, - title = {Precautionary Saving and Consumption Fluctuations}, - journal = {American Economic Review}, - year = 2005, - volume = 95, - pages = {1119--1143}, - number = 4, - month = {September} -} - -% Crossref = "NBERcarr11-1", -@article{ParkerSoulelesCarroll-0-NBER, - title = "The Benefits of Panel Data in Consumer Expenditure - Surveys", - author = "Jonathan A. Parker and Nicholas S. Souleles and - Christopher D. Carroll", - year = 2014, - month = "July", - journal = {NBER Book Chapter Drafts Series}, - URL = "http://www.nber.org/chapters/c12674", - note = {At \url{http://www.nber.org/chapters/c12674}} -} - -% type = "Book", -@book{NBERcarr11-1, - title = "Improving the Measurement of Consumer Expenditures", - editor = "Christopher Carroll and Thomas Crossley and John - Sabelhaus", - institution = "National Bureau of Economic Research", - publisher = "University of Chicago Press", - year = {2015}, - volume = 74, - series = {NBER-CRIW Series in Income and Wealth}, - URL = "http://www.nber.org/books/carr11-1", -} - -@ARTICLE{jps:rebatesWP, - author = {Parker, Jonathan A. and Souleles, Nicholas S. and - Johnson, David S.}, - title = {Consumption and Tax Cuts: Evidence from the - Randomized Income Tax Rebates of 2001}, - journal = {Manuscript, The Wharton School}, - year = 2003 -} - -@TECHREPORT{PSJM2008, - author = {Parker, Jonathan A. and Souleles, Nicholas S and - Johnson, David S. and McClelland, Robert}, - title = {Consumer Spending and the Economic Stimulus Payments - of 2008}, - institution = {National Bureau of Economic Research, Inc}, - year = 2011, - type = {NBER Working Papers}, - number = 16684 -} - -@TECHREPORT{pvWhoBears, - author = {Parker, Jonathan A. and Vissing-Jorgensen, Annette}, - title = {Who Bears Aggregate Fluctuations and How?}, - institution = {National Bureau of Economic Research, Inc}, - year = 2009, - type = {NBER Working Papers}, - number = 14665, - month = Jan, - bdsk-url-1 = {http://ideas.repec.org/p/nbr/nberwo/14665.html}, - url = {http://ideas.repec.org/p/nbr/nberwo/14665.html} -} - -@ARTICLE{pbStim, - author = {Parker, Jonathan and Broda, Christian}, - title = {The Economic Stimulus Payments of 2008 and the - Aggregate Demand for Consumption}, - journal = {Manuscript, Northwestern University}, - year = {2011} -} - -@BOOK{paulos:innumeracy, - title = {Innumeracy: Mathematical Illiteracy and Its - Consequences}, - publisher = {Vintage Books}, - year = 1990, - author = {Paulos, John Allen}, - address = {New York} -} - -@ARTICLE{paxson:sandg, - author = {Paxson, Christina H.}, - title = {Saving and Growth: Evidence from Micro Data}, - journal = {European Economic Review}, - year = 1995, - volume = 40, - pages = {255--88}, - month = {February} -} - -@ARTICLE{Pedroni2004, - author = {Pedroni, Peter}, - title = {Panel Cointegration: Asymptotic and Finite Sample - Properties of Pooled Time Series Tests with an - Application to the PPP Hypothesis}, - journal = {Econometric Theory}, - year = 2004, - volume = 20, - pages = {597--625} -} - -@ARTICLE{peek:saving, - author = {Peek, Joe}, - title = {Capital Gains and Personal Saving Behavior}, - journal = {Journal of Money, Credit, and Banking}, - year = 1983, - volume = 15, - pages = {1--23} -} - -@Article{pemberton:failure, - Title = {The Empircial Failure of the Life Cycle Model with - Perfect Capital Markets}, - Author = {Pemberton, James}, - Journal = {Oxford Economic Papers}, - Year = 1997, - Note = {Available at - {\url{http://www.jstor.org/stable/2663734}}}, - Number = 1, - Pages = {129--151}, - Volume = 49, - Owner = {Nic Johnson}, - Url = {http://www.jstor.org/stable/2663734} -} - -@ARTICLE{pendakur:inequality, - author = {Pendakur, Krishna}, - title = {Taking Prices Seriously in the Measurement of - Inequality}, - journal = {Journal of Public Economics}, - volume = 86, - pages = {47--69}, - number = 1 -} - -@ARTICLE{phelps69, - author = {Phelps, Edmund S.}, - title = {The New Microeconomics in Inflation and Employment - Theory}, - journal = {American Economic Review}, - year = 1969, - volume = 59, - pages = {147--160}, - number = 2 -} - -@ARTICLE{phelps:golden, - author = {Phelps, Edmund S.}, - title = {The Golden Rule of Accumulation}, - journal = {American Economic Review}, - year = 1961, - pages = {638--642}, - month = {September}, - note = {Available at { - \url{http://teaching.ust.hk/~econ343/PAPERS/Edmund - Phelps-The Golden Rule of Accumulation- A fable for - Growth Men.pdf}}} -} - -@ARTICLE{phelpsRisk, - author = {Phelps, Edward S.}, - title = {The Accumulation of Risky Capital: A Sequential - Utility Analysis}, - journal = {Econometrica}, - year = 1960, - volume = 30, - pages = {729--743}, - number = 4 -} - -@ARTICLE{po90, - author = {Phillips, Peter C. B. and Ouliaris, Sam}, - title = {Asymptotic Properties of Residual Based Tests for - Cointegration}, - journal = {Econometrica}, - year = 1990, - volume = 58, - pages = {165--193}, - number = 1 -} - -@ARTICLE{pst07, - author = {Monika Piazessi and Martin Schneider and Selale - Tuzel}, - title = {Housing, Consumption and Asset Pricing}, - journal = {Journal of Financial Economics}, - year = 2007, - volume = 83, - pages = {531--569} -} - -@ARTICLE{pichette&tremblay:wealtheffects, - author = {Pichette, Lise and Tremblay, Dominique}, - title = {Are Wealth Effects Important for Canada?}, - journal = {Bank of Canada Working Paper 30}, - year = 2003 -} - -@TECHREPORT{pt03, - author = {Pichette, Lise and Tremblay, Dominique}, - title = {Are Wealth Effects Important for Canada?}, - institution = {Bank of Canada}, - year = 2003, - type = {working paper}, - number = 30 -} - -@ARTICLE{piergiorgio:stockmarket, - author = {Piergiorgio, Alessandri}, - title = {Aggregate Consumption and the Stock Market: A New - Assessment of the Equity Wealth Effect}, - journal = {Manuscript, University of London}, - year = 2003 -} - -@TECHREPORT{pl03, - author = {Piger, Jeremy and Levin, Andrew}, - title = {Is Inflation Persistence Intrinsic in Industrial - Economies?}, - institution = {Federal Reserve Bank of St. Louis}, - year = 2003, - type = {Federal Reserve Bank of St. Louis working paper.}, - number = 23 -} - -@ARTICLE{pigou:utility, - author = {Pigou, A. C.}, - title = {Some Remarks on Utility}, - journal = {Economic Journal}, - year = 1903, - pages = {58--68} -} - -@BOOK{pinker:mind, - title = {How the Mind Works}, - publisher = {W.W. Norton And Company}, - year = 1997, - author = {Pinker, Stephen} -} - -@ARTICLE{pischkeMicroMacro, - author = {Pischke, J{\"o}rn-Steffen}, - title = {Individual Income, Incomplete Information, and - Aggregate Consumption}, - journal = {Econometrica}, - year = 1995, - volume = 63, - pages = {805--40}, - number = 4, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/pischkeMicroMacro.pdf}, -} - -@INPROCEEDINGS{ppsDistribution, - author = {Pistaferri, Luigi and Saporta-Eksten, Itay}, - title = {Changes in the Income Distribution and Aggregate - Consumption}, - booktitle = {Federal Reserve Board meeting}, - year = 2012 -} - -@ARTICLE{pr07, - author = {Pivetta, Frederick and Reis, Ricardo}, - title = {The persistence of inflation in the United States}, - journal = {Journal of Economic Dynamics and Control}, - year = 2007, - volume = 34, - pages = {1326--1358}, - number = 1 -} - -@ARTICLE{ploner:wealtheffects, - author = {Ploner, Matteo}, - title = {The Financial Markets and Wealth Effects on - Consumption}, - journal = {Universita Degli Di Trento Discussion Paper 6}, - year = 2003 -} - -@ARTICLE{polbornCalibration, - author = {Polborn, Mattias K.}, - title = {Calibrating The World And The World Of Calibration}, - journal = {Manuscript, University of Western Ontario}, - year = 2001, - note = - {\url{http://publish.uwo.ca/~mpolborn/calibration.pdf}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/polbornCalibration.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/polbornCalibration.pdf:PDF}, - url = {http://publish.uwo.ca/~mpolborn/calibration.pdf} -} - -@ARTICLE{pollack:tastes, - author = {Pollack, Robert A.}, - title = {Endogenous Tastes in Demand and Welfare Analysis}, - journal = {American Economic Review}, - year = 1978, - volume = 68, - pages = {374--79} -} - -@BOOK{Porter:1990, - title = {The Competitive Advantage of Nations}, - publisher = {New York: Free Press}, - year = 1990, - author = {Porter, Michael E.} -} - -@INCOLLECTION{posen:cred2, - author = {Posen, Adam S.}, - title = {Declarations Are Not Enough: Financial Sector - Sources of Central Bank Independence}, - booktitle = {NBER Macroeconomics Annual}, - publisher = {MIT Press}, - year = 1995, - editor = {Bernanke, Ben S. and Rotemberg, Julio J.}, - pages = {258--74}, - address = {Cambridge, MA} -} - -@ARTICLE{posen:cred, - author = {Posen, Adam S.}, - title = {Central Bank Independence and Disinflationary - Credibility: A Missing Link?}, - journal = {Oxford Economic Papers}, - year = 1998, - volume = 50, - pages = {335--59}, - number = 3 -} - -@ARTICLE{posen:credold, - author = {Posen, Adam S.}, - title = {Central Bank Independence and Disinflationary - Credibility: A Missing Link?}, - journal = {Federal Reserve Bank of New York Staff Reports}, - year = 1995, - number = 1 -} - -@INCOLLECTION{poterba:taxportfolios, - author = {Poterba, James M.}, - title = {Taxation and Portfolio Structure: Issues and - Implications}, - booktitle = {Household Portfolios}, - publisher = {MIT Press}, - year = 2001, - editor = {Guiso, Luigi and Haliassos, Michael and Jappelli, - Tullio} -} - -@ARTICLE{Poterba:2000, - author = {Poterba, James M.}, - title = {Stock Market Wealth and Consumption}, - journal = {Journal of Economic Perspectives}, - year = 2000, - volume = 14, - pages = {99--118}, - number = 2, - abstract = {This paper explores the link between changes in the - aggregate value of corporate stock and changes in - consumer spending. It presents data on the - distribution of corporate stock ownership based on - the 1998 Survey of Consumer Finances. It also uses - time-series evidence on the comovement of stock - market wealth and various categories of consumer - spending to calibrate {"}the wealth effect.{"} It - concludes that in the year after a change in stock - market values, consumer spending is likely to rise - by between one and two cents for each dollar - increase in the value of corporate stock.} -} - -@article{10.2307/2728815, - ISSN = {00220515}, - URL = {http://www.jstor.org/stable/2728815}, - author = {Christopher D. Carroll}, - journal = {Journal of Economic Literature}, - number = {4}, - pages = {1881--1882}, - publisher = {American Economic Association}, - reviewed-author = {James H. Gapinski}, - volume = {32}, - year = {1994}, - title = {The Economics of Saving}, - note = {Book Review} - } - - -% Version for CV; "author" should be author of item reviewed -@article{carroll:reviewpoterba, - ISSN = {00220515}, - URL = {http://www.jstor.org/stable/2729228}, - author = {James M. Poterba}, - journal = {Journal of Economic Literature}, - number = {2}, - pages = {765--766}, - publisher = {American Economic Association}, - volume = {34}, - year = {1996}, - title = {International Comparisons of Household Saving}, - note = {Book Review}, - doi = {10.2307/2729228}, - url = {www.jstor.org/stable/2729228} -} - - -@article{10.2307/2729228, - ISSN = {00220515}, - URL = {http://www.jstor.org/stable/2729228}, - author = {Christopher D. Carroll}, - journal = {Journal of Economic Literature}, - number = {2}, - pages = {765--766}, - publisher = {American Economic Association}, - reviewed-author = {James M. Poterba}, - volume = {34}, - year = {1996} -} - -@ARTICLE{poterba:excise, - author = {Poterba, James M.}, - title = {Lifetime incidence and the distributional burden of - excise taxes}, - journal = {American Economic Review}, - year = 1989, - volume = 79, - pages = {325--330} -} - -@ARTICLE{poterba&samwick:stockmarket, - author = {Poterba, James M. and Samwick, Andrew A.}, - title = {Stock Ownership Patterns, Stock Market Fluctuations, - and Consumption}, - journal = {Brookings Paper on Economic Activity}, - year = 1995, - volume = 2, - pages = {295--372} -} - -@INCOLLECTION{powell, - author = {Powell, James L.}, - title = {Estimation of Semiparametric Models}, - booktitle = {Handbook of Econometrics}, - publisher = {Elsevier}, - year = 1994, - volume = 4, - pages = {2443--2521} -} - -@ARTICLE{prs:brookings, - author = {Prasad, Eswar and Rajan, Raghuram and Subramanian, - Arvind}, - title = {Foreign Capital and Economic Growth}, - journal = {Brookings Papers on Economic Activity}, - year = 2007, - pages = {153--230} -} - -@ARTICLE{pratt:smallandlarge, - author = {Pratt, John W.}, - title = {Risk Aversion in the Small and in the Large}, - journal = {Econometrica}, - year = 1964, - volume = 32, - pages = {122--136} -} - -@ARTICLE{quadrini:entrepreneurship, - author = {Quadrini, Vincenzo}, - title = {Entrepreneurship, Saving, and Social Mobility}, - journal = {Review of Economic Dynamics}, - year = 2000, - volume = 3, - pages = {1--40}, - number = 1 -} - -@ARTICLE{quadrini:wealth, - author = {Quadrini, Vincenzo}, - title = {The Importance of Entrepreneurship for Wealth - Concentration and Mobility}, - journal = {The Review of Income and Wealth}, - year = 1999, - volume = 45, - pages = {1--20} -} - -@ARTICLE{quadrini&riosrull:wealth, - author = {Quadrini, Vincenzo and R{\'}{i}os-Rull, - Jos{\'}{e}-V{\'}{i}ctor}, - title = {Models of the Distribution of Wealth}, - journal = {Manuscript, University of Pennsylvania}, - year = 1997 -} - -@ARTICLE{quah:identification, - author = {Quah, Danny}, - title = {The Relative Importance of Permanent and Transitory - Components: Identification and Some Theoretical - Bounds}, - journal = {Econometrica}, - year = 1992, - volume = 60, - pages = {107--18}, - number = 1 -} - -@ARTICLE{quah:smooth, - author = {Quah, Danny}, - title = {Permanent and Transitory Movements in Labor Income: - An Explanation for {``}Excess Smoothness{''} in - Consumption}, - journal = {Journal of Political Economy}, - year = 1990, - volume = 98, - pages = {449--75}, - number = 3 -} - -@ARTICLE{rabin:psych, - author = {Rabin, Matthew}, - title = {Psychology and Economics}, - journal = {Journal of Economic Literature}, - year = 1998, - volume = {XXXVI}, - pages = {11--46}, - month = {March} -} - -@ARTICLE{rbm:lossaversion, - author = {Rabin, Matthew and Bowman, David and Minehart, - Deborah}, - title = {Loss Aversion in a Consumption-Savings Model}, - journal = {Journal of Economic Behavior and Organization}, - year = 1999, - volume = 38, - pages = {155--178}, - number = 2, - month = {February} -} - -@ARTICLE{odonoghue&rabin:noworlater, - author = {Rabin, Matthew and O'Donoghue, Ted}, - title = {Doing It Now or Later}, - journal = {American Economic Review}, - year = 1999, - volume = 89, - pages = {103--24}, - number = 1 -} - -@ARTICLE{rameyFrancisLeisure, - author = {Ramey, Valerie A. and Francis, Neville}, - title = {A Century of Work and Leisure}, - journal = {NBER Working Paper Number 12264}, - year = 2006 -} - -@UNPUBLISHED{Ravina:2005, - author = {Ravina, Enrichetta}, - title = {Habit Persistence and Keeping Up with the Joneses: - Evidence from Micro Data}, - note = {Working Paper}, - month = {November}, - year = 2005 -} - -@ARTICLE{rebelo:long, - author = {Rebelo, Sergio T.}, - title = {Long-Run Policy Analysis and Long-Run Growth}, - journal = {Journal of Political Economy}, - year = 1991, - volume = 99, - pages = {500--521}, - number = 3, - month = {June} -} - - -@ARTICLE{reisPortugal, - author = {Reis, Ricardo}, - title = {The Portuguese Slump-Crash and the Euro-Crisis}, - journal = {Brookings Papers on Economic Activity}, - year = 2013 -} - -@TECHREPORT{rei04, - author = {Reis, Ricardo}, - title = {Inattentive Consumers}, - institution = {Princeton University}, - year = 2004, - type = {mimeo} -} - -@ARTICLE{reiter:backward, - author = {Reiter, Michael}, - title = {Solving the Incomplete Markets Model with Aggregate - Uncertainty by Backward Induction}, - journal = {Journal of Economic Dynamics and Control}, - year = 2010, - volume = 34, - pages = {28--35}, - number = 1, - month = {January} -} - -@ARTICLE{reiter08, - author = {Reiter, Michael}, - title = {Solving Heterogeneous-Agent Models by Backward - Induction}, - journal = {Manuscript}, - year = 2008 -} - -@ARTICLE{reiter06, - author = {Reiter, Michael}, - title = {Solving Heterogeneous-Agent Models by Projection and - Perturbation}, - journal = {Manuscript}, - year = 2006 -} - -@ARTICLE{reiter:recursive, - author = {Reiter, Michael}, - title = {Recursive Computation of Heterogeneous Agent Models}, - journal = {Paper Prepared for SITE Conference, Summer 2004, - Stanford University}, - year = 2004 -} - -@ARTICLE{reiterRich, - author = {Reiter, Michael}, - title = {Do the rich save too much? How to explain the top - tail of the wealth distribution}, - journal = {manuscript, Universitat Pompeu Fabra}, - year = 2004, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/reiterRich.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/reiterRich.pdf:PDF} -} - -@ARTICLE{csxanth3, - author = {Reyes-Morales, Sally E.}, - title = {Characteristics of Nonresponders in the Consumer - Expenditure Quarterly Interview Survey}, - journal = {Consumer Expenditure Survey Anthology}, - year = 2005, - pages = {18--23}, - note = - {\url{http://www.bls.gov/cex/anthology05/csxanth3.pdf}}, - file = {csxanth3.pdf:csxanth3.pdf:PDF}, - url = {http://www.bls.gov/cex/anthology05/csxanth3.pdf} -} - -@ARTICLE{csxanth4, - author = {Reyes-Morales, Sally E.}, - title = {Characteristics of Complete and Intermittent - Responders in the Consumer Expenditure Quarterly - Interview Survey}, - journal = {Consumer Expenditure Survey Anthology}, - year = 2003, - pages = {25--29}, - note = {\url{http://www.bls.gov/cex/anthology/csxanth4.pdf}}, - file = {csxanth4.pdf:csxanth4.pdf:PDF}, - url = {http://www.bls.gov/cex/anthology/csxanth4.pdf} -} - -@ARTICLE{reitzDisasters, - author = {Rietz, Thomas A.}, - title = {The Equity Risk Premium: A Solution}, - journal = {Journal of Monetary Economics}, - year = 1988, - volume = 22, - pages = {117--131}, - number = 1 -} - -@ARTICLE{rrUnbounded, - author = {Rinc{\'o}n-Zapatero, Juan Pablo and - Rodr{\i}guez-Palmero, Carlos}, - title = {Existence and Uniqueness of Solutions to the Bellman - Equation in the Unbounded Case}, - journal = {Econometrica}, - year = 2003, - volume = 71, - pages = {pp.1519--1555}, - number = 5, - abstract = {We study the problem of the existence and uniqueness - of solutions to the Bellman equation in the presence - of unbounded returns. We introduce a new approach - based both on consideration of a metric on the space - of all continuous functions over the state space, - and on the application of some metric fixed point - theorems. With appropriate conditions we prove - uniqueness of solutions with respect to the whole - space of continuous functions. Furthermore, the - paper provides new sufficient conditions for the - existence of solutions that can be applied to fairly - general models. It is also proven that the fixed - point coincides with the value function and that it - can be approached by successive iterations of the - Bellman operator.}, - copyright = {Copyright © 2003 The Econometric Society}, - file = - {ByCiteKey/rrUnbounded.pdf:ByCiteKey/rrUnbounded.pdf:PDF}, - issn = 00129682, - jstor_articletype ={research-article}, - jstor_formatteddate ={Sep., 2003}, - language = {English}, - publisher = {The Econometric Society}, - url = {http://www.jstor.org/stable/1555510} -} - -@ARTICLE{robertsStickyInfl, - author = {Roberts, John M.}, - title = {Is Inflation Sticky?}, - journal = {Journal of Monetary Economics}, - year = 1997, - pages = {173--196}, - number = 2 -} - -@ARTICLE{robertsQJE:inflexp, - author = {Roberts, John M.}, - title = {Inflation Expectations and the Transmission of - Monetary Policy}, - journal = {Federal Reserve Board FEDS working paper Number - 1998-43}, - year = 1998 -} - -@ARTICLE{roberts:phillips, - author = {Roberts, John M.}, - title = {New Keynesian Economics and the Phillips Curve}, - journal = {Journal of Money, Credit, and Banking}, - year = 1995, - volume = 27, - pages = {975--984}, - number = 4 -} - -@BOOK{robinson:philosophy, - title = {Economic Philosophy}, - publisher = {Aldine}, - year = 1962, - author = {Robinson, Joan}, - address = {Chicago} -} - -@ARTICLE{rodrikSavTransitions, - author = {Rodrik, Dani}, - title = {Saving Transitions}, - journal = {The World Bank Economic Review}, - year = 2000, - volume = 14, - pages = {481--507}, - number = 3, - publisher = {World Bank} -} - -@ARTICLE{rodrik:transitions, - author = {Rodrik, Dani}, - title = {Saving Transitions}, - journal = {Manuscript, Harvard University}, - year = 1999 -} - -@ARTICLE{romerFiscal, - author = {Romer, Christina D.}, - title = {What Do We Know about the Effects of Fiscal Policy? - Separating Evidence from Ideology}, - journal = {Speech at Hamilton College, November}, - year = 2011 -} - -@BOOK{romer:text, - title = {Advanced Macroeconomics}, - publisher = {McGraw-Hill/Irwin}, - year = 2011, - author = {Romer, David}, - edition = {Fourth} -} - -@INCOLLECTION{romer:capform, - author = {Romer, Paul M.}, - title = {Capital Accumulation in the Theory of Long Run - Growth}, - booktitle = {Modern Business Cycle Theory}, - publisher = {Harvard University Press}, - year = 1989, - editor = {Barro, Robert J.}, - address = {Cambridge, Massachusetts} -} - -@ARTICLE{Romer:1986, - author = {Romer, Paul M}, - title = {Increasing Returns and Long-Run Growth}, - journal = {Journal of Political Economy}, - year = 1986, - volume = 94, - pages = {1002--37}, - number = 5, - month = {October} -} - -@ARTICLE{romer:growth, - author = {Romer, Paul M.}, - title = {Increasing Returns and Long Run Growth}, - journal = {Journal of Political Economy}, - year = 1986, - volume = 94, - pages = {1002--37}, - month = {October} -} - -@INCOLLECTION{rotemberg&woodford:macroannual, - author = {Rotemberg, Julio J. and Woodford, Michael}, - title = {An Optimization-Based Econometric Model for the - Evaluation of Monetary Policy}, - booktitle = {NBER Macroeconomics Annual, 1997}, - publisher = {MIT Press}, - year = 1997, - editor = {Bernanke, Benjamin S. and Rotemberg, Julio J.}, - volume = 12, - pages = {297--346}, - address = {Cambridge, MA} -} - -@ARTICLE{rotembergWoodfordPred, - author = {Rotemberg, Julio J. and Woodford, Michael}, - title = {Real Business Cycle Models and the Forecastable - Movements in Output, Hours and Consumption}, - journal = {American Economic Review}, - year = 1996, - volume = 86, - pages = {71--89}, - number = 1, - month = {January} -} - -@ARTICLE{roth&erev:learning, - author = {Roth, Alvin and Erev, Ido}, - title = {Learning in Extensive-Form Games: Experimental Data - and Simple Dynamic Models in the Intermediate Term}, - journal = {Games and Economic Behavior}, - year = 1995, - volume = 8, - pages = {164--212} -} - -@ARTICLE{Rudd2006, - author = {Jeremy Rudd and Karl Whelan}, - title = {A Note on the Cointegration of Consumption, Income, - and Wealth}, - journal = {Review of Economic Dynamics}, - year = 2006, - volume = 9, - pages = {34--51} -} - -@ARTICLE{rwCWRatio, - author = {Rudd, Jeremy and Whelan, Karl}, - title = {Empirical Proxies for the Consumption-Wealth Ratio}, - journal = {Review of Economic Dynamics}, - year = 2006, - volume = 9, - pages = {34--51}, - month = {January} -} - -@ARTICLE{rwAER06, - author = {Rudd, Jeremy and Whelan, Karl}, - title = {Can Rational Expectations Sticky-Price Models - Explain Inflation Dynamics?}, - journal = {American Economic Review}, - year = 2006, - volume = 96, - pages = {303--320}, - number = 1 -} - -@TECHREPORT{rw03, - author = {Rudd, Jeremy and Whelan, Karl}, - title = {Can Rational Expectations Sticky-Price Models - Explain Inflation Dynamics?}, - institution = {Federal Reserve Bank of Boston}, - year = 2005, - type = {mimeo} -} - -@TECHREPORT{rw05, - author = {Jeremy Rudd and Karl Whelan}, - title = {Modelling Inflation Dynamics: A Critical Survey of - Recent Research}, - institution = {Federal Reserve Bank of Boston}, - year = 2005, - type = {mimeo} -} - -@TECHREPORT{rw02, - author = {Rudd, Jeremy and Whelan, Karl}, - title = {Empirical Proxies for the Consumption--Wealth Ratio}, - institution = {Federal Reserve Board}, - year = 2002, - type = {FEDS working paper}, - number = 38 -} - -@BOOK{runciman:deprivation, - title = {Relative Deprivation and Social Justice: A Study of - Attitudes to Social Inequality in Twentieth-Century - England}, - publisher = {University of California Press}, - year = 1966, - author = {Runciman, W. G.}, - address = {Berkeley} -} - -@ARTICLE{runkle:PSID, - author = {Runkle, David E.}, - title = {Liquidity Constraints and the Permanent Income - Hypothesis: Evidence from Panel Data}, - journal = {Journal of Monetary Economics}, - year = 1991, - volume = 27, - pages = {39--98}, - number = 1 -} - -@ARTICLE{ryder&heal:optgrow, - author = {{Ryder, Harl} and {Geoffrey Heal}}, - title = {Optimal Growth with Intertemporally Dependent - Preferences}, - journal = {Review of Economic Studies}, - year = 1973, - volume = 40, - pages = {1--31}, - month = {January} -} - -@ARTICLE{sabelhaus&groen:measurement, - author = {Sabelhaus, John and Groen, Jeff}, - title = {Can Permanent-Income Theory Explain Cross-Section - Consumption Patterns?}, - journal = {Manuscript, Congressional Budget Office}, - year = 1998 -} - -@ARTICLE{sjasgghByIncome, - author = {John Sabelhaus and David Johnson and Stephen Ash and - David Swanson and Thesia Garner and John Greenlees - and Steve Henderson}, - title = {Is the Consumer Expenditure Survey Representative by - Income?}, - journal = {CRIW, University of Chicago Press}, - year = 2012, - month = {March 13} -} - -@article{szWIneq_MS, - author = {Emmanuel Saez and Gabriel Zucman}, - title = {Wealth Inequality in the United States since 1913: Evidence from Capitalized Income Tax Data}, - year = {forthcoming}, -} - -@article{szWIneq, - title = "Wealth Inequality in the United States Since 1913: Evidence from Capitalized Income Tax Data", - author = "Emmanuel Saez and Gabriel Zucman", - institution = "National Bureau of Economic Research", - journal = {Quarterly Journal of Economics}, - year = "2016", - month = "May", - doi = {10.1093/qje/qjw004.}, - URL = "http://www.nber.org/papers/w20625", - abstract = {This paper combines income tax returns with Flow of Funds data to estimate the distribution of household wealth in the United States since 1913. We estimate wealth by capitalizing the incomes reported by individual taxpayers, accounting for assets that do not generate taxable income. We successfully test our capitalization method in three micro datasets where we can observe both income and wealth: the Survey of Consumer Finance, linked estate and income tax returns, and foundations' tax records. Wealth concentration has followed a U-shaped evolution over the last 100 years: It was high in the beginning of the twentieth century, fell from 1929 to 1978, and has continuously increased since then. The rise of wealth inequality is almost entirely due to the rise of the top 0.1\% wealth share, from 7\% in 1979 to 22\% in 2012--a level almost as high as in 1929. The bottom 90\% wealth share first increased up to the mid-1980s and then steadily declined. The increase in wealth concentration is due to the surge of top incomes combined with an increase in saving rate inequality. Top wealth-holders are younger today than in the 1960s and earn a higher fraction of total labor income in the economy. We explain how our findings can be reconciled with Survey of Consumer Finances and estate tax data.}, -} - -@techreport{NBERw20625, - title = "Wealth Inequality in the United States since 1913: Evidence from Capitalized Income Tax Data", - author = "Emmanuel Saez and Gabriel Zucman", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "20625", - year = "2014", - month = "October", - doi = {10.3386/w20625}, - URL = "http://www.nber.org/papers/w20625", - abstract = {This paper combines income tax returns with Flow of Funds data to estimate the distribution of household wealth in the United States since 1913. We estimate wealth by capitalizing the incomes reported by individual taxpayers, accounting for assets that do not generate taxable income. We successfully test our capitalization method in three micro datasets where we can observe both income and wealth: the Survey of Consumer Finance, linked estate and income tax returns, and foundations' tax records. Wealth concentration has followed a U-shaped evolution over the last 100 years: It was high in the beginning of the twentieth century, fell from 1929 to 1978, and has continuously increased since then. The rise of wealth inequality is almost entirely due to the rise of the top 0.1\% wealth share, from 7\% in 1979 to 22\% in 2012--a level almost as high as in 1929. The bottom 90\% wealth share first increased up to the mid-1980s and then steadily declined. The increase in wealth concentration is due to the surge of top incomes combined with an increase in saving rate inequality. Top wealth-holders are younger today than in the 1960s and earn a higher fraction of total labor income in the economy. We explain how our findings can be reconciled with Survey of Consumer Finances and estate tax data.}, -} - -@techreport{deNardi2015, - title = {Quantitative Models of Wealth Inequality: A Survey}, - author = {Mariacristina {De Nardi}}, - institution = {National Bureau of Economic Research}, - type = {working paper}, - series = {Working Paper Series}, - number = {21106}, - year = {2015}, - month = {April}, -} - -@TechReport{cozzi2012, - author={Marco Cozzi}, - title={Risk Aversion Heterogeneity, Risky Jobs and Wealth Inequality}, - year=2012, - month=Dec, - institution={Queen's University, Department of Economics}, - type={Working Papers}, -} - -@INPROCEEDINGS{kruegerMitmanPerri:handbookMacro, - author = {Dirk Krueger and Kurt Mitman and Fabrizio Perri}, - title = {Macroeconomics and Heterogeneity, Including Inequality}, - booktitle = {Handbook of Macroeconomics}, - year = {forthcoming}, - editor = {John Taylor and Harald Uhlig}, - publisher = {North Holland}, - owner = {Jirka}, - url={http://economics.sas.upenn.edu/~dkrueger/research/Handbook.pdf} -} - -@ARTICLE{saez02, - author = {Saez, Emmanuel}, - title = {Optimal Income Transfer Programs: Intensive Versus - Extensive Labor Supply Responses}, - journal = {The Quarterly Journal of Economics}, - year = 2002, - volume = 117, - pages = {1039--1073}, - number = 3 -} - -@UNPUBLISHED{Safir2011, - author = {Safir, Adam}, - title = {Measurement Error and Gemini Project Overview}, - note = {CNSTAT Panel Briefing, February}, - month = {February}, - year = 2011 -} - -@ARTICLE{sag99, - author = {Saget, Catherine}, - title = {The determinants of female labour supply in - {H}ungary}, - journal = {Economics of Transition}, - year = 1999, - volume = 7, - pages = {575--591}, - number = 17 -} - -@ARTICLE{sahmRiskChange, - author = {Sahm, Claudia}, - title = {How Much Does Risk Tolerance Change?}, - journal = {Finance and Economics Discussion Series}, - year = 2007, - volume = 66, - note = - {\url{http://www.federalreserve.gov/Pubs/Feds/2007/200766/revision/200766pap.pdf}}, - abstract = {Stability of preferences is central to how - economists study behavior. This paper uses panel - data on hypothetical gambles over lifetime income in - the Health and Retirement Study to quantify changes - in risk tolerance over time and differences across - individuals. The maximum-likelihood estimation of a - correlated random effects model utilizes information - from 12,000 respondents in the 1992-2002 HRS. The - results are consistent with constant relative risk - aversion and career selection based on - preferences. While risk tolerance changes with age - and macroeconomic conditions, persistent differences - across individuals account for 73 percent of the - systematic variation.}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/sahmRiskChange.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/sahmRiskChange.pdf:PDF}, - url = - {http://www.federalreserve.gov/Pubs/Feds/2007/200766/revision/200766pap.pdf} -} - -@ARTICLE{sssMail, - author = {Claudia R. Sahm and Matthew D. Shapiro and Joel - Slemrod}, - title = {Check in the Mail or More in the Paycheck: Does the - Effectiveness of Fiscal Stimulus Depend on How It Is - Delivered?}, - journal = {FEDS Working Paper No. 2010-40}, - year = 2010 -} - -@ARTICLE{Sahmetal:2008TaxRebates, - author = {Sahm, Claudia R. and Shapiro, Matthew D. and - Slemrod, Joel B.}, - title = {Household Response to the 2008 Tax Rebate: Survey - Evidence and Aggregate Implications}, - journal = {Tax Policy and the Economy}, - year = 2010, - volume = 24, - pages = {69--110} -} - -@ARTICLE{Sahm2009, - author = {Sahm, Claudia R. and Shapiro, Matthew D. and - Slemrod, Joel B.}, - title = {Household Response to the 2008 Tax Rebate: Survey - Evidence and Aggregate Implications}, - journal = {NBER Working Paper Number W15421}, - year = 2009, - month = Oct, - institution = {National Bureau of Economic Research, Inc} -} - -@ARTICLE{salaimartin:lecnotes, - author = {Sala-i-Martin, Xavier}, - title = {Lecture Notes on Economic Growth II: Five Prototype - Models of Endogenous Growth}, - journal = {NBER Working Paper Number 3564}, - year = 1990, - month = {December}, - note = {\url{http://ideas.repec.org/p/nbr/nberwo/3564.html}}, - bdsk-url-1 = {http://ideas.repec.org/p/nbr/nberwo/3564.html}, - url = {http://ideas.repec.org/p/nbr/nberwo/3564.html} -} - -@INCOLLECTION{Sala-i-Martin:1992, - author = {Sala-i-Martin, Xavier and Sachs, Jeffrey}, - title = {Fiscal Federalism and optimum currency areas: - Evidence for Europe from the United States}, - booktitle = {Establishing a central bank: Issues in Europe for - lessons from the U.S.}, - publisher = {Cambridge University Press}, - year = 1992, - editor = {adn Vittorio Grilli, Matthew Canzoneri and Masson, - Paul} -} - -@ARTICLE{samuelsonJudgment, - author = {Samuelson, Paul A.}, - title = {The Judgment of Economic Science on Rational - Portfolio Management: Indexing, Timing, and - Long-Horizon Effects}, - journal = {The Journal of Portfolio Management}, - year = 1989, - volume = 16, - pages = {4--12}, - number = 1, - publisher = {Institutional Investor Journals} -} - -@ARTICLE{samuelson:portfolio, - author = {Samuelson, Paul A.}, - title = {Lifetime Portfolio Selection by Dynamic Stochastic - Programming}, - journal = {Review of Economics and Statistics}, - year = 1969, - volume = 51, - pages = {239--46} -} - -@ARTICLE{samuelsonFallacy, - author = {Samuelson, Paul A}, - title = {Risk and Uncertainty: A Fallacy of Large Numbers}, - journal = {Scientia}, - year = 1963, - volume = 98, - pages = {108--113}, - number = {4-5} -} - -@ARTICLE{samuelson:olg, - author = {Samuelson, Paul A.}, - title = {An exact consumption loan model of interest with or - without the social contrivance of money}, - journal = {Journal of Political Economy}, - year = 1958, - volume = 66, - pages = {467--482} -} - -@ARTICLE{samuelsonI, - author = {Samuelson, Paul A.}, - title = {Interaction Between the Multiplier Analysis and the - Principle of Acceleration}, - journal = {Review of Economics and Statistics}, - year = 1939, - volume = 21, - pages = {75--78}, - number = 2 -} - -@ARTICLE{samwick:pensions, - author = {Samwick, Andrew A.}, - title = {The Limited Offset Between Pension Wealth and Other - Private Wealth: Implications of Buffer-Stock Saving}, - journal = {Manuscript, Department of Economics, Dartmouth - College}, - year = 1995 -} - -@INCOLLECTION{sandmo:opttax, - author = {Sandmo, ~A.}, - title = {The Effects of Taxation on Savings and Risk Taking}, - booktitle = {Handbook of Public Economics}, - publisher = {Elsevier Science Publishers BV}, - year = 1985, - editor = {{Alan J. Auerbach} and {Martin S. Feldstein}}, - address = {New York} -} - -@ARTICLE{sandriKFlows, - author = {Sandri, Damiano}, - title = {Growth and Capital Flows with Risky Entrepreneuship}, - journal = {IMF Working Paper No.10/37}, - year = 2010, - file = {sandriKFlows.pdf:sandriKFlows.pdf:PDF} -} - -@article{sandri:growthcapflows, - Author = {Damiano Sandri}, - Journal = {American Economic Journal: Macroeconomics}, - Title = {Growth and Capital Flows with Risky Entrepreneuship}, - Volume={6}, - Number={3}, - Pages={102-23}, - Year = {2014}, - url = {http://dx.doi.org/10.1257/mac.6.3.102}, - note = {http://llorracc.net/Papers/sandriGrowth.pdf} -} - -@ARTICLE{sandri:growthcapflows-JHU, - author = {Sandri, Damiano}, - title = {Growth and Capital Flows with Risky - Entrepreneurship}, - journal = {Manuscript, Johns Hopkins University}, - year = 2008 -} - -@ARTICLE{santaClaraValkanovPrez, - author = {Santa-Clara, Pedro and Valkanov, Rossen I.}, - title = {The Presidential Puzzle: Political Cycles and the - Stock Market}, - journal = {Journal of Finance}, - year = 2003, - volume = 58, - pages = {1841--1872}, - month = {October} -} - -@BOOK{sargentBlackBook, - title = {Macroeconomic Theory, Second Edition}, - publisher = {Academic Press}, - year = 1987, - author = {Sargent, Thomas}, - address = {Orlando, Florida} -} - -@INCOLLECTION{sargent:modinfl, - author = {Sargent, Thomas J.}, - title = {Stopping Moderate Inflations: The Methods of - Poincare and Thatcher}, - booktitle = {Inflation, Debt, and Indexation}, - publisher = {MIT Press}, - year = 1983, - editor = {Dornbusch, Rudiger and Simonsen, M.}, - pages = {54--96}, - address = {Cambridge, MA} -} - -@INCOLLECTION{sargent:biginfl, - author = {Sargent, Thomas J.}, - title = {The Ends of Four Big Inflations}, - booktitle = {Inflation: Causes and Consequences}, - publisher = {University of Chicago Press}, - year = 1982, - editor = {Hall, Robert E.}, - address = {Chicago} -} - -@BOOK{sargent:bounded, - title = {Bounded Rationality in Macroeconomics}, - publisher = {Oxford University Press}, - year = 1993, - author = {Sargent, Thomas J.}, - address = {Oxford} -} - -@BOOK{lsRecurse, - title = {Recursive Macroeconomic Theory}, - publisher = {The MIT Press}, - year = 2012, - author = {Sargent, Thomas J. and Ljunqvist, Lars}, - address = {Cambridge, MA} -} - -@ARTICLE{schectman:fluctuation, - author = {Schectman, Jack}, - title = {An Income Fluctuation Problem}, - journal = {Journal of Economic Theory}, - year = 1976, - volume = {XII}, - pages = {218--41} -} - -@ARTICLE{sen:poor, - author = {Sen, Amartya}, - title = {Poor, Relatively Speaking}, - journal = {Oxford Economic Papers}, - year = 1983, - volume = 35, - pages = {153--169} -} - -@BOOK{Sethi:Thompson:2000, - title = {Optimal Control Theory: Applications to Management - Science and Economics}, - publisher = {Kluwer Academic Publishers}, - year = 2000, - author = {Sethi, S.P. and Thompson, G.L.}, - address = {Boston} -} - -@ARTICLE{shapiro:PSID, - author = {Shapiro, Matthew D.}, - title = {The Permanent Income Hypothesis and the Real - Interest Rate: Some Evidence from Panel Data}, - journal = {Economics Letters}, - year = 1984, - volume = 14, - pages = {93--100}, - number = 1 -} - -@article{shapiroSlemrod:2008rebates, - author = {Shapiro, Matthew W. and Slemrod, Joel B.}, - journal = {American Economic Review}, - number = 2, - pages = {374--379}, - title = {Did the 2008 Tax Rebates Stimulate Spending?}, - volume = 99, - year = 2009, - note = - {\url{http://www-personal.umich.edu/~shapiro/papers/Rebate2008-2008-12-27-assa-draft.pdf}}, - url = - {http://www-personal.umich.edu/~shapiro/papers/Rebate2008-2008-12-27-assa-draft.pdf} -} - -@ARTICLE{ssBangOld, - author = {Shapiro, Matthew D. and Joel Slemrod}, - title = {Did the 2008 Tax Rebates Stimulate Spending?}, - journal = {Manuscript, University of Michigan}, - year = 2009, - note = - {\url{http://www-personal.umich.edu/~shapiro/papers/Rebate2008-2008-12-27-assa-draft.pdf}}, - url = - {http://www-personal.umich.edu/~shapiro/papers/Rebate2008-2008-12-27-assa-draft.pdf} -} - -@ARTICLE{shapiroSlemrod:AER03, - author = {Matthew D. Shapiro and Joel Slemrod}, - title = {Consumer Response to Tax Rebates}, - journal = {American Economic Review}, - year = 2003, - volume = 93, - pages = {381--396}, - number = 1 -} - -@ARTICLE{shapiro&slemrod:timing, - author = {Shapiro, Matthew D. and Slemrod, Joel B.}, - title = {Consumer Response to the Timing of Income: Evidence - from a Change in Tax Withholding}, - journal = {American Economic Review}, - year = 1995, - volume = 85, - pages = {274--283}, - number = 1, - month = {March} -} - -@ARTICLE{shea:iv, - author = {Shea, John}, - title = {Instrument Relevance in Multivariate Linear Models: - A Simple Measure}, - journal = {Review of Economics and Statistics}, - year = 1997, - volume = 49, - pages = {348--352}, - number = 2 -} - -@ARTICLE{shea:unions, - author = {Shea, John}, - title = {Union Contracts and the Life-Cycle/Permanent-Income - Hypothesis}, - journal = {American Economic Review}, - year = 1995, - volume = 85, - pages = {186--200}, - number = 1, - month = {March} -} - -@ARTICLE{ShieldsTo2005, - author = {Jennifer Shields and Nhien To}, - title = {Learning to Say No: Conditioned Underreporting in an - Expenditure Survey}, - journal = {American Association for Public OpinionResearch - - American Statistical Association, Proceedings of the - Section on Survey Research Methods}, - year = 2005, - pages = {3963--8} -} - -@MISC{shillerHousingBubble, - author = {Shiller, Robert}, - title = {Yale Professor Predicts Housing `Bubble' Will Burst}, - howpublished = {Interview with National Public Radio}, - month = {June 3}, - year = 2005 -} - -@TECHREPORT{Shiller:2004, - author = {Shiller, Robert J.}, - title = {Household Reaction to Chagnes in Housing Wealth}, - institution = {Cowles Foundation for Research in Economics, Yale - University}, - year = 2004, - note = {Discussion Paper NO. 1459} -} - -@ARTICLE{shiller:behavior, - author = {Shiller, Robert J.}, - title = {Human Behavior and the Efficiency of the Financial - System}, - journal = {Manuscript, Yale University}, - year = 1997 -} - -@BOOK{shiller:markets, - title = {Macro Markets: Creating Institutions for Managing - Society's Largest Economic Risks}, - publisher = {Oxford University Press}, - year = 1993, - author = {Shiller, Robert J.} -} - -@ARTICLE{shirvani&wilbratte:asymmetry, - author = {Shirvani, Hassan and Wilbratte, Barry}, - title = {Does Consumption Respond More Strongly to Stock - Market Declines than to Increases?}, - journal = {International Economic Review}, - year = 2000, - volume = 14, - pages = {41--49} -} - -@ARTICLE{shore:couples, - author = {Shore, Stephen H.}, - title = {The Co-Movement of Couples' Incomes}, - journal = {Manuscript, University of Pennsylvania, Wharton - School}, - year = 2006 -} - -@TECHREPORT{sw06, - author = {Shore, Stephen H. and White, Joshua S.}, - title = {External Habit Formation and the Home Bias Puzzle}, - institution = {The Wharton School, University of Pennsylvania}, - year = 2006, - type = {working paper} -} - -@ARTICLE{sibley:optimalc, - author = {Sibley, David S.}, - title = {Permanent and Transitory Income Effects in a Model - of Optimal Consumption with Wage Income Uncertainty}, - journal = {Journal of Economic Theory}, - year = 1975, - volume = 11, - pages = {68--82} -} - -@ARTICLE{SibleyPIH, - author = {Sibley, David S.}, - title = {Permanent and Transitory Effects of Optimal - Consumption with Wage Income Uncertainty}, - journal = {Journal of Economic Theory}, - year = 1975, - pages = {68--82} -} - -@ARTICLE{sichel:inventories, - author = {Sichel, Daniel S.}, - title = {Inventories and the Three Stages of the Business - Cycle}, - journal = {Journal of Business and Economic Statistics}, - year = 1994, - volume = 12, - pages = {269--277} -} - -@ARTICLE{sichel:3states, - author = {Sichel, Daniel S.}, - title = {Business Cycle Asymmetries: A Deeper Look}, - journal = {Economic Inquiry}, - year = 1993, - pages = {224--236} -} - -@MISC{silverPolls2012, - author = {Silver, Nate}, - title = {Which Polls Fared Best and Worst in the 2012 - Presidential Race?}, - month = {Nov}, - year = 2012, - note = - {\url{http://fivethirtyeight.blogs.nytimes.com/2012/11/10/which-polls-fared-best-and-worst-in-the-2012-presidential-race/}}, - day = 10, - journal = {New York Times, FiveThirtyEight Blog}, - url = - {http://fivethirtyeight.blogs.nytimes.com/2012/11/10/which-polls-fared-best-and-worst-in-the-2012-presidential-race/} -} - -@PHDTHESIS{simonivcOperators, - author = {Simoni{\v}{c}, A.}, - title = {An {Extension} of {Lomonosov's} {Techniques} to - {Non}-{Compact} {Operators}}, - school = {Dalhousie University, Department of Mathematics, - Statistics, \& Computing Science}, - year = 1994 -} - -@UNPUBLISHED{Sim91, - author = {Simoni{\v}{c}, A.}, - title = {Notes on {Subharmonic} {Functions}}, - note = {Lecture Notes, Dalhousie University, Department of - Mathematics, Statistics, \& Computing Science}, - year = 1991 -} - -@TECHREPORT{sims05, - author = {Sims, Christopher}, - title = {Rational Inattention: A Research Agenda}, - institution = {Deutsche Bundesbank}, - year = 2005, - type = {Deutsche Bundesbank discussion paper}, - number = 34 -} - -@ARTICLE{simsInattention, - author = {Sims, Christopher}, - title = {Implications of Rational Inattention}, - journal = {Journal of Monetary Economics}, - year = 2003, - volume = 50, - pages = {665--690}, - number = 3, - note = {available at \url{http://ideas.repec.org/a/eee/moneco/v50y2003i3p665-690.html}} -} - -@ARTICLE{simsQJE:inattention, - author = {Sims, Christopher A.}, - title = {Implications of Rational Inattention}, - journal = {Manuscript, Yale University}, - year = 2001 -} - -@MISC{sims:backsolve, - author = {Sims, Christopher A.}, - title = {Solving Nonlinear Stochastic Optimization and - Equilibrium Problems Backwards}, - howpublished = {Institute for Empirical Macroeconomics Discussion - Paper 15, Federal Reserve Bank of Minneapolis and - University of Minnesota}, - year = 1989 -} - -@ARTICLE{sirziz03, - author = {Sirovatka, Tomas and Zizlavsky, Martin}, - title = {Unemployment and Work Incentives ({N}ezamestnanost a - pracovni pobidky)}, - journal = {Political Economy (Politicka ekonomie)}, - year = 2003, - volume = 51, - pages = {391--406}, - number = 3, - note = {In Czech} -} - -@INCOLLECTION{skinner:houseUS, - author = {Skinner, Jonathan S.}, - title = {Housing and Saving in the U.S.}, - booktitle = {Housing Markets in the United States and Japan}, - publisher = {University of Chicago Press for NBER}, - year = 1994, - editor = {Noguchi, Yoshiro and Poterba, James M.}, - address = {Chicago:} -} - -@INCOLLECTION{skinner:sideshow, - author = {Skinner, Jonathan S.}, - title = {Is Housing Wealth a Sideshow?}, - booktitle = {Advances in the Economics of Aging}, - publisher = {University of Chicago Press for NBER}, - year = 1994, - editor = {Wise, David}, - address = {Chicago:} -} - -@ARTICLE{skinner:jme, - author = {Skinner, Jonathan S.}, - title = {Risky Income, Life Cycle Consumption, and - Precautionary Savings}, - journal = {Journal of Monetary Economics}, - year = 1988, - volume = 22, - pages = {237--255} -} - -@ARTICLE{sv:Ed, - author = {Skyt Nielsen, Helena and Annette - Vissing-J{\o}rgensen}, - title = {The Impact of Labor Income Risk on Educational - Choices: Estimates and Implied Risk Aversion}, - journal = {Manuscript, Kellogg School, Northwestern University}, - year = 2006, - month = {January}, - bdsk-url-1 = - {http://www.kellogg.northwestern.edu/faculty/vissing/htm/nielsen_vissing2006.pdf}, - url = - {http://www.kellogg.northwestern.edu/faculty/vissing/htm/nielsen_vissing2006.pdf} -} - -@ARTICLE{sla09, - author = {Slacalek, Jiri}, - title = {What Drives Personal Consumption? The Role of - Housing and Financial Wealth}, - journal = {The B.E. Journal of Macroeconomics}, - year = 2009, - volume = 9, - pages = {article 37}, - number = 1, - institution = {German Institute for Economic Research, DIW Berlin}, - type = {mimeo} -} - -@TECHREPORT{slacalekDrives, - author = {Slacalek, Jiri}, - title = {What Drives Personal Consumption? {T}he Role of - Housing and Financial Wealth}, - institution = {German Institute for Economic Research, DIW Berlin}, - year = 2006, - type = {discussion paper}, - number = 647 -} - -@ARTICLE{slacalek:coint, - author = {Slacalek, Jiri}, - title = {International Evidence On Cointegration Between - Consumption, Income, And Wealth}, - journal = {Manuscript, Johns Hopkins University}, - year = 2005, - bdsk-url-1 = - {http://econ.jhu.edu/people/slacalek/research/cointegration.pdf}, - url = {http://econ.jhu.edu/people/slacalek/research/ - cointegration.pdf} -} - -@TECHREPORT{slacalek:cwunstable, - author = {Slacalek, Jiri}, - title = {International Evidence on Cointegration between - Consumption, Income, and Wealth}, - institution = {Johns Hopkins University}, - year = 2004, - type = {mimeo} -} - -@BOOK{slemrod:progressivity, - title = {Tax Progressivity and Income Inequality}, - publisher = {Cambridge University Press}, - year = 1994, - author = {Slemrod, Joel}, - address = {New York} -} - -@ARTICLE{slifman&corrado:pty, - author = {Slifman, Lawrence and Corrado, Carol}, - title = {Decomposition of Productivity and Unit Costs}, - journal = {American Economic Review}, - year = 1999, - volume = 89, - pages = {328--332}, - number = 2 -} - -@ARTICLE{sw03, - author = {Smets, Frank and Wouters, Raf}, - title = {An Estimated Dynamic Stochastic General Equilibrium - Model of the Euro Area}, - journal = {Journal of European Economic Association}, - year = 2003, - volume = 5, - pages = {1123--1175}, - number = 1 -} - -@INCOLLECTION{smith:wealth, - author = {Smith, Adam}, - title = {An Inquiry into the Nature and Causes of the Wealth - of Nations}, - booktitle = {The Wealth of Nations: The Cannan Edition}, - publisher = {Modern Library}, - year = 1776, - editor = {Cannan, E.}, - address = {New York}, - note = {(1937)} -} - -@ARTICLE{Solon1992, - author = {Gary Solon}, - title = {Intergenerational Income Mobility in the United - States}, - journal = AER, - year = 1992, - volume = 82, - pages = {409--29}, - number = 3, - month = {June} -} - -@ARTICLE{solow:rep, - author = {Solow, Robert M.}, - title = {Dumb and Dumber in Macroeconomics}, - journal = {Manuscript, MIT}, - year = 2003 -} - -@ARTICLE{solow:contribution, - author = {Solow, Robert M.}, - title = {A Contribution to the Theory of Economic Growth}, - journal = {Quarterly Journal of Economics}, - year = 1956, - volume = 70, - pages = {65--94}, - number = 1 -} - -@ARTICLE{muellbauerHabits, - author = {Muellbauer, John}, - title = {Habits, Rationality and Myopia in the Life Cycle - Consumption Function}, - journal = {Annales d'Economie et de Statistique}, - year = 1988, - volume = 9, - pages = {47--70} -} - -@TECHREPORT{sommerHabits, - author = {Sommer, Martin}, - title = {Habits, Sentiment and Predictable Income in the - Dynamics of Aggregate Consumption}, - institution = {Johns Hopkins University}, - year = 2002, - type = {working Paper Number 458; Updated 2006}, - note = {Available at - {\url{http://econ.jhu.edu/pdf/papers/wp458_version2006.pdf}}} -} - -@ARTICLE{sommer:jobmarket, - author = {Sommer, Martin}, - title = {Habits, Sentiment and Predictable Income in the - Dynamics of Aggregate Consumption}, - journal = {Manuscript, The Johns Hopkins University}, - year = 2001, - note = - {\href{http://econ.jhu.edu/pdf/papers/wp458.pdf}{http://econ.jhu.edu/pdf/papers/wp458.pdf}} -} - -@ARTICLE{syChina, - author = {Song, Zheng Michael and Yang, Dennis Tao}, - title = {Life Cycle Earnings and Saving in a Fast-Growing - Economy}, - journal = {Manuscript, Chinese University of Hong Kong}, - year = 2010 -} - -@ARTICLE{souleles:sentiment, - author = {Souleles, Nicholas}, - title = {Consumer Sentiment: Its Rationality and Usefulness - in Forecasting Expenditure; Evidence from the - Michigan Micro Data}, - journal = {Journal of Money, Credit, and Banking}, - year = {forthcoming} -} - -@ARTICLE{souleles:finance, - author = {Souleles, Nicholas S.}, - title = {Household Securities Purchases, Transactions Costs, - and Hedging Motives}, - journal = {Manuscript, University of Pennsylvania}, - year = 2000 -} - -@ARTICLE{souleles:taxrefunds, - author = {Souleles, Nicholas S.}, - title = {The Response of Household Consumption to Income Tax - Refunds}, - journal = {American Economic Review}, - year = 1999, - volume = 89, - pages = {947--958}, - number = 4, - month = {September} -} - -@ARTICLE{sousa:stocks, - author = {Sousa, Ricardo}, - title = {Property of Stocks and Wealth Effects on - Consumption}, - journal = {Manuscript, University of Minho, Portugal}, - year = 2003 -} - -@ARTICLE{Splinter:2010vd, - author = {Splinter, David and Bryant, Victoria and Diamond, - John, W.}, - title = {{Income Volatility and Mobility: U.S. Income Tax - Data, 1999--2007}}, - year = 2010, - date-added = {2013-04-07T22:40:14GMT+00:00}, - date-modified ={2013-04-07T23:27:49GMT+00:00}, - file = - {{2010_Splinter.pdf:/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2010/Splinter/2010_Splinter.pdf:application/pdf}}, - local-url = - {file://localhost/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2010/Splinter/2010_Splinter.pdf}, - rating = 0, - uri = - {\url{papers2://publication/uuid/1986B22E-9258-492A-8A7D-71082007A882}}, - url = - {http://www.bakerinstitute.org/publications/TEPP-pub-SplinterBryantDiamondIncomeVolatility-012010.pdf} -} - -@ARTICLE{ssw:nairu, - author = {Staiger, Douglas and Stock, James H. and Watson, - Mark W.}, - title = {Prices, Wages, and the U.S. NAIRU in the 1990s}, - journal = {NBER Working Paper Number 8320}, - year = 2001 -} - -@ARTICLE{staiger&stock:disease, - author = {{Staiger, Douglas} and Stock, James H.}, - title = {Instrumental Variables Regression with Weak - Instruments}, - journal = {NBER Technical Working Paper No. 151}, - year = 1994 -} - -@ARTICLE{StarrMcCluer:2002, - author = {Starr-McCluer, Martha}, - title = {Stock Market Wealth and Consumption}, - journal = {Economic Inquiry}, - year = 2002, - volume = 40, - pages = {69--79}, - number = 1, - month = {January}, - abstract = {This article investigates the effects of stock - market wealth on consumer spending. Traditional - macroeconometric models estimate that a dollar's - increase in stock wealth boosts consumption by three - to seven cents. With the substantial 1990s rise in - stock prices, the nature and magnitude of this - {"}wealth effect{"} have been much debated. After - describing the issues and previous research, I - present new evidence from a well-known consumer - survey. The results are broadly consistent with - life-cycle saving and a modest wealth effect: most - stockholders reported no appreciable effect of stock - prices on their saving or spending, but many - mentioned {"}retirement saving{"} in explaining - their behavior.} -} - -@ARTICLE{starr-mccluer:stockmarket, - author = {Starr-McCluer, Martha}, - title = {Stock Market Wealth and Consumer Spending}, - journal = {Federal Reserve Board of Governors}, - year = 1998 -} - -@ARTICLE{StiglerBeckerDeGustibus, - author = {Stigler, George J. and Becker, Gary S.}, - title = {{De Gustibus Non Est Disputandum}}, - journal = {The American Economic Review}, - year = 1977, - volume = 67, - pages = {76--90}, - number = 2, - bdsk-url-1 = {http://dx.doi.org/10.2307/1807222}, - citeulike-article-id =350004, - citeulike-linkout-0 ={http://dx.doi.org/10.2307/1807222}, - citeulike-linkout-1 ={http://www.jstor.org/stable/1807222}, - doi = {10.2307/1807222}, - keywords = {economics, methodology, philosophy}, - posted-at = {2008-10-06 08:07:03}, - priority = 2, - url = {http://dx.doi.org/10.2307/1807222} -} - -@TECHREPORT{swManyPredictors_inflPred, - author = {Stock, James and Watson, Mark}, - title = {Has Inflation Become Harder to Forecast?}, - institution = {Harvard University}, - year = 2005, - type = {mimeo} -} - -@INCOLLECTION{stock:Handbook, - author = {Stock, James H.}, - title = {Unit roots, structural breaks and trends}, - booktitle = {Handbook of Econometrics}, - publisher = {Elsevier}, - year = 1986, - editor = {R. F. Engle and D. McFadden}, - volume = 4, - series = {Handbook of Econometrics}, - chapter = 46, - pages = {2739--2841}, - month = {December}, - abstract = {This chapter reviews inference about large - autoregressive or moving average roots in univariate - time series, and structural change in multivariate - time series regression. The \"problem\" of - unit roots is cast more broadly as determining the - order of integration of a series; estimation, - inference, and confidence intervals are - discussed. The discussion of structural change - focuses on tests for parameter stability. Much - emphasis is on asymptotic distributions in these - nonstandard settings, and one theme is the general - applicability of functional central limit - theory. The quality of the asymptotic approximations - to finite-sample distributions and implications for - empirical work are critically reviewed.}, - url = {http://ideas.repec.org/h/eee/ecochp/4-46.html} -} - -@ARTICLE{sto91, - author = {Stock, James H.}, - title = {Confidence Intervals for the Largest Autoregressive - Root in Macroeconomic Time Series}, - journal = {Journal of Monetary Economics}, - year = 1991, - volume = 28, - pages = {445--460}, - number = 3 -} - -@ARTICLE{stock&watson:forecasting, - author = {Stock, James H. and Watson, Mark W.}, - title = {Forecasting Output and Inflation: The Role of Asset - Prices}, - journal = {Journal of Economic Literature}, - year = 2003 -} - -@ARTICLE{swPrincipal, - author = {James H. Stock and Mark W. Watson}, - title = {Forecasting Using Principal Components from a Large - Number of Predictors}, - journal = {Journal of the American Statistical Association}, - year = 2002, - volume = 97, - pages = {1167--1179} -} - -@ARTICLE{sw02a, - author = {Stock, James H. and Watson, Mark W.}, - title = {Macroeconomic Forecasting Using Diffusion Indexes}, - journal = {Journal of Business and Economic Statistics}, - year = 2002, - volume = 20, - pages = {147--162}, - number = 2 -} - -@ARTICLE{swInflation, - author = {Stock, James H. and Watson, Mark W.}, - title = {Forecasting Inflation}, - journal = {Journal of Monetary Economics}, - year = 1999, - volume = 44, - pages = {293--335} -} - -@ARTICLE{swMedianUnbiased, - author = {James H. Stock and Mark W. Watson}, - title = {Median Unbiased Estimation of Coefficient Variance - in a Time-Varying Parameter Model}, - journal = {Journal of the American Statistical Association}, - year = 1998, - volume = 93, - pages = {349--358}, - number = 441 -} - -@MISC{stock&watson:handbook, - author = {Stock, James H. and Watson, Mark W.}, - title = {Business Cycle Fluctuations in U.S. Macroeconomic - Time Series}, - howpublished = {Working Paper}, - year = 1997 -} - -@ARTICLE{swy02, - author = {Stock, James H. and Wright, Jonathan H. and Yogo, - Motohiro}, - title = {A Survey of Weak Instruments and Weak Identification - in Generalized Method of Moments}, - journal = {Journal of Business and Economic Statistics}, - year = 2002, - volume = 20, - pages = {518--529}, - number = 4 -} - -@ARTICLE{Stockman:1988, - author = {Stockman, Alan C.}, - title = {Sectoral and National Aggregate Disturbances to - Industrial Output in Seven European Countries}, - journal = {Journal of Monetary Economics}, - year = 1988, - volume = 21, - pages = {387--409} -} - -@ARTICLE{sty:cyclical, - author = {Storesletten, Kjetil and Telmer, Chris I. and Yaron, - Amir}, - title = {Cyclical Dynamics in Idiosyncratic Labor-Market - Risk}, - journal = {Journal of Political Economy}, - year = 2004, - volume = 112, - pages = {695--717}, - number = 3, - month = {June} -} - -@ARTICLE{strotzInconsistent, - author = {Strotz, Richard H.}, - title = {Myopia and Inconsistency in Dynamic Utility - Maximization}, - journal = {Review of Economic Studies}, - year = 1955, - volume = 23, - pages = {165--180}, - number = 3 -} - -@ARTICLE{suk07, - author = {Sukiassyan, Grigor}, - title = {Inequality and Growth: What Does the Transition - Economy Data Say?}, - journal = {Journal of Comparative Economics}, - year = 2007, - volume = 35, - pages = {35--56}, - number = 1 -} - -@ARTICLE{summersWolf, - author = {Summers, Lawrence H.}, - title = {Larry Summers and Martin Wolf on New Economic - Thinking}, - journal = {Financial Times video interview}, - year = 2011, - note = {\url{http://tinyurl.com/dl201108a}}, - date = {April 8, 2011}, - url = {http://tinyurl.com/dl201108a} -} - -@Article{summersIllusion, - Title = {The Scientific Illusion in Empirical Macroeconomics}, - Author = {Summers, Lawrence H}, - Journal = {Scandinavian Journal of Economics}, - Year = 1991, - Note = - {\url{http://www.econ.ucdavis.edu/faculty/kdsalyer/LECTURES/Ecn200e/summers_illusion.pdf}}, - Number = 2, - Pages = {129-48}, - Volume = 93, - Owner = {Nic Johnson}, - Url = - {http://www.econ.ucdavis.edu/faculty/kdsalyer/LECTURES/Ecn200e/summers_illusion.pdf} -} - -@ARTICLE{summers:skeptical, - author = {Summers, Lawrence H.}, - title = {Some Skeptical Observations on Real Business Cycle - Theory}, - journal = {Federal Reserve Bank of Minneapolis Quarterly - Review}, - year = 1986, - volume = 10, - pages = {23--27}, - note = - {\url{http://minneapolisfed.org/research/QR/QR1043.pdf}}, - bdsk-url-1 = {http://minneapolisfed.org/research/QR/QR1043.pdf}, - file = {summersSkeptical.pdf:summersSkeptical.pdf:PDF}, - 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Wiley and Sons, Inc.} -} - -@BOOK{tobinMacro, - title = {Asset Accumulation and Economic Activity: - Reflections on Contemporary Macroeconomic Theory}, - publisher = {Basil Blackwell}, - year = 1980, - author = {Tobin, James}, - location = {Oxford} -} - -@ARTICLE{tobinsQ, - author = {Tobin, James}, - title = {A General Equilibrium Approach to Monetary Theory}, - journal = {Journal of Money Credit and Banking}, - year = 1969, - volume = 1, - pages = {15--29}, - number = 1 -} - -@ARTICLE{tobinRisk, - author = {Tobin, James}, - title = {Liquidity Preference as Behavior Towards Risk}, - journal = {Review of Economic Studies}, - year = 1958, - volume = {XXXV}, - pages = {65--86}, - number = 67, - month = {February}, - bdsk-url-1 = {http://cowles.econ.yale.edu/P/cm/m19/m19-01.pdf}, - url = {http://cowles.econ.yale.edu/P/cm/m19/m19-01.pdf} -} - -@ARTICLE{tokuokaCapitalist, - author = {Kiichi Tokuoka}, - title = {Is Wealth Accumulation a Luxury Good?}, - journal = {Economics Letters}, - year = 2012, - volume = 115, - pages = {523--526}, - number = 3, - doi = {10.1016/j.econlet.2011.12.122}, - file = {tokuokaCapitalist.pdf:tokuokaCapitalist.pdf:PDF}, - issn = {0165-1765}, - keywords = {Wealth}, - url = - {http://www.sciencedirect.com/science/article/pii/S0165176511006458} -} - -@ARTICLE{topelSeniority, - author = {Topel, Robert H.}, - title = {Specific Capital, Mobility and Wages: Wages Rise - with Job Seniority}, - journal = {Journal of Political Economy}, - year = 1991, - volume = 99, - pages = {145--176}, - issue = 1 -} - -@ARTICLE{topel90, - author = {Topel, Robert H.}, - title = {Specific Capital, Mobility and Wages: Wages Rise - with Job Seniority}, - journal = {NBER Working Paper Number W3294}, - year = 1990 -} - -@ARTICLE{topel92, - author = {Topel, Robert H. and Ward, Michael P.}, - title = {Job Mobility and the Careers of Young Men}, - journal = {Quarterly Journal of Economics}, - year = 1992, - volume = 107, - pages = {439--479}, - number = 2, - month = {May} -} - -@ARTICLE{townsendIndia, - author = {Townsend, Robert}, - title = {Risk and Insurance in Village India}, - journal = {Econometrica}, - year = 1994, - volume = 62, - pages = {171--84}, - number = 3 -} - -@TECHREPORT{trabandt05, - author = {Mathias Trabandt}, - title = {Sticky Information vs. Sticky Prices: A Horse Race - in a DSGE Framework}, - institution = {Humboldt University Berlin}, - year = 2004, - type = {mimeo} -} - -@BOOK{trump:deal, - title = {Trump: The Art of the Deal}, - publisher = {Random House}, - year = 1988, - author = {Trump, Donald}, - address = {New York}, - note = {With Tony Schwarz} -} - -@ARTICLE{jappelli&pagano:intlLC, - author = {Tullio Jappelli, Marco Pagano}, - title = {Consumption and Capital Market Imperfections: An - International Comparison}, - journal = {The American Economic Review}, - year = 1989, - volume = 79, - pages = {1088--1105}, - number = 5, - month = {December} -} - -@ARTICLE{turnovsky:inflsurv, - author = {Turnovsky, Stephen J.}, - title = {Empirical Evidence on the Formation of Price - Expectations}, - journal = {Journal of the American Statistical Association}, - year = 1970, - volume = 65, - pages = {1441--54}, - number = {December} -} - -@ARTICLE{tuttle&gauger:wealtheffects, - author = {Tuttle, M. 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Total factor productivity; Adult - mortality; Longevity; Knowledge transmission; }, - url = {http://ideas.repec.org/p/pra/mprapa/32302.html} -} - -@ARTICLE{white:whydont, - author = {White, Michelle}, - title = {Why Don't More Households File for Bankruptcy?}, - journal = {University of Michigan Working Paper}, - year = 1998, - volume = {98-3} -} - -@ARTICLE{white:whyitpays, - author = {White, Michelle}, - title = {Why It Pays to File For Bankruptcy: A Critical Look - at Incentives Under U.S. Bankruptcy Laws and a - Proposal for Change}, - journal = {University of Michigan Working Paper}, - year = 1998, - volume = {98-2} -} - -@ARTICLE{wil92, - author = {David W. Wilcox}, - title = {The Construction of the U.S. Consumption Data: Some - Facts and Their Implications for Empirical Research}, - journal = {American Economic Review}, - year = 1992, - volume = 82, - pages = {922--941}, - number = 4 -} - -@ARTICLE{wilhelm:bequest, - author = {Wilhelm, Mark O.}, - title = {Bequest Behavior and the Effect of Heirs' Earnings: - Testing the Altruistic Model of Bequests}, - journal = {American Economic Review}, - year = 1996, - volume = 86, - pages = {874--982}, - number = 4 -} - -@INCOLLECTION{willis:survey, - author = {Willis, ~R.~J.}, - title = {Wage Determinants: A Survey and Reinterpretation of - Human Capital Earnings Functions}, - booktitle = {Handbook of Labor Economics}, - publisher = {Elsevier Science Publishers BV}, - year = 1986, - editor = {{Orley Ashenfelter} and {Richard Layard}}, - address = {New York} -} - -@INCOLLECTION{woodfordImperfect, -title = {Imperfect Common Knowledge and the Effects of Monetary Policy}, -author = {Woodford, Michael}, -abstract = {This paper reconsiders the Phelps-Lucas hypothesis, according to which temporary real effects of purely nominal disturbances result from imperfect information, but departs from the assumptions of Lucas (1973) in two crucial respects. Due to monopolistically competitive pricing, higher-order expectations are crucial for aggregate inflation dynamics, as argued by Phelps (1983). And decisionmakers' subjective perceptions of current conditions are assumed to be of imperfect precision, owing to finite information processing capacity, as argued by Sims (2001). The model can explain highly persistent real effects of a monetary disturbance, and a delayed effect on inflation, as found in VAR studies.}, - url = {http://EconPapers.repec.org/RePEc:nbr:nberwo:8673}, - booktitle = {Knowledge, Information and Expectations in Modern Macroeconomics}, - publisher = {Princeton University Press}, - address = {Princeton}, - year = 2002, - editor = {Aghion, P. and R. Frydman and J. Stiglitz and M. Woodford}, -} - -@ARTICLE{woodford:imperfectNBERWP, - author = {Woodford, Michael}, - title = {Imperfect Common Knowledge and the Effects of - Monetary Policy}, - journal = {NBER Working Paper Number 8673}, - url = {http://EconPapers.repec.org/RePEc:nbr:nberwo:8673}, - year = 2001 -} - -@comment{wor60Old} -@comment{working:timeaggOld} -@ARTICLE{workingTimeAgg, - author = {Holbrook Working}, - title = {Note on the Correlation of First Differences of - Averages in a Random Chain}, - journal = {Econometrica}, - year = 1960, - volume = 28, - pages = {916--918}, - number = 4 -} - -@ARTICLE{wrightInterestElasticity, - author = {Wright, Colin}, - title = {Some Evidence on the Interest Elasticity of - Consumption}, - journal = {The American Economic Review}, - year = 1967, - volume = 57, - pages = {pp.850--855}, - number = 4, - copyright = {Copyright © 1967 American Economic Association}, - issn = 00028282, - jstor_articletype ={research-article}, - jstor_formatteddate ={Sep., 1967}, - language = {English}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/1815373} -} - -@ARTICLE{young:obstacle, - author = {Young, Eric}, - title = {An Obstacle Course for the Krusell-Smith Algorithm}, - journal = {Manuscript, Florida State University}, - year = 2002 -} - -@ARTICLE{young, - author = {Young, Eric R.}, - title = {Solving the Incomplete Markets Model with Aggregate - Uncertainty Using the Krusell-Smith Algorithm and - Non-Stochastic Simulations}, - journal = {Journal of Economic Dynamics and Control}, - year = 2010, - volume = 34, - pages = {36--41}, - number = 1, - month = {January} -} - -@BOOK{young:learning, - title = {Learning and Evolution in Games}, - publisher = {Princeton University Press}, - year = 1997, - author = {Young, H. Peyton} -} - -@PHDTHESIS{yuen:opttax, - author = {Yuen, C.}, - title = {Taxation, Human Capital Accumulation and Economic - Growth}, - school = {University of Chicago}, - year = 1991 -} - -@ARTICLE{zandiFiscal, - author = {Zandi, Mark}, - title = {Perspectives on the Economy}, - journal = {Testimony before the House Budget Committee, July 1}, - year = 2010 -} - -@ARTICLE{zeldes_jpe89, - author = {Stephen P. Zeldes}, - title = {Consumption and Liquidity Constraints: An Empirical - Investigation}, - journal = {The Journal of Political Economy}, - year = 1989, - volume = 97, - pages = {275--298}, - number = 2, - note = - {\url{http://userwww.service.emory.edu/~skrause/E511/Zeldes-1989.pdf}}, - url = - {http://userwww.service.emory.edu/~skrause/E511/Zeldes-1989.pdf} -} - -@Article{zeldes:jpe, - Title = {Consumption and Liquidity Constraints: An Empirical - Investigation}, - Author = {Zeldes, Stephen P.}, - Journal = {Journal of Political Economy}, - Year = 1989, - Note = {Available at - {\url{http://www.jstor.org/stable/1831315}}}, - Pages = {305--46}, - Volume = 97, - Owner = {Nic Johnson}, - Url = {http://www.jstor.org/stable/1831315} -} - -@PHDTHESIS{zeldes:thesis, - author = {Zeldes, Stephen P.}, - title = {Optimal Consumption with Stochastic Income}, - school = {Massachusetts Institute of Technology}, - year = 1984 -} - -@PHDTHESIS{zhang:thesis, - author = {Zhang, Lawrence Huiyan}, - title = {Essays on Business Cycles}, - school = {Johns Hopkins University}, - year = 2003 -} - -@PHDTHESIS{Zhou:2010, - author = {Zhou, Xia}, - title = {Essays On U.S. State-Level Financial Wealth Data and - Consumption Data}, - school = {Johns Hopkins University}, - year = 2010, - address = - {\href{http://jhir.library.jhu.edu/handle/1774.2/34267}{http://jhir.library.jhu.edu/handle/1774.2/34267}} -} - -@PHDTHESIS{Zhou:2006, - author = {Zhou, Xia}, - title = {Measuring Wealth Effects Using US State Data}, - school = {Johns Hopkins University}, - year = 2006, - address = - {\href{http://econ.jhu.edu/people/ZhouX/JobMarketPaperZhouX.pdf}{http://econ.jhu.edu/people/ZhouX/JobMarketPaperZhouX.pdf}} -} - -@ARTICLE{zcWandCdynByState, - author = {Zhou, Xia and Carroll, Christopher D.}, - title = {Dynamics of Wealth and Consumption: New and Improved - Measures of U.S.\ States}, - journal = {Berkeley Electronic Journals of Macroeconomics, - Advances}, - year = 2011, - volume = {Forthcoming, 2011}, - authors = {Zhou, Xia and Christopher D. Carroll} -} - -@TECHREPORT{Zhu:2007, - author = {Zhu, Xiaodi}, - title = {Growing Wealth, Inequality, and Housing in the - United States}, - institution = {Joint Center for Housing Studies, Harvard - University}, - year = 2007, - type = {Working Paper}, - number = {W07-1}, - month = {February} -} - -@PHDTHESIS{zhu:opttax, - author = {Zhu, X.}, - title = {Optimal Fiscal Policy in a Stochastic Growth Model}, - school = {University of Chicago}, - year = 1991 -} - -@ARTICLE{zou:spirit, - author = {Zou, Heng-Fu}, - title = {The 'Spirit of Capitalism' and Long-Run Growth}, - journal = {European Journal of Political Economy}, - year = 1994, - volume = 10, - pages = {279--93}, - number = 2 -} - -@BOOK{auerbach&feldstein:handbook, - title = {Handbook of Public Economics}, - publisher = {Elsevier Science Publishers BV}, - year = 1985, - editor = {{Auerbach, Alan J.} and {Martin S. Feldstein}}, - address = {New York} -} - -@INCOLLECTION{cdSsNBERReporter, - booktitle = {NBER Macroeconomics Annual, 1997}, - publisher = {MIT Press}, - year = 1997, - editor = {Bernanke, Benjamin S. and Rotemberg, Julio J.}, - pages = {165--229}, - address = {Cambridge, MA} -} - -@INCOLLECTION{carroll:epidemicinflSFINBERReporter, - title = {The {E}pidemiology of {M}acroeconomic - {E}xpectations}, - booktitle = {The Economy as an Evolving Complex System, III}, - publisher = {Oxford University Press}, - year = 2006, - editor = {Blume, Larry and Durlauf, Steven} -} - -@BOOK{Gam90, - title = {Analysis {I}{I}: {Convex} {Analysis} and - {Approximation} {Theory}}, - publisher = {Springer-Verlag}, - year = 1990, - editor = {R. V. Gamkerlidze}, - volume = 14, - series = {Encyclopaedia of Mathematical Sciences}, - address = {New York} -} - -@BOOK{ghj:portfolios, - title = {Household Portfolios}, - publisher = {MIT Press}, - year = 2002, - editor = {Guiso, Luigi and Haliassos, Michael and Jappelli, - Tullio}, - address = {Cambridge, MA} -} - -@BOOK{hlmk04, - title = {Applied Time Series Econometrics}, - publisher = {Cambridge University Press}, - year = 2004, - editor = {L{\"}utkepohl, Helmut and Kr{\"}atzig, Markus}, - address = {Cambridge} -} - -@BOOK{pechman:whopaid, - title = {Who Paid the Taxes, 1966-85?}, - publisher = {The Brookings Institution}, - year = 1985, - editor = {Pechman, Joseph A.}, - address = {Washington} -} - -@BOOK{poterba:international, - title = {International Comparisons of Household Saving}, - publisher = {National Bureau of Economic Research}, - year = 1994, - editor = {Poterba, James M.}, - address = {Chicago and London: University of Chicago Press} -} - -% Version for CV -@article{carroll:reviewworldbank, - doi = {10.2307/2565371}, - ISSN = {00220515}, - URL = {http://www.jstor.org/stable/2565371}, - journal = {Journal of Economic Literature}, - number = {1}, - pages = {131--132}, - publisher = {American Economic Association}, - author = {Klaus Schmidt-Hebbel and Luis Serven}, - volume = {38}, - year = {2000}, - title = {The Economics of Saving and Growth: Theory, - Evidence, and Implications for Policy}, - note = {Book Review} -} - - -@article{carroll:reviewworldbankOld, - title = {The Economics of Saving and Growth: Theory, - Evidence, and Implications for Policy}, - publisher = {Cambridge University Press for the World Bank}, - year = 2000, - editor = {Schmidt-Hebbel, Klaus and Serv{\'e}n, Luis}, - note = {Book Review, \emph{Journal of Economic Literature}} -} - - -@article{10.2307/2565371, - ISSN = {00220515}, - URL = {http://www.jstor.org/stable/2565371}, - author = {Christopher D. Carroll}, - journal = {Journal of Economic Literature}, - number = {1}, - pages = {131--132}, - publisher = {American Economic Association}, - reviewed-author = {Klaus Schmidt-Hebbel and Luis Serven}, - volume = {38}, - year = {2000} -} - -@INCOLLECTION{carroll:richsaveNBERReporter, - booktitle = {{D}oes {A}tlas {S}hrug? {T}he {E}conomic - {C}onsequences of {T}axing the {R}ich}, - publisher = {Harvard University Press}, - year = 2000, - editor = {Slemrod, Joel B.} -} - -@BOOK{slemrod:atlasshrug, - title = {Historical Perspectives on U.S. Tax Policy Toward - the Rich}, - publisher = {Harvard University Press}, - year = 2000, - editor = {Slemrod, Joel B.}, - booktitle = {Does Atlas Shrug? The Economic Consequences of - Taxing the Rich} -} - -@HEADER{bibpub, - note = {\centerline{\Large Published}} -} - -@HEADER{bibspace, - note = {\medskip\medskip\medskip} -} - -@HEADER{bibunpub, - note = {\centerline{\Large Unpublished}} -} - -@ARTICLE{francisCapitalist, - title = {Wealth and the Capitalist Spirit}, - journal = {Journal of Macroeconomics}, - volume = 31, - pages = {394--408}, - number = 3, - file = {francisCapitalist.pdf:francisCapitalist.pdf:PDF} -} - -MISCNOYEAR{publishedAndForthcoming, - note = {{\bf \Large Published or Forthcoming}}, -} - -MISCNOYEAR{unpublished, - note = {{\bf \Large Unpublished }} -} - -@MISC{noBookChapters20090701to20110630, - title = {No new book chapters}, - year = {2009-07-01 to 2011-06-30}, - author = {Carroll, Christopher D.} -} - -@TECHREPORT{wolframNumIntegration, - title = {Advanced Numerical Integration in {\it Mathematica}}, - year = 2011, - month = {October}, - note = - {\url{http://www.wolfram.com/learningcenter/tutorialcollection/AdvancedNumericalIntegrationInMathematica/AdvancedNumericalIntegrationInMathematica.pdf}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/wolframNumIntegration.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/wolframNumIntegration.pdf:PDF}, - journal = {Wolfram {\it Mathematica} Tutorial Collection}, - url = - {http://www.wolfram.com/learningcenter/tutorialcollection/AdvancedNumericalIntegrationInMathematica/AdvancedNumericalIntegrationInMathematica.pdf} -} - -@ARTICLE{varianRepublicansAndReturns, - title = {Which Party in the White House Means Good Times for - Investors?}, - journal = {New York Times}, - year = 2003, - volume = {November 20}, - bdsk-url-1 = - {http://people.ischool.berkeley.edu/~hal/people/hal/NYTimes/2003-11-20.html}, - url = - {http://people.ischool.berkeley.edu/~hal/people/hal/NYTimes/2003-11-20.html} -} - -@ARTICLE{bea02, - title = {Updated Summary NIPA Methodologies}, - journal = {Survey of Current Business}, - year = 2002, - key = {Bureau of Economic Analysis} -} - -@INCOLLECTION{carroll:richportfoliosNBERReporter, - booktitle = {Household Portfolios: Theory and Evidence}, - publisher = {MIT Press}, - year = 2002, - address = {Cambridge, MA} -} - -@ARTICLE{carroll:RiskyHabitsNBERReporter, - journal = {International Economic Journal}, - year = 2000, - volume = 14, - pages = {1--41}, - number = 4 -} - -@ARTICLE{crr:censusNBERReporter, - journal = {Economic Development and Cultural Change}, - year = 1999, - volume = 48, - pages = {33--50}, - number = 1, - month = {October} -} - -@ARTICLE{sc99, - title = {Data File Documentation}, - journal = {Survey Research Center}, - year = 1999, - address = {Ann Arbor, MI}, - key = {Survey of Consumers}, - url = {http://www.sca.isr.umich.edu/} -} - -@ARTICLE{carroll&samwick:howbigNBERReporter, - journal = {Review of Economics and Statistics}, - year = 1998, - volume = 80, - pages = {410--419}, - number = 3, - month = {August} -} - -@ARTICLE{carroll:bslcpihNBERReporter, - journal = {Quarterly Journal of Economics}, - year = 1997, - volume = {CXII}, - pages = {1--56}, - number = 1, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/BSLCPIH.zip}, - url = {https://www.econ2.jhu.edu/people/ccarroll/BSLCPIH.zip} -} - -@ARTICLE{carroll&weil:crcsNBERReporter, - journal = {Carnegie-Rochester Conference Series on Public - Policy}, - year = 1994, - volume = 40, - pages = {133--192}, - month = {June} -} - -@Article{abiadEtAl_FinReforms, - author = {Abdul Abiad and Enrica Detragiache and Thierry Tressel}, - title = {A New Database of Financial Reforms}, - journal = {IMF Staff Papers}, - year = {2010}, - volume = {57}, - number = {2}, - pages = {281--302}, - month = {June}, -} - -@Article{cos11, - author = {Christopher D. Carroll and Misuzu Otsuka and Jiri Slacalek}, - title = {How Large Are Financial and Housing Wealth Effects? A New Approach}, - journal = {Journal of Money, Credit, and Banking}, - year = {2011}, - volume = {43}, - number = {1}, - pages = {55--79}, - month = {February}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/cosWealthEffects/}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/papers/cosWealthEffects.pdf}, - bdsk-url-2 = {http://dx.doi.org/10.1111/j.1538-4616.2010.00365.x}, - doi = {10.1111/j.1538-4616.2010.00365.x}, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/cosHousingWealth.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/cosHousingWealth.pdf:PDF}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/cosWealthEffects.pdf}, -} - -@Article{ctDiscrete, - author = {Carroll, Christopher D. and Toche, Patrick}, - title = {A Tractable Model of Buffer Stock Saving}, - journal = {NBER Working Paper Number 15265}, - year = {2009}, - month = {August}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/ctDiscrete}}, - status = {Revise and Resubmit, {\it The Economic Journal}}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/ctDiscrete}, -} - -@Article{cjSOE, - author = {Carroll, Christopher D. and Jeanne, Olivier}, - title = {A Tractable Model of Precautionary Reserves, Net Foreign Assets, or Sovereign Wealth Funds}, - journal = {NBER Working Paper Number 15228}, - year = {2009}, - month = {August}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/cjSOE}}, - status = {Not submitted}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/cjSOE.pdf}, -} - -@Article{carroll:atheoryjep, - author = {Carroll, Christopher D.}, - title = {A Theory of the Consumption Function, With and Without Liquidity Constraints}, - journal = {Journal of Economic Perspectives}, - year = {2001}, - volume = {15}, - number = {3}, - pages = {23-46}, - month = {Summer}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/ATheoryv3JEP.pdf}}, - url = {\url{https://www.econ2.jhu.edu/people/ccarroll/ATheoryv3JEP.pdf}}, -} - -@Article{kmpHandbook, - author = {Krueger, Dirk and Mitman, Kurt and Perri, Fabrizio}, - title = {Macroeconomics and Household Heterogeneity}, - journal = {Handbook of Macroeconomics}, - year = {2016}, - volume = {2}, - pages = {843--921}, - abstract = {The goal of this chapter is to study how, and by how - much, household income, wealth, and preference - heterogeneity amplify and propagate a macroeconomic - shock. We focus on the U.S. Great Recession of - 2007-2009 and proceed in two steps. First, using data - from the Panel Study of Income Dynamics, we document - the patterns of household income, consumption and - wealth inequality before and during the Great - Recession. We then investigate how households in - different segments of the wealth distribution were - affected by income declines, and how they changed - their expenditures differentially during the - aggregate downturn. Motivated by this evidence, we - study several variants of a standard heterogeneous - household model with aggregate shocks and an - endogenous cross-sectional wealth distribution. Our - key finding is that wealth inequality can - significantly amplify the impact of an aggregate - shock, and it does so if the distribution features a - sufficiently large fraction of households with very - little net worth that sharply increase their saving - (i.e. they are not hand-to mouth) as the recession - hits. We document that both these features are - observed in the PSID. We also investigate the role - that social insurance policies, such as unemployment - insurance, play in shaping the cross-sectional income - and wealth distribution, and through it, the dynamics - of business cycles.}, - doi = {10.3386/w22319}, - publisher = {Elsevier}, - url = {http://www.nber.org/papers/w22319}, -} - -@Article{modyEtAl_precSaving, - author = {Ashoka Mody and Franziska Ohnsorge and Damiano Sandri}, - title = {Precautionary Savings in the Great Recession}, - journal = {IMF Economic Review}, - year = {2012}, - volume = {60}, - number = {1}, - pages = {114--138}, - month = {April}, -} - -@Article{admmmCredit, - author = {Aron, Janine and John V. Duca and John Muellbauer and Keiko Murata and Anthony Murphy}, - title = {Credit, Housing Collateral, and Consumption: Evidence from Japan, the U.K., and the U.S.}, - journal = {Review of Income and Wealth}, - year = {2011}, - doi = {10.1111/j.1475-4991.2001.00466.x}, -} - -@Article{hallQuantifying, - author = {Hall, Robert E.}, - title = {Quantifying the Forces Leading to the Collapse of GDP after the Financial Crisis}, - journal = {Manuscript, Stanford University}, - year = {2012}, - month = {March}, -} - -@Article{dszRichSave, - author = {Dynan, Karen E. and Skinner, Jonathan and Zeldes, Stephen P.}, - title = {Do the Rich Save More?}, - journal = {Journal of Political Economy}, - year = {2004}, - volume = {112}, - number = {2}, - pages = {397--444}, - publisher = {JSTOR}, -} - -@Article{baker_policyUncertainty, - author = {Scott R. Baker and Nicholas Bloom and Steven J. Davis}, - title = {Measuring Economic Policy Uncertainty}, - journal = {The Quarterly Journal of Economics}, - year = {2016}, - volume = {131}, - number = {4}, - pages = {1593--1636}, - publisher = {Oxford University Press}, -} - -@Article{CBOSaving, - author = {{Congressional~Budget~Office}}, - title = {Assessing the Decline in National Saving Rate}, - journal = {Congressional Budget Office Reports}, - year = {1993}, - month = {April}, -} - -@Book{friedmanATheory, - title = {A Theory of the Consumption Function}, - publisher = {Princeton University Press}, - year = {1957}, - author = {Friedman, Milton A.}, -} - -@Article{carrollBSLCPIH, - author = {Carroll, Christopher D.}, - title = {Buffer Stock Saving and the Life Cycle/Permanent Income Hypothesis}, - journal = {Quarterly Journal of Economics}, - year = {1997}, - volume = {CXII}, - number = {1}, - pages = {1--56}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/BSLCPIH.zip}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/BSLCPIH.zip}, - file = {bib/bslcpih.pdf:bib/bslcpih.pdf:PDF}, - score = {40}, - url = {https://www.econ2.jhu.edu/people/ccarroll/BSLCPIH.zip}, -} - -@Article{gpLifeCycle, - author = {Gourinchas, Pierre-Olivier and Parker, Jonathan}, - title = {Consumption Over the Life Cycle}, - journal = {Econometrica}, - year = {2002}, - volume = {70}, - number = {1}, - pages = {47--89}, -} - -@Article{bewleyPIH, - author = {Bewley, Truman}, - title = {The Permanent Income Hypothesis: A Theoretical Formulation}, - journal = {Journal of Economic Theory}, - year = {1977}, - volume = {16}, - pages = {252--292}, -} - -@Article{seIncFluct, - author = {Schechtman, Jack and Escudero, Vera}, - title = {Some results on `An Income Fluctuation Problem'}, - journal = {Journal of Economic Theory}, - year = {1977}, - volume = {16}, - pages = {151--166}, -} - -@Article{macurdyTimeseries, - author = {MaCurdy, Thomas}, - title = {The Use of Time Series Processes to Model the Error Structure of Earnings in a Longitudinal Data Analysis}, - journal = {Journal of Econometrics}, - year = {1982}, - volume = {18}, - number = {1}, - pages = {83--114}, -} - -@Article{acCovariance, - author = {Abowd, John M. and Card, David}, - title = {On the Covariance Structure of Earnings and Hours Changes}, - journal = {Econometrica}, - year = {1989}, - volume = {57}, - pages = {411--445}, -} - -@Article{carroll&samwick:nature, - author = {Carroll, Christopher D. and Samwick, Andrew A.}, - title = {The {N}ature of {P}recautionary {W}ealth}, - journal = {Journal of Monetary Economics}, - year = {1997}, - volume = {40}, - number = {1}, - pages = {41--71}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/papers/nature.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/nature.pdf}, -} - -@Article{csNature, - author = {Carroll, Christopher D. and Samwick, Andrew A.}, - title = {The {N}ature of {P}recautionary {W}ealth}, - journal = {Journal of Monetary Economics}, - year = {1997}, - volume = {40}, - number = {1}, - pages = {41--71}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/papers/nature.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/nature.pdf}, -} - -@Article{jpCins, - author = {Jappelli, Tullio and Pistaferri, Luigi}, - title = {Intertemporal Choice and Consumption Mobility}, - journal = {Econometric Society World Congress 2000 Contributed Paper Number 0118}, - year = {2000}, - month = {August}, - bdsk-url-1 = {http://fmwww.bc.edu/RePEc/es2000/0118.pdf}, - url = {http://fmwww.bc.edu/RePEc/es2000/0118.pdf}, -} - -@Article{styConsumption, - author = {Storesletten, Kjetil and Telmer, Chris I. and Yaron, Amir}, - title = {Consumption and Risk Sharing Over the Life Cycle}, - journal = {Journal of Monetary Economics}, - year = {2004}, - volume = {51}, - number = {3}, - pages = {609--633}, - month = {Apr}, - bdsk-url-1 = {http://www.sciencedirect.com/science/article/B6VBW-4BWMTRW-2/1/4934de112177c84dc55a3f37dbde0e16}, - biburl = {http://www.bibsonomy.org/bibtex/ 2eec5eb26c6514db248ef7956537b8aaa/smicha}, - keywords = {Risk sharing}, - url = {http://www.sciencedirect.com/science/article/B6VBW-4BWMTRW- - 2/1/4934de112177c84dc55a3f37dbde0e16}, -} - -@Article{sty:consumption, - author = {Storesletten, Kjetil and Telmer, Chris I. and Yaron, Amir}, - title = {Consumption and Risk Sharing Over the Life Cycle}, - journal = {Journal of Monetary Economics}, - year = {2004}, - volume = {51}, - number = {3}, - pages = {609--633}, - month = {Apr}, - bdsk-url-1 = {http://www.sciencedirect.com/science/article/B6VBW-4BWMTRW-2/1/4934de112177c84dc55a3f37dbde0e16}, - biburl = {http://www.bibsonomy.org/bibtex/ 2eec5eb26c6514db248ef7956537b8aaa/smicha}, - keywords = {Risk sharing}, - url = {http://www.sciencedirect.com/science/article/B6VBW-4BWMTRW- - 2/1/4934de112177c84dc55a3f37dbde0e16}, -} - -@Article{blpRisk, - author = {Blundell, Richard and Low, Hamish and Preston, Ian}, - title = {Decomposing Changes in Income Risk Using Consumption Data}, - journal = {Manusscript, University College London}, - year = {2008}, - month = {July}, -} - -@Article{claridaErgodic, - author = {Clarida, Richard H.}, - title = {Consumption, Liquidity Constraints, and Asset Accumulation in the Face of Random Fluctuations in Income}, - journal = {International Economic Review}, - year = {1987}, - volume = {XXVIII}, - pages = {339--351}, -} - -@Article{tocheUrisk, - author = {Toche, Patrick}, - title = {A Tractable Model of Precautionary Saving in Continuous Time}, - journal = {Economics Letters}, - year = {2005}, - volume = {87}, - number = {2}, - pages = {267--272}, - note = {\url{http://ideas.repec.org/a/eee/ecolet/v87y2005i2p267-272.html}}, - bdsk-url-1 = {http://ideas.repec.org/a/eee/ecolet/v87y2005i2p267-272.html}, - url = {http://ideas.repec.org/a/eee/ecolet/v87y2005i2p267- - 272.html}, -} - -@Article{toche:urisk, - author = {Toche, Patrick}, - title = {A Tractable Model of Precautionary Saving in Continuous Time}, - journal = {Economics Letters}, - year = {2005}, - volume = {87}, - number = {2}, - pages = {267--272}, - note = {\url{http://ideas.repec.org/a/eee/ecolet/v87y2005i2p267-272.html}}, - bdsk-url-1 = {http://ideas.repec.org/a/eee/ecolet/v87y2005i2p267-272.html}, - url = {http://ideas.repec.org/a/eee/ecolet/v87y2005i2p267- - 272.html}, -} - -@Article{ramseySave, - author = {Ramsey, Frank}, - title = {A Mathematical Theory of Saving}, - journal = {Economic Journal}, - year = {1928}, - volume = {38}, - number = {152}, - pages = {543--559}, -} - -@Article{ckConcavity, - author = {Carroll, Christopher D. and Kimball, Miles S.}, - title = {On the {C}oncavity of the {C}onsumption {F}unction}, - journal = {Econometrica}, - year = {1996}, - volume = {64}, - number = {4}, - pages = {981--992}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}, - score = {10}, - url = {https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}, -} - -@Article{jboydWeighted, - author = {Boyd, John H.}, - title = {Recursive Utility and the Ramsey Problem}, - journal = {Journal of Economic Theory}, - year = {1990}, - volume = {50}, - number = {2}, - pages = {326--345}, - month = {April}, -} - -@Article{BSinKS, - author = {Carroll, Christopher D. and Slacalek, Jiri and Tokuoka, Kiichi}, - title = {Digestible Microfoundations: Buffer Stock Saving in a Krusell-Smith World}, - journal = {Manuscript, Johns Hopkins University}, - year = {2011}, - note = {At \href{https://www.econ2.jhu.edu/people/ccarroll/papers/BSinKS.pdf}{https://www.econ2.jhu.edu/people/ccarroll/papers/BSinKS.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/papers/BSinKS.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/BSinKS.pdf}, -} - -@Article{hiraguchiBSProofs, - author = {Hiraguchi, Ryoji}, - title = {On the Convergence of Consumption Rules}, - journal = {Manuscript, Johns Hopkins University}, - year = {2003}, -} - -@Article{havranek:metaHabits, - author = {Havranek, Tomas and Rusnak, Marek and Sokolova, Anna}, - title = {Habit Formation in Consumption: A Meta-Analysis}, - journal = {European Economic Review}, - year = {2017}, - volume = {95}, - number = {C}, - pages = {142--167}, - doi = {10.1016/j.euroecorev.2017}, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/hrsHabit.pdf}, - keywords = {Habit formation; Consumption; Meta-analysis; Bayesian model averaging; Frequentist model averaging}, - publisher = {Elsevier}, - url = {https://doi.org/10.1016/j.euroecorev.2017.03.009}, -} - -@Article{krusellSmith_heterogeneity_JPE98, - author = {Per Krusell and Anthony A. Smith}, - title = {Income and Wealth Heterogeneity in the Macroeconomy}, - journal = {Journal of Political Economy}, - year = {1998}, - volume = {106}, - number = {5}, - pages = {867--896}, - owner = {Jirka}, - timestamp = {2009.01.28}, -} - -@Article{ksHetero, - author = {Per Krusell and Anthony A. Smith}, - title = {Income and Wealth Heterogeneity in the Macroeconomy}, - journal = {Journal of Political Economy}, - year = {1998}, - volume = {106}, - number = {5}, - pages = {867--896}, - owner = {Jirka}, - timestamp = {2009.01.28}, -} - -@Article{JIE2001, - author = {Kalemli-Ozcan, Sebnem and Sorensen, Bent E. and Yosha, Oved}, - title = {{Economic integration, industrial specialization, and the asymmetry of macroeconomic fluctuations}}, - journal = {Journal of International Economics}, - year = {2001}, - volume = {55}, - number = {1}, - pages = {107-137}, - month = {October}, - abstract = {No abstract is available for this item.}, - url = {https://ideas.repec.org/a/eee/inecon/v55y2001i1p107-137.html}, -} - -@Article{REStat2008, - author = {María José Luengo-Prado and Bent E. S{\o}rensen}, - title = {{What Can Explain Excess Smoothness and Sensitivity of State-Level Consumption?}}, - journal = {The Review of Economics and Statistics}, - year = {2008}, - volume = {90}, - number = {1}, - pages = {65-80}, - month = {February}, - abstract = { This article estimates marginal propensities to consume (MPC) out of current and lagged income for U.S. states using panel data regressions that control for time-specific and state-level fixed effects. The MPCs vary across states; in particular, the MPC out of current income is higher in states where income is more persistent, and the MPC out of lagged income is lower in agricultural states. We show that the estimated MPCs can be matched by a model of forward-looking consumers that includes all of the following features: time aggregation, durable goods, impatience, credit constraints, and risk sharing. Copyright by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.}, - url = {https://ideas.repec.org/a/tpr/restat/v90y2008i1p65-80.html}, -} - -@Book{king2016alchemy, - title = {The end of alchemy : money, banking and the future of the global economy}, - publisher = {Little, Brown}, - year = {2016}, - author = {King, Mervyn A.}, - address = {London}, - isbn = {1408706105 9781408706107 9781408706114 1408706113}, - abstract = {The past twenty years saw unprecedented growth and stability followed by the worst financial crisis the industrialised world has ever witnessed. In the space of little more than a year what had been seen as the age of wisdom was viewed as the age of foolishness. Almost overnight, belief turned into incredulity. Most accounts of the recent crisis focus on the symptoms and not the underlying causes of what went wrong. But those events, vivid though they remain in our memories, comprised only the latest in a long series of financial crises since our present system of commerce became the cornerstone of modern capitalism. Alchemy explains why, ultimately, this was and remains a crisis not of banking – even if we need to reform the banking system – nor of policy-making – even if mistakes were made – but of ideas. In this refreshing and vitally important book, former governor of the Bank of England Mervyn King – an actor in this drama – proposes revolutionary new concepts to answer the central question: are money and banking a form of Alchemy or are they the Achilles heel of a modern capitalist economy? }, - added-at = {2016-04-16T15:51:52.000+0200}, - biburl = {https://www.bibsonomy.org/bibtex/25a003dea76d39a3f914183cffcf2b0b1/meneteqel}, - interhash = {8336b0a0bbd5b3719c6d70d75695e224}, - intrahash = {5a003dea76d39a3f914183cffcf2b0b1}, - keywords = {banking capitalism financial_crisis financial_market international_finance money}, - refid = {920656482}, - timestamp = {2017-01-08T22:08:08.000+0100}, - url = {http://books.wwnorton.com/books/The-End-of-Alchemy/}, -} - -@Article{psjmMPC2008, - author = {Parker, Jonathan A and Souleles, Nicholas S and Johnson, David S and McClelland, Robert}, - title = {Consumer spending and the economic stimulus payments of 2008}, - journal = {The American Economic Review}, - year = {2013}, - volume = {103}, - number = {6}, - pages = {2530--2553}, - month = {October}, - publisher = {American Economic Association}, -} - -@TechReport{gordonFutureGrowth, - author = {Robert J. Gordon}, - title = {Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds}, - institution = {National Bureau of Economic Research}, - year = {2012}, - type = {Working Paper}, - number = {18315}, - month = {August}, - abstract = {This paper raises basic questions about the process of economic growth. It questions the assumption, nearly universal since Solow's seminal contributions of the 1950s, that economic growth is a continuous process that will persist forever. There was virtually no growth before 1750, and thus there is no guarantee that growth will continue indefinitely. Rather, the paper suggests that the rapid progress made over the past 250 years could well turn out to be a unique episode in human history. The paper is only about the United States and views the future from 2007 while pretending that the financial crisis did not happen. Its point of departure is growth in per-capita real GDP in the frontier country since 1300, the U.K. until 1906 and the U.S. afterwards. Growth in this frontier gradually accelerated after 1750, reached a peak in the middle of the 20th century, and has been slowing down since. The paper is about "how much further could the frontier growth rate decline?" - -The analysis links periods of slow and rapid growth to the timing of the three industrial revolutions (IR's), that is, IR #1 (steam, railroads) from 1750 to 1830; IR #2 (electricity, internal combustion engine, running water, indoor toilets, communications, entertainment, chemicals, petroleum) from 1870 to 1900; and IR #3 (computers, the web, mobile phones) from 1960 to present. It provides evidence that IR #2 was more important than the others and was largely responsible for 80 years of relatively rapid productivity growth between 1890 and 1972. Once the spin-off inventions from IR #2 (airplanes, air conditioning, interstate highways) had run their course, productivity growth during 1972-96 was much slower than before. In contrast, IR #3 created only a short-lived growth revival between 1996 and 2004. Many of the original and spin-off inventions of IR #2 could happen only once - urbanization, transportation speed, the freedom of females from the drudgery of carrying tons of water per year, and the role of central heating and air conditioning in achieving a year-round constant temperature. - -Even if innovation were to continue into the future at the rate of the two decades before 2007, the U.S. faces six headwinds that are in the process of dragging long-term growth to half or less of the 1.9 percent annual rate experienced between 1860 and 2007. These include demography, education, inequality, globalization, energy/environment, and the overhang of consumer and government debt. A provocative "exercise in subtraction" suggests that future growth in consumption per capita for the bottom 99 percent of the income distribution could fall below 0.5 percent per year for an extended period of decades.}, - doi = {10.3386/w18315}, - series = {Working Paper Series}, - url = {http://www.nber.org/papers/w18315}, -} - -@TechReport{cstKS_ecbWP, - author = {Carroll, Christopher D. and Slacalek, Jiri and Tokuoka, Kiichi}, - title = {Buffer-Stock Saving in a Krusell--Smith World}, - institution = {European Central Bank}, - year = {2014}, - type = {working paper}, - number = {1633}, - owner = {akmaral}, - timestamp = {2014.02.02}, -} - -@Article{lmp:wagerisk, - author = {Low, Hamish and Meghir, Costas and Pistaferri, Luigi}, - title = {Wage Risk and Employment Over the Life Cycle}, - journal = {American Economic Review}, - year = {2010}, - volume = {100}, - number = {4}, - pages = {1432--1467}, -} - -@Article{kvH2M, - author = {Kaplan, Greg and Violante, Giovanni L}, - title = {A model of the consumption response to fiscal stimulus payments}, - journal = {Econometrica}, - year = {2014}, - volume = {82}, - number = {4}, - pages = {1199--1239}, - publisher = {Wiley Online Library}, -} - -@TechReport{hausmanVeteransBonus, - author = {Hausman, Joshua K.}, - title = {Fiscal Policy and Economic Recovery: The Case of the 1936 Veterans' Bonus}, - institution = {University of California, Berkeley}, - year = {2012}, - type = {mimeo}, -} - -@Article{jpCResponse, - author = {Tullio Jappelli and Luigi Pistaferri}, - title = {The Consumption Response to Income Changes}, - journal = {The Annual Review of Economics}, - year = {2010}, - volume = {2}, - number = {1}, - pages = {479--506}, - publisher = {Annual Reviews}, -} - -@Article{carroll:babyboomcomment, - author = {Engen, Eric and William Gale and Cori Uccello}, - title = {The Adequacy of Retirement Saving}, - journal = {Brookings Papers on Economic Activity}, - year = {1999}, - volume = {1999}, - number = {2}, - note = {Published Discussion}, -} - -@TechReport{otsuka:jobmarket, - author = {Otsuka, Misuzu}, - title = {Household Portfolio Choice with Illiquid Assets}, - institution = {Johns Hopkins University}, - year = {2003}, - type = {manuscript}, -} - -@Article{bpp2008, - author = {Richard Blundell and Luigi Pistaferri and Ian Preston}, - title = {Consumption inequality and partial insurance}, - journal = AER, - year = {2008}, - volume = {98}, - number = {5}, - pages = {1887-1921}, - month = {December}, -} - -@Article{mianRaoSufi_slump, - author = {Atif Mian and Kamalesh Rao and Amir Sufi}, - title = {Household Balance Sheets, Consumption, and the Economic Slump}, - journal = {Quarterly Journal of Economics}, - year = {2013}, - volume = {128}, - number = {4}, - pages = {1687--1726}, -} - -@Book{jlsMeasuring, - title = {Measuring Economic Sustainability And Progress}, - publisher = {NBER}, - year = {2014 (forthcoming)}, - author = {Jorgenson, Dale W and Landefeld, J Steven and Schreyer, Paul}, - booktitle = {Measuring Economic Sustainability and Progress}, -} - -@Article{deatonReconsideration, - author = {Deaton, Angus}, - title = {{A} {R}econsideration of the {E}mpirical {I}mplications of {A}dditive {P}references}, - journal = {The Economic Journal}, - year = {1974}, - volume = {84}, - number = {334}, - pages = {pp. 338-348}, - issn = {00130133}, - copyright = {Copyright © 1974 Royal Economic Society}, - file = {deatonReconsideration.pdf:deatonReconsideration.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {Jun., 1974}, - language = {English}, - publisher = {Wiley on behalf of the Royal Economic Society}, - url = {http://www.jstor.org/stable/2231258}, -} - -@Article{dmAIDS, - author = {Deaton, Angus and Muellbauer, John}, - title = {{A}n {A}lmost {I}deal {D}emand {S}ystem}, - journal = {The American Economic Review}, - year = {1980}, - volume = {70}, - number = {3}, - pages = {pp. 312-326}, - issn = {00028282}, - note = {\url{http://www.jstor.org/stable/1805222}}, - comment = {Cite Stone (1954) as originating? Virtues: gives an - arbitrary first-order approximation to any demand - system; it satisfies the axioms of choice exactly; - it aggregates perfectly over consumers without - invoking parallel linear Engel curves; it has a - functional form which is consistent with known - household-budget data; it is simple to estimate, - largely avoiding the need for non-linear estimation; - and it can be used to test the restrictions of - homogeneity and symmetry through linear restrictions - on fixed parameters;``by proposing a demand system - which is superior to its predecessors, we hope to be - able to reveal more clearly the problems and - potential solutions associated with the usual - approach.'' the now standard rejection of homogeneity - in demand analysis may be due to insufficient - attention to the dynamic aspects of consumer - behavior. ``In this paper we have introduced a new - system of demand equations, the AIDS, in which the - budget shares of the various commodities are - linearly related to the logarithm of real total - expenditure and the logarithms of relative prices.''}, - copyright = {Copyright © 1980 American Economic Association}, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/dmAIDS.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/dmAIDS.pdf:PDF;dmAIDS.pdf:dmAIDS.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {Jun., 1980}, - language = {English}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/1805222}, -} - -@Article{diZeroExpenditures, - author = {Deaton, Angus and Irish, Margaret}, - title = {{S}tatistical models for zero expenditures in household budgets}, - journal = {Journal of Public Economics}, - year = {1984}, - volume = {23}, - number = {1-2}, - pages = {59--80}, - file = {diZeroExpenditures.pdf:diZeroExpenditures.pdf:PDF}, - publisher = {Elsevier}, - url = {http://dx.doi.org/10.1016/0047-2727(84)90067-7}, -} - -@Article{bdiProfitable, - author = {Browning, Martin and Deaton, Angus and Irish, Margaret}, - title = {{A} {P}rofitable {A}pproach to {L}abor {S}upply and {C}ommodity {D}emands over the {L}ife-{C}ycle}, - journal = {Econometrica}, - year = {1985}, - volume = {53}, - number = {3}, - pages = {pp. 503-544}, - issn = {00129682}, - abstract = {The paper presents a general theoretical framework - for the analysis of integrated life-cycle models of - consumption and family labor supply under - uncertainty. Profit functions are used to represent - intertemporally additive preferences and to yield - convenient characterizations of ``constant marginal - utility of wealth'' or ``Frisch'' demand functions. - Conditions on preferences derived that allow - additive fixed-effect specifications for the Frisch - demands. Data from the British Family Expenditure - Surveys from 1970-77 are used to derive panel-like - information on male labor supply and consumption for - several age cohorts over time. These data reproduce - standard life-cycle patterns of hours and wages, but - more detailed analysis shows that the theory is - incapable of offering a satisfactory common - explanation of the behavior of hours and wages over - both the business cycle and the life cycle. - Similarly, although the theory can explain the - life-cycle behavior of hours and consumption - separately, the same model cannot explain both, - essentially because of a failure in symmetry.}, - copyright = {Copyright © 1985 The Econometric Society}, - file = {bdiProfitable.pdf:bdiProfitable.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {May, 1985}, - language = {English}, - publisher = {The Econometric Society}, - url = {http://www.jstor.org/stable/1911653}, -} - -@Article{bdTimeSeriesC, - author = {Blinder, Alan S. and Deaton, Angus S.}, - title = {{T}he {T}ime {S}eries {C}onsumption {F}unction {R}evisited}, - journal = {Brookings Papers on Economic Activity, 1985:2}, - year = {1985}, - pages = {465--521}, - file = {bdTimeSeriesC.pdf:bdTimeSeriesC.pdf:PDF}, - url = {http://www.jstor.org/stable/2534444}, -} - -@Article{deatonPanelFromCross, - author = {Angus Deaton}, - title = {{P}anel {D}ata from {T}ime {S}eries and {C}ross {S}ections}, - journal = {Journal of Econometrics}, - year = {1985}, - volume = {30}, - pages = {109--26}, - doi = {10.1016/0304-4076(85)90134-4}, - file = {deatonPanelFromCross.pdf:deatonPanelFromCross.pdf:PDF}, - url = {http://dx.doi.org/10.1016/0304-4076(85)90134-4}, -} - -@TechReport{deatonLifeCycle, - author = {Deaton, Angus}, - title = {{L}ife-cycle models of consumption: {I}s the evidence consistent with the theory?}, - year = {1987}, - abstract = {The paper considers avariety of evidence that casts - light on the validity of the life-cycle model of - consumer behavior. In the first part of the paper, - simple non-parametric tests are used to examine - representative agent models of consumption and labor - supply. It seems extremely unlikely that post-war - United States evidence can usefully be explained by - such a model, at least if the assumption of - intertemporal separability is maintained. Changes in - aggregate consumption bear little relationship to - after tax real interest rates, and consumption has - tended to grow even during periods of negative real - interest rates. Joint consideration of consumption - and labor supply does nothing to resolve the - problems that arise when consumption is taken by - itself. It is argued that these results cast doubt, - not onlife-cycle theory itself, but on the - representative agent assumption; there is little - reason to suppose that changes inaggregate - consumption should be related to the real - interestrate.The second part of the paper is - concerned with the time-series representation of - disposable income and with it simplications for the - behavior of consumption under the assumptions of the - life-cycle model. If real disposable income is truly - a first-order autoregressive process in first - differences,a process that fits the data well and is - becoming increasing popular in the macro time-series - literature,then the life-cycle model implies that - changes in consumption should be more variable than - innovations in income, a prediction that is - manifestly false. Various possible resolutions of - this problem are reviewed, including habit formation - and alternative representations of disposable - income. The paper concludes with some evidence on - the excess sensitivity question, why it is that - consumption responds to anticipated changes in - income. Monte Carlo evidence supports the suggestion - made by Mankiw and Shapiro that the presence of time - trends can cause severe problems of inference in - models containing variables with unit roots, but the - results makeit seem unlikely that this is the cause - of the widespread excess sensitivity findings.}, - file = {deatonLifeCycle.pdf:deatonLifeCycle.pdf:PDF}, - journal = {Advances in econometrics. 2}, - pages = {121}, - publisher = {Cambridge University Press}, - series = {Working Paper Series}, - url = {http://www.nber.org/papers/w1910}, - volume = {2}, -} - -@Article{cdSmooth, - author = {Campbell, John and Deaton, Angus}, - title = {{W}hy is {C}onsumption {S}o {S}mooth?}, - journal = {The Review of Economic Studies}, - year = {1989}, - volume = {56}, - number = {3}, - pages = {357--373}, - month = {jul}, - issn = {0034-6527}, - note = {\url{http://www.jstor.org/stable/2297552}}, - abstract = {For thirty years it has been accepted that - consumption is smooth because permanent income is - smoother than measured income. This paper considers - the evidence for the contrary position, that - permanent income is in fact less smooth than - measured income, so that the smoothness of - consumption cannot be straightforwardly explained by - permanent income theory. The paper argues that in - postwar U.S. quarterly data, consumption is smooth - because it responds with a lag to changes in - income.}, - bdsk-url-1 = {http://links.jstor.org/sici?sici=0034-6527%28198907%2956%3A3%3C357%3AWICSS%3E2.0.CO%3B2-V}, - copyright = {Copyright 1989 The Review of Economic Studies Ltd.}, - date-modified = {2011-10-14 19:47:51 -0400}, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/cdSmooth.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/cdSmooth.pdf:PDF;cdSmooth.pdf:cdSmooth.pdf:PDF}, - jstor_articletype = {Full Length Article}, - jstor_date = {198907}, - jstor_formatteddate = {Jul., 1989}, - publisher = {The Review of Economic Studies Ltd.}, - url = {http://www.jstor.org/stable/2297552}, -} - -@Article{deatonLDCs, - author = {Deaton, Angus}, - title = {{H}ousehold {S}aving in {LDC}s: {C}redit {M}arkets, {I}nsurance and {W}elfare}, - journal = {The Scandinavian Journal of Economics}, - year = {1992}, - volume = {94}, - number = {2}, - pages = {pp. 253-273}, - issn = {03470520}, - abstract = {Some ways in which farmers in LDCs can protect their - living standards against fluctuations in income are - discussed. After considering the theory of - consumption under uncertainty when there is no or - limited borrowing, the case where some borrowing is - allowed is also examined. Empirical evidence from - some LDCs is used to look at (i) household borrowing - and lending, their importance and timing, and their - role in smoothing consumption, and (ii) the - life-cycle behavior of consumption and income. The - results suggest that ``hump'' life-cycle saving is not - likely to be a very important generator of wealth in - LDCs and provide further evidence on the limited - role of credit markets.}, - copyright = {Copyright © 1992 The Scandinavian Journal of Economics}, - file = {deatonLDCs.pdf:deatonLDCs.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {Jun., 1992}, - jstor_issuetitle = {Proceedings of a Conference on Savings Behavior: Theory, International Evidence and Policy Implications}, - language = {English}, - publisher = {Wiley on behalf of The Scandinavian Journal of Economics}, - url = {http://www.jstor.org/stable/3440451}, -} - -@Article{dlCommodity, - author = {Deaton, Angus and Laroque, Guy}, - title = {{O}n the {B}ehaviour of {C}ommodity {P}rices}, - journal = {The Review of Economic Studies}, - year = {1992}, - volume = {59}, - number = {1}, - pages = {1-23}, - note = {\url{http://restud.oxfordjournals.org/content/59/1/1.abstract}}, - abstract = {This paper applies the standard rational - expectations competitive storage model to the study - of thirteen commodities. It explains the skewness, - and the existence of rare but violent explosions in - prices, coupled with a high degree of price - autocorrelation in more normal times. A central - feature of the model is the explicit recognition of - the fact that it is impossible for the market as a - whole to carry negative inventories, and this - introduces an essential non-linearity which carries - through into non-linearity of the predicted - commodity price series. For most of the thirteen - commodity prices, the behaviour of prices from one - year to the next conforms to the predictions of the - theory about conditional expectations and - conditional variances. However, given the - non-linearity both of the model and of the actual - prices, such conformity is not enough to ensure that - the theory yields a complete account of the data. In - particular, the analysis does not yield a fully - satisfactory explanation for the high - autocorrelation observed in the data.}, - doi = {10.2307/2297923}, - eprint = {http://restud.oxfordjournals.org/content/59/1/1.full.pdf+html}, - file = {dlCommodity.pdf:dlCommodity.pdf:PDF}, - url = {http://restud.oxfordjournals.org/content/59/1/1.abstract}, -} - -@Article{dpInequality, - author = {Deaton, Angus and Paxson, Christina}, - title = {{I}ntertemporal {C}hoice and {I}nequality}, - journal = {Journal of Political Economy}, - year = {1994}, - volume = {102}, - number = {3}, - pages = {pp. 437-467}, - issn = {00223808}, - abstract = {The permanent income hypothesis implies that, for - any cohort of people born at the same time, - inequality in both consumption and income should - grow with age. We investigate this prediction using - cohort data constructed from 11 years of household - survey data from the United States, 22 years from - Great Britain, and 14 years from Taiwan. The data - show that within-cohort consumption and income - inequality measures do indeed increase with age in - the three economies and that the rate of increase is - similar in all three. According to the permanent - income hypothesis, the increase in inequality - reflects cumulative differences in the effects of - luck on consumption. Other models of intertemporal - choice--such as those with strong precautionary - motives or liquidity constraints--can limit or even - prevent the spread of inequality, as can insurance - arrangements that share risk across individuals. The - evidence on the spread of inequality can therefore - be used to help quantify the extent to which private - and social arrangements moderate the impact of risk - on the distribution of individual welfare.}, - copyright = {Copyright © 1994 The University of Chicago Press}, - file = {dpInequality.pdf:dpInequality.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {Jun., 1994}, - language = {English}, - publisher = {The University of Chicago Press}, - url = {http://www.jstor.org/stable/2138618}, -} - -@InCollection{dpTaiwan, - author = {Deaton, Angus S. and Christina H. Paxson}, - title = {{S}aving, {G}rowth, and {A}ging in {T}aiwan}, - booktitle = {Studies in the Economics of Aging}, - publisher = {University of Chicago Press}, - year = {1994}, - editor = {Wise, David A.}, - address = {Chicago}, - file = {dpTaiwan.pdf:dpTaiwan.pdf:PDF}, - url = {http://www.nber.org/chapters/c7349.pdf}, -} - -@Article{dpEffects, - author = {{Deaton, Angus S.} and {Christina H. Paxson}}, - title = {{T}he {E}ffects of {E}conomic and {P}opulation {G}rowth on {N}ational {S}aving and {I}nequality}, - journal = {Demography}, - year = {1997}, - volume = {34}, - number = {1}, - pages = {97--114}, - file = {dpEffects.pdf:dpEffects.pdf:PDF}, - url = {http://www.jstor.org/stable/2061662}, -} - -@Article{dpAgingAndInequality, - author = {Deaton, Angus S. and Paxson, Christina H.}, - title = {{A}ging and {I}nequality in {I}ncome and {H}ealth}, - journal = {The American Economic Review}, - year = {1998}, - volume = {88}, - number = {2}, - pages = {pp. 248-253}, - issn = {00028282}, - copyright = {Copyright © 1998 American Economic Association}, - file = {dpAgingAndInequality.pdf:dpAgingAndInequality.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {May, 1998}, - jstor_issuetitle = {Papers and Proceedings of the Hundred and Tenth Annual Meeting of the American Economic Association}, - language = {English}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/116928}, -} - -@Article{deatonCommodityAfrica, - author = {Deaton, Angus}, - title = {{C}ommodity {P}rices and {G}rowth in {A}frica}, - journal = {The Journal of Economic Perspectives}, - year = {1999}, - volume = {13}, - number = {3}, - pages = {pp. 23-40}, - issn = {08953309}, - copyright = {Copyright © 1999 American Economic Association}, - file = {deatonCommodityAfrica.pdf:deatonCommodityAfrica.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {Summer, 1999}, - language = {English}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/2646983}, -} - -@Book{deatonHH, - title = {{T}he {A}nalysis {O}f {H}ousehold {S}urveys: {A} {M}icroeconometric {A}pproach {T}o {D}evelopment {P}olicy}, - publisher = {Johns Hopkins Univ. Press}, - year = {2000}, - author = {Deaton, Angus S.}, - address = {Baltimore, MD}, - edition = {3. printing}, - isbn = {0801852544}, - biburl = {http://www.bibsonomy.org/bibtex/26f2f87784d59d86af8c471e5857865a0/fbw_hannover}, - url = {http://gso.gbv.de/DB=2.1/CMD?ACT=SRCHA&SRT=YOP&IKT=1016&TRM=ppn+485128217&sourceid=fbw_bibsonomy}, -} - -@Article{dpCohort, - author = {{Deaton, Angus S.} and {Christina H. Paxson}}, - title = {{S}aving and {G}rowth: {A}nother {L}ook at the {C}ohort {E}vidence}, - journal = {Manuscript, Princeton University}, - year = {1998}, - file = {dpCohort.pdf:dpCohort.pdf:PDF}, - url = {http://www.princeton.edu/rpds/papers/pdfs/deaton_paxson_saving_growth.pdf}, -} - -@Article{dpGrowthSaving, - author = {Deaton, Angus and Paxson, Christina}, - title = {{G}rowth and {S}aving {A}mong {I}ndividuals and {H}ouseholds}, - journal = {Review of Economics and Statistics}, - year = {2000}, - volume = {82}, - number = {2}, - pages = {212--25}, - file = {dpGrowthSaving.pdf:dpGrowthSaving.pdf:PDF}, - url = {http://www.princeton.edu/~deaton/downloads/Growth_and_Saving_Among_Individuals_and_Households.pdf}, -} - -@Article{dlHousingGrowth, - author = {Deaton, Angus and Laroque, Guy}, - title = {{H}ousing, {L}and {P}rices, and {G}rowth}, - journal = {Journal of Economic Growth}, - year = {2001}, - volume = {6}, - number = {2}, - pages = {pp. 87--105}, - issn = {13814338}, - abstract = {We consider the effects of land for housing on the - growth process within an overlapping generations - model. Our original interest was to enquire whether - the introduction of land into a growth model might - account for a ''virtuous'' circle in which saving-up - for land (or housing) generates growth and higher - land prices, generating further increases in saving, - and so on. Such an account is sometimes proposed for - high saving rates in East Asia, where mortgage - markets are limited or absent. Our analysis does not - support such a story. The user cost of land reduces - the resources available for consumption of - reproducible goods, so that the introduction of - intrinsically valuable land into a growth model - lowers the equilibrium stock of capital and raises - the equilibrium interest rate. On the asset side, - the presence of land causes life-cycle savings to be - reallocated away from productive capital towards - land. The social optimum in such a model is for land - to be nationalized and provided at zero rent. Land - markets, far from generating saving and growth, are - inimical to capital formation.}, - copyright = {Copyright © 2001 Springer}, - file = {dlHousingGrowth.pdf:dlHousingGrowth.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {Jun., 2001}, - language = {English}, - publisher = {Springer}, - url = {http://www.jstor.org/stable/40215868}, -} - -@Article{deatonHealthInequality, - author = {Deaton, Angus}, - title = {{H}ealth, {I}nequality, and {E}conomic {D}evelopment}, - journal = {The Journal of Economic Literature}, - year = {2003}, - volume = {41}, - number = {1}, - pages = {113--158}, - file = {deatonHealthInequality.pdf:deatonHealthInequality.pdf:PDF}, - url = {http://www.aeaweb.org/articles.php?doi=10.1257/002205103321544710}, -} - -@InCollection{dcBrokenDown, - author = {Case, Anne and Deaton, Angus S}, - title = {{B}roken down by work and sex: {H}ow our health declines}, - booktitle = {Analyses in the Economics of Aging}, - publisher = {University of Chicago Press}, - year = {2005}, - pages = {185--212}, - file = {dcBrokenDown.pdf:dcBrokenDown.pdf:PDF}, -} - -@Article{deatonMeasuringPoverty, - author = {Deaton, Angus}, - title = {{M}easuring {P}overty in a {G}rowing {W}orld ({O}r {M}easuring {G}rowth in a {P}oor {W}orld)}, - journal = {The Review of Economics and Statistics}, - year = {2005}, - volume = {87}, - number = {1}, - pages = {pp. 1-19}, - issn = {00346535}, - abstract = {The extent to which growth reduces global poverty - has been disputed for 30 years. Although there are - better data than ever before, controversies are not - resolved. A major problem is that consumption - measured from household surveys, which is used to - measure poverty, grows less rapidly than consumption - measured in national accounts, in the world as a - whole and in large countries, particularly India, - China, and the United States. In consequence, - measured poverty has fallen less rapidly than - appears warranted by measured growth in poor - countries. One plausible cause is that richer - households are less likely to participate in - surveys. But growth in the national accounts is also - upward biased, and consumption in the national - accounts contains large and rapidly growing items - that are not consumed by the poor and not included - in surveys. So it is possible for consumption of the - poor to grow less rapidly than national consumption, - without any increase in measured inequality. Current - statistical procedures in poor countries understate - the rate of global poverty reduction, and overstate - growth in the world.}, - copyright = {Copyright © 2005 The MIT Press}, - file = {deatonMeasuringPoverty.pdf:deatonMeasuringPoverty.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {Feb., 2005}, - language = {English}, - publisher = {The MIT Press}, - url = {http://www.jstor.org/stable/40042916}, -} - -@Article{cdlMortality, - author = {Cutler, David and Deaton, Angus and Lleras-Muney, Adriana}, - title = {{T}he {D}eterminants of {M}ortality}, - journal = {The Journal of Economic Perspectives}, - year = {2006}, - volume = {20}, - number = {3}, - pages = {97-120}, - abstract = {The pleasures of life are worth nothing if one is - not alive to experience them. Through the twentieth - century in the United States and other high-income - countries, growth in real incomes was accompanied by - a historically unprecedented decline in mortality - rates that caused life expectancy at birth to grow - by nearly 30 years. In the years just after World - War II, life expectancy gaps between countries were - falling across the world. Poor countries enjoyed - rapid increases in life-expectancy through the - 1970s, with the gains in some cases exceeding an - additional year of life expectancy per year, though - the HIV/AIDS epidemic and the transition in Russia - and Eastern Europe have changed that situation. We - investigate the determinants of the historical - decline in mortality, of differences in mortality - across countries, and of differences in mortality - across groups within countries. A good theory of - mortality should explain all of the facts we - will outline. No such theory exists at present, but - at the end of the paper we will sketch a tentative - synthesis.}, - doi = {10.1257/089533006780387634}, - file = {cdlMortality.pdf:cdlMortality.pdf:PDF}, - url = {http://www.ingentaconnect.com/content/aea/jep/2006/00000020/00000003/art00005}, -} - -@Article{deatonHuman, - author = {Deaton, Angus S}, - title = {{A}re economists human?}, - journal = {The Lancet}, - year = {2009}, - volume = {374}, - number = {9701}, - pages = {1585--1586}, - file = {deatonHuman.pdf:deatonHuman.pdf:PDF}, - publisher = {Elsevier}, - url = {http://www.lancet.com/journals/lancet/article/PIIS0140-6736(09)61936-X}, -} - -@Article{deatonInstruments, - author = {Deaton, Angus}, - title = {{I}nstruments, {R}andomization, and {L}earning about {D}evelopment}, - journal = {Journal of Economic Literature}, - year = {2010}, - volume = {48}, - number = {2}, - pages = {pp. 424-455}, - issn = {00220515}, - abstract = {There is currently much debate about the - effectiveness of foreign aid and about what kind of - projects can engender economic development. There - is skepticism about the ability of econometric - analysis to resolve these issues or of development - agencies to learn from their own experience. In - response, there is increasing use in development - economics of randomized controlled trials (RCTs) to - accumulate credible knowledge of what works, without - overreliance on questionable theory or statistical - methods. When RCTs are not possible, the proponents - of these methods advocate quasirandomization through - instrumental variable (IV) techniques or natural - experiments. I argue that many of these applications - are unlikely to recover quantities that are useful - for policy or understanding: two key issues are the - misunderstanding of exogeneity and the handling of - heterogeneity. I illustrate from the literature on - aid and growth. Actual randomization faces similar - problems as does quasi-randomization, - notwithstanding rhetoric to the contrary. I argue - that experiments have no special ability to produce - more credible knowledge than other methods, and that - actual experiments are frequently subject to - practical problems that undermine any claims to - statistical or epistemic superiority. I illustrate - using prominent experiments in development and - elsewhere. As with IV methods, RCT-based evaluation - of projects, without guidance from an understanding - of underlying mechanisms, is unlikely to lead to - scientific progress in the understanding of economic - development. I welcome recent trends in development - experimentation away from the evaluation of projects - and toward the evaluation of theoretical - mechanisms.}, - copyright = {Copyright © 2010 American Economic Association}, - file = {deatonInstruments.pdf:deatonInstruments.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {JUNE 2010}, - language = {English}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/20778731}, -} - -@Article{deatonMechanisms, - author = {Deaton, Angus}, - title = {{U}nderstanding the {M}echanisms of {E}conomic {D}evelopment}, - journal = {The Journal of Economic Perspectives}, - year = {2010}, - volume = {24}, - number = {3}, - pages = {3--16}, - file = {deatonMechanisms.pdf:deatonMechanisms.pdf:PDF}, - publisher = {American Economic Association}, - url = {http://www.aeaweb.org/articles.php?doi=10.1257/jep.24.3.3}, -} - -@Article{dkWellBeing, - author = {Kahneman, Daniel and Deaton, Angus}, - title = {{H}igh income improves evaluation of life but not emotional well-being}, - journal = {Proceedings of the National Academy of Sciences}, - year = {2010}, - volume = {107}, - number = {38}, - pages = {16489-16493}, - abstract = {Recent research has begun to distinguish two aspects - of subjective well-being. Emotional well-being - refers to the emotional quality of an individual's - everyday experience—the frequency and intensity of - experiences of joy, stress, sadness, anger, and - affection that make one's life pleasant or - unpleasant. Life evaluation refers to the thoughts - that people have about their life when they think - about it. We raise the question of whether money - buys happiness, separately for these two aspects of - well-being. We report an analysis of more than - 450,000 responses to the Gallup-Healthways - Well-Being Index, a daily survey of 1,000 US - residents conducted by the Gallup Organization. We - find that emotional well-being (measured by - questions about emotional experiences yesterday) and - life evaluation (measured by Cantril's - Self-Anchoring Scale) have different - correlates. Income and education are more closely - related to life evaluation, but health, care giving, - loneliness, and smoking are relatively stronger - predictors of daily emotions. When plotted against - log income, life evaluation rises - steadily. Emotional well-being also rises with log - income, but there is no further progress beyond an - annual income of \$75,000. Low income exacerbates - the emotional pain associated with such misfortunes - as divorce, ill health, and being alone. We conclude - that high income buys life satisfaction but not - happiness, and that low income is associated both - with low life evaluation and low emotional - well-being.}, - doi = {10.1073/pnas.1011492107}, - eprint = {http://www.pnas.org/content/107/38/16489.full.pdf+html}, - file = {dkWellBeing.pdf:dkWellBeing.pdf:PDF}, - url = {http://www.pnas.org/content/107/38/16489.abstract}, -} - -@Article{ssbdWellbeing, - author = {Stone, Arthur A and Schwartz, Joseph E and Broderick, Joan E and Deaton, Angus}, - title = {{A} {S}napshot {O}f {T}he {A}ge {D}istribution {O}f {P}sychological {W}ell-{B}eing {I}n {T}he {U}nited {S}tates}, - journal = {Proceedings of the National Academy of Sciences}, - year = {2010}, - volume = {107}, - number = {22}, - pages = {9985--9990}, - file = {ssbdWellbeing.pdf:ssbdWellbeing.pdf:PDF}, - publisher = {National Acad Sciences}, -} - -@Article{deatonHealthInjustice, - author = {Deaton, Angus}, - title = {{W}hat does the empirical evidence tell us about the injustice of health inequalities?}, - journal = {Available at SSRN 1746951}, - year = {2011}, - file = {deatonHealthInjustice.pdf:deatonHealthInjustice.pdf:PDF}, - url = {http://wws-roxen.princeton.edu/chwpapers/papers/What_does_the_empirical_evidence_tell_us_about_the_injustice.pdf}, -} - -@InCollection{deatonReligion, - author = {Deaton, Angus}, - title = {{A}ging, {R}eligion, and {H}ealth}, - booktitle = {Explorations in the Economics of Aging}, - publisher = {University of Chicago Press}, - year = {2011}, - pages = {237--262}, - file = {deatonReligion.pdf:deatonReligion.pdf:PDF}, - url = {http://www.nber.org/chapters/c11944.pdf}, -} - -@Article{deatonCrisis, - author = {Deaton, Angus}, - title = {{T}he financial crisis and the well-being of {A}mericans: 2011 {OEP} {H}icks {L}ecture}, - journal = {Oxford Economic Papers}, - year = {2012}, - volume = {64}, - number = {1}, - pages = {1-26}, - abstract = {I use daily data on self-reported well-being (SWB) - to examine how the Great Recession affected the - emotional and evaluative lives of the population. In - the fall of 2008 and lasting into the spring of - 2009, at the bottom of the stock market, Americans - reported sharp declines in their life evaluation, - sharp increases in worry and stress, and declines in - positive affect. By the end of 2010, in spite of - continuing high unemployment, these measures had - largely recovered. The SWB measures do a better job - of monitoring short-run levels of anxiety than the - medium-term evolution of the economy. Even very - large macroeconomic shocks will cause small and hard - to detect effects on SWB. Life evaluation questions - are extremely sensitive to question order - effects—asking political questions first reduces - reported life evaluation by an amount that dwarfs - the effects of even the worst of the crisis.}, - doi = {10.1093/oep/gpr051}, - eprint = {http://oep.oxfordjournals.org/content/64/1/1.full.pdf+html}, - file = {deatonCrisis.pdf:deatonCrisis.pdf:PDF}, - url = {http://oep.oxfordjournals.org/content/64/1/1.abstract}, -} - -@Article{dsHappiness, - author = {Deaton, Angus and Stone, Arthur A}, - title = {{T}wo {H}appiness {P}uzzles}, - journal = {American Economic Review Papers and Proceedings}, - year = {2013}, - file = {dsHappiness.pdf:dsHappiness.pdf:PDF}, -} - -@Article{agAssetReturns, - author = {Aiyagari, S. Rao and Gertler, Mark}, - title = {Asset Returns with Transactions Costs and Uninsured Individual Risk}, - journal = {Journal of Monetary Economics}, - year = {1990}, - pages = {311--331}, -} - -@TechReport{amCreditAndC, - author = {Aron, Janine and Muellbauer, John}, - title = {Housing Wealth, Credit Conditions and Consumption}, - institution = {Centre for the Study of African Economies, Oxford University}, - year = {2006}, - type = {working paper}, - number = {9}, - month = {June}, -} - -@Article{arrowGrowth, - author = {Arrow, Kenneth J.}, - title = {The Economic Implications of Learning by Doing}, - journal = {Review of Economic Studies}, - year = {1962}, - volume = {29}, - number = {3}, - pages = {155--173}, - month = {June}, - bdsk-url-1 = {http://links.jstor.org/sici?sici=0034-6527%28196206%2929%3A3%3C155%3ATEIOLB%3E2.0.CO%3B2-%23}, - citeulike-article-id = {681}, - keywords = {doing learning}, - url = {http://links.jstor.org/sici?sici=0034-6527%28196206%2929%3A3%3C155%3ATEIOLB%3E2.0.CO%3B2-%23}, -} - -@Article{Bacchetta1997, - author = {Philippe Bacchetta and Stefan Gerlach}, - title = {Consumption and Credit Constraints: International Evidence}, - journal = {Journal of Monetary Economics}, - year = {1997}, - volume = {40}, - pages = {207--238}, -} - -@Article{baiPanel, - author = {Bai, Jushan}, - title = {Estimating Cross-section Common Stochastic Trends in Nonstationary Panel Data}, - journal = {Journal of Econometrics}, - year = {2004}, - volume = {122}, - pages = {137--183}, -} - -@Article{baiFactors, - author = {Bai, Jushan}, - title = {Inferential Theory for Factor Models of Large Dimensions}, - journal = {Econometrica}, - year = {2003}, - volume = {71}, - pages = {135--171}, -} - -@Article{Bai2002, - author = {Jushan Bai and Serena Ng}, - title = {Determining the Number of Factors in Approximate Factor Models}, - journal = {Econometrica}, - year = {2002}, - volume = {70}, - pages = {191--221}, -} - -@InCollection{ball:sacrifice, - author = {Ball, Laurence}, - title = {What Determines the Sacrifice Ratio?}, - booktitle = {Monetary Policy}, - publisher = {University of Chicago Press}, - year = {1994)}, - editor = {Mankiw, N. Gregory}, - chapter = {5}, - address = {(Chicago:}, -} - -@Article{batchelorInflation, - author = {Ray Batchelor and A. Orr}, - title = {Inflation Expectations Revisited}, - journal = {Economica}, - year = {1988}, - volume = {55}, - pages = {17--31}, -} - -@Article{bkBootstrap, - author = {Jeremy Berkowitz and Lutz Kilian}, - title = {Recent Developments in Bootstrapping Time Series}, - journal = {Econometric Reviews}, - year = {2000}, - volume = {19}, - pages = {1--48}, -} - -@Article{bbDataRich, - author = {Bernanke, Ben and Boivin, Jean}, - title = {Monetary Policy in a Data-Rich Environment}, - journal = {Journal of Monetary Economics}, - year = {2003}, - volume = {50}, - pages = {525--546}, -} - -@TechReport{ber02, - author = {Carol Bertaut}, - title = {Equity Prices, Household Wealth, and Consumption Growth in Foreign Industrial Countries: Wealth Effects in the 1990s}, - institution = {Federal Reserve Board}, - year = {2002}, - type = {IFDP working paper}, - number = {724}, -} - -@Article{bnMoreBetter, - author = {Boivin, Jean and Ng, Serena}, - title = {Are More Data Always Better for Factor Analysis?}, - journal = {Journal of Econometrics}, - year = {2005}, - volume = ..., - pages = {...}, -} - -@Article{bxTayVsCay, - author = {Michael J. Brennan and Y. Xia}, - title = {Tay's as Good as Cay}, - journal = {Finance Research Letters}, - year = {2005}, - volume = {2}, - pages = {1--14}, - note = {\url{http://dx.doi.org/10.1016/j.frl.2004.10.001}}, - doi = {doi:10.1016/j.frl.2004.10.001}, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/bxTayVsCay.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/bxTayVsCay.pdf:PDF}, - url = {http://dx.doi.org/10.1016/j.frl.2004.10.001}, -} - -@Article{browningCollado:AntIncChanges, - author = {Browning, Martin and Collado, M. Dolores}, - title = {The Response of Expenditures to Anticipated Income Changes: Panel Data Estimates}, - journal = {American Economic Review}, - year = {2001}, - volume = {91}, - number = {3}, - pages = {681--692}, - month = aug, -} - -@Article{bd03, - author = {Joseph P. Byrne and E. Phillip Davis}, - title = {Disaggregate Wealth and Aggregate Consumption: An Investigation of Empirical Relationships for the G7}, - journal = {Oxford Bulletin of Economics and Statistics}, - year = {2003}, - volume = {65}, - number = {2}, - pages = {197--220}, - month = {05}, -} - -@Article{cc07_microWealthE, - author = {John Y. Campbell and {Jo\~ao} F. Cocco}, - title = {How Do House Prices Affect Consumption? Evidence from Micro Data}, - journal = {Journal of Monetary Economics}, - year = {2007}, - volume = {54}, - number = {3}, - pages = {591--621}, - note = {forthcoming}, -} - -@Article{Carlson1975, - author = {J. Carlson and M. Parkin}, - title = {Inflation Expectations}, - journal = {Economica}, - year = {1975}, - volume = {42}, - pages = {123--137}, -} - -@Article{2PeriodLCModel, - author = {Carroll, Christopher D.}, - title = {The Random Walk Model of Consumption}, - journal = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/2PeriodLCModel% .pdf}, - year = {2006}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/2PeriodLCModel.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/2PeriodLCModel.pdf}, -} - -@Article{BufferStockAgeProfiles, - author = {Carroll, Christopher D.}, - title = {BufferStockAgeProfiles}, - journal = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/BufferStockAge% Profiles.pdf}, - year = {2006}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/BufferStockAgeProfiles.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/BufferStockAgeProfiles.pdf}, -} - -@Article{EpiOfC, - author = {Carroll, Christopher D.}, - title = {Sticky Expectations and Consumption Dynamics}, - journal = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/EpiOfC.pdf}, - year = {2006}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/EpiOfC.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/EpiOfC.pdf}, -} - -@Article{carroll:epidemicInflQJE, - author = {Carroll, Christopher D.}, - title = {{M}acroeconomic {E}xpectations of {H}ouseholds and {P}rofessional {F}orecasters}, - journal = {Quarterly Journal of Economics}, - year = {2003}, - volume = {118}, - number = {1}, - pages = {269--298}, - note = {\href{https://www.econ2.jhu.edu/people/ccarroll/epidemiologyQJE.pdf}{[PDF]},\href{https://www.econ2.jhu.edu/people/ccarroll/Epidemiology.zip}{[Code]}}, - url = {https://www.econ2.jhu.edu/people/ccarroll/epidemiologyQJE.pdf}, -} - -@Article{carroll:epidemicinfljhu, - author = {Carroll, Christopher D.}, - title = {The Epidemiology of Macroeconomic Expectations}, - journal = {Johns Hopkins University Economics Department Working Paper Number 462}, - year = {2002}, - month = {December}, -} - -@Article{carrollRequiem, - author = {Carroll, Christopher D.}, - title = {Requiem for the Representative Consumer? Aggregate Implications of Microeconomic Consumption Behavior}, - journal = {American Economic Review}, - year = {2000}, - volume = {90}, - number = {2}, - pages = {110--115}, - month = {May}, - note = {At \url{https://www.econ2.jhu.edu/people/ccarroll/RequiemFull.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/RequiemFull.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/RequiemFull.pdf}, -} - -@Article{carrollRequiemNoNotes, - author = {Carroll, Christopher D.}, - title = {Requiem for the Representative Consumer? Aggregate Implications of Microeconomic Consumption Behavior}, - journal = {American Economic Review}, - year = {2000}, - volume = {90}, - number = {2}, - pages = {110--115}, - month = {May}, - note = {At \url{https://www.econ2.jhu.edu/people/ccarroll/RequiemFull.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/RequiemFull.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/RequiemFull.pdf}, -} - -@TechReport{cosHowLarge, - author = {Carroll, Christopher D. and Otsuka, Misuzu and Slacalek, Jiri}, - title = {How Large Is the Housing Wealth Effect? A New Approach}, - institution = {Johns Hopkins University}, - year = {2006}, - type = {Working Paper No. 535}, - number = {12746}, - address = {\href{http://www.econ.jhu.edu/pdf/papers/wp535carroll.pdf}{www.econ.jhu.edu/pdf/papers/wp535carroll.pdf}}, - month = {October}, -} - -@TechReport{cssIntlStickyCECB, - author = {Carroll, Christopher D. and Slacalek, Jiri and Sommer, Martin}, - title = {International evidence on sticky consumption growth}, - institution = {European Central Bank}, - year = {2008}, - type = {Working Paper Series}, - number = {886}, - month = Mar, - bdsk-url-1 = {http://ideas.repec.org/p/ecb/ecbwps/20080886.html}, - score = {80}, - url = {http://ideas.repec.org/p/ecb/ecbwps/20080886.html}, -} - -@Article{cstStickyC, - author = {Carroll, Christopher D. and Slacalek, Jiri and Tokuoka, Kiichi}, - title = {Sticky Expectations and Consumption Dynamics}, - journal = {Manuscript, Johns Hopkins University}, - year = {2011}, - note = {\url{http://llorracc.net/Hidden/Papers/cstStickyC}}, - bdsk-url-1 = {http://llorracc.net/Hidden/Papers/cstStickyC.pdf}, - url = {http://llorracc.net/Hidden/Papers/cstStickyC.pdf}, -} - -@Article{crFactor, - author = {Chamberlain, Gary and Rothschild, Michael}, - title = {Arbitrage Factor Stucture, and Mean--Variance Analysis of Large Asset Markets}, - journal = {Econometrica}, - year = {1983}, - pages = {1281--1304}, -} - -@Article{chPooling, - author = {Michael P. Clements and David F. Hendry}, - title = {Pooling of Forecasts}, - journal = {The Econometrics Journal}, - year = {2004}, - volume = {7(1)}, - pages = {1--31}, -} - -@Article{coccoPortfolioHousing, - author = {{Jo\~ao} F. Cocco}, - title = {Portfolio Choice in the Presence of Housing}, - journal = {Review of Financial Studies}, - year = {2005}, - volume = {18}, - pages = {535--567}, -} - -@Article{csInflation, - author = {Cogley, Timothy and Sargent, Thomas}, - title = {Evolving Post World War II US Inflation Dynamics}, - journal = {NBER Macroeconomics Annual}, - year = {2001}, - volume = {16}, - pages = {331--373}, -} - -@Article{croushore:introSPF, - author = {Croushore, Dean}, - title = {Introducing: The Survey of Professional Forecasters}, - journal = {Federal Reserve Bank of Philadelphia Business Review}, - year = {1993}, - volume = {November/December}, - pages = {3--15}, - month = {November/December}, -} - -@Article{ddfsSticky, - author = {J{\"}org D{\"}opke and Jonas Dovern and Ulrich Fritsche and Jiri Slacalek}, - title = {Sticky Information Phillips Curves: European Evidence}, - journal = {Journal of Money, Credit, and Banking}, - year = {2008}, - volume = {40}, - pages = {1513--1520}, -} - -@InProceedings{dsAssetBooms, - author = {Detken, Carsten and Smets, Frank}, - title = {Asset Price Booms and Monetary Policy}, - booktitle = {Macroeconomic Policies in the World Economy}, - year = {2004}, - editor = {Siebert, Horst}, - pages = {189--227}, - publisher = {Springer}, -} - -@Article{dhj:houseprices, - author = {Richard Disney and John Gathergood and Andrew Henley}, - title = {House Price Shocks, Negative Equity and Household Consumption in the United Kingdom}, - journal = {Journal of the European Economic Association}, - year = {2010}, - volume = {8}, - number = {6}, - pages = {1179--1207}, - month = {December}, - institution = {University of Nottingham}, -} - -@TechReport{dvornak&kohler:wealtheffects, - author = {Nikola Dvornak and Marion Kohler}, - title = {Housing Wealth, Stock Market Wealth and Consumption: A Panel Analysis for Australia}, - institution = {Reserve Bank of Australia}, - year = {2003}, - type = {Reserve Bank of Australia Discussion Paper}, - number = {23}, - month = Jul, -} - -@Article{engelhardtHandS, - author = {Gary V. Engelhardt}, - title = {House Prices and Home Owner Saving Behavior}, - journal = {Regional Science and Urban Economics}, - year = {1996}, - volume = {26}, - pages = {313--336}, -} - -@Article{fcHabits, - author = {Ferson, Wayne and Constantinides, George M.}, - title = {Habit Persistence and Durability in Aggregate Consumption}, - journal = {Journal of Financial Economics}, - year = {1991}, - volume = {29}, - number = {2}, - pages = {199--240}, -} - -@Article{Forni1998, - author = {Forni, Mario and Reichlin, Lucrezia}, - title = {Let's Get Real: A Dynamic Factor Analytical Approach to Disaggregated Business Cycle}, - journal = {Review of Economic Studies}, - year = {1998}, - volume = {65}, - pages = {453--474}, -} - -@TechReport{girouard&blondal:houseprices, - author = {Girouard, Nathalie and Bl{{\"}o}ndal, Sveinbj{{\"}o}rn}, - title = {House Price and Economic Activity}, - institution = {OECD Economics Department}, - year = {2001}, - type = {OECD Economics Department Working Paper}, - number = {279}, - month = Jan, -} - -@Book{ghjPortfolios, - title = {Household Portfolios}, - publisher = {MIT Press}, - year = {2001}, - author = {Guiso, Luigi and Haliassos, Michael and Jappelli, Tullio}, -} - -@Article{guvenen, - author = {Guvenen, Fatih}, - title = {An Empirical Investigation of Labor Income Processes}, - journal = {Review of Economic Dynamics}, - year = {2009}, - volume = {12}, - number = {1}, - pages = {58--79}, -} - -@Article{hlRiskSharing, - author = {Heaton, John and Lucas, Deborah J.}, - title = {Evaluating the Effects of Incomplete Markets on Risk Sharing and Asset Pricing}, - journal = {Journal of Political Economy}, - year = {1996}, - volume = {104}, - pages = {443--487}, -} - -@Article{Kaplan:2012hs, - author = {Kaplan, Greg}, - title = {{Inequality and the life cycle}}, - journal = {Quantitative Economics}, - year = {2012}, - volume = {3}, - number = {3}, - pages = {471--525}, - month = nov, - date-added = {2013-04-07T22:40:17GMT+00:00}, - date-modified = {2013-04-07T23:27:49GMT+00:00}, - doi = {10.3982/QE200}, - file = {{Quantitative_Economics_2012_Kaplan.pdf:/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2012/Kaplan/Quantitative_Economics_2012_Kaplan.pdf:application/pdf}}, - language = {English}, - local-url = {file://localhost/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2012/Kaplan/Quantitative_Economics_2012_Kaplan.pdf}, - publisher = {Wiley Online Library}, - rating = {0}, - read = {Yes}, - uri = {\url{papers2://publication/doi/10.3982/QE200}}, - url = {http://doi.wiley.com/10.3982/QE200}, -} - -@Article{kennickell, - author = {Kennickell, Arthur B.}, - title = {Saving and Permanent Income: Evidence from the 1992 SCF}, - journal = {Board of Governors of the Federal Reserve System}, - year = {1995}, -} - -@Article{Levin2001, - author = {Laurence Levin}, - title = {Are Assets Fungible? Testing the Behavioral Theory of Life Cycle Saving}, - journal = {Journal of Economic Behavior and Organization}, - year = {2001}, - volume = {36}, - pages = {59--83}, -} - -@Article{lev02, - author = {Levine, Ross}, - title = {Bank-Based or Market-Based Financial Systems: Which Is Better?}, - journal = {Journal of Financial Intermediation}, - year = {2002}, - volume = {11}, - pages = {1--30}, -} - -@Article{lucas:imperfectInfo, - author = {Lucas, Robert E.}, - title = {Some International Evidence on Output-Inflation Tradeoffs}, - journal = {American Economic Review}, - year = {1973}, - volume = {63}, - number = {3}, - pages = {326--334}, - month = {June}, -} - -@TechReport{ls02, - author = {Ludwig, Alexander and {Sl{\o}k}, Torsten}, - title = {The Impact of Changes in Stock Prices and House Prices on Consumption in OECD Countries}, - institution = {International Monetary Fund}, - year = {2002}, - type = {IMF woking paper}, - number = {1}, -} - -@Article{lusardi, - author = {Lusardi, Annamaria}, - title = {Permanent Income, Current Income, and Consumption: Evidence from Two Panel Data Sets}, - journal = {Journal of Business and Economic Statistics}, - year = {1996}, - volume = {14}, - number = {1}, - pages = {81--90}, - month = {January}, -} - -@Article{mankiwEtAl03, - author = {N. Gregory Mankiw and Ricardo Reis and Justin Wolfers}, - title = {Disagreement on Inflation Expectations}, - journal = {NBER Macroeconomics Annual}, - year = {2003}, - pages = {209--248}, -} - -@Article{prescott, - author = {Prescott, Edward C.}, - title = {Theory Ahead of Business Cycle Measurement}, - journal = {Carnegie-Rochester Conference Series on Public Policy}, - year = {1986}, - volume = {25}, - pages = {11--44}, - note = {\url{http://ideas.repec.org/p/fip/fedmsr/102.html}}, - bdsk-url-1 = {http://ideas.repec.org/p/fip/fedmsr/102.html}, - url = {http://ideas.repec.org/p/fip/fedmsr/102.html}, -} - -@Article{prescottTheoryAhead, - author = {Prescott, Edward C.}, - title = {Theory Ahead of Business Cycle Measurement}, - journal = {Carnegie-Rochester Conference Series on Public Policy}, - year = 1986, - volume = 25, - pages = {11--44}, - note = {\url{http://ideas.repec.org/p/fip/fedmsr/102.html}}, - bdsk-url-1 = {http://ideas.repec.org/p/fip/fedmsr/102.html}, - url = {http://ideas.repec.org/p/fip/fedmsr/102.html}, -} - -@Article{reis:inpro, - author = {Ricardo Reis}, - title = {Inattentive Producers}, - journal = {Review of Economic Studies}, - year = {2006}, - volume = {73}, - number = {3}, - pages = {793--821}, -} - -@Article{reisInattentiveC, - author = {Reis, Ricardo}, - title = {Inattentive Consumers}, - journal = {Journal of Monetary Economics}, - year = {2006}, - volume = {53}, - number = {8}, - pages = {1761--1800}, - month = {November}, - bdsk-url-1 = {http://ideas.repec.org/a/eee/moneco/v53y2006i8p1761-1800.html}, - publisher = {Elsevier}, - url = {http://ideas.repec.org/a/eee/moneco/v53y2006i8p1761-1800.html}, -} - -@Article{frederickLoewensteinODonogue:discountReview, - author = {Shane Frederick and George Loewenstein and Ted {O'Donogue}}, - title = {Time Discounting and Time Preference: A Critical Review}, - journal = {Journal of Economic Literature}, - year = {2002}, - volume = {XL}, - number = {2}, - pages = {351--401}, - issn = {00220515}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/2698382}, -} - -@Book{lsamuelsonEvolutionary, - title = {Evolutionary Games and Equilibrium Selection}, - publisher = {Princeton University Press}, - year = {1997}, - author = {Samuelson, Larry}, - address = {Cambridge}, -} - -@Article{samuelsonOLG, - author = {Samuelson, Paul A.}, - title = {An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money}, - journal = {Journal of Political Economy}, - year = {1958}, - volume = {66}, - number = {6}, - pages = {467--482}, - issn = {00223808, 1537534X}, - publisher = {University of Chicago Press}, - url = {http://www.jstor.org/stable/1826989}, -} - -@Book{shillerIEed2, - title = {Irrational Exuberance}, - publisher = {Princeton University Press}, - year = {2005}, - author = {Shiller, Robert J.}, - edition = {2}, - month = {March}, - date = {2005}, -} - -@Article{SongStorenslettenZilibotti11, - author = {Song, Zheng and Storesletten, Kjetil and Zilibotti, Fabrizio}, - title = {Growing Like China}, - journal = {The American Economic Review}, - year = {2011}, - volume = {101}, - number = {1}, - pages = {196--233}, -} - -@InProceedings{swIntlBusCyca, - author = {James H. Stock and Mark W. Watson}, - title = {Forecasting with Many Predictors}, - booktitle = {The Handbook of Economic Forecasting}, - year = {2005}, - editor = {Graham Elliott and Clive Granger and Allan Timmermann}, - publisher = {Elsevier/North Holland}, -} - -@Article{Wilcox:92, - author = {Wilcox, David W.}, - title = {The Construction of U.S. Consumption Data: Some Facts and Their Implications for Empirical Work}, - journal = {The American Economic Review}, - year = {1992}, - volume = {82}, - number = {4}, - pages = {922--941}, - month = {September}, -} - -@Article{jwilliamsonKorea, - author = {Williamson, Jeffrey G.}, - title = {Why Do {K}oreans Save 'So Little'?}, - journal = {Journal of Development Economics}, - year = {1979}, - volume = {6}, - pages = {343--362}, - month = {September}, -} - -@InCollection{carroll:richsave, - author = {Carroll, Christopher D.}, - title = {{W}hy {D}o the {R}ich {S}ave {S}o {M}uch?}, - booktitle = {{D}oes {A}tlas {S}hrug? {T}he {E}conomic {C}onsequences of {T}axing the {R}ich}, - publisher = {Harvard University Press}, - year = {2000}, - editor = {Slemrod, Joel B.}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/Why.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/Why.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/Why.pdf}, -} - -@Article{summers&carroll:brookings, - author = {Summers, Lawrence H. and Carroll, Christopher D.}, - title = {Why is U.S.\ National Saving So Low?}, - journal = {Brookings Papers on Economic Activity}, - year = {1987}, - volume = {1987}, - number = {2}, - pages = {607--636}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/NatSavSoLow.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/NatSavSoLow.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/NatSavSoLow.pdf}, -} - -@InProceedings{mbUtility, - author = {Modigliani, Franco and Brumberg, Richard}, - title = {Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data}, - booktitle = {Post-Keynesian Economics}, - year = {1954}, - editor = {Kurihara, Kenneth K.}, - address = {New Brunswick, NJ}, - publisher = {Rutgers University Press}, -} - -@Article{cstKS, - author = {Carroll, Christopher D and Slacalek, Jiri and Tokuoka, Kiichi}, - title = {Buffer-Stock Saving in a Krusell--Smith World}, - journal = {Economics Letters}, - year = {2015}, - volume = {132}, - pages = {97--100}, - note = {At \url{https://www.econ2.jhu.edu/people/ccarroll/papers/cstKS/}; extended version available as ECB Working Paper number 1633, \url{https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1633.pdf}}, - doi = {doi:10.1016/j.econlet.2015.04.021}, - publisher = {Elsevier}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/cstKS/}, -} - -@Article{carrollEGM, - author = {Carroll, Christopher D.}, - title = {The {M}ethod of {E}ndogenous {G}ridpoints for {S}olving {D}ynamic {S}tochastic {O}ptimization {P}roblems}, - journal = {Economics Letters}, - year = {2006}, - volume = {91}, - number = {3}, - pages = {312--320}, - month = {September}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/EndogenousGridpoints.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/EndogenousArchive.zip}, - bdsk-url-2 = {http://dx.doi.org/10.1016/j.econlet.2005.09.013}, - doi = {10.1016/j.econlet.2005.09.013}, - url = {https://www.econ2.jhu.edu/people/ccarroll/EndogenousArchive.zip}, -} - -@Book{deatonUnderstandingCNotes, - title = {{U}nderstanding {C}onsumption}, - publisher = {Oxford University Press}, - year = {1992}, - author = {Deaton, Angus S.}, - address = {New York}, -} - -@Book{deatonUnderstandingC, - title = {{U}nderstanding {C}onsumption}, - publisher = {Oxford University Press}, - year = {1992}, - author = {Deaton, Angus S.}, - address = {New York}, -} - -@TechReport{bgpHousing, - author = {Bostic, Raphael and Gabriel, Stuart and Painter, Gary}, - title = {Housing Wealth, Financial Wealth, and Consumption: New Evidence from Micro Data}, - institution = {University of Southern California}, - year = {2005}, - type = {working paper}, - month = {December}, -} - -@Article{aw95, - author = {Orazio Attanasio and Guglielmo Weber}, - title = {Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey}, - journal = {Journal of Political Economy}, - year = {1995}, - volume = {103}, - number = {6}, - pages = {1121-57}, - month = {December}, -} - -@Article{ersAutoregressive, - author = {Graham Elliott and Thomas J. Rothenberg and James H. Stock}, - title = {Efficient Tests for an Autoregressive Root}, - journal = {Econometrica}, - year = {1996}, - volume = {64}, - number = {4}, - pages = {813--836}, - month = {July}, -} - -@Article{greenCalifornia, - author = {Richard K. Green}, - title = {Stock Prices and House Prices in California: New Evidence of a Wealth Effect}, - journal = {Regional Science and Urban Economics}, - year = {2002}, - volume = {32}, - pages = {775--783}, -} - -@Article{glAssetPricing, - author = {Grossman, Sanford J. and Laroque, Guy S.}, - title = {Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods}, - journal = {Econometrica}, - year = {1990}, - volume = {58}, - number = {1}, - pages = {25--51}, -} - -@Article{inSpillovers, - author = {Iacoviello, Matteo and Neri, Stefano}, - title = {Housing Market Spillovers: Evidence from an Estimated DSGE Model}, - journal = {AEJ Macro}, - year = {2010}, - pages = {forthcoming}, - note = {forthcoming}, - institution = {Boston College, Department of Economics}, - type = {working paper}, -} - -@Article{ssModeration, - author = {Sabelhaus, John and Song, Jae}, - title = {The Great Moderation in Micro Labor Earnings}, - journal = {Journal of Monetary Economics}, - year = {2010}, - volume = {57}, - number = {4}, - pages = {391--403}, - month = {May}, - note = {\url{http://ideas.repec.org/a/eee/moneco/v57y2010i4p391-403.html}}, - abstract = {Between 1980 and the early 1990s the variability of - labor earnings growth rates across the prime-age - working population fell significantly. This decline - and timing are consistent with other macro and micro - observations about growth variability that are - collectively referred to as the \"Great - Moderation.\" The variability of earnings - growth is negatively correlated with age at any - point in time, and the U.S. working age population - got older during this period because the Baby Boom - was aging. However, the decrease in variability was - roughly uniform across all age groups, so population - aging is not the source of the overall decline. The - variance of log changes also declined at multi-year - frequencies in such a way as to suggest that both - permanent and transitory components of earnings - shocks became more moderate. A simple identification - strategy for separating age and cohort effects shows - a very intuitive pattern of permanent and transitory - shocks over the life cycle, and confirms that a - shift over time in the stochastic process occurred - even after controlling for age effects.}, - date-added = {2013-04-07T22:40:16GMT+00:00}, - date-modified = {2013-04-07T23:27:49GMT+00:00}, - doi = {10.1016/j.jmoneco.2010.04.003}, - file = {ssModeration.pdf:ssModeration.pdf:PDF}, - keywords = { Labor earnings Earnings volatility Great moderation}, - language = {English}, - local-url = {file://localhost/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2010/Sabelhaus/Journal_of_Monetary_Economics_2010_Sabelhaus.pdf}, - rating = {0}, - uri = {\url{papers2://publication/doi/10.1016/j.jmoneco.2010.04.003}}, - url = {http://ideas.repec.org/a/eee/moneco/v57y2010i4p391-403.html}, -} - -@Article{deatonLiqConstr, - author = {Deaton, Angus S.}, - title = {Saving and Liquidity Constraints}, - journal = {Econometrica}, - year = {1991}, - volume = {59}, - pages = {1221-1248}, - note = {\url{http://www.jstor.org/stable/2938366}}, - bdsk-url-1 = {http://ideas.repec.org/a/ecm/emetrp/v59y1991i5p1221-48.html}, - file = {deatonLiqConstr.pdf:deatonLiqConstr.pdf:PDF}, - owner = {Nic Johnson}, - url = {http://www.jstor.org/stable/2938366}, -} - -@Article{cagettiWprofiles, - author = {Marco Cagetti}, - title = {Wealth Accumulation Over the Life Cycle and Precautionary Savings}, - journal = {Journal of Business and Economic Statistics}, - year = {2003}, - volume = {21}, - number = {3}, - pages = {339--353}, -} - -@Article{Cagetti, - author = {Marco Cagetti}, - title = {Wealth Accumulation Over the Life Cycle and Precautionary Savings}, - journal = {Journal of Business and Economic Statistics}, - year = {2003}, - volume = {21}, - number = {3}, - pages = {339--353}, -} - -@Article{pikettySaez:incomeIneq_qje03, - author = {Thomas Piketty and Emmanuel Saez}, - title = {Income Ineuality in the United States, 1913--1998}, - journal = {Quarterly Journal of Economics}, - year = {2003}, - volume = {118}, - number = {1}, - pages = {1--39}, - month = {February}, -} - - -@Article{demyanykEtAl_JoF07_deregulation, - author = {Yuliya Demyanyk and Charlotte Ostergaard and Bent E. S{\o}rensen}, - title = {U.S. Banking Deregulation, Small Businesses, and Interstate Insurance of Personal Income}, - journal = {Journal of Finance}, - year = {2007}, - volume = {62}, - number = {6}, - pages = {2763--2801}, - month = {December}, - abstract = { We estimate the effects of deregulation of U.S. banking restrictions on interstate personal income insurance for the period 1970 to 2001. Interstate income insurance occurs when personal income reacts less than one-to-one to state-specific output shocks. We find that insurance improved after banking deregulation, with a larger effect in states where small businesses are more important and on proprietors' income than on other components of personal income. Our explanation centers on the role of banks as a prime source of small business finance and on the close intertwining of the personal and business finances of small business owners. Copyright 2007 by The American Finance Association.}, - url = {https://ideas.repec.org/a/bla/jfinan/v62y2007i6p2763-2801.html}, -} - -@Article{carroll:brookings, - author = {Carroll, Christopher D.}, - title = {The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence}, - journal = {Brookings Papers on Economic Activity}, - year = {1992}, - volume = {1992}, - number = {2}, - pages = {61--156}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/BufferStockBPEA.pdf}}, - score = {30}, - url = {https://www.econ2.jhu.edu/people/ccarroll/BufferStockBPEA.pdf}, -} - -@Article{carrollBrookings, - author = {Carroll, Christopher D.}, - title = {The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence}, - journal = {Brookings Papers on Economic Activity}, - year = {1992}, - volume = {1992}, - number = {2}, - pages = {61--156}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/BufferStockBPEA.pdf}}, - score = {30}, - url = {https://www.econ2.jhu.edu/people/ccarroll/BufferStockBPEA.pdf}, -} - -@Comment{jabref-meta: databaseType:bibtex;} - -@Comment{jabref-meta: grouping: -0 AllEntriesGroup:; 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Carroll and - Alexander M. Kaufman and - Jacqueline L. Kazil and Nathan M. Palmer and - Matthew N. White}, - booktitle = {{P}roceedings of the 17th {P}ython in {S}cience - {C}onference}, - editor = {{F}atih {A}kici and {D}avid {L}ippa and - {D}illon {N}iederhut and {M} {P}acer}, - pages = {25 - 30}, - title = {{T}he {E}con-{A}{R}{K} and {H}{A}{R}{K}: {O}pen - {S}ource {T}ools for {C}omputational {E}conomics}, - year = {2018}, - note = {doi: \href{https://doi.org/10.5281/zenodo.1001067}{10.5281/zenodo.1001067}}, -} - -@techreport{hkpMemory, - title = {On the Welfare Cost of Consumption Fluctuations in the Presence of Memorable Goods}, - author = {Hai, Rong and Krueger, Dirk and Postlewaite, Andrew}, - institution = {National Bureau of Economic Research}, - type = {working paper}, - number = {19386}, - year = {2013}, -} - - -@article{denmark_pandemics, - author = {Asger Lau Andersen and Emil Toft Hansen and Niels Johannesen and Adam Sheridan}, - journal = {Covid Economics}, - volume = {7}, - pages = {88--111}, - title = {Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data}, - year = {2020}, -} - -@article{rsHANKandSAM, - title={Macroeconomic fluctuations with HANK \& SAM: An analytical approach}, - author={Ravn, Morten O and Sterk, Vincent}, - year={2016}, - publisher={CEPR Discussion Paper No. DP11696} -} - -@article{bblShocks, - title = {Shocks and Frictions in US Business Cycles with Heterogeneous Agents}, - year = {2019}, - month = {September}, - journal = {Manuscript, University College London}, - author = {Bayer, Christian and Benjamin Born and Ralph Luetticke}, -} - -@article{bptRisk, - title = {Precautionary Savings, Illiquid Assets, and the Aggregate Consequences of Shocks to Household Income Risk}, - author = {Bayer, Christian and Ralph Luetticke and Lien Pham-Dao and Volker Tjaden}, - journal = {Econometrica}, - year = {2019}, - volume = {87} -} - - -@article{gdTANK, - title={Monetary policy with heterogeneous agents: Insights from TANK models}, - author={Debortoli, Davide and Gal{\'\i}, Jordi and others}, - journal={Manuscript, September}, - year={2017} -} - -@techreport{dhmEarningsDynamics, - title = "Improving the Measurement of Earnings Dynamics", - author = "Daly, Moira and Hryshko, Dmytro and Manovskii, Iourii", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "22938", - year = "2016", - month = "December", - doi = {10.3386/w22938}, - URL = "http://www.nber.org/papers/w22938", - abstract = {The stochastic process for earnings is the key element of incomplete markets models in modern quantitative macroeconomics. We show that a simple modification of the canonical process used in the literature leads to a dramatic improvement in the measurement of earnings dynamics in administrative and survey data alike. Empirically, earnings at the start or end of earnings spells are lower and more volatile than the observations in the interior of earnings histories, reflecting the effects of working less than the full year as well as deviations of wages due to e.g. tenure effects. Ignoring these properties of earnings, as is standard in the literature, leads to a substantial mismeasurement of the variances of permanent and transitory shocks and induces the large and widely documented divergence in the estimates of these variances based on fitting the earnings moments in levels or growth rates. Accounting for these effects enables more accurate analysis using quantitative models with permanent and transitory earnings risk, and improves empirical estimates of consumption insurance against permanent earnings shocks.}, -} - -@article{ccswCovidCares, - title = {Modeling the Consumption Response to the CARES Act}, - author = {Christopher D. Carroll and Edmund Crawley and Jiri Slacalek and Matthew N. White}, - journal={Covid Economics}, - pages = {62--86}, - issue = {10}, - year = {2020}, - month = {April}, - doi = {10.5281/zenodo.3803590}, - url = {https://econ-ark.github.com/Pandemic} -} - -@inproceedings{saDiscrete, - address = {Berlin, Heidelberg}, - title = {Precise approximations of the probability distribution of a markov process in time: {An} application to probabilistic invariance}, - isbn = {978-3-642-54862-8}, - abstract = {The goal of this work is to formally abstract a Markov process evolving over a general state space as a finite-state Markov chain, with the objective of precisely approximating the state probability distribution of the Markov process in time. The approach uses a partition of the state space and is based on the computation of the average transition probability between partition sets. In the case of unbounded state spaces, a procedure for precisely truncating the state space within a compact set is provided, together with an error bound that depends on the asymptotic properties of the transition kernel of the Markov process. In the case of compact state spaces, the work provides error bounds that depend on the diameters of the partitions, and as such the errors can be tuned. The method is applied to the problem of computing probabilistic invariance of the model under study, and the result is compared to an alternative approach in the literature.}, - booktitle = {Tools and algorithms for the construction and analysis of systems}, - publisher = {Springer Berlin Heidelberg}, - author = {Soudjani, Sadegh~Esmaeil~Zadeh and Abate, Alessandro}, - editor = {Abraham, Erika and Havelund, Klaus}, - year = {2014}, - pages = {547--561}, - doi = {10.1007/978-3-642-54862-8_45} -} - -@techreport{hkpMemorySSRN, - title = "On the Welfare Cost of Consumption Fluctuations in the Presence of Memorable Goods", - author = "Hai, Rong and Krueger, Dirk and Postlewaite, Andrew", - type = "Working Paper", - institution = "SSRN", - year = {2018}, - URL = "https://ssrn.com/abstract=3263498", - abstract = {We propose a new classification of consumption goods into nondurable goods, durable goods and a new class which we call "memorable" goods. A good is memorable if a consumer can draw current utility from its past consumption experience through memory. We propose a novel consumption-savings model in which a consumer has a well-defined preference ordering over both nondurable goods and memorable goods. Memorable goods consumption differs from nondurable goods consumption in that current memorable goods consumption may also impact future utility through the accumulation process of the stock of memory. In our model, households optimally choose a lumpy profile of memorable goods consumption even in a frictionless world. Using Consumer Expenditure Survey data, we then document levels and volatilities of different groups of consumption goods expenditures, as well as their expenditure patterns, and show that the expenditure patterns on memorable goods indeed differ significantly from those on nondurable and durable goods. Finally, we empirically evaluate our model's predictions with respect to the welfare cost of consumption fluctuations and conduct an excess-sensitivity test of the consumption response to predictable income changes. We find that (i) the welfare cost of household-level consumption fluctuations may be overstated by 1.7 percentage points (11.9\% points as opposed to 13.6\% points of permanent consumption) if memorable goods are not appropriately accounted for; (ii) the finding of excess sensitivity of consumption documented in important papers of the literature might be entirely due to the presence of memorable goods.}, -} - -@article{healthWealth, - author = {Andrew Glover and Jonathan Heathcote and Dirk Krueger and - Jos{\'e}-V{\'\i}ctor R{\'\i}os-Rull}, - journal = {Covid Economics}, - volume = {6}, - pages = {22--64}, - title = {Health versus Wealth: On the Distributional Effects - of Controlling a Pandemic}, - year = {2020}, -} -@article{faria_FPpandemic, - author = {Miguel {Faria-e-Castro}}, - journal = {Covid Economics}, - volume = {2}, - pages = {67--101}, - title = {Fiscal Policy during a Pandemic}, - year = {2020}, -} - -@article{jorda_pandemics, - author = {Jorda, Oscar and Singh, Sanjay R. and Taylor, Alan M.}, - journal = {Covid Economics}, - volume = {1}, - pages = {1--15}, - title = {Longer-run Economic Consequences of Pandemics}, - year = {2020}, -} - - -@techreport{bblmMultiplier, -author={Christian Bayer and Benjamin Born and Ralph Luetticke and Gernot Muller}, -title ={The Coronavirus Stimulus Package: How Large is the Transfer Multiplier?}, -institution={Centre for Economic Policy Research}, -year={2020}, -month={April}, -type={Working Paper}, -journal={CEPR Working Paper DP14600}, -url={https://portal.cepr.org/discussion-paper/16193} -} - -@techreport{BickBlandin2020, - author = {Alexander Bick and Adam Blandin}, - month = {April}, - type = {Working paper}, - institution = {Arizona State University}, - title = {Real Time Labor Market Estimates During the 2020 Coronavirus Outbreak}, - year = {2020}, - url = {https://alexbick.weebly.com/uploads/1/0/1/3/101306056/bb_covid.pdf}, -} - -@TechReport{bayer_corona, - author = {Christian Bayer and Benjamin Born and Ralph Luetticke and Gernot J. M\"{u}ller}, - title = {The Coronavirus Stimulus Package: How Large Is the Transfer Multiplier?}, - year = {2020}, - type = {discussion paper}, - institution = {CEPR}, - number = {14600}, -} - -@techreport{ConsumptionResponse, - author = {Carroll, Christopher D. and Edmund Crawley and Jiri Slacalek and Matthew White}, - title = {Modeling the Consumption Response to the CARES Act}, - journal= {\href{https://github.com/econ-ark.org}{Econ-ARK Project}}, - year = {2020}, -} - -@techreport{SpanishSpending, - author={Carvalho, V.M and J.R. Garcia and S. Hansen and A. Ortiz and T. Rodrigo and J.V. Mora Rodriguez and J. Ruiz}, - year={2020}, - title={Tracking the COVID-19 Crisis with High-Resolution Transaction Data}, - journal={Cambridge Working Papers in Economics CWPE2030)}, - institution={Cambridge University} -} - - -@techreport{krugman_corona, - title = {Notes on Coronacoma Economics}, - author = {Paul Krugman}, - institution = {City University of New York}, - type = {mimeo}, - year = {2020}, -} - -@techreport{covid_USsurvey, - title = {Inequality in the Impact of the Coronavirus Shock: New Survey Evidence for the US}, - author = {Abi {Adams-Prassl} and Teodora Boneva and Marta Golin and Christopher Rauh}, - institution = {Oxford University}, - type = {mimeo}, - year = {2020}, -} - - - -@techreport{SwagelCBO2020, - author = {Swagel, Phill}, - institution = {Congressional Budget Office}, - month = {April}, - type = {Blog post}, - title = {Updating CBO's Economic Forecast to Account for the Pandemic}, - year = {2020}, - url = {https://www.cbo.gov/publication/56314} -} - - -@article{cyranoski_we_2020, - title = {`{We} need to be alert': {Scientists} fear second coronavirus wave as {China}'s lockdowns ease}, - copyright = {2020 Nature}, - shorttitle = {`{We} need to be alert'}, - url = {https://www.nature.com/articles/d41586-020-00938-0}, - doi = {10.1038/d41586-020-00938-0}, - abstract = {Other countries on lockdown will be watching for a resurgence of infections in Hubei province now that travel restrictions are lifting.}, - language = {en}, - urldate = {2020-04-10}, - journal = {Nature}, - author = {Cyranoski, David}, - month = mar, - year = {2020}, - file = {Snapshot:C\:\\Users\\edmun\\Zotero\\storage\\VZAC6KGJ\\d41586-020-00938-0.html:text/html} -} - -@techreport{verner_pandemics, - title = {Pandemics Depress the Economy, Public Health Interventions Do Not: Evidence from the 1918 Flu}, - author = {Sergio Correia and Stephan Luck and Emil Verner}, - institution = {MIT Sloan}, - type = {mimeo}, - year = {2020}, -} - - -@TechReport{ert_covid, - author={Eichenbaum, Martin S. and Rebelo, Sergio and Trabandt, Mathias}, - title={The Macroeconomics of Epidemics}, - year=2020, - type={working paper}, - institution={National Bureau of Economic Research}, - number = {26882}, -} - -@TechReport{aal_covid, - author={Fernando Alvarez and David Argente and Francesco Lippi}, - title={A Simple Planning Problem for {COVID}-19 Lockdown}, - year=2020, - type={ BFI working paper}, - institution={University of Chicago}, - number = {34}, -} - - -@TechReport{covidMacroImpl, - author={Guerrieri, Veronica and Lorenzoni, Guido and Straub, Ludwig and Werning, Ivan}, - title={Macroeconomic Implications of {COVID}-19: Can Negative Supply Shocks Cause Demand Shortages?}, - year=2020, - type={working paper}, - institution={National Bureau of Economic Research}, - number = {26918}, -} - - -@TechReport{kmv_pandemics, - author={Greg Kaplan and Benjamin Moll and Giovanni L. Violante}, - title={Pandemics According to HANK}, - year=2020, - institution={Princeton University}, - type={mimeo}, -} - -@InCollection{akmwwInequality-Discuss, - author={Christopher D. Carroll and Edmund Crawley}, - title={Comment on `When Inequality Matters for Macro and Macro Matters for Inequality'}, - booktitle={{NBER Macroeconomics Annual}}, - publisher={National Bureau of Economic Research}, - year=2017, - month={April}, - volume={32}, - pages={76--92}, -} - -@ARTICLE{carroll_EGM, - author = {Christopher D. Carroll}, - title = {The Method of Endogenous Gridpoints for Solving Dynamic Stochastic - Optimization Problems}, - journal = {Economics Letters}, - year = {2006}, - volume = {91}, - pages = {312--320}, - number = {3} -} - -@misc{nyFedCoronaBlog, - author = {Olivier Armantier and Gizem Kosar and Rachel Pomerantz and Daphne Skandalis and Kyle Smith and Giorgio Topa and Wilbert {van der Klaauw}}, - howpublished = - {\href{https://libertystreeteconomics.newyorkfed.org/2020/04/coronavirus-outbreak-sends-consumer-expectations-plummeting.html}{URL - link retrieved on 04/07/2020 \texttt{here}.}}, - journal = {Liberty Street Economics}, - number = {April 6}, - type = {Blog}, - title = {Coronavirus Outbreak Sends Consumer Expectations Plummeting}, - year = {2020}, -} - - - -@techreport{baker_Cpandemic, - title = {How Does Household Spending Respond to an Epidemic? Consumption During the 2020 COVID-19 Pandemic}, - author = {Baker, Scott R. and Farrokhnia, R. A. and Meyer, Steffen and Pagel, Michaela and Yannelis, Constantine}, - institution = {National Bureau of Economic Research}, - type = {working paper}, - number = {26949}, - year = {2020}, -} - -@InProceedings{carroll_et_al-proc-scipy-2018, - author = { {C}hristopher {D}. {C}arroll and {A}lexander {M}. {K}aufman and {J}acqueline {L}. {K}azil and {N}athan {M}. {P}almer and {M}atthew {N}. {W}hite }, - title = { {T}he {E}con-{A}{R}{K} and {H}{A}{R}{K}: {O}pen {S}ource {T}ools for {C}omputational {E}conomics }, - booktitle = { {P}roceedings of the 17th {P}ython in {S}cience {C}onference }, - pages = { 25 - 30 }, - year = { 2018 }, - editor = { {F}atih {A}kici and {D}avid {L}ippa and {D}illon {N}iederhut and {M} {P}acer }, - doi = { 10.25080/Majora-4af1f417-004 } -} - -@misc{matthew_n_white_2017_1001068, - author = {Christopher D Carroll and Matthew N White and - Team Econ-ARK}, - month = Oct, - note = {Available at via doi:10.5281/zenodo.1001068 or at - \url{https://doi.org/10.5281/zenodo.1001068}}, - title = {econ-ark/HARK: 0.8.0}, - year = {2017}, - doi = {10.5281/zenodo.1001068}, - url = {https://doi.org/10.5281/zenodo.1001068}, -} - -@article{hrsHabit, - author = {Havranek, Tomas and Rusnak, Marek and Sokolova, Anna}, - journal = {European Economic Review}, - pages = {142--167}, - publisher = {Elsevier}, - title = {Habit formation in consumption: A meta-analysis}, - volume = {95}, - year = {2017}, - doi = {10.1016/j.euroecorev.2017.03.009}, - url = {https://doi.org/10.1016/j.euroecorev.2017.03.009}, -} - -@article{cdSmooth, - author = {Campbell, John and Deaton, Angus}, - journal = {The Review of Economic Studies}, - month = {jul}, - note = {\url{http://www.jstor.org/stable/2297552}}, - number = {3}, - pages = {357--373}, - publisher = {The Review of Economic Studies Ltd.}, - title = {{W}hy is {C}onsumption {S}o {S}mooth?}, - volume = {56}, - year = {1989}, - abstract = {For thirty years it has been accepted that - consumption is smooth because permanent income is - smoother than measured income. This paper considers - the evidence for the contrary position, that - permanent income is in fact less smooth than measured - income, so that the smoothness of consumption cannot - be straightforwardly explained by permanent income - theory. The paper argues that in postwar U.S. - quarterly data, consumption is smooth because it - responds with a lag to changes in income.}, - issn = {0034-6527}, - url = {http://www.jstor.org/stable/2297552}, -} - -@article{hallRandomWalk, - author = {Hall, Robert E.}, - journal = {Journal of Political Economy}, - note = {Available at - {\url{http://www.stanford.edu/~rehall/Stochastic-JPE-Dec-1978.pdf}}}, - pages = {971--87}, - title = {Stochastic Implications of the Life-Cycle/Permanent - Income Hypothesis: Theory and Evidence}, - volume = {96}, - year = {1978}, - url = {http://www.stanford.edu/~rehall/Stochastic-JPE-Dec- - 1978.pdf}, -} - -@article{mrSlumps, - author = {Mankiw, N. Gregory and Reis, Ricardo}, - journal = {Quarterly Journal of Economics}, - month = {November}, - number = {4}, - pages = {1295--1328}, - title = {Sticky Information Versus Sticky Prices: A Proposal - to Replace the New Keynesian Phillips Curve}, - volume = {117}, - year = {2002}, -} - -@article{carroll:epidemicinflQJE, - author = {Carroll, Christopher D.}, - journal = {Quarterly Journal of Economics}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/epidemiologyQJE.pdf}}, - number = {1}, - pages = {269--298}, - title = {{M}acroeconomic {E}xpectations of {H}ouseholds and - {P}rofessional {F}orecasters}, - volume = {118}, - year = {2003}, - url = {https://www.econ2.jhu.edu/people/ccarroll/epidemiologyQJE.pdf}, -} - -@article{dynanHabits, - author = {Dynan, Karen E.}, - journal = {American Economic Review}, - note = {\url{http://www.jstor.org/stable/117335}}, - number = {3}, - title = {Habit Formation in Consumer Preferences: Evidence - from Panel Data}, - volume = {90}, - year = {2000}, - url = {http://www.jstor.org/stable/117335}, -} - -@article{ayNearRational, - author = {Akerlof, George A. and Janet L. Yellen}, - journal = {The Quarterly Journal of Economics}, - number = {5}, - pages = {823--38}, - title = {A Near-rational Model of the Business Cycle, with - Wage and Price Intertia}, - volume = {100}, - year = {1985}, -} - -@techreport{arsInvestmentInattention, - author = {Adrien Auclert and Matthew Rognlie and Ludwig Straub}, - institution = {Stanford University}, - type = {mimeo}, - title = {Investment, Heterogeneity, and Inattention}, - year = {2019}, -} - -@article{pischkeMicroMacro, - author = {Pischke, J{\"o}rn-Steffen}, - journal = {Econometrica}, - number = {4}, - pages = {805--40}, - title = {Individual Income, Incomplete Information, and - Aggregate Consumption}, - volume = {63}, - year = {1995}, -} - -@article{simsInattention, - author = {Sims, Christopher}, - journal = {Journal of Monetary Economics}, - note = {available at - \url{http://ideas.repec.org/a/eee/moneco/v50y2003i3p665-690.html}}, - number = {3}, - pages = {665--690}, - title = {Implications of Rational Inattention}, - volume = {50}, - year = {2003}, -} - -@article{gabaixSparsityQJE, - author = {Xavier Gabaix}, - journal = {The Quarterly Journal of Economics}, - number = {4}, - pages = {1661--1710}, - title = {A Sparsity-Based Model of Bounded Rationality}, - volume = {129}, - year = {2014}, - url = {https://ideas.repec.org/a/oup/qjecon/v129y2014i4p1661- - 1710.html}, -} - -@article{reis:inattentive, - author = {Reis, Ricardo}, - journal = {Journal of Monetary Economics}, - number = {8}, - pages = {1761--1800}, - publisher = {Elsevier}, - title = {Inattentive Consumers}, - volume = {53}, - year = {2006}, -} - -@article{mw09:RI, - author = {Ma\'{c}kowiak, Bartosz and Mirko Wiederholt}, - journal = {American Economic Review}, - month = {June}, - number = {3}, - pages = {769-803}, - title = {{Optimal Sticky Prices under Rational Inattention}}, - volume = {99}, - year = {2009}, - abstract = {This paper presents a model in which price setting - firms decide what to pay attention to, subject to a - constraint on information flow. When idiosyncratic - conditions are more variable or more important than - aggregate conditions, firms pay more attention to - idiosyncratic conditions than to aggregate - conditions. When we calibrate the model to match the - large average absolute size of price changes observed - in micro data, prices react fast and by large amounts - to idiosyncratic shocks, but only slowly and by small - amounts to nominal shocks. Nominal shocks have strong - and persistent real effects. (JEL D21, D83, E31, - E52)}, - doi = {}, - url = {https://ideas.repec.org/a/aea/aecrev/v99y2009i3p769- - 803.html}, -} - -@article{mackWiedREStud15, - author = {Ma\'{c}kowiak, Bartosz and Wiederholt, Mirko}, - journal = {The Review of Economic Studies}, - number = {4}, - pages = {1502--1532}, - title = {Business Cycle Dynamics under Rational Inattention}, - volume = {82}, - year = {2015}, - doi = {10.1093/restud/rdv027}, - url = {+ http://dx.doi.org/10.1093/restud/rdv027}, -} - -@article{LuoRinGE, - author = {Yulei Luo and Jun Nie and Gaowang Wang and - Eric R. Young}, - journal = {Journal of Economic Theory}, - pages = {55--87}, - title = {Rational Inattention and the Dynamics of Consumption - and Wealth in General Equilibrium}, - volume = {172}, - year = {2017}, -} - -@article{luo:inatC, - author = {Yulei Luo}, - journal = {Review of Economic Dynamics}, - number = {2}, - pages = {366--385}, - title = {Consumption Dynamics under Information Processing - Constraints}, - volume = {11}, - year = {2008}, -} - -@article{sims_beyondLQ, - author = {Christopher A. Sims}, - journal = {American Economic Review}, - month = {May}, - number = {2}, - pages = {158--163}, - title = {Rational Inattention: Beyond the Linear--Quadratic - Case}, - volume = {96}, - year = {2006}, -} - -@article{tutino_RIconsumption, - author = {Antonella Tutino}, - journal = {Review of Economic Dynamics}, - month = {July}, - number = {3}, - pages = {421--439}, - title = {Rationally Inattentive Consumption Choices}, - volume = {16}, - year = {2013}, -} - -@incollection{woodfordImperfect, - address = {Princeton}, - author = {Woodford, Michael}, - booktitle = {Knowledge, Information and Expectations in Modern - Macroeconomics}, - editor = {Aghion, P. and R. Frydman and J. Stiglitz and - M. Woodford}, - publisher = {Princeton University Press}, - title = {Imperfect Common Knowledge and the Effects of - Monetary Policy}, - year = {2002}, - abstract = {This paper reconsiders the Phelps-Lucas hypothesis, - according to which temporary real effects of purely - nominal disturbances result from imperfect - information, but departs from the assumptions of - Lucas (1973) in two crucial respects. Due to - monopolistically competitive pricing, higher-order - expectations are crucial for aggregate inflation - dynamics, as argued by Phelps (1983). And - decisionmakers' subjective perceptions of current - conditions are assumed to be of imperfect precision, - owing to finite information processing capacity, as - argued by Sims (2001). The model can explain highly - persistent real effects of a monetary disturbance, - and a delayed effect on inflation, as found in VAR - studies.}, - url = {http://EconPapers.repec.org/RePEc:nbr:nberwo:8673}, -} - -@article{msInertiaAER, - author = {Stephen Morris and Hyun Song Shin}, - journal = {The American Economic Review}, - number = {2}, - pages = {152--157}, - publisher = {American Economic Association}, - title = {Inertia of Forward-Looking Expectations}, - volume = {96}, - year = {2006}, - issn = {00028282}, - url = {http://www.jstor.org/stable/30034632}, -} - -@article{muthOptimal, - author = {Muth, John F.}, - journal = {Journal of the American Statistical Association}, - number = {290}, - pages = {299--306}, - title = {Optimal Properties of Exponentially Weighted - Forecasts}, - volume = {55}, - year = {1960}, -} - -@article{lucas:imperfectInfo, - author = {Lucas, Robert E.}, - journal = {American Economic Review}, - month = {June}, - number = {3}, - pages = {326--334}, - title = {Some International Evidence on Output-Inflation - Tradeoffs}, - volume = {63}, - year = {1973}, -} - -@article{ludvigson&michaelides:excesses, - author = {Ludvigson, Sydney and Alexander Michaelides}, - journal = {American Economic Review}, - month = {June}, - number = {3}, - pages = {631--647}, - title = {Does Buffer Stock Saving Explain the Smoothness and - Excess Sensitivity of Consumption?}, - volume = {91}, - year = {2001}, -} - -@techreport{fhnMPC, - author = {Andreas Fagereng and Martin B. Holm and - Gisle J. Natvik}, - institution = {Statistics Norway}, - type = {discussion paper}, - title = {MPC Heterogeneity and Household Balance Sheets}, - volume = {852}, - year = {2017}, -} - -@article{jpsTax, - author = {Johnson, David S. and Parker, Jonathan A. and - Souleles, Nicholas S.}, - journal = {American Economic Review}, - month = {December}, - number = {5}, - pages = {1589--1610}, - title = {Household Expenditure and the Income Tax Rebates of - 2001}, - volume = {96}, - year = {2006}, - url = {http://ideas.repec.org/a/aea/aecrev/v96y2006i5p1589- - 1610.html}, -} - -@article{aslCredit, - author = {Sumit Agarwal and Chunlin Liu and - Nicholas S. Souleles}, - journal = {Journal of Political Economy}, - month = {December}, - number = {6}, - pages = {986--1019}, - title = {The Reaction of Consumer Spending and Debt to Tax - Rebates--Evidence from Consumer Credit Data}, - volume = {115}, - year = {2007}, - url = {http://www.nber.org/papers/w13694}, -} - -@article{bppInequality, - author = {Blundell, Richard and Pistaferri, Luigi and - Preston, Ian}, - journal = {American Economic Review}, - month = {December}, - number = {5}, - pages = {1887--1921}, - title = {Consumption Inequality and Partial Insurance}, - volume = {98}, - year = {2008}, -} - -@article{kvwWealthyH2m, - author = {Kaplan, Greg and Violante, Gianluca and - Weidner, Justin}, - journal = {Brookings Papers on Economic Activity}, - pages = {77--138}, - title = {The Wealthy Hand-to-Mouth}, - volume = {Spring}, - year = {2014}, - abstract = {The wealthy hand-to-mouth are households who hold - little or no liquid wealth (e.g. cash, checking, and - saving accounts), despite owning sizable amounts of - illiquid assets (i.e., assets that carry a - transaction cost, such as housing, large durables, or - retirement accounts). This portfolio configuration - implies that these households have large marginal - propensities to consume out of small income changes - –a key determinant of the macroeconomic - effects of fiscal policy. The wealthy hand-to-mouth, - therefore, behave in many respects like households - with little or no net worth, yet they escape standard - definitions (and empirical measurements) of - hand-to-mouth agents based on net worth. We use - survey data on household portfolios for the U.S., - Canada, Australia, the U.K., Germany, France, Italy, - and Spain to document the share of such households - across countries, their demographic characteristics, - the composition of their balance sheet, and the - persistence of hand-to-mouth status over the life - cycle. Finally, we discuss the implications of this - group of consumers for macroeconomic modelling and - policy analysis.}, -} - -@article{jappelliPistaferri_FPMPC, - author = {Jappelli, Tullio and Pistaferri, Luigi}, - journal = {AEJ: Marcoeconomics}, - number = {4}, - pages = {107--36}, - title = {Fiscal Policy and MPC Heterogeneity}, - volume = {6}, - year = {2014}, -} - -@article{parker25million, - author = {Jonathan A. Parker}, - journal = {American Economic Journal: Macroeconomics}, - month = {October}, - number = {9}, - pages = {153--183}, - title = {Why Don't Households Smooth Consumption? Evidence - from a \$25 Million Experiment}, - volume = {4}, - year = {2017}, -} - -@techreport{aydinCresponse, - author = {Deniz Ayd{\i}n}, - institution = {Washington University, St.\ Louis}, - type = {mimeo}, - title = {Consumption Response to Credit Expansions: Evidence - from Experimental Assignment of 45,307 Credit Lines}, - year = {2018}, -} - -@article{carroll&kimball:concavity, - author = {Carroll, Christopher D. and Kimball, Miles S.}, - journal = {Econometrica}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}}, - number = {4}, - pages = {981--992}, - title = {On the {C}oncavity of the {C}onsumption {F}unction}, - volume = {64}, - year = {1996}, - url = {https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}, -} - -@article{chettySzeidl:cCommitmentsEcta, - author = {Raj Chetty and Adam Szeidl}, - journal = {Econometrica}, - month = {03}, - number = {}, - pages = {855--890}, - title = {Consumption Commitments and Habit Formation}, - volume = {84}, - year = {2016}, - url = {https://ideas.repec.org/a/wly/emetrp/v84y2016ip855- - 890.html}, -} - -@article{alvarezGuisoLippi:DurCons, - author = {Fernando Alvarez and Luigi Guiso and Francesco Lippi}, - journal = {American Economic Review}, - month = {August}, - number = {5}, - pages = {2272--2300}, - title = {Durable Consumption and Asset Management with - Transaction and Observation Costs}, - volume = {102}, - year = {2012}, - doi = {}, - url = {https://ideas.repec.org/a/aea/aecrev/v102y2012i5p2272- - 2300.html}, -} - -@article{coibGor:AER15, - author = {Olivier Coibion and Yuriy Gorodnichenko}, - journal = {American Economic Review}, - month = {August}, - number = {8}, - pages = {2644--2678}, - title = {{Information Rigidity and the Expectations Formation - Process: A Simple Framework and New Facts}}, - volume = {105}, - year = {2015}, - doi = {}, -} - -@article{fuhrer:JME17, - author = {Jeffrey C. Fuhrer}, - journal = {Journal of Monetary Economics}, - month = {April}, - pages = {22--55}, - title = {Expectations as a Source of Macroeconomic - Persistence: Evidence from Survey Expectations in a - Dynamic Macro Model}, - volume = {86}, - year = {2017}, - doi = {}, -} - -@techreport{fuhrerIntrinsicPersistence, - author = {Fuhrer, Jeffrey C.}, - institution = {Federal Reserve Bank of Boston}, - month = may, - number = {18-9}, - type = {working paper}, - title = {Intrinsic Expectations Persistence: Evidence from - Professional and Household Survey Expectations}, - year = {2018}, -} - -@incollection{cmModel, - address = {Cambridge, MA}, - author = {Campbell, John Y. and Mankiw, N. Gregory}, - booktitle = {NBER Macroeconomics Annual, 1989}, - editor = {Blanchard, Olivier J. and Fischer, Stanley}, - note = {\url{http://www.nber.org/papers/w2924.pdf}}, - pages = {185--216}, - publisher = {MIT Press}, - title = {Consumption, Income, and Interest Rates: - Reinterpreting the Time-Series Evidence}, - year = {1989}, - url = {http://www.nber.org/papers/w2924.pdf}, -} - -@article{blanchardFinite, - author = {Blanchard, Olivier J.}, - journal = {Journal of Political Economy}, - month = {April}, - number = {2}, - pages = {223--247}, - title = {Debt, Deficits, and Finite Horizons}, - volume = {93}, - year = {1985}, -} - -@article{edge2007Learning, - author = {Edge, Rochelle M and Laubach, Thomas and - Williams, John C}, - journal = {Journal of Monetary Economics}, - number = {8}, - pages = {2421--2438}, - publisher = {Elsevier}, - title = {Learning and shifts in long-run productivity growth}, - volume = {54}, - year = {2007}, -} - -@article{jorgenson:ProductivityGrowthResurgence, - author = {Dale W. Jorgenson and Mun S. Ho and Kevin J. Stiroh}, - journal = {Journal of Economic Perspectives}, - month = {Winter}, - number = {1}, - pages = {3--24}, - title = {A Retrospective Look at the U.S. Productivity Growth - Resurgence}, - volume = {22}, - year = {2008}, - doi = {}, -} - -@article{zeldesStochastic, - author = {Zeldes, Stephen P.}, - journal = {Quarterly Journal of Economics}, - month = {May}, - number = {2}, - pages = {275--298}, - title = {Optimal Consumption with Stochastic Income: - {D}eviations from Certainty Equivalence}, - volume = {104}, - year = {1989}, -} - -@article{lmpPermShocks, - author = {Low, Hamish and Meghir, Costas and Pistaferri, Luigi}, - journal = {The American economic review}, - number = {4}, - pages = {1432--1467}, - publisher = {American Economic Association}, - title = {Wage risk and employment risk over the life cycle}, - volume = {100}, - year = {2010}, -} - -@article{pistaferriSuperior, - author = {Luigi Pistaferri}, - journal = {The Review of Economics and Statistics}, - month = {August}, - number = {3}, - pages = {465-476}, - title = {Superior Information, Income Shocks, And The - Permanent Income Hypothesis}, - volume = {83}, - year = {2001}, -} - -@article{gsInferring, - author = {Guvenen, Fatih and Smith, Anthony A.}, - journal = {Econometrica}, - number = {6}, - pages = {2085-2129}, - title = {Inferring Labor Income Risk and Partial Insurance - From Economic Choices}, - volume = {82}, - year = {2014}, - abstract = {This paper uses the information contained in the - joint dynamics of individuals' labor earnings and - consumption-choice decisions to quantify both the - amount of income risk that individuals face and the - extent to which they have access to informal - insurance against this risk. We accomplish this task - by using indirect inference to estimate a structural - consumption–savings model, in which individuals - both learn about the nature of their income process - and partly insure shocks via informal mechanisms. In - this framework, we estimate (i) the degree of partial - insurance, (ii) the extent of systematic differences - in income growth rates, (iii) the precision with - which individuals know their own income growth rates - when they begin their working lives, (iv) the - persistence of typical labor income shocks, (v) the - tightness of borrowing constraints, and (vi) the - amount of measurement error in the data. In - implementing indirect inference, we find that an - auxiliary model that approximates the true structural - equations of the model (which are not estimable) - works very well, with negligible small sample bias. - The main substantive findings are that income shocks - are moderately persistent, systematic differences in - income growth rates are large, individuals have - substantial amounts of information about their income - growth rates, and about one-half of income shocks are - smoothed via partial insurance. Putting these - findings together, the amount of uninsurable lifetime - income risk that individuals perceive is - substantially smaller than what is typically assumed - in calibrated macroeconomic models with incomplete - markets.}, - doi = {10.3982/ECTA9446}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.3982/ECTA9446}, -} - -@misc{kmpIncomeExpectations, - author = {Karahan, Fatih and Sean Mihaljevich and - Laura Pilossoph}, - howpublished = - {\href{http://libertystreeteconomics.newyorkfed.org/2017/11/understanding-permanent-and-temporary-income-shocks.html}{URL - link retrieved on 03/02/2018 \texttt{here}.}}, - journal = {Liberty Street Economics}, - number = {November 08}, - type = {Blog}, - title = {Understanding Permanent and Temporary Income Shocks}, - year = {2017}, -} - -@article{kennickellPermanent, - author = {Kennickell, Arthur}, - journal = {mimeo, Board of Governors of the Federal Reserve - System}, - title = {Saving and Permanent Income: Evidence from the 1992 - SCF}, - year = {1995}, -} - -@article{opLiquidH2M, - author = {Olafsson, Arna and Pagel, Michaela}, - journal = {The Review of Financial Studies}, - number = {11}, - pages = {4398--4446}, - title = {The Liquid Hand-to-Mouth: Evidence from Personal - Finance Management Software}, - volume = {31}, - year = {2018}, -} - -@incollection{sswNAIRU, - address = {New York}, - author = {Staiger, Douglas and James H. Stock and - Mark W. Watson}, - booktitle = {The Roaring Nineties: Can Full Employment Be - Sustained?}, - editor = {Alan B. Krueger and Robert Solow}, - publisher = {The Russell Sage Foundation and Century Press}, - title = {Prices Wages and the US NAIRU in the 1990s}, - year = {2001}, -} - -@article{fernald:disappointingRecovery, - author = {John G. Fernald and Robert Hall and James Stock and - Mark Watson}, - journal = {Brookings Papers on Economic Activity}, - title = {The Disappointing Recovery of Output after 2009}, - volume = {Spring}, - year = {2017}, - doi = {}, -} - -@article{bmpMITshocks, - author = {Boppart, Timo and Krusell, Per and Mitman, Kurt}, - journal = {Journal of Economic Dynamics and Control}, - number = {C}, - pages = {68--92}, - title = {Exploiting MIT Shocks in Heterogeneous-Agent - Economies: The Impulse Response as a Numerical - Derivative}, - volume = {89}, - year = {2018}, -} - -@article{zeldes:jpe, - author = {Zeldes, Stephen P.}, - journal = {Journal of Political Economy}, - note = {Available at - {\url{http://www.jstor.org/stable/1831315}}}, - pages = {305--46}, - title = {Consumption and Liquidity Constraints: An Empirical - Investigation}, - volume = {97}, - year = {1989}, - url = {http://www.jstor.org/stable/1831315}, -} - -@article{som07, - author = {Martin Sommer}, - journal = {Advances in Macroeconomics}, - number = {1}, - pages = {Article 21}, - title = {Habit Formation and Aggregate Consumption Dynamics}, - volume = {7}, - year = {2007}, -} - -@article{workingTimeAgg, - author = {Holbrook Working}, - journal = {Econometrica}, - number = {4}, - pages = {916--918}, - title = {Note on the Correlation of First Differences of - Averages in a Random Chain}, - volume = {28}, - year = {1960}, -} - -@article{cfwSentiment, - author = {Carroll, Christopher D. and Fuhrer, Jeffrey C. and - Wilcox, David W.}, - journal = {American Economic Review}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/SentAERCarrollFuhrerWilcox.pdf}}, - number = {5}, - pages = {1397-1408}, - title = {Does Consumer Sentiment Forecast Household Spending? - {I}f So, Why?}, - volume = {84}, - year = {1994}, - url = {https://www.econ2.jhu.edu/people/ccarroll/ - SentAERCarrollFuhrerWilcox.pdf}, -} - -@article{cssIntlStickyC, - author = {Carroll, Christopher D. and Sommer, Martin and - Slacalek, Jiri}, - journal = {Review of Economics and Statistics}, - month = {October}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/cssIntlStickyC/}}, - number = {4}, - pages = {1135--1145}, - title = {International Evidence on Sticky Consumption Growth}, - volume = {93}, - year = {2011}, - abstract = {This paper estimates the degree of stickiness in - aggregate consumption growth (sometimes interpreted - as reflecting consumption habits) for thirteen - advanced economies. We find that after controlling - for measurement error, consumption growth has a high - degree of autocorrelation, with a stickiness - parameter of about 0.7 on average across countries. - The sticky consumption growth model outperforms the - random walk model of Hall (1978) and typically fits - the data better than the popular Mankiw (1989) model, - though in a few countries, the sticky consumption - growth and Campbell-Mankiw models work about equally - well.}, - doi = {10.1162/REST\_a\_00122}, - url = {https://doi.org/10.1162/REST_a_00122}, -} - -@article{wilcox:aer, - author = {Wilcox, David W.}, - journal = {American Economic Review}, - number = {4}, - pages = {922--941}, - title = {The Construction of U.S. Consumption Data: Some Facts - and Their Implications for Empirical Work}, - volume = {82}, - year = {1992}, -} - -@article{soulelesTaxRefunds, - author = {Souleles, Nicholas S.}, - journal = {American Economic Review}, - month = {September}, - number = {4}, - pages = {947--958}, - title = {The Response of Household Consumption to Income Tax - Refunds}, - volume = {89}, - year = {1999}, -} - -@techreport{kuengTaxnews, - author = {Lorenz Kueng}, - institution = {Northwestern University}, - type = {working paper}, - title = {Tax News: Identifying the Household Consumption - Response to Tax Expectations Using Municipal Bond - Prices}, - year = {2012}, - url = {http://citeseerx.ist.psu.edu/viewdoc/summary? - doi=10.1.1.646.4710}, -} - -@article{BrowningColladoAER, - author = {Browning, Martin and Collado, M. Dolores}, - journal = {American Economic Review}, - number = {3}, - pages = {681--692}, - title = {The Response of Expenditures to Anticipated Income - Changes: Panel Data Estimates}, - volume = {91}, - year = {2001}, -} - -@article{hsiehAlaska, - author = {Hsieh, Chang-Tai}, - journal = {American Economic Review}, - number = {1}, - pages = {397--405}, - title = {Do consumers react to anticipated income changes? - Evidence from the Alaska permanent fund}, - volume = {93}, - year = {2003}, -} - -@article{CoulibalyLiMortgage, - author = {Coulibaly, Brahima and Li, Geng}, - journal = {The Review of Economics and Statistics}, - month = {February}, - number = {1}, - pages = {10--19}, - publisher = {MIT Press}, - title = {Do Homeowners Increase Consumption after the Last - Mortgage Payment? An Alternative Test of the - Permanent Income Hypothesis}, - volume = {88}, - year = {2006}, - doi = {doi: 10.1162/003465306775565693}, - issn = {0034-6535}, - url = {http://www.ingentaconnect.com/content/mitpress/restat/2006/ - 00000088/00000001/art00002}, -} - -@article{kuengAlaska, - author = {Kueng, Lorenz}, - journal = {The Quarterly Journal of Economics}, - number = {4}, - pages = {1693--1751}, - publisher = {Oxford University Press}, - title = {Excess sensitivity of high-income consumers}, - volume = {133}, - year = {2018}, -} - -@article{brodaParker, - author = {Broda, Christian and Parker, Jonathan A.}, - journal = {Journal of Monetary Economics}, - number = {S}, - pages = {20--36}, - title = {The Economic Stimulus Payments of 2008 and the - Aggregate Demand for Consumption}, - volume = {68}, - year = {2014}, -} - -@article{cstwMPC, - author = {Christopher D. Carroll and Jiri Slacalek and - Kiichi Tokuoka and Matthew N. White}, - journal = {Quantitative Economics}, - month = {November}, - note = {At - \url{https://www.econ2.jhu.edu/people/ccarroll/papers/cstwMPC}}, - pages = {977-1020}, - title = {The Distribution of Wealth and the Marginal - Propensity to Consume}, - volume = {8}, - year = {2017}, - doi = {10.3982/QE694}, - url = {http://onlinelibrary.wiley.com/doi/10.3982/QE694/pdf}, -} - -@article{kmvHANK, - author = {Kaplan, Greg and Moll, Benjamin and - Violante, Giovanni L.}, - journal = {American Economic Review}, - month = {March}, - number = {3}, - pages = {697--743}, - title = {Monetary Policy According to HANK}, - volume = {108}, - year = {2018}, - abstract = {We revisit the transmission mechanism of monetary - policy for household consumption in a Heterogeneous - Agent New Keynesian (HANK) model. The model yields - empirically realistic distributions of household - wealth and marginal propensities to consume because - of two key features: multiple assets with different - degrees of liquidity and an idiosyncratic income - process with leptokurtic income changes. In this - environment, the indirect effects of an unexpected - cut in interest rates, which operate through a - general equilibrium increase in labor demand, far - outweigh direct effects such as intertemporal - substitution. This finding is in stark contrast to - small- and medium-scale Representative Agent New - Keynesian (RANK) economies, where intertemporal - substitution drives virtually all of the transmission - from interest rates to consumption.}, -} - -@techreport{ckConsumption, - author = {Crawley, Edmund and Kuchler, Andreas}, - institution = {Danmarks Nationalbank}, - month = {November}, - number = {129}, - type = {working paper}, - title = {Consumption Heterogeneity: Micro Drivers and Macro - Implications}, - year = {2018}, -} - -@article{bbdUncertainty, - author = {Baker, Scott R and Bloom, Nicholas and - Davis, Steven J}, - journal = {The Quarterly Journal of Economics}, - number = {4}, - pages = {1593--1636}, - publisher = {Oxford University Press}, - title = {Measuring economic policy uncertainty}, - volume = {131}, - year = {2016}, -} - -@article{carroll_sticky_2020, - journal = {American {Economic} {Journal:} {Macroeconomics}}, - title = {Sticky {Expectations} and {Consumption} {Dynamics}}, - url = {http://www.nber.org/papers/w24377}, - abstract = {Macroeconomic models often invoke consumption “habits” to explain the substantial persistence of aggregate consumption growth. But a large literature has found no evidence of habits in microeconomic datasets that measure the behavior of individual households. We show that the apparent conflict can be explained by a model in which consumers have accurate knowledge of their personal circumstances but ‘sticky expectations’ about the macroeconomy. In our model, the persistence of aggregate consumption growth reflects consumers’ imperfect attention to aggregate shocks. Our proposed degree of (macro) inattention has negligible utility costs, because aggregate shocks constitute only a tiny proportion of the uncertainty that consumers face.}, - volume = {Forthcoming}, - author = {Carroll, Christopher D. and Crawley, Edmund and Slacalek, Jiri and Tokuoka, Kiichi and White, Matthew N.}, - year = {2020}, - doi = {10.3386/w24377} -} - - -@techreport{FariaBlog2020, - author = {{Faria-e-Castro}, Miguel}, - institution = {Federal Reserve Bank, St. Louis}, - month = {March}, - type = {Blog post}, - title = {Back-of-the-Envelope Estimates of Next Quarter's Unemployment Rate}, - year = {2020}, - url = {https://www.stlouisfed.org/on-the-economy/2020/march/back-envelope-estimates-next-quarters-unemployment-rate} -} - -@techreport{JPMorganBlog2020, - author = {JPMorgan}, - institution = {JPMorgan}, - month = {March}, - day = {27}, - type = {Blog post}, - title = {Fallout from COVID-19: Global Recession, Zero Interest Rates and Emergency Policy Actions}, - year = {2020}, - url = {https://www.jpmorgan.com/global/research/fallout-from-covid19} -} - -@techreport{Bloomberg1, - author = {Bloomberg}, - institution = {Bloomberg}, - month = {March}, - day = {17}, - type = {Press article}, - title = {Mnuchin Warns Virus Could Yield 20\% Jobless Rate Without Action}, - year = {2020}, - url = {https://www.bloomberg.com/news/articles/2020-03-17/mnuchin-warns-virus-could-yield-20-jobless-rate-without-action-k7wheob8} -} - -@techreport{Bloomberg2, - author = {Bloomberg}, - institution = {Bloomberg}, - month = {March}, - day = {22}, - type = {Press article}, - title = {U.S. Jobless Rate May Soar to 30\%, Fed's Bullard Says}, - year = {2020}, - url = {https://www.bloomberg.com/news/articles/2020-03-22/fed-s-bullard-says-u-s-jobless-rate-may-soar-to-30-in-2q} -} - -@techreport{LeiboviciSocial2020, - author = {Leibovici, Fernando and Santacreu, Ana Maria}, - institution = {Federal Reserve Bank, St. Louis}, - month = {March}, - type = {Blog post}, - title = {Social Distancing and Contact-Intensive Occupations}, - year = {2020}, - url = {https://www.stlouisfed.org/on-the-economy/2020/march/social-distancing-contact-intensive-occupations} -} - -@techreport{GasconCOVID2020, - author = {Gascon, Charles}, - institution = {Federal Reserve Bank, St. Louis}, - month = {March}, - type = {Blog post}, - title = {COVID-19: Which Workers Face the Highest Unemployment Risk?}, - year = 2020, - url = {https://www.stlouisfed.org/on-the-economy/2020/march/covid-19-workers-highest-unemployment-risk} -} - - -@article{SabelhausSong, - author = {John Sabelhaus and Jae Song}, - journal = {Journal of Monetary Economics}, - number = {4}, - pages = {391--403}, - title = {The Great Moderation in Micro Labor Earnings}, - volume = {57}, - year = {2010}, -} - -@article{todaCrossSection, -author = {Alexis Akira Toda}, - title = {Incomplete market dynamics and cross-sectional distributions}, - journal = {Journal of Economic Theory}, - volume = {154}, - pages = {310-348}, - doi = {10.1016/j.jet.2014.09.015}, - year = {2014}, - month = {November} -} - -@article{geometricDeath, - author = {Beare, Brendan K. and Alexis Akira Toda}, - title = {Geometrically stopped Markovian random growth processes and Pareto tails}, - year = {2017}, - journal = {arXiv}, - doi = {arxiv.org/abs/1712.01431}, - url = {https://arxiv.org/abs/1712.01431} -} - - -@Unpublished{MaTodaMPC, - author = {Ma, Qingyin and Toda, Alexis Akira}, - title = {Asymptotic Marginal Propensity to Consume}, - year = {2020}, - url = {https://arxiv.org/abs/2002.09108}, - note = {Manuscript, Australian National University} -} - -@Article{StachurskiToda2019JET, - author = {Stachurski, John and Toda, Alexis Akira}, - title = {An Impossibility Theorem for Wealth in Heterogeneous-agent Models with Limited Heterogeneity}, - journal = {Journal of Economic Theory}, - year = {2019}, - volume = {182}, - pages = {1-24}, - month = jul, - doi = {10.1016/j.jet.2019.04.001}, -} - -@Article{MaStachurskiToda2020JET, - author = {Ma, Qingyin and Stachurski, John and Toda, Alexis Akira}, - title = {The Income Fluctuation Problem and the Evolution of Wealth}, - journal = {Journal of Economic Theory}, - year = {2020}, - volume = {187}, - pages = {105003}, - month = may, - doi = {10.1016/j.jet.2020.105003}, -} - -@article{guerrieri2017credit, - title={Credit crises, precautionary savings, and the liquidity trap}, - author={Guerrieri, Veronica and Lorenzoni, Guido}, - journal={The Quarterly Journal of Economics}, - volume={132}, - number={3}, - pages={1427--1467}, - year={2017}, - publisher={Oxford University Press} -} - -@article{bayer2019precautionary, - title={Precautionary savings, illiquid assets, and the aggregate consequences of shocks to household income risk}, - author={Bayer, Christian and L{\"u}tticke, Ralph and Pham-Dao, Lien and Tjaden, Volker}, - journal={Econometrica}, - volume={87}, - number={1}, - pages={255--290}, - year={2019}, - publisher={Wiley Online Library} -} - -@article{seater1997optimal, - title={An optimal control solution to the liquidity constraint problem}, - author={Seater, John J}, - journal={Economics Letters}, - volume={54}, - number={2}, - pages={127--134}, - year={1997}, - publisher={Elsevier} -} - -@ARTICLE{solowTheory, -title = {\href{https://www.elgaronline.com/view/journals/roke/6-4/roke.2018.04.02.xml}{A theory is a sometime thing}}, -author = {Solow, Robert}, -year = {2018}, -journal = {Review of Keynesian Economics}, -volume = {6}, -number = {4}, -pages = {421-424}, -url = {https://EconPapers.repec.org/RePEc:elg:rokejn:v:6:y:2018:i:4:p421-424} -} - -@Preamble{ "\providecommand{\noopsort}[1]{} " -# "\providecommand{\singleletter}[1]{#1} " } - -@article{cctwMoM, - author = {Carroll, Christopher D. and Karsten Chipeniuk and Kiichi Tokuoka and Weifeng Wu}, - title = {The Method of Moderation}, - journal = {Manuscript, Johns Hopkins University}, - year = 2020, - url = {https://www.econ2.jhu.edu/people/ccarroll/cctwMoM} -} - -@Book{bellmanDynamicProgramming, - author = "Bellman, Richard", - title = "Dynamic Programming", - publisher = "Princeton University Press", - year = "1957", - address = "Princeton, NJ, USA", - edition = "1", - bib2html_rescat = "General RL", -} - - -@InProceedings{carroll_et_al-proc-scipy-2018, - author = { {C}hristopher {D}. {C}arroll and {A}lexander {M}. {K}aufman and {J}acqueline {L}. {K}azil and {N}athan {M}. {P}almer and {M}atthew {N}. {W}hite }, - title = { {T}he {E}con-{A}{R}{K} and {H}{A}{R}{K}: {O}pen {S}ource {T}ools for {C}omputational {E}conomics }, - booktitle = { {P}roceedings of the 17th {P}ython in {S}cience {C}onference }, - pages = { 25 - 30 }, - year = { 2018 }, - editor = { {F}atih {A}kici and {D}avid {L}ippa and {D}illon {N}iederhut and {M} {P}acer }, - doi = { 10.25080/Majora-4af1f417-004 } -} - -@ARTICLE{chkLiqConstr, - author = {Carroll, Christopher D. and Martin Holm and Miles S. Kimball}, - title = {Liquidity Constraints and Precautionary Saving}, - journal = {\href{https://www.econ2.jhu.edu/people/ccarroll/papers/LiqConstr}{Manuscript, Johns Hopkins University}}, - year = 2019, - note = {Status: Revise and Resubmit; latest version at \url{https://www.econ2.jhu.edu/people/ccarroll/papers/LiqConstr}}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/LiqConstr}, -} - - -@article{guerrieri2017credit, - title={Credit crises, precautionary savings, and the liquidity trap}, - author={Guerrieri, Veronica and Lorenzoni, Guido}, - journal={The Quarterly Journal of Economics}, - volume={132}, - number={3}, - pages={1427--1467}, - year={2017}, - publisher={Oxford University Press} -} - -@article{glLiq, - author = {Guerrieri, Veronica and Lorenzoni, Guido}, - journal = {The Quarterly Journal of Economics}, - number = {3}, - pages = {1427--1467}, - publisher = {Oxford University Press}, - title = {Credit crises, precautionary savings, and the - liquidity trap}, - volume = {132}, - year = {2017}, -} - -@article{blPrecautionary, - title={Precautionary savings, illiquid assets, and the aggregate consequences of shocks to household income risk}, - author={Bayer, Christian and L{\"u}tticke, Ralph and Pham-Dao, Lien and Tjaden, Volker}, - journal={Econometrica}, - volume={87}, - number={1}, - pages={255--290}, - year={2019}, - publisher={Wiley Online Library} -} - -@article{khanMacroPru, - author = {Shujaat Khan}, - title = {Macroprudential Policies in a Heterogeneous Agent Model of Housing Default}, - journal = {Department of Economics, Johns Hopkins University}, - year = {2019}, - url = {https://pdfs.semanticscholar.org/8e9d/dfe7c204bbfa8a23f42f4931461fb467fc08.pdf?_ga=2.95712860.1156899890.1563925023-1991616136.1563925023} -} - -@article{SSinHANK, - title = {Monetary Policy Transmission with Many Agents}, - author = {Crawley, Edmund and Seungcheol Lee}, - journal = {Manuscript, Johns Hopkins University}, - year = {2019}, - month = {March}, -} - -@article{blSolving, - title = {Solving Heterogeneous Agent Models In Discrete Time With Many Idiosyncratic States By Perturbation Methods}, - author = {Christian Bayer and Ralph Luetticke}, - journal = {Centre for Economic Policy Research}, - volume = {Discussion Paper 13071}, - year = 2018 -} - -@article{carrollHeteroAndMacro, - title = {Heterogeneity and Macro Modeling In Policymaking Institutions}, - year = {2019}, - journal = {Presentation to the Heads of Research of the European Central Banks}, - url = {https://mybinder.org/v2/gh/econ-ark/PARK/master?filepath=Hetero-And-Macro/Hetero-And-Macro.ipynb} -} - -@article{auclertMonetary, - title={Monetary policy and the redistribution channel}, - author={Auclert, Adrien}, - journal={American Economic Review}, - volume={109}, - number={6}, - pages={2333--67}, - year={2019}, - url = {https://pubs.aeaweb.org/doi/pdfplus/10.1257/aer.20160137}, - note = {\href{https://pubs.aeaweb.org/doi/pdfplus/10.1257/aer.20160137}{https://pubs.aeaweb.org/doi/pdfplus/10.1257/aer.20160137}} -} - -@article{ccarrollHeteroAndMacro, - author = {Carroll, Christopher}, - title = {Heterogeneity and Macro Modeling In Policymaking Institutions}, - journal = {Presentation to the Heads of Research of the European Central Banks}, - year = 2019 -} - -@article{klRiskPremia, - author = {Rohan Kekre and Moritz Lenel}, - title = {Redistribution, risk premia, and the macroeconomy}, - journal = {Slides Presented at NBER `Micro to Macro' Working Group}, - year = 2019 -} - -@article{wolfGEInvariance, - author = {Wolf, Christian}, - title = {The Missing Intercept: A Sufficient Statistics Approach to General Equilibrium Effects}, - journal = {Slides Presented at NBER `Micro to Macro' Working Group}, - year = 2019 -} - -@article{CrawleyMonPolicywithHeterogeneity, - author = {Crawley, Edmund}, - title = {Intro to Monetary Policy with Heterogeneity}, - journal = {Slides Presented at JHU ``Computational Methods in Economics''}, - year = 2019 -} - - -@book{beckenbach1983inequalities, -volume = {30}, -publisher = {Springer}, -year = {1983}, -edition = {reprint}, -title = {Inequalities}, -author = {Beckenbach, Edwin F and Bellman, Richard} -} - -@article{druedahl2018precautionary, - title={Precautionary borrowing and the credit card debt puzzle}, - author={Druedahl, Jeppe and J{\o}rgensen, Casper Nordal}, - journal={Quantitative Economics}, - volume={9}, - number={2}, - pages={785--823}, - year={2018}, - publisher={Wiley Online Library} -} - -@article{park2006analytical, - title={An analytical solution to the inverse consumption function with liquidity constraints}, - author={Park, Myung-Ho}, - journal={Economics Letters}, - volume={92}, - number={3}, - pages={389--394}, - year={2006}, - publisher={Elsevier} -} - -@article{nishiyama2012concavity, - title={On the Concavity of the Consumption Function with a Quadratic Utility under Liquidity Constraints}, - author={Nishiyama, Shin-Ichi and Kato, Ryo}, - journal={Theoretical Economics Letters}, - volume={2}, - number={05}, - pages={566}, - year={2012}, - publisher={Scientific Research Publishing} -} - -@article{holm2018consumption, - title={Consumption with liquidity constraints: An analytical characterization}, - author={Holm, Martin Blomhoff}, - journal={Economics Letters}, - volume={167}, - pages={40--42}, - year={2018}, - publisher={Elsevier} -} - - -@article{lee2007degree, - title={The degree of precautionary saving: A reexamination}, - author={Lee, Jeong-Joon and Sawada, Yasuyuki}, - journal={Economics Letters}, - volume={96}, - number={2}, - pages={196--201}, - year={2007}, - publisher={Elsevier} -} - -@article{lee2010precautionary, - title={Precautionary saving under liquidity constraints: Evidence from rural Pakistan}, - author={Lee, Jeong-Joon and Sawada, Yasuyuki}, - journal={Journal of Development Economics}, - volume={91}, - number={1}, - pages={77--86}, - year={2010}, - publisher={Elsevier} -} - - -@article{fulford2015important, - title={How important is variability in consumer credit limits?}, - author={Fulford, Scott L}, - journal={Journal of Monetary Economics}, - volume={72}, - pages={42--63}, - year={2015}, - publisher={Elsevier} -} - - - -@article{kmvHANK, - author = {Kaplan, Greg and Moll, Benjamin and - Violante, Giovanni L.}, - journal = {American Economic Review}, - month = {March}, - number = {3}, - pages = {697--743}, - title = {Monetary Policy According to HANK}, - volume = {108}, - year = {2018}, - abstract = {We revisit the transmission mechanism of monetary policy for household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of household wealth and marginal propensities to consume because of two key features: multiple assets with different degrees of liquidity and an idiosyncratic income process with leptokurtic income changes. In this environment, the indirect effects of an unexpected cut in interest rates, which operate through a general equilibrium increase in labor demand, far outweigh direct effects such as intertemporal substitution. This finding is in stark contrast to small- and medium-scale Representative Agent New Keynesian (RANK) economies, where intertemporal substitution drives virtually all of the transmission from interest rates to consumption.}, -} - - -@techreport{fuhrerIntrinsicPersistence, - author = {Fuhrer, Jeffrey C.}, - institution = {Federal Reserve Bank of Boston}, - month = may, - number = {18-9}, - type = {working paper}, - title = {Intrinsic Expectations Persistence: Evidence from - Professional and Household Survey Expectations}, - year = {2018}, -} - - -@techreport{kuengTaxnews, - author = {Lorenz Kueng}, - type = {working paper}, - title = {Tax News: Identifying the Household Consumption - Response to Tax Expectations Using Municipal Bond - Prices}, - institution = {Northwestern University}, - year = {2012}, - url = {http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.646.4710}, -} - - -@article{kvwWealthyH2m, - author = {Kaplan, Greg and Violante, Gianluca and Weidner, Justin}, - journal = {Brookings Papers on Economic Activity}, - pages = {77--138}, - title = {The Wealthy Hand-to-Mouth}, - volume = {Spring}, - year = {2014}, - abstract = {The wealthy hand-to-mouth are households who hold - little or no liquid wealth (e.g. cash, checking, and - saving accounts), despite owning sizable amounts of - illiquid assets (i.e., assets that carry a - transaction cost, such as housing, large durables, or - retirement accounts). This portfolio configuration - implies that these households have large marginal - propensities to consume out of small income changes - –a key determinant of the macroeconomic - effects of fiscal policy. The wealthy hand-to-mouth, - therefore, behave in many respects like households - with little or no net worth, yet they escape standard - definitions (and empirical measurements) of - hand-to-mouth agents based on net worth. We use - survey data on household portfolios for the U.S., - Canada, Australia, the U.K., Germany, France, Italy, - and Spain to document the share of such households - across countries, their demographic characteristics, - the composition of their balance sheet, and the - persistence of hand-to-mouth status over the life - cycle. Finally, we discuss the implications of this - group of consumers for macroeconomic modelling and - policy analysis.}, -} - -@techreport{arsInvestmentInattention, - author = {Adrien Auclert and Matthew Rognlie and Ludwig Straub}, - institution = {Stanford University}, - type = {mimeo}, - title = {Investment, Heterogeneity, and Inattention}, - year = {2019}, -} - -@article{ktvHousingWealthEffect, - title={The Housing Wealth Effect: Quasi-Experimental Evidence}, - author={Kessel, Dany and Tyrefors, Bj{\"o}rn and Vestman, Roine}, - journal={Available at SSRN}, - year={2019} -} - -@article{pjInfo, - title={Information sharing in credit markets}, - author={Pagano, Marco and Jappelli, Tullio}, - journal={The Journal of Finance}, - volume={48}, - number={5}, - pages={1693--1718}, - year={1993}, - publisher={Wiley Online Library} -} - -@article{sims_beyondLQ, - author = {Christopher A. Sims}, - journal = {American Economic Review}, - month = {May}, - number = {2}, - pages = {158--163}, - title = {Rational Inattention: Beyond the Linear--Quadratic - Case}, - volume = {96}, - year = {2006}, -} - -@article{tutino_RIconsumption, - author = {Antonella Tutino}, - journal = {Review of Economic Dynamics}, - month = {July}, - number = {3}, - pages = {421--439}, - title = {Rationally Inattentive Consumption Choices}, - volume = {16}, - year = {2013}, -} - -@article{opLiquidH2M, - author = {Olafsson, Arna and Pagel, Michaela}, - journal = {The Review of Financial Studies}, - number = {11}, - pages = {4398--4446}, - title = {The Liquid Hand-to-Mouth: Evidence from Personal - Finance Management Software}, - volume = {31}, - year = {2018}, -} - -@article{dornbuschOvershooting, -author = {Dornbusch, Rudiger}, -title = {Expectations and Exchange Rate Dynamics}, -journal = {Journal of Political Economy}, -volume = {84}, -number = {6}, -pages = {1161-1176}, -year = {1976}, -doi = {10.1086/260506}, -URL = { https://doi.org/10.1086/260506}, -eprint = {https://doi.org/10.1086/260506}, -abstract = { The paper develops a theory of exchange rate movements under perfect capital mobility, a slow adjustment of goods markets relative to asset markets, and consistent expectations. The perfect foresight path is derived and it is shown that along that along that path a monetary expansion causes the exchange rate to depreciate. An initial overshooting of exchange rates is shown to derive from differential adjustment speed of markets. The magnitude and persistence of the overshooting is developed in terms of the structural parameters of the model. To the extent that output responds to a monetary expansion in the short run, this acts a a dampening effect on exchange depreciation and may, in fact, lead to an increase in interest rates. } -} - -@article{bmpMITshocks, - author = {Boppart, Timo and Krusell, Per and Mitman, Kurt}, - journal = {Journal of Economic Dynamics and Control}, - number = {C}, - pages = {68--92}, - title = {Exploiting MIT Shocks in Heterogeneous-Agent - Economies: The Impulse Response as a Numerical - Derivative}, - volume = {89}, - year = {2018}, - url = {\href{https://www.sciencedirect.com/science/article/pii/S0165188918300022}{https://www.sciencedirect.com/science/article/pii/S0165188918300022}} -} - - -@article{cochrane_nearRational, - author = {Cochrane, John H}, - journal = {American Economic Review}, - month = {June}, - number = {3}, - pages = {319--337}, - title = {The Sensitivity of Tests of the Intertemporal - Allocation of Consumption to Near-Rational - Alternatives}, - volume = {79}, - year = {1989}, -} - -@article{hrsHabit, - author = {Havranek, Tomas and Rusnak, Marek and Sokolova, Anna}, - journal = {European Economic Review}, - pages = {142--167}, - publisher = {Elsevier}, - title = {Habit formation in consumption: A meta-analysis}, - volume = {95}, - year = {2017}, - doi = {10.1016/j.euroecorev.2017.03.009}, - url = {https://doi.org/10.1016/j.euroecorev.2017.03.009}, -} - -@article{reis:inattentive, - author = {Reis, Ricardo}, - journal = {Journal of Monetary Economics}, - number = {8}, - pages = {1761--1800}, - publisher = {Elsevier}, - title = {Inattentive Consumers}, - volume = {53}, - year = {2006}, -} - -@article{mw09:RI, - author = {Ma\'{c}kowiak, Bartosz and Mirko Wiederholt}, - journal = {American Economic Review}, - month = {June}, - number = {3}, - pages = {769-803}, - title = {{Optimal Sticky Prices under Rational Inattention}}, - volume = {99}, - year = {2009}, - abstract = {This paper presents a model in which price setting - firms decide what to pay attention to, subject to a - constraint on information flow. When idiosyncratic - conditions are more variable or more important than - aggregate conditions, firms pay more attention to - idiosyncratic conditions than to aggregate - conditions. When we calibrate the model to match the - large average absolute size of price changes observed - in micro data, prices react fast and by large amounts - to idiosyncratic shocks, but only slowly and by small - amounts to nominal shocks. Nominal shocks have strong - and persistent real effects. (JEL D21, D83, E31, - E52)}, - doi = {}, - url = {https://ideas.repec.org/a/aea/aecrev/v99y2009i3p769- - 803.html}, -} - -@article{LuoRinGE, - author = {Yulei Luo and Jun Nie and Gaowang Wang and - Eric R. Young}, - journal = {Journal of Economic Theory}, - volume = {172}, - pages = {55--87}, - title = {Rational Inattention and the Dynamics of Consumption - and Wealth in General Equilibrium}, - year = {2017}, -} - -@article{luo:inatC, - author = {Yulei Luo}, - journal = {Review of Economic Dynamics}, - number = {2}, - pages = {366--385}, - title = {Consumption Dynamics under Information Processing - Constraints}, - volume = {11}, - year = {2008}, -} - -@article{ludvigson&michaelides:excesses, - author = {Ludvigson, Sydney and Alexander Michaelides}, - journal = {American Economic Review}, - month = {June}, - number = {3}, - pages = {631--647}, - title = {Does Buffer Stock Saving Explain the Smoothness and - Excess Sensitivity of Consumption?}, - volume = {91}, - year = {2001}, -} - -@article{bppInequality, - author = {Blundell, Richard and Pistaferri, Luigi and - Preston, Ian}, - journal = {American Economic Review}, - month = {December}, - number = {5}, - pages = {1887--1921}, - title = {Consumption Inequality and Partial Insurance}, - volume = {98}, - year = {2008}, -} - - - -@techreport{aydinCresponse, - author = {Deniz Ayd{\i}n}, - institution = {Washington University, St.\ Louis}, - type = {mimeo}, - title = {Consumption Response to Credit Expansions: Evidence - from Experimental Assignment of 45,307 Credit Lines}, - year = {2018}, -} - -@article{carroll&kimball:concavity, - author = {Carroll, Christopher D. and Kimball, Miles S.}, - journal = {Econometrica}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}}, - number = {4}, - pages = {981--992}, - title = {On the {C}oncavity of the {C}onsumption {F}unction}, - volume = {64}, - year = {1996}, - url = {https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}, -} - -@article{pistaferriSuperior, - author = {Luigi Pistaferri}, - journal = {The Review of Economics and Statistics}, - month = {August}, - number = {3}, - pages = {465-476}, - title = {Superior Information, Income Shocks, And The - Permanent Income Hypothesis}, - volume = {83}, - year = {2001}, -} - -@article{gsInferring, - author = {Guvenen, Fatih and Smith, Anthony A.}, - journal = {Econometrica}, - number = {6}, - pages = {2085-2129}, - title = {Inferring Labor Income Risk and Partial Insurance - From Economic Choices}, - volume = {82}, - year = {2014}, - abstract = {This paper uses the information contained in the - joint dynamics of individuals' labor earnings and - consumption-choice decisions to quantify both the - amount of income risk that individuals face and the - extent to which they have access to informal - insurance against this risk. We accomplish this task - by using indirect inference to estimate a structural - consumption–savings model, in which individuals - both learn about the nature of their income process - and partly insure shocks via informal mechanisms. In - this framework, we estimate (i) the degree of partial - insurance, (ii) the extent of systematic differences - in income growth rates, (iii) the precision with - which individuals know their own income growth rates - when they begin their working lives, (iv) the - persistence of typical labor income shocks, (v) the - tightness of borrowing constraints, and (vi) the - amount of measurement error in the data. In - implementing indirect inference, we find that an - auxiliary model that approximates the true structural - equations of the model (which are not estimable) - works very well, with negligible small sample bias. - The main substantive findings are that income shocks - are moderately persistent, systematic differences in - income growth rates are large, individuals have - substantial amounts of information about their income - growth rates, and about one-half of income shocks are - smoothed via partial insurance. Putting these - findings together, the amount of uninsurable lifetime - income risk that individuals perceive is - substantially smaller than what is typically assumed - in calibrated macroeconomic models with incomplete - markets.}, - doi = {10.3982/ECTA9446}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.3982/ECTA9446}, -} - -@article{kennickellPermanent, - author = {Kennickell, Arthur}, - journal = {mimeo, Board of Governors of the Federal Reserve - System}, - title = {Saving and Permanent Income: Evidence from the 1992 - SCF}, - year = {1995}, -} - -@article{wilcox:aer, - author = {Wilcox, David W.}, - journal = {American Economic Review}, - number = {4}, - pages = {922--941}, - title = {The Construction of U.S. Consumption Data: Some Facts - and Their Implications for Empirical Work}, - volume = {82}, - year = {1992}, -} - -@article{soulelesTaxRefunds, - author = {Souleles, Nicholas S.}, - journal = {American Economic Review}, - month = {September}, - number = {4}, - pages = {947--958}, - title = {The Response of Household Consumption to Income Tax - Refunds}, - volume = {89}, - year = {1999}, -} - -@article{BrowningColladoAER, - author = {Browning, Martin and Collado, M. Dolores}, - journal = {American Economic Review}, - number = {3}, - pages = {681--692}, - title = {The Response of Expenditures to Anticipated Income - Changes: Panel Data Estimates}, - volume = {91}, - year = {2001}, -} - -@article{hsiehAlaska, - author = {Hsieh, Chang-Tai}, - journal = {American Economic Review}, - number = {1}, - pages = {397--405}, - title = {Do consumers react to anticipated income changes? - Evidence from the Alaska permanent fund}, - volume = {93}, - year = {2003}, -} - -@article{kuengAlaska, - title={Excess sensitivity of high-income consumers}, - author={Kueng, Lorenz}, - journal={The Quarterly Journal of Economics}, - volume={133}, - number={4}, - pages={1693--1751}, - year={2018}, - publisher={Oxford University Press} -} - -@article{bbdUncertainty, - author = {Baker, Scott R and Bloom, Nicholas and - Davis, Steven J}, - journal = {The Quarterly Journal of Economics}, - number = {4}, - pages = {1593--1636}, - publisher = {Oxford University Press}, - title = {Measuring economic policy uncertainty}, - volume = {131}, - year = {2016}, -} - - -@inbook{NBERc13907, - Crossref = "NBEReich-4", - title = "Survey Measurement of Probabilistic Macroeconomic Expectations: Progress and Promise", - author = "Charles F. Manski", - BookTitle = "NBER Macroeconomics Annual 2017, volume 32", - Publisher = "University of Chicago Press", - year = "2017", - month = "April", - URL = "http://www.nber.org/chapters/c13907", -} - -@INBOOK{bmsValidity, - title = {The Validity of Consumption Data: Are the Consumer - Expenditure Interview and Diary Surveys - Informative?}, - publisher = {University of Chicago Press}, - year = 2013, - author = {Adam Bee and Bruce D. Meyer and James X. Sullivan}, - month = {February}, - booktitle = {Improving the Measurement of Household Expenditures}, - crossref = {NBERcarr11-1}, - url = {http://www.nber.org/chapters/c12662} -} - -@INBOOK{pgmCEvsPCE, - title = {Understanding the Relationship: CE Survey and PCE}, - publisher = {University of Chicago Press}, - year = 2012, - author = {William Passero and Thesia I. Garner and Clinton - McCully}, - month = {April}, - booktitle = {Improving the Measurement of Household Expenditures}, - crossref = {NBERcarr11-1}, - url = {http://www.nber.org/chapters/c12659} -} - -@inproceedings{ParkerSoulelesCarroll, - Crossref = "NBERcarr11-1", - author = {Parker, Jonathan A. and Nicholas S. Souleles and - Christopher D. Carroll}, - title = {The Benefits of Panel Data in Consumer Expenditure - Surveys}, - booktitle = {Improving the Measurement of Consumer Expenditures}, - chapter = {7}, - note = {Final version at - \href{https://www.econ2.jhu.edu/people/ccarroll/papers/ParkerSoulelesCarroll/}{\texttt{https://www.econ2.jhu.edu/people/ccarroll/papers/ParkerSoulelesCarroll/}}}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/ParkerSoulelesCarroll/} -} - -@InBook{deatonPuzzlesAndParadoxes, - title = {{P}uzzles and {P}aradoxes}, - year = {2013}, - author = {Angus Deaton}, - crossref = {Eminent}, - file = {deatonPuzzlesAndParadoxes.pdf:deatonPuzzlesAndParadoxes.pdf:PDF}, -} - - - -@misc{crawley_time_2018, - author = {Crawley, Edmund}, - title = {Time Aggregation in Panel Data on Income and Consumption}, - year = {2018}, - howpublished = {Mimeo, Department of Economics, Johns Hopkins University} -} - -@techreport{ckConsumption, - author = {Crawley, Edmund and Kuchler, Andreas}, - institution = {Danmarks Nationalbank}, - month = {November}, - number = {129}, - type = {working paper}, - title = {Consumption Heterogeneity: Micro Drivers and Macro - Implications}, - year = {2018}, -} - -@misc{clMonetary, - author = {Crawley, Edmund and Lee, Seungcheol}, - title = {Monetary Policy Transmission with Many Agents}, - year = {2019}, - howpublished = {Mimeo, Department of Economics, Johns Hopkins University} -} - -@article{summersSecStagReuters, - author = {Summers, Lawrence}, - journal = {Reuters Analysis \& Opinion}, - title = {On secular stagnation}, - volume = {16}, - year = {2013}, -} - -@article{summersSecStagAER, - author = {Summers, Lawrence H}, - journal = {American Economic Review}, - number = {5}, - pages = {60--65}, - title = {Demand side secular stagnation}, - volume = {105}, - year = {2015}, -} - -@article{krugmanSecStagNYT, - author = {Krugman, Paul}, - journal = {New York Times}, - pages = {2013}, - title = {Secular stagnation, coalmines, bubbles, and Larry - Summers}, - volume = {16}, - year = {2013}, -} - -@article{krugmanSecStagCEPR, - author = {Krugman, Paul}, - journal = {Secular stagnation: Facts, causes and cures}, - pages = {61--68}, - publisher = {CEPR Press London}, - title = {Four observations on secular stagnation}, - year = {2014}, -} - -@article{gordonSecStag, - author = {Gordon, Robert J}, - journal = {American Economic Review}, - number = {5}, - pages = {54--59}, - title = {Secular stagnation: A supply-side view}, - volume = {105}, - year = {2015}, -} - -@article{hhhwSecStagNo, - author = {Hamilton, James D and Harris, Ethan S and - Hatzius, Jan and West, Kenneth D}, - journal = {IMF Economic Review}, - number = {4}, - pages = {660--707}, - publisher = {Springer}, - title = {The equilibrium real funds rate: Past, present, and - future}, - volume = {64}, - year = {2016}, -} - -@article{BergerEtAl:HPandC, - author = {David Berger and Veronica Guerrieri and - Guido Lorenzoni and Joseph Vavra}, - journal = {Review of Economic Studies}, - number = {3}, - pages = {1502--1542}, - title = {House Prices and Consumer Spending}, - volume = {85}, - year = {2018}, -} - -@inproceedings{mue07, - author = {Muellbauer, John N.}, - booktitle = {Housing, Housing Finance and Monetary Policy}, - pages = {267--334}, - publisher = {Jackson Hole Symposium, Federal Reserve Bank of - Kansas City}, - title = {Housing, Credit and Consumer Expenditure}, - year = {2007}, -} - -@TECHREPORT{hall:slump, - author = {Hall, Robert E.}, - title = {The Long Slump}, - institution = {{ASSA M}eetings, Denver}, - year = 2011, - type = {{AEA} {P}residential {A}ddress}, - owner = {Jiri}, - timestamp = {2011.01.13} -} - -@article{gkLiq, - author = {Gauti B. Eggertsson and Paul Krugman}, - journal = {The Quarterly Journal of Economics}, - number = {3}, - pages = {1469--1513}, - title = {Debt, Deleveraging, and the Liquidity Trap: A - Fisher--Minsky--Koo Approach}, - volume = {127}, - year = {2012}, -} - - -@article{justPrimTamb:CredSupplyAndHouseBoom, - author = {Alejandro Justiniano and Giorgio Primiceri and - Andrea Tambalotti}, - journal = {Journal of Political Economy}, - title = {Credit Supply and the Housing Boom}, - year = {forthcoming}, -} - -@techreport{huoRRfinFrictionsGR, - author = {Huo, Zhen and R\'{\i}os-Rull, Jos\'e-V\'{\i}ctor}, - institution = {Federal Reserve Bank of Minneapolis}, - month = feb, - number = {526}, - type = {Staff Report}, - title = {Financial Frictions, Asset Prices, and the Great - Recession}, - year = {2016}, -} - -@techreport{garrigaHedlund, - author = {Carlos Garriga and Aaron Hedlund}, - institution = {University of Missouri}, - type = {mimeo}, - title = {Housing Finance, Boom--Bust Episodes, and - Macroeconomic Fragility}, - year = {2018}, -} - -@techreport{kmv:houseBoomBust, - author = {Greg Kaplan and Kurt Mitman and Giovanni L. Violante}, - institution = {National Bureau of Economic Research}, - month = aug, - number = {23694}, - type = {working paper}, - title = {The Housing Boom and Bust: Model Meets Evidence}, - year = {2017}, - url = {https://ideas.repec.org/p/nbr/nberwo/23694.html}, -} - -@techreport{goreaMidriganLiqConstraints, - author = {Denis Gorea and Virgiliu Midrigan}, - institution = {New York University}, - type = {mimeo}, - title = {Liquidity Constraints in the U.S. Housing Market}, - year = {2018}, -} - -@article{wooleyDeregulation, - author = {Woolley, John T.}, - journal = {Presidential Studies Quarterly}, - number = {1}, - pages = {60-80}, - title = {Persistent Leadership: Presidents and the Evolution - of U.S. Financial Reform, 1970-2007}, - volume = {42}, - year = {2012}, - abstract = {Between 1970 and 2007, presidents of both parties - consistently and actively supported financial - deregulation. Given the low visibility and relatively - technical nature of the issues, presidents saw - deregulation as the best way to respond to technical - innovation in the industry and disruptions caused by - inflation. This history suggests several lessons for - students of the role of presidents in policy making. - Presidents can be active in promoting policy reform - even though standard methods for defining the - presidential agenda do not reveal this fact. We see - presidential engagement reflected in White House - statements both before and after legislation is - passed, and in White House use of study reports and - messages to shape an elite consensus.}, - doi = {10.1111/j.1741-5705.2012.03941.x}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1741- - 5705.2012.03941.x}, -} - -@article{landvoigt:rfs, - author = {Landvoigt, Tim}, - journal = {The Review of Financial Studies}, - month = {04}, - number = {6}, - pages = {1865--1902}, - title = {{Housing Demand During the Boom: The Role of - Expectations and Credit Constraints}}, - volume = {30}, - year = {2017}, -} - -@techreport{krusell:usWealthDistr, - author = {Joachim Hubmer and Per Krusell and - Anthony A. {Smith, Jr.}}, - institution = {Yale University}, - type = {mimeo}, - title = {A Comprehensive Quantitative Theory of the U.S. - Wealth Distribution}, - year = {2018}, -} - - -@article{dgTANK, - author = {Debortoli, Davide and Gal{\'\i}, Jordi}, - journal = {Manuscript}, - month = {September}, - title = {Monetary policy with heterogeneous agents: Insights - from TANK models}, - year = {2017}, -} - -@article{bfjstUncertain, - author = {Nicholas Bloom and Max Floetotto and Nir Jaimovich and - Itay {Saporta-Eksten} and Stephen J. Terry}, - journal = {Econometrica}, - month = {May}, - number = {3}, - pages = {1031--1065}, - title = {Really Uncertain Business Cycles}, - volume = {86}, - year = {2018}, -} - -@techreport{BoE_forecasting, - author = {Burgess, Stephen and Fernandez-Corugedo, Emilio and - Groth, Charlotta and Harrison, Richard and - Monti, Francesca and Theodoridis, Konstantinos and - Waldron, Matt}, - institution = {Bank of England}, - month = may, - number = {471}, - type = {working paper}, - title = {The Bank of England's Forecasting Platform: COMPASS, - MAPS, EASE and the Suite of Models}, - year = {2013}, -} - -@article{Trichet_JacksonHoleSpeech, - author = {Jean-Claude Trichet}, - journal = {Proceedings, Economic Policy Symposium, Jackson Hole}, - number = {}, - pages = {243--266}, - title = {Luncheon Address: Central Banking in Uncertain Times: - Conviction and Responsibility}, - volume = {}, - year = {2010}, -} - -@article{bexUncertaintyAssetPrices, - author = {Bekaert, Geert and Engstrom, Eric and Xing, Yuhang}, - journal = {Journal of Financial Economics}, - number = {1}, - pages = {59--82}, - publisher = {Elsevier}, - title = {Risk, uncertainty, and asset prices}, - volume = {91}, - year = {2009}, -} - -@article{drechslerUncertainty, - author = {Drechsler, Itamar}, - journal = {The Journal of Finance}, - number = {5}, - pages = {1843--1889}, - publisher = {Wiley Online Library}, - title = {Uncertainty, time-varying fear, and asset prices}, - volume = {68}, - year = {2013}, -} - -@article{gmAssetPricing, - author = {Gomes, Francisco and Michaelides, Alexander}, - journal = {The Review of Financial Studies}, - number = {1}, - pages = {415--448}, - publisher = {Society for Financial Studies}, - title = {Asset pricing with limited risk sharing and - heterogeneous agents}, - volume = {21}, - year = {2007}, -} - -@techreport{glover:intergenRedistr, - author = {Andrew Glover and Jonathan Heathcote and Dirk Krueger and - R\'{\i}os-Rull, Jos\'e-V\'{\i}ctor}, - institution = {National Bureau of Economic Research}, - month = {October}, - note = - {\url{https://www.sas.upenn.edu/~dkrueger/research/RecessionNew.pdf}}, - number = {16924}, - type = {updated version of working paper}, - title = {Intergenerational Redistribution in the Great - Recession}, - year = {2017}, -} - -@article{favilukis:housing, - author = {Jack Favilukis and Sydney C. Ludvigson and - Stijn {Van Nieuwerburgh}}, - journal = {Journal of Political Economy}, - number = {1}, - pages = {140--223}, - title = {The Macroeconomic Effects of Housing Wealth, Housing - Finance, and Limited Risk Sharing in General - Equilibrium}, - volume = {125}, - year = {2017}, -} - -@techreport{ducaEtAl10_creditArch, - author = {John V. Duca and John Muellbauer and Anthony Murphy}, - institution = {University of Oxford}, - type = {mimeo}, - title = {Credit Market Architecture and the Boom and Bust in - the U.S. Consumption}, - year = {2010}, -} - -@ARTICLE{nsSavingRevisions, - author = {Nakamura, Leonard I. and Stark, Thomas}, - title = {Mismeasured Personal Saving and the Permanent Income - Hypothesis}, - journal = {Working Papers}, - year = 2007, - note = - {\url{http://philadelphiafed.org/research-and-data/publications/working-papers/2007/wp07-8.pdf}}, - file = {nsSavingRevisions.pdf:nsSavingRevisions.pdf:PDF}, - publisher = {Federal Reserve Bank of Philadelphia}, - doi = {dx.doi.org/10.2139/ssrn.707089}, - url = - {http://philadelphiafed.org/research-and-data/publications/working-papers/2007/wp07-8.pdf} -} - -@article{bhutta_mortgageDebt, - author = {Bhutta, Neil}, - journal = {Journal of Monetary Economics}, - number = {C}, - pages = {284--298}, - title = {The Ins and Outs of Mortgage Debt During the Housing - Boom and Bust}, - volume = {76}, - year = {2015}, -} - -@techreport{malmendierSheng, - author = {Ulrike Malmendier and Leslie Sheng Shen}, - institution = {National Bureau of Economic Research}, - month = jun, - number = {24696}, - type = {working paper}, - title = {Scarred Consumption}, - year = {2018}, -} - -@article{jstLeveragedBubbles, - author = {Jord\`{a}, \`{O}scar and Schularick, Moritz and - Taylor, Alan M.}, - journal = {Journal of Monetary Economics}, - number = {S}, - pages = {1--20}, - title = {Leveraged Bubbles}, - volume = {76}, - year = {2015}, -} - -@article{rrAftermath, - author = {Reinhart, Carmen M. and Rogoff, Kenneth S.}, - journal = {American Economic Review}, - month = {May}, - number = {2}, - pages = {466--72}, - title = {The Aftermath of Financial Crises}, - volume = {99}, - year = {2009}, - abstract = {This study investigates the impact of the current - financial crisis on Canada's potential GDP growth. - Using a simple accounting framework to decompose - trend GDP growth into changes in capital, labor - services and total factor productivity, we find a - sizeable drop in Canadian potential growth in the - short term. The estimated decline of about 1 - percentage point originates from a sharply - decelerating capital stock accumulation (as - investment has dropped steeply) and a rising - long-term unemployment rate (which would raise - equilibrium unemployment rates). However, over the - medium term, we expect Canada's potential GDP growth - to gradually rise to around 2 percent, below the - pre-crisis growth rate, mostly reflecting the effects - of population aging and a secular decline in average - working hours.}, - url = {http://ideas.repec.org/a/aea/aecrev/v99y2009i2p466-72.html}, -} - -@article{hurstStafford, - author = {Hurst, Erik and Stafford, Frank}, - journal = {Journal of Money, Credit and Banking}, - month = {December}, - number = {6}, - pages = {985--1014}, - title = {{Home Is Where the Equity Is: Mortgage Refinancing - and Household Consumption}}, - volume = {36}, - year = {2004}, -} - -@article{cooper_housingCollateral, - author = {Daniel Cooper}, - journal = {The Review of Economics and Statistics}, - month = {October}, - number = {4}, - pages = {1183--1197}, - title = {House Price Fluctuations: The Role of Housing Wealth - as Borrowing Collateral}, - volume = {95}, - year = {2013}, -} - -@article{asWealthEffect, - author = {Aruoba, S Boragan and Elul, Ronel and - Kalemli-Ozcan, Sebnem}, - journal = {FRB of Philadelphia Working Paper}, - title = {How Big is the Wealth Effect? 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Some new results - on the income fluctuation problem}, - volume = {26}, - year = {2002}, -} - -@article{lsIncFluct, - author = {Li, Huiyu and Stachurski, John}, - journal = {Journal of Economic Dynamics and Control}, - pages = {353--365}, - publisher = {Elsevier}, - title = {Solving the income fluctuation problem with unbounded - rewards}, - volume = {45}, - year = {2014}, -} - -@article{scheinkman&weiss:borrowing, - author = {Scheinkman, Jos\'e and Weiss, Laurence}, - journal = {Econometrica}, - number = {1}, - pages = {23--46}, - title = {Borrowing Constraints and Aggregate Economic - Activity}, - volume = {54}, - year = {1986}, -} - -@article{asHomogeneous, - author = {Alvarez, Fernando and Stokey, Nancy L}, - journal = {Journal of economic theory}, - number = {1}, - pages = {167--189}, - publisher = {Elsevier}, - title = {Dynamic programming with homogeneous functions}, - volume = {82}, - year = {1998}, -} - -@article{rrExistence, - author = {Rinc{\'o}n-Zapatero, Juan Pablo and - Rodr{\'\i}guez-Palmero, Carlos}, - journal = {Econometrica}, - number = {5}, - pages = {1519--1555}, - publisher = {Wiley Online Library}, - title = {Existence and uniqueness of solutions to the Bellman - equation in the unbounded case}, - volume = {71}, - year = {2003}, -} - -@article{mvExistence, - author = {Martins-da-Rocha, V Filipe and Vailakis, Yiannis}, - journal = {Econometrica}, - number = {3}, - pages = {1127--1141}, - publisher = {Wiley Online Library}, - title = {Existence and uniqueness of a fixed point for local - contractions}, - volume = {78}, - year = {2010}, -} - -@article{yaoNote, - author = {Jiaxiong Yao}, - journal = {Manuscript, Johns Hopkins University}, - title = {The Theoretical Foundations of Buffer Stock Saving: A - Note}, - year = {2012}, -} - -@article{duranDiscounting, - author = {Dur{\'a}n, Jorge}, - journal = {Economic Theory}, - number = {2}, - pages = {395--413}, - publisher = {Springer}, - title = {Discounting long run average growth in stochastic - dynamic programs}, - volume = {22}, - year = {2003}, -} - - -@Article{jorgenson:ProductivityGrowthResurgence, - author={Dale W. Jorgenson and Mun S. Ho and Kevin J. Stiroh}, - title={A Retrospective Look at the U.S. Productivity Growth Resurgence}, - journal={Journal of Economic Perspectives}, - year=2008, - volume={22}, - number={1}, - pages={3--24}, - month={Winter}, - keywords={}, - doi={}, -} - - -@Article{fernald:disappointingRecovery, - author={John G. Fernald and Robert Hall and James Stock and Mark Watson}, - title={The Disappointing Recovery of Output after 2009}, - journal={Brookings Papers on Economic Activity}, - year=2017, - volume={Spring}, - keywords={}, - doi={}, -} - -% Update in /Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/economics.bib as well as here -@article{cAndCwithStickyEForthcoming, - title = {Sticky Expectations and Consumption Dynamics}, - journal = {Forthcoming, American Economic Journal: Macroeconomics}, - year = {2020}, - month = {July}, - author = {Christopher D. Carroll and Edmund Crawley and Jiri Slacalek and Kiichi Tokuoka and Matthew N. White} - } - -@article{edge2007learning, - title={Learning and shifts in long-run productivity growth}, - author={Edge, Rochelle M and Laubach, Thomas and Williams, John C}, - journal={Journal of Monetary Economics}, - volume={54}, - number={8}, - pages={2421--2438}, - year={2007}, - publisher={Elsevier} -} - -@ARTICLE{fnHousingHabits, - author = {Flavin, Marjorie and Shinobu Nakagawa}, - title = {A Model of Housing in the Presence of Adjustment - Costs: A Structural Interpretation of Habit - Persistence}, - journal = {The American Economic Review}, - year = {2008}, - volume = {98}, - pages = {474--495}, - number = {1}, - note = {\\ \url{http://www.jstor.org/stable/29729980}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fnHousingHabits.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fnHousingHabits.pdf:PDF}, - publisher = {JSTOR}, - url = {http://www.jstor.org/stable/29729980} -} - -@techreport{fuhrer:IntrinsicPersistence, - author = {Jeffrey C. Fuhrer}, - institution = {Federal Reserve Bank of Boston}, - type = {Presentation at {NBER Summer Institute}}, - title = {Intrinsic Persistence in Expectations: Evidence from - Micro Data}, - year = {2017}, -} - - -@article{fuhrer:JME17, - author = {Jeffrey C. Fuhrer}, - journal = {Journal of Monetary Economics}, - month = {April}, - pages = {22--55}, - title = {Expectations as a Source of Macroeconomic - Persistence: Evidence from Survey Expectations in a - Dynamic Macro Model}, - volume = {86}, - year = {2017}, - doi = {}, -} - - - -@techreport{Kueng:Near-rationality, - title = {Explaining Consumption Excess Sensitivity with Near-Rationality: Evidence from Large Predetermined Payments}, - author = {Lorenz Kueng}, - institution = {National Bureau of Economic Research}, - type = {working paper}, - series = {working paper series}, - number = {21772}, - year = {2015}, - month = {December}, - doi = {10.3386/w21772}, -} - -@misc{kmpIncomeExpectations, - author = {Karahan, Fatih and Sean Mihaljevich and - Laura Pilossoph}, - howpublished = - {\href{http://libertystreeteconomics.newyorkfed.org/2017/11/understanding-permanent-and-temporary-income-shocks.html}{URL link retrieved on 03/02/2018 \texttt{here}.}}, - journal = {Liberty Street Economics}, - number = {November 08}, - type = {Blog}, - title = {Understanding Permanent and Temporary Income Shocks}, - year = {2017}, -} - -@article{kalmanFilter, - Author = {Kalman, Rudolph Emil}, - Title = {A New Approach to Linear Filtering and Prediction Problems}, - Journal = {Transactions of the ASME--Journal of Basic Engineering}, - Volume = {82}, - Number = {Series D}, - Pages = {35--45}, - Year = {1960} -} - -@Article{alvarezGuisoLippi:DurCons, - author={Fernando Alvarez and Luigi Guiso and Francesco Lippi}, - title={Durable Consumption and Asset Management with Transaction and Observation Costs}, - journal={American Economic Review}, - year=2012, - volume={102}, - number={5}, - pages={2272--2300}, - month={August}, - keywords={}, - doi={}, - url={https://ideas.repec.org/a/aea/aecrev/v102y2012i5p2272-2300.html} -} - - -@Article{gabaixSparsityQJE, - author={Xavier Gabaix}, - title={A Sparsity-Based Model of Bounded Rationality}, - journal={The Quarterly Journal of Economics}, - year={2014}, - volume={129}, - number={4}, - pages={1661--1710}, - url={https://ideas.repec.org/a/oup/qjecon/v129y2014i4p1661-1710.html} -} - - -@TechReport{hebertWoodford, - author={Benjamin H\'{e}bert and Michael Woodford}, - title={Rational Inattention and Sequential Information Sampling}, - year=2017, - month=Sep, - institution={National Bureau of Economic Research}, - type={NBER Working Papers}, - url={https://ideas.repec.org/p/nbr/nberwo/23787.html}, - number={23787}, -} - - -@Article{chettySzeidl:cCommitmentsEcta, - author={Raj Chetty and Adam Szeidl}, - title={Consumption Commitments and Habit Formation}, - journal={Econometrica}, - year=2016, - volume={84}, - number={}, - pages={855--890}, - month={03}, - url={https://ideas.repec.org/a/wly/emetrp/v84y2016ip855-890.html} -} - -@ARTICLE{css10_stickyCgrowth_restat, - author = {Christopher D. Carroll and Jiri Slacalek and Martin Sommer}, - title = {International Evidence on Sticky Consumption Growth}, - journal = {The Review of Economics and Statistics}, - year = {2011}, - volume = {93}, - number = {4}, - pages = {1135--1145}, - owner = {Jirka}, - timestamp = {2010.06.10} -} - - -@ARTICLE{som07, - author = {Martin Sommer}, - title = {Habit Formation and Aggregate Consumption Dynamics}, - journal = {Advances in Macroeconomics}, - year = {2007}, - volume = {7}, - pages = {Article 21}, - number = {1} -} - -@article{mackWiedREStud15, -author = {Ma\'{c}kowiak, Bartosz and Wiederholt, Mirko}, -title = {Business Cycle Dynamics under Rational Inattention}, -journal = {The Review of Economic Studies}, -volume = {82}, -number = {4}, -pages = {1502--1532}, -year = {2015}, -doi = {10.1093/restud/rdv027}, -URL = { + http://dx.doi.org/10.1093/restud/rdv027}, -eprint = {/oup/backfile/content_public/journal/restud/82/4/10.1093_restud_rdv027/2/rdv027.pdf} -} - -@Article{coibGor:AER15, - author={Olivier Coibion and Yuriy Gorodnichenko}, - title={{Information Rigidity and the Expectations Formation Process: A Simple Framework and New Facts}}, - journal={American Economic Review}, - year=2015, - volume={105}, - number={8}, - pages={2644--2678}, - month={August}, - keywords={}, - doi={}, -} - - - - -@article{msInertiaAER, - ISSN = {00028282}, - URL = {http://www.jstor.org/stable/30034632}, - author = {Stephen Morris and Hyun Song Shin}, - journal = {The American Economic Review}, - number = {2}, - pages = {152--157}, - publisher = {American Economic Association}, - title = {Inertia of Forward-Looking Expectations}, - volume = {96}, - year = {2006} -} - -@article{ganong2017effect, - title={The Effect of Debt on Default and Consumption: Evidence from Housing Policy in the Great Recession}, - author={Ganong, Peter and Noel, Pascal}, - journal={Unpublished Working Paper}, - year={2017}, - url={https://scholar.harvard.edu/files/ganong/files/ganong_noel_housing_draft_2016-11-09.pdf} -} - -@article{hkmoHousingMPC, - author = {Aaron Hedlund and Fatih Karahan, Kurt Mitman, Serdar Ozkan}, - title = {Monetary Policy, Heterogeneity, and the Housing Channel}, - year = {2017}, - journal = {RBNZ Conference on Heterogeneous Agents and Housing}, -} - -@article{druedahlNEGM, - url = {www.econ.ku.dk/druedahl/papers/2017_NEGM.pdf}, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/druedahlNEGM.pdf}}, - title = {A Fast Nested Endogenous Grid Method for Solving General Consumption-Saving Models}, - author = {Druedahl, Jeppe}, - journal = {Manuscript, University of Copenhagen} -} - -@Article{JBES1982, - author={Perraudin, William R M and Sorensen, Bent E}, - title={{The Credit-Constrained Consumer: An Empirical Study of Demand and Supply in the Loan Market}}, - journal={Journal of Business and Economic Statistics}, - year=1992, - volume={10}, - number={2}, - pages={179-192}, - month={April}, - keywords={}, - doi={}, - abstract={No abstract is available for this item.}, - url={https://ideas.repec.org/a/bes/jnlbes/v10y1992i2p179-92.html} -} -@Article{JBES1996, - author={Ho, Mun S and Perraudin, William R M and Sorensen, Bent E}, - title={{A Continuous-Time Arbitrage-Pricing Model with Stochastic Volatility and Jumps}}, - journal={Journal of Business and Economic Statistics}, - year=1996, - volume={14}, - number={1}, - pages={31-43}, - month={January}, - keywords={}, - doi={}, - abstract={ The authors formulate and test a continuous time asset pricing model using U.S. equity market data. They assume that stock returns are driven by common factors including random jump-size Poisson processes and Brownian motions with stochastic volatility. The model places over-identifying restrictions on the mean returns allowing one to identify risk neutral probability distributions useful in pricing derivative securities. The authors test for the restrictions and decompose moments of the asset returns into the contributions made by different factors. Their econometric methods take full account of time aggregation.}, - url={https://ideas.repec.org/a/bes/jnlbes/v14y1996i1p31-43.html} -} -@Article{JECM2000, - author={Perraudin, William R. M. and Sorensen, Bent E.}, - title={{The demand for risky assets: Sample selection and household portfolios}}, - journal={Journal of Econometrics}, - year=2000, - volume={97}, - number={1}, - pages={117-144}, - month={July}, - keywords={}, - doi={}, - abstract={No abstract is available for this item.}, - url={https://ideas.repec.org/a/eee/econom/v97y2000i1p117-144.html} -} -@Article{JEcM1997, - author={Andersen, Torben G. and Sorensen, Bent E.}, - title={{GMM and QML asymptotic standard deviations in stochastic volatility models: Comments on Ruiz (1994)}}, - journal={Journal of Econometrics}, - year=1997, - volume={76}, - number={1-2}, - pages={397-403}, - month={}, - keywords={}, - doi={}, - abstract={No abstract is available for this item.}, - url={https://ideas.repec.org/a/eee/econom/v76y1997i1-2p397-403.html} -} -@Article{JIE1998, - author={Sorensen, Bent E. and Yosha, Oved}, - title={{International risk sharing and European monetary unification}}, - journal={Journal of International Economics}, - year=1998, - volume={45}, - number={2}, - pages={211-238}, - month={August}, - keywords={}, - doi={}, - abstract={}, - url={https://ideas.repec.org/a/eee/inecon/v45y1998i2p211-238.html} -} -@Article{REStat1996, - author={Ho, Mun S and Sorensen, Bent E}, - title={{Finding Cointegration Rank in High Dimensional Systems Using the Johansen Test: An Illustration Using Data Based Monte Carlo Simulations}}, - journal={The Review of Economics and Statistics}, - year=1996, - volume={78}, - number={4}, - pages={726-732}, - month={November}, - keywords={}, - doi={}, - abstract={ The authors examine the ability of the Johansen (1991) test to estimate the number of unit roots in high dimensional systems. They use data based Monte Carlo methods as a simple means of evaluating the validity of inference using asymptotic critical values. These simulations for a typical annual post-World War II dataset illustrate how the estimated number of unit roots change in a nonmonotone fashion with the dimension of the system, and with the number of lags in the VAR representation. The authors find that overparametrization in high dimensions is as bad as underparametrization. The Bayes information criteria outperforms the Akaike information criteria in their setup. Copyright 1996 by MIT Press.}, - url={https://ideas.repec.org/a/tpr/restat/v78y1996i4p726-32.html} -} - -@Article{asGMM, - author={Andersen, Torben G and Sorensen, Bent E}, - title={{GMM Estimation of a Stochastic Volatility Model: A Monte Carlo Study}}, - journal={Journal of Business and Economic Statistics}, - year=1996, - volume={14}, - number={3}, - pages={328-352}, - month={July}, - keywords={}, - doi={}, - abstract={ The authors examine alternative generalized method of moments procedures for estimation of a lognormal stochastic autoregressive volatility model by Monte Carlo methods. They document the existence of a trade-off between the number of moments, or information, included in estimation and the quality, or precision, of the objective function used for estimation. Furthermore, an approximation to the optimal weighting matrix is utilized to explore the impact of the weighting matrix for estimation, specification testing, and inference procedures. The results provide guidelines that help achieve desirable small sample properties in settings characterized by strong conditional heteroskedasticity and correlation among the moments.}, - url={https://ideas.repec.org/a/bes/jnlbes/v14y1996i3p328-52.html} -} -@Article{EJ1998, - author={Albaek, Karsten and Sorensen, Bent E}, - title={{Worker Flows and Job Flows in Danish Manufacturing, 1980-91}}, - journal={Economic Journal}, - year=1998, - volume={108}, - number={451}, - pages={1750-1771}, - month={November}, - keywords={}, - doi={}, - abstract={ The authors map turnover of workers and jobs in Danish manufacturing over the 1980 to 1991 period, using information about all individual manufacturing plants. They examine the relation between worker flows and job flows and the authors study separations from, and hires to, existing jobs (replacement hiring) in detail. Their results reveal large heterogeneity among workers as well as plants, even adjusting for the level of job flows. The cyclical properties of worker reallocation point to worker-flow dynamics being driven by workers quitting in upturns to find better jobs, rather than by plants upgrading the labor force in recessions.}, - url={https://ideas.repec.org/a/ecj/econjl/v108y1998i451p1750-71.html} -} -@Article{RePEc:eee:eecrev:v:45:y:2001:i:7:p:1271-1310, - author={Sorensen, Bent E. and Wu, Lisa and Yosha, Oved}, - title={{Output fluctuations and fiscal policy: U.S. state and local governments 1978-1994}}, - journal={European Economic Review}, - year=2001, - volume={45}, - number={7}, - pages={1271-1310}, - month={}, - keywords={}, - doi={}, - abstract={}, - url={https://ideas.repec.org/a/eee/eecrev/v45y2001i7p1271-1310.html} -} -@Article{JEcM1999, - author={Andersen, Torben G. and Chung, Hyung-Jin and Sorensen, Bent E.}, - title={{Efficient method of moments estimation of a stochastic volatility model: A Monte Carlo study}}, - journal={Journal of Econometrics}, - year=1999, - volume={91}, - number={1}, - pages={61-87}, - month={July}, - keywords={}, - doi={}, - abstract={No abstract is available for this item.}, - url={https://ideas.repec.org/a/eee/econom/v91y1999i1p61-87.html} -} - -@Article{JIMF2007, - author={Sorensen, Bent E. and Wu, Yi-Tsung and Yosha, Oved and Zhu, Yu}, - title={{Home bias and international risk sharing: Twin puzzles separated at birth}}, - journal={Journal of International Money and Finance}, - year=2007, - volume={26}, - number={4}, - pages={587-605}, - month={June}, - keywords={}, - doi={}, - abstract={}, - url={https://ideas.repec.org/a/eee/jimfin/v26y2007i4p587-605.html} -} -@Article{JPE2002, - author={Charlotte Ostergaard and Bent E. S{\o}rensen and Oved Yosha}, - title={{Consumption and Aggregate Constraints: Evidence from U.S. States and Canadian Provinces}}, - journal={Journal of Political Economy}, - year=2002, - volume={110}, - number={3}, - pages={634-645}, - month={June}, - keywords={}, - doi={}, - abstract={State-level consumption exhibits excess sensitivity to lagged income to the same extent as U.S. aggregate data, but state-specific (idiosyncratic) consumption exhibits substantially less sensitivity to lagged state-specific incomea result that also holds for Canadian provinces. We propose the following interpretation: borrowing and lending in response to changes in consumer demand are easier for individual U.S. states than for the United States as a whole, and therefore, the measured deviation from the benchmark permanent income hypothesis model is smaller. However, lagged state-specific variables help predict state-specific consumption, suggesting that the PIH model still requires qualification.}, - url={https://ideas.repec.org/a/ucp/jpolec/v110y2002i3p634-645.html} -} -@Article{RePEc:aeq:aeqaeq:v53_y2007_i1_q1_p3-17, - author={Bent E. Sørensen and Oved Yosha}, - title={{Producer Prices versus Consumer Prices in the Measurement of Risk Sharing}}, - journal={Applied Economics Quarterly (formerly: Konjunkturpolitik)}, - year=2007, - volume={53}, - number={1}, - pages={3-17}, - month={}, - keywords={Inter-regional insurance; U.S.\ states; Consumption smoothing; Volume of output; Price indices}, - doi={}, - abstract={In empirical research on the measurement of macroeconomic risk sharing there is no agreement on how Gross Domestic Product (GDP), or the corresponding series for regions, should be deflated. We present a stylized theoretical model that illustrates why the appropriate method for deflating nominal GDP (for the purpose of measuring risk sharing) is with a CPI deflator, not with a GDP deflator. We further explain that CPI deflated GDP (the ``consumption value'' of output) and GDP deflated with a GDP deflator (the volume of output) do represent the same underlying economic series up to measurement error. We illustrate the results estimating the amount of risk shared within subgroups of U.S. states.}, - url={https://ideas.repec.org/a/aeq/aeqaeq/v53_y2007_i1_q1_p3-17.html} -} -@Article{EconometricTheory1994, - author={Nabeya, Seiji and S{\o}rensen, Bent E.}, - title={{Asymptotic Distributions of the Least-Squares Estimators and Test Statistics in the Near Unit Root Model with Non-Zero Initial Value and Local Drift and Trend}}, - journal={Econometric Theory}, - year=1994, - volume={10}, - number={05}, - pages={937-966}, - month={December}, - keywords={}, - doi={}, - abstract={This paper considers the distribution of the Dickey-Fuller test in a model with non-zero initial value and drift and trend. We show how stochastic integral representations for the limiting distribution can be derived either from the local to unity approach with local drift and trend or from the continuous record asymptotic results of Sørensen [29]. We also show how the stochastic integral representations can be utilized as the basis for finding the corresponding characteristic functions via the Fredholm approach of Nabeya and Tanaka [16,17], This “link” between those two approaches may be of general interest. We further tabulate the asymptotic distribution by inverting the characteristic function. Using the same methods, we also find the characteristic function for the asymptotic distribution for the Schmidt-Phillips [26] unit root test. Our results show very clearly the dependence of the various tests on the initial value of the time series.}, - url={https://ideas.repec.org/a/cup/etheor/v10y1994i05p937-966_00.html} -} -@Article{REStat2010, - author={Sebnem Kalemli-Ozcan and Ariell Reshef and Bent E S{\o}rensen and Oved Yosha}, - title={{Why Does Capital Flow to Rich States?}}, - journal={The Review of Economics and Statistics}, - year=2010, - volume={92}, - number={4}, - pages={769-783}, - month={November}, - keywords={}, - doi={}, - abstract={ The magnitude and the direction of net international capital flows do not fit neoclassical models. The fifty U.S. states comprise an integrated capital market with very low barriers to capital flows, which makes them an ideal testing ground for neoclassical models. We develop a simple frictionless open economy model with perfectly diversified ownership of capital and find that capital flows among the states are consistent with the model. Therefore, the small size and \"wrong\" direction of net international capital flows are likely due to frictions associated with national borders, not to inherent flaws in the neoclassical model. (c) 2010 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.}, - url={https://ideas.repec.org/a/tpr/restat/v92y2010i4p769-783.html} -} -@Article{EconometricTheory1992, - author={S{\o}rensen, Bent E.}, - title={{Continuous Record Asymptotics in Systems of Stochastic Differential Equations}}, - journal={Econometric Theory}, - year=1992, - volume={8}, - number={01}, - pages={28-51}, - month={March}, - keywords={}, - doi={}, - abstract={This paper considers estimation based on a set of T + 1 discrete observations, y (0), y ( h ), y (2 h ),…, y ( Th ) = y ( N ), where h is the sampling frequency and N is the span of the data. In contrast to the standard approach of driving N to infinity for a fixed sampling frequency, the current paper follows Phillips [35,36] and Perron [29] and examines the “dual” asymptotics implied by letting h tend to zero while the span N remains fixed.}, - url={https://ideas.repec.org/a/cup/etheor/v8y1992i01p28-51_01.html} -} -@Article{JME2010, - author={Hryshko, Dmytro and José Luengo-Prado, María and S{\o}rensen, Bent E.}, - title={{House prices and risk sharing}}, - journal={Journal of Monetary Economics}, - year=2010, - volume={57}, - number={8}, - pages={975-987}, - month={November}, - keywords={}, - doi={}, - abstract={Homeowners in the Panel Study of Income Dynamics are able to maintain a high level of consumption following job loss (or disability) in periods of rising local house prices while the consumption drop for homeowners who lose their job in times of lower house prices is substantial. These results are consistent with homeowners being able to access wealth gains when housing appreciates as witnessed by their ability to smooth consumption more than renters. A calibrated model of endogenous homeownership and consumption is able to reproduce the patterns in the data quite well and provides an interpretation of the empirical results.}, - url={https://ideas.repec.org/a/eee/moneco/v57y2010i8p975-987.html} -} -@Article{QE2011, - author={Dmytro Hryshko and María José Luengo-Prado and Bent E. Sørensen}, - title={{Childhood determinants of risk aversion: The long shadow of compulsory education}}, - journal={Quantitative Economics}, - year=2011, - volume={2}, - number={1}, - pages={37-72}, - month={03}, - keywords={}, - doi={}, - abstract={}, - url={https://ideas.repec.org/a/ecm/quante/v2y2011i1p37-72.html} -} -@Article{BEJournal2012, - author={Hryshko Dmytro and Luengo-Prado Maria and Sorensen Bent E.}, - title={{The Effect of Education on Equity Holdings}}, - journal={The B.E. Journal of Economic Analysis and Policy}, - year=2012, - volume={12}, - number={1}, - pages={1-41}, - month={March}, - keywords={}, - doi={}, - abstract={We study the effect of education on equity ownership in the form of stocks or mutual funds (outside of retirement accounts). We find a causal effect of education on stockholding using the number of colleges in the county where the respondent grew up as an instrument and data from the Panel Study of Income Dynamics. The effect is particularly strong for whites from non-privileged backgrounds. We explore the channels through which education affects equity holdings using the Wisconsin Longitudinal Survey and find that, controlling for family fixed effects, increased cognition and features associated with having a white collar job appear to be the main channels.}, - url={https://ideas.repec.org/a/bpj/bejeap/v12y2012i1n10.html} -} -@Article{Canadian2012, - author={Faruk Balli and Sebnem Kalemli-Ozcan and Bent E. Sorensen}, - title={{Risk sharing through capital gains}}, - journal={Canadian Journal of Economics}, - year=2012, - volume={45}, - number={2}, - pages={472-492}, - month={May}, - keywords={}, - doi={}, - abstract={We estimate channels of international risk sharing between European Monetary Union (EMU), European Union, and other OECD countries, 1992-2007. We focus on risk sharing through savings, factor income flows, and capital gains. Risk sharing through factor income and capital gains was close to zero before 1999 but has increased since then. Risk sharing from capital gains, at about 6\%, is higher than risk sharing from factor income flows for European Union countries and OECD countries. Risk sharing from factor income flows is higher for euro zone countries, at 14\%, reflecting increased international asset and liability holdings in the euro area.}, - url={https://ideas.repec.org/a/cje/issued/v45y2012i2p472-492.html} -} -@Article{JIE2012, - author={Kalemli-Ozcan, Sebnem and Sorensen, Bent and Yesiltas, Sevcan}, - title={{Leverage across firms, banks, and countries}}, - journal={Journal of International Economics}, - year=2012, - volume={88}, - number={2}, - pages={284-298}, - month={}, - keywords={Leverage; Crisis; International; Banks; Firms}, - doi={10.1016/j.jinteco.2012.03}, - abstract={We present new stylized facts on bank and firm leverage during the period 2000–2009 using internationally comparable micro level data from many countries. We document the following patterns: a) there was an increase in leverage for investment banks prior to the sub-prime crisis; b) there was no visible increase in leverage for the typical commercial bank and non-financial firm; c) off-balance-sheet items constitute a big fraction of assets, especially for large commercial banks in the US, whereas investment banks do not report these items; d) the leverage ratio is procyclical for investment banks and for large commercial banks in the US; e) banks in emerging markets with tighter bank regulation and stronger investor protection experienced significantly less deleveraging during the crisis. The results suggest that excessive risk taking before the crisis was not easily detectable because the risk involved the quality rather than the quantity of assets.}, - url={https://ideas.repec.org/a/eee/inecon/v88y2012i2p284-298.html} -} -@Article{AER2003, - author={Sebnem Kalemli-Ozcan and Bent E. Sørensen and Oved Yosha}, - title={{Risk Sharing and Industrial Specialization: Regional and International Evidence}}, - journal={American Economic Review}, - year=2003, - volume={93}, - number={3}, - pages={903-918}, - month={June}, - keywords={}, - doi={}, - abstract={}, - url={https://ideas.repec.org/a/aea/aecrev/v93y2003i3p903-918.html} -} -@Article{SocialIndicators2012, - author={Cahit Guven and Bent Sørensen}, - title={{Subjective Well-Being: Keeping Up with the Perception of the Joneses}}, - journal={Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement}, - year=2012, - volume={109}, - number={3}, - pages={439-469}, - month={December}, - keywords={Happiness; Social comparison; Status; Perceptions; D14; D63; I31}, - doi={10.1007/s11205-011-9910-x}, - abstract={Using data from the US General Social Survey 1972–2004, we study the role of perceptions and status in self-reported happiness. Reference group income negatively relates to own happiness and high perceptions about own relative income, quality of dwelling, and social class relate positively and very significantly to happiness. Perceptions about income and status matter more for females, and for low income, conservative, more social, and less trusting individuals. Dwelling perceptions matter more for males, and for middle income, married, conservative, more social, and less trusting individuals. Copyright Springer Science+Business Media B.V. 2012}, - url={https://ideas.repec.org/a/spr/soinre/v109y2012i3p439-469.html} -} -@Article{EmpiricalEcon2013, - author={Hatice Balli and Bent S{\o}rensen}, - title={{Interaction effects in econometrics}}, - journal={Empirical Economics}, - year=2013, - volume={45}, - number={1}, - pages={583-603}, - month={August}, - keywords={Non-linear regression; Interaction terms; C12; C13}, - doi={10.1007/s00181-012-0604-2}, - abstract={We provide practical advice for applied economists regarding robust specification and interpretation of linear regression models with interaction terms. We replicate a number of prominently published results using interaction effects and examine if they are robust to reasonable specification permutations. Copyright Springer-Verlag 2013}, - url={https://ideas.repec.org/a/spr/empeco/v45y2013i1p583-603.html} -} - -@Article{Scandinavian2014, - author={Sebnem Kalemli-Ozcan and Emiliano Luttini and Bent Sorensen}, - title={{Debt Crises and Risk-Sharing: The Role of Markets versus Sovereigns}}, - journal={Scandinavian Journal of Economics}, - year=2014, - volume={116}, - number={1}, - pages={253-276}, - month={01}, - keywords={}, - doi={}, - abstract={}, - url={https://ideas.repec.org/a/bla/scandj/v116y2014i1p253-276.html} -} -@Article{JEEA2014, - author={Sebnem Kalemli-Ozcan and Bent Sorensen and Vadym Volosovych}, - title={{Deep Financial Integration And Volatility}}, - journal={Journal of the European Economic Association}, - year=2014, - volume={12}, - number={6}, - pages={1558-1585}, - month={December}, - keywords={}, - doi={}, - abstract={ We investigate the relationship between foreign direct ownership of firms and firm- and region-level output volatility using a novel panel data set for European countries. We document a positive, highly robust, relationship between firm-level foreign ownership and volatility of value added. This relationship holds cross-sectionally and in panels with firm fixed effects where the relationship captures within-firm variation over time. Considering domestic firms with assets in foreign countries, we document that it is international diversification, rather than the nationality of the owner, that explains this positive correlation. Our results can also be found at the aggregate level, where we show that region-level volatility is correlated positively with foreign investment in the region. We show that this positive relation between aggregate volatility and foreign investment can be explained by the granularity of the firm size distribution and the fact that foreign ownership is concentrated among the largest firms.}, - url={https://ideas.repec.org/a/bla/jeurec/v12y2014i6p1558-1585.html} -} -@Article{QJE1996, - author={Pierfederico Asdrubali and Bent E. S{\o}rensen and Oved Yosha}, - title={{Channels of Interstate Risk Sharing: United States 1963–1990}}, - journal={The Quarterly Journal of Economics}, - year=1996, - volume={111}, - number={4}, - pages={1081-1110}, - month={}, - keywords={}, - doi={}, - abstract={We develop a framework for quantifying the amount of risk sharing among states in the United States, and construct data that allow us to decompose the cross-sectional variance in gross state product into several components which we refer to as levels of smoothing. We find that 39 percent of shocks to gross state product are smoothed by capital markets, 13 percent are smoothed by the federal government, and 23 percent are smoothed by credit markets. The remaining 25 percent are not smoothed. We also decompose the federal government smoothing into subcategories: taxes, transfers, and grants to states.}, - url={https://ideas.repec.org/a/oup/qjecon/v111y1996i4p1081-1110..html} -} -@Article{J-Urban2016, - author={Craig, Steven G. and Hemissi, Wided and Mukherjee, Satadru and S{\o}rensen, Bent E.}, - title={{How do politicians save? Buffer-stock management of unemployment insurance finance}}, - journal={Journal of Urban Economics}, - year=2016, - volume={93}, - number={C}, - pages={18-29}, - month={}, - keywords={Government savings; Unemployment insurance; Impatience; Prudence}, - doi={10.1016/j.jue.2016.02.002}, - abstract={We fit an empirical structural model of forward looking government savings behavior to data from the U.S. state Unemployment Insurance (UI) programs 1976–2008. States increase benefits or lower taxes when Unemployment Trust fund balances are high, consistent with a desired target level of savings. This can be explained by the representative state program behaving like a Carroll (1992) buffer-stock consumer who trades off a desire to expend savings (impatience) against the fear of running out of funds (risk aversion). We calibrate the model to the data and find that statistics from model simulations match similar statistics produced from the data for reasonable levels of risk aversion and impatience.}, - url={https://ideas.repec.org/a/eee/juecon/v93y2016icp18-29.html} -} -@Article{AEJ2017, - author={Yuliya Demyanyk and Dmytro Hryshko and María Jose Luengo-Prado and Bent E. S{\o}rensen}, - title={{Moving to a Job: The Role of Home Equity, Debt, and Access to Credit}}, - journal={American Economic Journal: Macroeconomics}, - year=2017, - volume={9}, - number={2}, - pages={149-181}, - month={April}, - keywords={}, - doi={}, - abstract={We use individual-level credit reports merged with loan-level mortgage data to estimate how home equity interacted with mobility in relatively weak and strong labor markets in the United States during the Great Recession. We construct a dynamic model of housing, consumption, employment, and relocation, which provides a structural interpretation of our empirical results and allows us to explore the role that foreclosure played in labor mobility. We find that negative home equity is not a significant barrier to job-related mobility because the benefits of accepting an out-of-area job outweigh the costs of moving. This pattern holds even if homeowners are not able to default on their mortgages.}, - url={https://ideas.repec.org/a/aea/aejmac/v9y2017i2p149-81.html} -} -@TechReport{ORBIS, - author={Sebnem Kalemli-Ozcan and Bent Sorensen and Carolina Villegas-Sanchez and Vadym Volosovych and Sevcan Yesiltas}, - title={{How to Construct Nationally Representative Firm Level data from the ORBIS Global Database}}, - year=2015, - month=Sep, - institution={National Bureau of Economic Research, Inc}, - type={NBER Working Papers}, - url={https://ideas.repec.org/p/nbr/nberwo/21558.html}, - number={21558}, - abstract={Firm-level data on productivity, financial activity and firms' international linkages have become essential for research in the fields of macro, international finance and growth. This paper describes the development of a firm-level global panel dataset for public and private companies based on the administrative micro-dataset ORBIS, provided commercially by Bureau van Dijk Electronic Publishing (BvD). The ORBIS database provides data on firms' financial and productive activities from balance sheets and income statements together with detailed information on firms' domestic and international ownership structure for over 130 million companies across the world. Researchers need to overcome several challenges before making the database usable for research. First, the database is not designed for large downloads that is essential for an econometric analysis. Second, there are several inherent biases in the database that affect the download process and lead to missing information. Third, the raw data may contain a number of irregularities which, if not dealt with, will result in data loss during a standard cleaning procedure. In combination, these issues cause minimal coverage of small firms, extensive missing data, and poor national representation. We give detailed instructions on the data gathering process from ORBIS in terms of downloading methodology and cleaning procedure so that a researcher can construct a database that is nationally representative with minimal missing information. We provide examples from several European countries to present the process and discuss the resulting dataset in detail.}, - keywords={}, - doi={}, -} -@book{NBEReich-4, - title = "NBER Macroeconomics Annual 2017, volume 32", - author = "Martin S. Eichenbaum and Jonathan Parker", - institution = "National Bureau of Economic Research", - type = "Book", - publisher = "University of Chicago Press", - year = "2017", - URL = "http://www.nber.org/books/eich-4", -} - -@article{lebaron2006agent, - title={Agent-based computational finance}, - author={LeBaron, Blake}, - journal={Handbook of computational economics}, - volume={2}, - pages={1187--1233}, - year={2006}, - publisher={Elsevier} -} - -@article{qiu2017limited, - title={Limited individual attention and online virality of low-quality information}, - author={Qiu, Xiaoyan and Oliveira, Diego FM and Shirazi, Alireza Sahami and Flammini, Alessandro and Menczer, Filippo}, - journal={Nature Human Behavior}, - volume={1}, - pages={0132}, - year={2017} -} - -@article{epstein2009modelling, - title={Modelling to contain pandemics}, - author={Epstein, Joshua M}, - journal={Nature}, - volume={460}, - number={7256}, - pages={687--687}, - year={2009}, - publisher={Nature Publishing Group} -} -@article{gafhcghpyGetting, - title={Getting at systemic risk via an agent-based model of the housing market}, - author={Geanakoplos, John and Axtell, Robert and Farmer, Doyne J and Howitt, Peter and Conlee, Benjamin and Goldstein, Jonathan and Hendrey, Matthew and Palmer, Nathan M and Yang, Chun-Yi}, - journal={The American Economic Review}, - volume={102}, - number={3}, - pages={53--58}, - year={2012}, - publisher={American Economic Association} -} - -@article{bfhltuMacroprudential, - title={Macroprudential policy in an agent-based model of the UK housing market}, - author={Baptista, Rafa and Farmer, J Doyne and Hinterschweiger, Marc and Low, Katie and Tang, Daniel and Uluc, Arzu}, - journal={Bank of England Staff Working Paper No. 619: Macroprudential policy in an agent-based model of the UK housing market - Rafa Baptista, J Doyne Farmer, Marc Hinterschweiger, Katie Low, Daniel Tang and Arzu Uluc}, - year={2016} -} - -@article{bdksLeverage, - title={House Price Beliefs and Mortgage Leverage Choice}, - author={Bailey, Michael C and D{\'a}vila, Eduardo and Kuchler, Theresa and Stroebel, Johannes}, - journal={Manuscript}, - year={2017} -} - -@article{reiterSolving, - title = {Solving heterogeneous-agent models by projection and perturbation}, - volume = {33}, - number = {3}, - journal = {Journal of Economic Dynamics and Control}, - author = {Reiter, Michael}, - month = mar, - year = {2009}, - pages = {649--665}, - url = {https://www.sciencedirect.com/science/article/pii/S0165188908001528}, - note = {\href{https://www.sciencedirect.com/science/article/pii/S0165188908001528}{https://www.sciencedirect.com/science/article/pii/S0165188908001528}} -} - -@techreport{reiterApproximate, - title = {Approximate and {Almost}-{Exact} {Aggregation} in {Dynamic} {Stochastic} {Heterogeneous}-{Agent} {Models}}, - number = {258}, - institution = {Institute for Advanced Studies}, - author = {Reiter, Michael}, - month = oct, - year = {2010}, -} - - -@article{summersWolf2, - author = {Summers, Lawrence H.}, - journal = {Financial Times interview}, - note = {\url{http://larrysummers.com/commentary/speeches/brenton-woods-speech/}}, - title = {Larry Summers and Martin Wolf on New Economic - Thinking}, - year = {2011}, - url = {http://larrysummers.com/commentary/speeches/brenton-woods-speech/}, -} - -@article{akerlofMMM, - author = {Akerlof, George A.}, - journal = {American Economic Review}, - note = {\url{https://www.aeaweb.org/articles?id=10.1257/aer.97.1.5}}, - number = {1}, - pages = {5--36}, - title = {The Missing Motivation in Macroeconomics}, - volume = {97}, - year = {2007}, - url = {https://www.aeaweb.org/articles?id=10.1257/aer.97.1.5}, -} - -@article{shillerTeach, - author = {Shiller, Robert J.}, - journal = {Journal of Economic Education}, - number = {4}, - pages = {403--09}, - title = {How Should the Financial Crisis Change How We Teach Economics?}, - volume = {41}, - year = {2010}, -} - -@article{stock_confidence_1991, - title = {Confidence intervals for the largest autoregressive root in {U}.{S}. macroeconomic time series}, - volume = {28}, - url = {http://econpapers.repec.org/article/eeemoneco/v_3a28_3ay_3a1991_3ai_3a3_3ap_3a435-459.htm}, - number = {3}, - journal = {Journal of Monetary Economics}, - author = {Stock, James}, - year = {1991}, - pages = {435--459}, -} - -@article{tokuoka2013saving, - title={Saving response to unemployment of a sibling}, - author={Tokuoka, Kiichi}, - journal={Journal of Economic Behavior and Organization}, - volume={89}, - pages={58--75}, - year={2013}, - publisher={Elsevier} -} - - -@techreport{fhnMPC, - author = {Andreas Fagereng and Martin B. Holm and - Gisle J. Natvik}, - type = {discussion paper}, - institution = {Statistics Norway}, - title = {MPC Heterogeneity and Household Balance Sheets}, - volume = {852}, - year = {2017}, -} - -@article{lmpPermShocks, - title={Wage risk and employment risk over the life cycle}, - author={Low, Hamish and Meghir, Costas and Pistaferri, Luigi}, - journal={The American economic review}, - volume={100}, - number={4}, - pages={1432--1467}, - year={2010}, - publisher={American Economic Association} -} - -@techreport{gkosData, - title={What do data on millions of US workers reveal about life-cycle earnings risk?}, - author={Guvenen, Fatih and Karahan, Fatih and Ozkan, Serdar and Song, Jae}, - year={2015}, - institution={National Bureau of Economic Research} -} - -@article{bsDigustibus, - title={De gustibus non est disputandum}, - author={Stigler, George J and Becker, Gary S}, - journal={The American Economic Review}, - volume={67}, - number={2}, - pages={76--90}, - year={1977}, - publisher={JSTOR} -} - -@techreport{blanchardDSGE, - title={Do DSGE Models Have a Future?}, - author={Blanchard, Olivier}, - year={2016}, - note={Available at \href{https://piie.com/system/files/documents/pb16-11.pdf}{https://piie.com/system/files/documents/pb16-11.pdf}}, - url={https://piie.com/system/files/documents/pb16-11.pdf}, - institution={Petersen Institute for International Economics} -} - -@techreport{haldaneDappled, - title={The Dappled World}, - author={Haldane, Andy}, - year={2016}, - note={Available at \href{http://www.bankofengland.co.uk/publications/Pages/speeches/2016/937.aspx}{http://www.bankofengland.co.uk/publications/Pages/speeches/2016/937.aspx}}, - url={http://www.bankofengland.co.uk/publications/Pages/speeches/2016/937.aspx}, - journal={Speech Given at GLS Shackle Biennial Memorial Lecture}, - institution={Bank of England}, - month={November} -} - - -@article{auclertMPC, - title={Monetary policy and the redistribution channel}, - author={Auclert, Adrien}, - journal={Unpublished manuscript}, - year={2015} -} - -@misc{yellenHetero, - url={https://www.federalreserve.gov/newsevents/speech/yellen20161014a.htm}, - note={Available at \href{https://www.federalreserve.gov/newsevents/speech/yellen20161014a.htm}{https://www.federalreserve.gov/newsevents/speech/yellen20161014a.htm}}, - author = {Yellen, Janet}, - journal = {At \emph{The Elusive `Great' Recovery: Causes and Implications for Future Business Cycle Dynamics} 60th annual economic conference sponsored by the Federal Reserve Bank of Boston, Boston, Massachusetts}, - title = {Macroeconomic Research After the Crisis}, - year={2016}, - month={October}, - day={16} -} - -October 14, 2016 - - -Chair Janet L. Yellen - -At "The Elusive 'Great' Recovery: Causes and Implications for Future Business Cycle Dynamics" 60th annual economic conference sponsored by the Federal Reserve Bank of Boston, Boston, Massachusetts - -@misc{coeureHetero, - author={Coeure, Benoit}, - title={The relevance of household-level data for monetary policy and financial stability analysis}, - url = {http://www.ecb.europa.eu/press/key/date/2013/html/sp131017.en.html}, - journal={Opening Remarks Delivered at ECB Conference on Household Finance and Consumption}, - year = {2013}, - month= {October}, - day = {17}, - notes = {Available at \href{http://www.ecb.europa.eu/press/key/date/2013/html/sp131017.en.html}{http://www.ecb.europa.eu/press/key/date/2013/html/sp131017.en.html}} -} - - -@ARTICLE{ElizabethWhy, - author = {Elizabeth, Queen~of~England}, - title = {The economic forecasters' failing vision}, - journal = {Financial Times}, - year = 2008, - note = {https://www.ft.com/content/50007754-ca35-11dd-93e5-000077b07658}, - date = {November 25, 2008}, - url = {https://www.ft.com/content/50007754-ca35-11dd-93e5-000077b07658} -} - -@techreport{akmwwInequality-Discuss, - author = {Christopher D. Carroll and Edmund Crawley}, - title = {Discussion of `When Inequality Matters for Macro and Macro Matters for Inequality'}, - year = {2017}, - journal = {NBER Macroeconomics Annual}, - publisher = {MIT Press}, - institution = {NBER}, - url = {https://www.econ2.jhu.edu/people/ccarroll/discuss/2017-04_NBER_Macro-Annual/akmwwInequality/} -} - -% Version for CV -@inbook{akmwwInequality-DiscussNew, - Crossref = "NBEReich-4", - title = {Comment on `When Inequality Matters for Macro and Macro Matters for Inequality'}, - author = {SeHyoun Ahn and Greg Kaplan and Benjamin Moll and Thomas Winberry and Christian Wolf}, - Publisher = "NBER Macroeconomics Annual 2017, volume 32, University of Chicago Press", - pages = "76-92", - year = "2017", - month = "July", - URL = "http://www.nber.org/chapters/c13928", -note = "Published Discussion" -} - -@inbook{NBERc13928, - Crossref = "NBEReich-4", - title = {Comment on "When Inequality Matters for Macro and Macro Matters for Inequality"}, - author = "Christopher D. Carroll and Edmund Crawley", - BookTitle = "NBER Macroeconomics Annual 2017, volume 32", - Publisher = "University of Chicago Press", - pages = "76-92", - year = "2017", - month = "July", - URL = "http://www.nber.org/chapters/c13928", -} -@book{NBEReich-4, - title = "NBER Macroeconomics Annual 2017, volume 32", - author = "Martin Eichenbaum and Jonathan A. Parker", - institution = "National Bureau of Economic Research", - type = "Book", - publisher = "University of Chicago Press", - year = "2018", - URL = "http://www.nber.org/books/eich-4", -} - -@article{akmwwInequality, - title = {When Inequality Matters for Macro and Macro Matters for Inequality}, - author = {SeHyoun Ahn and Greg Kaplan and Benjamin Moll and Thomas Winberry and Christian Wolf}, - journal = {NBER Macroeconomics Annual}, - publisher = {MIT Press}, - year = 2017, - editor = {Jonathan Parker and Martin S. Eichenbaum, Organizers}, - volume = 32, - url = {http://www.princeton.edu/~moll/WIMM.pdf}, - address = {Cambridge, MA}, -} - - -@ARTICLE{infrastructureNYT, - author = {Jennifer Steinhauer}, - title = {Republicans Now Marching With Trump on Ideas They Had Opposed}, - journal = {New York Times}, - year = 2017, - month = {January}, - day = {27}, - note = {\url{https://www.nytimes.com/2017/01/26/us/politics/trump-republican-retreat.html}}, - url = {\url{https://www.nytimes.com/2017/01/26/us/politics/trump-republican-retreat.html}}, -} - -@techreport{amkstPuzzle, - title = "Late-in-Life Risks and the Under-Insurance Puzzle", - author = "John Ameriks and Joseph Briggs and Andrew Caplin and Matthew D. Shapiro and Christopher Tonetti", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "22726", - year = "2016", - month = "October", - doi = {10.3386/w22726}, - URL = "http://www.nber.org/papers/w22726", - abstract = {Individuals face significant late-in-life risks, including needing long-term care (LTC). Yet, they hold little long-term care insurance (LTCI). Using both “strategic survey questions,” which identify preferences, and stated demand questions, this paper investigates the degree to which a fundamental lack of interest and poor product features determine low LTCI holdings. It estimates a rich set of individual-level preferences and uses a life-cycle model to predict insurance demand, finding that better insurance would be far more widely held than are products in the market. Comparing stated and model-predicted demand shows that flaws in existing products provide a significant, but partial, explanation for this under-insurance puzzle.}, -} - -@article{fjFutureGrowth, -Author = {Fernald, John G. and Jones, Charles I.}, -Title = {The Future of US Economic Growth}, -Journal = {American Economic Review}, -Volume = {104}, -Number = {5}, -Year = {2014}, -Month = {May}, -Pages = {44-49}, -DOI = {10.1257/aer.104.5.44}, -URL = {http://www.aeaweb.org/articles?id=10.1257/aer.104.5.44}, -notes = {Available at {http://web.stanford.edu/~chadj/FernaldJones2014.pdf}} -} - -@techreport{kocherlakotaTrouble, - author = {Kocherlakota, Narayana}, - title = {Thoughts on `The Trouble With Macroeconomics'}, - url = {https://sites.google.com/site/kocherlakota009/home/research/9-15-16}, - note = {\url{https://sites.google.com/site/kocherlakota009/home/research/9-15-16}}, - month = {September}, - year = {2016}, - institution = {Kocherlakota Blog} -} - -@ARTICLE{caballeroPretense, - author = {Caballero, Ricardo J.}, - title = {Macroeconomics after the Crisis: Time to Deal with - the Pretense-of-Knowledge Syndrome}, - journal = {Journal of Economic Perspectives}, - year = 2010, - volume = 24, - pages = {85--102}, - number = 4, - note = {\url{http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.24.4.85}}, - doi = {10.1257/jep.24.4.85}, - url = {http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.24.4.85} -} - - -@techreport{romerTrouble, - author = {Romer, Paul}, - title = {The Trouble With Macroeconomics}, - url = {https://paulromer.net/wp-content/uploads/2016/09/WP-Trouble.pdf}, - year = {2016}, - month = {September}, - institution = {\url{http://paulromer.net}}, - note = {Available at \url{https://paulromer.net/wp-content/uploads/2016/09/WP-Trouble.pdf}}, -} - -@techreport{keynesMaster, - author = {Keynes, John Maynard}, - title = {The Collected Writings of John Maynard Keynes}, - volume = {X}, - year = {1972}, - publisher = {Royal Economic Society}, - url = {http://www.goodreads.com/quotes/798690-the-master-economist-must-possess-a-rare-combination-of-gifts}, - note = {\url{http://www.goodreads.com/quotes/798690-the-master-economist-must-possess-a-rare-combination-of-gifts}} -} - -@techreport{dkpQE, - title = "How Quantitative Easing Works: Evidence on the Refinancing Channel", - author = "Marco {Di Maggio} and Amir Kermani and Christopher Palmer", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "22638", - year = "2016", - month = "September", - doi = {10.3386/w22638}, - URL = "http://www.nber.org/papers/w22638", - abstract = {Despite massive large-scale asset purchases (LSAPs) by central banks around the world since the global financial crisis, there is a lack of empirical evidence on whether and how these programs affect the real economy. Using rich borrower-linked mortgage-market data, we document that there is a “flypaper effect” of LSAPs, where the transmission of unconventional monetary policy to interest rates and (more importantly) origination volumes depends crucially on the assets purchased and degree of segmentation in the market. For example, QE1, which involved significant purchases of GSE-guaranteed mortgages, increased GSE-eligible mortgage originations significantly more than the origination of GSE-ineligible mortgages. In contrast, QE2's focus on purchasing Treasuries did not have such differential effects. We find that the Fed's purchase of MBS (rather than exclusively Treasuries) during QE1 resulted in an additional \$600 billion of refinancing, substantially reduced interest payments for refinancing households, led to a boom in equity extraction, and increased refinancing mortgagors’ consumption by an additional \$76 billion. This de facto allocation of credit across mortgage market segments, combined with sharp bunching around GSE eligibility cutoffs, establishes an important complementarity between monetary policy and macroprudential housing policy. Our counterfactual simulations estimate that relaxing GSE eligibility requirements would have significantly increased refinancing activity in response to QE1, including a 20\% increase in equity extraction by households. Overall, our results imply that central banks could most effectively provide unconventional monetary stimulus by supporting the origination of debt that would not be originated otherwise.}, - } - -@article{grodzickiCCC, - title={The Evolution of Competition in the Credit Card Market}, - author={Grodzicki, Daniel}, - journal={The Pennsylvania State University}, - year={2015} - } - -@article{ausubelFailure, - title={The failure of competition in the credit card market}, - author={Ausubel, Lawrence M}, - journal={The American Economic Review}, - pages={50--81}, - year={1991}, - publisher={JSTOR} - } - -@article{pikettyCapital, - title={Capital in the twenty-first century}, - author={Piketty, Thomas}, - journal={Cambridge, MA, London}, - year={2014} - } - -@article{rognliePiketty, -author ={Rognlie, Matthew}, -title = {A Note on Piketty and Diminishing Returns to Capital}, -url = {http://www.mit.edu/~mrognlie/piketty_diminishing_returns.pdf}, -journal = {Under revision, Brookings Papers on Economic Activity}, -year = {2014}, -} - -@article{Piketty_Saez2003, - author = {Thomas Piketty and Emmanuel Saez}, - journal = {Quarterly Journal of Economics}, - number = {1}, - pages = {1--39}, - title = {Income Inequality in the United States, 1913--1998}, - volume = {118}, - year = {2003}, -} - - -@TECHREPORT{fgmpReturns, -title = {Heterogeneity in Returns to Wealth and the Measurement of Wealth Inequality}, -author = {Fagereng, Andreas and Luigi Guiso and Davide Malacrino and Luigi Pistaferri}, -year = 2016, -institution = {Einaudi Institute for Economics and Finance (EIEF)}, -type = {EIEF Working Papers Series}, -number = {16/1}, -url = {http://www.eief.it/files/2016/01/wp-01-heterogeneity-in-returns-to-wealth-and-the-measurement-of-wealth-inequality.pdf}, -note = {Available at \url{http://llorracc.net/cited/fgmpReturns}} -} - - -@techreport{ghosDespiteUzawa, - title = "Balanced Growth Despite Uzawa", - author = "Gene M. Grossman and Elhanan Helpman and Ezra Oberfield and Thomas Sampson", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "21861", - year = "2016", - month = "January", - doi = {10.3386/w21861}, - URL = "http://www.nber.org/papers/w21861", - abstract = {The evidence for the United States points to balanced growth despite falling investment-good prices and an elasticity of substitution between capital and labor less than one. This is inconsistent with the Uzawa Growth Theorem. We extend Uzawa's theorem to show that the introduction of human capital accumulation in the standard way does not resolve the puzzle. However, balanced growth is possible if schooling is endogenous and capital is more complementary with schooling than with raw labor. We describe balanced growth paths for a variety of neoclassical growth models with capital-augmenting technological progress and endogenous schooling. The balanced growth path in an overlapping-generations model in which individuals choose the duration of their education matches key features of the U.S. economic record.}, -} -@article{WhiteENDG, -author = "Matthew N. White", -title = "The Method of Endogenous Gridpoints in Theory and Practice", -year = "2015", -journal = "Journal of Economic Dynamics and Control", -volume = "60", -pages = "26-41", -url = {http://dx.doi.org/10.1016/j.jedc.2015.08.001}, -doi = {10.1016/j.jedc.2015.08.001}, -notePri = {http://llorracc.net/papers/WhiteENDG} -} - - -@TechReport{cpHetero, - Title = {The Heterogeneous-Agent Computational toolKit: An Extensible Framework for Solving and Estimating Heterogeneous-Agent Models}, - Author = {Carroll, Christopher D and Palmer, Nathan M}, - Institution = {Johns Hopkins University and Office of Financial Research}, - Journal = {Computing in Economics and Finance 2015, Taipei, Taiwan}, - Year = 2015, - Month = {June}, - url = {https://editorialexpress.com/cgi-bin/conference/download.cgi?db_name=CEF2015&paper_id=523}, - note = {Available at \url{https://editorialexpress.com/cgi-bin/conference/download.cgi?db_name=CEF2015&paper_id=523}}, - } - -@article{rodrikRules, - author= {Rodrik, Dani}, - title = {Economics Rules}, - url = {https://www.youtube.com/watch?feature=youtu.be&t=29m&v=Yxbcb7hxZP0&app=desktop}, - note = {Available at \href{https://www.youtube.com/watch?feature=youtu.be&t=29m&v=Yxbcb7hxZP0&app=desktop}{YouTube}}, - journal = {YouTube}, - year = {2015} -} - - - -@article{samuelson1937note, - title={A note on measurement of utility}, - author={Samuelson, Paul A}, - journal={The Review of Economic Studies}, - volume={4}, - number={2}, - pages={155--161}, - year={1937}, - publisher={JSTOR} - } - - -@article{samuelson1979we, - title={Why we should not make mean log of wealth big though years to act are long}, - author={Samuelson, Paul A}, - journal={Journal of Banking and Finance}, - volume={3}, - number={4}, - pages={305--307}, - year={1979}, - publisher={Elsevier}, - doi= {http://dx.doi.org/10.1016/0378-4266(79)90023-2} - } - -@article{BueraShin2009, - title={Productivity Growth and Capital Flows: The Dynamics of Reform}, - author={Buera, Francisco and Yongseok Shin}, - journal={NBER Working Paper 15268}, - year={2009} -} - -@article{Benhima2013, - title={A Reappraisal of the Allocation Puzzle through the Portfolio Approach}, - author={Benhima, Kenza}, - journal={Journal of international Economics}, - volume={89}, - number={2}, - pages={331--346}, - year={2013}, - publisher={Elsevier} -} - - -@article{BachettaBenhima2015, - title={The Demand for Liquid Assets, Corporate Saving and Global Imbalances}, - author={Bacchetta, Philippe and Kenza Benhima}, - journal={Journal of the European Economic Association}, - volume={forthcoming}, - year={2015} -} - -@misc{deatonStateCapacity, - author = {Angus Deaton}, - title = {Weak States, Poor Countries}, - journal = {Project Syndicate}, - year = {2013}, - url = {http://www.project-syndicate.org/commentary/economic-development-requires-effective-governments-by-angus-deaton}, - note = {Available at \texttt{\href{http://www.project-syndicate.org/commentary/economic-development-requires-effective-governments-by-angus-deaton}{Project Syndicate}}} - } - -@book{brynjolfsson2014second, - title={The second machine age: work, progress, and prosperity in a time of brilliant technologies}, - author={Brynjolfsson, Erik and McAfee, Andrew}, - year={2014}, - publisher={WW Norton \& Company} - } - - -@techreport{assMiddleClass, - title = "Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class", - author = "Manuel Adelino and Antoinette Schoar and Felipe Severino", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "20848", - year = "2015", - month = "January", - doi = {10.3386/w20848}, - URL = "http://www.nber.org/papers/w20848", - abstract = {We provide new facts on the debt dynamics leading up to the financial crisis of 2007. Earlier research suggests that distortions in the supply of mortgage credit, evidenced by a decoupling of credit flow from income growth, may have caused the rise in house prices and the subsequent housing market collapse. This paper shows that the increase in mortgage originations was shared across the whole distribution of borrowers, and that middle- and high-income borrowers made up the majority of originations even at the peak of the boom. Compared to prior years, middle- and high-income borrowers (not the poor), as well as those with medium and high credit scores, made up a much larger share of delinquencies in the crisis relative to earlier years. We show that the relation between individual mortgage size and income growth during the housing boom was always strongly positive, also in line with previous periods (and independent of how income is measured). These results are most consistent with an expectations based view of the financial crisis in which both homebuyers and lenders were buying into increasing housing values and defaulted once prices dropped. }, - } - -@TECHREPORT{aydinMPCLiq, -title = {The Marginal Propensity to Consume out of Liquidity}, -author = {Aydin, Deniz}, -year = {2015}, -institution = {Stanford Institute for Economic Policy Research}, -type = {Discussion Papers}, -number = {15-010}, -abstract = {This paper presents novel tests of competing models of intertemporal consumption behavior using unique European administrative panel data on income, spending and assets. I estimate the marginal propensity to consume (MPC) out of ‘liquidity’ -the debt response to a change in borrowing capacity- using changes in credit card limits in a randomized controlled trial implemented in September 2014 involving fifty-five thousand individuals. I obtain four empirical results: First, borrowing constraints change consumption dynamics even when they are not strictly binding. Two-thirds of the population accumulate a significant average of 20 cent of debt per dollar limit increase, relative to the control group. Second, the heterogeneity of the MPC is exclusively in line with precautionary models, a decreasing function of cash-on-hand. Third, the debt response to liquidity and credit card utilization are stationary. Fourth, additional liquidity is spent mostly on durables and services using installments, with a smaller fraction spent on non-durables and taken out as cash advances. I then use a workhorse Bewley model with realistic income risk and show that the joint dynamics of consumption, debt and the balance sheet in response to a change in borrowing constraints can be used to calibrate and test intertemporal models. Debt response to liquidity shocks identifies preference parameters via a simulated moments estimator. Hump-shaped debt response and mean-reverting credit card utilization are not consistent with myopia as the underlying preferences.}, -keywords = {consumption; debt; borrowing con- straints; precautionary saving; permanent income hypothesis; field experiment.}, -url = {http://EconPapers.repec.org/RePEc:sip:dpaper:15-010}, -notePri = {http://llorracc.net/aydinMPCLiq.pdf} -} - -@article{agarwalQuianSingaporeMPC, - author = {Sumit Agarwal and Wenlan Qian}, - journal = {American Economic Review}, - title = {Consumption and Debt Response to Unanticipated - Income Shocks: Evidence from a Natural Experiment in - Singapore}, - volume = 104, - number = 12, - year = 2014, - pages = {4205--4230}, -} - -@incollection{BrownLiebmanPollet, - editor = {Martin Feldstein and Jeffrey B. Liebman}, - author = {Jeffrey Brown and Jeffrey B. Liebman and Joshua - Pollett}, - publisher = {University of Chicago Press}, - booktitle = {The Distributional Aspects of Social Security and - Social Security Reform}, - title = {Estimating Life Tables That Reflect Socioeconomic - Differences in Mortality}, - year = 2002, - pages = {447--457}, -} - -@misc{SSLifeTables, - title = {Actuarial Life Table}, - author = {{Social Security Administration}}, - year = 2010, - note = {available at - \url{http://www.ssa.gov/oact/STATS/table4c6.html}}, -} - - -@inbook{WhyDoRichSaveNoURL, - author = {Christopher D. Carroll}, - editor = {Joel B. Slemrod}, - title = {Does Atlas Shrug? The Economic Consequences of - Taxing the Rich}, - year = 2000, - chapter = 14, - pages = {465--484} -} - - -@inproceedings{WhyDoRichSave, - author = {Christopher D. Carroll}, - booktitle = {Does Atlas Shrug? The Economic Consequences of Taxing the Rich}, - editor = {Joel B. Slemrod}, - publisher = {Harvard University Press}, - title = {Why Do the Rich Save So Much?}, - chapter = 14, - year = {2000}, - url = {https://www.econ2.jhu.edu/people/ccarroll/Why.pdf}, -} - -@article{ksHeteroPort, - author = {Krusell, Per and Smith, Anthony A.}, - journal = {Macroeconomic Dynamics}, - number = 2, - pages = {387--422}, - title = {Income and Wealth Heterogeneity, Portfolio Choice - and Equilibrium Asset Returns}, - volume = 1, - year = 1997, -} - -@Article{heathcote_fiscalPolicy, - author = {Jonathan Heathcote}, - title = {Fiscal Policy with Heterogeneous Agents and - Incomplete Markets}, - journal = {Review of Economic Studies}, - year = 2005, - volume = 72, - number = 1, - pages = {161--188}, -} - - -@article{kaplanViolanteWeidner_wealthyH2M, - author = {Violante, Gianluca and Kaplan, Greg and Weidner, Justin}, - journal = {Brookings Papers on Economic Activity}, - pages = {77--138}, - title = {The Wealthy Hand-to-Mouth}, - volume = {Spring}, - year = {2014}, -abstract = {The wealthy hand-to-mouth are households who hold little or no liquid wealth (e.g. cash, checking, and saving accounts), despite owning sizable amounts of illiquid assets (i.e., assets that carry a transaction cost, such as housing, large durables, or retirement accounts). This portfolio configuration implies that these households have large marginal propensities to consume out of small income changes –a key determinant of the macroeconomic effects of fiscal policy. The wealthy hand-to-mouth, therefore, behave in many respects like households with little or no net worth, yet they escape standard definitions (and empirical measurements) of hand-to-mouth agents based on net worth. We use survey data on household portfolios for the U.S., Canada, Australia, the U.K., Germany, France, Italy, and Spain to document the share of such households across countries, their demographic characteristics, the composition of their balance sheet, and the persistence of hand-to-mouth status over the life cycle. Finally, we discuss the implications of this group of consumers for macroeconomic modelling and policy analysis.}, -} - - -@TECHREPORT{kaplanViolanteWeidner_wealthyH2M_SED, -title = {The Wealthy Hand-to-Mouth}, -author = {Violante, Gianluca and Kaplan, Greg and Weidner, Justin}, -year = {2014}, -institution = {Society for Economic Dynamics}, -type = {2014 Meeting Papers}, -number = {192}, -abstract = {The wealthy hand-to-mouth are households who hold little or no liquid wealth (e.g. cash, checking, and saving accounts), despite owning sizable amounts of illiquid assets (i.e., assets that carry a transaction cost, such as housing, large durables, or retirement accounts). This portfolio configuration implies that these households have large marginal propensities to consume out of small income changes –a key determinant of the macroeconomic effects of fiscal policy. The wealthy hand-to-mouth, therefore, behave in many respects like households with little or no net worth, yet they escape standard definitions (and empirical measurements) of hand-to-mouth agents based on net worth. We use survey data on household portfolios for the U.S., Canada, Australia, the U.K., Germany, France, Italy, and Spain to document the share of such households across countries, their demographic characteristics, the composition of their balance sheet, and the persistence of hand-to-mouth status over the life cycle. Finally, we discuss the implications of this group of consumers for macroeconomic modelling and policy analysis.}, -url = {http://EconPapers.repec.org/RePEc:red:sed014:192} -} - - -@techreport{coronadoEtAl, - author = {Coronado, Julia Lynn and Lupton, Joseph P. and - Sheiner, Louise M.}, - institution = {Federal Reserve Board}, - number = 32, - type = {FEDS discussion paper}, - title = {The Household Spending Response to the 2003 Tax Cut: - Evidence from Survey Data}, - year = 2005, -} - -@Article{ssBang, - author = {Matthew D. Shapiro and Joel Slemrod}, - title = {Did the 2008 Tax Rebates Stimulate Spending?}, - journal = {American Economic Review}, - year = 2009, - volume = 99, - number = 2, - pages = {374--79}, - month = {May}, - abstract = {Only one-fifth of respondents to a rider on the - University of Michigan Survey Research Center's - Monthly Survey said that the 2008 tax rebates would - lead them to mostly increase spending. Almost half - said the rebate would mostly lead them to pay off - debt, while about a third saying it would lead them - mostly to save more. The survey responses imply that - the aggregate propensity to spend from the rebate - was about one-third, and that there would not be - substantially more spending as a lagged effect of - the rebates. Because of the low spending propensity, - the rebates in 2008 provided low \"bang for the - buck\" as economic stimulus. Putting cash into - the hands of the consumers who use it to save or pay - off debt boosts their well-being, but it does not - necessarily make them spend. Low-income individuals - were particularly likely to use the rebate to pay - off debt.

(This abstract was borrowed from another - version of this item.)}, - url = - {http://ideas.repec.org/a/aea/aecrev/v99y2009i2p374-79.html} -} - -@techreport{pseIncDistributionAndC, - author = {Luigi Pistaferri and Itay Saporta-Eksten}, - institution = {Ministry of Economy and Finance, Italy}, - number = 11, - type = {working paper}, - title = {Changes in the Income Distribution and Aggregate - Consumption}, - year = 2012, -} - -@techreport{mcKayPapp:wageRiskOverBC, - author = {McKay, Alisdair and Papp, Tamas}, - institution = {Boston University}, - number = 28, - type = {working paper}, - title = {Accounting for Idiosyncratic Wage Risk Over the - Business Cycle}, - year = 2011, -} - -@article{brickerEtAl:SCF2010, - author = {Bricker, Jesse and Kennickell, Arthur B. and Moore, - Kevin B. and Sabelhaus, John}, - institution = {Board of Governors of the Federal Reserve System}, - journal = {Federal Reserve Bulletin}, - month = {June}, - number = 2, - pages = {1--80}, - title = {Changes in U.S. Family Finances from 2007 to 2010: - Evidence from the Survey of Consumer Finances}, - volume = 98, - year = 2012, -} - -@article{brickerEtAl:topWealth, - author = {Bricker, Jesse and Henriques, Alice M. and Krimmel, Jacob and Sabelhaus, John}, - journal = {Brookings Papers on Economic Activity}, - pages = {261--321}, - title = {Measuring Income and Wealth at the Top Using Administrative and Survey Data}, - volume = {Spring}, - year = {2016}, - abstract={Administrative tax data indicate that U.S. top income and wealth shares are substantial and increasing rapidly (Piketty and Saez 2003, Saez and Zucman 2014). A key reason for using administrative data to measure top shares is to overcome the under-representation of families at the very top that plagues most household surveys. However, using tax records alone restricts the unit of analysis for measuring economic resources, limits the concepts of income and wealth being measured, and imposes a rigid correlation between income and wealth. The Survey of Consumer Finances (SCF) solves the under-representation problem by combining administrative and survey data (Bricker et al, 2014). Administrative records are used to select the SCF sample and verify that high-end families are appropriately represented, and the survey is designed to measure comprehensive concepts of income and wealth at the family level. The SCF shows high and rising top income and wealth shares, as in the ad ministrative tax data. However, unadjusted, the levels and growth based on administrative tax data alone appear to be substantially larger. By constraining the SCF to be conceptually comparable, we reconcile the differences, and show the extent to which restrictions and rigidities needed to estimate top income and wealth shares in the administrative data bias up levels and growth rates.}, - keywords={Administrative data; survey data; top income shares; top wealth shares}, -} - -@TechReport{brickerEtAl:topWealthWP, - author={Bricker, Jesse and Henriques, Alice M. and Krimmel, Jacob and Sabelhaus, John}, - title={Measuring Income and Wealth at the Top Using Administrative and Survey Data}, - year=2015, - month=Apr, - institution={Board of Governors of the Federal Reserve System}, - type={Finance and Economics Discussion Series}, - number={2015-30}, - abstract={Administrative tax data indicate that U.S. top income and wealth shares are substantial and increasing rapidly (Piketty and Saez 2003, Saez and Zucman 2014). A key reason for using administrative data to measure top shares is to overcome the under-representation of families at the very top that plagues most household surveys. However, using tax records alone restricts the unit of analysis for measuring economic resources, limits the concepts of income and wealth being measured, and imposes a rigid correlation between income and wealth. The Survey of Consumer Finances (SCF) solves the under-representation problem by combining administrative and survey data (Bricker et al, 2014). Administrative records are used to select the SCF sample and verify that high-end families are appropriately represented, and the survey is designed to measure comprehensive concepts of income and wealth at the family level. The SCF shows high and rising top income and wealth shares, as in the ad ministrative tax data. However, unadjusted, the levels and growth based on administrative tax data alone appear to be substantially larger. By constraining the SCF to be conceptually comparable, we reconcile the differences, and show the extent to which restrictions and rigidities needed to estimate top income and wealth shares in the administrative data bias up levels and growth rates.}, - keywords={Administrative data; survey data; top income shares; top wealth shares}, - doi={}, -} - - -@article{dsSecular, - title = {Fiscal Policy in a Depressed Economy [with Comments - and Discussion]}, - author = {DeLong, J Bradford and Summers, Lawrence H}, - journal = {Brookings Papers on Economic Activity}, - pages = {233--297}, - year = 2012, - publisher = {JSTOR} -} - -@Article{diamond:olg, - Title = {National Debt in a Neoclassical Growth Model}, - Author = {Diamond, Peter A.}, - Journal = {American Economic Review}, - Year = 1965, - Month = {December}, - Note = {\url{http://www.jstor.org/stable/1809231}}, - Pages = {1126--1150}, - Volume = 55, - Owner = {Nic Johnson}, - Url = {http://www.jstor.org/stable/1809231} -} - -@article{jappelliPistaferri:IncomeItaly, - author = {Tullio Jappelli and Luigi Pistaferri}, - journal = {Review of Economic Dynamics}, - number = 1, - pages = {133--153}, - title = {Does Consumption Inequality Track Income Inequality - in Italy?}, - volume = 13, - year = 2010, -} - -@article{pijoanSanchez:IncomeSpain, - author = {Josep Pijoan-Mas and Virginia Sanchez-Marcos}, - journal = {Review of Economic Dynamics}, - number = 1, - pages = {154--178}, - title = {Spain Is Different: Falling Trends of Inequality}, - volume = 13, - year = 2010, -} - -@article{albarranEtAl:IncomeSpain, - author = {Pedro Albarran and Raquel Carrasco and Maite - Martinez-Granado}, - journal = {Oxford Bulletin of Economics and Statistics}, - number = 4, - pages = {491--518}, - title = {Inequality for Wage Earners and Self-Employed: - Evidence from Panel Data}, - volume = 71, - year = 2009, -} - -@techreport{rostamAfscharYao, - author = {Davud Rostam-Afschar and Jiaxiong Yao}, - type = {mimeo}, - title = {Taxation and Precautionary Savings over the Life - Cycle}, - year = 2013, - institution = {Johns Hopkins University} -} - -@techreport{yao:LaborIncomeRisks, - author = {Yao Yao}, - institution = {University of Mannheim}, - type = {mimeo}, - title = {Labor Income Risks in Germany}, - year = 2011, -} - -@techreport{hfcsFirstResults, - author = {{Eurosystem Household Finance and Consumption - Network}}, - institution = {European Central Bank}, - type = {Statistics Paper Series}, - number = 2, - title = {The Eurosystem Household Finance and Consumption - Survey -- First Results}, - year = 2013, - note = - {\url{http://www.ecb.europa.eu/pub/pdf/other/ecbsp2en.pdf}}, -} - -@techreport{hfcsMethReport, - author = {{Eurosystem Household Finance and Consumption - Network}}, - institution = {European Central Bank}, - type = {Statistics Paper Series}, - number = 1, - title = {The Eurosystem Household Finance and Consumption - Survey -- Methodological Report}, - year = 2013, - note = - {\url{http://www.ecb.europa.eu/pub/pdf/other/ecbsp1en.pdf}}, -} - -@article{souleles:responseToReaganCuts, - author = {Souleles, Nicholas S.}, - journal = {Journal of Public Economics}, - pages = {99--120}, - title = {Consumer Response to the Reagan Tax Cuts}, - volume = 85, - year = 2002, -} - -@techreport{johnsonEtAl:2003childTaxCredit, - author = {Johnson, David S. and Parker, Jonathan A. and - Souleles, Nicholas S.}, - institution = {The Wharton School}, - type = {working paper}, - title = {The Response of Consumer Spending to Rebates During - an Expansion: Evidence from the 2003 Child Tax - Credit}, - year = 2009, -} - -@article{red_xSectFacts, - author = {{Review of Economic Dynamics}}, - number = 1, - pages = {1--264}, - note = {edited by by Dirk Krueger, Fabrizio Perri, Luigi - Pistaferri and Giovanni L. Violante}, - title = {Special Issue: Cross-Sectional Facts for - Macroeconomists}, - volume = 13, - year = 2010 -} - -@book{Deaton2006, - added-at = {2009-08-21T12:19:46.000+0200}, - address = {Baltimore, MD}, - author = {Deaton, {Angus}}, - biburl = - {http://www.bibsonomy.org/bibtex/26f2f87784d59d86af8c471e5857865a0/fbw_hannover}, - edition = {3. printing}, - interhash = {7c53d5852b508cc472d541bc99f54519}, - intrahash = {6f2f87784d59d86af8c471e5857865a0}, - isbn = 0801852544, - pagetotal = {VIII, 479}, - ppn_gvk = 485128217, - publisher = {Johns Hopkins Univ. Press}, - subtitle = {a microeconometric approach to development policy}, - timestamp = {2009-08-21T12:19:46.000+0200}, - title = {The analysis of household surveys}, - url = - {http://gso.gbv.de/DB=2.1/CMD?ACT=SRCHA&SRT=YOP&IKT=1016&TRM=ppn+485128217&sourceid=fbw_bibsonomy}, - year = 2000 -} - -@ARTICLE{mianSufi:aerBorrowing, - author = {Atif R. Mian and Amir Sufi}, - title = {House Prices, Home Equity-Based Borrowing, and the - {U.S.} Household Leverage Crisis}, - journal = {American Economic Review}, - pages = {2132--2156}, - year = 2011, - volume = 101, - owner = {Jirka}, - timestamp = {2011.01.14} -} - -@book{msScarcity, - title = {Scarcity: Why Having Too Little Means So Much}, - author = {Mullainathan, Sendhil and Shafir, Eldar}, - year = 2013, - publisher = {Macmillan} -} - -@inbook{engelCurve, - title = {Die productions- und consumptionsverh{\"a}ltnisse - des K{\"o}nigsreichs Sachsen}, - author = {Engel, Ernst}, - publisher = {C. Heinrich}, - address = {Dresden}, - year = 1857, - booktitle = {Die Lebenkosten Belgischer Arbeiter-Familien}, -} - -@book{dmConsumer, - author = {Deaton, Angus and John Muellbauer}, - title = {Economics and Consumer Behavior}, - publisher = {Cambridge University Press}, - year = 1980, - address = {New York} -} - -@TECHREPORT{deatonWorldBankReview, - author = {Deaton, Angus (Chair) and Abhijit Banerjee (MIT), - Nora Lustig (UNDP), and Kenneth Rogoff (Harvard.)}, - title = {{A}n {E}valuation of {W}orld {B}ank {R}esearch, 1998 - - 2005}, - year = 2012, - file = - {deatonWorldBankReview.pdf:deatonWorldBankReview.pdf:PDF}, - owner = {ccarroll}, - timestamp = {2013.05.27}, - url = - {http://siteresources.worldbank.org/DEC/Resources/84797-1109362238001/726454-1164121166494/RESEARCH-EVALUATION-2006-Main-Report.pdf} -} - -@TECHREPORT{deatonWorldBankReviewNotes, - author = {Deaton, Angus (Chair) and Abhijit Banerjee (MIT) and Nora Lustig (UNDP) and Kenneth Rogoff (Harvard.)}, - title = {{A}n {E}valuation of {W}orld {B}ank {R}esearch, 1998 - - 2005}, - year = 2012, - file = - {deatonWorldBankReview.pdf:deatonWorldBankReview.pdf:PDF}, - owner = {ccarroll}, - timestamp = {2013.05.27}, - url = - {http://siteresources.worldbank.org/DEC/Resources/84797-1109362238001/726454-1164121166494/RESEARCH-EVALUATION-2006-Main-Report.pdf} -} - -@BOOK{NBERwise11-2, - title = {{I}nvestigations in the {E}conomics of {A}ging}, - publisher = {University of Chicago Press}, - year = 2012, - author = {David A. 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Goldstein}, - title = {Portfolio Choice over the Life-Cycle when the Stock - and Labor Markets are Cointegrated}, - journal = {Journal of Finance}, - year = 2007, - volume = 62, - pages = {2123--2167}, - number = 5, - month = {Oct}, - note = - {\url{http://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.2007.01271.x/full}}, - doi = {DOI: 10.1111/j.1540-6261.2007.01271.x}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/bcLongRunRisk.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/bcLongRunRisk.pdf:PDF}, - url = - {http://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.2007.01271.x/full} -} - -@ARTICLE{bszHumK, - author = {Berk, Jonathan and Stanton, Richard and Zechner, - Josef}, - title = {Human Capital, Bankruptcy, and Capital Structure}, - journal = {Manuscript, Hass School of Business, Berkeley}, - year = 2009 -} - -@ARTICLE{Bernanke:savingglut, - author = {Bernanke, Ben}, - title = {The Global Saving Glut and the U.S.\ Current Account - Deficit}, - journal = {Remarks at the Sandridge Lecture, Virginia - Association of Economics, Richmond, Virginia}, - year = 2005, - volume = {March 10, 2005} -} - -@ARTICLE{bernanke&ferri&simon:flight, - author = {Bernanke, Benjamin and Ferrri, Giovanni and Simon, - Peter}, - title = {Is There a Flight to Quality in Consumer Lending?}, - journal = {Manuscript, Princeton University}, - year = 1997 -} - -@ARTICLE{bernanke&gertler&gilchrist:accellerator, - author = {Bernanke, Benjamin and Gertler, Mark and Gilchrist, - Simon}, - title = {The Financial Accellerator and the Flight to - Quality}, - journal = {Review of Economics and Statistics}, - year = 1996, - volume = 78, - pages = {1--15} -} - -@ARTICLE{bernankeGlut, - author = {Bernanke, Benjamin S.}, - title = {The Global Saving Glut and the U.S. Current Account - Deficit : A Speech at the Sandridge Lecture, - Virginia Association of Economics, Richmond, - Virginia, March 10, 2005 and the Homer Jones - Lecture, St.}, - journal = {Speech}, - year = 2005, - abstract = {No abstract is available for this item.}, - bdsk-url-1 = {http://ideas.repec.org/a/fip/fedgsq/y2005x19.html}, - keywords = {Balance of trade ; Budget deficits ; International - finance}, - url = {http://ideas.repec.org/a/fip/fedgsq/y2005x19.html} -} - -@ARTICLE{bernanke:adjcosts, - author = {Bernanke, Ben S.}, - title = {Adjustment Costs, Durables, and Aggregate - Consumption}, - journal = {Journal of Monetary Economics}, - year = 1985, - volume = 15, - pages = {41--68}, - number = 1 -} - -@ARTICLE{bernanke:liquidity, - author = {Bernanke, Ben S.}, - title = {Permanent Income, Liquidity, and Expenditure on - Automobiles: Evidence From Panel Data}, - journal = {Quarterly Journal of Economics}, - year = 1984, - volume = 99, - pages = {587--614}, - number = 3 -} - -@ARTICLE{bernanke:irreversible, - author = {Bernanke, Ben S.}, - title = {Irreversibility, Uncertainty, and Cyclical - Investment}, - journal = {Quarterly Journal of Economics}, - year = 1983, - volume = 98, - pages = {85--106}, - number = 1 -} - -@BOOK{blmp:infltarget, - title = {Inflation Targeting: Lessons from the International - Experience}, - publisher = {Princeton University Press}, - year = 1999, - author = {Bernanke, Ben S. and Laubach, Thomas and Mishkin, - Frederic S. and Posen, Adam S.}, - address = {Princeton, NJ} -} - -@ARTICLE{bernheim&garrett:education, - author = {Bernheim, B. Douglas and Garrett, Daniel M.}, - title = {The Determinants and Consequences of Financial - Education in the Workplace: Evidence From a Survey - of Households}, - journal = {NBER Working Paper No. 5667}, - year = 1996 -} - -@ARTICLE{bsw:variation, - author = {Bernheim, B. Douglas and Skinner, Jonathan and - Weinberg, Steven}, - title = {What Accounts for the Variation Retirement Wealth - Among US Households?}, - journal = {NBER Working Paper Number 6227}, - year = 1997 -} - -@INCOLLECTION{bernheim:literacy, - author = {Bernheim, Douglas}, - title = {Personal Saving, Information, and Economic Literacy: - New Directions for Public Policy}, - booktitle = {Tax Policiy for Economic Growth in the 1990s}, - publisher = {merican Council for Capital Formation}, - year = 1996, - pages = {53--78}, - address = {Washington, D.C.} -} - -@INCOLLECTION{b&s-m:usportfolios, - author = {Bertaut, Carol and Starr-McCluer, Martha}, - title = {Household Portfolios in the United States}, - booktitle = {Household Portfolios}, - publisher = {MIT Press}, - year = 2001, - editor = {Guiso, Luigi and Haliassos, Michael and Jappelli, - Tullio} -} - -@ARTICLE{bertaut:wealtheffects, - author = {Bertaut, Carol C.}, - title = {Equity Prices, Household Wealth, and Consumption - Growth in Foreign Industrial Countries: Wealth - Effects in the 1990s}, - journal = {Board of Governors of the Federal Reserve System - International Finance Discussion Papers 724}, - year = 2002 -} - -@ARTICLE{bertaut&haliassos:portfolio, - author = {Bertaut, Carol C. and Haliassos, Michael}, - title = {Precautionary portfolio behavior from a life-cycle - perspective}, - journal = {Journal of Economic Dynamics And Control}, - year = 1997, - volume = 21, - pages = {1511--1542}, - number = {8-9} -} - -@INCOLLECTION{bertola&caballero:kinks, - author = {Bertola, Guiseppe and Caballero, Ricardo J.}, - title = {Kinked Adjustment Costs and Aggregate Dynamics}, - booktitle = {NBER Macroeconomics Annual}, - publisher = {MIT Press}, - year = 1990, - editor = {Blanchard, Olivier J. and Fischer, Stanley}, - pages = {237--288}, - address = {Cambridge, MA} -} - -@ARTICLE{bertola&caballero:irreversible, - author = {Bertola, Guiseppe and Caballero, Ricardo J.}, - title = {Irreversibility and Aggregate Investment}, - journal = {Review of Economic Studies}, - year = 1994, - volume = 61, - pages = {223--246}, - number = 2 -} - -@ARTICLE{bgp:durables, - author = {Bertola, Giuseppe and Guiso, Luigi and Pistaferri, - Luigi}, - title = {Uncertainty and Consumer Durables Adjustment}, - journal = {Review of Economic Studies}, - year = 2005, - volume = 72, - pages = {973--1007}, - number = 4, - bdsk-url-1 = - {http://www.blackwell-synergy.com/doi/abs/10.1111/%200034-6527.00358}, - bdsk-url-2 = {http://dx.doi.org/10.1111/0034-6527.00358}, - doi = {doi: 10.1111/0034-6527.00358}, - url = {http://www.blackwell-synergy.com/doi/abs/10.1111/ - 0034-6527.00358} -} - -@ARTICLE{bmTrickleDown, - author = {Bertrand, Marianne and Adair Morse}, - title = {Trickle Down Consumption}, - journal = {Manuscript, Chicago Booth School of Business}, - year = 2012, - file = - {/Volumes/Sync/DropBox/Bib/Raw/ByCiteKey/bmTrickleDown.pdf:/Volumes/Sync/DropBox/Bib/Raw/ByCiteKey/bmTrickleDown.pdf:PDF} -} - -@INCOLLECTION{besley:kink, - author = {Besley, Timothy}, - title = {Savings, Credit, and Insurance}, - booktitle = {Handbook of Development Economics, Volume III}, - publisher = {Elsevier}, - year = 1995, - editor = {Behrman, Jere and Srinivasan, T.N.}, - chapter = 36, - pages = {2123--2207} -} - -@TECHREPORT{bic06, - author = {Alena {Bi{\v}c{{\'}a}kov{{\'}a}}}, - title = {Market vs. Institutions: The Trade-off Between - Unemployment and Wage Inequality Revisited}, - institution = {European University Institute}, - year = 2006, - type = {Economics Working Papers}, - number = 31 -} - -@TECHREPORT{bss06, - author = {Alena {Bi{\v} c{{\'}a}kov{{\'}a}} and Jiri {Sla{\v} - c{{\'}a}lek} and Michal {Slav{\'}\i k}}, - title = {Fiscal Implications of Personal Tax Adjustments in - the {C}zech {R}epublic}, - institution = {Czech National Bank}, - year = 2006, - type = {working paper}, - number = 7 -} - -@ARTICLE{bhw:sociallearning, - author = {Bikhchandani, Sushil, David Hirshleifer and Welch, - Ivo}, - title = {Learning from the Behavior of Others: Conformity, - Fads, and Informational Cascades}, - journal = {Journal of Economic Perspectives}, - year = 1998, - volume = 12, - number = 3 -} - -@BOOK{billingsley:probability, - title = {Probability and Measure}, - publisher = {John Wiley and Sons}, - year = 1995, - author = {Billingsley, Patrick}, - edition = {3rd} -} - -@BOOK{billingsley:convergence, - title = {Convergence of Probability Measures}, - publisher = {John Wiley and Sons}, - year = 1968, - author = {Billingsley, Patrick} -} - -@ARTICLE{binmore&samuelson:muddling, - author = {Binmore, Ken and Samuelson, Larry}, - title = {Muddling Through: Noisy Equilibrium Selection}, - journal = {Journal of Economic Theory}, - year = 1997, - volume = 74, - pages = {235--65} -} - -@ARTICLE{bizer&judd:tax, - author = {{Bizer, David S.} and {Kenneth L. Judd}}, - title = {Taxation and Uncertainty}, - journal = {American Economic Review}, - year = 1989, - volume = 79, - pages = {331--336}, - number = 2 -} - -@INCOLLECTION{blairPCEweightedCPI, - author = {Blair, Caitlin}, - title = {Constructing a PCE-Weighted Consumer Price Index}, - booktitle = {Improving the Measurement of Household Expenditures}, - publisher = {University of Chicago Press}, - year = 2013, - editor = {Carroll, Christopher D. and Thomas Crossley and John - Sabelhaus} -} - -@BOOK{blanchard&fischer:text, - title = {Lectures on Macroeconomics}, - publisher = {MIT Press}, - year = 1989, - author = {Blanchard, Olivier and Fischer, Stanley} -} - -@TECHREPORT{bg05, - author = {Olivier Blanchard and Jordi Gali}, - title = {Real Wage Rigidities and the New Keynesian Model}, - institution = {MIT}, - year = 2005, - type = {mimeo} -} - -@ARTICLE{blanchard:cweak, - author = {Blanchard, Olivier J.}, - title = {What Caused the Last Recession? Consumption and the - Recession of 1990-1991}, - journal = {American Economic Review}, - year = 1993, - volume = 83, - pages = {270--274}, - number = 2 -} - -@ARTICLE{blanchard:burstingbubbles, - author = {Blanchard, Olivier J.}, - title = {Speculative Bubbles, Crashes, and Rational - Expectations}, - journal = {Economics Letters}, - year = 1989, - volume = 3, - pages = {387--389}, - note = - {\url{http://ideas.repec.org/a/eee/ecolet/v3y1979i4p387-389.html}}, - bdsk-url-1 = - {http://ideas.repec.org/a/eee/ecolet/v3y1979i4p387-389.html}, - url = - {http://ideas.repec.org/a/eee/ecolet/v3y1979i4p387-389.html} -} - -@ARTICLE{blanchardOutput, - author = {Blanchard, Olivier J.}, - title = {Output, the Stock Market, and Interest Rates}, - journal = {The American Economic Review}, - year = 1981, - volume = 71, - pages = {pp.132--143}, - number = 1, - bdsk-url-1 = {http://www.jstor.org/stable/1805045}, - copyright = {Copyright {\copyright} 1981 American Economic - Association}, - issn = 00028282, - jstor_articletype ={research-article}, - jstor_formatteddate ={Mar., 1981}, - language = {English}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/1805045} -} - -@ARTICLE{blanchflower&oswald:wellbeing, - author = {Blanchflower, David and Oswald, Andrew J.}, - title = {Well Being Over Time in Britain and the USA}, - journal = {Journal of Public Economics}, - year = 2004, - volume = 88, - pages = {1359--1386} -} - -@ARTICLE{blaukahn07, - author = {Francine D. Blau and Lawrence M. Kahn}, - title = {Changes in the Labor Supply Behavior of Married - Women: 1980--2000}, - journal = {Journal of Labor Economics}, - year = 2007, - pages = {393--438}, - number = 3, - vollume = 25 -} - -@TECHREPORT{blaukahn05, - author = {Francine D. Blau and Lawrence M. Kahn}, - title = {Changes in the Labor Supply Behavior of Married - Women: 1980--2000}, - institution = {National Bureau of Economic Research, Inc}, - year = 2005, - type = {NBER Working Papers}, - number = 11230, - month = Mar -} - -@BOOK{blinder:centbank, - title = {Central Banking in Theory and Practice}, - publisher = {MIT Press}, - year = 1998, - author = {Blinder, Alan S.}, - address = {Cambridge, MA} -} - -@ARTICLE{orphanides:terrorismjme, - author = {Blomberg, S. Brock and Hess, Gregory D. and - Orphanides, Athanasios}, - title = {The Macroeconomic Consequences of Terrorism}, - journal = {Journal of Monetary Economics}, - year = 2004, - volume = 51, - pages = {1007--1032}, - number = 5 -} - -@TECHREPORT{blzInvestment, - author = {Blomstr\"{o}m, M. and Lipsey, R.E. and Zejan, M.}, - title = {Is Fixed Investment the Key to Economic Growth?}, - year = 1996, - number = 1, - file = {elNotFactor.pdf:elNotFactor.pdf:PDF}, - journal = {The Quarterly Journal of Economics}, - pages = {269--276}, - publisher = {JSTOR}, - volume = 111 -} - -@article {bloomUncertainty, - author = {Bloom, Nicholas}, - title = {The Impact of Uncertainty Shocks}, - journal = {Econometrica}, - volume = 77, - number = 3, - publisher = {Blackwell Publishing Ltd}, - issn = {1468-0262}, - url = {http://dx.doi.org/10.3982/ECTA6248}, - doi = {10.3982/ECTA6248}, - pages = {623--685}, - keywords = {Adjustment costs, uncertainty, real options, labor - and investment}, - year = 2009, -} - -@ARTICLE{bloom&gunderson:canadian, - author = {Bloom, David and Gunderson, Morley}, - title = {An Analysis of the Earnings of Candian Immigrants}, - journal = {Manuscript, Columbia University}, - year = 1989 -} - -@ARTICLE{bloom2007uncertainty, - author = {Bloom, Nicholas and Bond, Stephen and Van Reenen, - John}, - title = {Uncertainty and investment dynamics}, - journal = {Review of Economic Studies}, - year = 2007, - volume = 74, - pages = {391--415}, - number = 2, - publisher = {Wiley Online Library} -} - -@INCOLLECTION{bllDemandSystem, - author = {Blow, Laura and Lechene, Valerie and Levell, Peter}, - title = {Using the CE to Model Household Demand}, - booktitle = {Improving the Measurement of Household Expenditures}, - publisher = {University of Chicago Press}, - year = 2012 -} - -@TECHREPORT{blundellEtAl_LaborDynNorway, - author = {Richard Blundell and Michael Graber and Magne - Mogstad}, - title = {Labor Income Dynamics and the Insurance from Taxes, - Transfers, and the Family}, - institution = {University College London}, - year = 2013, - type = {mimeo} -} - -@ARTICLE{Blundell:2013tm, - author = {Blundell, Richard and Low, Hamish and Preston, Ian}, - title = {{Decomposing changes in income risk using - consumption data}}, - journal = {Quantitative Economics}, - year = 2013, - volume = 4, - pages = {1--37}, - number = 1, - date-added = {2013-04-07T23:20:30GMT+00:00}, - date-modified ={2013-04-07T23:27:49GMT+00:00}, - file = - {{Quantitative_Economics_2013_Blundell.pdf:/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2013/Blundell/Quantitative_Economics_2013_Blundell.pdf:application/pdf}}, - local-url = - {file://localhost/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2013/Blundell/Quantitative_Economics_2013_Blundell.pdf}, - rating = 0, - read = {Yes}, - uri = - {\url{papers2://publication/uuid/FC751DEE-B1A6-4446-988D-F7480C959163}}, - url = - {http://onlinelibrary.wiley.com/doi/10.3982/QE44/abstract} -} - -@INCOLLECTION{blundmac99, - author = {Blundell, Richard and MaCurdy, Thomas}, - title = {Labor supply: A review of alternative approaches}, - booktitle = {Handbook of Labor Economics}, - publisher = {Elsevier}, - year = 1999, - editor = {O. Ashenfelter and D. Card}, - volume = 3, - series = {Handbook of Labor Economics}, - chapter = 27, - pages = {1559--1695} -} - -@ARTICLE{blundell, - author = {Blundell, Richard and Pistaferri, Luigi and Preston, - Ian}, - title = {Consumption Inequality and Partial Insurance}, - journal = {Manuscript}, - year = 2008 -} - -@Article{chiuriJappelli_Homeownership, - author = {Chiuri, Maria Concetta and Jappelli, Tullio}, - title = {Financial Market Imperfections and Home Ownership: A - Comparative Study}, - journal = {European Economic Review}, - year = 2003, - volume = 47, - number = 5, - pages = {857--875}, - month = {October}, -} - - -@Article{bps:familyLaborS, - author={Richard Blundell and Luigi Pistaferri and Itay Saporta-Eksten}, - title={Consumption Inequality and Family Labor Supply}, - journal={American Economic Review}, - year=2016, - volume={106}, - number={2}, - pages={387--435}, - month={February}, - keywords={}, - doi={}, - abstract={We examine the link between wage and consumption inequality using a life-cycle model incorporating consumption and family labor supply decisions. We derive analytical expressions for the dynamics of consumption, hours, and earnings of two earners in the presence of correlated wage shocks, nonseparability, progressive taxation, and asset accumulation. The model is estimated using panel data for hours, earnings, assets, and consumption. We focus on family labor supply as an insurance mechanism and find strong evidence of smoothing of permanent wage shocks. Once family labor supply, assets, and taxes are properly accounted for there is little evidence of additional insurance. (JEL D12, D14, D91, J22, J31)}, - url={https://ideas.repec.org/a/aea/aecrev/v106y2016i2p387-435.html} -} - -@TECHREPORT{bps:familyLaborS_NBERWP, - author = {Richard Blundell and Luigi Pistaferri and Itay - Saporta-Eksten}, - title = {Consumption Inequality and Family Labor Supply}, - institution = {National Bureau of Economic Research, Inc}, - year = 2012, - type = {NBER Working Papers}, - number = 18445, - month = Oct, - abstract = {In this paper we examine the link between wage - inequality and consumption inequality using a life - cycle model that incorporates household consumption - and family labor supply decisions. We derive - analytical expressions based on approximations for - the dynamics of consumption, hours, and earnings of - two earners in the presence of correlated wage - shocks, non-separability and asset accumulation - decisions. We show how the model can be estimated - and identified using panel data for hours, earnings, - assets and consumption. We focus on the importance - of family labour supply as an insurance mechanism to - wage shocks and find strong evidence of smoothing of - males and females permanent shocks to wages. Once - family labor supply, assets and taxes are properly - accounted for their is little evidence of additional - insurance.}, - url = {http://ideas.repec.org/p/nbr/nberwo/18445.html} -} - -@ARTICLE{bpQJE, - author = {Blundell, Richard W. and Preston, Ian}, - title = {Consumption Inequality and Income Uncertainty}, - journal = {Quarterly Journal of Economics}, - year = 1998, - volume = 113, - pages = {603--640} -} - -@TECHREPORT{stressTest, - author = {{Board of Governors of the Federal Reserve System}}, - title = {The Supervisory Capital Assessment Program: Design - and Implementation}, - year = 2009, - type = {white paper}, - note = {Available at \url{ - http://www.federalreserve.gov/newsevents/press/bcreg/20090424a.htm}} -} - -@ARTICLE{bodkin:mpc, - author = {Bodkin, Ronald}, - title = {Windfall Income and Consumption}, - journal = {American Economic Review}, - year = 1959, - volume = 49, - pages = {602--614}, - number = 4, - month = {September} -} - -@ARTICLE{bcfHabits, - author = {Michele Boldrin and Lawrence J. Christiano and Jonas - D. Fisher}, - title = {Habit Persistence, Asset Returns and the Business - Cycle}, - journal = {American Economic Review}, - year = 2001, - volume = 91, - pages = {149--66}, - number = 1 -} - -@ARTICLE{bdWontTell, - author = {Bollinger, C.R. and David, M.H.}, - title = {I Didn't Tell, And I Won't Tell: Dynamic Response - Error in the SIPP}, - journal = {Journal of Applied Econometrics}, - year = 2005, - volume = 20, - pages = {563--569}, - number = 4, - publisher = {Wiley Online Library} -} - -@ARTICLE{be05, - author = {Holger Bonin and Rob Euwals}, - title = {Participation Behavior of the {E}ast {G}erman Women - after {G}erman Unification}, - journal = {Applied Economics Quarterly}, - year = 2005, - volume = 51, - number = 4 -} - -@TECHREPORT{be02, - author = {Holger Bonin and Rob Euwals}, - title = {Participation Behavior of the {E}ast {G}erman Women - after {G}erman Unification}, - institution = {William Davidson Institute}, - year = 2002, - type = {working paper}, - number = 477 -} - -@ARTICLE{bgr:stockmarket, - author = {Boone, Laurence and Giorno, Claude and Richardson, - Pete}, - title = {Stock Market Fluctuations and Consumption Behavior: - Some Recent Evidence}, - journal = {OECD Economics Department Working Paper 208}, - year = 1998 -} - -@ARTICLE{booth:taxrevs, - author = {Booth, Mark}, - title = {Projecting Federal Tax Revenues and the Effect of - Changes in Tax Law}, - journal = {Congressional Budget Office}, - year = 1998 -} - -@INPROCEEDINGS{bor96, - author = {Claudio E. V. Borio}, - title = {Credit Characteristics and the Monetary Policy - Transmission in Fourteen Industrial Countries: - Facts, Conjectures and Some Econometric Evidence}, - booktitle = {Monetary Policy in a Converging Europe}, - year = 1996, - editor = {Alders and Koos}, - pages = {77--115}, - publisher = {MIT Press} -} - -@ARTICLE{boskinInterestElasticity, - author = {Boskin, Michael J.}, - title = {Taxation, Saving, and the Rate of Interest}, - journal = {The Journal of Political Economy}, - year = 1978, - pages = {3--27}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/boskinInterestElasticity.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/boskinInterestElasticity.pdf:PDF}, - publisher = {JSTOR} -} - -@ARTICLE{BosticEtAl:2009, - author = {Bostic, Raphael and Gabriel, Stuart and Painter, - Gary}, - title = {Housing Wealth, Financial Wealth, and Consumption: - New Evidence from Micro Data}, - journal = {Regional Science and Urban Economics}, - year = 2009, - volume = 39, - pages = {79--89} -} - -@BOOK{bosworth:global, - title = {Saving and Investment in a Global Economy}, - publisher = {The Brookings Institution}, - year = 1993, - author = {Bosworth, Barry}, - address = {Washington, DC} -} - -@ARTICLE{bbsMicro, - author = {Bosworth, Barry and Burtless, Gary and Sabelhaus, - John}, - title = {The Decline in Saving: Some Microeconomic Evidence}, - journal = {Brookings Papers on Economic Activity}, - year = 1991, - volume = 22, - pages = {183--256}, - number = {1991-1}, - bdsk-url-1 = - {http://ideas.repec.org/a/bin/bpeajo/v22y1991i1991-1p183-256.html}, - url = - {http://ideas.repec.org/a/bin/bpeajo/v22y1991i1991-1p183-256.html} -} - -@ARTICLE{blGenes, - author = {Bouchard, Thomas J. and Loehlin, John C.}, - title = {Genes, Evolution, and Personality}, - journal = {Behavior Genetics}, - year = 2001, - volume = 31, - pages = {243--273}, - number = 3, - note = - {\url{http://www.springerlink.com/content/qt0138g23w8720j1/fulltext.pdf}}, - abstract = {There is abundant evidence, some of it reviewed in - this paper, that personality traits are - substantially influenced by the genes. Much remains - to be understood about how and why this is the - case. We argue that placing the behavior genetics of - personality in the context of epidemiology, - evolutionary psychology, and neighboring - psychological domains such as interests and - attitudes should help lead to new insights. We - suggest that important methodological advances, such - as measuring traits from multiple viewpoints, using - large samples, and analyzing data by modern - multivariate techniques, have already led to major - changes in our view of such perennial puzzles as the - role of “unshared environment” in personality. In - the long run, but not yet, approaches via molecular - genetics and brain physiology may also make decisive - contributions to understanding the heritability of - personality traits. We conclude that the behavior - genetics of personality is alive and flourishing but - that there remains ample scope for new growth and - that much social science research is seriously - compromised if it does not incorporate genetic - variation in its explanatory models.}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/blGenes.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/blGenes.pdf:PDF}, - publisher = {Springer}, - url = - {http://www.springerlink.com/content/qt0138g23w8720j1/fulltext.pdf} -} - -@TECHREPORT{bound89, - author = {John Bound and Charles Brown and Greg J. Duncan and - Willard L Rodgers}, - title = {Measurement Error In Cross-Sectional and - Longitudinal Labor Market Surveys: Results From Two - Validation Studies}, - institution = {National Bureau of Economic Research, Inc}, - year = 1989, - type = {NBER Working Papers}, - number = 2884 -} - -@ARTICLE{bound&jaeger&baker:disease, - author = {Bound, John and Jaeger, David A. and Baker, Regina}, - title = {The Cure Can Be Worse Than The Disease: A Cautionary - Tale Regarding Instrumental Variables}, - journal = {NBER Technical Working Paper No. 137}, - year = 1993 -} - -@ARTICLE{bound&krueger:measerr, - author = {Bound, John and Krueger, Alan B.}, - title = {The Extent of Measurement Error in Longitudinal - Earnings Data: Do Two Wrongs Make A Right?}, - journal = {Journal of Labor Economics}, - year = 1991, - volume = 9, - number = 1 -} - -@TECHREPORT{rockinst, - author = {Boyd, Donald J. and Dadayan, Lucy}, - title = {Sales Tax Decline in Late 2008 Was the Worst in 50 - Years}, - institution = {The Nelson A. Rockefeller Institute of Government}, - year = 2009, - type = {State Revenue Report}, - number = 75, - note = {Available at \url{ - http://www.rockinst.org/pdf/government_finance/state_revenue_report/2009-04-14-(75)-state_revenue_report_sales_tax_decline.pdf - }} -} - -@ARTICLE{boyd:weighted, - author = {Boyd, John H.}, - title = {A Weighted Contraction Mapping Theorem}, - journal = {Journal of Economic Theory}, - year = 1990, - volume = 6, - pages = {343--362} -} - -@ARTICLE{bcd:refinancing, - author = {Brady, Peter J. and Canner, Glenn and Maki, Dean}, - title = {The Effects of Recent Mortgage Refinancing}, - journal = {Federal Reserve Bulletin}, - year = 2000 -} - -@ARTICLE{bl98, - author = {Jason Bram and Sydney Ludvigson}, - title = {Does Consumer Confidence Forecast Household - Expenditure? A Sentiment Index Horse Race}, - journal = {FRBNY Economic Policy Review}, - year = 1998, - volume = 4, - pages = {59--77}, - number = 2 -} - -@ARTICLE{bra04, - author = {William A. Branch}, - title = {The Theory of Rationally Heterogeneous Expectations: - Evidence from Survey Data on Inflation Expectations}, - journal = {Economic Journal}, - year = 2004, - volume = 114, - pages = {592--621}, - number = 497 -} - -@ARTICLE{branchQJE:hetero, - author = {Branch, William A.}, - title = {The Theory of Rationally Heterogeneous Expectations: - Evidence from Survey Data on Inflation Expectations}, - journal = {Manuscript, Department of Economics, College of - William and Mary}, - year = 2001 -} - -@ARTICLE{bcf93, - author = {Braun, Philip A. and Constantinides, George M. and - Ferson, Wayne E.}, - title = {Time Nonseparability in Aggregate Consumption: - International Evidence}, - journal = {European Economic Review}, - year = 1993, - volume = 37, - pages = {897--920} -} - -@ARTICLE{Braun, - author = {Braun, Richard Anton and Li, Huiyu and Stachurski, - John}, - title = {Computing Densities and Expectations in Stochastic - Recursive Economies: Generalized Look-Ahead - Techniques}, - journal = {Manuscript}, - year = 2009 -} - -@MISC{BravConstantinidesGeczy:1999, - author = {Brav, Alon and Constantinides, George M. and Geczy, - Christopher C.}, - title = {Asset Pricing with Heterogeneous Consumers and - Limited Participation: Empirical Evidence}, - howpublished = {Rodney L. White Center for Financial Research - working paper}, - month = {October}, - year = 1999 -} - -@TECHREPORT{bt96, - author = {Flint Brayton and Peter Tinsley}, - title = {A Guide to FRB/US: A Macroeconomic Model of the - United States}, - institution = {Federal Reserve Board}, - year = 1996, - type = {FEDS working paper}, - number = 42 -} - -@ARTICLE{brockmirman:growth, - author = {Brock, William and Mirman, Leonard}, - title = {Optimal Economic Growth and Uncertainty: The - Discounted Case}, - journal = {Journal of Economic Theory}, - year = 1972, - volume = 4, - pages = {479--513}, - number = 3, - month = {June} -} - -@TECHREPORT{bhHousingDepression, - author = {Michael Brocker and Christopher Hanes}, - title = {The 1920s American Real Estate Boom and the Downturn - of the Great Depression: Evidence from City Cross - Sections}, - institution = {National Bureau of Economic Research}, - year = 2013, - type = {Working Paper}, - number = 18852, - month = {February}, - abstract = {In the 1929-1933 downturn of the Great Depression, - house values and homeownership rates fell more, and - mortgage foreclosure rates were higher, in cities - that had experienced relatively high rates of house - construction in the residential real-estate boom of - the mid-1920s. Across the 1920s, boom cities had - seen the biggest increases in house values and - homeownership rates. These patterns suggest that the - mid-1920s boom contributed to the depth of the Great - Depression through wealth and financial effects of - falling house values. Also, they are very similar to - cross-sectional patterns across metro areas around - 2006.}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/bhHousingDepression.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/bhHousingDepression.pdf:PDF}, - series = {Working Paper Series}, - url = {http://www.nber.org/papers/w18852} -} - -@article{brodaParker:stimulus2008, - author = {Broda, Christian and Parker, Jonathan A.}, - journal = {Journal of Monetary Economics}, - number = {S}, - pages = {20--36}, - title = {The Economic Stimulus Payments of 2008 and the - Aggregate Demand for Consumption}, - volume = {68}, - year = {2014}, -} - -@article{bpStim, - author = {Christian Broda and Jonathan A. Parker}, - title = {The Economic Stimulus Payments of 2008 and the - Aggregate Demand for Consumption}, - journal = {Journal of Monetary Economics}, - year = {2014}, - volume = {68}, - pages = {S20--S36}, -} - -@UNPUBLISHED{br2009, - author = {Christian Broda and John Romalis}, - title = {The Welfare Implications of Rising Price Dispersion}, - note = {Manuscript, University of Chicago}, - month = {July}, - year = {2009} -} - -@ARTICLE{brown&light:tenure, - author = {Brown, James N. and Light, Audrey}, - title = {Interpreting Panel Data on Job Tenure}, - journal = {Journal of Labor Economics}, - year = 1992, - volume = 10, - pages = {219--257}, - number = 3 -} - -@TECHREPORT{BrownEtAl:2010, - author = {Brown, Meta and Haughwout, Andrew and Lee, Donghoon - and van der Klaau, Wilbert}, - title = {The Financial Crisis at the Kitchen Table: Trends in - Household Debt and Credi}, - institution = {Federal Reserve Bank of New York}, - year = 2010, - type = {Staff Reports}, - number = 480, - month = {December} -} - -@ARTICLE{browning&crossley:lifecycle, - author = {Browning, Martin and Crossley, Thomas F.}, - title = {The Life-Cycle Model of Consumption and Savings}, - journal = {Journal of Economic Perspectives}, - year = 2001, - volume = 15, - pages = {3--22}, - number = 3 -} - -@ARTICLE{blImputing, - author = {Browning, Martin and Leth-Petersen, Søren}, - title = {Imputing Consumption from Income and Wealth - Information}, - journal = {The Economic Journal}, - year = 2003, - volume = 113, - pages = {pp. F282-F301}, - number = 488, - abstract = {We investigate the feasibility of deriving a measure - of total expenditure at the household level from - administrative micro-data on income and wealth. We - use Danish administrative data that provides - measures of disposable income and the holding of - different assets at the end of the year. The ability - to link the households in the 1994-6 Danish - Expenditure Survey to their administrative data for - the years around the survey year offers a unique - possibility for constructing a measure of total - expenditure and of checking directly on the - reliability of the imputation. The results are - promising.}, - copyright = {Copyright © 2003 Royal Economic Society}, - issn = 00130133, - jstor_articletype ={research-article}, - jstor_formatteddate ={Jun., 2003}, - jstor_issuetitle ={Features}, - language = {English}, - publisher = {Wiley on behalf of the Royal Economic Society}, - url = {http://www.jstor.org/stable/3590202} -} - -@INCOLLECTION{bhh:micromacro, - author = {Browning, Martin J. and Hansen, Lars P. and Heckman, - James J.}, - title = {Micro Data and General Equilibrium Models}, - booktitle = {Handbook of Macroeconomics}, - publisher = {North Holland}, - year = 1999, - editor = {Taylor, John and Woodford, Michael} -} - -@ARTICLE{browning&lusardi:jel, - author = {Browning, Martin J. and Lusardi, Annamaria}, - title = {Household Saving: Micro Theories and Micro Facts}, - journal = {Journal of Economic Literature}, - year = 1996, - volume = 34, - pages = {1797--855}, - number = 4 -} - -@ARTICLE{browning&burbridge:captax, - author = {{Browning, Martin} and {J. Burbridge}}, - title = {Consumption and Income Taxation}, - journal = {Oxford Economic Papers}, - year = 1990, - volume = 42, - pages = {281--292}, - number = 1 -} - -@INCOLLECTION{brownlee:historical, - author = {Brownlee, W. Elliot}, - title = {Historical Perspectives on U.S. Tax Policy Toward - the Rich}, - booktitle = {Does Atlas Shrug? The Economic Consequences of - Taxing the Rich}, - publisher = {Harvard University Press}, - year = 2000, - editor = {Slemrod, Joel B.} -} - -@ARTICLE{bryan&gavin:inflsurv, - author = {Bryan, Michael F. and Gavin, William T.}, - title = {Models of Inflation Expectations Formation: A - Comparison of Household and Economist Forecasts}, - journal = {Journal of Money, Credit, and Banking}, - year = 1986, - volume = 18, - pages = {539--43}, - month = {November} -} - -@ARTICLE{bg97, - author = {Robert M. Buckley and Eugene N. Gurenko}, - title = {Housing and Income Distribution in Russia: Zhivago's - Legacy}, - journal = {The World Bank Research Observer}, - year = 1997, - volume = 12, - pages = {19--32}, - number = 1 -} - -@MISC{bull:opttax, - author = {Bull, Nicholas}, - title = {When All the Optimal Dynamic Taxes are Zero}, - howpublished = {Board of Governors of the Federal Reserve System - Economic Activity Section Working Paper Series - \#137}, - year = 1993 -} - -@PHDTHESIS{bull:thesis, - author = {Bull, Nicholas}, - title = {Optimal Taxation in an Endogenous Growth Model with - Human Capital}, - school = {University of Minnesota}, - year = 1992 -} - -@BOOK{BLS2009, - title = {2008 Consumer Expenditure Interview Survey Public - Use Microdata User's Documentation}, - publisher = {Division of Consumer Expenditure Surveys, BLS, - U.S. Department of Labor}, - year = 2009, - author = {{Bureau~of~Labor~Statistics}}, - month = {October 15} -} - -@MISC{blsGemini, - author = {{Bureau{~}of{~}Labor{~}Statistics}}, - title = {Consumer Expenditure Survey (CE) Gemini Project}, - year = 2011, - bdsk-url-1 = {http://www.bls.gov/cex/geminiproject.htm}, - url = {http://www.bls.gov/cex/geminiproject.htm} -} - -@TECHREPORT{bea06, - author = {{Bureau of Economic Analysis}}, - title = {Updated Summary NIPA Methodologies}, - year = 2006, - type = {{Survey of Current Business, November}}, - note = {available at - {\url{http://www.bea.gov/scb/pdf/2006/11November/1106_nipa_method.pdf}}} -} - -@ARTICLE{byrne&davis:wealtheffects, - author = {Byrne, Joseph and Davis, Phillip}, - title = {Disaggregate Wealth and Aggregate Consumption: An - Investigation of Empirical Relationships for the G7}, - journal = {Manuscript, Brunel University}, - year = 2001 -} - -@ARTICLE{caballero&engel&haltiwanger:agginvdyn, - author = {Caballero, Ricardo and Engel, Eduardo and - Haltiwanger, John}, - title = {Plant-Level Adjustment and Aggregate Investment - Dynamics}, - journal = {Brookings Papers on Economic Activity, 1995:2}, - year = 1995, - pages = {1--39} -} - -@ARTICLE{caballero:slow, - author = {Caballero, Ricardo J.}, - title = {Durable Goods: An Explanation for Their Slow - Adjustment}, - journal = {Journal of Political Economy}, - year = 1993, - volume = 101, - pages = {351--384}, - number = 2 -} - -@ARTICLE{caballero:aer, - author = {Caballero, Ricardo J.}, - title = {Earnings Uncertainty and Aggregate Wealth - Accumulation}, - journal = {American Economic Review}, - year = 1991, - volume = 81, - pages = {859--871} -} - -@Article{caballero:jme, - Title = {Consumption Puzzles and Precautionary Savings}, - Author = {Caballero, Ricardo J.}, - Journal = {Journal of Monetary Economics}, - Year = 1990, - Note = - {\url{http://ideas.repec.org/p/clu/wpaper/1988_05.html}}, - Pages = {113-136}, - Volume = 25, - Owner = {Nic Johnson}, - Url = - {http://ideas.repec.org/a/eee/moneco/v25y1990i1p113-136.html} -} - -@ARTICLE{caballero&engel:dynamics, - author = {Caballero, Ricardo J. and Engel, Eduardo M. R. A.}, - title = {Explaining Investment Dynamics in - U.S. Manufacturing: A Generalized (S,s) Approach}, - journal = {NBER Working Paper No. 4887}, - year = 1994 -} - -@ARTICLE{cfg:globimbalances, - author = {Caballero, Ricardo J. and Farhi, Emmanuel and - Gourinchas, Pierre-Olivier}, - title = {An Equilibrium Model of {"}Global Imbalances{"} and - Low Interest Rates}, - journal = {American Economic Review}, - year = 2008, - volume = 98, - pages = {358--388}, - number = 1 -} - -@ARTICLE{cagettiInterestElasticity, - author = {Cagetti, Marco}, - title = {Interest Elasticity in a Life-Cycle Model with - Precautionary Savings}, - journal = {The American Economic Review}, - year = 2001, - volume = 91, - pages = {pp.418--421}, - number = 2, - copyright = {Copyright © 2001 American Economic Association}, - issn = 00028282, - jstor_articletype ={research-article}, - jstor_formatteddate ={May, 2001}, - jstor_issuetitle ={Papers and Proceedings of the Hundred Thirteenth - Annual Meeting of the American Economic Association}, - language = {English}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/2677800} -} - -@ARTICLE{cjStableEfficient, - author = {Cai, Y. and Judd, Kenneth L.}, - title = {Stable and Efficient Computational Methods for - Dynamic Programming}, - journal = {Journal of the European Economic Association}, - year = 2010, - volume = 8, - pages = {626--634}, - number = {2-3}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/cjStableEfficient.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/stableEfficient.pdf:PDF}, - publisher = {Wiley Online Library} -} - -@ARTICLE{calvoPrices, - author = {Calvo, Guillermo A.}, - title = {Staggered Contracts in a Utility-Maximizing - Framework}, - journal = {Journal of Monetary Economics}, - year = 1983, - volume = 12, - pages = {383--98}, - number = 3 -} - -@INCOLLECTION{camererMindful, - author = {Camerer, Colin}, - title = {The Case for Mindful Economics}, - booktitle = {The Foundations of Positive and Normative Economics: - A Handbook}, - publisher = {Oxford University Press, USA}, - year = 2010, - series = {The Handbooks in Economic Methodologies}, - note = - {\url{http://www2.e.u-tokyo.ac.jp/cemano/research/DRSS/documents/microCOE0806.pdf}}, - editors = {Caplin, A. and Schotter, A.}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/camererMindful.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/camererMindful.pdf:PDF}, - isbn = 9780199744855, - lccn = 2009049206, - url = - {http://www2.e.u-tokyo.ac.jp/cemano/research/DRSS/documents/microCOE0806.pdf} -} - -@ARTICLE{chDebt, - author = {Campbell, Jeffrey R. and Hercowitz, Zvi}, - title = {Welfare Implications of the Transition to High - Household Debt}, - journal = {Journal of Monetary Economics}, - year = 2009, - volume = 56, - pages = {1--16}, - number = 1, - month = {January}, - url = - {http://ideas.repec.org/a/eee/moneco/v56y2009i1p1-16.html} -} - -@TECHREPORT{campbellMechanism, - author = {Campbell, John Y.}, - title = {Inspecting the Mechanism: An Analytical Approach to - the Stochastic Growth Model}, - institution = {National Bureau of Economic Research, Inc}, - year = 1992, - type = {NBER Working Papers}, - number = 4188, - month = Oct, - bdsk-url-1 = {http://ideas.repec.org/p/nbr/nberwo/4188.html}, - url = {http://ideas.repec.org/p/nbr/nberwo/4188.html} -} - - -@ARTICLE{campbellRainyDay, - author = {Campbell, John Y.}, - title = {Does Saving Anticipate Declining Labor Income? An - Alternative Test of the Permanent Income Hypothesis}, - journal = {Econometrica}, - year = 1987, - volume = 55, - pages = {1249--73}, - note = {\\ \url{http://www.jstor.org/stable/1913556}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/campbellRainyDay.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/campbellRainyDay.pdf:PDF}, - url = {http://www.jstor.org/stable/1913556} -} - -@ARTICLE{cc99, - author = {John Y. Campbell and John H. Cochrane}, - title = {By Force of Habit: A Consumption-Based Explanation - of Aggregate Stock Market Behavior}, - journal = {Journal of Political Economy}, - year = 1999, - volume = 107, - pages = {205--51}, - number = 2 -} - -@INCOLLECTION{Campbell/Makiw:1989, - author = {Campbell, John Y. and Mankiw, Gregory N.}, - title = {Consumption, Income and Interest Rates: - Reinterpreting the Time Series Evidence}, - booktitle = {NBER macroeconomics annual}, - publisher = {MIT Press}, - year = 1989, - editor = {Blanchard, Olivier Jean and Fischer, Stanley}, - pages = {185--216}, - address = {Cambridge, MA} -} - -@INPROCEEDINGS{cmRuleOfThumb, - author = {John Y. Campbell and N. Gregory Mankiw}, - title = {Consumption, Income and Interest Rates: - Reinterpreting the Time Series Evidence}, - booktitle = {NBER Macroeconomics Annual}, - year = 1989, - editor = {Olivier J. Blanchard and Stanley Fischer}, - address = {Cambridge, MA}, - publisher = {MIT Press} -} - -@InCollection{cmModel, - Title = {Consumption, Income, and Interest Rates: - Reinterpreting the Time-Series Evidence}, - Author = {Campbell, John Y. and Mankiw, N. Gregory}, - Booktitle = {NBER Macroeconomics Annual, 1989}, - Publisher = {MIT Press}, - Year = 1989, - Address = {Cambridge, MA}, - Editor = {Blanchard, Olivier J. and Fischer, Stanley}, - Note = {\url{http://www.nber.org/papers/w2924.pdf}}, - Pages = {185--216}, - Owner = {Nic Johnson}, - Url = {http://www.nber.org/papers/w2924.pdf} -} - -@ARTICLE{cmRuleOfThumbIntl, - author = {Campbell, John Y. and Mankiw, N. Gregory}, - title = {The Response of Consumption to Income: A - Cross-Country Investigation}, - journal = {European Economic Review}, - year = 1991, - volume = 35, - number = 4, - pages = {723--67} -} - -@ARTICLE{campbell&shiller:longrun, - author = {Campbell, John Y. and Shiller, Robert J.}, - title = {Valuation Ratios and the Long-Run Stock Market - Outlook}, - journal = {Journal of Portfolio Management}, - year = 1998, - volume = 24, - pages = {11--26} -} - -@BOOK{cvAppendix, - title = {Appendix to `Strategic Asset Allocation: Portfolio - Choice for Long-Term Investors'}, - publisher = {Oxford University Press, USA}, - year = 2002, - author = {Campbell, John Y. and Viceira, Luis M.}, - note = {Available on 2011/01/22 at - \href{http://kuznets.fas.harvard.edu/~campbell/papers/bookapp.pdf}{\texttt{h% - ttp://kuznets.fas.harvard.edu/$\sim$campbell/papers/bookapp.pdf}}}, - bdsk-url-1 = - {http://kuznets.fas.harvard.edu/~campbell/papers/%20bookapp.pdf}, - isbn = 0198296940, - url = {http://kuznets.fas.harvard.edu/~campbell/papers/ - bookapp.pdf} -} - -@ARTICLE{campbell&cochrane:force, - author = {{Campbell, John Y.} and Cochrane, John H.}, - title = {By Force of Habit: A Consumption-Based Explanation - of Aggregate Stock Market Behavior}, - journal = {Journal of Political Economy}, - year = 1999, - volume = 107, - pages = {205--251}, - number = 2, - month = {April} -} - -@ARTICLE{cdp:refinancing, - author = {Canner, Glenn and Dynan, Karen and Passmore, Wayne}, - title = {Mortgage Refinancing in 2001 and Early 2002}, - journal = {Federal Reserve Bulletin}, - year = 2002, - volume = 88, - pages = {469--481S} -} - -@ARTICLE{caplin:aggdemand, - author = {Capli, Andrew S.}, - title = {The Variability of Aggregate Demand With (S,s) - Inventory Policies}, - journal = {Econometrica}, - year = 1985, - volume = 53, - pages = {1395--1409}, - number = 6 -} - -@ARTICLE{caplin&leahy:socialdiscount, - author = {Caplin, Andrew and Leahy, John}, - title = {The Social Discount Rate}, - journal = {Manuscript, Boston University}, - year = 1999 -} - -@ARTICLE{caplin&leahy:durables, - author = {Caplin, Andrew and Leahy, John}, - title = {Durable Goods Cycles}, - journal = {Manuscript, Boston University}, - year = 1997 -} - -@INCOLLECTION{CardarelliEtAl:2008, - author = {Cardarelli, Roberto and Igan, Deniz and Rebucci, - Alessandro}, - title = {The Changing Housing Cycle and the Implications for - Monetary Policy}, - booktitle = {World Economic Outlook}, - publisher = {Washington: International Monetary Fund}, - year = 2008, - chapter = 3 -} - -@TECHREPORT{cir08, - author = {Roberto Cardarelli and Deniz Igan and Alessandro - Rebucci}, - title = {The Changing Housing Cycle and the Implications for - Monetary Policy}, - institution = {International Monetary Fund, April}, - year = 2008, - type = {{World Economic Outlook, 103--133}} -} - -@ARTICLE{cll05, - author = {Raquel Carrasco and Jos{\'}{e} M. Labeaga and - J. David L{\'}{o}pez-Salido}, - title = {Consumption and Habits: Evidence from Panel Data}, - journal = {Economic Journal}, - year = 2005, - volume = 115, - pages = {144--165}, - number = 500 -} - -@ARTICLE{cll:habits, - author = {Carrasco, Raquel and Labeaga, Jos\`{e} M. and - L\`opez-Salido, J. David}, - title = {Consumption and Habits: Evidence from Panel Data}, - journal = {Economic Journal}, - year = 2005, - volume = 115, - pages = {144--165}, - number = 500, - note = {available at \url{http://ideas.repec.org/a/ecj/econjl/v115y2005i500p144-165.html}} -} - -@ARTICLE{carrington:wagelosses, - author = {Carrington, William J.}, - title = {Wage Losses for Displaced Workers}, - journal = {Journal of Human Resources}, - year = 1993, - volume = {XXVIII}, - pages = {435--62}, - number = 3 -} - -@ARTICLE{socialBufferStock, - author = {Carroll, Christopher}, - title = {Social Learning and Buffer Stock Saving}, - journal = {Ongoing research project}, - year = 2008 -} - -@BOOK{ccsCE, - title = {Improving the Measurement of Household Expenditures}, - publisher = {University of Chicago Press}, - year = {Forthcoming (2014)}, - author = {Christopher Carroll and Thomas Crossley and John - Sabelhaus}, - institution = {National Bureau of Economic Research}, - type = {Book}, -} - -@INCOLLECTION{carroll:epidemicinflSFI, - author = {Carroll, Christopher D.}, - title = {The {E}pidemiology of {M}acroeconomic - {E}xpectations}, - booktitle = {The Economy as an Evolving Complex System, III}, - publisher = {Oxford University Press}, - year = 2006, - editor = {Blume, Larry and Durlauf, Steven}, - note = {\href{https://www.econ2.jhu.edu/people/ccarroll/epidemiologySFI.pdf}{[PDF]},\href{https://www.econ2.jhu.edu/people/ccarroll/Epidemiology.zip}{[Code]}}, - url = {https://www.econ2.jhu.edu/people/ccarroll/epidemiologySFI.pdf} -} - -@INPROCEEDINGS{discussgw, - author = {Carroll, Christopher D.}, - title = {Discussion of `Macroeconomic Derivatives: An Initial - Analysis of Market-Based Macro Forecasts, - Uncertainty, and Risk' by Gurkaynak and Wolfers}, - booktitle = {NBER International Seminar on Macroeconomics}, - year = 2005, - editor = {Frankel, Jeffrey B.}, - publisher = {MIT Press}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/discuss/ISOM/gw/2005-06.zip}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/discuss/ISOM/gw/2005-06.zip}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/discuss/ISOM/gw/2005-06.zip} -} - -@INPROCEEDINGS{cdc:discussdk, - author = {Carroll, Christopher D.}, - title = {Discussion of `{T}he {R}ise in {U}.{S}.\ {H}ousehold - {I}ndebtedness: {C}auses and {C}onsequences'}, - booktitle = {Financial Stability and the Economic System - (Proceedings of a Conference at the Reserve Bank of - Australia, August 22, 2007)}, - year = 2007, - editor = {Kent, Christopher}, - note = - {\url{http://www.rba.gov.au/PublicationsAndResearch/Conferences/2007/Dynan_Kohn_disc.pdf}}, - bdsk-url-1 = - {http://www.rba.gov.au/PublicationsAndResearch/Conferences/2007/Dynan_Kohn_disc.pdf}, - url = - {http://www.rba.gov.au/PublicationsAndResearch/Conferences/2007/Dynan_Kohn_disc.pdf} -} - -@INPROCEEDINGS{msClunkersDiscuss, - author = {Carroll, Christopher D.}, - title = {Discussion of ``The Effects of Fiscal Stimulus: - Evidence from the 2009 `Cash for Clunkers' - Program''}, - booktitle = {Monetary Economics Meetings, Fall 2010}, - year = 2010, - editor = {Romer, David and Shapiro, Matthew}, - institution = {National Bureau of Economic Research}, - type = {Discussion} -} - -@ARTICLE{When-FHWC-Holds, - author = {Carroll, Christopher D.}, - year = {Ongoing}, - title = {Mathematica Notebook Illustrating Target Wealth In Cases Where FHWC-TBS Fails}, - journal = {./Code/Mathematica/Examples/ManipulateParameters/When-FHWC-Holds.nb}, - url = {https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/consumption/TractableBufferStock.zip}, - note = {Download \href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/consumption/TractableBufferStock.zip}{archive} and open Mathematica notebook} -} - -@ARTICLE{CRRA-RateRisk, - author = {Carroll, Christopher D.}, - title = {The Merton-Samuelson Model}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/assetpricing/CRRA-RateRisk/}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/AssetPricing/CRRA-RateRisk/} -} - -@INPROGRESS{carroll:learning, - author = {Carroll, Christopher D.}, - title = {Learning About Intertemporal Choice}, - year = {ongoing}, - journal = {Work in Progress} -} - -@INPROGRESS{carroll:stickycons, - author = {Carroll, Christopher D.}, - title = {Sluggish Consumption and Sticky Expectations}, - year = {ongoing}, - journal = {Work in Progress} -} - -@article{RepresentingWithoutRA-0-CFS, - author={Carroll, Christopher D.}, - title={Representing Consumption and Saving Without a Representative Consumer}, - year=2014, - institution={Center for Financial Studies (CFS)}, - journal={CFS Working Paper Series}, - url={http://ideas.repec.org/p/zbw/cfswop/464.html}, - note={At \url{http://ideas.repec.org/p/zbw/cfswop/464.html}}, - volume={464}, - abstract={The Great Recession confirmed a bedrock principle of modern consumption theory: It is impossible to explain aggregate spending behavior without knowledge of the underlying microeconomic distribution of circumstances and choices across households. National accounting frameworks therefore need to be augmented by \"bottom up\" measures that both (a) capture the microeconomic heterogeneity (in expenditures, income, assets, debt, and beliefs) in the population and (b) sum up to statistics that have a recognizable relationship to the aggregate totals that are already reasonably well measured.}, - keywords={National Accounting; Inequality; Distribution}, -} - -@INCOLLECTION{RepresentingWithoutRA, - author = {Christopher D. Carroll}, - title = {Representing Consumption and Saving Without a - Representative Consumer}, - booktitle = {Measuring Economic Sustainability and Progress}, - publisher = {University of Chicago Press}, - year = 2014, - series = {NBER-CRIW Studies in Income and Wealth}, - note = {At \url{https://www.econ2.jhu.edu/people/ccarroll/papers/RepresentingWithoutRA/}}, - editors = {Dale W.\ Jorgenson and J.\ Steven Landefeld and Paul - Schreyer}, - url = {http://ideas.repec.org/h/nbr/nberch/12824.html}, - abstract={The Great Recession confirmed a bedrock principle of modern consumption theory: It is impossible to explain aggregate spending behavior without knowledge of the underlying microeconomic distribution of circumstances and choices across households. National accounting frameworks therefore need to be augmented by \"bottom up\" measures that both (a) capture the microeconomic heterogeneity (in expenditures, income, assets, debt, and beliefs) in the population and (b) sum up to statistics that have a recognizable relationship to the aggregate totals that are already reasonably well measured.}, -} - -@MISC{MathFacts, - author = {Carroll, Christopher D.}, - title = {Math Facts Useful for Graduate Macroeconomics}, - howpublished = {Online Lecture Notes}, - year = {Current}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/mathfacts/}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/mathfacts/} -} - -@ARTICLE{carroll:nexus, - author = {Carroll, Christopher D.}, - title = {Habits, Precautionary Saving, and the Growth-Saving Nexus}, - journal = {Unpublished Manuscript, Johns Hopkins University}, - year = {{{2000} } - -@article{carroll:nexusinprogress -}} -} - -@ARTICLE{W-Hetero-Fed, - author = {Christopher D. Carroll}, - title = {Implications of Wealth Heterogeneity For - Macroeconomics}, - journal = {Johns Hopkins University Department of Economics - Working Paper Number 597}, - year = 2012, - month = {May}, - note = {Paper for Academic Consultants' Meeting, Board of - Governors of the Federal Reserve System, available - at - \url{https://www.econ2.jhu.edu/people/ccarroll/papers/W-Hetero-Fed.pdf}}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/W-Hetero-Fed.pdf} -} - -@Article{carrollBSTheory, - Title = {Theoretical {F}oundations of {B}uffer {S}tock {S}aving}, - Author = {Carroll, Christopher}, - Journal = {Manuscript, Department of Economics, Johns Hopkins University}, - Year = 2016, - Note = {Available at \url{https://econ-ark.github.io/BufferStockTheory}}, - Url = {https://econ-ark.github.io/BufferStockTheory.pdf}, - status = {Under Revision} -} - -@article{BufferStockTheory, - author = {Christopher D. Carroll}, - journal = {Forthcoming, \emph{Quantitative Economics}}, - note = {Available at \url{https://econ-ark.github.io/BufferStockTheory}}, - title = {Theoretical Foundations of Buffer Stock Saving}, - year = {2020}, - url = {https://econ-ark.github.io/BufferStockTheory.pdf}, -} - -@ARTICLE{carroll:bstheoryNBERWP, - author = {Carroll, Christopher D.}, - title = {Theoretical {F}oundations of {B}uffer {S}tock - {S}aving}, - journal = {NBER Working Paper No.\ 10867}, - year = 2004, - month = {November} -} - -@ARTICLE{carroll:bstheorynourl, - author = {Carroll, Christopher D.}, - title = {Theoretical {F}oundations of {B}uffer {S}tock - {S}aving}, - journal = {Manuscript, Johns Hopkins University}, - year = 2004 -} - -@ARTICLE{carroll:bstheory, - author = {Carroll, Christopher D.}, - title = {Theoretical {F}oundations of {B}uffer {S}tock - {S}aving}, - journal = {NBER Working Paper No. 10867 (Status: Revise and - Resubmit, {\em Quantitative Economics}, 2014)}, - year = 2004, - month = {November}, - note = {Latest version available at - {\url{https://www.econ2.jhu.edu/people/ccarroll/BufferStockTheory.pdf}}} -} - -@ARTICLE{SolvingMicroDSOPs, - author = {Carroll, Christopher D.}, - title = {Solving Microeconomic Dynamic Stochastic - Optimization Problems}, - journal = {Archive, Johns Hopkins University}, - year = 2014, - url = - {https://www.econ2.jhu.edu/people/ccarroll/SolvingMicroDSOPs/}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/SolvingMicroDSOPs/}} -} - -@ARTICLE{carroll:mpcperm, - author = {Carroll, Christopher D.}, - title = {Precautionary Saving and the Marginal Propensity to - Consume Out of Permanent Income}, - journal = {Journal of Monetary Economics}, - year = 2009, - volume = 56, - pages = {780--790}, - number = 6, - month = {September}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/MPCPerm}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/papers/MPCPerm.pdf}, - bdsk-url-2 = {http://dx.doi.org/10.1016/j.jmoneco.2009.06.016}, - doi = {http://dx.doi.org/10.1016/j.jmoneco.2009.06.016}, - publisher = {Elsevier}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/MPCPerm.pdf} -} - -@TECHREPORT{carrollTractable, - author = {Carroll, Christopher D.}, - title = {Lecture Notes: A Tractable Model of Buffer Stock - Saving}, - institution = {Johns Hopkins University}, - year = 2016, - note = {At - {\url{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/consumption}}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/consumption/TractableBufferStock.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/consumption/TractableBufferStock.pdf} -} - -@ARTICLE{TractableBufferStock, - author = {Carroll, Christopher D.}, - title = {A Tractable Model of Buffer Stock Saving}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/TractableBufferStock.pdf}, - year = 2009, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/TractableBufferStock.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/TractableBufferStock.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/TractableBufferStock.pdf} -} - -@Article{carrollIrrational, - Title = {Recent Stock Declines: Panic or the Purge of - `Irrational Exuberance'?}, - Author = {Carroll, Christopher D.}, - Journal = {The Economists' Voice}, - Year = 2008, - Note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/opinion/CampbellShillerReduxFinal.pdf}}, - Volume = 5, - Doi = {10.2202/1553-3832.1462}, - Owner = {Nic Johnson}, - Url = - {https://www.econ2.jhu.edu/people/ccarroll/opinion/CampbellShillerReduxFinal.pdf} -} - -@INCOLLECTION{carroll:consumption, - author = {Carroll, Christopher D.}, - title = {Consumption}, - booktitle = {Encyclopedia Brittanica}, - year = 2007 -} - -@ARTICLE{CARAModelWithYRisk, - author = {Carroll, Christopher D.}, - title = {The CARA Model With Income Risk}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/CARAModelWithY% - Risk.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/CARAModelWithYRisk.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/CARAModelWithYRisk.pdf} -} - -@ARTICLE{ConsAndLaborSupply, - author = {Carroll, Christopher D.}, - title = {Consumption and Labor Supply}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/ConsAndLaborSu% - pply.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/ConsAndLaborSupply.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/ConsAndLaborSupply.pdf} -} - -@ARTICLE{Durables, - author = {Carroll, Christopher D.}, - title = {Spending on Durable and Nondurable Goods}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/Durables.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/Durables.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/Durables.pdf} -} - -@ARTICLE{Envelope, - author = {Carroll, Christopher D.}, - title = {The Envelope Theorem and the Euler Equation}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/envelope.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/envelope.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/envelope.pdf} -} - -@ARTICLE{GenAcctsAndGov, - author = {Carroll, Christopher D.}, - title = {Generational Accounts and the Government Budget - Constraint}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/GenAcctsAndGov% - .pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/GenAcctsAndGov.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/GenAcctsAndGov.pdf} -} - -@ARTICLE{Habits, - author = {Carroll, Christopher D.}, - title = {Consumption Models with Habit Formation}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/Habits.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/Habits.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/Habits.pdf} -} - -@ARTICLE{Laibson, - author = {Carroll, Christopher D.}, - title = {Time Inconsistency {\it a la} Laibson}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/Laibson.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/Laibson.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/Laibson.pdf} -} - -@ARTICLE{OLGModel, - author = {Carroll, Christopher D.}, - title = {The Diamond Overlapping Generations Model}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/OLGModel.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/OLGModel.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/OLGModel.pdf} -} - -@ARTICLE{PerfForesightCRRA, - author = {Carroll, Christopher D.}, - title = {The Perfect Foresight CRRA Consumption Model}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/PerfForesightC% - RRA.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/PerfForesightCRRA.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/PerfForesightCRRA.pdf} -} - -@ARTICLE{RiskAndPSPremia, - author = {Carroll, Christopher D.}, - title = {Risk and Precautionary Premia}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/RiskAndPSPRemi% - a.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/RiskAndPSPRemia.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/RiskAndPSPRemia.pdf} -} - -@ARTICLE{SocSecAndKAccum, - author = {Carroll, Christopher D.}, - title = {Social Security and Capital Accumulation}, - journal = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/SocSecAndKAccu% - m.pdf}, - year = 2006, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/SocSecAndKAccum.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/SocSecAndKAccum.pdf} -} - -@ARTICLE{carrollEGMNBER, - author = {Carroll, Christopher D.}, - title = {The {M}ethod of {E}ndogenous {G}ridpoints for - {S}olving {D}ynamic {S}tochastic {O}ptimization - {P}roblems}, - journal = {National Bureau of Economic Research Technical - Working Paper No. 309}, - year = 2005, - month = {June}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/EndogenousGridpoints.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/EndogenousGridpoints.pdf} -} - -@TECHREPORT{car04, - author = {Christopher D. Carroll}, - title = {Housing Wealth and Consumption Expenditure}, - institution = {Johns Hopkins University}, - journal = {Paper for Presentation at Academic Consultants' Meeting at the Board of Governors of the Federal Reserve System}, - year = 2004, - type = {mimeo} -} - -@TECHREPORT{car04b, - author = {Carroll, Christopher D.}, - title = {Theoretical Foundations of Buffer Stock Saving}, - institution = {NBER}, - year = 2004, - type = {working paper}, - number = 10867 -} - -@ARTICLE{carroll:fedwealth, - author = {Carroll, Christopher D.}, - title = {Housing Wealth and Consumption Expenditure}, - journal = {Paper Prepared for Briefing of Board of Governors of - the Federal Reserve System}, - year = 2004, - month = {January}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/papers/FedHouseWealthv2.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/FedHouseWealthv2.pdf} -} - -@ARTICLE{Carroll2004, - author = {Carroll, Christopher D.}, - title = {Housing Wealth and Consumption Expenditure}, - journal = {Paper Prepared for Academic Consultants Meeting of - Federal Reserve Board, January 2004}, - year = 2004, - note = {At - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/FedHouseWealthv2.pdf}}}, - institution = {Johns Hopkins University} -} - -@ARTICLE{carroll:macroexpectjhu, - author = {Carroll, Christopher D.}, - title = {Macroeconomic {E}xpectations of {H}ouseholds and - {P}rofessional {F}orecasters}, - journal = {Johns Hopkins University Department of Economics - Working Papers Number 477}, - year = 2002, - month = {December} -} - -@INCOLLECTION{carroll:richportfolios, - author = {Carroll, Christopher D.}, - title = {Portfolios of the Rich}, - booktitle = {Household Portfolios: Theory and Evidence}, - publisher = {MIT Press}, - year = 2002, - address = {Cambridge, MA}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/richportfolios.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/richportfolios.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/richportfolios.pdf} -} - -@ARTICLE{carroll:atheorynberwp, - author = {Carroll, Christopher D.}, - title = {A Theory of the Consumption Function, With and - Without Liquidity Constraints (Expanded Version)}, - journal = {NBER Working Paper Number W8387}, - year = 2001, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/ATheoryv3NBER.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/ATheoryv3NBER.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/ATheoryv3NBER.pdf} -} - -@ARTICLE{carroll:death, - author = {Carroll, Christopher D.}, - title = {Death to the {L}og-{L}inearized {C}onsumption - {E}uler {E}quation! ({A}nd {V}ery {P}oor {H}ealth - to the {S}econd-{O}rder Approximation)}, - journal = {Advances in Macroeconomics}, - year = 2001, - volume = 1, - pages = {Article 6}, - number = 1, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/death.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/death.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/death.pdf} -} - -@ARTICLE{carroll:deathbepress, - author = {Carroll, Christopher D.}, - title = {Death to the Log-Linearized Consumption Euler - Equation! (And Very Poor Health to the Second-Order - Approximation)}, - journal = {Advances in Macroeconomics}, - year = 2001, - volume = 1, - pages = {Article 6}, - number = 1, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/death.pdf}, - url = {\url{https://www.econ2.jhu.edu/people/ccarroll/death.pdf}} -} - -@ARTICLE{carroll:mpcpermNBER, - author = {Carroll, Christopher D.}, - title = {Precautionary Saving and the Marginal Propensity to - Consume Out of Permanent Income}, - journal = {NBER Working Paper Number W8233}, - year = 2001, - month = {April}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/MPCPermBigNBER.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/MPCPermBigNBER.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/MPCPermBigNBER.pdf} -} - -@INCOLLECTION{carroll:richportfoliosNBERWP, - author = {Carroll, Christopher D.}, - title = {{P}ortfolios of the {R}ich}, - booktitle = {NBER Working Paper No.\ 7826}, - year = 2001, - month = {August} -} - -@ARTICLE{carroll:RiskyHabits, - author = {Carroll, Christopher D.}, - title = {`{R}isky {H}abits' and the {M}arginal {P}ropsensity - to {C}onsume {O}ut of {P}ermanent {I}ncome}, - journal = {International Economic Journal}, - year = 2000, - volume = 14, - pages = {1--41}, - number = 4, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/riskyhabits.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/riskyhabits.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/riskyhabits.pdf} -} - -@ARTICLE{carroll:RiskyHabitsNBERWP, - author = {Carroll, Christopher D.}, - title = {`{R}isky {H}abits' and the {M}arginal {P}ropsensity - to {C}onsume {O}ut of {P}ermanent {I}ncome}, - journal = {NBER Working Paper No. 7839}, - year = 2000 -} - -@ARTICLE{carroll:solvinghabits, - author = {Carroll, Christopher D.}, - title = {Solving Consumption Models with Multiplicative - Habits}, - journal = {Economics Letters}, - year = 2000, - volume = 68, - pages = {67--77}, - number = 1, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/HabitsEconLett.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/HabitsEconLett.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/HabitsEconLett.pdf} -} - -@ARTICLE{carroll:habitstheoryshort, - author = {Carroll, Christopher D.}, - title = {Solving Models with Multiplicative Habits}, - journal = {Manuscript, Johns Hopkins University}, - year = 1999 -} - -@ARTICLE{carroll:riskyhabitsasia, - author = {Carroll, Christopher D.}, - title = {How `{R}isky {H}abits' {C}an {E}xplain a {L}ow - {M}arginal {P}ropensity to {C}onsume {D}uring - {R}ecessions}, - journal = {Invited Paper for Special Issue of International - Economic Journal}, - year = 1999 -} - -@MISC{carroll:macrosolve, - author = {Carroll, Christopher D.}, - title = {Sources and Methods for 'Unemployment Expectations, - Jumping (S,s) Triggers, and Household Balance - Sheets'}, - howpublished = {Web archive}, - year = 1998, - bdsk-url-1 = {http://nber.econ.jhu.edu:8080/People/ccarroll.html}, - url = {http://nber.econ.jhu.edu:8080/People/ccarroll.html} -} - -@ARTICLE{carroll:richsavenberwp, - author = {Carroll, Christopher D.}, - title = {{W}hy {D}o the {R}ich {S}ave {S}o {M}uch?}, - journal = {NBER Working Paper Number 6549}, - year = 1998, - month = {May} -} - -@ARTICLE{carroll:deathNBERWP, - author = {Carroll, Christopher D.}, - title = {{D}eath to the {L}og-{L}inearized {C}onsumption - {E}uler {E}quation! ({A}nd {V}ery {P}oor {H}ealth - to the {S}econd-{O}rder {A}pproximation)}, - journal = {NBER Working Paper No.\ 6298}, - year = 1997 -} - -@ARTICLE{carroll:bslcpihNBERWP, - author = {Carroll, Christopher D.}, - title = {Buffer-{S}tock {S}aving and the {L}ife - {C}ycle/{P}ermanent {I}ncome {H}ypothesis}, - journal = {NBER Working Paper No.\ 5788}, - year = 1996, - month = {October} -} - -@ARTICLE{carroll:howdoesfuture, - author = {Carroll, Christopher D.}, - title = {How Does Future Income Affect Current Consumption?}, - journal = {The Quarterly Journal of Economics}, - year = 1994, - volume = {CIX}, - pages = {111--148}, - number = 1, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/howdoesfuture.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/howdoesfuture.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/howdoesfuture.pdf} -} - -@ARTICLE{carroll:savingdecline, - author = {Carroll, Christopher D.}, - title = {The Decline in {U}.{S}.\ Saving}, - journal = {Forum for Applied Research and Public Policy}, - year = 1993, - volume = 8, - number = 4 -} - -@PHDTHESIS{carroll:phdthesis, - author = {Carroll, Christopher D.}, - title = {Three Essays on Consumption, Income, and Saving}, - school = {MIT}, - year = 1990 -} - -@ARTICLE{carroll&dunn:moredeath, - author = {Carroll, Christopher D. and Dunn, Wendy}, - title = {Euler Equation Estimation With Aggregated Time - Series Data}, - journal = {Work in Progress}, - year = 1999 -} - -@INCOLLECTION{cdSs, - author = {Carroll, Christopher D. and Dunn, Wendy E.}, - title = {Unemployment {E}xpectations, {J}umping ({S},s) - {T}riggers, and {H}ousehold {B}alance {S}heets}, - booktitle = {NBER Macroeconomics Annual, 1997}, - publisher = {MIT Press}, - year = 1997, - editor = {Bernanke, Benjamin S. and Rotemberg, Julio}, - pages = {165--229}, - address = {Cambridge, MA}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/macroann.pdf}; - Methodological Appendix: - \url{https://www.econ2.jhu.edu/people/ccarroll/methods3.pdf}; - Empirical Results and Simulation Programs: - \url{https://www.econ2.jhu.edu/people/ccarroll/cdfiles.html};}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/macroann.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/macroann.pdf} -} - -@ARTICLE{carroll&dunn:methods, - author = {Carroll, Christopher D. and Dunn, Wendy E.}, - title = {Data Sources and Solution Methods for Empirical and - Theoretical Results in 'Unemployment Expectations, - Jumping (S,s) Triggers, and Household Balance - Sheets'}, - journal = {http://econ.jhu.edu/People/CCarroll/carroll.html}, - year = 1998 -} - -@ARTICLE{cdSsNBERWP, - author = {Carroll, Christopher D. and Dunn, Wendy E.}, - title = {{U}nemployment {E}xpectations, {J}umping ({S},s) - {T}riggers, and {H}ousehold {B}alance {S}heets}, - journal = {NBER Working Paper No. 6081}, - year = 1997, - month = {July} -} - -@ARTICLE{cdk:balance, - author = {Carroll, Christopher D. and Dynan, Karen E. and - Krane, Spencer S.}, - title = {Unemployment {R}isk and {P}recautionary {W}ealth: - {E}vidence from {H}ouseholds' {B}alance {S}heets}, - journal = {Review of Economics and Statistics}, - year = 2003, - volume = 85, - number = 3, - month = {August}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/krynoll.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/krynoll.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/krynoll.pdf} -} - -@ARTICLE{cdk:balanceFEDS, - author = {Carroll, Christopher D. and Dynan, Karen E. and - Krane, Spencer S.}, - title = {Unemployment {R}isk and {P}recautionary {W}ealth: - {E}vidence from {H}ouseholds' {B}alance {S}heets}, - journal = {Finance and Economics Discussion Series Number - 1999-15, Federal Reserve Board}, - year = 1999, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/krynoll.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/krynoll.pdf} -} - -@ARTICLE{carroll&fratantoni:habits, - author = {Carroll, Christopher D. and Fratantoni, Michael}, - title = {Implications of Habit Formation for Consumption and - Portfolio Choice}, - journal = {Work In Progress}, - year = 1999 -} - -@Article{cfwSentiment, - Title = {Does Consumer Sentiment Forecast Household Spending? - {I}f So, Why?}, - Author = {Carroll, Christopher D. and Fuhrer, Jeffrey C. and - Wilcox, David W.}, - Journal = {American Economic Review}, - Year = 1994, - Note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/SentAERCarrollFuhrerWilcox.pdf}}, - Number = 5, - Pages = {1397-1408}, - Volume = 84, - Owner = {Nic Johnson}, - Url = - {https://www.econ2.jhu.edu/people/ccarroll/SentAERCarrollFuhrerWilcox.pdf}, - score = 20, -} - -@ARTICLE{cj:bufferIntl, - author = {Carroll, Christopher D. and Jeanne, Olivier}, - title = {A Tractable Model of Precautionary Reserves, Net - Foreign Assets, or Soverign Wealth Funds}, - journal = {Work In Progress}, - year = {ongoing} -} - -@Article{CarrollKimballPSPW, - Title = {Precautionary Saving and Precautionary Wealth}, - Author = {Carroll, Christopher D. and Kimball, Miles S.}, - Journal = {Palgrave Dictionary of Economics and Finance, 2nd - Ed.}, - Year = 2007, - Note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/PalgravePrecautionary.pdf}}, - Owner = {Nic Johnson}, - Url = - {https://www.econ2.jhu.edu/people/ccarroll/PalgravePrecautionary.pdf} -} - -@ARTICLE{carroll&kimball:liquidity, - author = {Carroll, Christopher D. and Kimball, Miles S.}, - title = {Liquidity Constraints and Precautionary Saving}, - journal = {Manuscript, Johns Hopkins University}, - year = 2005, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/liquidRevised.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/papers/liquidRevised.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/liquidRevised.pdf} -} - -@ARTICLE{carroll&kimball:liquidityHopkins, - author = {Carroll, Christopher D. and Kimball, Miles S.}, - title = {Liquidity Constraints and Precautionary Saving}, - journal = {Johns Hopkins University Working Paper Number 455}, - year = 2001, - month = {August}, - note = - {\url{http://econ.jhu.edu/pdf/papers/CarrollKimball2001.pdf}}, - bdsk-url-1 = - {http://econ.jhu.edu/pdf/papers/CarrollKimball2001.pdf}, - url = - {http://econ.jhu.edu/pdf/papers/CarrollKimball2001.pdf} -} - -@ARTICLE{carroll&kimball:liquidityNBERWP, - author = {Carroll, Christopher D. and Kimball, Miles S.}, - title = {Liquidity {C}onstraints and {P}recautionary - {S}aving}, - journal = {NBER Working Paper No. 8496}, - year = 2001 -} - -@INPROGRESS{carrollmaccini:entrepreneurs, - author = {Carroll, Christopher D. and Maccini, Louis J.}, - title = {Entrepreneurial Investment, Consumption Smoothing, and Dividends}, - year = {ongoing}, - journal = {Work in Progress}, - note = {With Louis J. Maccini} -} - -@ARTICLE{cosOzStickyC, - author = {Carroll, Christopher D. and Ossolinski, Crystal and - Slacalek, Jiri}, - title = {Sticky Consumption Growth and Housing Wealth - Effects: Evidence from Australia}, - journal = {Work In Progress}, - year = {ongoing} -} - -@TECHREPORT{co04, - author = {Christopher D. Carroll and Misuzu Otsuka}, - title = {Estimating the Wealth Effect on Consumption}, - institution = {Johns Hopkins University}, - year = 2004, - type = {mimeo} -} - -@TECHREPORT{cosHowLargeorig, - author = {Christopher D. Carroll and Misuzu Otsuka and Jiri - Slacalek}, - title = {What Is the Wealth Effect on Consumption? A New - Approach}, - institution = {Johns Hopkins University}, - year = 2006, - type = {mimeo} -} - -@ARTICLE{cow:habits, - author = {Carroll, Christopher D. and Overland, Jody R. and - Weil, David N.}, - title = {Saving and {G}rowth with {H}abit {F}ormation}, - journal = {American Economic Review}, - year = 2000, - volume = 90, - pages = {341--355}, - number = 3, - month = {June}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/AERHabits.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/AERHabits.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/AERHabits.pdf} -} - -@ARTICLE{cow00, - author = {Christopher D. Carroll and Jody R. Overland and - David N. Weil}, - title = {Saving and Growth with Habit Formation}, - journal = {American Economic Review}, - year = 2000, - volume = 90, - pages = {341--55}, - number = 3 -} - -@ARTICLE{cow:envy, - author = {Carroll, Christopher D. and Overland, Jody R. and - Weil, David N.}, - title = {Comparison Utility in a Growth Model}, - journal = {Journal of Economic Growth}, - year = 1997, - volume = 2, - pages = {339--367}, - number = 4, - month = {December}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/compare.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/compare.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/compare.pdf} -} - -@ARTICLE{cow:habitsfuhrercite, - author = {Carroll, Christopher D. and Overland, Jody R. and - Weil, David N.}, - title = {Saving and Growth with Habit Formation}, - journal = {FEDS Working Paper \# 95-42}, - year = 1995 -} - -@ARTICLE{crr:census, - author = {Carroll, Christopher D. and Rhee, Changyong and - Rhee, Byungkun}, - title = {Does {C}ultural {O}rigin {A}ffect {S}aving - {B}ehavior? {E}vidence from {I}mmigrants}, - journal = {Economic Development and Cultural Change}, - year = 1999, - volume = 48, - pages = {33--50}, - number = 1, - month = {October}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/censave.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/censave.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/censave.pdf} -} - -@ARTICLE{crr:censusNBERWP, - author = {Carroll, Christopher D. and Rhee, Changyong and - Rhee, Byungkun}, - title = {Does {C}ultural {O}rigin {A}ffect {S}aving - {B}ehavior? {E}vidence from {I}mmigrants}, - journal = {NBER Working Paper No. 6568}, - year = 1998, - month = {May} -} - -@ARTICLE{crr:culture, - author = {Carroll, Christopher D. and Rhee, Changyong and - Rhee, Byungkun}, - title = {Are {T}here {C}ultural {E}ffects on {S}aving? {S}ome - {C}ross-{S}ectional {E}vidence}, - journal = {The Quarterly Journal of Economics}, - year = 1994, - volume = {CIX}, - pages = {685--700}, - number = 3, - month = {August}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/crr-culture-qje.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/crr-culture-qje.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/crr-culture-qje.pdf} -} - -@ARTICLE{carroll&samwick:howbig, - author = {Carroll, Christopher D. and Samwick, Andrew A.}, - title = {{H}ow {I}mportant {I}s {P}recautionary {S}aving?}, - journal = {Review of Economics and Statistics}, - year = 1998, - volume = 80, - pages = {410--419}, - number = 3, - month = {August}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/howbig.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/papers/howbig.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/howbig.pdf} -} - -@ARTICLE{carroll&samwick:howbigNBERWP, - author = {Carroll, Christopher D. and Samwick, Andrew A.}, - title = {{H}ow {I}mportant {I}s {P}recautionary {S}aving?}, - journal = {NBER Working Paper No. 5194}, - year = 1995, - month = {July} -} - -@ARTICLE{carroll&samwick:natureNBERWP, - author = {Carroll, Christopher D. and Samwick, Andrew A.}, - title = {The {N}ature of {P}recautionary {W}ealth}, - journal = {NBER Working Paper No. 5193}, - year = 1995, - month = {July} -} - -@ARTICLE{carroll&samwick:naturewp, - author = {Carroll, Christopher D. and Samwick, Andrew A.}, - title = {The Nature of Precautionary Wealth}, - journal = {Manuscript, The Johns Hopkins University}, - year = 1995 -} - -@TECHREPORT{cs:stickyExp, - author = {Christopher D. Carroll and Jiri Slacalek}, - title = {Sticky Expectations and Consumption Dynamics}, - institution = {Johns Hopkins University}, - year = 2006, - type = {mimeo} -} - -@ARTICLE{cosHousing, - author = {Carroll, Christopher D. and Slacalek, Jiri and - Otsuka, Misuzu}, - title = {How Large Is the Housing Wealth Effect? A New - Approach}, - journal = {NBER Working Paper Number 12746}, - year = 2006, - month = {December}, - note = {\url{http://www.nber.org/papers/w12746}}, - bdsk-url-1 = {http://www.nber.org/papers/w12746}, - url = {http://www.nber.org/papers/w12746} -} - -@TECHREPORT{css:epid2, - author = {Christopher D. Carroll and Jiri Slacalek and Martin - Sommer}, - title = {International Evidence on Sticky Consumption - Dynamics}, - institution = {Johns Hopkins University}, - year = {in progress}, - type = {mimeo} -} - -@ARTICLE{cssUSSaving, - author = {Carroll, Christopher D. and Jiri Slacalek and Martin - Sommer}, - title = {Dissecting Saving Dynamics: Measuring Wealth, - Precautionary, and Credit Effects}, - journal = {Manuscript, Johns Hopkins University}, - year = 2019, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/cssUSSaving/}}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/cssUSSaving/} -} - -@TECHREPORT{css:epid, - author = {Christopher D. Carroll and Jiri Slacalek and Martin - Sommer}, - title = {The Epidemiology of Consumption}, - institution = {Johns Hopkins University}, - year = 2005, - type = {mimeo} -} - -@TECHREPORT{carroll&slacalek&tokuoka:stickyex, - author = {Carroll, Christopher D. and Slacalek, Jiri and - Tokuoka, Kiichi}, - title = {Sticky Expectations and Consumption Dynamics}, - year = {in progress}, - journal = {Manuscript} -} - -@TECHREPORT{cstMPC, - author = {Christopher D. Carroll and Jiri Slacalek and Kiichi - Tokuoka}, - title = {The Distribution of Wealth and the Marginal - Propensity to Consume}, - institution = {Johns Hopkins University}, - year = 2013, - note = {At \url{https://www.econ2.jhu.edu/people/ccarroll/papers/cstMPC}}, -} - -@article{cstMPCxc, - title = {The Distribution of Wealth and the MPC: Implications - of New European Data}, - author = {Carroll, Christopher D. and Slacalek, Jiri and - Tokuoka, Kiichi}, - journal = {The American Economic Review}, - volume = 104, - number = 5, - pages = {107--111}, - year = 2014, - publisher = {American Economic Association}, - note = {At - \href{https://www.econ2.jhu.edu/people/ccarroll/papers/cstMPCxc}{\texttt{https://www.econ2.jhu.edu/people/ccarroll/papers/cstMPCxc}}}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/cstMPCxc} -} - -@TECHREPORT{cst:BSinKS, - author = {Christopher D. Carroll and Jiri Slacalek and Kiichi - Tokuoka}, - title = {Digestible Microfoundations: Buffer-Stock Saving in - a Krussel--Smith World}, - institution = {Johns Hopkins University}, - year = 2011, - type = {mimeo} -} - -@ARTICLE{carroll&sommer:epidemiology, - author = {Carroll, Christopher D. and Sommer, Martin}, - title = {Dynamics of Aggregate Consumption in an - Epidemiological Model}, - journal = {Manuscript, Johns Hopkins University}, - year = 2004 -} - -@Incollection{sswNAIRU, - author = {Staiger, Douglas and James H. Stock and Mark W. Watson}, - title = {Prices Wages and the US NAIRU in the 1990s}, - year = {2001}, - booktitle = {The Roaring Nineties: Can Full Employment Be Sustained?}, - editor = {Alan B. Krueger and Robert Solow}, - publication = {type}, - publisher = {The Russell Sage Foundation and Century Press}, - address = {New York} -} - -@ARTICLE{cssIntlStickyC, - author = {Carroll, Christopher D. and Sommer, Martin and Slacalek, Jiri}, - title = {International Evidence on Sticky Consumption Growth}, - journal = {Review of Economics and Statistics}, - year = 2011, - volume = 93, - pages = {1135--1145}, - number = 4, - month = {October}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/cssIntlStickyC/}}, - URL = { https://doi.org/10.1162/REST_a_00122}, - abstract = {This paper estimates the degree of stickiness in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that after controlling for measurement error, consumption growth has a high degree of autocorrelation, with a stickiness parameter of about 0.7 on average across countries. The sticky consumption growth model outperforms the random walk model of Hall (1978) and typically fits the data better than the popular Mankiw (1989) model, though in a few countries, the sticky consumption growth and Campbell-Mankiw models work about equally well. }, -doi = {10.1162/REST\_a\_00122}, -eprint = { https://doi.org/10.1162/REST_a_00122 } -} - - -@ARTICLE{cssIntlStickyCJHU, - author = {Carroll, Christopher D. and Sommer, Martin and - Slacalek, Jiri}, - title = {International Evidence on Sticky Consumption Growth}, - journal = {Johns Hopkins University Working Paper Number 542}, - year = 2008, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/cssIntlStickyC/}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/papers/cssIntlStickyC.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/cssIntlStickyC.pdf} -} - -@InCollection{carroll&summers:cparallelsy, - Title = {Consumption Growth Parallels Income Growth: Some New - Evidence}, - Author = {Carroll, Christopher D. and Summers, Lawrence H.}, - Booktitle = {National Saving and Economic Performance}, - Publisher = {Chicago University Press}, - Year = 1991, - Address = {Chicago}, - Editor = {{B.~Douglas Bernheim} and {John B. Shoven}}, - Note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/CParallelsY.pdf}}, - Owner = {Nic Johnson}, - Url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/CParallelsY.pdf} -} - -@ARTICLE{carroll&summers:jme, - author = {Carroll, Christopher D. and Summers, Lawrence H.}, - title = {Why Have Private Saving Rates in the US and Canada - Diverged?}, - journal = {Journal of Monetary Economics}, - year = 1987, - volume = 20, - pages = {249--279}, - number = 2, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/CarrollSummersJME.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/papers/CarrollSummersJME.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/papers/CarrollSummersJME.pdf} -} - -@INPROGRESS{BSSinDGE, - author = {Carroll, Christopher D. and Tokuoka, Kiichi}, - title = {JEDC Project on Benchmark Solutions to Heterogeneous Agents Models}, - year = {Expected publication in {\it Journal of Economic Dynamics and Control}, - 2009}, - journal = {Buffer Stock Saving in Krusell-Smith General Equilibrium}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/BSSinDGE}, - url = {https://www.econ2.jhu.edu/people/ccarroll/BSSinDGE} -} - -@ARTICLE{ctJEDC, - author = {Carroll, Christopher D. and Tokuoka, Kiichi}, - title = {Buffer Stock Saving In Rational Expectations General - Equilibrium}, - journal = {Journal of Economic Dynamics and Control}, - year = 2009 -} - -@ARTICLE{carroll&vermulen:precautionarymultiplier, - author = {Carroll, Christopher D. and Vermulen, Koen}, - title = {The Precautionary Multiplier}, - journal = {Work in Progress}, - year = {2000-present} -} - -@ARTICLE{carroll&weil:habits, - author = {Carroll, Christopher D. and Weil, David N.}, - title = {Habits and Saving: Theory and Evidence}, - journal = {Work in Progress}, - year = 1997 -} - -@ARTICLE{carroll&weil:crcs, - author = {Carroll, Christopher D. and Weil, David N.}, - title = {Saving and {G}rowth: {A} {R}einterpretation}, - journal = {Carnegie-Rochester Conference Series on Public - Policy}, - year = 1994, - volume = 40, - pages = {133--192}, - month = {June}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/CarrollWeilSavingAndGrowth.pdf}}, - bdsk-url-1 = - {https://www.econ2.jhu.edu/people/ccarroll/CarrollWeilSavingAndGrowth.pdf}, - url = - {https://www.econ2.jhu.edu/people/ccarroll/CarrollWeilSavingAndGrowth.pdf} -} - -@ARTICLE{carroll&weil:crcsNBERWP, - author = {Carroll, Christopher D. and Weil, David N.}, - title = {Saving and {G}rowth: {A} {R}einterpretation}, - journal = {NBER Working Paper No. 4470}, - year = 1993, - month = {September} -} - -@TECHREPORT{cqsUpdate, - author = {Case, Karl E. and Quigley, John M. and Shiller, - Robert J.}, - title = {Wealth Effects Revisited 1978-2009}, - institution = {Cowles Foundaion for Reserch in Economics, Yale - University}, - year = 2011, - type = {Cowles Foudation Discussion Paper}, - number = 1784, - month = {February} -} - -@ARTICLE{cqs05, - author = {Karl E. Case and John M. Quigley and Robert - J. Shiller}, - title = {Comparing Wealth Effects: The Stock Market Versus - the Housing Market}, - journal = {Advances in Macroeconomics}, - year = 2005, - volume = 5, - pages = {1--32}, - number = 1 -} - -@ARTICLE{cqs:housing, - author = {Case, Karl E. and Quigley, John M. and Shiller, - Robert J.}, - title = {Home-buyers, Housing and the Macroeconomy}, - journal = {Reserve Bank of Australia Conference on Asset Prices - and Monetary Policy Papers}, - year = 2003 -} - -@ARTICLE{cqs:wealtheffects, - author = {Case, Karl E. and Quigley, John M. and Shiller, - Robert J.}, - title = {Comparing Wealth Effects: The Stock Market Versus - the Housing Market}, - journal = {Institute of Business and Economic Research Working - Paper No. W01-004}, - year = 2003, - month = {May} -} - -@TECHREPORT{cqs01, - author = {Karl E. Case and John M. Quigley and Robert - J. Shiller}, - title = {Comparing Wealth Effects: The Stock Market Versus - the Housing Market}, - institution = {NBER}, - year = 2001, - type = {working paper} -} - -@ARTICLE{cs03, - author = {Karl E. Case and Robert J. Shiller}, - title = {Is There a Bubble in the Housing Market? An - Analysis}, - journal = {Brookings Papers on Economic Activity}, - year = 2003, - volume = 2003, - pages = {299--342}, - number = 2 -} - -@INCOLLECTION{csCPIReq, - author = {Casey, William and Sara Stanley}, - title = {Consumer Price Index Requirements of the Consumer - Expenditure Surveys}, - booktitle = {Forthcoming in {\it Improving the Measurement of - Household Expenditures}}, - publisher = {Chicago: University of Chicago Press}, - year = 2013, - editors = {Christopher Carroll, Thomas Crossley, and John - Sabelhaus} -} - -@ARTICLE{cass:growth, - author = {Cass, David}, - title = {Optimum growth in an aggregative model of capital - accumulation}, - journal = {Review of Economic Studies}, - year = 1965, - volume = 32, - pages = {233--240} -} - -@TECHREPORT{cal96, - author = {Cassou, Steven P. and Lansing, Kevin J.}, - title = {Growth Effects of a Flat Tax}, - institution = {Federal Reserve Bank of Cleveland}, - year = 1996, - type = {working paper}, - number = 9615 -} - -@ARTICLE{castaneda, - author = {Castaneda, Ana and Diaz-Gimenez, Javier and - Rios-Rull, Jose-Victor}, - title = {Accounting for the U.S.\ Earnings and Wealth - Inequality}, - journal = {Journal of Political Economy}, - year = 2003, - volume = 111, - pages = {818--857}, - number = 4, - month = {August} -} - -@TECHREPORT{cgp04, - author = {Catte, Pietro and Girouard, Nathalie and Price, - Robert and Andre, Christophe}, - title = {Housing Market, Wealth and the Business Cycle}, - institution = {OECD}, - year = 2004, - type = {working paper}, - number = 17 -} - -@ARTICLE{ces:nearly, - author = {Cavanagh, Christopher L. and Elliott, Graham and - Stock, James H.}, - title = {Inference in Models with Nearly Integrated - Regressors}, - journal = {Econometric Theory}, - year = 1995, - volume = 11, - pages = {1131--1147}, - number = 5 -} - -@TECHREPORT{cd04, - author = {Steven Cechetti and Guy Debelle}, - title = {Has the Inflation Process Changed?}, - institution = {Brandeis University}, - year = 2004, - type = {mimeo} -} - -@TECHREPORT{challe&ragot:precautionaryS, - author = {Edouard Challe and Xavier Ragot}, - title = {Precautionary Saving over the Business Cycle}, - institution = {Paris School of Economics}, - year = 2012, - type = {mimeo} -} - -@INCOLLECTION{chamberlain:paneldata, - author = {Chamberlain, Gary}, - title = {Panel Data}, - booktitle = {Handbook of Econometrics}, - publisher = {North-Holland}, - year = 1984, - editor = {Griliches, Zvi and Intriligator, Michael}, - address = {Amsterdam} -} - -@ARTICLE{cw:cUnderUncert, - author = {Chamberlain, Gary and Wilson, Charles A.}, - title = {Optimal Intertemporal Consumption Under Uncertainty}, - journal = {Review of Economic Dynamics}, - year = 2000, - volume = 3, - pages = {365--395}, - number = 3 -} - -@TECHREPORT{clpChinaSaving, - author = {Chamon, Marcos and Liu, Kai and Prasad, Eswar S.}, - title = {Income Uncertainty and Household Savings in China}, - institution = {National Bureau of Economic Research}, - year = 2010, - journal = {NBER Working Paper No.\ 16565} -} - -@ARTICLE{cpChina, - author = {Chamon, Marcus D. and Prasad, Eswar S.}, - title = {Why Are Saving Rates of Urban Households in China - Rising?}, - journal = {American Economic Journal: Macroeconomics}, - year = 2010, - volume = 2, - pages = {93--130}, - number = 1, - note = {Available at - \url{http://www.aeaweb.org/articles.php?doi=10.1257/mac.2.1.93}}, - bdsk-file-1 = - {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}, - date-modified ={2011-10-14 10:57:33 -0400}, - issn = {1945-7707}, - publisher = {American Economic Association} -} - -@MISC{cck:opttax, - author = {Chari, V.~V., Laurence J. 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An Alternative Test of the - Permanent Income Hypothesis}, - journal = {The Review of Economics and Statistics}, - year = 2006, - volume = 88, - pages = {10--19}, - number = 1, - month = {February}, - bdsk-url-1 = - {http://www.ingentaconnect.com/content/mitpress/restat/2006/2000000088/00000001/art00002}, - bdsk-url-2 = {http://dx.doi.org/10.1162/003465306775565693}, - doi = {doi: 10.1162/003465306775565693}, - issn = {0034-6535}, - publisher = {MIT Press}, - url = - {http://www.ingentaconnect.com/content/mitpress/restat/2006/ - 00000088/00000001/art00002} -} - -@INBOOK{ceaSaving, - chapter = 4, - title = {The Economic Report of the President, 2010}, - publisher = {Government Printing Office}, - year = 2010, - author = {{Council~of~Economic~Advisers}} -} - -@TECHREPORT{csSavingGenes, - author = {Cronqvist, Henrik and Siegel, Stephan}, - title = {The Origins of Savings Behavior}, - institution = {Institute for Financial Research}, - year = 2010, - type = {SIFR Research Report Series}, - number = 73, - abstract = {What are the origins of individual savings behavior? - Using data on identical and fraternal twins matched - with data on their savings behavior, we find that an - individual's savings propensity is governed by both - genetic predispositions, social transmission from - parents to their children, and gene-environment - interplay where certain environments moderate - genetic influences. Genetic variation explains about - 35 percent of the variation in savings rates across - individuals, and this genetic effect is stronger in - less constraining, high socioeconomic status - environments. Parent-child transmission influences - savings for young individuals and those who grew up - in a family environment with less competition for - parental resources. Individual-specific life - experiences is a very important explanation for - behavior in the savings domain, and strongest in - urban communities. In a world progressing rapidly - towards individual retirement savings autonomy, - understanding the origins of individuals' savings - behavior are of key importance to economists as well - as policy makers.}, - bdsk-url-1 = {http://econpapers.repec.org/RePEc:hhs:sifrwp:0073}, - keywords = {Savings; Consumption; Behavioral Genetics}, - url = {http://econpapers.repec.org/RePEc:hhs:sifrwp:0073} -} - -@ARTICLE{croushore:evaluating, - author = {Croushore, Dean}, - title = {Evaluating Inflation Forecasts}, - journal = {Manuscript, Federal Reserve Bank of Philadelphia}, - year = 2001 -} - -@ARTICLE{croushore:spfisgood, - author = {Croushore, Dean}, - title = {Evaluating Inflation Forecasts}, - journal = {Federal Reserve Bank of Philadelphia Working Paper - Number 98-14}, - year = 1998 -} - -@ARTICLE{Crucini:1999, - author = {Crucini, Mario J.}, - title = {On international and national dimensions of risk - sharing}, - journal = {The Review of Economics and Statistics}, - year = 1999, - volume = 81, - pages = {73--84}, - number = 1, - month = {Feb.} -} - -@ARTICLE{chh:reconsider, - author = {Cummins, Jason G. and Hassett, Kevin A. and Hubbard, - R. Glenn}, - title = {A Reconsideration of Investment Behavior Using Tax - Reforms as Natural Experiments}, - journal = {Brookings Papers on Economic Activity}, - year = 1994, - volume = 2, - pages = {1--59}, - note = {Available at { - \url{http://ideas.repec.org/p/nbr/nberre/1946.html}}} -} - -@ARTICLE{curtin:inflsurvart, - author = {Curtin, Richard T.}, - title = {Procedure to Estimate Price Expectations}, - journal = {Manuscript, University of Michigan Survey Research - Center}, - year = 1996 -} - -@ARTICLE{Curtinetal:1989, - author = {Curtin, Richard T. and Juster, F. Thomas and Morgan, - James N.}, - title = {Survey Estimates of Wealth: An Assessment of - Quality}, - journal = {The Measurement of Saving, Investment and Wealth}, - year = 1989, - volume = 52, - pages = {473--548}, - publisher = {National Bureau of Economic Research}, - series = {Studies in Income and Wealth} -} - -@ARTICLE{cutleretc:brookings, - author = {Cutler, David M. and Poterba, James M. and Sheiner, - Louise M. and Summers, Lawrence H.}, - title = {An Aging Society: Opportunity or Challenge?}, - journal = {Brookings Papers on Economic Activity, 1990:2}, - year = 1990 -} - -@ARTICLE{cfInequality, - author = {Barry Z. Cynamon and Steven M. Fazzari}, - title = {Inequality and Household Finance During the Consumer - Age}, - journal = {Working Paper, Washington University in St Louis}, - year = 2013, - month = {January} -} - -@ARTICLE{softCarp, - author = {D.A. Aruliah, C. Titus Brown, Neil P. Chue Hong, - Matt Davis, Richard T. Guy, Steven H.D. Haddock, - Katy Huff, Ian Mitchell, Mark Plumbley, Ben Waugh, - Ethan P. White, Greg Wilson, and Paul Wilson}, - title = {Best Practices for Scientific Computing}, - journal = {The Intertubes}, - year = 2012, - url = - {http://software-carpentry.org/blog/2012/10/best-practices-for-scientific-computing.html} -} - -@ARTICLE{ddfs08, - author = {D{\"}opke, J{\"}org and Dovern, Jonas and Fritsche, - Ulrich and Slacalek, Jiri}, - title = {The Dynamics of European Inflation Expectations}, - journal = {The B.E. Journal of Macroeconomics (Topics)}, - year = 2008, - volume = 8, - pages = {Article 12}, - number = 37 -} - -@TECHREPORT{ddfs05, - author = {D{\"}opke, J{\"}org and Dovern, Jonas and Fritsche, - Ulrich and Slacalek, Jiri}, - title = {European Inflation Expectation Dynamics}, - institution = {Deutsche Bundesbank}, - year = 2005, - type = {Deutsche Bundesbank discussion paper}, - number = 37 -} - -@ARTICLE{dardanoni:crosssection, - author = {Dardanoni, Valentino}, - title = {Precautionary Savings Under Income Uncertainty: A - Cross-Section Analysis}, - journal = {Applied Economics}, - year = 1991, - volume = 23, - pages = {153--160} -} - -@TECHREPORT{dav01, - author = {Melissa Davey}, - title = {Mortgage Equity Withdrawal and Consumption}, - institution = {{Bank of England, 100--103}}, - year = 2001, - type = {Quarterly Bulletin: Spring}, - pages = {100--103} -} - -@ARTICLE{dhsyECM, - author = {DAVIDSON, J. E. H. and HENDRY, DAVID F. and SRBA, - FRANK and YEO, STEVEN}, - title = {Econometric Modeling of the Aggregate Time-series - Relationship Between Consumer's Expenditure and - Income in the United Kingdom}, - journal = {Economic Journal}, - year = 1978, - volume = 88, - pages = {661--692} -} - -@TECHREPORT{davisMartinHousing, - author = {Morris A. Davis and Robert F. Martin}, - title = {Housing, House Prices, and the Equity Premium - Puzzle}, - institution = {Board of Governors of the Federal Reserve System}, - year = 2005, - type = {Finance and Economics Discussion Series}, - number = 13 -} - -@TECHREPORT{dp01, - author = {Morris A. Davis and Michael G. Palumbo}, - title = {A Primer on the Economics and Time Series - Econometrics of Wealth Effects}, - institution = {Federal Reserve Board}, - year = 2001, - type = {FEDS working paper}, - number = 9 -} - -@TECHREPORT{davis&heathcote:landprices, - author = {Morris Davis and Jonathan Heathcote}, - title = {The Price and Quantity of Residential Land in the - United States}, - institution = {Board of Governors of the Federal Reserve System}, - year = 2004, - type = {manuscript} -} - -@ARTICLE{davis&palumbo:wealtheffects, - author = {Davis, Morris and Palumbo, Michael}, - title = {A Primer on the Economics and Time Series - Econometrics of Wealth Effects}, - journal = {Federal Reserve Board Finance and Economics - Discussion Papers 2001-09}, - year = 2001 -} - -@MISC{DavisPalumbo:2001, - author = {Davis, Morris and Palumbo, Michael G.}, - title = {Does Stock Market Wealth Matter for Consumption?}, - howpublished = {Finance and Economics Discussion Series - 2001-23. Washington: Board of Governors of the - Federal Reserve System}, - year = 2001, - source = {Washington: Board of Governors of the Federal - Reserve System} -} - -@ARTICLE{dnKuznets, - author = {Deacon, Robert T. and Norman, Catherine S.}, - title = {Does the Environmental Kuznets Curve Describe How - Individual Countries Behave?}, - journal = {Land Economics}, - year = 2006, - volume = 82, - pages = {pp.291--315}, - number = 2, - abstract = {We examine within-country time series data on income - and concentrations of SO2, smoke, and particulates - to see if the shapes of pollution-income - relationships in individual countries agree - qualitatively with predictions of the environmental - Kuznets curve. The shapes of these relationships are - determined non-parametrically for individual - countries using recently available data on air - pollution concentrations. For smoke and - particulates, the shapes of within-country, - pollution-income patterns do not agree with the EKC - hypothesis more often than chance would dictate. For - SO2, which generally exhibits EKC-consistent - pollution-income relationships among wealthier - countries, the observed patterns are also consistent - with a simpler hypothesis.}, - copyright = {Copyright (c) 2006 The Board of Regents of the - University of Wisconsin System}, - doi = {10.3368/le.82.2.291}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/dnKuznets.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/dnKuznets.pdf:PDF}, - issn = 00237639, - jstor_articletype ={research-article}, - jstor_formatteddate ={May, 2006}, - language = {English}, - publisher = {University of Wisconsin Press}, - url = {http://www.jstor.org/stable/27647709} -} - -@ARTICLE{dhprvInequality, - author = {DeBacker, Jason and Heim, Bradley and Panousi, Vasia - and Ramnath, Shanthi and Vidangos, Ivan}, - title = {Rising Inequality: Transitory or Persistent? New - Evidence from a Panel of U.S. Tax Returns}, - journal = {Brookings Papers on Economic Activity}, - year = 2013, - volume = {Spring}, - pages = {67--122}, - owner = {akmaral}, - timestamp = {2014.02.02}, - url = {http://home.comcast.net/~bradheim/files/inequality_23Jan2013_all.pdf} -} - -@TECHREPORT{deb04, - author = {Guy Debelle}, - title = {Macroeconomic Implications of Rising Household Debt}, - institution = {Bank for International Settlements}, - year = 2004, - type = {working paper}, - number = 153 -} - -@ARTICLE{debelleDebt, - author = {Debelle, Guy}, - title = {Macroeconomic Implications of Rising Household Debt}, - journal = {Bank of International Settlements Working Paper - Number 513}, - year = 2004 -} - -@INCOLLECTION{debelle&fischer:cred, - author = {Debelle, Guy and Fischer, Stanley}, - title = {How Independent Should a Central Bank Be?}, - booktitle = {Goals, Guidelines, and Constraints Facing Monetary - Policymakers}, - publisher = {Federal Reserve Bank of Boston}, - year = 1994, - editor = {Fuhrer, Jeffrey C.}, - pages = {195--221}, - note = {Federal Reserve Bank of Boston Conference Series 38} -} - -@ARTICLE{DSW:2004, - author = {Dejuan, Joseph P. and Seater, John J. and Wirjanto, - Tony S.}, - title = {A direct test of the permanent Income Hypothesis - with an Application to the U.S. states}, - journal = {Journal of Money Credit and Banking}, - year = 2004, - volume = 36, - pages = {1091--1103}, - number = 6 -} - -@ARTICLE{dekle:miracle, - author = {Dekle, Robert}, - title = {Raising Saving Rates: {L}essons from the {J}apanese - Experience}, - journal = {Background Paper Prepared for {\it The East Asia - Miracle Project}}, - year = 1993, - address = {New York}, - publisher = {Oxford University Press} -} - -@ARTICLE{DelNegro:2002, - author = {Del Negro, Marco}, - title = {Asymmetric shocks among U.S. states}, - journal = {Journal of International Economics}, - year = 2002, - volume = 56 -} - -@PHDTHESIS{DelNegro:1998, - author = {Del Negro, Marco}, - title = {Aggregate Risk Sharing Across US States and Across - European Countries}, - school = {Yale University}, - year = 1998 -} - -@ARTICLE{ds04, - author = {Marco {Del Negro} and Frank Schorfheide}, - title = {Priors from General Equilibrium Models for VARs}, - journal = {International Economic Review}, - year = 2004, - volume = 45, - pages = {643--673}, - number = 2 -} - -@ARTICLE{deLongPeel, - author = {DeLong, J. Bradford}, - title = {Republic of the Central Banker}, - journal = {The American Prospect}, - year = 2008, - month = {October 27}, - note = {Available at - \url{http://www.prospect.org/cs/articles?article=republic_of_the_central_banker}} -} - -@ARTICLE{denhaan, - author = {Den Haan, Wouter J.}, - title = {Assessing the Accuracy of the Aggregate Law of - Motion in Models with Heterogeneous Agents}, - journal = {Jouranl of Economic Dynamics and Control}, - year = 2010, - volume = 34, - pages = {79--99}, - number = 1, - month = {January} -} - -@ARTICLE{denhaan:comparison, - author = {Den Haan, Wouter J.}, - title = {Comparison of Solutions to the Incomplete Markets - Model with Aggregate Uncertainty}, - journal = {Journal of Economic Dynamics and Control}, - year = 2010, - volume = 34, - pages = {4--27}, - number = 1, - month = {January} -} - -@ARTICLE{denhaan:agents, - author = {{Den Haan}, Wouter J.}, - title = {Understanding Equilibrium Models with a Small and a - Large Number of Agents}, - journal = {Manuscript, University of California at San Diego}, - year = 1996 -} - -@ARTICLE{denhaan:modelb, - author = {Den Haan, Wouter J. and Judd, Ken and Julliard, - Michel}, - title = {Description of Model B and Exercises}, - journal = {Manuscript}, - year = 2007 -} - -@ARTICLE{denhann:comp, - author = {Den Haan, Wouter J. and Judd, Kenneth L. and - Juillard, Michel}, - title = {Computational Suite of Models with Heterogeneous - Agents: Incomplete Markets and Aggregate - Uncertainty}, - journal = {Journal of Economic Dynamics and Control}, - year = 2010, - volume = 34, - pages = {1--3}, - number = 1, - month = {January} -} - -@ARTICLE{denhaan&rendahl, - author = {Den~Haan, Wouter J. and Rendahl, Pontus}, - title = {Solving the Incomplete Markets Model with Aggregate - Uncertainty Using Explicit Aggregation}, - journal = {Journal of Economic Dynamics and Control}, - year = 2010, - volume = 34, - pages = {69--78}, - number = 1, - month = {January} -} - -@MISC{bea:survey, - author = {Department of Commerce, Bureau of Economic Analysis}, - title = {Survey of Current Business}, - year = {periodic} -} - -@MISC{bea:wealth, - author = {Department of Commerce, Bureau of Economic Analysis}, - title = {Fixed Reproducible Tangible Wealth in the {U}nited - {S}tates, 1925-85}, - year = 1986, - note = {Updated periodically in the Survey of Current - Business} -} - -@ARTICLE{consumerGEP, - author = {{Deutsche Bank Securities}}, - title = {Global Economic Perspectives: Risks to US Consumer - Spending Overrated}, - journal = {Deutsche Bank Global Markets Research: Macro}, - year = 2012, - month = {February 14, 2012}, - file = {consumerGEP.pdf:consumerGEP.pdf:PDF} -} - -@ARTICLE{dl91, - author = {Diamond, Jr., Douglas B. and Michael J. Lea}, - title = {The Decline of Special Circuits in Developed Country - Housing Finance}, - journal = {Housing Policy Debate}, - year = 1991, - volume = 3, - pages = {747--777}, - number = 3 -} - -@ARTICLE{diamondSearch, - author = {Diamond, Peter A.}, - title = {Aggregate Demand Management in Search Equilibrium}, - journal = {Journal of Political Economy}, - year = 1982, - volume = 90, - pages = {881--894}, - month = {October} -} - -@INCOLLECTION{diebold&lopez:forecastbias, - author = {Diebold, Francis X. and Lopez, Jose A.}, - title = {Forecast Evaluation and Combination}, - booktitle = {Handbook of Statistics}, - publisher = {North Holland}, - year = 1996, - editor = {Maddala, G.S. and Rao, C.R.}, - pages = {241--68}, - address = {Amsterdam} -} - -@ARTICLE{dghNegativeEquity, - author = {Disney, Richard and Gathergood, John and Henley, - Andrew}, - title = {House Price Shocks, Negative Equity, and Household - Consumption in the United Kingdom}, - journal = {Manuscript, University of Nottingham}, - year = 2008, - month = {October} -} - -@TECHREPORT{DisneyEtAl:2003, - author = {Disney, Richard and Henley, Andrew and Jevons, - David}, - title = {House Price Shocks, Negative Equity and Household - Consumption in the UK in the 1990s}, - institution = {University of Nottingham}, - year = 2003, - type = {memo}, - month = Aug -} - -@BOOK{dixit&pindyck:option, - title = {Investment Under Uncertainty}, - publisher = {Princeton University Press}, - year = 1994, - author = {Dixit, Avinash K. and Pindyck, Robert S.}, - address = {Princeton, NJ} -} - -@ARTICLE{dfhsCognitive, - author = {Thomas Dohmen and Armin Falk and David Huffman and - Uwe Sunde}, - title = {Are Risk Aversion and Impatience Related to - Cognitive Ability?}, - journal = {American Economic Review}, - year = 2010, - volume = 100, - pages = {1238--60}, - number = 3, - month = {June}, - note = - {\url{http://ideas.repec.org/a/aea/aecrev/v100y2010i3p1238-60.html}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/dfhsCognitive.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/dfhsCognitive.pdf:PDF}, - url = - {http://ideas.repec.org/a/aea/aecrev/v100y2010i3p1238-60.html} -} - -@MISC{Doornik1994, - author = {Doornik, J. and Hansen, H.}, - title = {An omnibus test for univariate and multivariate - normality}, - year = 1994, - bdsk-url-1 = {http://citeseer.ist.psu.edu/doornik94omnibu.html}, - text = {Doornik, J. A., & Hansen, H. (1994). An omnibus test - for univariate and multivariate normality (Working - paper). NuOEeld College, Oxford.}, - url = {http://citeseer.ist.psu.edu/doornik94omnibu.html} -} - -@MISC{doornik94omnibus, - author = {J. Doornik and H. Hansen}, - title = {An omnibus test for univariate and multivariate - normality}, - year = 1994, - text = {Doornik, J. A., & Hansen, H. (1994). An omnibus test - for univariate and multivariate normality (Working - paper). NuOEeld College, Oxford.}, - url = {citeseer.ist.psu.edu/doornik94omnibu.html} -} - -@ARTICLE{dkw:Ss, - author = {Dotsey, Michael and King, Robert G. and Wolman, - Alexander L.}, - title = {State Dependent Pricing and the General Equilibrium - Dynamics of Money and Output}, - journal = {Quarterly Journal of Economics}, - year = 1999, - volume = 114, - pages = {655--690} -} - -@ARTICLE{DrezeModigliani, - author = {Dr\`eze, Jacques H. and Modigliani, Franco}, - title = {Consumption Decisions Under Uncertainty}, - journal = {Journal of Economic Theory}, - year = 1972, - volume = 5, - pages = {308--335} -} - -@ARTICLE{dua&ray:arima, - author = {Dua, Pami and Ray, Subash C.}, - title = {ARIMA Models of the Price Level: An Assessment of - the Multilevel Adaptive Learning Process in the USA}, - journal = {Journal of Forecasting}, - year = 1992, - volume = 11, - pages = {507--16} -} - -@BOOK{duesenberry:BOOK, - title = {Income, Saving, and the Theory of Consumer Behavior}, - publisher = {Harvard University Press}, - year = 1949, - author = {Duesenberry, James S.}, - address = {Cambridge, MA} -} - -@ARTICLE{duncan&hill:measerr, - author = {Duncan, Gregory J. and Hill, Daniel H.}, - title = {An Investigation of the Extent and Consequences of - Measurement Error in Labor-Economic Survey Data}, - journal = {Journal of Labor Economics}, - year = 1985, - volume = 3, - number = 4 -} - -@MISC{dunn:paper2, - author = {Dunn, Wendy E.}, - title = {Unemployment Risk, Precautionary Saving, and Durable - Goods Purchase Decisions}, - howpublished = {Manuscript, Board of Governors of the Federal - Reserve System}, - year = 1998 -} - -@article{CoeurdacierGuibaudJin2015, - title = {Credit Constraints and growth in a Global Economy}, - author = {Coeurdacier, Nicolas and St\'ephane Guibaud and Keyu Jin}, - journal = {American Economic Review}, - volume = {105}, - number = {9}, - pages = {2838-81}, - year = {2015}, -} - -@ARTICLE{JeanneBrookings, - author = {Jeanne, Olivier}, - title = {International Reserves in Emerging Market Countries: - Too Much of a Good Thing?}, - journal = {Brookings Papers on Economic Activity}, - year = 2007, - volume = 2007, - pages = {1--55} -} - - -@article{dmtMercant, -Author = {Durdu, Ceyhun Bora and Mendoza, Enrique G. and Terrones, Marco E.}, -Journal = {Journal of Development Economics}, -Title = {Precautionary Demand for Foreign Assets in Sudden Stop Economies: an Assessment of the New Mercantilism}, -Year = {2009}, -Volume={89}, -Pages={194 - 209} -} -@ARTICLE{dmtMercant-FedWP, - author = {Durdu, Ceyhun Bora and Mendoza, Enrique G. and - Terrones, Marco E.}, - title = {Precautionary Demand for Foreign Assets in Sudden - Stop Economies: An Assessment of the New - Mercantilism}, - journal = {FRB International Finance Discussion Paper No. 911}, - year = 2007, - month = {December} -} - -@ARTICLE{duyganTurk94, - author = {Duygan, Burcu}, - title = {Welfare Cost of Financial Crises When Risk-Sharing - Is Imperfect: Evidence from Turkey}, - journal = {Manuscript, European University Institute}, - year = 2006 -} - -@ARTICLE{dkEcRec07, - author = {Nikola Dvornak and Marion Kohler}, - title = {Housing Wealth, Stock Market Wealth and Consumption: - A Panel Analysis for Australia}, - journal = {Economic Record}, - year = 2007, - volume = 83, - pages = {117--130}, - number = 261 -} - -@ARTICLE{dynanDeleveraging, - author = {Dynan, Karen E.}, - title = {Is Household Debt Overhang Holding Back - Consumption?}, - journal = {Brookings Papers on Economic Activity}, - year = 2012, - month = {March}, - note = - {\url{http://www.brookings.edu/~/media/Files/Programs/ES/BPEA/2012_spring_bpea_papers/2012_spri}}, - url = - {http://www.brookings.edu/~/media/Files/Programs/ES/BPEA/2012_spring_bpea_papers/2012_spri} -} - -@ARTICLE{ad85, - author = {Angus Deaton}, - title = {Panel Data from Time Series and Cross Sections}, - year = 1985, - journal = {Journal of Econometrics}, - volume = 30, - pages = {109-26} -} - -@ARTICLE{dynanHabits, - author = {Dynan, Karen E.}, - title = {Habit Formation in Consumer Preferences: Evidence - from Panel Data}, - journal = {American Economic Review}, - year = 2000, - volume = 90, - number = 3, - note = {\url{http://www.jstor.org/stable/117335}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/dynanHabits.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/dynanHabits.pdf:PDF}, - url = {http://www.jstor.org/stable/117335} -} - -@ARTICLE{dynan:lawrenceiswrong, - author = {Dynan, Karen E.}, - title = {The rate of time preference and shocks to wealth: - evidence from panel data}, - journal = {Economic Activity Section Working Paper no. 134}, - year = 1993, - month = {July} -} - -@ARTICLE{dynan:precautionary, - author = {Dynan, Karen E.}, - title = {How Prudent Are Consumers?}, - journal = {Journal of Political Economy}, - year = 1993, - volume = 101, - pages = {1104--1113}, - number = 6 -} - -@ARTICLE{dk:hhdebt, - author = {Dynan, Karen E. and Kohn, Donald L.}, - title = {The Rise in U.S.\ Household Indebtedness: Causes and - Consequences}, - journal = {Finance and Economics Discussion Series 2007-37}, - year = 2007 -} - -@TECHREPORT{dynanKohnDebt, - author = {Karen E. Dynan and Donald L. Kohn}, - title = {The Rise in U.S. Household Indebtedness: Causes and - Consequences}, - institution = {Board of Governors of the Federal Reserve System}, - year = 2007, - type = {International Finance Discussion Paper}, - number = 37 -} - -@ARTICLE{dynan&maki:stockmarket, - author = {Dynan, Karen E. and Maki, Dean M.}, - title = {Does Stock Market Wealth Matter for Consumption?}, - journal = {Board of Governors of the Federal Reserve System, - Finance and Economics Discussion Papers 23}, - year = 2001 -} - -@ARTICLE{Dynan2012, - author = {Karen Dynan}, - title = {Is a Household Debt Overhang Holding Back - Consumption?}, - journal = {Brookings Papers on Economic Activity}, - year = 2012, - volume = {Spring}, - pages = {299--362}, - owner = {akmaral}, - timestamp = {2014.02.02} -} - -@MISC{DynanMaki:2001, - author = {Dynan, Karen E. and Maki, Dean M.}, - title = {A Primer on the Economics and Time Series - Econometrics of Wealth Effects}, - howpublished = {Finance and Economics Discussion Series - 2001-9. Washington: Board of Governors of the - Federal Reserve System}, - year = 2001, - source = {Washington: Board of Governors of the Federal - Reserve System} -} - -@ARTICLE{dsz:richsave, - author = {Dynan, Karen E. and Skinner, Jonathan S. and Zeldes, - Stephen P.}, - title = {Do the Rich Save More?}, - journal = {Manuscript, Board of Governors of the Federal - Reserve System}, - year = 1996 -} - -@INCOLLECTION{easterlin:cult, - author = {Easterlin, Richard}, - title = {Does Economic Growth Improve the Human Lot? Some - Empirical Evidence}, - booktitle = {Nations and Households in Economic Growth. Essays in - Honour of Moses Abramowitz}, - publisher = {Academic Press}, - year = 1974, - address = {New York and London}, - note = - {\url{http://graphics8.nytimes.com/images/2008/04/16/business/Easterlin1974.pdf}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/easterlinGrowth.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/easterlinGrowth.pdf:PDF}, - url = - {http://graphics8.nytimes.com/images/2008/04/16/business/Easterlin1974.pdf} -} - -@ARTICLE{elNotFactor, - author = {Easterly, William and Levine, Ross}, - title = {What Have We Learned From A Decade Of Empirical - Research On Growth? It's Not Factor Accumulation: - Stylized Facts And Growth Models}, - journal = {The World Bank Economic Review}, - year = 2001, - volume = 15, - pages = {177--219}, - number = 2, - publisher = {World Bank} -} - -@ARTICLE{ekpsLuck, - author = {Easterly, William and Kremer, Michael and Pritchett, - Lant and Summers, Lawrence H.}, - title = {Good Policy or Good Luck?}, - journal = {Journal of Monetary Economics}, - year = 1993, - volume = 32, - pages = {459--483}, - number = 3, - publisher = {Elsevier} -} - -@ARTICLE{abel&eberly:unified, - author = {Eberly, Janice and Abel, Andrew}, - title = {A Unified Model of Investment Under Uncertainty}, - journal = {American Economic Review}, - year = 1994, - volume = 84, - pages = {1369--1384}, - number = 5, - month = {December}, - note = {Available at { - \url{http://ideas.repec.org/a/aea/aecrev/v84y1994i5p1369-84.html}}} -} - -@ARTICLE{eberly:flexible, - author = {Eberly, Janice C.}, - title = {Flexible (S,s) Bands, Uncertainty, and Aggregate - Consumer Durables Purchases}, - journal = {Working Paper, University of Pennsylvania}, - year = 1997 -} - -@ARTICLE{eberly:jpe, - author = {Eberly, Janice C.}, - journal = {Journal of Political Economy}, - year = 1993 -} - -@BOOK{ceaARRAsixth, - title = {The Economic Impact of the American Recovery and - Reinvestment Act of 2009}, - publisher = {Government Printing Office}, - year = 2011, - author = {President's~Council~of~Economic~Advisers}, - address = {Washington, DC}, - month = {March}, - bdsk-url-1 = - {http://www.whitehouse.gov/the-press-office/2011/03/18/cea-releases-sixth-quarterly-report-economic-impact-recovery-act}, - day = 18, - url = - {http://www.whitehouse.gov/the-press-office/2011/03/18/cea-releases-sixth-quarterly-report-economic-impact-recovery-act} -} - -@ARTICLE{EdelsteinEtAl:2004, - author = {Edelstein, Robert H. and Lum, Sau Kim}, - title = {House prices, wealth effects, and the Singapore - macroeconomy}, - journal = {Journal of Housing Economics}, - year = 2004, - volume = 13, - pages = {342--367} -} - -@ARTICLE{edison&slok:neweconomy, - author = {Edison, Hali and k, Torsten Sl{\o}k}, - title = {Wealth Effects and the New Economy}, - journal = {IMF Working Paper 01/77}, - year = 2001 -} - -@ARTICLE{EdwardsCyclical, - author = {Edwards, Ryan D.}, - title = {The Cost of Cyclical Mortality}, - journal = {The B.E. Journal of Macroeconomics (Contributions)}, - year = 2009, - volume = 9, - note = {Available at - {\url{http://www.bepress.com/bejm/vol9/iss1/art7}, - DOI: 10.2202/1935-1690.1729}}, - issue = {1, Article 7} -} - -@MISC{edwards:whysave, - author = {Edwards, Sebastian}, - title = {Why are Saving Rates so Different Across Countries?: - An International Comparative Analysis}, - howpublished = {NBER Working Paper 5097}, - year = 1995 -} - -@TECHREPORT{ecb05b, - author = {Ehrmann, Michael and Fratzscher, Marcel}, - title = {Communication and Decision-making by Central Bank - Committees: Different Strategies, same - Effectiveness?}, - institution = {European Central Bank}, - year = 2005, - type = {European Central Bank Working Paper}, - number = 488 -} - -@TECHREPORT{eissa04, - author = {Eissa, Nada and Kleven, Henrik Jacobsen and Kreiner, - Claus Thustrup}, - title = {Evaluation of Four Tax Reforms in the {U}nited - {S}tates: {L}abor Supply and Welfare Effects for - Single Mothers}, - institution = {National Bureau of Economic Research, Inc}, - year = 2004, - type = {NBER Working Papers}, - number = 10935 -} - -@ARTICLE{elliott:restricted, - author = {Elliott, Graham}, - title = {Estimating Restricted Cointegrating Vectors}, - journal = {Journal of Business and Economic Statistics}, - year = 2000, - volume = 18, - pages = {91--99} -} - -@ARTICLE{elliott:initial, - author = {Elliott, Graham}, - title = {Efficient Tests for a Unit Root When the Initial - Observation is Drawn from its Unconditional - Distribution}, - journal = {International Economic Review}, - year = 1999, - volume = 40, - pages = {767--783}, - number = 3, - month = {August} -} - -@ARTICLE{elliott:almost, - author = {Elliott, Graham}, - title = {On the Robustness of Cointegration Methods When - Regressors Almost Have Unit Roots}, - journal = {Econometrica}, - year = 1998, - volume = 66, - pages = {149--158}, - number = 1, - month = {January} -} - -@ARTICLE{elliottfatas:current, - author = {Elliott, Graham and Fat\`as, Antonio}, - title = {International business cycles and the dynamics of - the current account}, - journal = {European Economic Review}, - year = 1996, - volume = 40, - pages = {361--387} -} - -@ARTICLE{elliottito:hetero, - author = {Elliott, Graham and Ito, Takatoshi}, - title = {Heterogeneous expectations and tests of Efficiency - in the yen/dollar forward exchange rate market}, - journal = {Journal of Monetary Economics}, - year = 1999, - volume = 43, - pages = {435--456} -} - -@ARTICLE{elliottjansson:stationary, - author = {Elliott, Graham and Jansson, Michael}, - title = {Testing for unit roots with stationary covariates}, - journal = {Journal of Econometrics}, - year = 2003, - volume = 115, - pages = {75--89}, - number = 1, - month = {July} -} - -@ARTICLE{ejp:optimalpower, - author = {Elliott, Graham and Jansson, Michael and Pesavento, - Elena}, - title = {Optimal Power for Testing Potential Cointegrating - Vectors with Known Parameters for Nonstationarity}, - journal = {Working Paper, Department of Economics, University - of California at San Diego}, - year = 2002 -} - -@ARTICLE{ekt:loss, - author = {Elliott, Graham and Komunjer, Ivana and Timmermann, - Allan G.}, - title = {Estimating Loss Function Parameters}, - journal = {CEPR Discussion Paper No. 3821}, - month = {March 2003} -} - -@ARTICLE{elliottstock:nearone, - author = {Elliott, Graham and Stock, James H.}, - title = {Confidence intervals for autoregressive coefficients - near one}, - journal = {Journal of Econometrics}, - year = 2001, - volume = 103, - pages = {155--181}, - number = {1-2} -} - -@ARTICLE{et:forecast, - author = {Elliott, Graham and Timmermann, Allan}, - title = {Optimal Forecast Combinations Under General Loss - Functions and Forecast Error Distributions}, - journal = {Forthcoming, Journal of Forecasting}, - year = 2004 -} - -@ARTICLE{et:regime, - author = {Elliott, Graham and Timmermann, Allan}, - title = {Optimal Forecast Combination Under Regime Switching}, - journal = {Forthcoming, International Economic Review}, - year = 2004 -} - -@ARTICLE{ellison&fudenberg:social, - author = {Ellison, Glen and Fudenberg, Drew}, - title = {Word-of-Mouth Communication and Social Learning}, - journal = {Quarterly Journal of Economics}, - year = 1995, - volume = 110, - pages = {93--125} -} - -@ARTICLE{EngenGruber:UI, - author = {Engen, Eric and Gruber, Jonathan}, - title = {Unemployment Insurance and Precautionary Saving}, - journal = {Journal of Monetary Economics}, - year = 2001, - volume = 47, - pages = {545--579} -} - -@ARTICLE{englund&ioannides:houseprices, - author = {Englund, Peter and Ioannides, Yannis}, - title = {House Price Dynamics: An International Empirical - Perspective}, - journal = {Journal of Housing Economics}, - year = 1997, - volume = 6, - pages = {119--136} -} - -@TECHREPORT{ecb05, - author = {{European Central Bank}}, - title = {Inflation Persistence and Price Setting Behaviour in - the Euro Area}, - year = 2005, - type = {report}, - note = {available at {\footnotesize - \url{http://www.ecb.int/home/pdf/research/inflationpersistencepricesettingreport.pdf}}} -} - -@TECHREPORT{ecb03, - author = {{European Central Bank}}, - title = {Structural Factors in the EU Housing Markets}, - institution = {European Central Bank}, - year = 2003, - type = {report}, - note = {available at {\footnotesize - \url{http://www.ecb.eu/pub/pdf/other/euhousingmarketsen.pdf}}} -} - -@TECHREPORT{elp02, - author = {Evans, Charles L. and Liu, Chin Te and Pham--Kanter, - Genevieve}, - title = {The 2001 Recession and the Chicago Fed National - Activity Index: Identifying Business Cycle Turning - Points}, - institution = {Federal Reserve Bank of Chicago}, - year = 2002, - type = {Economic Perspectives}, - pages = {26--43} -} - -@BOOK{evans&honk:book, - title = {Learning and Expectations in Macroeconomics}, - publisher = {Princeton University Press}, - year = 2001, - author = {Evans, George W. and Honkapohja, Seppo}, - address = {Princeton} -} - -@ARTICLE{evans&honk:survey, - author = {Evans, George W. and Honkapohja, Seppo}, - title = {Learning Dynamics}, - journal = {Manuscript, University of Oregon}, - year = 1999 -} - -@ARTICLE{evansInterestElasticity, - author = {Evans, Owen J.}, - title = {Tax Policy, the Interest Elasticity of Saving, and - Capital Accumulation: Numerical Analysis of - Theoretical Models}, - journal = {The American Economic Review}, - year = 1983, - pages = {398--410}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/evansInterestElasticity.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/evansInterestElasticity.pdf:PDF}, - publisher = {JSTOR} -} - -@ARTICLE{fama:inherit, - author = {Fama, Eugene F.}, - title = {Multiperiod Consumption-Investment Decisions}, - journal = {American Economic Review}, - year = 1970, - volume = 60, - pages = {163--74}, - number = 1 -} - -@ARTICLE{fhnRisk, - author = {Fan, Lin and Hobbs, Benjamin F. and Norman, - Catherine S.}, - title = {Risk Aversion And CO2 Regulatory Uncertainty In - Power Generation Investment: Policy And Modeling - Implications}, - journal = {Journal of Environmental Economics and Management}, - year = 2010, - volume = 60, - pages = {193--208}, - number = 3, - note = {\\ - \url{http://dx.doi.org/10.1016/j.jeem.2010.08.001}}, - doi = {10.1016/j.jeem.2010.08.001}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fhnRisk.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fhnRisk.pdf:PDF}, - publisher = {Elsevier}, - url = {http://dx.doi.org/10.1016/j.jeem.2010.08.001} -} - -@ARTICLE{faust:robust, - author = {Faust, Jon}, - title = {The Robustness of Identified VAR Conclusions About - Money}, - journal = {Carnegie-Rochester Conference Series on Public - Policy}, - year = 1998, - volume = 49, - pages = {207--244} -} - -@ARTICLE{faust:errors, - author = {Faust, Jon and Rogers, John}, - title = {Monetary Policy's Role in Exchange Rate Behavior}, - journal = {Journal of Monetary Economics}, - year = 2003, - volume = 50, - pages = {1403--24}, - number = 7, - month = {October} -} - -@ARTICLE{frsw:identifying, - author = {Faust, Jon and Rogers, John H. and Swanson, Eric and - Wright, Jonathan H.}, - title = {Identifying the Effects Of Monetary Policy Shocks On - Exchange Rates Using High Frequency Data}, - journal = {Journal of the European Economic Association}, - year = 2003, - volume = 1, - pages = {1031--57}, - month = {September} -} - -@ARTICLE{fhw:stigma, - author = {Fay, Scott and Hurst, Erik and White, Michelle}, - title = {The Bankruptcy Decision: Does Stigma Matter?}, - journal = {University of Michigan Working Paper}, - year = 1998, - volume = {98-1} -} - -@ARTICLE{fhp, - author = {Fazzari, Stephen and Hubbard, R. Glenn and Petersen, - Bruce C.}, - title = {Financing Constraints and Corporate Investment}, - journal = {Brookings Papers on Economic Activity}, - year = 1988, - volume = 1988, - pages = {141--206}, - number = 1, - bdsk-url-1 = - {http://links.jstor.org/sici?sici=0007-2303%281988%291988%3A1%3C141%3AFCACI%3E2.0.CO%3B2-O}, - url = - {http://links.jstor.org/sici?sici=0007-2303%281988%291988%3A1%3C141%3AFCACI%3E2.0.CO%3B2-O} -} - -@ARTICLE{flLifeCycleUncert, - author = {Feigenbaum, James and Geng Li}, - title = {Life Cycle Dynamics of Income Uncertainty and - Consumption}, - journal = {B.E. Journal of Macroeconomics}, - year = 2012, - volume = {12: Iss. 1 (Advances), Article 11} -} - -@ARTICLE{flUncert, - author = {Feigenbaum, James and Li, Geng}, - title = {Lifecycle Dynamics of Income Uncertainty and - Consumption}, - year = 2011 -} - -@ARTICLE{feldsteinInfl, - author = {Feldstein, M.}, - title = {{Inflation, tax rules and the stock market* 1}}, - journal = {Journal of Monetary Economics}, - year = 1980, - volume = 6, - pages = {309--331}, - number = 3, - issn = {0304-3932}, - publisher = {Elsevier} -} - -@ARTICLE{feldstein:myopic, - author = {Feldstein, Martin S.}, - title = {The Optimal Level of Social Security Benefits}, - journal = {Quarterly Journal of Economics}, - year = 1985, - volume = 100, - pages = {303--19} -} - -@Article{feldstein:induced, - Title = {Social Security, Induced Retirement, and Aggregate - Capital Formation}, - Author = {Feldstein, Martin S.}, - Journal = {Journal of Political Economy}, - Year = 1974, - Month = {October}, - Note = {Available at { - \url{http://www.jstor.org/stable/1829174}}}, - Number = 4, - Pages = {905--926}, - Volume = 82, - Owner = {Nic Johnson}, - Url = {http://www.jstor.org/stable/1829174} -} - -@ARTICLE{feldstein&horioka:sequalsi, - author = {Feldstein, Martin S. and Horioka, Charles Y.}, - title = {Domestic Saving and International Capital Flows}, - journal = {Economic Journal}, - year = 1980, - volume = 90, - pages = {314--29}, - month = {June} -} - -@ARTICLE{fernandez-corugedo:softlc, - author = {Fernandez-Corugedo, Emilio}, - title = {Soft Liquidity Constraints and Precautionary - Savings}, - journal = {Manuscript, Bank of England}, - year = 2000 -} - -@ARTICLE{fpb:consumption, - author = {Fernandez-Corugedo, Emilio and Price, Simon and - Blake, Andrew}, - title = {The Dynamics of Consumer's Expenditure: the UK - Consumption ECM Redux}, - journal = {Bank of England Working Paper 204}, - year = 2003 -} - -@TECHREPORT{fpb03, - author = {Fernandez-Corugedo, Emilio and Price, Simon and - Blake, Andrew}, - title = {The Dynamics of Consumers’ Expenditure: The UK - Consumption ECM Redux}, - institution = {Bank of England}, - year = 2003, - type = {working paper}, - number = 204 -} - -@BOOK{fisherInterestTheory, - title = {The Theory of Interest}, - publisher = {MacMillan}, - year = 1930, - author = {Fisher, Irving}, - address = {New York} -} - -@TECHREPORT{fisherEtAl:HsngBooms, - author = {Fisher, Lance A. and Otto, Glenn and Voss, Graham}, - title = {Housing Booms, Non-Financial Wealth and Consumption: - Lessons from the Australian Experience}, - institution = {University of Victoria}, - year = 2005, - type = {mimeo} -} - -@ARTICLE{fishe&idson:infohetero, - author = {Fisher, Raymond P. H. and Idson, Todd L.}, - title = {Information-Induced Heteroscedasticity in Price - Expectations Data}, - journal = {Review of Economics and Statistics}, - year = 1990, - volume = 72, - pages = {304--312}, - number = 2 -} - -@INCOLLECTION{flavinHousingAndWealth, - author = {Flavin, Marjorie}, - title = {Housing and Wealth Portfolios}, - booktitle = {International Encyclopedia of Housing and Home}, - publisher = {Elsevier}, - year = {Forthcoming}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinHousingAndWealth.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinHousingAndWealth.pdf:PDF} -} - -@ARTICLE{flavinHAdjMacro, - author = {Flavin, Marjorie}, - title = {Housing, Adjustment Costs, and Macro Dynamics}, - journal = {CESifo Economics Studies Conference on Housing - Taxation and Regulation, 19–20 November 2010, - Munich}, - year = 2010, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinHAdjMacro.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinHAdjMacro.pdf:PDF}, - url = {http://dx.doi.org/10.1093/cesifo/ifr019} -} - -@TECHREPORT{flavinEndogenousRA, - author = {Flavin, Marjorie}, - title = {Housing, Adjustment Costs, and Endogenous Risk - Aversion}, - year = 2009, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinEndogenousRA.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinEndogenousRA.pdf:PDF}, - journal = {Bank of Spain conference on Household Finance and - Macroeconomics, Madrid, 15-16 October, 2009} -} - -@ARTICLE{flavinSmoothness, - author = {Flavin, Marjorie}, - title = {The Excess Smoothness of Consumption: Identification - and Interpretation}, - journal = {The Review of Economic Studies}, - year = 1993, - volume = 60, - number = 3, - month = {June}, - note = {\\ \url{http://www.jstor.org/stable/2298129}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinSmoothness.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinSmoothness.pdf:PDF}, - url = {http://www.jstor.org/stable/2298129} -} - -@ARTICLE{flavinLCorMyopia, - author = {Flavin, Marjorie}, - title = {Excess Sensitivity of Consumption to Current - Income:Liquidity Constraints or Myopia?}, - journal = {NBER Working Paper Number 1314}, - year = 1984, - note = {\\ - \url{http://www.worldcat.org/title/excess-sensitivity-of-consumption-to-current-income-liquidity-constraints-or-myopia/oclc/72446615}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinLCorMypopia.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinLCorMyopia.pdf:PDF}, - url = - {http://www.worldcat.org/title/excess-sensitivity-of-consumption-to-current-income-liquidity-constraints-or-myopia/oclc/72446615} -} - -@TECHREPORT{flavinRobust, - author = {Marjorie A. Flavin}, - title = {The Joint Consumption/Asset Demand Decision: A Case - Study in Robust Estimation}, - institution = {National Bureau of Economic Research}, - year = 1991, - type = {Working Paper}, - number = 3802, - month = {August}, - abstract = {The paper uses a previously unexploited data set -- - the Michigan Survey of Consumer Finances -- to ask - whether the finding that consumption tracks current - income more closely than is consistent with the - permanent income hypothesis can be attributed solely - or partially to borrowing constraints. Using - household data on income and asset stocks, the paper - studies the saving side of the consumption/saving - decision, and thus provides inferences on a - comprehensive concept of consumption. To limit the - influence of outliers, the paper uses a robust - instrumental variables estimator, and argues that - achieving robustness with respect to leverage points - is actually simpler, both conceptually and - computationally, in an instrumental variables - context than in the OLS context. The results - indicate that households do use asset stocks to - smooth their consumption, although this smoothing is - far from complete. However, there is no evidence - that the excess sensitivity of consumption to - current income is caused by borrowing - constraints. Compared to the conventional results, - the robust instrumental variables estimates are more - stable across different subsamples, more consistent - with the theoretical specification of the model, and - indicate that some of the most striking findings in - the conventional results were attributable to a - single, highly unusual observation.}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinRobust.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/flavinRobust.pdf:PDF}, - series = {Working Paper Series}, - url = {http://www.nber.org/papers/w3802} -} - -@Article{flavinSensitive, - Title = {The Adjustment of Consumption to Changing - Expectations About Future Income}, - Author = {Flavin, Marjorie B.}, - Journal = {Journal of Political Economy}, - Year = 1981, - Note = {\\ \url{http://www.jstor.org/stable/1830816}}, - Pages = {974--1009}, - Volume = 89, - Owner = {Nic Johnson}, - Url = {http://www.jstor.org/stable/1830816} -} - -@ARTICLE{fy00, - author = {Marjorie A. Flavin and Takashi Yamashita}, - title = {Owner-Occupied Housing and the Composition of the - Household Portfolio over the Life-Cycle}, - journal = {American Economic Review}, - year = 2000, - volume = 92, - pages = {345--62} -} - -@TECHREPORT{fn04, - author = {Marjorie Flavin and Shinobu Nakagawa}, - title = {A Model of Housing in the Presence of Adjustment - Costs: A Structural Interpretation of Habit - Persistence}, - institution = {National Bureau of Economic Research}, - year = 2004, - type = {working paper}, - number = 10458 -} - -@ARTICLE{fyHousingLC, - author = {Flavin, Marjorie and Takashi Yamashita}, - title = {Owner-Occupied Housing: Life-Cycle Implications for - the Household Portfolio}, - journal = {American Economic Review: Papers and Proceedings}, - year = 2011, - volume = 101, - pages = {609-–614}, - number = 3, - note = {\\ \url{http://www.aeaweb.org/articles.php?doi= - 10.1257/aer.101.3.609}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fyHousingLifeCycle.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fyHousingLifeCycle.pdf:PDF}, - url = - {http://www.aeaweb.org/articles.php?doi=10.1257/aer.101.3.609} -} - -@ARTICLE{fyPortfolio, - author = {Flavin, Marjorie and Takashi Yamashita}, - title = {Owner-Occupied Housing: The Role of Collateral - Constraints on the Household Portfolio}, - journal = {Manuscript, UCSD}, - year = 2011, - month = {October}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fyPortfolio.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fyPortfolio.pdf:PDF} -} - -@ARTICLE{fyHousingHHPortfolio, - author = {Flavin, Marjorie and Yamashita, Takashi}, - title = {Owner-Occupied Housing and the Composition of the - Household Portfolio}, - journal = {The American Economic Review}, - year = 2002, - volume = 92, - pages = {pp.345--362}, - number = 1, - note = {\\ \url{http://www.jstor.org/stable/3083338}}, - copyright = {Copyright © 2002 American Economic Association}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fyHousingHHPortfolio.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fyHousingHHPortfolio.pdf:PDF}, - issn = 00028282, - jstor_articletype ={research-article}, - jstor_formatteddate ={Mar., 2002}, - language = {English}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/3083338} -} - -@ARTICLE{FlemingRemolona:whatmoves, - author = {Fleming, Michael and Remolona, Eli}, - title = {What Moves the Bond Market?}, - journal = {Federal Reserve Bank of New York Economic Policy - Review}, - year = 1997, - volume = 3, - pages = {31--50} -} - -@INCOLLECTION{fm00, - author = {Flemming, J.S. and Micklewright, John}, - title = {Income distribution, economic systems and - transition}, - booktitle = {Handbook of Income Distribution}, - publisher = {Elsevier}, - year = 2000, - editor = {Atkinson, Anthony B. and Bourguignon, Frank}, - pages = {843--918}, - address = {Cambridge, MA} -} - -@ARTICLE{fogliPerriMod, - author = {Fogli, Alessandra and Perri, Fabrizio}, - title = {The `Great Moderation' and the U.S.\ External - Imbalance}, - journal = {NBER Working Paper Number w12708}, - year = 2006, - month = {November} -} - -@TECHREPORT{fksvvFDIpty, - author = {Christian Fons-Rosen and Sebnem Kalemli-Ozcan and - Bent E. S{\o}rensen and Carolina Villegas-Sanchez - and Vadym Volosovych}, - title = {Quantifying Productivity Gains from Foreign - Investment}, - institution = {National Bureau of Economic Research}, - year = 2013, - type = {Working Paper}, - number = 18920, - month = {March}, - abstract = {We quantify the causal effect of foreign investment - on total factor productivity (TFP) using a new - global firm-level database. Our identification - strategy relies on exploiting the difference in the - amount of foreign investment by financial and - industrial investors and simultaneously controlling - for unobservable firm and country-sector-year - factors. 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Parker}, - title = {Consumption Over the Lifecycle}, - journal = EMA, - year = 2002, - volume = 70, - pages = {47--89}, - number = 1, - month = {January} -} - -@MISC{bog:flow, - author = {of Governors of the Federal Reserve System, Board}, - title = {Flow of Funds Accounts Financial Assets and - Liabilities, Year-End}, - year = {periodic} -} - -@BOOK{grahamDodd, - title = {Securities Analysis}, - publisher = {McGraw-Hill}, - year = 1934, - author = {Graham, Benjamin and Dodd, David}, - address = {New York} -} - -@INCOLLECTION{grantKeynes, - author = {Grant, Susan}, - title = {Chapter 3. The Key Skills of an Economists}, - booktitle = {Teaching and Assessing Skills in Economics}, - publisher = {Cambridge University Press}, - year = 2009, - note = {Available at - \url{http://assets.cambridge.org/97805215/48250/excerpt/9780521548250_excerpt.pdf}} -} - -@INPROCEEDINGS{gw07, - author = {Green, Richard K. and Wachter, Susan M.}, - title = {The Housing Finance Revolution}, - booktitle = {Housing, Housing Finance and Monetary Policy}, - year = 2007, - pages = {21--67}, - publisher = {Jackson Hole Symposium, Federal Reserve Bank of - Kansas City} -} - -@BOOK{greene:metrixtext, - title = {Econometric Analysis}, - publisher = {Prentice Hall}, - year = 2000, - author = {Greene, William H.}, - edition = 4 -} - -@BOOK{greene:econometrics, - title = {Econometrics}, - publisher = {MacMillan}, - year = 1990, - author = {Greene, William H.}, - address = {New York}, - edition = {Second} -} - -@ARTICLE{greenspan:debt, - author = {Greenspan, Alan}, - title = {Statement to the U.S. House Committee on Ways and - Means, December 18, 1991}, - journal = {Federal Reserve Bulletin}, - year = 1992, - volume = 78, - pages = {122--124}, - number = 2 -} - -@ARTICLE{greenspan&cohen:scrappage, - author = {Greenspan, Alan and Cohen, Darrel}, - title = {Motor Vehicle Stocks, Scrappage, and Sales}, - journal = {Manuscript, Board of Governors of the Federal - Reserve System}, - year = 1997 -} - -@TECHREPORT{gk05, - author = {Greenspan, Alan and Kennedy, James}, - title = {Estimates of Home Mortgage Originations, Repayments, - and Debt on One-to-Four-Family Residences}, - institution = {Federal Reserve Board}, - year = 2005, - type = {FEDS working paper}, - number = {2005--41} -} - -@article{gross&souleles:creditcards, - title={Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior? Evidence from Credit Card Data*}, - author={Gross, David B and Souleles, Nicholas S}, - journal={The Quarterly journal of economics}, - volume={117}, - number={1}, - pages={149--185}, - year={2002}, - publisher={Oxford University Press} - } - -@ARTICLE{gross&souleles:bankruptcy, - author = {Gross, David B. and Souleles, Nicholas S.}, - title = {Explaining the Rise in Bankruptcy and Delinquency: - Stigma Versus Risk-Composition}, - journal = {Manuscript, University of Pennsylvania}, - year = 1998 -} - -@ARTICLE{gru04, - author = {Gruber, Joseph W.}, - title = {A Present Value Test of Habits and the Current - Account}, - journal = {Journal of Monetary Economics}, - year = 2004, - volume = 51, - pages = {1495--1507}, - number = 7 -} - -@ARTICLE{grHabits, - author = {Alessandra Guariglia and Mariacristina Rossi}, - title = {Consumption, Habit Formation, and Precautionary - Saving: Evidence from the British Household Panel - Survey}, - journal = {Oxford Economic Papers}, - year = 2002, - volume = 54, - pages = {1--19} -} - -@ARTICLE{gjt:smallPS, - author = {Guiso, Luigi and Jappelli, Tullio and Terlizzese, - Daniele}, - title = {Earnings Uncertainty and Precautionary Saving}, - journal = {Journal of Monetary Economics}, - year = 1992, - volume = 30, - pages = {307--37}, - number = 2 -} - -@ARTICLE{guiso+paiella-risk, - author = {Guiso, Luigi and Paiella, Monica}, - title = {Risk Aversion, Wealth and Background Risk}, - journal = {C.E.P.R. Discussion Papers}, - year = 2001, - number = 2728, - month = mar, - note = {available at - http://ideas.repec.org/p/cpr/ceprdp/2728.html}, - type = {CEPR Discussion Papers} -} - -@ARTICLE{gsz:culture, - author = {Guiso, Luigi and Sapienza, Paola and Zingales, - Luigi}, - title = {Does Culture Affect Economic Outcomes?}, - journal = {Journal of Economic Perspectives}, - year = 2006, - note = {available at - http://ideas.repec.org/p/cpr/ceprdp/5505.html} -} - -@ARTICLE{GuvenenLearning, - author = {Guvenen, Fatih}, - title = {Learning Your Earning: Are Labor Income Shocks - Really Very Persistent?}, - journal = {American Economic Review}, - year = 2007, - volume = 97, - pages = {687--712}, - number = 3 -} - -@Article{gosCyclical, - author = {Fatih Guvenen and Serdar Ozkan and Jae Song}, - title = {{The Nature of Countercyclical Income Risk}}, - journal = {Journal of Political Economy}, - year = 2014, - volume = 122, - number = 3, - pages = {621--660}, - abstract = {This paper studies the cyclical nature of individual - income risk using a confidential dataset from the - U.S. Social Security Administration, which contains - (uncapped) earnings histories for millions of - individuals. The base sample is a nationally - representative panel containing 10 percent of all - U.S. males from 1978 to 2010. We use these data to - decompose individual income growth during recessions - into “between-group” and “within-group” - components. We begin with the behavior of - within-group shocks. Contrary to past research, we - do not find the variance of idiosyncratic income - shocks to be countercyclical. Instead, it is the - left-skewness of shocks that is strongly - countercyclical. That is, during recessions, the - upper end of the shock distribution collapses—large - upward income movements become less likely—whereas - the bottom end expands—large drops in income become - more likely. Thus, while the dispersion of shocks - does not increase, shocks become more left skewed - and, hence, risky during recessions. Second, to - study between-group differences, we group - individuals based on several observable - characteristics at the time a recession hits. One of - these characteristics—the average income of an - individual at the beginning of a business cycle - episode—proves to be an especially good predictor of - fortunes during a recession: prime-age workers that - enter a recession with high average earnings suffer - substantially less compared with those who enter - with low average earnings (which is not the case - during expansions). Finally, we find that the - cyclical nature of income risk is dramatically - different for the top 1 percent compared with all - other individuals—even relative to those in the top - 2 to 5 percent. }, - series = {Working Paper Series}, - url = {http://www.nber.org/papers/w18035} -} - -@ARTICLE{denHaanMarcet:parameterized, - author = {den Haan, Wouter J and Marcet, Albert}, - title = {Solving the Stochastic Growth Model by - Parameterizing Expectations}, - journal = {Journal of Business and Economic Statistics}, - year = 1990, - volume = 8, - pages = {31--34}, - number = 1, - month = {January}, - note = {Available at - {\url{http://ideas.repec.org/a/bes/jnlbes/v8y1990i1p31-34.html}}} -} - -@ARTICLE{hl:interpreting, - author = {Hahn, Jaehoon and Lee, Hangyong}, - title = {Interpreting the Predictive Power of the - Consumption-Wealth Ratio}, - journal = {University of Washington Working Paper}, - year = 2005 -} - -@ARTICLE{hahn&lee:cwunstable, - author = {Hahn, Jaehoon and Lee, Hangyong}, - title = {On the Estimation of the Consumption-Wealth Ratio: - Cointegrating Parameter Instability and its - Implications for Stock Return Forecasting}, - journal = {Manuscript, Columbia University}, - year = 2001 -} - -@TECHREPORT{hl01, - author = {Jaehoon Hahn and Hangyong Lee}, - title = {On the Estimation of the Consumption-Wealth Ratio: - Cointegrating Parameter Instability and its - Implications for Stock Return Forecasting}, - institution = {Columbia University}, - year = 2001, - type = {mimeo} -} - -@ARTICLE{haliassos&bertaut:fewholdstocks, - author = {Haliassos, Michael and Bertaut, Carol}, - title = {Why Do So Few Hold Stocks?}, - journal = {The Economic Journal}, - year = 1995, - volume = 105, - pages = {1110--1129} -} - -@INCOLLECTION{HaliassosMichaelides:computation, - author = {Haliassos, Michael and Michaelides, Alexander}, - title = {Calibration and Computation of Household Portfolio - Models}, - booktitle = {Household Portfolios}, - publisher = {MIT Press}, - year = 2002, - editor = {Guiso, Luigi and Haliassos, Michael and Japelli, - Tullio}, - chapter = 2, - pages = {55--101} -} - -@ARTICLE{haliassos&michaelides:ier, - author = {Haliassos, Michael and Michaelides, Alexander}, - title = {Portfolio Choice and Liquidity Constraints}, - journal = {International Economic Review}, - year = 2003, - volume = 44, - pages = {143--177}, - number = 1, - note = {available at - http://ideas.repec.org/a/ier/iecrev/v44y2003i1p143-177.html} -} - -@ARTICLE{hrw:relevance, - author = {Hall, Alastair R. and Rudebusch, Glenn D. and - Wilcox, David W.}, - title = {Judging Instrument Relevance In Instrumental - Variables Estimation}, - journal = {International Economic Review}, - year = 1996, - volume = 37, - pages = {283--298}, - number = 2 -} - -@ARTICLE{hall:cweak, - author = {Hall, Robert E.}, - title = {Macro Theory and the Recession of 1990-1991}, - journal = {American Economic Review}, - year = 1993, - volume = 83, - pages = {275--279}, - number = 2 -} - -@Article{hallSubstitution, - Title = {Intertemporal Substitution in Consumption}, - Author = {Hall, Robert E.}, - Journal = {Journal of Political Economy}, - Year = 1988, - Note = {Available at - {\url{http://www.stanford.edu/~rehall/Intertemporal-JPE-April-1988.pdf}}}, - Pages = {339-357}, - Volume = {XCVI}, - Owner = {Nic Johnson}, - Url = - {http://www.stanford.edu/~rehall/Intertemporal-JPE-April-1988.pdf} -} - - -@ARTICLE{hall&jones:ptyofnations, - author = {Hall, Robert E. and Jones, Charles I.}, - title = {Why Do Some Countries Produce So Much More Output - per Worker than Others?}, - journal = {Quarterly Journal of Economics}, - year = 1999, - volume = {CXIV}, - pages = {83--116}, - month = {February} -} - -@ARTICLE{hall&jorgenson:i, - author = {Hall, Robert E. and Jorgenson, Dale}, - title = {Tax Policy and Investment Behavior}, - journal = {American Economic Review}, - year = 1967, - volume = 57, - month = {June}, - note = {Available at { - \url{http://www.stanford.edu/~rehall/Tax-Policy-AER-June-1967.pdf}}} -} - -@ARTICLE{hall&mishkin:transitory, - author = {Hall, Robert E. and Mishkin, Frederic}, - title = {The Sensitivity of Consumption to Transitory Income: - Evidence from PSID Households}, - journal = {Econometrica}, - year = 1982, - volume = {L}, - pages = {461--81} -} - -@BOOK{hr95, - title = {The Flat Tax}, - publisher = {Hoover Institution Press}, - year = 1995, - author = {Hall and Rabushka}, - address = {Stanford} -} - -@ARTICLE{hst99, - author = {Ham, John C. and Svejnar, Jan and Terrell, - Katherine}, - title = {Women's Unemployment during Transition}, - journal = {The Economics of Transition}, - year = 1999, - volume = 7, - pages = {47--78}, - number = 1 -} - -@ARTICLE{hst98, - author = {Ham, John C. and Svejnar, Jan and Terrell, - Katherine}, - title = {Unemployment and the Social Safety Net during - Transitions to a Market Economy: Evidence from the - {C}zech and {S}lovak Republics}, - journal = {American Economic Review}, - year = 1998, - volume = 88, - pages = {1117--42}, - number = 5 -} - -@ARTICLE{hhkCoint, - author = {Hamburg, Britta and Hoffmann, Mathias and Keller, - Joachim}, - title = {Consumption, Wealth, and Business Cycles in Germany}, - journal = {Empirical Economics}, - year = 2008, - volume = 34, - pages = {451--476}, - number = 3 -} - -@TECHREPORT{hhk05, - author = {Hamburg, Britta and Hoffmann, Mathias and Keller, - Joachim}, - title = {Consumption, Wealth and Business Cycles in Germany}, - institution = {Deutsche Bundesbank}, - year = 2005, - type = {discussion paper}, - number = 16 -} - -@ARTICLE{hamilton:growthcycles, - author = {Hamilton, James D}, - title = {A New Approach to the Economic Analysis of - Nonstationary Time Series and the Business Cycle}, - journal = {Econometrica}, - year = 1989, - volume = 57, - pages = {357--384}, - month = {March} -} - -@ARTICLE{fhLimitations, - author = {Hamilton, James D. and Marjorie A. Flavin}, - title = {On the Limitations of Government Borrowing: A - Framework for Empirical Testing}, - journal = {The American Economic Review}, - year = 1986, - volume = 76, - pages = {808--819}, - number = 4, - month = {September}, - note = {\\ \url{http://www.jstor.org/stable/1806077}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fhGovBorrowing.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/fhGovBorrowing.pdf:PDF}, - url = {http://www.jstor.org/stable/1806077} -} - -@TECHREPORT{han04, - author = {Handjiyska, Boriana}, - title = {Adjustment of Household Inflation Expectations in - Five OECD Countries}, - institution = {Johns Hopkins University}, - year = 2004, - type = {mimeo} -} - -@ARTICLE{han01, - author = {Hansen, Bruce E.}, - title = {The New Econometrics of Structural Change: Dating - Breaks in U.S.\ Labor Productivity}, - journal = {Journal of Economic Perspectives}, - year = 2001, - volume = 15, - pages = {117--28}, - number = 4 -} - -@MISC{hansen:hours, - author = {Hansen, Gary D.}, - title = {Fluctuations in Total Hours Worked: A Study Using - Efficiency Units}, - howpublished = {Working Paper, University of Minnesota}, - year = 1984 -} - -@ARTICLE{hansen&wright, - author = {Hansen, Gary D. and Wright, Randall}, - title = {The Labor Market in Real Business Cycle Theory}, - journal = {Federal Reserve Bank of Minneapol Quarterly Review}, - year = 1992, - volume = 16 -} - -@ARTICLE{hansen:gmm, - author = {Hansen, Lars M.}, - title = {Large Sample Properties of Generalized Method of - Moments Estimators}, - journal = {Econometrica}, - year = 1982, - pages = {1029--1054} -} - -@BOOK{hlp:inequalities, - title = {Inequalities}, - publisher = {Cambridge University Press}, - year = 1967, - author = {Hardy, Godfrey Harold and Littlewood, John E. and - Polya, George}, - edition = {Second} -} - -@ARTICLE{laibsonHarrisInstant, - author = {Harris, Christopher and Laibson, David I.}, - title = {Instantaneous Gratification}, - journal = {Manuscript, Harvard University}, - year = 2004 -} - -@ARTICLE{hjmrTemporal, - author = {Harrison, G.W. and Johnson, E. and McInnes, M.M. and - Rutstr{\"}om, E.E.}, - title = {Temporal stability of estimates of risk aversion}, - journal = {Applied Financial Economics Letters}, - year = 2005, - volume = 1, - pages = {31--35}, - number = 1, - note = - {\url{http://econpapers.repec.org/RePEc:taf:apfelt:v:1:y:2005:i:1:p:31-35}}, - abstract = {Estimates of risk aversion can be obtained from - controlled laboratory experiments. The temporal - stability of those preferences is assumed in many - applications. This assumption is tested by eliciting - risk aversion measures from subjects at two distinct - times. Evidence consistent with the stability - assumption is found.}, - publisher = {Routledge}, - url = - {http://econpapers.repec.org/RePEc:taf:apfelt:v:1:y:2005:i:1:p:31-35} -} - -@ARTICLE{hauseYdyn, - author = {Hause, John C.}, - title = {The Fine Structure of Earnings and the On-the-Job - Training Hypothesis}, - journal = {Econometrica}, - year = 1980, - volume = 48, - pages = {1013--1029}, - number = 4 -} - -@INCOLLECTION{hausmann85, - author = {Hausman, Jerry A.}, - title = {Taxes and labor supply}, - booktitle = {Handbook of Public Economics}, - publisher = {Elsevier}, - year = 1985, - editor = {Auerbach, A. J. and Feldstein, M.}, - volume = 1, - series = {Handbook of Public Economics}, - chapter = 4, - pages = {213--263} -} - -@ARTICLE{hausmanBonus, - author = {Hausman, Joshua K.}, - title = {Fiscal Policy and Economic Recovery: The Case of the - 1936 Veterans’ Bonus}, - journal = {Manuscript, University of California Berkeley}, - year = 2012 -} - -@ARTICLE{hprGrowthAccel, - author = {Hausmann, Ricardo and Pritchett, Lant and Rodrik, - Dani}, - title = {Growth Accelerations}, - journal = {Journal of Economic Growth}, - year = 2005, - volume = 10, - pages = {303--329}, - note = {10.1007/s10887-005-4712-0}, - abstract = {Unlike most cross country growth analyses, we focus - on turning points in growth performance. We look for - instances of rapid acceleration in economic growth - that are sustained for at least 8 years and identify - more than 80 such episodes since the 1950s. Growth - accelerations tend to be correlated with increases - in investment and trade, and with real exchange rate - depreciations. Political-regime changes are - statistically significant predictors of growth - accelerations. External shocks tend to produce - growth accelerations that eventually fizzle out, - while economic reform is a statistically significant - predictor of growth accelerations that are - sustained. However, growth accelerations tend to be - highly unpredictable: the vast majority of growth - accelerations are unrelated to standard determinants - and most instances of economic reform do not produce - growth accelerations.}, - affiliation = {Harvard University John F. Kennedy School of - Government USA USA}, - issn = {1381-4338}, - issue = 4, - keyword = {Business and Economics}, - publisher = {Springer Netherlands}, - url = {http://dx.doi.org/10.1007/s10887-005-4712-0} -} - -@ARTICLE{hprGrowth, - author = {Hausmann, Ricardo, Lant Pritchett and Rodrik, Dani}, - title = {Growth Accelerations}, - journal = {Journal of Economic Growth}, - year = 2005, - volume = 10, - pages = {303--329}, - number = 4 -} - -@BOOK{hayashiEconometrics, - title = {Econometrics}, - publisher = {Princeton University Press}, - year = 2000, - author = {Hayashi, Fumio} -} - -@BOOK{hayashi:understandingsaving, - title = {Understanding Saving : Evidence from the United - States and Japan}, - publisher = {The MIT Press}, - year = 1997, - author = {Hayashi, Fumio}, - address = {Cambridge, Mass} -} - -@ARTICLE{hayashi:japan, - author = {Hayashi, Fumio}, - title = {Japan's Saving Rate: New Data and Reflections,}, - journal = {NBER Working Paper No. 3205}, - year = 1989 -} - -@INCOLLECTION{hayashi:apparently, - author = {Hayashi, Fumio}, - title = {Why Is Japan's Saving Rate So Apparently High?}, - booktitle = {NBER Macroeconomics Annual, 1986}, - publisher = {NBER}, - year = 1986, - address = {Cambridge} -} - -@ARTICLE{hayashi:q, - author = {Hayashi, Fumio}, - title = {Tobin's Marginal Q and Average Q: A Neoclassical - Interpretation}, - journal = {Econometrica}, - year = 1982, - volume = 50, - pages = {213--224}, - number = 1, - month = {January}, - note = {Available at { - \url{http://ideas.repec.org/p/nwu/cmsems/457.html}}} -} - -@ARTICLE{Heathcote:2010tw, - author = {Heathcote, Jonathan and Perri, Fabrizio and - Violante, Giovanni L.}, - title = {{Unequal we stand: An empirical analysis of economic - inequality in the United States, 1967--2006}}, - journal = {Review of Economic Dynamics}, - year = 2010, - volume = 13, - pages = {15--51}, - number = 1, - date-added = {2013-04-07T22:40:16GMT+00:00}, - date-modified ={2013-04-07T23:27:49GMT+00:00}, - file = - {{Review_of_Economic_Dynamics_2010_Heathcote.pdf:/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2010/Heathcote/Review_of_Economic_Dynamics_2010_Heathcote.pdf:application/pdf}}, - local-url = - {file://localhost/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2010/Heathcote/Review_of_Economic_Dynamics_2010_Heathcote.pdf}, - rating = 0, - read = {Yes}, - uri = - {\url{papers2://publication/uuid/1A5D107A-FA11-4F35-9730-DD6C33149F12}}, - url = - {http://www.sciencedirect.com/science/article/pii/S1094202509000659} -} - -@ARTICLE{heaton&lucas:hetero, - author = {Heaton, John and Lucas, Deborah J.}, - title = {The Importance of Investor Heterogeneity and - Financial Market Imprefections for the Behavior of - Asset Prices}, - journal = {Manuscript, Northwestern University}, - year = 1994 -} - -@ARTICLE{HeckmanNobel, - author = {Heckman, James J.}, - title = {Micro Data, Heterogeneity, and the Evaluation of - Public Policy: Nobel Lecture}, - journal = {Journal of Political Economy}, - year = 2001, - volume = 109, - pages = {673--748}, - number = 4, - month = {August}, - bdsk-url-1 = - {http://ideas.repec.org/a/ucp/jpolec/v109y2001i4p673-748.html}, - url = - {http://ideas.repec.org/a/ucp/jpolec/v109y2001i4p673-748.html} -} - -@ARTICLE{heck93, - author = {Heckman, James J}, - title = {What Has Been Learned about Labor Supply in the Past - Twenty Years?}, - journal = {American Economic Review}, - year = 1993, - volume = 83, - pages = {116--21}, - number = 2 -} - -@ARTICLE{hec79, - author = {Heckman, James J.}, - title = {Sample Selection Bias as a Specification Error}, - journal = {Econometrica}, - year = 1979, - volume = 47, - pages = {153--161}, - number = 1 -} - -@ARTICLE{heckman:life, - author = {Heckman, James J.}, - title = {A Life-Cycle Model of Earnings, Learning, and - Consumption}, - journal = {Journal of Political Economy}, - year = 1976, - volume = 84, - pages = {S11--44}, - number = {4, pt. 2} -} - -@TECHREPORT{ht03, - author = {Helbling, Thomas and Terrones, Marco}, - title = {When Bubbles Burst}, - institution = {International Monetary Fund, April}, - year = 2003, - type = {{World Economic Outlook, 61--94}} -} - -@ARTICLE{orphanides:wardemocracyjpe, - author = {Hess, Gregory D. and Orphanides, Athanasios}, - title = {War and Democracy}, - journal = {Journal of Political Economy}, - year = 2001, - volume = 109, - pages = {776--810}, - number = 4, - month = {August}, - note = {available at - http://ideas.repec.org/a/ucp/jpolec/v109y2001i4p776-810.html} -} - -@ARTICLE{orphanides:warpoliticsaer, - author = {Hess, Gregory D and Orphanides, Athanasios}, - title = {War Politics: An Economic, Rational-Voter Framework}, - journal = {American Economic Review}, - year = 1995, - volume = 85, - pages = {828--46}, - number = 4, - month = {September}, - note = {available at - http://ideas.repec.org/a/aea/aecrev/v85y1995i4p828-46.html} -} - -@ARTICLE{Hess/Shin:1999, - author = {Hess, Gregory D. and Shin, Kwanho}, - title = {Risk sharing by households within and across regions - and industries}, - journal = {Journal of Monetary Economics}, - year = 2000, - volume = 45, - pages = {533--560} -} - -@ARTICLE{Hess/Shin:1998, - author = {Hess, Gregory D. and Shin, Kwanho}, - title = {Intranational business cycles in the United States}, - journal = {Journal of International Economics}, - year = 1998, - volume = 44, - pages = {289--313}, - keywords = {Hess/Shin: 1998} -} - -@ARTICLE{hmsHousingBubbleNo, - author = {Himmelberg, Charles and Mayer, Christopher and - Sinai, Todd}, - title = {Assessing High House Prices: Bubbles, Fundamentals - and Misperceptions}, - journal = {Journal of Economic Perspectives}, - year = 2005, - volume = 19, - pages = {67--92}, - number = 4 -} - -@ARTICLE{hochgurtel:bufferportfolio, - author = {Hochgurtel, Stefan}, - title = {A Buffer Stock Model with Portfolio Choice: - Implications of Income Risk and Liquidity - Constraints}, - journal = {Manuscript, Uppsala University}, - year = 1998 -} - -@ARTICLE{htRates, - author = {Holland, A.~Steven and Toma, Mark}, - title = {The Role of the Federal Reserve as ``Lender of Last - Resort'' and the Seasonal Fluctuation of Interest - Rates}, - journal = {Journal of Money, Credit and Banking}, - year = 1991, - volume = 23, - pages = {659--676}, - number = 4, - month = {November}, - note = {Stable: \url{http://www.jstor.org/stable/1992702}} -} - -@BOOK{holland:adaptation, - title = {Adaptation in Natural and Artificial Systems}, - publisher = {MIT Press}, - year = 1986, - author = {Holland, John H.}, - address = {Cambridge MA} -} - -@ARTICLE{hrj:entrep, - author = {Holtz-Eakin, Douglas and Rosen, Harvey S. and - Joulfaian, David}, - title = {Entrepreneurial Decisions and Liquidity Constraints}, - journal = {RAND Journal of Economics}, - year = 1994, - pages = {334--347}, - month = {Summer} -} - -@ARTICLE{hrj:sticking, - author = {Holtz-Eakin, Douglas and Rosen, Harvey S. and - Joulfaian, David}, - journal = {Journal of Political Economy}, - year = 1994, - volume = 102, - pages = {53--75}, - number = 1, - month = {February} -} -} - -@ARTICLE{horioka:coint, - author = {Horioka, Charles Y.}, - title = {A Cointegration Analysis of the Impact of the Age - Structure of the Population on the Household Saving - 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A Micro-Analysis of Motives for - Household Saving in Japan}, - journal = {Economic Journal}, - year = 1997, - volume = 107, - pages = {537--552}, - number = 442 -} - -@INPROCEEDINGS{horowitzBootstrap, - author = {Joel L. Horowitz}, - title = {The Bootstrap}, - booktitle = {Handbook of Econometrics}, - year = 2001, - editor = {James J. 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An - Investigation Of Data Quality in the 2004 SCF}, - institution = {Federal Reserve Board}, - year = 2006, - address = - {\href{http://www.federalreserve.gov/pubs/oss/oss2/papers/asa2006.3.pdf}{http://www.federalreserve.gov/pubs/oss/oss2/papers/asa2006.3.pdf}}, - month = {September} -} - -@TECHREPORT{Kennickell:2003, - author = {Kennickell, Arthur B.}, - title = {A Rolling Tide: Changes in the Distribution of - Wealth in the U.S., 1989-2001}, - institution = {Federal Reserve Board}, - year = 2003, - address = - {\href{http://www.federalreserve.gov/pubs/oss/oss2/papers/concentration.2004.5.pdf}{http://www.federalreserve.gov/pubs/oss/oss2/papers/concentration.2004.5.pdf}} -} - -@ARTICLE{kennickell:wealth, - author = {Kennickell, Arthur B.}, - title = {An Examination of Changes in the Distribution of - Wealth From 1989 to 1998: Evidence from the Survey - of Consumer Finances}, - journal = {Manuscript Prepared for Conference on Saving, - Intergenerational Transfers, and the Distribution of - Wealth, Bard College, June 7-9, 2000}, - year = 2000 -} - -@TECHREPORT{Kennickell:1999, - author = {Kennickell, Arthur B.}, - title = {Revisions to the SCF Weighting Methodology: - Accounting for Race/Ethnicity and Homeownership}, - institution = {Federal Reserve Board}, - year = 1999, - address = - {\href{http://www.federalreserve.gov/pubs/oss/oss2/papers/weight.revision.pdf}{http://www.federalreserve.gov/pubs/oss/oss2/papers/weight.revision.pdf}} -} - -@ARTICLE{kennickell&lusardi:scfquestions, - author = {Kennickell, Arthur B. and Lusardi, Annamaria}, - title = {Assessing the Importance of the Precautionary Saving - Motive: Evidence from the 1995 SCF}, - journal = {Manuscript, Board of Governors of the Federal - Reserve System}, - year = 1999 -} - -@ARTICLE{scf:focusgroup, - author = {{Kennickell, Arthur B.}, {Martha Starr-McCluer} and - {Annika Sunden}}, - title = {Saving and Financial Planning: Some Findings from a - Focus Group}, - journal = {Manuscript, Board of Governors of the Federal - Reserve System}, - year = 1995 -} - -@ARTICLE{kermack&mckendrick:disease, - author = {Kermack, W. O. and McKendrick, A. G.}, - title = {Contributions to the Mathematical Theory of - Epidemics}, - journal = {Proceedings of the Royal Academy of Sciences A}, - year = 1927, - volume = 115, - pages = {700--721} -} - -@BOOK{keynes:generaltheory, - title = {The General Theory of Employment, Interest, and - Money}, - publisher = {Harcourt, Brace}, - year = 1936, - author = {Keynes, John Maynard} -} - -@ARTICLE{wealthLit, - author = {Khalifa, Sherif}, - title = {Brief Summaries of Principal Papers on Housing - Wealth Effects}, - journal = {Manuscript, Johns Hopkins University}, - year = 2004, - month = {January}, - note = {Available at { - \url{https://www.econ2.jhu.edu/people/ccarroll/wealthLit.html}}}, - howpublished = {url} -} - -@ARTICLE{kz06, - author = {Hashmat Khan and Zhenhua Zhu}, - title = {Estimates of the Sticky-Information Phillips Curve - for the United States}, - journal = {Journal of Money, Credit and Banking}, - year = 2006, - volume = 38, - pages = {195--207}, - number = 1 -} - -@TECHREPORT{kz02, - author = {Hashmat Khan and Z. Zhu}, - title = {Estimates of the Sticky Information Phillips Curve - for the United States, Canada, and the United - Kingdom}, - institution = {Bank of Canada}, - year = 2002, - type = {working paper}, - volume = 19 -} - -@ARTICLE{khwajaMianTracing, - author = {Khwaja, Asim Ijaz and Mian, Atif}, - title = {Tracing the Impact of Bank Liquidity Shocks: - Evidence from an Emerging Market}, - journal = {Manuscript, Kennedy School of Government, Harvard - University}, - year = 2008 -} - -@TECHREPORT{kiley05, - author = {Michael T. Kiley}, - title = {A Quantitative Comparison of Sticky-Price and - Sticky-Information Models of Price Setting}, - institution = {Federal Reserve Board}, - year = 2005, - type = {mimeo} -} - -@BOOK{killingsworth83, - title = {Labor supply}, - publisher = {Cambridge: Cambridge University Press}, - year = 1983, - author = {Killingsworth, Mark R.} -} - -@ARTICLE{kim, - author = {Kim, Jinill and Kim, Sunghyun Henry and Kollmann, - Robert}, - title = {Solving the Incomplete Market Model with Aggregate - Uncertainty Using a Perturbation Method}, - journal = {Journal of Economic Dynamics and Control}, - year = 2010, - volume = 34, - pages = {50--58}, - number = 1, - month = {January} -} - -@ARTICLE{kimball:standardra, - author = {Kimball, Miles S.}, - title = {Standard Risk Aversion}, - journal = {Econometrica}, - year = 1993, - volume = 61, - pages = {589--611}, - number = 3, - month = may -} - -@ARTICLE{kimball:mpc, - author = {Kimball, Miles S.}, - title = {Precautionary Saving and the Marginal Propensity to - Consume}, - journal = {NBER Working Paper Number 3403}, - year = 1990 -} - -@ARTICLE{kimball:smallandlarge, - author = {Kimball, Miles S.}, - title = {Precautionary Saving in the Small and in the Large}, - journal = {Econometrica}, - year = 1990, - volume = 58, - pages = {53--73} -} - -@ARTICLE{kimball&mankiw:timing, - author = {Kimball, Miles S and Mankiw, N Gregory}, - title = {Precautionary Saving and the Timing of Taxes}, - journal = {Journal of Political Economy}, - year = 1989, - volume = 97, - pages = {863--79}, - number = 4, - month = {August}, - bdsk-url-1 = - {http://ideas.repec.org/a/ucp/jpolec/v97y1989i4p863-79.html}, - url = - {http://ideas.repec.org/a/ucp/jpolec/v97y1989i4p863-79.html} -} - -@ARTICLE{kssImputing, - author = {Kimball, Miles S. and Sahm, Claudia R. and Shapiro, - Matthew D.}, - title = {Imputing Risk Tolerance from Survey Responses}, - journal = {Journal of the American Statistical Association}, - year = 2008, - volume = 103, - pages = {1028--1038}, - number = 483, - note = - {\url{http://pubs.amstat.org/doi/pdf/10.1198/016214508000000139}}, - abstract = {Economic theory assigns a central role to risk - preferences. This article develops a measure of - relative risk tolerance using responses - tohypothetical income gambles in the Health and - Retirement Study. In contrast to most survey - measures that produce an ordinal metric, thisarticle - shows how to construct a cardinal proxy for the risk - tolerance of each survey respondent. The article - also shows how to accountfor measurement error in - estimating this proxy and how to obtain consistent - regression estimates despite the measurement - error. The risktolerance proxy is shown to explain - differences in asset allocation across households.}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/kssImputing.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/kssImputing.pdf:PDF}, - publisher = {ASA}, - url = - {http://pubs.amstat.org/doi/pdf/10.1198/016214508000000139} -} - -@ARTICLE{KimballWeil:Poss, - author = {Kimball, Miles S. and Weil, Philippe}, - title = {Precautoinary Saving and Consumption Smoothing - Across Time and Possibilities}, - journal = {Manuscript, University of Michigan}, - year = 2004, - month = {September} -} - -@BOOK{kindleberger, - title = {Manias, Panics, and Crashes: A History of Financial - Crises}, - publisher = {Wiley}, - year = 2005, - author = {Kindleberger, Charles P.}, - note = {5th Edition} -} - -@ARTICLE{king&leape:ageinfo, - author = {King, Mervyn and Leape, Jonathan}, - title = {Asset Accumulation, Information, and the Life Cycle}, - journal = {NBER Working Paper No. 2392}, - year = 1984 -} - -@INPROCEEDINGS{klCapital, - author = {King, Robert G. and Levine, Ross}, - title = {Capital Fundamentalism, Economic Development, and - Economic Growth}, - booktitle = {Carnegie-Rochester Conference Series on Public - Policy}, - year = 1994, - volume = 40, - pages = {259--292}, - organization = {Elsevier} -} - -@ARTICLE{kpr:prodn, - author = {King, Robert G. and Plosser, Charles I. and Rebelo, - Sergio T.}, - title = {Production, Growth, and Business Cycles, {I}: The - Basic Neoclassical Model and {II}: New Directions}, - journal = {Journal of Monetary Economics}, - year = 1988, - volume = 21, - pages = {195--232 and309--341}, - number = {2/3} -} - -@ARTICLE{king&rebelo:trans, - author = {King, Robert G. and Rebelo, Sergio T.}, - title = {Transitional Dynamics and Economic Growth in the - Neoclassical Model}, - journal = {American Economic Review}, - year = 1993, - volume = 83, - pages = {908--931}, - number = 4, - note = {Available at { - \url{http://ideas.repec.org/a/aea/aecrev/v83y1993i4p908-31.html}}} -} - -@ARTICLE{king&levine:crcs, - author = {{King, Robert G.} and {Levine, Ross E.}}, - title = {Capital Fundamentalism}, - journal = {Carnegie-Rochester Conference Series on Public - Policy}, - year = 1994, - volume = 40, - month = {June} -} - -@ARTICLE{king&rebelo:neo, - author = {{King, Robert G.} and {Sergio T. Rebelo}}, - title = {Public Policy and Economic Growth: Developing the - Neoclassical Implications}, - journal = {Journal of Political Economy}, - year = 1990, - volume = 98, - pages = {S126--S150}, - number = {5, pt 2} -} - -@ARTICLE{kirman1992whom, - author = {Kirman, Alan P.}, - title = {{Whom or What Does the Representative Individual - Represent?}}, - journal = {The Journal of Economic Perspectives}, - year = 1992, - volume = 6, - pages = {117--136}, - number = 2, - publisher = {JSTOR} -} - -@ARTICLE{klenow&r-c:toofar, - author = {Klenow, Peter J. and Rodr{\'}{i}guez-Clare, - Andr{\'}{e}s}, - title = {The Neoclassical Revival in Growth Economics: Has It - Gone Too Far?}, - journal = {NBER Macroeconomics Annual, 1997}, - year = 1997, - pages = {73--103} -} - -@ARTICLE{kocherlakota:stillapuzzle, - author = {Kocherlakota, Narayana}, - title = {The Equity Premium: It's Still a Puzzle}, - journal = {Journal of Economic Literature}, - year = 1996, - volume = {XXXIV}, - number = 1, - month = {March} -} - -@INCOLLECTION{knvSurveyVsAdminSweden, - author = {Koijen, Ralph and Stijn van Nieuwerburgh and Roine - Vestman}, - title = {Judging the Quality of Survey Data by Comparison - with ``Truth'' as Measured By Administrative - Records: Evidence from Sweden}, - booktitle = {Improving the Measurement of Household Expenditures}, - publisher = {University of Chicago Press}, - year = 2013, - address = {Chicago}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/knvSurveyVsAdminSweden.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/knvSurveyVsAdminSweden.pdf:PDF} -} - -@INCOLLECTION{knvAdminSurveySweden, - author = {Koijen, Ralph and Stijn Van Nieuwerburgh and Roine - Vestman}, - title = {Judging the Quality of Survey Data by Comparison - with ``Truth'' as Measured By Administrative - Records: Evidence from Sweden}, - booktitle = {Improving the Measurement of Household Expenditure}, - publisher = {University of Chicago Press}, - year = 2013, - note = {\\ - \url{http://nber.org/confer/2011/CRIWf11/Koijen_Van_Nieuwerburgh_Vestman.pdf}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/knvAdminSurveySweden.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/knvAdminSurveySweden.pdf:PDF}, - url = - {http://www.nber.org/confer/2011/CRIWf11/Koijen_Van_Nieuwerburgh_Vestman.pdf} -} - -@INCOLLECTION{knvTruth, - author = {Koijen, Ralph and S. Van Nieuwerburgh and Roine - Vestman}, - title = {Judging the Quality of Survey Data by Comparison - with Truth as Measured By Administrative Records: - Evidence from Sweden}, - booktitle = {Forthcoming in {\it Improving the Measurement of - Household Expenditures}}, - publisher = {Chicago: University of Chicago Press}, - year = 2013, - editors = {Christopher Carroll, Thomas Crossley, and John - Sabelhaus} -} - -@INCOLLECTION{koopmans:growth, - author = {Koopmans, Tjalling C.}, - title = {On the concept of optimal economic growth}, - booktitle = {(Study Week on the) Econometric Approach to - Development Planning}, - publisher = {North-Holland Publishing Co., Amsterdam}, - year = 1965, - chapter = 4, - pages = {225--87} -} - -@ARTICLE{kssInequalitySince1937, - author = {Kopczuk, Wojciech and Emmanuel Saez and Jae Song}, - title = {Earnings Inequality and Mobility in the United - States: Evidence from Social Security Data since - 1937*}, - journal = {Quarterly Journal of Economics}, - year = 2010, - volume = 125, - pages = {91--128}, - number = 1, - publisher = {MIT Press} -} - -@ARTICLE{kopecky2010finite, - author = {Kopecky, Karen A. and Suen, Richard M.H.}, - title = {Finite State Markov-Chain Approximations To Highly - Persistent Processes}, - journal = {Review of Economic Dynamics}, - year = 2010, - volume = 13, - pages = {701--714}, - number = 3, - note = - {\url{http://www.karenkopecky.net/RouwenhorstPaper.pdf}}, - bdsk-url-1 = {http://www.karenkopecky.net/RouwenhorstPaper.pdf}, - publisher = {Elsevier}, - url = {http://www.karenkopecky.net/RouwenhorstPaper.pdf} -} - -@TECHREPORT{kor05, - author = {Korenok, Oleg}, - title = {Empirical Comparison of Sticky Price and Sticky - Information Models}, - institution = {Virginia Commonwealth University}, - year = 2005, - type = {mimeo} -} - -@BOOK{kotlikoff&smith:pensions, - title = {Pensions in the American Economy}, - publisher = {University of Chicago Press}, - year = 1983, - author = {Kotlikoff, Laurence J. and Smith, Daniel E.} -} - -@ARTICLE{kotlikoff&summers:wealth, - author = {Kotlikoff, Laurence J. and Summers, Lawrence H.}, - title = {The Role of Intergenerational Transfers in Aggregate - Capital Accumulation}, - journal = {Journal of Public Economics}, - year = 1981, - volume = 89, - pages = {706--32}, - number = 4 -} - -@TECHREPORT{ko05, - author = {Krajcir, Zdenko and Ludovit, Odor}, - title = {First Year of the Tax Reform, or 19 Percent at Work - (Prvy rok danovej reformy alebo 19\%\ v akcii)}, - institution = {Institut financnej politiky, Ministerstvo financii - SR, Bratislava}, - year = 2005, - type = {working paper}, - number = 8, - note = {in Slovak} -} - -@ARTICLE{krebs:qje, - author = {Krebs, Tom}, - title = {Human Capital Risk And Economic Growth}, - journal = {The Quarterly Journal of Economics}, - year = 2003, - volume = 118, - pages = {709--744}, - number = 2, - month = {May}, - note = {available at - http://ideas.repec.org/a/tpr/qjecon/v118y2003i2p709-744.html} -} - -@ARTICLE{krebs:red, - author = {Krebs, Tom}, - title = {Growth and Welfare Effects of Business Cycles in - Economies with Idiosyncratic Human Capital Risk}, - journal = {Review of Economic Dynamics}, - year = 2003, - volume = 6, - pages = {846--868}, - number = 4, - month = {October}, - note = {available at - http://ideas.repec.org/a/red/issued/v6y2002i2p846-868.html} -} - -@ARTICLE{krebs:jmathe, - author = {Krebs, Tom}, - title = {Endogenous probabilities and the information - revealed by prices}, - journal = {Journal of Mathematical Economics}, - year = 2001, - volume = 36, - pages = {1--18}, - number = 1, - month = 9, - note = {available at - http://ideas.repec.org/a/eee/mateco/v36y2001i1p1-18.html} -} - -@ARTICLE{krebs:econlett, - author = {Krebs, Tom}, - title = {Information and asset prices in complete markets - exchange economies}, - journal = {Economics Letters}, - year = 1999, - volume = 65, - pages = {75--83}, - number = 1, - month = 10, - note = {available at - http://ideas.repec.org/a/eee/ecolet/v65y1999i1p75-83.html} -} - -@ARTICLE{krebs:jet, - author = {Krebs, Tom}, - title = {Statistical Equilibrium in One-Step Forward Looking - Economic Models}, - journal = {Journal of Economic Theory}, - year = 1997, - volume = 73, - pages = {365--394}, - number = 2, - month = 4, - note = {available at - http://ideas.repec.org/a/eee/jetheo/v73y1997i2p365-394.html} -} - -@ARTICLE{Maloney:2007vd, - author = {Tom Krebs and Pravin Krishna and William Maloney}, - title = {Human Capital, Trade Liberalization, and Income - Risk}, - journal = {Research Working papers}, - year = 2007, - abstract = {Abstract: Using data from Mexico, the authors study - empirically the link between trade policy and - individual income risk and the extent to which this - varies across workers of different human capital - (education) levels. They use longitudinal income - data on workers to ...}, - date-added = {2013-04-07T22:40:17GMT+00:00}, - date-modified ={2013-04-07T23:27:49GMT+00:00}, - file = - {{2007_Maloney.pdf:/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2007/Maloney/2007_Maloney.pdf:application/pdf}}, - local-url = - {file://localhost/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2007/Maloney/2007_Maloney.pdf}, - rating = 0, - uri = - {\url{papers2://publication/uuid/108309CC-3CD5-4F25-A62F-BF62FF0D7B50}}, - url = - {http://www.ingentaconnect.com/content/wb/wps4301/2007/00000001/00000001/art04276} -} - -@TECHREPORT{leth-petersen:liquidity, - author = {Claus Thustrup Kreiner and David Dreyer Lassen and - {S\o ren} Leth-Petersen}, - title = {Heterogeneous Responses and Aggregate Impact of the - 2001 Income Tax Rebates}, - institution = {CEPR}, - year = 2012, - type = {discussion paper}, - number = 9161 -} - -@INCOLLECTION{kllSurveyVsAdminDenmark, - author = {Kreiner, Claus Thustrup and David Dreyer Lassen and - S{\o}ren Leth-Petersen}, - title = {Examples of Combining Administrative Records and - Survey Data in Validation Studies}, - booktitle = {Improving the Measurement of Household Expenditure}, - publisher = {University of Chicago Press}, - year = 2013, - note = - {\url{http://www.nber.org/confer/2011/CRIWf11/Leth-Petersen.pdf}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/kllSurveyVsAdminDenmark.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/kllSurveyVsAdminDenmark.pdf:PDF}, - url = - {http://www.nber.org/confer/2011/CRIWf11/Leth-Petersen.pdf} -} - -@ARTICLE{kreinin:mpc, - author = {Kreinin, Mordecai E.}, - title = {Windfall Income and Consumption: Additional - Evidence}, - journal = {American Economic Review}, - year = 1961, - volume = 51, - pages = {388--390} -} - -@ARTICLE{kremer:unionsasdisease, - author = {Kremer, Michael}, - title = {An Epidemiological Model of Unions}, - journal = {Manuscript, Harvard University}, - year = 2000 -} - -@ARTICLE{KrepsPorteus:Prefs, - author = {Kreps, David M. and Porteus, Evan L.}, - title = {Temporal Resolution of Uncertainty and Dynamic - Choice Theory}, - journal = {Econometrica}, - year = 1978, - volume = 46, - pages = {185--200}, - month = {January} -} - -@ARTICLE{kpInequality, - author = {Krueger, Dirk and Perri, Fabrizio}, - title = {Does Income Inequality Lead to Consumption - Inequality? Evidence and Theory}, - journal = {The Review of Economic Studies}, - year = 2006, - volume = 73, - pages = {163--193}, - number = 1, - publisher = {Oxford University Press} -} - -@Misc{krugmanHistory, - Title = {Economics in the Crisis}, - Author = {Krugman, Paul}, - HowPublished = {Commencement Address, University of Lisbon}, - Month = {March}, - Note = - {\url{http://krugman.blogs.nytimes.com/2012/03/05/economics-in-the-crisis/}}, - Year = 2012, - file = {krugmanHistory.pdf:krugmanHistory.pdf:PDF}, - Owner = {Nic Johnson}, - Url = - {http://krugman.blogs.nytimes.com/2012/03/05/economics-in-the-crisis/} -} - -@ARTICLE{krugmanPostmodern, - author = {Krugman, Paul}, - title = {Postmodern Business Cycles}, - journal = {New York Times}, - year = 2012, - month = {January}, - note = {\url{http://krugman.blogs.nytimes.com/2012/01/27/postmodern-business-cycles/}}, - url = {http://krugman.blogs.nytimes.com/2012/01/27/postmodern-business-cycles/} -} - -@MISC{krugmanDarkAgeBlog, - author = {Krugman, Paul}, - title = {A Dark Age of Macroeconomics}, - howpublished = - {\url{http://krugman.blogs.nytimes.com/2009/01/27/a-dark-age-of-macroeconomics-wonkish/}}, - year = 2009, - journal = {New York Times}, - number = {January 27}, - type = {Blog} -} - -@ARTICLE{krugmanThoughts, - author = {Krugman, Paul}, - title = {Thoughts About Thinking}, - journal = {The Economist's View}, - year = 2008, - note = {Available at - {\url{http://economistsview.typepad.com/economistsview/2008/10/thoughts-about.html}}}, - bdsk-url-1 = - {http://economistsview.typepad.com/economistsview/2008/10/thoughts-about.html}, - url = - {http://economistsview.typepad.com/economistsview/2008/10/thoughts-about.html} -} - -@MISC{krugmanHousingBubble, - author = {Krugman, Paul}, - title = {That Hissing Sound}, - howpublished = {New York Times Column}, - month = {August}, - year = 2005, - bdsk-url-1 = - {http://www.nytimes.com/2005/08/08/opinion/08krugman.html}, - day = 8, - url = - {http://www.nytimes.com/2005/08/08/opinion/08krugman.html} -} - -@ARTICLE{ks99, - author = {Krusell, Per and Smith, Jr., Anthony A.}, - title = {On the Welfare Effects of Eliminating Business - Cycles}, - journal = {Review of Economic Dynamics}, - year = 1999, - volume = 2, - pages = {245--272} -} - -@ARTICLE{kcGenesRisk, - author = {Kuhnen, Camelia M. and Chiao, Joan Y.}, - title = {Genetic Determinants of Financial Risk Taking}, - journal = {PLoS ONE}, - year = 2009, - volume = 4, - pages = {e4362}, - number = 2, - month = 02, - abstract = {Individuals vary in their willingness to take - financial risks. Here we show that variants of two - genes that regulate dopamine and serotonin - neurotransmission and have been previously linked to - emotional behavior, anxiety and addiction (5-HTTLPR - and DRD4) are significant determinants of risk - taking in investment decisions. We find that the - 5-HTTLPR {\it s/s} allele carriers take 28\% less - risk than those carrying the {\it s/l} or {\it l/l} - alleles of the gene. DRD4 7-repeat allele carriers - take 25\% more risk than individuals without the - 7-repeat allele. These findings contribute to the - emerging literature on the genetic determinants of - economic behavior.}, - bdsk-url-1 = {http://dx.doi.org/10.1371/journal.pone.0004362}, - doi = {10.1371/journal.pone.0004362}, - publisher = {Public Library of Science}, - url = {http://dx.doi.org/10.1371/journal.pone.0004362} -} - -@ARTICLE{kydland&prescott:timeto, - author = {{Kydland, Finn E.} and {Edward C. Prescott}}, - title = {Time to Build and Aggregate Fluctuations}, - journal = {Econometrica}, - year = 1982, - volume = 50, - pages = {1345--1370}, - number = 6 -} - -@ARTICLE{kydland&prescott:inconsistent, - author = {{Kydland, Finn E.} and {Edward C. Prescott}}, - title = {Rules Rather than Discretion: The Inconsistency of - Optimal Plans}, - journal = {Journal of Political Economy}, - year = 1977, - volume = 85, - pages = {473--491}, - number = 3 -} - -@TECHREPORT{lm04, - author = {L{\"}unnemann, Patrick and Math{\"}a, Thomas Y.}, - title = {How Persistent Is Disaggregate Inflation? An - Analysis Across EU Countries and HICP Subindices}, - institution = {European Central Bank}, - year = 2004, - type = {European Central Bank working paper}, - number = 415 -} - -@INPROCEEDINGS{Lutkepohl04, - author = {Helmut L{\"}utkepohl}, - title = {Vector Autoregressive and Vector Error Correction - Models}, - booktitle = {Applied Econometric Time Series}, - year = 2004, - editor = {Helmut L{\"}utkepohl and Markus Kr{\"}atzig}, - address = {Cambridge}, - publisher = {Cambridge University Press} -} - -@BOOK{luet91, - title = {Introduction to Multiple Time Series Analysis}, - publisher = {Springer}, - year = 1991, - author = {L{\"}utkepohl, Helmut}, - address = {New York et al.} -} - -@TECHREPORT{lsy05, - author = {Labhard, Vincent and Sterne, Gabriel and Young, - Chris}, - title = {Wealth and Consumption: An Assessment of the - International Evidence}, - institution = {Bank of England}, - year = 2005, - type = {Bank of England woking paper}, - number = 275 -} - -@ARTICLE{labonte:housingpricebubble, - author = {Labonte, Marc}, - title = {U.S. Housing Prices: Is There a Bubble?}, - journal = {Congressional Research Service}, - year = 2003 -} - -@TECHREPORT{laf05, - author = {Laforte, Jean-Philippe}, - title = {Pricing Models: A Bayesian DSGE approach for the US - Economy}, - institution = {Board of Governors of the Federal Reserve System}, - year = 2005, - type = {mimeo} -} - -@ARTICLE{laibson:goldeneggs, - author = {Laibson, David}, - title = {Golden Eggs and Hyperbolic Discounting}, - journal = {Quarterly Journal of Economics}, - year = 1997, - volume = {CXII}, - pages = {443--477}, - number = 2 -} - -@ARTICLE{laibson:hyperbuffer, - author = {Laibson, David}, - title = {Hyperbolic Discount Functions and Time Preference - Heterogeneity}, - journal = {Manuscript, Harvard University}, - year = 1997 -} - -@TECHREPORT{lrtDiscount, - author = {David Laibson and Andrea Repetto and Jeremy - Tobacman}, - title = {Estimating Discount Functions with Consumption - Choices over the Lifecycle}, - institution = {National Bureau of Economic Research}, - year = 2007, - type = {Working Paper}, - number = 13314, - month = {August}, - abstract = {Intertemporal preferences are difficult to - measure. We estimate time preferences using a - structural buffer stock consumption model and the - Method of Simulated Moments. The model includes - stochastic labor income, liquidity constraints, - child and adult dependents, liquid and illiquid - assets, revolving credit, retirement, and discount - functions that allow short-run and long-run discount - rates to differ. Data on retirement wealth - accumulation, credit card borrowing, and - consumption-income comovement identify the - model. Our benchmark estimates imply a 40\% - short-term annualized discount rate and a 4.3\% - long-term annualized discount rate. Almost all - specifications reject the restriction to a constant - discount rate. Our quantitative results are - sensitive to assumptions about the return on - illiquid assets and the coefficient of relative risk - aversion. When we jointly estimate the coefficient - of relative risk aversion and the discount function, - the short-term discount rate is 15\% and the - long-term discount rate is 3.8\%.}, - series = {Working Paper Series}, - url = {http://www.nber.org/papers/w13314} -} - -@ARTICLE{lrt:debtpuzzle, - author = {Laibson, David and Repetto, Andrea and Tobacman, - Jeremy}, - title = {A Debt Puzzle}, - journal = {Manuscript, Harvard University}, - year = 1999 -} - -@ARTICLE{laitner:random, - author = {Laitner, John}, - title = {Random Earning Differences, Lifetime Liquidity - Constraints, and Altruistic Intergenerational - Transfers}, - journal = {Journal of Economic Theory}, - year = 1992, - volume = 58, - pages = {135--170}, - number = 2 -} - -@BOOK{landesbergerRestitution, - title = {Restitution Receipts, Household Savings and - Consumption Behavior in Israel}, - publisher = {Research Department, Bank of Israel}, - year = 1970, - author = {Landesberger, Michael}, - address = {Jerusalem} -} - -@ARTICLE{landsberger:mpcbyy, - author = {Landsberger, M.}, - title = {Windfall Income and Consumption: Comment}, - journal = {American Economic Review}, - year = 1966, - volume = 56, - pages = {534--540} -} - -@ARTICLE{lmf:mark2, - author = {Lane, Philip R. and Milesi-Ferretti, Gian Maria}, - title = {The External Wealth of Nations Mark II: Revised and - Extended Estimates of Foreign Assets and - Liabilities}, - journal = {Journal of International Economics}, - year = 2007, - volume = 73, - pages = {223--250}, - number = 2 -} - -@ARTICLE{lawrance:timepref, - author = {Lawrance, Emily C.}, - title = {Poverty and the Rate of Time Preference: Evidence - from Panel Data}, - journal = {Journal of Political Economy}, - year = 1991, - volume = 99, - pages = {54--77}, - number = 1 -} - -@ARTICLE{lebaron:summary, - author = {LeBaron, Blake}, - title = {Agent Based Computational Finance: Suggested - Readings and Early Research}, - journal = {Journal of Economic Dynamics and Control}, - year = {forthcoming} -} - -@TECHREPORT{LeBlanc:2000, - author = {Le Blanc, Gilles}, - title = {Regional Specialization, Local Externalities And - Clustering In Information Technology Industries}, - institution = {European Regional Science Association}, - year = 2000, - type = {ERSA conference papers}, - month = Aug, - bdsk-url-1 = {http://ideas.repec.org/p/wiw/wiwrsa/ersa00p168.html}, - url = {http://ideas.repec.org/p/wiw/wiwrsa/ersa00p168.html} -} - -@ARTICLE{Lehnert2003, - author = {Lehnert, Andreas}, - title = {Housing, Consumption, and Credit Constraints}, - journal = {Manuscript, Board of Governors of the Federal - Reserve System}, - year = 2003, - month = {December} -} - -@TECHREPORT{lehnert:housing, - author = {Andreas Lehnert}, - title = {Housing, Consumption and Credit Constraints}, - institution = {Board of Governors of the Federal Reserve System}, - year = 2001, - type = {manuscript} -} - -@INPROCEEDINGS{Leicester2012, - author = {Leicester, Andrew}, - title = {The Potential Use of In-Home Scanner Technology for - Budget Surveys}, - booktitle = {Improving the Measurement of Household Expenditures}, - year = 2012, - editor = {Carroll, Christopher D. and Thomas Crossley and John - Sabelhaus}, - publisher = {University of Chicago Press} -} - -@INCOLLECTION{leicesterScanner, - author = {Andrew Leicester}, - title = {The Potential Use of In-Home Scanner Technology for - Budget Surveys}, - booktitle = {Improving the Measurement of Household Expenditure}, - publisher = {University of Chicago Press}, - year = 2013, - note = {\\ Slides are at - \url{http://www.nber.org/confer/2011/CRIWf11/Leicester-Slides.pdf}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/leicesterScanner.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/leicesterScanner.pdf:PDF} -} - -@ARTICLE{LelandPrecaution, - author = {Leland, Hayne E.}, - title = {Saving and Uncertainty: The Precautionary Demand for - Saving}, - journal = {Quarterly Journal of Economics}, - year = 1968, - volume = 82, - pages = {465--473} -} - -@ARTICLE{lelbang&mukhergee:politics, - author = {Lelbang, David and Mukherjee, Bumba}, - title = {Elections, Partisan Politics and Stock Market - Performance: Theory and Evidence from a Century of - American and British Returns}, - journal = {Manuscript, University of Colorado}, - year = 2004 -} - -@ARTICLE{lettau:portfolios, - author = {Lettau, Martin}, - title = {Explaining the Facts with Adaptive Agents: The Case - of Mutual Fund Flows}, - journal = {Journal of Economic Dynamics and Control}, - year = 1997, - volume = 21, - pages = {1117--1147} -} - -@ARTICLE{llTrendCycle, - author = {Lettau, Martin and Ludvigson, Sydney}, - title = {Understanding Trend and Cycle in Asset Values: - Reevaluating the Wealth Effect on Consumption}, - journal = {American Economic Review}, - year = 2004, - volume = 94, - pages = {276--299}, - number = 1, - note = {\url{http://www.jstor.org/stable/3592779}}, - date-modified ={2011-10-15 00:09:24 -0400}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/llTrendCycle.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/llTrendCycle.pdf:PDF}, - url = {http://www.jstor.org/stable/3592779} -} - -@ARTICLE{lettau&ludvigson:assetvalues, - author = {Lettau, Martin and Ludvigson, Sydney}, - title = {Understanding Trend and Cycle in Asset Values: - Reevaluating the Wealth Effect on Consumption}, - journal = {NBER Working Paper 9848}, - year = 2003 -} - -@ARTICLE{llStockReturns, - author = {Lettau, Martin and Ludvigson, Sydney}, - title = {Consumption, Aggregate Wealth, and Expected Stock - Returns}, - journal = {Journal of Finance}, - year = 2001, - volume = 56, - pages = {815--849}, - number = 3, - note = {\url{http://www.jstor.org/stable/222534}}, - url = {http://www.jstor.org/stable/222534} -} - -@ARTICLE{llb:comment, - author = {Lettau, Martin and Ludvigson, Sydney and Barczi, - Nathan}, - title = {A Primer on the Economics and Time Series - Econometrics of Wealth Effects: A Comment}, - journal = {Federal Reserve Bank of New York}, - year = 2001 -} - -@ARTICLE{lettau&uhlig:rulesofthumb, - author = {Lettau, Martin and Uhlig, Harald}, - title = {Rules of Thumb and Dynamic Programming}, - journal = {American Economic Review}, - year = 1999, - volume = 89, - pages = {148--174} -} - -@ARTICLE{Levin:1998, - author = {Levin, Laurence}, - title = {Are assets fungible? Testing the behavioral theory - of life-cycle savings}, - journal = {Journal of Economic Organization and Behavior,}, - year = 1998, - volume = 36, - pages = {59--83}, - abstract = {This paper is an empirical investigation of the - behavioral life-cycle savings model. This model - posits that self-control problems causes individuals - to depart substantially from rational behavior. I - show that this model can explain how the consumption - of individuals at or near retirement vary with - changes in different types of financial - assets. Specifically, consumption spending is - sensitive to changes in income and in liquid assets, - but not very sensitive to changes in the value of - other types of assets such as houses and social - security (even though the value of non-liquid assets - is relatively large for most of the households in - the sample). In general, the evidence presented here - favors the Behavioral Life-Cycle Model over the - conventional life-cycle model even when liquidity - constraints are introduced.} -} - -@ARTICLE{levine&renelt:aer, - author = {{Levine, Ross E.} and {David Renelt}}, - title = {A Sensitivity Analysis of Cross-Country Growth - Regressions}, - journal = {American Economic Review}, - year = 1992, - volume = 82, - pages = {942--963}, - month = {September} -} - -@ARTICLE{lillard&weiss, - author = {Lillard, Lee A. and Weiss, Yoram}, - title = {Components of Variation in Panel Earnings Data: - American Scientists 1960-70}, - journal = {Econometrica}, - year = 1979, - volume = 47, - pages = {437--454}, - number = 2, - month = {March} -} - -@ARTICLE{lillard&karoly:richsave, - author = {Lillard, Lee and Karoly, Lynn}, - title = {Income and Wealth Accumulation Over the Lifecycle}, - journal = {Manuscript, RAND Corporation}, - year = 1997 -} - -@ARTICLE{lindbeck:welfarestate, - author = {Lindbeck, Assar}, - title = {Welfare State Disincentives with Endogenous Habits - and Norms}, - journal = {Scandinavian Journal of Economics}, - year = 1995, - volume = 97, - pages = {477--94}, - number = 4 -} - -@ARTICLE{lnw:norms, - author = {Lindbeck, Assar and Nyberg, S. and Weibull, J-W.}, - title = {Social Norms and Economic Incentives in the Welfare - State}, - journal = {Industrial Institute for Economic and Social - Research}, - year = 1997 -} - -@ARTICLE{lu00, - author = {Ljungqvist, Lars and Uhlig, Harald}, - title = {Tax Policy and Aggregate Demand Management under - Catching Up with the Joneses}, - journal = {American Economic Review}, - year = 2000, - volume = 90, - pages = {356--366}, - number = 3, - month = {June} -} - -@INPROCEEDINGS{lss:whatdrivesbook, - author = {Loayza, Norman and Schmidt-Hebbel, Klaus and - Serv{\'e}n, Luis}, - title = {What Drives Saving Across the World?}, - booktitle = {Saving in the World: Puzzles and Policies}, - year = 1998, - editor = {Serv{\'e}n, Luis} -} - -@ARTICLE{lss:whatdrives, - author = {Loayza, Norman and Schmidt-Hebbel, Klaus and - Serv{\'e}n, Luis}, - title = {What Drives Saving Across the World?}, - journal = {Review of Economics and Statistics}, - year = 2000, - volume = 82, - number = 1, - month = May -} - -@TECHREPORT{GarciaOlivera:2005, - author = {Lopez, Miguel Angel Garcia and Olivera, Ivan Muniz}, - title = {The Spatial Effect of Intra-Metropolitan - Agglomeration Economies}, - institution = {Department of Applied Economics at Universitat - Autonoma of Barcelona}, - year = 2005, - type = {Working Papers}, - number = 0513, - month = {June}, - bdsk-url-1 = {http://ideas.repec.org/p/uab/wprdea/wpdea0513.html}, - url = {http://ideas.repec.org/p/uab/wprdea/wpdea0513.html} -} - -@ARTICLE{lnFeathers, - author = {LoPrete, Chiara and Catherine S. 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A Disaggregate Analysis Using a - U.S. Consumption Panel}, - journal = {Econometrica}, - year = 1996, - volume = 64, - pages = {1151--82}, - number = 5 -} - -@Article{mehraPrescottPuzzle, - Title = {The Equity Premium: A Puzzle}, - Author = {Mehra, Rajnish and Prescott, Edward C.}, - Journal = {Journal of Monetary Economics}, - Year = 1985, - Note = {Available at { - \url{http://ideas.repec.org/a/eee/moneco/v15y1985i2p145-161.html}}}, - Pages = {145-61}, - Volume = 15, - Owner = {Nic Johnson}, - Url = - {http://ideas.repec.org/a/eee/moneco/v15y1985i2p145-161.html} -} - -@Article{mehra&prescott:puzzle, - Title = {The Equity Premium: A Puzzle}, - Author = {Mehra, Rajnish and Prescott, Edward C.}, - Journal = {Journal of Monetary Economics}, - Year = 1985, - Note = {Available at { - \url{http://ideas.repec.org/a/eee/moneco/v15y1985i2p145-161.html}}}, - Pages = {145-61}, - Volume = 15, - Owner = {Nic Johnson}, - Url = - {http://ideas.repec.org/a/eee/moneco/v15y1985i2p145-161.html} -} - -@ARTICLE{mehra:wealtheffect, - author = {Mehra, Yash}, - title = {The Wealth Effect in Empirical Life Cycle Aggregate - Consumption Equations}, - journal = {Federal Reserve Bank of Richmond Economic Quarterly, - 87/2}, - year = 2001 -} - -@ARTICLE{mehra:surveyinfl, - author = {Mehra, Yash P.}, - title = {Survey Measures of Expected Inflation: Revisiting - the Issues of Predictive Content and Rationality}, - journal = {Manuscript, Federal Reserve Bank of Richmond}, - year = 2002 -} - -@ARTICLE{menchik&david:nodissav, - author = {Menchik, Paul L. and David, Martin}, - title = {Income Distribution, Lifetime Savings, and Bequests}, - journal = {American Economic Review}, - year = 1983, - volume = 83, - pages = {672--690}, - number = 4 -} - -@ARTICLE{MendelsonAmihud:consumption, - author = {Mendelson, Haim and Amihud, Yakov}, - title = {Optimal Consumption Policy Under Uncertain Income}, - journal = {Management Science}, - year = 1982, - volume = 28, - pages = {683--697}, - number = 6, - month = {June} -} - -@article{mqrImbal, - Author = {Enrique G. Mendoza and Vincenzo Quadrini and Jos\'{e}-V\'{i}ctor R\'{i}os-Rull}, - Title = "{Financial Integration, Financial Development, and Global Imbalances}", - journal={Journal of Political Economy}, - Year = {2009}, - volume={117}, - number={3}, -} - -@ARTICLE{mqrImbal-NBERWP, - author = {Mendoza, Enrique G. and Quadrini, Vincenzo and - Rios-Rull, Jose-Victor}, - title = {Financial Integration, Financial Deepness and Global - Imbalances}, - journal = {NBER Working Paper Number w12909}, - year = 2007 -} - -@ARTICLE{merton:restat, - author = {Merton, Robert C.}, - title = {Lifetime Portfolio Selection under Uncertainty: The - Continuous Time Case}, - journal = {Review of Economics and Statistics}, - year = 1969, - volume = 51, - pages = {247--257} -} - -@ARTICLE{msFallacy, - author = {Merton, Robert C. and Samuelson, Paul A.}, - title = {Fallacy of the Log-Normal Approximation to Optimal - Portfolio Decision-Making over Many Periods}, - journal = {Journal of Financial Economics}, - year = 1974, - volume = 1, - pages = {67--94}, - number = 1, - issn = {0304-405X}, - publisher = {Elsevier} -} - -@ARTICLE{msWinning, - author = {Meyer, Bruce D. and Sullivan, James X.}, - title = {Winning the War: Poverty from the Great Society to - the Great Recession}, - journal = {Brookings Papers on Economic Activity}, - year = 2012, - month = {Fall}, - url = - {http://www.brookings.edu/~/media/Projects/BPEA/Fall2012/2012fallmeyer.pdf} -} - -@ARTICLE{msDecades, - author = {Meyer, Bruce D. and Sullivan, James X.}, - title = {Five Decades of Consumption and Income Poverty}, - journal = {Working Papers, Harris School of Public Policy - Studies, University of Chicago}, - year = 2009 -} - -@ARTICLE{MianSufi:2011, - author = {Mian, Atif and Sufi, Amir}, - title = {Consumers and the Economy, Part II: Household Debt - and the Weak U.S. Recovery}, - journal = {FRBSF Economic Letter}, - year = 2011, - volume = 4, - month = {January} -} - -@TECHREPORT{msClunkers, - author = {Mian, Atif and Sufi, Amir}, - title = {The Effects of Fiscal Stimulus: Evidence from the - 2009 `Cash for Clunkers' Program'}, - institution = {National Bureau of Economic Research}, - year = 2010, - type = {Working Paper}, - number = 16351, - month = {September}, - abstract = {A key rationale for fiscal stimulus is to boost - consumption when aggregate demand is perceived to be - inefficiently low. We examine the ability of the - government to increase consumption by evaluating the - impact of the 2009 ``Cash for Clunkers'' program on - short and medium run auto purchases. Our empirical - strategy exploits variation across U.S. cities in - ex-ante exposure to the program as measured by the - number of ``clunkers'' in the city as of the summer - of 2008. We find that the program induced the - purchase of an additional 360,000 cars in July and - August of 2009. However, almost all of the - additional purchases under the program were pulled - forward from the very near future; the effect of the - program on auto purchases is almost completely - reversed by as early as March 2010 -- only seven - months after the program ended. The effect of the - program on auto purchases was significantly more - short-lived than previously suggested. We also find - no evidence of an effect on employment, house - prices, or household default rates in cities with - higher exposure to the program.}, - bdsk-url-1 = {http://www.nber.org/papers/w16351}, - series = {Working Paper Series}, - url = {http://www.nber.org/papers/w16351} -} - -@ARTICLE{msMortgage, - author = {Mian, Atif and Sufi, Amir}, - title = {The Consequences of Mortgage Credit Expansion: - Evidence from the U.S. Mortgage Default Crisis}, - journal = {Quarterly Journal of Economics}, - year = 2009, - volume = 124, - number = 4, - month = {November} -} - -@ARTICLE{mianSufiQJE, - author = {Mian, Atif and Sufi, Amir}, - title = {The Consequences of Mortgage Credit Expansion: - Evidence from the 2007 Mortgage Default Crisis}, - journal = {Forthcoming, {\it Quarterly Journal of Economics}}, - year = 2008, - month = Apr, - note = {Available at - \url{http://ideas.repec.org/p/nbr/nberwo/13936.html}}, - institution = {National Bureau of Economic Research, Inc}, - type = {NBER Working Paper No. 13936} -} - -@ARTICLE{michaelides:reversion, - author = {Michaelides, Alexander}, - title = {Portfolio Choice, Liquidity Constraints and Stock - Market Mean Reversion}, - journal = {CEPR Discussion Paper No. 2823}, - year = 2005 -} - -@ARTICLE{michaelides:reconcile, - author = {Michaelides, Alexander}, - title = {A Reconciliation of Two Alternative Approaches - Towards Buffer Stock Saving}, - journal = {Economics Letters}, - year = 2003, - volume = 79, - pages = {137--143}, - number = 1, - month = {April} -} - -@ARTICLE{michaelidesBufHab, - author = {Michaelides, Alexander}, - title = {Buffer Stock Saving and Habit Formation}, - journal = {Manuscript, London School of Economics}, - year = 2002 -} - -@ARTICLE{GomesMichaelides:PortHabits, - author = {Michaelides, Alexander and Gomes, Francisco}, - title = {Portfolio Choice with Internal Habit Formation: A - Life-Cycle Model with Uninsurable Labor Income Risk}, - journal = {Review of Economic Dynamics}, - year = 2003, - volume = 6, - pages = {729--766}, - month = {October} -} - -@ARTICLE{michaelidesHaliassos:portfolio, - author = {Michaelides, Alexander and Haliassos, Michael}, - title = {Portfolio Choice and Liquidity Constraints}, - journal = {International Economic Review}, - year = 2003, - volume = 44, - pages = {144--177}, - number = 1, - month = {February} -} - -@ARTICLE{KalyvitisMichaelides:exchrates, - author = {Michaelides, Alexander and Kalyvitis, Sarantis}, - title = {New Evidence on the Effects of U.S.\ Monetary Policy - on Exchange Rates}, - journal = {Economics Letters}, - year = 2001, - volume = 71, - pages = {255--263}, - number = 2, - month = {May} -} - -@ARTICLE{michaelidesNg:speculative, - author = {Michaelides, Alexander and Ng, Serena}, - title = {Estimating the Rational Expectations Model of - Speculative Storage: A Monte Carlo Comparison of - Three Simulation Estimators}, - journal = {Journal of Econometrics}, - year = 2000, - volume = 96, - pages = {231--266}, - number = 2, - month = {June} -} - -@ARTICLE{ng:estbysim, - author = {Michaelides, Alexander and Ng, Serena}, - title = {Estimating the Rational Expectations Model of - Speculative Storage: A Monte Carlo Comparison of - Three Simulation Estimators}, - journal = {Manuscript, Department of Economics, Boston - University}, - year = 1997 -} - -@BOOK{micklethwaitWooldridgeCompany, - title = {The Company: A Short History of a Revolutionary - Idea}, - publisher = {Modern Library}, - year = 2002, - author = {Micklethwait, John and Wooldridge, Adrian} -} - -@MISC{milesi&roubini:hctax, - author = {{Milesi-Ferretti, Gian~Maria} and {Nouriel Roubini}}, - title = {Optimal Taxation of Human and Physical Capital in - Endogenous Growth Models}, - howpublished = {Mimeo}, - year = 1993 -} - -@ARTICLE{MillerPIH, - author = {Miller, Bruce L}, - title = {The Effect on Optimal Consumption of Increased - Uncertainty in Labor Income in the Multiperiod Case}, - journal = {Journal of Economic Theory}, - year = 1976, - volume = 13, - pages = {154--166} -} - -@ARTICLE{mishkin:durables, - author = {Mishkin, Frederic S.}, - title = {Consumer Sentiment and Spending on Durable Goods}, - journal = {Brookings Papers on Economic Activity, 1978:1}, - year = 1978, - pages = {217--231} -} - -@ARTICLE{mishkin:brookings, - author = {Mishkin, Frederic S.}, - title = {What Depressed the Consumer? The Household Balance - Sheet and the 1973-75 Recession}, - journal = {Brookings Papers on Economic Activity, 1977:1}, - year = 1977, - pages = {123--164} -} - -@ARTICLE{mishkin:aer, - author = {Mishkin, Frederic S.}, - title = {Illiquidity, Consumer Durable Expenditure, and - Monetary Policy}, - journal = {American Economic Review}, - year = 1976, - volume = 66, - pages = {642--654}, - number = 4 -} - -@TECHREPORT{misraSurico:heteroResponses, - author = {Kanisha Misra and Paolo Surico}, - title = {Heterogeneous Responses and Aggregate Impact of the - 2001 Income Tax Rebates}, - institution = {CEPR}, - year = 2011, - type = {discussion paper}, - number = 8306 -} - -@article{modiglianiWealth, - author = {Modigliani, Franco}, - title = {The Life Cycle Hypothesis, the Demand for Wealth, - and the Supply of Capital}, - journal = {Social Research}, - volume = 33, - pages = {160--217}, - year = 1966 -} - -@INCOLLECTION{modigliani:intercountry, - author = {Modigliani, Franco}, - title = {The Life Cycle Hypothesis of Saving and - Inter-Country Differences in the Saving Ratio}, - booktitle = {Induction, Growth, and Trade: Essays in Honor of Sir - Roy Harrod}, - publisher = {Clarendon Press}, - year = 1970, - editor = {Eltis, W.~A., et. al.}, - address = {London} -} - -@Article{modigliani:nobel, - Title = {Life Cycle, Individual Thrift, and the Wealth of - Nations}, - Author = {Modigliani, Franco}, - Journal = {American Economic Review}, - Year = 1986, - Month = {June}, - Note = {Available at { - \url{http://www.jstor.org/stable/1813352}}}, - Number = 76, - Pages = {297--313}, - Volume = 3, - Owner = {Nic Johnson}, - Url = {http://www.jstor.org/stable/1813352} -} - -@ARTICLE{ma63, - author = {Modigliani, Franco and Ando, Albert}, - title = {The Life Cycle Hypothesis of Saving: Aggregate - Implications and Tests}, - journal = {American Economic Review}, - year = 1963, - volume = 53, - pages = {55--84}, - number = 1 -} - -@INCOLLECTION{modigliani&brumberg:lifecycle, - author = {Modigliani, Franco and Brumberg, Richard}, - title = {Utility Analysis and the Consumption Function: An - Interpretation of Cross-Section Data}, - booktitle = {Post-Keynesian Economics}, - publisher = {Rutgers University Press}, - year = 1954, - editor = {Kurihara, Kenneth K.}, - pages = {388--436}, - address = {New Brunswick, N.J.} -} - -@ARTICLE{mmTheorem, - author = {Modigliani, Franco and Miller, Merton H.}, - title = {The Cost of Capital, Corporation Finance, and the - Theory of Investment}, - journal = {American Economic Review}, - year = 1958, - volume = 48, - pages = {261--297}, - number = 3, - month = {June} -} - -@INCOLLECTION{moffitt02, - author = {Moffitt, Robert}, - title = {Welfare Programs and Labor Supply}, - booktitle = {Handbook of Public Economics}, - publisher = {Elsevier}, - year = 2002, - editor = {Auerbach, A. J. and Feldstein, M.}, - volume = 4, - series = {Handbook of Public Economics}, - chapter = 34, - pages = {2393--2430} -} - -@ARTICLE{moffittID, - author = {Moffitt, Robert}, - title = {Identification And Estimation Of Dynamic Models With - A Time Series Of Repeated Cross-Sections}, - journal = {Journal of Econometrics}, - year = 1993, - volume = 59, - pages = {99--123}, - number = {1-2}, - publisher = {Elsevier} -} - -@ARTICLE{moffitt84, - author = {Moffitt, Robert}, - title = {The Estimation of a Joint Wage-Hours Labor Supply - Model}, - journal = {Journal of Labor Economics}, - year = 1984, - volume = 2, - pages = {550--66}, - number = 4 -} - -@ARTICLE{moffitt&gottschalk08, - author = {Moffitt, Robert A. and Gottschalk, Peter}, - title = {Trends in Transitory Variance of Male Earnings in - the U.S., 1970-2004}, - journal = {Manuscript}, - year = 2008 -} - -@ARTICLE{moffitt&gottschalk02, - author = {Moffitt, Robert A. and Gottschalk, Peter}, - title = {Trends in the Transitory Variance of Earnings in the - United States}, - journal = {Economic Journal}, - year = 2002, - volume = 112 -} - -@ARTICLE{moffitt&gottschalk95, - author = {Moffitt, Robert A. and Gottschalk, Peter}, - title = {Trends in the Covariance Structure of Earnings in - the U.S.: 1969-1987}, - journal = {Manuscript}, - year = 1995 -} - -@ARTICLE{mgCovariance, - author = {Moffitt, Robert and Gottschalk, Peter}, - title = {Trends in the Covariance Structure of Earnings in - the U.S.: 1969--1987}, - journal = {Journal of Economic Inequality}, - year = 2011, - volume = 9, - pages = {439--459}, - note = {doi: 10.1007/s10888-010-9154-z}, - affiliation = {Johns Hopkins University, Baltimore, MD, USA}, - file = - {/Volumes/Sync/DropBox/Bib/Raw/ByCiteKey/mgCovariance.pdf:/Volumes/Sync/DropBox/Bib/Raw/ByCiteKey/mgCovariance.pdf:PDF}, - issn = {1569-1721}, - issue = 3, - keyword = {Business and Economics}, - publisher = {Springer Netherlands}, - url = {http://dx.doi.org/10.1007/s10888-010-9154-z} -} - -@TECHREPORT{MooreJohnson:2005, - author = {Moore, Kevin and Johnson, Barry}, - title = {Consider the Source: Differences in Estimates of - Income and Wealth from Survey and Tax Data}, - institution = {Federal Reserve Board, Internal Revenue Service}, - year = 2005, - address = - {\href{http://www.federalreserve.gov/pubs/oss/oss2/papers/johnsmoore.pdf}{http://www.federalreserve.gov/pubs/oss/oss2/papers/johnsmoore.pdf}}, - month = {January} -} - -@ARTICLE{mor03, - author = {Moreira, Marcelo J.}, - title = {A Conditional Likelihood Ratio Test for Structural - Models}, - journal = {Econometrica}, - year = 2003, - volume = 71, - pages = {1027--1048}, - number = 4 -} - -@ARTICLE{morris&shin:inertia, - author = {Morris, Stephen and Shin, Hyung Sohn}, - title = {The Inertia of Forward Looking Expectations}, - journal = {Manuscript, London School of Economics}, - year = 2005 -} - -@ARTICLE{mpSearch, - author = {Mortensen, Dale T and Pissarides, Christopher A}, - title = {Job Creation and Job Destruction in the Theory of - Unemployment}, - journal = {Review of Economic Studies}, - year = 1994, - volume = 61, - pages = {397--415}, - number = 3, - month = {July}, - bdsk-url-1 = - {http://ideas.repec.org/a/bla/restud/v61y1994i3p397-415.html}, - url = - {http://ideas.repec.org/a/bla/restud/v61y1994i3p397-415.html} -} - -@ARTICLE{mroz87, - author = {Mroz, Thomas A}, - title = {The Sensitivity of an Empirical Model of Married - Women's Hours of Work to Economic and Statistical - Assumptions}, - journal = {Econometrica}, - year = 1987, - volume = 55, - pages = {765--99}, - number = 4 -} - -@ARTICLE{muellbauerFed, - author = {Muellbauer, John N.}, - title = {Housing, Credit, and Consumer Expenditure}, - journal = {Housing, Housing Finance, and Monetary Policy}, - year = 2007, - bdsk-url-1 = - {http://www.kc.frb.org/publicat/sympos/2007/PDF/Muellbauer_0415.pdf}, - publisher = {Federal Reserve Bank of Kansas City}, - url = {http://www.kc.frb.org/publicat/sympos/2007/PDF/Muellbauer_0415.pdf} -} - -@ARTICLE{mulligan&xavier:transition, - author = {Mulligan, Casey and i Martin, Xavier Sala}, - title = {Transitional Dynamics in Two-Sector Models of - Endogenous Growth}, - journal = {Quarterly Journal of Economics}, - year = 1993, - pages = {739--93}, - month = {August} -} - -@MISC{mulliganRBC, - author = {Mulligan, Casey B.}, - title = {Are Employers Unwilling to Hire, or Are Some Workers - Unwilling to Work?}, - howpublished = - {\url{http://economix.blogs.nytimes.com/2008/12/24/are-employers-unwilling-to-hire-or-are-workers-unwilling-to-work/}}, - year = 2008, - journal = {New York Times Economix Blog}, - volume = {January 8} -} - -@ARTICLE{Mulligan&sm:transdynam, - author = {{Mulligan, Casey B.} and {Xavier Sala-i-Martin}}, - title = {Transitional Dynamics in Two-Sector Models of - Endogenous Growth}, - journal = {Quarterly Journal of Economics}, - year = 1993, - volume = {CVIII}, - pages = {739--773}, - number = 3, - month = {August} -} - -@TECHREPORT{mrMobilityIndia, - author = {Munshi, Kaivan and Rosenzweig, Mark}, - title = {Why is Mobility in India so Low? Social Insurance, - Inequality, and Growth}, - institution = {National Bureau of Economic Research}, - year = 2009, - type = {Working Paper}, - number = 14850, - month = {April}, - abstract = {This paper examines the hypothesis that the - persistence of low spatial and marital mobility in - rural India, despite increased growth rates and - rising inequality in recent years, is due to the - existence of sub-caste networks that provide mutual - insurance to their members. Unique panel data - providing information on income, assets, gifts, - loans, consumption, marriage, and migration are used - to link caste networks to household and aggregate - mobility. Our key finding, consistent with the - hypothesis that local risk-sharing networks restrict - mobility, is that among households with the same - (permanent) income, those in higher-income caste - networks are more likely to participate in - caste-based insurance arrangements and are less - likely to both out-marry and out-migrate. At the - aggregate level, the networks appear to have coped - successfully with the rising inequality within - sub-castes that accompanied the Green - Revolution. The results suggest that caste networks - will continue to smooth consumption in rural India - for the foreseeable future, as they have for - centuries, unless alternative consumption-smoothing - mechanisms of comparable quality become available.}, - bdsk-url-1 = {http://www.nber.org/papers/w14850}, - series = {Working Paper Series}, - url = {http://www.nber.org/papers/w14850} -} - -@ARTICLE{muth:rational, - author = {Muth, John F.}, - title = {Rational Expectations and the Theory of Price - Movements}, - journal = {Econometrica}, - year = 1961, - volume = 29, - pages = {315--35}, - number = 3, - month = {July} -} - -@article{muthOptimal, - author = {Muth, John F.}, - journal = {Journal of the American Statistical Association}, - number = {290}, - pages = {299--306}, - title = {Optimal Properties of Exponentially Weighted - Forecasts}, - volume = {55}, - year = {1960}, -} - - -@ARTICLE{naik&moore:habits, - author = {Naik, Narayan and Moore, Michael}, - title = {Habit Formation and Intertemporal Substitution in - Individual Food Consumption}, - journal = {Review of Economics and Statistics}, - year = 1996, - volume = 78, - pages = {321--328}, - number = 2 -} - -@BOOK{cnstatMeasuring, - title = {Measuring What We Spend: Toward a New Consumer - Expenditure Survey}, - publisher = {The National Academies Press}, - year = 2012, - author = {{National Research Council}}, - note = {Don A. Dillman and Carol C. House, Editors; Panel on - Redesigning the BLS Consumer Expenditure Surveys; - Committee on National Statistics; Division of - Behavioral and Social Sciences and Education}, - isbn = 9780309265751, - url = {http://www.nap.edu/openbook.php?record_id=13520} -} - -@ARTICLE{neave:inherit, - author = {Neave, Edwin H.}, - title = {Multiperiod Consumption-Investment Decisions and - Risk Preference}, - journal = {Journal of Economic Theory}, - year = 1971, - volume = 3, - pages = {40--53}, - number = 1 -} - -@ARTICLE{nelson&startz:disease, - author = {{Nelson, Charles R.} and Startz, Richard}, - title = {The Distribution of the Instrumental Variables - Estimator and its t-Ratio When the Instrument iIs a - Poor One}, - journal = {Journal of Business}, - year = 1990, - volume = 63, - pages = {125--140} -} - -@ARTICLE{nwTelescoping, - author = {Neter, J. and Waksberg, J.}, - title = {A Study Of Response Errors In Expenditures Data From - Household Interviews}, - journal = {Journal of the American Statistical Association}, - year = 1964, - pages = {18--55}, - publisher = {JSTOR} -} - -@ARTICLE{newey&west:hac, - author = {Newey, Whitney K. and West, Kenneth D.}, - title = {A Simple Positive Semi-Definite, Heteroskedasticity - and Autorcorrelation Consistent Covariance Matrix}, - journal = {Econometrica}, - year = 1987, - volume = 55, - pages = {703--708} -} - -@ARTICLE{ng:acase, - author = {Ng, Y.~K.}, - title = {A Case for Happiness, Cardinalism, and Interpersonal - Comparability}, - journal = {Economic Journal}, - year = 1997, - volume = 107, - pages = {1848--1858} -} - -@TECHREPORT{nielsenExpectations, - author = {Nielsen, Hannah}, - title = {Essays on Expectations}, - institution = {Aachen}, - year = 2003 -} -@ARTICLE{nv:risk, - author = {Nielsen, Helena~Skyt and Vissing-Jorgensen, Annette}, - title = {The Impact of Labor Income Risk on Educational - Choices: Estimates and Implied Risk Aversion}, - journal = {Manuscript}, - year = 2006 -} - -@ARTICLE{normanRuleOfLaw, - author = {Norman, Catherine S.}, - title = {Rule of Law And The Resource Curse: Abundance Versus - Intensity}, - journal = {Environmental and Resource Economics}, - year = 2009, - volume = 43, - pages = {183--207}, - number = 2, - note = {\\ - \url{http://www.springerlink.com/index/573331512G41V538.pdf}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/normanRuleOfLaw.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/normanRuleOfLaw.pdf:PDF}, - publisher = {Springer}, - url = - {http://www.springerlink.com/index/573331512G41V538.pdf} -} - -@ARTICLE{ndfMontreal, - author = {Norman, Catherine S. and DeCanio, Stephen and Fan, - Lin}, - title = {The Montreal Protocol at 20: Ongoing Opportunities - For Integration With Climate Protection}, - journal = {Global Environmental Change}, - year = 2008, - volume = 18, - pages = {330--340}, - number = 2, - note = {\\ - \url{http://www.sciencedirect.com/science/article/pii/S0959378008000198}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/ndfMontreal.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/ndfMontreal.pdf:PDF}, - url = - {http://www.sciencedirect.com/science/article/pii/S0959378008000198} -} - -@ARTICLE{ow05, - author = {O'Reilly, Gerard and Whelan, Karl}, - title = {Has Euro-Area Inflatin Persistence Changed over - Time?}, - journal = {Review of Economics and Statistics}, - year = 2005, - volume = 87, - pages = {709--720}, - number = 4 -} - -@ARTICLE{obstfeld:habitsdiagram, - author = {Obstfeld, Maury}, - title = {International Adjustment with Habit-Forming - Consumption: A Diagrammatic Exposition}, - journal = {Review of International Economics}, - year = 1992, - volume = 1, - pages = {32--48}, - number = 1 -} - -@ARTICLE{orIntertemporal, - author = {Obstfeld, Maurice and Rogoff, Kenneth}, - title = {The Intertemporal Approach to the Current Account}, - journal = {in Handbook of International Economics, ed. by Gene - M. Grossman and Kenneth Rogoff (North Holland, - Amsterdam)}, - year = 1995, - volume = 3, - pages = {121--139} -} - -@BOOK{oecd04, - title = {Benefits and Wages: OECD Indicators}, - publisher = {Organization for Economic Co-operation and - Development}, - year = 2004, - author = {OECD} -} - - -@misc{carroll:reviewoecdOld, - journal = {Journal of Economic Literature}, - author = {OECD}, - year = {1997}, - note = {Book Review}, - title = {Global Capital Shortages: Real Threat or Pure Fiction?} -} - -% Version for CV -@article{carroll:reviewoecd, - doi = {10.2307/2729707}, - ISSN = {00220515}, - URL = {http://www.jstor.org/stable/2729707}, - author = {Christopher D. 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At - the aggregate level, the two share a strong - contemporaneous relationship: an increase in equity - values boosts sentiment. However, I examined the - nature of the relationship between the two. Does an - increase in stock prices raise aggregate sentiment - because people are wealthier or because they use - movements in stock prices as an indicator of future - economic activity and potential labor income growth? - Using individual observations from the Michigan - survey I found results more consistent with the view - that people use movements in equity prices as a - leading indicator. Although the findings do not rule - out a traditional wealth effect, they do raise some - questions about the causal role of wealth in - aggregate spending.} -} - -@ARTICLE{otoo:consumersentiment, - author = {Otoo, Maria Ward}, - title = {Consumer Sentiment and the Stock Market}, - journal = {Board of Governors of the Federal Reserve}, - year = 1999 -} - -@ARTICLE{overland:habits, - author = {Overland, Jody}, - title = {Optimal Saving with Stochastic Income and Habit - Formation}, - journal = {Manuscript, Brown University}, - year = 1997 -} - -@ARTICLE{padulaApprox, - author = {Padula, Mario}, - title = {An Approximate Consumption Function}, - journal = {Presentation at Computing in Economics and Finance - Meetings, Cyprus, 2006} -} - -@ARTICLE{pag84, - author = {Pagan, Adrian}, - title = {Econometric Issues in the Analysis of Regressions - with Generated Regressors}, - journal = {International Economic Review}, - year = 1984, - volume = 25, - pages = {221--247}, - number = 1 -} - -@ARTICLE{palumbo:medical, - author = {Palumbo, Michael G}, - title = {Uncertain Medical Expenses and Precautionary Saving - Near the End of the Life Cycle}, - journal = {Review of Economic Studies}, - year = 1999, - volume = 66, - pages = {395--421}, - number = 2, - note = {Available at - {\url{http://ideas.repec.org/a/bla/restud/v66y1999i2p395-421.html}}} -} - -@ARTICLE{palumbo:medicalWP, - author = {Palumbo, Michael G.}, - title = {Precautionary Saving and Out-Of-Pocket Medical - Expenditures Near the End of the Life Cycle}, - journal = {Manuscript, University of Houston}, - year = 1997 -} - -@ARTICLE{parente&prescott:technology, - author = {{Parente, Steven L.} and {Edward C. Prescott}}, - title = {Barriers to Technology Adoption and Development}, - journal = {Journal of Political Economy}, - year = 1994, - volume = 102, - pages = {298--321}, - number = 2 -} - -@ARTICLE{parkLiqConstrContinuous, - author = {Park, Myung-Ho}, - title = {An Analytical Solution to the Inverse Consumption - Function with Liquidity Constraints}, - journal = {Economics Letters}, - year = 2006, - volume = 92, - pages = {389--394} -} - -@comment{parkerSocSec:socialsecurityOld} -@ARTICLE{parkerSocSec, - author = {Parker, Jonathan A.}, - title = {The Reaction of Household Consumption to Predictable - Changes in Social Security Taxes}, - journal = {American Economic Review}, - year = 1999, - volume = 89, - pages = {959--973}, - number = 4, - month = {September} -} - -@ARTICLE{ParkerRiskReturn, - author = {Parker, Jonathan A.}, - title = {Consumption Risk and Expected Stock Returns}, - journal = {American Economic Review Papers and Proceedings}, - year = 2003, - volume = 93, - number = 2, - month = {May}, - note = {Available at { - \url{http://ideas.repec.org/p/nbr/nberwo/9548.html}}} -} - -@INCOLLECTION{Parker:Spendthrift, - author = {Parker, Jonathan A.}, - title = {Spendthrift in America? On Two Decades of Decline in - the U.S.\ Saving Rate}, - booktitle = {NBER Macroeconomics Annual 1999, Volume 14}, - publisher = {National Bureau of Economic Research, Inc}, - year = 2000, - series = {NBER Chapters}, - pages = {317--387}, - month = {July}, - bdsk-url-1 = {http://ideas.repec.org/h/nbr/nberch/11050.html}, - url = {http://ideas.repec.org/h/nbr/nberch/11050.html} -} - -@INCOLLECTION{parker_nberma_spendthrift, - author = {Parker, Jonathan A.}, - title = {Spendthrift in America? On Two Decades of Decline in - the U.S.\ Saving Rate}, - booktitle = {NBER Macroeconomics Annual 1999, Volume 14}, - publisher = {National Bureau of Economic Research, Inc}, - year = 2000, - series = {NBER Chapters}, - pages = {317--387}, - month = {July}, - bdsk-url-1 = {http://ideas.repec.org/h/nbr/nberch/11050.html}, - url = {http://ideas.repec.org/h/nbr/nberch/11050.html} -} - -@ARTICLE{parkerSocSecReEst, - author = {Parker, Jonathan A.}, - title = {The Consumption Function Re-Estimated}, - journal = {Mimeo, Princeton University}, - year = 1999 -} - -@ARTICLE{pjLuxuries, - author = {Parker, Jonathan A and Julliard, Christian}, - title = {Consumption Risk And The Cross Section Of Expected - Returns}, - journal = {Journal of Political Economy}, - year = 2005, - volume = 113, - pages = {185--222}, - number = 1, - publisher = {JSTOR} -} - -@ARTICLE{ParkerPrestonPrecaution, - author = {Parker, Jonathan A. and Preston, Bruce}, - title = {Precautionary Saving and Consumption Fluctuations}, - journal = {American Economic Review}, - year = 2005, - volume = 95, - pages = {1119--1143}, - number = 4, - month = {September} -} - -% Crossref = "NBERcarr11-1", -@article{ParkerSoulelesCarroll-0-NBER, - title = "The Benefits of Panel Data in Consumer Expenditure - Surveys", - author = "Jonathan A. Parker and Nicholas S. Souleles and - Christopher D. Carroll", - year = 2014, - month = "July", - journal = {NBER Book Chapter Drafts Series}, - URL = "http://www.nber.org/chapters/c12674", - note = {At \url{http://www.nber.org/chapters/c12674}} -} - -% type = "Book", -@book{NBERcarr11-1, - title = "Improving the Measurement of Consumer Expenditures", - editor = "Christopher Carroll and Thomas Crossley and John - Sabelhaus", - institution = "National Bureau of Economic Research", - publisher = "University of Chicago Press", - year = {2015}, - volume = 74, - series = {NBER-CRIW Series in Income and Wealth}, - URL = "http://www.nber.org/books/carr11-1", -} - -@ARTICLE{jps:rebatesWP, - author = {Parker, Jonathan A. and Souleles, Nicholas S. and - Johnson, David S.}, - title = {Consumption and Tax Cuts: Evidence from the - Randomized Income Tax Rebates of 2001}, - journal = {Manuscript, The Wharton School}, - year = 2003 -} - -@TECHREPORT{PSJM2008, - author = {Parker, Jonathan A. and Souleles, Nicholas S and - Johnson, David S. and McClelland, Robert}, - title = {Consumer Spending and the Economic Stimulus Payments - of 2008}, - institution = {National Bureau of Economic Research, Inc}, - year = 2011, - type = {NBER Working Papers}, - number = 16684 -} - -@TECHREPORT{pvWhoBears, - author = {Parker, Jonathan A. and Vissing-Jorgensen, Annette}, - title = {Who Bears Aggregate Fluctuations and How?}, - institution = {National Bureau of Economic Research, Inc}, - year = 2009, - type = {NBER Working Papers}, - number = 14665, - month = Jan, - bdsk-url-1 = {http://ideas.repec.org/p/nbr/nberwo/14665.html}, - url = {http://ideas.repec.org/p/nbr/nberwo/14665.html} -} - -@ARTICLE{pbStim, - author = {Parker, Jonathan and Broda, Christian}, - title = {The Economic Stimulus Payments of 2008 and the - Aggregate Demand for Consumption}, - journal = {Manuscript, Northwestern University}, - year = {2011} -} - -@BOOK{paulos:innumeracy, - title = {Innumeracy: Mathematical Illiteracy and Its - Consequences}, - publisher = {Vintage Books}, - year = 1990, - author = {Paulos, John Allen}, - address = {New York} -} - -@ARTICLE{paxson:sandg, - author = {Paxson, Christina H.}, - title = {Saving and Growth: Evidence from Micro Data}, - journal = {European Economic Review}, - year = 1995, - volume = 40, - pages = {255--88}, - month = {February} -} - -@ARTICLE{Pedroni2004, - author = {Pedroni, Peter}, - title = {Panel Cointegration: Asymptotic and Finite Sample - Properties of Pooled Time Series Tests with an - Application to the PPP Hypothesis}, - journal = {Econometric Theory}, - year = 2004, - volume = 20, - pages = {597--625} -} - -@ARTICLE{peek:saving, - author = {Peek, Joe}, - title = {Capital Gains and Personal Saving Behavior}, - journal = {Journal of Money, Credit, and Banking}, - year = 1983, - volume = 15, - pages = {1--23} -} - -@Article{pemberton:failure, - Title = {The Empircial Failure of the Life Cycle Model with - Perfect Capital Markets}, - Author = {Pemberton, James}, - Journal = {Oxford Economic Papers}, - Year = 1997, - Note = {Available at - {\url{http://www.jstor.org/stable/2663734}}}, - Number = 1, - Pages = {129--151}, - Volume = 49, - Owner = {Nic Johnson}, - Url = {http://www.jstor.org/stable/2663734} -} - -@ARTICLE{pendakur:inequality, - author = {Pendakur, Krishna}, - title = {Taking Prices Seriously in the Measurement of - Inequality}, - journal = {Journal of Public Economics}, - volume = 86, - pages = {47--69}, - number = 1 -} - -@ARTICLE{phelps69, - author = {Phelps, Edmund S.}, - title = {The New Microeconomics in Inflation and Employment - Theory}, - journal = {American Economic Review}, - year = 1969, - volume = 59, - pages = {147--160}, - number = 2 -} - -@ARTICLE{phelps:golden, - author = {Phelps, Edmund S.}, - title = {The Golden Rule of Accumulation}, - journal = {American Economic Review}, - year = 1961, - pages = {638--642}, - month = {September}, - note = {Available at { - \url{http://teaching.ust.hk/~econ343/PAPERS/Edmund - Phelps-The Golden Rule of Accumulation- A fable for - Growth Men.pdf}}} -} - -@ARTICLE{phelpsRisk, - author = {Phelps, Edward S.}, - title = {The Accumulation of Risky Capital: A Sequential - Utility Analysis}, - journal = {Econometrica}, - year = 1960, - volume = 30, - pages = {729--743}, - number = 4 -} - -@ARTICLE{po90, - author = {Phillips, Peter C. B. and Ouliaris, Sam}, - title = {Asymptotic Properties of Residual Based Tests for - Cointegration}, - journal = {Econometrica}, - year = 1990, - volume = 58, - pages = {165--193}, - number = 1 -} - -@ARTICLE{pst07, - author = {Monika Piazessi and Martin Schneider and Selale - Tuzel}, - title = {Housing, Consumption and Asset Pricing}, - journal = {Journal of Financial Economics}, - year = 2007, - volume = 83, - pages = {531--569} -} - -@ARTICLE{pichette&tremblay:wealtheffects, - author = {Pichette, Lise and Tremblay, Dominique}, - title = {Are Wealth Effects Important for Canada?}, - journal = {Bank of Canada Working Paper 30}, - year = 2003 -} - -@TECHREPORT{pt03, - author = {Pichette, Lise and Tremblay, Dominique}, - title = {Are Wealth Effects Important for Canada?}, - institution = {Bank of Canada}, - year = 2003, - type = {working paper}, - number = 30 -} - -@ARTICLE{piergiorgio:stockmarket, - author = {Piergiorgio, Alessandri}, - title = {Aggregate Consumption and the Stock Market: A New - Assessment of the Equity Wealth Effect}, - journal = {Manuscript, University of London}, - year = 2003 -} - -@TECHREPORT{pl03, - author = {Piger, Jeremy and Levin, Andrew}, - title = {Is Inflation Persistence Intrinsic in Industrial - Economies?}, - institution = {Federal Reserve Bank of St. Louis}, - year = 2003, - type = {Federal Reserve Bank of St. Louis working paper.}, - number = 23 -} - -@ARTICLE{pigou:utility, - author = {Pigou, A. C.}, - title = {Some Remarks on Utility}, - journal = {Economic Journal}, - year = 1903, - pages = {58--68} -} - -@BOOK{pinker:mind, - title = {How the Mind Works}, - publisher = {W.W. Norton And Company}, - year = 1997, - author = {Pinker, Stephen} -} - -@ARTICLE{pischkeMicroMacro, - author = {Pischke, J{\"o}rn-Steffen}, - title = {Individual Income, Incomplete Information, and - Aggregate Consumption}, - journal = {Econometrica}, - year = 1995, - volume = 63, - pages = {805--40}, - number = 4, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/pischkeMicroMacro.pdf}, -} - -@INPROCEEDINGS{ppsDistribution, - author = {Pistaferri, Luigi and Saporta-Eksten, Itay}, - title = {Changes in the Income Distribution and Aggregate - Consumption}, - booktitle = {Federal Reserve Board meeting}, - year = 2012 -} - -@ARTICLE{pr07, - author = {Pivetta, Frederick and Reis, Ricardo}, - title = {The persistence of inflation in the United States}, - journal = {Journal of Economic Dynamics and Control}, - year = 2007, - volume = 34, - pages = {1326--1358}, - number = 1 -} - -@ARTICLE{ploner:wealtheffects, - author = {Ploner, Matteo}, - title = {The Financial Markets and Wealth Effects on - Consumption}, - journal = {Universita Degli Di Trento Discussion Paper 6}, - year = 2003 -} - -@ARTICLE{polbornCalibration, - author = {Polborn, Mattias K.}, - title = {Calibrating The World And The World Of Calibration}, - journal = {Manuscript, University of Western Ontario}, - year = 2001, - note = - {\url{http://publish.uwo.ca/~mpolborn/calibration.pdf}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/polbornCalibration.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/polbornCalibration.pdf:PDF}, - url = {http://publish.uwo.ca/~mpolborn/calibration.pdf} -} - -@ARTICLE{pollack:tastes, - author = {Pollack, Robert A.}, - title = {Endogenous Tastes in Demand and Welfare Analysis}, - journal = {American Economic Review}, - year = 1978, - volume = 68, - pages = {374--79} -} - -@BOOK{Porter:1990, - title = {The Competitive Advantage of Nations}, - publisher = {New York: Free Press}, - year = 1990, - author = {Porter, Michael E.} -} - -@INCOLLECTION{posen:cred2, - author = {Posen, Adam S.}, - title = {Declarations Are Not Enough: Financial Sector - Sources of Central Bank Independence}, - booktitle = {NBER Macroeconomics Annual}, - publisher = {MIT Press}, - year = 1995, - editor = {Bernanke, Ben S. and Rotemberg, Julio J.}, - pages = {258--74}, - address = {Cambridge, MA} -} - -@ARTICLE{posen:cred, - author = {Posen, Adam S.}, - title = {Central Bank Independence and Disinflationary - Credibility: A Missing Link?}, - journal = {Oxford Economic Papers}, - year = 1998, - volume = 50, - pages = {335--59}, - number = 3 -} - -@ARTICLE{posen:credold, - author = {Posen, Adam S.}, - title = {Central Bank Independence and Disinflationary - Credibility: A Missing Link?}, - journal = {Federal Reserve Bank of New York Staff Reports}, - year = 1995, - number = 1 -} - -@INCOLLECTION{poterba:taxportfolios, - author = {Poterba, James M.}, - title = {Taxation and Portfolio Structure: Issues and - Implications}, - booktitle = {Household Portfolios}, - publisher = {MIT Press}, - year = 2001, - editor = {Guiso, Luigi and Haliassos, Michael and Jappelli, - Tullio} -} - -@ARTICLE{Poterba:2000, - author = {Poterba, James M.}, - title = {Stock Market Wealth and Consumption}, - journal = {Journal of Economic Perspectives}, - year = 2000, - volume = 14, - pages = {99--118}, - number = 2, - abstract = {This paper explores the link between changes in the - aggregate value of corporate stock and changes in - consumer spending. It presents data on the - distribution of corporate stock ownership based on - the 1998 Survey of Consumer Finances. It also uses - time-series evidence on the comovement of stock - market wealth and various categories of consumer - spending to calibrate {"}the wealth effect.{"} It - concludes that in the year after a change in stock - market values, consumer spending is likely to rise - by between one and two cents for each dollar - increase in the value of corporate stock.} -} - -@article{10.2307/2728815, - ISSN = {00220515}, - URL = {http://www.jstor.org/stable/2728815}, - author = {Christopher D. Carroll}, - journal = {Journal of Economic Literature}, - number = {4}, - pages = {1881--1882}, - publisher = {American Economic Association}, - reviewed-author = {James H. Gapinski}, - volume = {32}, - year = {1994}, - title = {The Economics of Saving}, - note = {Book Review} - } - - -% Version for CV; "author" should be author of item reviewed -@article{carroll:reviewpoterba, - ISSN = {00220515}, - URL = {http://www.jstor.org/stable/2729228}, - author = {James M. Poterba}, - journal = {Journal of Economic Literature}, - number = {2}, - pages = {765--766}, - publisher = {American Economic Association}, - volume = {34}, - year = {1996}, - title = {International Comparisons of Household Saving}, - note = {Book Review}, - doi = {10.2307/2729228}, - url = {www.jstor.org/stable/2729228} -} - - -@article{10.2307/2729228, - ISSN = {00220515}, - URL = {http://www.jstor.org/stable/2729228}, - author = {Christopher D. Carroll}, - journal = {Journal of Economic Literature}, - number = {2}, - pages = {765--766}, - publisher = {American Economic Association}, - reviewed-author = {James M. Poterba}, - volume = {34}, - year = {1996} -} - -@ARTICLE{poterba:excise, - author = {Poterba, James M.}, - title = {Lifetime incidence and the distributional burden of - excise taxes}, - journal = {American Economic Review}, - year = 1989, - volume = 79, - pages = {325--330} -} - -@ARTICLE{poterba&samwick:stockmarket, - author = {Poterba, James M. and Samwick, Andrew A.}, - title = {Stock Ownership Patterns, Stock Market Fluctuations, - and Consumption}, - journal = {Brookings Paper on Economic Activity}, - year = 1995, - volume = 2, - pages = {295--372} -} - -@INCOLLECTION{powell, - author = {Powell, James L.}, - title = {Estimation of Semiparametric Models}, - booktitle = {Handbook of Econometrics}, - publisher = {Elsevier}, - year = 1994, - volume = 4, - pages = {2443--2521} -} - -@ARTICLE{prs:brookings, - author = {Prasad, Eswar and Rajan, Raghuram and Subramanian, - Arvind}, - title = {Foreign Capital and Economic Growth}, - journal = {Brookings Papers on Economic Activity}, - year = 2007, - pages = {153--230} -} - -@ARTICLE{pratt:smallandlarge, - author = {Pratt, John W.}, - title = {Risk Aversion in the Small and in the Large}, - journal = {Econometrica}, - year = 1964, - volume = 32, - pages = {122--136} -} - -@ARTICLE{quadrini:entrepreneurship, - author = {Quadrini, Vincenzo}, - title = {Entrepreneurship, Saving, and Social Mobility}, - journal = {Review of Economic Dynamics}, - year = 2000, - volume = 3, - pages = {1--40}, - number = 1 -} - -@ARTICLE{quadrini:wealth, - author = {Quadrini, Vincenzo}, - title = {The Importance of Entrepreneurship for Wealth - Concentration and Mobility}, - journal = {The Review of Income and Wealth}, - year = 1999, - volume = 45, - pages = {1--20} -} - -@ARTICLE{quadrini&riosrull:wealth, - author = {Quadrini, Vincenzo and R{\'}{i}os-Rull, - Jos{\'}{e}-V{\'}{i}ctor}, - title = {Models of the Distribution of Wealth}, - journal = {Manuscript, University of Pennsylvania}, - year = 1997 -} - -@ARTICLE{quah:identification, - author = {Quah, Danny}, - title = {The Relative Importance of Permanent and Transitory - Components: Identification and Some Theoretical - Bounds}, - journal = {Econometrica}, - year = 1992, - volume = 60, - pages = {107--18}, - number = 1 -} - -@ARTICLE{quah:smooth, - author = {Quah, Danny}, - title = {Permanent and Transitory Movements in Labor Income: - An Explanation for {``}Excess Smoothness{''} in - Consumption}, - journal = {Journal of Political Economy}, - year = 1990, - volume = 98, - pages = {449--75}, - number = 3 -} - -@ARTICLE{rabin:psych, - author = {Rabin, Matthew}, - title = {Psychology and Economics}, - journal = {Journal of Economic Literature}, - year = 1998, - volume = {XXXVI}, - pages = {11--46}, - month = {March} -} - -@ARTICLE{rbm:lossaversion, - author = {Rabin, Matthew and Bowman, David and Minehart, - Deborah}, - title = {Loss Aversion in a Consumption-Savings Model}, - journal = {Journal of Economic Behavior and Organization}, - year = 1999, - volume = 38, - pages = {155--178}, - number = 2, - month = {February} -} - -@ARTICLE{odonoghue&rabin:noworlater, - author = {Rabin, Matthew and O'Donoghue, Ted}, - title = {Doing It Now or Later}, - journal = {American Economic Review}, - year = 1999, - volume = 89, - pages = {103--24}, - number = 1 -} - -@ARTICLE{rameyFrancisLeisure, - author = {Ramey, Valerie A. and Francis, Neville}, - title = {A Century of Work and Leisure}, - journal = {NBER Working Paper Number 12264}, - year = 2006 -} - -@UNPUBLISHED{Ravina:2005, - author = {Ravina, Enrichetta}, - title = {Habit Persistence and Keeping Up with the Joneses: - Evidence from Micro Data}, - note = {Working Paper}, - month = {November}, - year = 2005 -} - -@ARTICLE{rebelo:long, - author = {Rebelo, Sergio T.}, - title = {Long-Run Policy Analysis and Long-Run Growth}, - journal = {Journal of Political Economy}, - year = 1991, - volume = 99, - pages = {500--521}, - number = 3, - month = {June} -} - - -@ARTICLE{reisPortugal, - author = {Reis, Ricardo}, - title = {The Portuguese Slump-Crash and the Euro-Crisis}, - journal = {Brookings Papers on Economic Activity}, - year = 2013 -} - -@TECHREPORT{rei04, - author = {Reis, Ricardo}, - title = {Inattentive Consumers}, - institution = {Princeton University}, - year = 2004, - type = {mimeo} -} - -@ARTICLE{reiter:backward, - author = {Reiter, Michael}, - title = {Solving the Incomplete Markets Model with Aggregate - Uncertainty by Backward Induction}, - journal = {Journal of Economic Dynamics and Control}, - year = 2010, - volume = 34, - pages = {28--35}, - number = 1, - month = {January} -} - -@ARTICLE{reiter08, - author = {Reiter, Michael}, - title = {Solving Heterogeneous-Agent Models by Backward - Induction}, - journal = {Manuscript}, - year = 2008 -} - -@ARTICLE{reiter06, - author = {Reiter, Michael}, - title = {Solving Heterogeneous-Agent Models by Projection and - Perturbation}, - journal = {Manuscript}, - year = 2006 -} - -@ARTICLE{reiter:recursive, - author = {Reiter, Michael}, - title = {Recursive Computation of Heterogeneous Agent Models}, - journal = {Paper Prepared for SITE Conference, Summer 2004, - Stanford University}, - year = 2004 -} - -@ARTICLE{reiterRich, - author = {Reiter, Michael}, - title = {Do the rich save too much? How to explain the top - tail of the wealth distribution}, - journal = {manuscript, Universitat Pompeu Fabra}, - year = 2004, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/reiterRich.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/reiterRich.pdf:PDF} -} - -@ARTICLE{csxanth3, - author = {Reyes-Morales, Sally E.}, - title = {Characteristics of Nonresponders in the Consumer - Expenditure Quarterly Interview Survey}, - journal = {Consumer Expenditure Survey Anthology}, - year = 2005, - pages = {18--23}, - note = - {\url{http://www.bls.gov/cex/anthology05/csxanth3.pdf}}, - file = {csxanth3.pdf:csxanth3.pdf:PDF}, - url = {http://www.bls.gov/cex/anthology05/csxanth3.pdf} -} - -@ARTICLE{csxanth4, - author = {Reyes-Morales, Sally E.}, - title = {Characteristics of Complete and Intermittent - Responders in the Consumer Expenditure Quarterly - Interview Survey}, - journal = {Consumer Expenditure Survey Anthology}, - year = 2003, - pages = {25--29}, - note = {\url{http://www.bls.gov/cex/anthology/csxanth4.pdf}}, - file = {csxanth4.pdf:csxanth4.pdf:PDF}, - url = {http://www.bls.gov/cex/anthology/csxanth4.pdf} -} - -@ARTICLE{reitzDisasters, - author = {Rietz, Thomas A.}, - title = {The Equity Risk Premium: A Solution}, - journal = {Journal of Monetary Economics}, - year = 1988, - volume = 22, - pages = {117--131}, - number = 1 -} - -@ARTICLE{rrUnbounded, - author = {Rinc{\'o}n-Zapatero, Juan Pablo and - Rodr{\i}guez-Palmero, Carlos}, - title = {Existence and Uniqueness of Solutions to the Bellman - Equation in the Unbounded Case}, - journal = {Econometrica}, - year = 2003, - volume = 71, - pages = {pp.1519--1555}, - number = 5, - abstract = {We study the problem of the existence and uniqueness - of solutions to the Bellman equation in the presence - of unbounded returns. We introduce a new approach - based both on consideration of a metric on the space - of all continuous functions over the state space, - and on the application of some metric fixed point - theorems. With appropriate conditions we prove - uniqueness of solutions with respect to the whole - space of continuous functions. Furthermore, the - paper provides new sufficient conditions for the - existence of solutions that can be applied to fairly - general models. It is also proven that the fixed - point coincides with the value function and that it - can be approached by successive iterations of the - Bellman operator.}, - copyright = {Copyright © 2003 The Econometric Society}, - file = - {ByCiteKey/rrUnbounded.pdf:ByCiteKey/rrUnbounded.pdf:PDF}, - issn = 00129682, - jstor_articletype ={research-article}, - jstor_formatteddate ={Sep., 2003}, - language = {English}, - publisher = {The Econometric Society}, - url = {http://www.jstor.org/stable/1555510} -} - -@ARTICLE{robertsStickyInfl, - author = {Roberts, John M.}, - title = {Is Inflation Sticky?}, - journal = {Journal of Monetary Economics}, - year = 1997, - pages = {173--196}, - number = 2 -} - -@ARTICLE{robertsQJE:inflexp, - author = {Roberts, John M.}, - title = {Inflation Expectations and the Transmission of - Monetary Policy}, - journal = {Federal Reserve Board FEDS working paper Number - 1998-43}, - year = 1998 -} - -@ARTICLE{roberts:phillips, - author = {Roberts, John M.}, - title = {New Keynesian Economics and the Phillips Curve}, - journal = {Journal of Money, Credit, and Banking}, - year = 1995, - volume = 27, - pages = {975--984}, - number = 4 -} - -@BOOK{robinson:philosophy, - title = {Economic Philosophy}, - publisher = {Aldine}, - year = 1962, - author = {Robinson, Joan}, - address = {Chicago} -} - -@ARTICLE{rodrikSavTransitions, - author = {Rodrik, Dani}, - title = {Saving Transitions}, - journal = {The World Bank Economic Review}, - year = 2000, - volume = 14, - pages = {481--507}, - number = 3, - publisher = {World Bank} -} - -@ARTICLE{rodrik:transitions, - author = {Rodrik, Dani}, - title = {Saving Transitions}, - journal = {Manuscript, Harvard University}, - year = 1999 -} - -@ARTICLE{romerFiscal, - author = {Romer, Christina D.}, - title = {What Do We Know about the Effects of Fiscal Policy? - Separating Evidence from Ideology}, - journal = {Speech at Hamilton College, November}, - year = 2011 -} - -@BOOK{romer:text, - title = {Advanced Macroeconomics}, - publisher = {McGraw-Hill/Irwin}, - year = 2011, - author = {Romer, David}, - edition = {Fourth} -} - -@INCOLLECTION{romer:capform, - author = {Romer, Paul M.}, - title = {Capital Accumulation in the Theory of Long Run - Growth}, - booktitle = {Modern Business Cycle Theory}, - publisher = {Harvard University Press}, - year = 1989, - editor = {Barro, Robert J.}, - address = {Cambridge, Massachusetts} -} - -@ARTICLE{Romer:1986, - author = {Romer, Paul M}, - title = {Increasing Returns and Long-Run Growth}, - journal = {Journal of Political Economy}, - year = 1986, - volume = 94, - pages = {1002--37}, - number = 5, - month = {October} -} - -@ARTICLE{romer:growth, - author = {Romer, Paul M.}, - title = {Increasing Returns and Long Run Growth}, - journal = {Journal of Political Economy}, - year = 1986, - volume = 94, - pages = {1002--37}, - month = {October} -} - -@INCOLLECTION{rotemberg&woodford:macroannual, - author = {Rotemberg, Julio J. and Woodford, Michael}, - title = {An Optimization-Based Econometric Model for the - Evaluation of Monetary Policy}, - booktitle = {NBER Macroeconomics Annual, 1997}, - publisher = {MIT Press}, - year = 1997, - editor = {Bernanke, Benjamin S. and Rotemberg, Julio J.}, - volume = 12, - pages = {297--346}, - address = {Cambridge, MA} -} - -@ARTICLE{rotembergWoodfordPred, - author = {Rotemberg, Julio J. and Woodford, Michael}, - title = {Real Business Cycle Models and the Forecastable - Movements in Output, Hours and Consumption}, - journal = {American Economic Review}, - year = 1996, - volume = 86, - pages = {71--89}, - number = 1, - month = {January} -} - -@ARTICLE{roth&erev:learning, - author = {Roth, Alvin and Erev, Ido}, - title = {Learning in Extensive-Form Games: Experimental Data - and Simple Dynamic Models in the Intermediate Term}, - journal = {Games and Economic Behavior}, - year = 1995, - volume = 8, - pages = {164--212} -} - -@ARTICLE{Rudd2006, - author = {Jeremy Rudd and Karl Whelan}, - title = {A Note on the Cointegration of Consumption, Income, - and Wealth}, - journal = {Review of Economic Dynamics}, - year = 2006, - volume = 9, - pages = {34--51} -} - -@ARTICLE{rwCWRatio, - author = {Rudd, Jeremy and Whelan, Karl}, - title = {Empirical Proxies for the Consumption-Wealth Ratio}, - journal = {Review of Economic Dynamics}, - year = 2006, - volume = 9, - pages = {34--51}, - month = {January} -} - -@ARTICLE{rwAER06, - author = {Rudd, Jeremy and Whelan, Karl}, - title = {Can Rational Expectations Sticky-Price Models - Explain Inflation Dynamics?}, - journal = {American Economic Review}, - year = 2006, - volume = 96, - pages = {303--320}, - number = 1 -} - -@TECHREPORT{rw03, - author = {Rudd, Jeremy and Whelan, Karl}, - title = {Can Rational Expectations Sticky-Price Models - Explain Inflation Dynamics?}, - institution = {Federal Reserve Bank of Boston}, - year = 2005, - type = {mimeo} -} - -@TECHREPORT{rw05, - author = {Jeremy Rudd and Karl Whelan}, - title = {Modelling Inflation Dynamics: A Critical Survey of - Recent Research}, - institution = {Federal Reserve Bank of Boston}, - year = 2005, - type = {mimeo} -} - -@TECHREPORT{rw02, - author = {Rudd, Jeremy and Whelan, Karl}, - title = {Empirical Proxies for the Consumption--Wealth Ratio}, - institution = {Federal Reserve Board}, - year = 2002, - type = {FEDS working paper}, - number = 38 -} - -@BOOK{runciman:deprivation, - title = {Relative Deprivation and Social Justice: A Study of - Attitudes to Social Inequality in Twentieth-Century - England}, - publisher = {University of California Press}, - year = 1966, - author = {Runciman, W. G.}, - address = {Berkeley} -} - -@ARTICLE{runkle:PSID, - author = {Runkle, David E.}, - title = {Liquidity Constraints and the Permanent Income - Hypothesis: Evidence from Panel Data}, - journal = {Journal of Monetary Economics}, - year = 1991, - volume = 27, - pages = {39--98}, - number = 1 -} - -@ARTICLE{ryder&heal:optgrow, - author = {{Ryder, Harl} and {Geoffrey Heal}}, - title = {Optimal Growth with Intertemporally Dependent - Preferences}, - journal = {Review of Economic Studies}, - year = 1973, - volume = 40, - pages = {1--31}, - month = {January} -} - -@ARTICLE{sabelhaus&groen:measurement, - author = {Sabelhaus, John and Groen, Jeff}, - title = {Can Permanent-Income Theory Explain Cross-Section - Consumption Patterns?}, - journal = {Manuscript, Congressional Budget Office}, - year = 1998 -} - -@ARTICLE{sjasgghByIncome, - author = {John Sabelhaus and David Johnson and Stephen Ash and - David Swanson and Thesia Garner and John Greenlees - and Steve Henderson}, - title = {Is the Consumer Expenditure Survey Representative by - Income?}, - journal = {CRIW, University of Chicago Press}, - year = 2012, - month = {March 13} -} - -@article{szWIneq_MS, - author = {Emmanuel Saez and Gabriel Zucman}, - title = {Wealth Inequality in the United States since 1913: Evidence from Capitalized Income Tax Data}, - year = {forthcoming}, -} - -@article{szWIneq, - title = "Wealth Inequality in the United States Since 1913: Evidence from Capitalized Income Tax Data", - author = "Emmanuel Saez and Gabriel Zucman", - institution = "National Bureau of Economic Research", - journal = {Quarterly Journal of Economics}, - year = "2016", - month = "May", - doi = {10.1093/qje/qjw004.}, - URL = "http://www.nber.org/papers/w20625", - abstract = {This paper combines income tax returns with Flow of Funds data to estimate the distribution of household wealth in the United States since 1913. We estimate wealth by capitalizing the incomes reported by individual taxpayers, accounting for assets that do not generate taxable income. We successfully test our capitalization method in three micro datasets where we can observe both income and wealth: the Survey of Consumer Finance, linked estate and income tax returns, and foundations' tax records. Wealth concentration has followed a U-shaped evolution over the last 100 years: It was high in the beginning of the twentieth century, fell from 1929 to 1978, and has continuously increased since then. The rise of wealth inequality is almost entirely due to the rise of the top 0.1\% wealth share, from 7\% in 1979 to 22\% in 2012--a level almost as high as in 1929. The bottom 90\% wealth share first increased up to the mid-1980s and then steadily declined. The increase in wealth concentration is due to the surge of top incomes combined with an increase in saving rate inequality. Top wealth-holders are younger today than in the 1960s and earn a higher fraction of total labor income in the economy. We explain how our findings can be reconciled with Survey of Consumer Finances and estate tax data.}, -} - -@techreport{NBERw20625, - title = "Wealth Inequality in the United States since 1913: Evidence from Capitalized Income Tax Data", - author = "Emmanuel Saez and Gabriel Zucman", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "20625", - year = "2014", - month = "October", - doi = {10.3386/w20625}, - URL = "http://www.nber.org/papers/w20625", - abstract = {This paper combines income tax returns with Flow of Funds data to estimate the distribution of household wealth in the United States since 1913. We estimate wealth by capitalizing the incomes reported by individual taxpayers, accounting for assets that do not generate taxable income. We successfully test our capitalization method in three micro datasets where we can observe both income and wealth: the Survey of Consumer Finance, linked estate and income tax returns, and foundations' tax records. Wealth concentration has followed a U-shaped evolution over the last 100 years: It was high in the beginning of the twentieth century, fell from 1929 to 1978, and has continuously increased since then. The rise of wealth inequality is almost entirely due to the rise of the top 0.1\% wealth share, from 7\% in 1979 to 22\% in 2012--a level almost as high as in 1929. The bottom 90\% wealth share first increased up to the mid-1980s and then steadily declined. The increase in wealth concentration is due to the surge of top incomes combined with an increase in saving rate inequality. Top wealth-holders are younger today than in the 1960s and earn a higher fraction of total labor income in the economy. We explain how our findings can be reconciled with Survey of Consumer Finances and estate tax data.}, -} - -@techreport{deNardi2015, - title = {Quantitative Models of Wealth Inequality: A Survey}, - author = {Mariacristina {De Nardi}}, - institution = {National Bureau of Economic Research}, - type = {working paper}, - series = {Working Paper Series}, - number = {21106}, - year = {2015}, - month = {April}, -} - -@TechReport{cozzi2012, - author={Marco Cozzi}, - title={Risk Aversion Heterogeneity, Risky Jobs and Wealth Inequality}, - year=2012, - month=Dec, - institution={Queen's University, Department of Economics}, - type={Working Papers}, -} - -@INPROCEEDINGS{kruegerMitmanPerri:handbookMacro, - author = {Dirk Krueger and Kurt Mitman and Fabrizio Perri}, - title = {Macroeconomics and Heterogeneity, Including Inequality}, - booktitle = {Handbook of Macroeconomics}, - year = {forthcoming}, - editor = {John Taylor and Harald Uhlig}, - publisher = {North Holland}, - owner = {Jirka}, - url={http://economics.sas.upenn.edu/~dkrueger/research/Handbook.pdf} -} - -@ARTICLE{saez02, - author = {Saez, Emmanuel}, - title = {Optimal Income Transfer Programs: Intensive Versus - Extensive Labor Supply Responses}, - journal = {The Quarterly Journal of Economics}, - year = 2002, - volume = 117, - pages = {1039--1073}, - number = 3 -} - -@UNPUBLISHED{Safir2011, - author = {Safir, Adam}, - title = {Measurement Error and Gemini Project Overview}, - note = {CNSTAT Panel Briefing, February}, - month = {February}, - year = 2011 -} - -@ARTICLE{sag99, - author = {Saget, Catherine}, - title = {The determinants of female labour supply in - {H}ungary}, - journal = {Economics of Transition}, - year = 1999, - volume = 7, - pages = {575--591}, - number = 17 -} - -@ARTICLE{sahmRiskChange, - author = {Sahm, Claudia}, - title = {How Much Does Risk Tolerance Change?}, - journal = {Finance and Economics Discussion Series}, - year = 2007, - volume = 66, - note = - {\url{http://www.federalreserve.gov/Pubs/Feds/2007/200766/revision/200766pap.pdf}}, - abstract = {Stability of preferences is central to how - economists study behavior. This paper uses panel - data on hypothetical gambles over lifetime income in - the Health and Retirement Study to quantify changes - in risk tolerance over time and differences across - individuals. The maximum-likelihood estimation of a - correlated random effects model utilizes information - from 12,000 respondents in the 1992-2002 HRS. The - results are consistent with constant relative risk - aversion and career selection based on - preferences. While risk tolerance changes with age - and macroeconomic conditions, persistent differences - across individuals account for 73 percent of the - systematic variation.}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/sahmRiskChange.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/sahmRiskChange.pdf:PDF}, - url = - {http://www.federalreserve.gov/Pubs/Feds/2007/200766/revision/200766pap.pdf} -} - -@ARTICLE{sssMail, - author = {Claudia R. Sahm and Matthew D. Shapiro and Joel - Slemrod}, - title = {Check in the Mail or More in the Paycheck: Does the - Effectiveness of Fiscal Stimulus Depend on How It Is - Delivered?}, - journal = {FEDS Working Paper No. 2010-40}, - year = 2010 -} - -@ARTICLE{Sahmetal:2008TaxRebates, - author = {Sahm, Claudia R. and Shapiro, Matthew D. and - Slemrod, Joel B.}, - title = {Household Response to the 2008 Tax Rebate: Survey - Evidence and Aggregate Implications}, - journal = {Tax Policy and the Economy}, - year = 2010, - volume = 24, - pages = {69--110} -} - -@ARTICLE{Sahm2009, - author = {Sahm, Claudia R. and Shapiro, Matthew D. and - Slemrod, Joel B.}, - title = {Household Response to the 2008 Tax Rebate: Survey - Evidence and Aggregate Implications}, - journal = {NBER Working Paper Number W15421}, - year = 2009, - month = Oct, - institution = {National Bureau of Economic Research, Inc} -} - -@ARTICLE{salaimartin:lecnotes, - author = {Sala-i-Martin, Xavier}, - title = {Lecture Notes on Economic Growth II: Five Prototype - Models of Endogenous Growth}, - journal = {NBER Working Paper Number 3564}, - year = 1990, - month = {December}, - note = {\url{http://ideas.repec.org/p/nbr/nberwo/3564.html}}, - bdsk-url-1 = {http://ideas.repec.org/p/nbr/nberwo/3564.html}, - url = {http://ideas.repec.org/p/nbr/nberwo/3564.html} -} - -@INCOLLECTION{Sala-i-Martin:1992, - author = {Sala-i-Martin, Xavier and Sachs, Jeffrey}, - title = {Fiscal Federalism and optimum currency areas: - Evidence for Europe from the United States}, - booktitle = {Establishing a central bank: Issues in Europe for - lessons from the U.S.}, - publisher = {Cambridge University Press}, - year = 1992, - editor = {adn Vittorio Grilli, Matthew Canzoneri and Masson, - Paul} -} - -@ARTICLE{samuelsonJudgment, - author = {Samuelson, Paul A.}, - title = {The Judgment of Economic Science on Rational - Portfolio Management: Indexing, Timing, and - Long-Horizon Effects}, - journal = {The Journal of Portfolio Management}, - year = 1989, - volume = 16, - pages = {4--12}, - number = 1, - publisher = {Institutional Investor Journals} -} - -@ARTICLE{samuelson:portfolio, - author = {Samuelson, Paul A.}, - title = {Lifetime Portfolio Selection by Dynamic Stochastic - Programming}, - journal = {Review of Economics and Statistics}, - year = 1969, - volume = 51, - pages = {239--46} -} - -@ARTICLE{samuelsonFallacy, - author = {Samuelson, Paul A}, - title = {Risk and Uncertainty: A Fallacy of Large Numbers}, - journal = {Scientia}, - year = 1963, - volume = 98, - pages = {108--113}, - number = {4-5} -} - -@ARTICLE{samuelson:olg, - author = {Samuelson, Paul A.}, - title = {An exact consumption loan model of interest with or - without the social contrivance of money}, - journal = {Journal of Political Economy}, - year = 1958, - volume = 66, - pages = {467--482} -} - -@ARTICLE{samuelsonI, - author = {Samuelson, Paul A.}, - title = {Interaction Between the Multiplier Analysis and the - Principle of Acceleration}, - journal = {Review of Economics and Statistics}, - year = 1939, - volume = 21, - pages = {75--78}, - number = 2 -} - -@ARTICLE{samwick:pensions, - author = {Samwick, Andrew A.}, - title = {The Limited Offset Between Pension Wealth and Other - Private Wealth: Implications of Buffer-Stock Saving}, - journal = {Manuscript, Department of Economics, Dartmouth - College}, - year = 1995 -} - -@INCOLLECTION{sandmo:opttax, - author = {Sandmo, ~A.}, - title = {The Effects of Taxation on Savings and Risk Taking}, - booktitle = {Handbook of Public Economics}, - publisher = {Elsevier Science Publishers BV}, - year = 1985, - editor = {{Alan J. Auerbach} and {Martin S. Feldstein}}, - address = {New York} -} - -@ARTICLE{sandriKFlows, - author = {Sandri, Damiano}, - title = {Growth and Capital Flows with Risky Entrepreneuship}, - journal = {IMF Working Paper No.10/37}, - year = 2010, - file = {sandriKFlows.pdf:sandriKFlows.pdf:PDF} -} - -@article{sandri:growthcapflows, - Author = {Damiano Sandri}, - Journal = {American Economic Journal: Macroeconomics}, - Title = {Growth and Capital Flows with Risky Entrepreneuship}, - Volume={6}, - Number={3}, - Pages={102-23}, - Year = {2014}, - url = {http://dx.doi.org/10.1257/mac.6.3.102}, - note = {http://llorracc.net/Papers/sandriGrowth.pdf} -} - -@ARTICLE{sandri:growthcapflows-JHU, - author = {Sandri, Damiano}, - title = {Growth and Capital Flows with Risky - Entrepreneurship}, - journal = {Manuscript, Johns Hopkins University}, - year = 2008 -} - -@ARTICLE{santaClaraValkanovPrez, - author = {Santa-Clara, Pedro and Valkanov, Rossen I.}, - title = {The Presidential Puzzle: Political Cycles and the - Stock Market}, - journal = {Journal of Finance}, - year = 2003, - volume = 58, - pages = {1841--1872}, - month = {October} -} - -@BOOK{sargentBlackBook, - title = {Macroeconomic Theory, Second Edition}, - publisher = {Academic Press}, - year = 1987, - author = {Sargent, Thomas}, - address = {Orlando, Florida} -} - -@INCOLLECTION{sargent:modinfl, - author = {Sargent, Thomas J.}, - title = {Stopping Moderate Inflations: The Methods of - Poincare and Thatcher}, - booktitle = {Inflation, Debt, and Indexation}, - publisher = {MIT Press}, - year = 1983, - editor = {Dornbusch, Rudiger and Simonsen, M.}, - pages = {54--96}, - address = {Cambridge, MA} -} - -@INCOLLECTION{sargent:biginfl, - author = {Sargent, Thomas J.}, - title = {The Ends of Four Big Inflations}, - booktitle = {Inflation: Causes and Consequences}, - publisher = {University of Chicago Press}, - year = 1982, - editor = {Hall, Robert E.}, - address = {Chicago} -} - -@BOOK{sargent:bounded, - title = {Bounded Rationality in Macroeconomics}, - publisher = {Oxford University Press}, - year = 1993, - author = {Sargent, Thomas J.}, - address = {Oxford} -} - -@BOOK{lsRecurse, - title = {Recursive Macroeconomic Theory}, - publisher = {The MIT Press}, - year = 2012, - author = {Sargent, Thomas J. and Ljunqvist, Lars}, - address = {Cambridge, MA} -} - -@ARTICLE{schectman:fluctuation, - author = {Schectman, Jack}, - title = {An Income Fluctuation Problem}, - journal = {Journal of Economic Theory}, - year = 1976, - volume = {XII}, - pages = {218--41} -} - -@ARTICLE{sen:poor, - author = {Sen, Amartya}, - title = {Poor, Relatively Speaking}, - journal = {Oxford Economic Papers}, - year = 1983, - volume = 35, - pages = {153--169} -} - -@BOOK{Sethi:Thompson:2000, - title = {Optimal Control Theory: Applications to Management - Science and Economics}, - publisher = {Kluwer Academic Publishers}, - year = 2000, - author = {Sethi, S.P. and Thompson, G.L.}, - address = {Boston} -} - -@ARTICLE{shapiro:PSID, - author = {Shapiro, Matthew D.}, - title = {The Permanent Income Hypothesis and the Real - Interest Rate: Some Evidence from Panel Data}, - journal = {Economics Letters}, - year = 1984, - volume = 14, - pages = {93--100}, - number = 1 -} - -@article{shapiroSlemrod:2008rebates, - author = {Shapiro, Matthew W. and Slemrod, Joel B.}, - journal = {American Economic Review}, - number = 2, - pages = {374--379}, - title = {Did the 2008 Tax Rebates Stimulate Spending?}, - volume = 99, - year = 2009, - note = - {\url{http://www-personal.umich.edu/~shapiro/papers/Rebate2008-2008-12-27-assa-draft.pdf}}, - url = - {http://www-personal.umich.edu/~shapiro/papers/Rebate2008-2008-12-27-assa-draft.pdf} -} - -@ARTICLE{ssBangOld, - author = {Shapiro, Matthew D. and Joel Slemrod}, - title = {Did the 2008 Tax Rebates Stimulate Spending?}, - journal = {Manuscript, University of Michigan}, - year = 2009, - note = - {\url{http://www-personal.umich.edu/~shapiro/papers/Rebate2008-2008-12-27-assa-draft.pdf}}, - url = - {http://www-personal.umich.edu/~shapiro/papers/Rebate2008-2008-12-27-assa-draft.pdf} -} - -@ARTICLE{shapiroSlemrod:AER03, - author = {Matthew D. Shapiro and Joel Slemrod}, - title = {Consumer Response to Tax Rebates}, - journal = {American Economic Review}, - year = 2003, - volume = 93, - pages = {381--396}, - number = 1 -} - -@ARTICLE{shapiro&slemrod:timing, - author = {Shapiro, Matthew D. and Slemrod, Joel B.}, - title = {Consumer Response to the Timing of Income: Evidence - from a Change in Tax Withholding}, - journal = {American Economic Review}, - year = 1995, - volume = 85, - pages = {274--283}, - number = 1, - month = {March} -} - -@ARTICLE{shea:iv, - author = {Shea, John}, - title = {Instrument Relevance in Multivariate Linear Models: - A Simple Measure}, - journal = {Review of Economics and Statistics}, - year = 1997, - volume = 49, - pages = {348--352}, - number = 2 -} - -@ARTICLE{shea:unions, - author = {Shea, John}, - title = {Union Contracts and the Life-Cycle/Permanent-Income - Hypothesis}, - journal = {American Economic Review}, - year = 1995, - volume = 85, - pages = {186--200}, - number = 1, - month = {March} -} - -@ARTICLE{ShieldsTo2005, - author = {Jennifer Shields and Nhien To}, - title = {Learning to Say No: Conditioned Underreporting in an - Expenditure Survey}, - journal = {American Association for Public OpinionResearch - - American Statistical Association, Proceedings of the - Section on Survey Research Methods}, - year = 2005, - pages = {3963--8} -} - -@MISC{shillerHousingBubble, - author = {Shiller, Robert}, - title = {Yale Professor Predicts Housing `Bubble' Will Burst}, - howpublished = {Interview with National Public Radio}, - month = {June 3}, - year = 2005 -} - -@TECHREPORT{Shiller:2004, - author = {Shiller, Robert J.}, - title = {Household Reaction to Chagnes in Housing Wealth}, - institution = {Cowles Foundation for Research in Economics, Yale - University}, - year = 2004, - note = {Discussion Paper NO. 1459} -} - -@ARTICLE{shiller:behavior, - author = {Shiller, Robert J.}, - title = {Human Behavior and the Efficiency of the Financial - System}, - journal = {Manuscript, Yale University}, - year = 1997 -} - -@BOOK{shiller:markets, - title = {Macro Markets: Creating Institutions for Managing - Society's Largest Economic Risks}, - publisher = {Oxford University Press}, - year = 1993, - author = {Shiller, Robert J.} -} - -@ARTICLE{shirvani&wilbratte:asymmetry, - author = {Shirvani, Hassan and Wilbratte, Barry}, - title = {Does Consumption Respond More Strongly to Stock - Market Declines than to Increases?}, - journal = {International Economic Review}, - year = 2000, - volume = 14, - pages = {41--49} -} - -@ARTICLE{shore:couples, - author = {Shore, Stephen H.}, - title = {The Co-Movement of Couples' Incomes}, - journal = {Manuscript, University of Pennsylvania, Wharton - School}, - year = 2006 -} - -@TECHREPORT{sw06, - author = {Shore, Stephen H. and White, Joshua S.}, - title = {External Habit Formation and the Home Bias Puzzle}, - institution = {The Wharton School, University of Pennsylvania}, - year = 2006, - type = {working paper} -} - -@ARTICLE{sibley:optimalc, - author = {Sibley, David S.}, - title = {Permanent and Transitory Income Effects in a Model - of Optimal Consumption with Wage Income Uncertainty}, - journal = {Journal of Economic Theory}, - year = 1975, - volume = 11, - pages = {68--82} -} - -@ARTICLE{SibleyPIH, - author = {Sibley, David S.}, - title = {Permanent and Transitory Effects of Optimal - Consumption with Wage Income Uncertainty}, - journal = {Journal of Economic Theory}, - year = 1975, - pages = {68--82} -} - -@ARTICLE{sichel:inventories, - author = {Sichel, Daniel S.}, - title = {Inventories and the Three Stages of the Business - Cycle}, - journal = {Journal of Business and Economic Statistics}, - year = 1994, - volume = 12, - pages = {269--277} -} - -@ARTICLE{sichel:3states, - author = {Sichel, Daniel S.}, - title = {Business Cycle Asymmetries: A Deeper Look}, - journal = {Economic Inquiry}, - year = 1993, - pages = {224--236} -} - -@MISC{silverPolls2012, - author = {Silver, Nate}, - title = {Which Polls Fared Best and Worst in the 2012 - Presidential Race?}, - month = {Nov}, - year = 2012, - note = - {\url{http://fivethirtyeight.blogs.nytimes.com/2012/11/10/which-polls-fared-best-and-worst-in-the-2012-presidential-race/}}, - day = 10, - journal = {New York Times, FiveThirtyEight Blog}, - url = - {http://fivethirtyeight.blogs.nytimes.com/2012/11/10/which-polls-fared-best-and-worst-in-the-2012-presidential-race/} -} - -@PHDTHESIS{simonivcOperators, - author = {Simoni{\v}{c}, A.}, - title = {An {Extension} of {Lomonosov's} {Techniques} to - {Non}-{Compact} {Operators}}, - school = {Dalhousie University, Department of Mathematics, - Statistics, \& Computing Science}, - year = 1994 -} - -@UNPUBLISHED{Sim91, - author = {Simoni{\v}{c}, A.}, - title = {Notes on {Subharmonic} {Functions}}, - note = {Lecture Notes, Dalhousie University, Department of - Mathematics, Statistics, \& Computing Science}, - year = 1991 -} - -@TECHREPORT{sims05, - author = {Sims, Christopher}, - title = {Rational Inattention: A Research Agenda}, - institution = {Deutsche Bundesbank}, - year = 2005, - type = {Deutsche Bundesbank discussion paper}, - number = 34 -} - -@ARTICLE{simsInattention, - author = {Sims, Christopher}, - title = {Implications of Rational Inattention}, - journal = {Journal of Monetary Economics}, - year = 2003, - volume = 50, - pages = {665--690}, - number = 3, - note = {available at \url{http://ideas.repec.org/a/eee/moneco/v50y2003i3p665-690.html}} -} - -@ARTICLE{simsQJE:inattention, - author = {Sims, Christopher A.}, - title = {Implications of Rational Inattention}, - journal = {Manuscript, Yale University}, - year = 2001 -} - -@MISC{sims:backsolve, - author = {Sims, Christopher A.}, - title = {Solving Nonlinear Stochastic Optimization and - Equilibrium Problems Backwards}, - howpublished = {Institute for Empirical Macroeconomics Discussion - Paper 15, Federal Reserve Bank of Minneapolis and - University of Minnesota}, - year = 1989 -} - -@ARTICLE{sirziz03, - author = {Sirovatka, Tomas and Zizlavsky, Martin}, - title = {Unemployment and Work Incentives ({N}ezamestnanost a - pracovni pobidky)}, - journal = {Political Economy (Politicka ekonomie)}, - year = 2003, - volume = 51, - pages = {391--406}, - number = 3, - note = {In Czech} -} - -@INCOLLECTION{skinner:houseUS, - author = {Skinner, Jonathan S.}, - title = {Housing and Saving in the U.S.}, - booktitle = {Housing Markets in the United States and Japan}, - publisher = {University of Chicago Press for NBER}, - year = 1994, - editor = {Noguchi, Yoshiro and Poterba, James M.}, - address = {Chicago:} -} - -@INCOLLECTION{skinner:sideshow, - author = {Skinner, Jonathan S.}, - title = {Is Housing Wealth a Sideshow?}, - booktitle = {Advances in the Economics of Aging}, - publisher = {University of Chicago Press for NBER}, - year = 1994, - editor = {Wise, David}, - address = {Chicago:} -} - -@ARTICLE{skinner:jme, - author = {Skinner, Jonathan S.}, - title = {Risky Income, Life Cycle Consumption, and - Precautionary Savings}, - journal = {Journal of Monetary Economics}, - year = 1988, - volume = 22, - pages = {237--255} -} - -@ARTICLE{sv:Ed, - author = {Skyt Nielsen, Helena and Annette - Vissing-J{\o}rgensen}, - title = {The Impact of Labor Income Risk on Educational - Choices: Estimates and Implied Risk Aversion}, - journal = {Manuscript, Kellogg School, Northwestern University}, - year = 2006, - month = {January}, - bdsk-url-1 = - {http://www.kellogg.northwestern.edu/faculty/vissing/htm/nielsen_vissing2006.pdf}, - url = - {http://www.kellogg.northwestern.edu/faculty/vissing/htm/nielsen_vissing2006.pdf} -} - -@ARTICLE{sla09, - author = {Slacalek, Jiri}, - title = {What Drives Personal Consumption? The Role of - Housing and Financial Wealth}, - journal = {The B.E. Journal of Macroeconomics}, - year = 2009, - volume = 9, - pages = {article 37}, - number = 1, - institution = {German Institute for Economic Research, DIW Berlin}, - type = {mimeo} -} - -@TECHREPORT{slacalekDrives, - author = {Slacalek, Jiri}, - title = {What Drives Personal Consumption? {T}he Role of - Housing and Financial Wealth}, - institution = {German Institute for Economic Research, DIW Berlin}, - year = 2006, - type = {discussion paper}, - number = 647 -} - -@ARTICLE{slacalek:coint, - author = {Slacalek, Jiri}, - title = {International Evidence On Cointegration Between - Consumption, Income, And Wealth}, - journal = {Manuscript, Johns Hopkins University}, - year = 2005, - bdsk-url-1 = - {http://econ.jhu.edu/people/slacalek/research/cointegration.pdf}, - url = {http://econ.jhu.edu/people/slacalek/research/ - cointegration.pdf} -} - -@TECHREPORT{slacalek:cwunstable, - author = {Slacalek, Jiri}, - title = {International Evidence on Cointegration between - Consumption, Income, and Wealth}, - institution = {Johns Hopkins University}, - year = 2004, - type = {mimeo} -} - -@BOOK{slemrod:progressivity, - title = {Tax Progressivity and Income Inequality}, - publisher = {Cambridge University Press}, - year = 1994, - author = {Slemrod, Joel}, - address = {New York} -} - -@ARTICLE{slifman&corrado:pty, - author = {Slifman, Lawrence and Corrado, Carol}, - title = {Decomposition of Productivity and Unit Costs}, - journal = {American Economic Review}, - year = 1999, - volume = 89, - pages = {328--332}, - number = 2 -} - -@ARTICLE{sw03, - author = {Smets, Frank and Wouters, Raf}, - title = {An Estimated Dynamic Stochastic General Equilibrium - Model of the Euro Area}, - journal = {Journal of European Economic Association}, - year = 2003, - volume = 5, - pages = {1123--1175}, - number = 1 -} - -@INCOLLECTION{smith:wealth, - author = {Smith, Adam}, - title = {An Inquiry into the Nature and Causes of the Wealth - of Nations}, - booktitle = {The Wealth of Nations: The Cannan Edition}, - publisher = {Modern Library}, - year = 1776, - editor = {Cannan, E.}, - address = {New York}, - note = {(1937)} -} - -@ARTICLE{Solon1992, - author = {Gary Solon}, - title = {Intergenerational Income Mobility in the United - States}, - journal = AER, - year = 1992, - volume = 82, - pages = {409--29}, - number = 3, - month = {June} -} - -@ARTICLE{solow:rep, - author = {Solow, Robert M.}, - title = {Dumb and Dumber in Macroeconomics}, - journal = {Manuscript, MIT}, - year = 2003 -} - -@ARTICLE{solow:contribution, - author = {Solow, Robert M.}, - title = {A Contribution to the Theory of Economic Growth}, - journal = {Quarterly Journal of Economics}, - year = 1956, - volume = 70, - pages = {65--94}, - number = 1 -} - -@ARTICLE{muellbauerHabits, - author = {Muellbauer, John}, - title = {Habits, Rationality and Myopia in the Life Cycle - Consumption Function}, - journal = {Annales d'Economie et de Statistique}, - year = 1988, - volume = 9, - pages = {47--70} -} - -@TECHREPORT{sommerHabits, - author = {Sommer, Martin}, - title = {Habits, Sentiment and Predictable Income in the - Dynamics of Aggregate Consumption}, - institution = {Johns Hopkins University}, - year = 2002, - type = {working Paper Number 458; Updated 2006}, - note = {Available at - {\url{http://econ.jhu.edu/pdf/papers/wp458_version2006.pdf}}} -} - -@ARTICLE{sommer:jobmarket, - author = {Sommer, Martin}, - title = {Habits, Sentiment and Predictable Income in the - Dynamics of Aggregate Consumption}, - journal = {Manuscript, The Johns Hopkins University}, - year = 2001, - note = - {\href{http://econ.jhu.edu/pdf/papers/wp458.pdf}{http://econ.jhu.edu/pdf/papers/wp458.pdf}} -} - -@ARTICLE{syChina, - author = {Song, Zheng Michael and Yang, Dennis Tao}, - title = {Life Cycle Earnings and Saving in a Fast-Growing - Economy}, - journal = {Manuscript, Chinese University of Hong Kong}, - year = 2010 -} - -@ARTICLE{souleles:sentiment, - author = {Souleles, Nicholas}, - title = {Consumer Sentiment: Its Rationality and Usefulness - in Forecasting Expenditure; Evidence from the - Michigan Micro Data}, - journal = {Journal of Money, Credit, and Banking}, - year = {forthcoming} -} - -@ARTICLE{souleles:finance, - author = {Souleles, Nicholas S.}, - title = {Household Securities Purchases, Transactions Costs, - and Hedging Motives}, - journal = {Manuscript, University of Pennsylvania}, - year = 2000 -} - -@ARTICLE{souleles:taxrefunds, - author = {Souleles, Nicholas S.}, - title = {The Response of Household Consumption to Income Tax - Refunds}, - journal = {American Economic Review}, - year = 1999, - volume = 89, - pages = {947--958}, - number = 4, - month = {September} -} - -@ARTICLE{sousa:stocks, - author = {Sousa, Ricardo}, - title = {Property of Stocks and Wealth Effects on - Consumption}, - journal = {Manuscript, University of Minho, Portugal}, - year = 2003 -} - -@ARTICLE{Splinter:2010vd, - author = {Splinter, David and Bryant, Victoria and Diamond, - John, W.}, - title = {{Income Volatility and Mobility: U.S. Income Tax - Data, 1999--2007}}, - year = 2010, - date-added = {2013-04-07T22:40:14GMT+00:00}, - date-modified ={2013-04-07T23:27:49GMT+00:00}, - file = - {{2010_Splinter.pdf:/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2010/Splinter/2010_Splinter.pdf:application/pdf}}, - local-url = - {file://localhost/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2010/Splinter/2010_Splinter.pdf}, - rating = 0, - uri = - {\url{papers2://publication/uuid/1986B22E-9258-492A-8A7D-71082007A882}}, - url = - {http://www.bakerinstitute.org/publications/TEPP-pub-SplinterBryantDiamondIncomeVolatility-012010.pdf} -} - -@ARTICLE{ssw:nairu, - author = {Staiger, Douglas and Stock, James H. and Watson, - Mark W.}, - title = {Prices, Wages, and the U.S. NAIRU in the 1990s}, - journal = {NBER Working Paper Number 8320}, - year = 2001 -} - -@ARTICLE{staiger&stock:disease, - author = {{Staiger, Douglas} and Stock, James H.}, - title = {Instrumental Variables Regression with Weak - Instruments}, - journal = {NBER Technical Working Paper No. 151}, - year = 1994 -} - -@ARTICLE{StarrMcCluer:2002, - author = {Starr-McCluer, Martha}, - title = {Stock Market Wealth and Consumption}, - journal = {Economic Inquiry}, - year = 2002, - volume = 40, - pages = {69--79}, - number = 1, - month = {January}, - abstract = {This article investigates the effects of stock - market wealth on consumer spending. Traditional - macroeconometric models estimate that a dollar's - increase in stock wealth boosts consumption by three - to seven cents. With the substantial 1990s rise in - stock prices, the nature and magnitude of this - {"}wealth effect{"} have been much debated. After - describing the issues and previous research, I - present new evidence from a well-known consumer - survey. The results are broadly consistent with - life-cycle saving and a modest wealth effect: most - stockholders reported no appreciable effect of stock - prices on their saving or spending, but many - mentioned {"}retirement saving{"} in explaining - their behavior.} -} - -@ARTICLE{starr-mccluer:stockmarket, - author = {Starr-McCluer, Martha}, - title = {Stock Market Wealth and Consumer Spending}, - journal = {Federal Reserve Board of Governors}, - year = 1998 -} - -@ARTICLE{StiglerBeckerDeGustibus, - author = {Stigler, George J. and Becker, Gary S.}, - title = {{De Gustibus Non Est Disputandum}}, - journal = {The American Economic Review}, - year = 1977, - volume = 67, - pages = {76--90}, - number = 2, - bdsk-url-1 = {http://dx.doi.org/10.2307/1807222}, - citeulike-article-id =350004, - citeulike-linkout-0 ={http://dx.doi.org/10.2307/1807222}, - citeulike-linkout-1 ={http://www.jstor.org/stable/1807222}, - doi = {10.2307/1807222}, - keywords = {economics, methodology, philosophy}, - posted-at = {2008-10-06 08:07:03}, - priority = 2, - url = {http://dx.doi.org/10.2307/1807222} -} - -@TECHREPORT{swManyPredictors_inflPred, - author = {Stock, James and Watson, Mark}, - title = {Has Inflation Become Harder to Forecast?}, - institution = {Harvard University}, - year = 2005, - type = {mimeo} -} - -@INCOLLECTION{stock:Handbook, - author = {Stock, James H.}, - title = {Unit roots, structural breaks and trends}, - booktitle = {Handbook of Econometrics}, - publisher = {Elsevier}, - year = 1986, - editor = {R. F. Engle and D. McFadden}, - volume = 4, - series = {Handbook of Econometrics}, - chapter = 46, - pages = {2739--2841}, - month = {December}, - abstract = {This chapter reviews inference about large - autoregressive or moving average roots in univariate - time series, and structural change in multivariate - time series regression. The \"problem\" of - unit roots is cast more broadly as determining the - order of integration of a series; estimation, - inference, and confidence intervals are - discussed. The discussion of structural change - focuses on tests for parameter stability. Much - emphasis is on asymptotic distributions in these - nonstandard settings, and one theme is the general - applicability of functional central limit - theory. The quality of the asymptotic approximations - to finite-sample distributions and implications for - empirical work are critically reviewed.}, - url = {http://ideas.repec.org/h/eee/ecochp/4-46.html} -} - -@ARTICLE{sto91, - author = {Stock, James H.}, - title = {Confidence Intervals for the Largest Autoregressive - Root in Macroeconomic Time Series}, - journal = {Journal of Monetary Economics}, - year = 1991, - volume = 28, - pages = {445--460}, - number = 3 -} - -@ARTICLE{stock&watson:forecasting, - author = {Stock, James H. and Watson, Mark W.}, - title = {Forecasting Output and Inflation: The Role of Asset - Prices}, - journal = {Journal of Economic Literature}, - year = 2003 -} - -@ARTICLE{swPrincipal, - author = {James H. Stock and Mark W. Watson}, - title = {Forecasting Using Principal Components from a Large - Number of Predictors}, - journal = {Journal of the American Statistical Association}, - year = 2002, - volume = 97, - pages = {1167--1179} -} - -@ARTICLE{sw02a, - author = {Stock, James H. and Watson, Mark W.}, - title = {Macroeconomic Forecasting Using Diffusion Indexes}, - journal = {Journal of Business and Economic Statistics}, - year = 2002, - volume = 20, - pages = {147--162}, - number = 2 -} - -@ARTICLE{swInflation, - author = {Stock, James H. and Watson, Mark W.}, - title = {Forecasting Inflation}, - journal = {Journal of Monetary Economics}, - year = 1999, - volume = 44, - pages = {293--335} -} - -@ARTICLE{swMedianUnbiased, - author = {James H. Stock and Mark W. Watson}, - title = {Median Unbiased Estimation of Coefficient Variance - in a Time-Varying Parameter Model}, - journal = {Journal of the American Statistical Association}, - year = 1998, - volume = 93, - pages = {349--358}, - number = 441 -} - -@MISC{stock&watson:handbook, - author = {Stock, James H. and Watson, Mark W.}, - title = {Business Cycle Fluctuations in U.S. Macroeconomic - Time Series}, - howpublished = {Working Paper}, - year = 1997 -} - -@ARTICLE{swy02, - author = {Stock, James H. and Wright, Jonathan H. and Yogo, - Motohiro}, - title = {A Survey of Weak Instruments and Weak Identification - in Generalized Method of Moments}, - journal = {Journal of Business and Economic Statistics}, - year = 2002, - volume = 20, - pages = {518--529}, - number = 4 -} - -@ARTICLE{Stockman:1988, - author = {Stockman, Alan C.}, - title = {Sectoral and National Aggregate Disturbances to - Industrial Output in Seven European Countries}, - journal = {Journal of Monetary Economics}, - year = 1988, - volume = 21, - pages = {387--409} -} - -@ARTICLE{sty:cyclical, - author = {Storesletten, Kjetil and Telmer, Chris I. and Yaron, - Amir}, - title = {Cyclical Dynamics in Idiosyncratic Labor-Market - Risk}, - journal = {Journal of Political Economy}, - year = 2004, - volume = 112, - pages = {695--717}, - number = 3, - month = {June} -} - -@ARTICLE{strotzInconsistent, - author = {Strotz, Richard H.}, - title = {Myopia and Inconsistency in Dynamic Utility - Maximization}, - journal = {Review of Economic Studies}, - year = 1955, - volume = 23, - pages = {165--180}, - number = 3 -} - -@ARTICLE{suk07, - author = {Sukiassyan, Grigor}, - title = {Inequality and Growth: What Does the Transition - Economy Data Say?}, - journal = {Journal of Comparative Economics}, - year = 2007, - volume = 35, - pages = {35--56}, - number = 1 -} - -@ARTICLE{summersWolf, - author = {Summers, Lawrence H.}, - title = {Larry Summers and Martin Wolf on New Economic - Thinking}, - journal = {Financial Times video interview}, - year = 2011, - note = {\url{http://tinyurl.com/dl201108a}}, - date = {April 8, 2011}, - url = {http://tinyurl.com/dl201108a} -} - -@Article{summersIllusion, - Title = {The Scientific Illusion in Empirical Macroeconomics}, - Author = {Summers, Lawrence H}, - Journal = {Scandinavian Journal of Economics}, - Year = 1991, - Note = - {\url{http://www.econ.ucdavis.edu/faculty/kdsalyer/LECTURES/Ecn200e/summers_illusion.pdf}}, - Number = 2, - Pages = {129-48}, - Volume = 93, - Owner = {Nic Johnson}, - Url = - {http://www.econ.ucdavis.edu/faculty/kdsalyer/LECTURES/Ecn200e/summers_illusion.pdf} -} - -@ARTICLE{summers:skeptical, - author = {Summers, Lawrence H.}, - title = {Some Skeptical Observations on Real Business Cycle - Theory}, - journal = {Federal Reserve Bank of Minneapolis Quarterly - Review}, - year = 1986, - volume = 10, - pages = {23--27}, - note = - {\url{http://minneapolisfed.org/research/QR/QR1043.pdf}}, - bdsk-url-1 = {http://minneapolisfed.org/research/QR/QR1043.pdf}, - file = {summersSkeptical.pdf:summersSkeptical.pdf:PDF}, - 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Wiley and Sons, Inc.} -} - -@BOOK{tobinMacro, - title = {Asset Accumulation and Economic Activity: - Reflections on Contemporary Macroeconomic Theory}, - publisher = {Basil Blackwell}, - year = 1980, - author = {Tobin, James}, - location = {Oxford} -} - -@ARTICLE{tobinsQ, - author = {Tobin, James}, - title = {A General Equilibrium Approach to Monetary Theory}, - journal = {Journal of Money Credit and Banking}, - year = 1969, - volume = 1, - pages = {15--29}, - number = 1 -} - -@ARTICLE{tobinRisk, - author = {Tobin, James}, - title = {Liquidity Preference as Behavior Towards Risk}, - journal = {Review of Economic Studies}, - year = 1958, - volume = {XXXV}, - pages = {65--86}, - number = 67, - month = {February}, - bdsk-url-1 = {http://cowles.econ.yale.edu/P/cm/m19/m19-01.pdf}, - url = {http://cowles.econ.yale.edu/P/cm/m19/m19-01.pdf} -} - -@ARTICLE{tokuokaCapitalist, - author = {Kiichi Tokuoka}, - title = {Is Wealth Accumulation a Luxury Good?}, - journal = {Economics Letters}, - year = 2012, - volume = 115, - pages = {523--526}, - number = 3, - doi = {10.1016/j.econlet.2011.12.122}, - file = {tokuokaCapitalist.pdf:tokuokaCapitalist.pdf:PDF}, - issn = {0165-1765}, - keywords = {Wealth}, - url = - {http://www.sciencedirect.com/science/article/pii/S0165176511006458} -} - -@ARTICLE{topelSeniority, - author = {Topel, Robert H.}, - title = {Specific Capital, Mobility and Wages: Wages Rise - with Job Seniority}, - journal = {Journal of Political Economy}, - year = 1991, - volume = 99, - pages = {145--176}, - issue = 1 -} - -@ARTICLE{topel90, - author = {Topel, Robert H.}, - title = {Specific Capital, Mobility and Wages: Wages Rise - with Job Seniority}, - journal = {NBER Working Paper Number W3294}, - year = 1990 -} - -@ARTICLE{topel92, - author = {Topel, Robert H. and Ward, Michael P.}, - title = {Job Mobility and the Careers of Young Men}, - journal = {Quarterly Journal of Economics}, - year = 1992, - volume = 107, - pages = {439--479}, - number = 2, - month = {May} -} - -@ARTICLE{townsendIndia, - author = {Townsend, Robert}, - title = {Risk and Insurance in Village India}, - journal = {Econometrica}, - year = 1994, - volume = 62, - pages = {171--84}, - number = 3 -} - -@TECHREPORT{trabandt05, - author = {Mathias Trabandt}, - title = {Sticky Information vs. Sticky Prices: A Horse Race - in a DSGE Framework}, - institution = {Humboldt University Berlin}, - year = 2004, - type = {mimeo} -} - -@BOOK{trump:deal, - title = {Trump: The Art of the Deal}, - publisher = {Random House}, - year = 1988, - author = {Trump, Donald}, - address = {New York}, - note = {With Tony Schwarz} -} - -@ARTICLE{jappelli&pagano:intlLC, - author = {Tullio Jappelli, Marco Pagano}, - title = {Consumption and Capital Market Imperfections: An - International Comparison}, - journal = {The American Economic Review}, - year = 1989, - volume = 79, - pages = {1088--1105}, - number = 5, - month = {December} -} - -@ARTICLE{turnovsky:inflsurv, - author = {Turnovsky, Stephen J.}, - title = {Empirical Evidence on the Formation of Price - Expectations}, - journal = {Journal of the American Statistical Association}, - year = 1970, - volume = 65, - pages = {1441--54}, - number = {December} -} - -@ARTICLE{tuttle&gauger:wealtheffects, - author = {Tuttle, M. 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Total factor productivity; Adult - mortality; Longevity; Knowledge transmission; }, - url = {http://ideas.repec.org/p/pra/mprapa/32302.html} -} - -@ARTICLE{white:whydont, - author = {White, Michelle}, - title = {Why Don't More Households File for Bankruptcy?}, - journal = {University of Michigan Working Paper}, - year = 1998, - volume = {98-3} -} - -@ARTICLE{white:whyitpays, - author = {White, Michelle}, - title = {Why It Pays to File For Bankruptcy: A Critical Look - at Incentives Under U.S. Bankruptcy Laws and a - Proposal for Change}, - journal = {University of Michigan Working Paper}, - year = 1998, - volume = {98-2} -} - -@ARTICLE{wil92, - author = {David W. Wilcox}, - title = {The Construction of the U.S. Consumption Data: Some - Facts and Their Implications for Empirical Research}, - journal = {American Economic Review}, - year = 1992, - volume = 82, - pages = {922--941}, - number = 4 -} - -@ARTICLE{wilhelm:bequest, - author = {Wilhelm, Mark O.}, - title = {Bequest Behavior and the Effect of Heirs' Earnings: - Testing the Altruistic Model of Bequests}, - journal = {American Economic Review}, - year = 1996, - volume = 86, - pages = {874--982}, - number = 4 -} - -@INCOLLECTION{willis:survey, - author = {Willis, ~R.~J.}, - title = {Wage Determinants: A Survey and Reinterpretation of - Human Capital Earnings Functions}, - booktitle = {Handbook of Labor Economics}, - publisher = {Elsevier Science Publishers BV}, - year = 1986, - editor = {{Orley Ashenfelter} and {Richard Layard}}, - address = {New York} -} - -@INCOLLECTION{woodfordImperfect, -title = {Imperfect Common Knowledge and the Effects of Monetary Policy}, -author = {Woodford, Michael}, -abstract = {This paper reconsiders the Phelps-Lucas hypothesis, according to which temporary real effects of purely nominal disturbances result from imperfect information, but departs from the assumptions of Lucas (1973) in two crucial respects. Due to monopolistically competitive pricing, higher-order expectations are crucial for aggregate inflation dynamics, as argued by Phelps (1983). And decisionmakers' subjective perceptions of current conditions are assumed to be of imperfect precision, owing to finite information processing capacity, as argued by Sims (2001). The model can explain highly persistent real effects of a monetary disturbance, and a delayed effect on inflation, as found in VAR studies.}, - url = {http://EconPapers.repec.org/RePEc:nbr:nberwo:8673}, - booktitle = {Knowledge, Information and Expectations in Modern Macroeconomics}, - publisher = {Princeton University Press}, - address = {Princeton}, - year = 2002, - editor = {Aghion, P. and R. Frydman and J. Stiglitz and M. Woodford}, -} - -@ARTICLE{woodford:imperfectNBERWP, - author = {Woodford, Michael}, - title = {Imperfect Common Knowledge and the Effects of - Monetary Policy}, - journal = {NBER Working Paper Number 8673}, - url = {http://EconPapers.repec.org/RePEc:nbr:nberwo:8673}, - year = 2001 -} - -@comment{wor60Old} -@comment{working:timeaggOld} -@ARTICLE{workingTimeAgg, - author = {Holbrook Working}, - title = {Note on the Correlation of First Differences of - Averages in a Random Chain}, - journal = {Econometrica}, - year = 1960, - volume = 28, - pages = {916--918}, - number = 4 -} - -@ARTICLE{wrightInterestElasticity, - author = {Wright, Colin}, - title = {Some Evidence on the Interest Elasticity of - Consumption}, - journal = {The American Economic Review}, - year = 1967, - volume = 57, - pages = {pp.850--855}, - number = 4, - copyright = {Copyright © 1967 American Economic Association}, - issn = 00028282, - jstor_articletype ={research-article}, - jstor_formatteddate ={Sep., 1967}, - language = {English}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/1815373} -} - -@ARTICLE{young:obstacle, - author = {Young, Eric}, - title = {An Obstacle Course for the Krusell-Smith Algorithm}, - journal = {Manuscript, Florida State University}, - year = 2002 -} - -@ARTICLE{young, - author = {Young, Eric R.}, - title = {Solving the Incomplete Markets Model with Aggregate - Uncertainty Using the Krusell-Smith Algorithm and - Non-Stochastic Simulations}, - journal = {Journal of Economic Dynamics and Control}, - year = 2010, - volume = 34, - pages = {36--41}, - number = 1, - month = {January} -} - -@BOOK{young:learning, - title = {Learning and Evolution in Games}, - publisher = {Princeton University Press}, - year = 1997, - author = {Young, H. Peyton} -} - -@PHDTHESIS{yuen:opttax, - author = {Yuen, C.}, - title = {Taxation, Human Capital Accumulation and Economic - Growth}, - school = {University of Chicago}, - year = 1991 -} - -@ARTICLE{zandiFiscal, - author = {Zandi, Mark}, - title = {Perspectives on the Economy}, - journal = {Testimony before the House Budget Committee, July 1}, - year = 2010 -} - -@ARTICLE{zeldes_jpe89, - author = {Stephen P. Zeldes}, - title = {Consumption and Liquidity Constraints: An Empirical - Investigation}, - journal = {The Journal of Political Economy}, - year = 1989, - volume = 97, - pages = {275--298}, - number = 2, - note = - {\url{http://userwww.service.emory.edu/~skrause/E511/Zeldes-1989.pdf}}, - url = - {http://userwww.service.emory.edu/~skrause/E511/Zeldes-1989.pdf} -} - -@Article{zeldes:jpe, - Title = {Consumption and Liquidity Constraints: An Empirical - Investigation}, - Author = {Zeldes, Stephen P.}, - Journal = {Journal of Political Economy}, - Year = 1989, - Note = {Available at - {\url{http://www.jstor.org/stable/1831315}}}, - Pages = {305--46}, - Volume = 97, - Owner = {Nic Johnson}, - Url = {http://www.jstor.org/stable/1831315} -} - -@PHDTHESIS{zeldes:thesis, - author = {Zeldes, Stephen P.}, - title = {Optimal Consumption with Stochastic Income}, - school = {Massachusetts Institute of Technology}, - year = 1984 -} - -@PHDTHESIS{zhang:thesis, - author = {Zhang, Lawrence Huiyan}, - title = {Essays on Business Cycles}, - school = {Johns Hopkins University}, - year = 2003 -} - -@PHDTHESIS{Zhou:2010, - author = {Zhou, Xia}, - title = {Essays On U.S. State-Level Financial Wealth Data and - Consumption Data}, - school = {Johns Hopkins University}, - year = 2010, - address = - {\href{http://jhir.library.jhu.edu/handle/1774.2/34267}{http://jhir.library.jhu.edu/handle/1774.2/34267}} -} - -@PHDTHESIS{Zhou:2006, - author = {Zhou, Xia}, - title = {Measuring Wealth Effects Using US State Data}, - school = {Johns Hopkins University}, - year = 2006, - address = - {\href{http://econ.jhu.edu/people/ZhouX/JobMarketPaperZhouX.pdf}{http://econ.jhu.edu/people/ZhouX/JobMarketPaperZhouX.pdf}} -} - -@ARTICLE{zcWandCdynByState, - author = {Zhou, Xia and Carroll, Christopher D.}, - title = {Dynamics of Wealth and Consumption: New and Improved - Measures of U.S.\ States}, - journal = {Berkeley Electronic Journals of Macroeconomics, - Advances}, - year = 2011, - volume = {Forthcoming, 2011}, - authors = {Zhou, Xia and Christopher D. Carroll} -} - -@TECHREPORT{Zhu:2007, - author = {Zhu, Xiaodi}, - title = {Growing Wealth, Inequality, and Housing in the - United States}, - institution = {Joint Center for Housing Studies, Harvard - University}, - year = 2007, - type = {Working Paper}, - number = {W07-1}, - month = {February} -} - -@PHDTHESIS{zhu:opttax, - author = {Zhu, X.}, - title = {Optimal Fiscal Policy in a Stochastic Growth Model}, - school = {University of Chicago}, - year = 1991 -} - -@ARTICLE{zou:spirit, - author = {Zou, Heng-Fu}, - title = {The 'Spirit of Capitalism' and Long-Run Growth}, - journal = {European Journal of Political Economy}, - year = 1994, - volume = 10, - pages = {279--93}, - number = 2 -} - -@BOOK{auerbach&feldstein:handbook, - title = {Handbook of Public Economics}, - publisher = {Elsevier Science Publishers BV}, - year = 1985, - editor = {{Auerbach, Alan J.} and {Martin S. Feldstein}}, - address = {New York} -} - -@INCOLLECTION{cdSsNBERReporter, - booktitle = {NBER Macroeconomics Annual, 1997}, - publisher = {MIT Press}, - year = 1997, - editor = {Bernanke, Benjamin S. and Rotemberg, Julio J.}, - pages = {165--229}, - address = {Cambridge, MA} -} - -@INCOLLECTION{carroll:epidemicinflSFINBERReporter, - title = {The {E}pidemiology of {M}acroeconomic - {E}xpectations}, - booktitle = {The Economy as an Evolving Complex System, III}, - publisher = {Oxford University Press}, - year = 2006, - editor = {Blume, Larry and Durlauf, Steven} -} - -@BOOK{Gam90, - title = {Analysis {I}{I}: {Convex} {Analysis} and - {Approximation} {Theory}}, - publisher = {Springer-Verlag}, - year = 1990, - editor = {R. V. Gamkerlidze}, - volume = 14, - series = {Encyclopaedia of Mathematical Sciences}, - address = {New York} -} - -@BOOK{ghj:portfolios, - title = {Household Portfolios}, - publisher = {MIT Press}, - year = 2002, - editor = {Guiso, Luigi and Haliassos, Michael and Jappelli, - Tullio}, - address = {Cambridge, MA} -} - -@BOOK{hlmk04, - title = {Applied Time Series Econometrics}, - publisher = {Cambridge University Press}, - year = 2004, - editor = {L{\"}utkepohl, Helmut and Kr{\"}atzig, Markus}, - address = {Cambridge} -} - -@BOOK{pechman:whopaid, - title = {Who Paid the Taxes, 1966-85?}, - publisher = {The Brookings Institution}, - year = 1985, - editor = {Pechman, Joseph A.}, - address = {Washington} -} - -@BOOK{poterba:international, - title = {International Comparisons of Household Saving}, - publisher = {National Bureau of Economic Research}, - year = 1994, - editor = {Poterba, James M.}, - address = {Chicago and London: University of Chicago Press} -} - -% Version for CV -@article{carroll:reviewworldbank, - doi = {10.2307/2565371}, - ISSN = {00220515}, - URL = {http://www.jstor.org/stable/2565371}, - journal = {Journal of Economic Literature}, - number = {1}, - pages = {131--132}, - publisher = {American Economic Association}, - author = {Klaus Schmidt-Hebbel and Luis Serven}, - volume = {38}, - year = {2000}, - title = {The Economics of Saving and Growth: Theory, - Evidence, and Implications for Policy}, - note = {Book Review} -} - - -@article{carroll:reviewworldbankOld, - title = {The Economics of Saving and Growth: Theory, - Evidence, and Implications for Policy}, - publisher = {Cambridge University Press for the World Bank}, - year = 2000, - editor = {Schmidt-Hebbel, Klaus and Serv{\'e}n, Luis}, - note = {Book Review, \emph{Journal of Economic Literature}} -} - - -@article{10.2307/2565371, - ISSN = {00220515}, - URL = {http://www.jstor.org/stable/2565371}, - author = {Christopher D. Carroll}, - journal = {Journal of Economic Literature}, - number = {1}, - pages = {131--132}, - publisher = {American Economic Association}, - reviewed-author = {Klaus Schmidt-Hebbel and Luis Serven}, - volume = {38}, - year = {2000} -} - -@INCOLLECTION{carroll:richsaveNBERReporter, - booktitle = {{D}oes {A}tlas {S}hrug? {T}he {E}conomic - {C}onsequences of {T}axing the {R}ich}, - publisher = {Harvard University Press}, - year = 2000, - editor = {Slemrod, Joel B.} -} - -@BOOK{slemrod:atlasshrug, - title = {Historical Perspectives on U.S. Tax Policy Toward - the Rich}, - publisher = {Harvard University Press}, - year = 2000, - editor = {Slemrod, Joel B.}, - booktitle = {Does Atlas Shrug? The Economic Consequences of - Taxing the Rich} -} - -@HEADER{bibpub, - note = {\centerline{\Large Published}} -} - -@HEADER{bibspace, - note = {\medskip\medskip\medskip} -} - -@HEADER{bibunpub, - note = {\centerline{\Large Unpublished}} -} - -@ARTICLE{francisCapitalist, - title = {Wealth and the Capitalist Spirit}, - journal = {Journal of Macroeconomics}, - volume = 31, - pages = {394--408}, - number = 3, - file = {francisCapitalist.pdf:francisCapitalist.pdf:PDF} -} - -MISCNOYEAR{publishedAndForthcoming, - note = {{\bf \Large Published or Forthcoming}}, -} - -MISCNOYEAR{unpublished, - note = {{\bf \Large Unpublished }} -} - -@MISC{noBookChapters20090701to20110630, - title = {No new book chapters}, - year = {2009-07-01 to 2011-06-30}, - author = {Carroll, Christopher D.} -} - -@TECHREPORT{wolframNumIntegration, - title = {Advanced Numerical Integration in {\it Mathematica}}, - year = 2011, - month = {October}, - note = - {\url{http://www.wolfram.com/learningcenter/tutorialcollection/AdvancedNumericalIntegrationInMathematica/AdvancedNumericalIntegrationInMathematica.pdf}}, - file = - {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/wolframNumIntegration.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/wolframNumIntegration.pdf:PDF}, - journal = {Wolfram {\it Mathematica} Tutorial Collection}, - url = - {http://www.wolfram.com/learningcenter/tutorialcollection/AdvancedNumericalIntegrationInMathematica/AdvancedNumericalIntegrationInMathematica.pdf} -} - -@ARTICLE{varianRepublicansAndReturns, - title = {Which Party in the White House Means Good Times for - Investors?}, - journal = {New York Times}, - year = 2003, - volume = {November 20}, - bdsk-url-1 = - {http://people.ischool.berkeley.edu/~hal/people/hal/NYTimes/2003-11-20.html}, - url = - {http://people.ischool.berkeley.edu/~hal/people/hal/NYTimes/2003-11-20.html} -} - -@ARTICLE{bea02, - title = {Updated Summary NIPA Methodologies}, - journal = {Survey of Current Business}, - year = 2002, - key = {Bureau of Economic Analysis} -} - -@INCOLLECTION{carroll:richportfoliosNBERReporter, - booktitle = {Household Portfolios: Theory and Evidence}, - publisher = {MIT Press}, - year = 2002, - address = {Cambridge, MA} -} - -@ARTICLE{carroll:RiskyHabitsNBERReporter, - journal = {International Economic Journal}, - year = 2000, - volume = 14, - pages = {1--41}, - number = 4 -} - -@ARTICLE{crr:censusNBERReporter, - journal = {Economic Development and Cultural Change}, - year = 1999, - volume = 48, - pages = {33--50}, - number = 1, - month = {October} -} - -@ARTICLE{sc99, - title = {Data File Documentation}, - journal = {Survey Research Center}, - year = 1999, - address = {Ann Arbor, MI}, - key = {Survey of Consumers}, - url = {http://www.sca.isr.umich.edu/} -} - -@ARTICLE{carroll&samwick:howbigNBERReporter, - journal = {Review of Economics and Statistics}, - year = 1998, - volume = 80, - pages = {410--419}, - number = 3, - month = {August} -} - -@ARTICLE{carroll:bslcpihNBERReporter, - journal = {Quarterly Journal of Economics}, - year = 1997, - volume = {CXII}, - pages = {1--56}, - number = 1, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/BSLCPIH.zip}, - url = {https://www.econ2.jhu.edu/people/ccarroll/BSLCPIH.zip} -} - -@ARTICLE{carroll&weil:crcsNBERReporter, - journal = {Carnegie-Rochester Conference Series on Public - Policy}, - year = 1994, - volume = 40, - pages = {133--192}, - month = {June} -} - -@Article{abiadEtAl_FinReforms, - author = {Abdul Abiad and Enrica Detragiache and Thierry Tressel}, - title = {A New Database of Financial Reforms}, - journal = {IMF Staff Papers}, - year = {2010}, - volume = {57}, - number = {2}, - pages = {281--302}, - month = {June}, -} - -@Article{cos11, - author = {Christopher D. Carroll and Misuzu Otsuka and Jiri Slacalek}, - title = {How Large Are Financial and Housing Wealth Effects? A New Approach}, - journal = {Journal of Money, Credit, and Banking}, - year = {2011}, - volume = {43}, - number = {1}, - pages = {55--79}, - month = {February}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/cosWealthEffects/}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/papers/cosWealthEffects.pdf}, - bdsk-url-2 = {http://dx.doi.org/10.1111/j.1538-4616.2010.00365.x}, - doi = {10.1111/j.1538-4616.2010.00365.x}, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/cosHousingWealth.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/cosHousingWealth.pdf:PDF}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/cosWealthEffects.pdf}, -} - -@Article{ctDiscrete, - author = {Carroll, Christopher D. and Toche, Patrick}, - title = {A Tractable Model of Buffer Stock Saving}, - journal = {NBER Working Paper Number 15265}, - year = {2009}, - month = {August}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/ctDiscrete}}, - status = {Revise and Resubmit, {\it The Economic Journal}}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/ctDiscrete}, -} - -@Article{cjSOE, - author = {Carroll, Christopher D. and Jeanne, Olivier}, - title = {A Tractable Model of Precautionary Reserves, Net Foreign Assets, or Sovereign Wealth Funds}, - journal = {NBER Working Paper Number 15228}, - year = {2009}, - month = {August}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/cjSOE}}, - status = {Not submitted}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/cjSOE.pdf}, -} - -@Article{carroll:atheoryjep, - author = {Carroll, Christopher D.}, - title = {A Theory of the Consumption Function, With and Without Liquidity Constraints}, - journal = {Journal of Economic Perspectives}, - year = {2001}, - volume = {15}, - number = {3}, - pages = {23-46}, - month = {Summer}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/ATheoryv3JEP.pdf}}, - url = {\url{https://www.econ2.jhu.edu/people/ccarroll/ATheoryv3JEP.pdf}}, -} - -@Article{kmpHandbook, - author = {Krueger, Dirk and Mitman, Kurt and Perri, Fabrizio}, - title = {Macroeconomics and Household Heterogeneity}, - journal = {Handbook of Macroeconomics}, - year = {2016}, - volume = {2}, - pages = {843--921}, - abstract = {The goal of this chapter is to study how, and by how - much, household income, wealth, and preference - heterogeneity amplify and propagate a macroeconomic - shock. We focus on the U.S. Great Recession of - 2007-2009 and proceed in two steps. First, using data - from the Panel Study of Income Dynamics, we document - the patterns of household income, consumption and - wealth inequality before and during the Great - Recession. We then investigate how households in - different segments of the wealth distribution were - affected by income declines, and how they changed - their expenditures differentially during the - aggregate downturn. Motivated by this evidence, we - study several variants of a standard heterogeneous - household model with aggregate shocks and an - endogenous cross-sectional wealth distribution. Our - key finding is that wealth inequality can - significantly amplify the impact of an aggregate - shock, and it does so if the distribution features a - sufficiently large fraction of households with very - little net worth that sharply increase their saving - (i.e. they are not hand-to mouth) as the recession - hits. We document that both these features are - observed in the PSID. We also investigate the role - that social insurance policies, such as unemployment - insurance, play in shaping the cross-sectional income - and wealth distribution, and through it, the dynamics - of business cycles.}, - doi = {10.3386/w22319}, - publisher = {Elsevier}, - url = {http://www.nber.org/papers/w22319}, -} - -@Article{modyEtAl_precSaving, - author = {Ashoka Mody and Franziska Ohnsorge and Damiano Sandri}, - title = {Precautionary Savings in the Great Recession}, - journal = {IMF Economic Review}, - year = {2012}, - volume = {60}, - number = {1}, - pages = {114--138}, - month = {April}, -} - -@Article{admmmCredit, - author = {Aron, Janine and John V. Duca and John Muellbauer and Keiko Murata and Anthony Murphy}, - title = {Credit, Housing Collateral, and Consumption: Evidence from Japan, the U.K., and the U.S.}, - journal = {Review of Income and Wealth}, - year = {2011}, - doi = {10.1111/j.1475-4991.2001.00466.x}, -} - -@Article{hallQuantifying, - author = {Hall, Robert E.}, - title = {Quantifying the Forces Leading to the Collapse of GDP after the Financial Crisis}, - journal = {Manuscript, Stanford University}, - year = {2012}, - month = {March}, -} - -@Article{dszRichSave, - author = {Dynan, Karen E. and Skinner, Jonathan and Zeldes, Stephen P.}, - title = {Do the Rich Save More?}, - journal = {Journal of Political Economy}, - year = {2004}, - volume = {112}, - number = {2}, - pages = {397--444}, - publisher = {JSTOR}, -} - -@Article{baker_policyUncertainty, - author = {Scott R. Baker and Nicholas Bloom and Steven J. Davis}, - title = {Measuring Economic Policy Uncertainty}, - journal = {The Quarterly Journal of Economics}, - year = {2016}, - volume = {131}, - number = {4}, - pages = {1593--1636}, - publisher = {Oxford University Press}, -} - -@Article{CBOSaving, - author = {{Congressional~Budget~Office}}, - title = {Assessing the Decline in National Saving Rate}, - journal = {Congressional Budget Office Reports}, - year = {1993}, - month = {April}, -} - -@Book{friedmanATheory, - title = {A Theory of the Consumption Function}, - publisher = {Princeton University Press}, - year = {1957}, - author = {Friedman, Milton A.}, -} - -@Article{carrollBSLCPIH, - author = {Carroll, Christopher D.}, - title = {Buffer Stock Saving and the Life Cycle/Permanent Income Hypothesis}, - journal = {Quarterly Journal of Economics}, - year = {1997}, - volume = {CXII}, - number = {1}, - pages = {1--56}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/BSLCPIH.zip}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/BSLCPIH.zip}, - file = {bib/bslcpih.pdf:bib/bslcpih.pdf:PDF}, - score = {40}, - url = {https://www.econ2.jhu.edu/people/ccarroll/BSLCPIH.zip}, -} - -@Article{gpLifeCycle, - author = {Gourinchas, Pierre-Olivier and Parker, Jonathan}, - title = {Consumption Over the Life Cycle}, - journal = {Econometrica}, - year = {2002}, - volume = {70}, - number = {1}, - pages = {47--89}, -} - -@Article{bewleyPIH, - author = {Bewley, Truman}, - title = {The Permanent Income Hypothesis: A Theoretical Formulation}, - journal = {Journal of Economic Theory}, - year = {1977}, - volume = {16}, - pages = {252--292}, -} - -@Article{seIncFluct, - author = {Schechtman, Jack and Escudero, Vera}, - title = {Some results on `An Income Fluctuation Problem'}, - journal = {Journal of Economic Theory}, - year = {1977}, - volume = {16}, - pages = {151--166}, -} - -@Article{macurdyTimeseries, - author = {MaCurdy, Thomas}, - title = {The Use of Time Series Processes to Model the Error Structure of Earnings in a Longitudinal Data Analysis}, - journal = {Journal of Econometrics}, - year = {1982}, - volume = {18}, - number = {1}, - pages = {83--114}, -} - -@Article{acCovariance, - author = {Abowd, John M. and Card, David}, - title = {On the Covariance Structure of Earnings and Hours Changes}, - journal = {Econometrica}, - year = {1989}, - volume = {57}, - pages = {411--445}, -} - -@Article{carroll&samwick:nature, - author = {Carroll, Christopher D. and Samwick, Andrew A.}, - title = {The {N}ature of {P}recautionary {W}ealth}, - journal = {Journal of Monetary Economics}, - year = {1997}, - volume = {40}, - number = {1}, - pages = {41--71}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/papers/nature.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/nature.pdf}, -} - -@Article{csNature, - author = {Carroll, Christopher D. and Samwick, Andrew A.}, - title = {The {N}ature of {P}recautionary {W}ealth}, - journal = {Journal of Monetary Economics}, - year = {1997}, - volume = {40}, - number = {1}, - pages = {41--71}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/papers/nature.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/nature.pdf}, -} - -@Article{jpCins, - author = {Jappelli, Tullio and Pistaferri, Luigi}, - title = {Intertemporal Choice and Consumption Mobility}, - journal = {Econometric Society World Congress 2000 Contributed Paper Number 0118}, - year = {2000}, - month = {August}, - bdsk-url-1 = {http://fmwww.bc.edu/RePEc/es2000/0118.pdf}, - url = {http://fmwww.bc.edu/RePEc/es2000/0118.pdf}, -} - -@Article{styConsumption, - author = {Storesletten, Kjetil and Telmer, Chris I. and Yaron, Amir}, - title = {Consumption and Risk Sharing Over the Life Cycle}, - journal = {Journal of Monetary Economics}, - year = {2004}, - volume = {51}, - number = {3}, - pages = {609--633}, - month = {Apr}, - bdsk-url-1 = {http://www.sciencedirect.com/science/article/B6VBW-4BWMTRW-2/1/4934de112177c84dc55a3f37dbde0e16}, - biburl = {http://www.bibsonomy.org/bibtex/ 2eec5eb26c6514db248ef7956537b8aaa/smicha}, - keywords = {Risk sharing}, - url = {http://www.sciencedirect.com/science/article/B6VBW-4BWMTRW- - 2/1/4934de112177c84dc55a3f37dbde0e16}, -} - -@Article{sty:consumption, - author = {Storesletten, Kjetil and Telmer, Chris I. and Yaron, Amir}, - title = {Consumption and Risk Sharing Over the Life Cycle}, - journal = {Journal of Monetary Economics}, - year = {2004}, - volume = {51}, - number = {3}, - pages = {609--633}, - month = {Apr}, - bdsk-url-1 = {http://www.sciencedirect.com/science/article/B6VBW-4BWMTRW-2/1/4934de112177c84dc55a3f37dbde0e16}, - biburl = {http://www.bibsonomy.org/bibtex/ 2eec5eb26c6514db248ef7956537b8aaa/smicha}, - keywords = {Risk sharing}, - url = {http://www.sciencedirect.com/science/article/B6VBW-4BWMTRW- - 2/1/4934de112177c84dc55a3f37dbde0e16}, -} - -@Article{blpRisk, - author = {Blundell, Richard and Low, Hamish and Preston, Ian}, - title = {Decomposing Changes in Income Risk Using Consumption Data}, - journal = {Manusscript, University College London}, - year = {2008}, - month = {July}, -} - -@Article{claridaErgodic, - author = {Clarida, Richard H.}, - title = {Consumption, Liquidity Constraints, and Asset Accumulation in the Face of Random Fluctuations in Income}, - journal = {International Economic Review}, - year = {1987}, - volume = {XXVIII}, - pages = {339--351}, -} - -@Article{tocheUrisk, - author = {Toche, Patrick}, - title = {A Tractable Model of Precautionary Saving in Continuous Time}, - journal = {Economics Letters}, - year = {2005}, - volume = {87}, - number = {2}, - pages = {267--272}, - note = {\url{http://ideas.repec.org/a/eee/ecolet/v87y2005i2p267-272.html}}, - bdsk-url-1 = {http://ideas.repec.org/a/eee/ecolet/v87y2005i2p267-272.html}, - url = {http://ideas.repec.org/a/eee/ecolet/v87y2005i2p267- - 272.html}, -} - -@Article{toche:urisk, - author = {Toche, Patrick}, - title = {A Tractable Model of Precautionary Saving in Continuous Time}, - journal = {Economics Letters}, - year = {2005}, - volume = {87}, - number = {2}, - pages = {267--272}, - note = {\url{http://ideas.repec.org/a/eee/ecolet/v87y2005i2p267-272.html}}, - bdsk-url-1 = {http://ideas.repec.org/a/eee/ecolet/v87y2005i2p267-272.html}, - url = {http://ideas.repec.org/a/eee/ecolet/v87y2005i2p267- - 272.html}, -} - -@Article{ramseySave, - author = {Ramsey, Frank}, - title = {A Mathematical Theory of Saving}, - journal = {Economic Journal}, - year = {1928}, - volume = {38}, - number = {152}, - pages = {543--559}, -} - -@Article{ckConcavity, - author = {Carroll, Christopher D. and Kimball, Miles S.}, - title = {On the {C}oncavity of the {C}onsumption {F}unction}, - journal = {Econometrica}, - year = {1996}, - volume = {64}, - number = {4}, - pages = {981--992}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}, - score = {10}, - url = {https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}, -} - -@Article{jboydWeighted, - author = {Boyd, John H.}, - title = {Recursive Utility and the Ramsey Problem}, - journal = {Journal of Economic Theory}, - year = {1990}, - volume = {50}, - number = {2}, - pages = {326--345}, - month = {April}, -} - -@Article{BSinKS, - author = {Carroll, Christopher D. and Slacalek, Jiri and Tokuoka, Kiichi}, - title = {Digestible Microfoundations: Buffer Stock Saving in a Krusell-Smith World}, - journal = {Manuscript, Johns Hopkins University}, - year = {2011}, - note = {At \href{https://www.econ2.jhu.edu/people/ccarroll/papers/BSinKS.pdf}{https://www.econ2.jhu.edu/people/ccarroll/papers/BSinKS.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/papers/BSinKS.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/BSinKS.pdf}, -} - -@Article{hiraguchiBSProofs, - author = {Hiraguchi, Ryoji}, - title = {On the Convergence of Consumption Rules}, - journal = {Manuscript, Johns Hopkins University}, - year = {2003}, -} - -@Article{havranek:metaHabits, - author = {Havranek, Tomas and Rusnak, Marek and Sokolova, Anna}, - title = {Habit Formation in Consumption: A Meta-Analysis}, - journal = {European Economic Review}, - year = {2017}, - volume = {95}, - number = {C}, - pages = {142--167}, - doi = {10.1016/j.euroecorev.2017}, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/hrsHabit.pdf}, - keywords = {Habit formation; Consumption; Meta-analysis; Bayesian model averaging; Frequentist model averaging}, - publisher = {Elsevier}, - url = {https://doi.org/10.1016/j.euroecorev.2017.03.009}, -} - -@Article{krusellSmith_heterogeneity_JPE98, - author = {Per Krusell and Anthony A. Smith}, - title = {Income and Wealth Heterogeneity in the Macroeconomy}, - journal = {Journal of Political Economy}, - year = {1998}, - volume = {106}, - number = {5}, - pages = {867--896}, - owner = {Jirka}, - timestamp = {2009.01.28}, -} - -@Article{ksHetero, - author = {Per Krusell and Anthony A. Smith}, - title = {Income and Wealth Heterogeneity in the Macroeconomy}, - journal = {Journal of Political Economy}, - year = {1998}, - volume = {106}, - number = {5}, - pages = {867--896}, - owner = {Jirka}, - timestamp = {2009.01.28}, -} - -@Article{JIE2001, - author = {Kalemli-Ozcan, Sebnem and Sorensen, Bent E. and Yosha, Oved}, - title = {{Economic integration, industrial specialization, and the asymmetry of macroeconomic fluctuations}}, - journal = {Journal of International Economics}, - year = {2001}, - volume = {55}, - number = {1}, - pages = {107-137}, - month = {October}, - abstract = {No abstract is available for this item.}, - url = {https://ideas.repec.org/a/eee/inecon/v55y2001i1p107-137.html}, -} - -@Article{REStat2008, - author = {María José Luengo-Prado and Bent E. S{\o}rensen}, - title = {{What Can Explain Excess Smoothness and Sensitivity of State-Level Consumption?}}, - journal = {The Review of Economics and Statistics}, - year = {2008}, - volume = {90}, - number = {1}, - pages = {65-80}, - month = {February}, - abstract = { This article estimates marginal propensities to consume (MPC) out of current and lagged income for U.S. states using panel data regressions that control for time-specific and state-level fixed effects. The MPCs vary across states; in particular, the MPC out of current income is higher in states where income is more persistent, and the MPC out of lagged income is lower in agricultural states. We show that the estimated MPCs can be matched by a model of forward-looking consumers that includes all of the following features: time aggregation, durable goods, impatience, credit constraints, and risk sharing. Copyright by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.}, - url = {https://ideas.repec.org/a/tpr/restat/v90y2008i1p65-80.html}, -} - -@Book{king2016alchemy, - title = {The end of alchemy : money, banking and the future of the global economy}, - publisher = {Little, Brown}, - year = {2016}, - author = {King, Mervyn A.}, - address = {London}, - isbn = {1408706105 9781408706107 9781408706114 1408706113}, - abstract = {The past twenty years saw unprecedented growth and stability followed by the worst financial crisis the industrialised world has ever witnessed. In the space of little more than a year what had been seen as the age of wisdom was viewed as the age of foolishness. Almost overnight, belief turned into incredulity. Most accounts of the recent crisis focus on the symptoms and not the underlying causes of what went wrong. But those events, vivid though they remain in our memories, comprised only the latest in a long series of financial crises since our present system of commerce became the cornerstone of modern capitalism. Alchemy explains why, ultimately, this was and remains a crisis not of banking – even if we need to reform the banking system – nor of policy-making – even if mistakes were made – but of ideas. In this refreshing and vitally important book, former governor of the Bank of England Mervyn King – an actor in this drama – proposes revolutionary new concepts to answer the central question: are money and banking a form of Alchemy or are they the Achilles heel of a modern capitalist economy? }, - added-at = {2016-04-16T15:51:52.000+0200}, - biburl = {https://www.bibsonomy.org/bibtex/25a003dea76d39a3f914183cffcf2b0b1/meneteqel}, - interhash = {8336b0a0bbd5b3719c6d70d75695e224}, - intrahash = {5a003dea76d39a3f914183cffcf2b0b1}, - keywords = {banking capitalism financial_crisis financial_market international_finance money}, - refid = {920656482}, - timestamp = {2017-01-08T22:08:08.000+0100}, - url = {http://books.wwnorton.com/books/The-End-of-Alchemy/}, -} - -@Article{psjmMPC2008, - author = {Parker, Jonathan A and Souleles, Nicholas S and Johnson, David S and McClelland, Robert}, - title = {Consumer spending and the economic stimulus payments of 2008}, - journal = {The American Economic Review}, - year = {2013}, - volume = {103}, - number = {6}, - pages = {2530--2553}, - month = {October}, - publisher = {American Economic Association}, -} - -@TechReport{gordonFutureGrowth, - author = {Robert J. Gordon}, - title = {Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds}, - institution = {National Bureau of Economic Research}, - year = {2012}, - type = {Working Paper}, - number = {18315}, - month = {August}, - abstract = {This paper raises basic questions about the process of economic growth. It questions the assumption, nearly universal since Solow's seminal contributions of the 1950s, that economic growth is a continuous process that will persist forever. There was virtually no growth before 1750, and thus there is no guarantee that growth will continue indefinitely. Rather, the paper suggests that the rapid progress made over the past 250 years could well turn out to be a unique episode in human history. The paper is only about the United States and views the future from 2007 while pretending that the financial crisis did not happen. Its point of departure is growth in per-capita real GDP in the frontier country since 1300, the U.K. until 1906 and the U.S. afterwards. Growth in this frontier gradually accelerated after 1750, reached a peak in the middle of the 20th century, and has been slowing down since. The paper is about "how much further could the frontier growth rate decline?" - -The analysis links periods of slow and rapid growth to the timing of the three industrial revolutions (IR's), that is, IR #1 (steam, railroads) from 1750 to 1830; IR #2 (electricity, internal combustion engine, running water, indoor toilets, communications, entertainment, chemicals, petroleum) from 1870 to 1900; and IR #3 (computers, the web, mobile phones) from 1960 to present. It provides evidence that IR #2 was more important than the others and was largely responsible for 80 years of relatively rapid productivity growth between 1890 and 1972. Once the spin-off inventions from IR #2 (airplanes, air conditioning, interstate highways) had run their course, productivity growth during 1972-96 was much slower than before. In contrast, IR #3 created only a short-lived growth revival between 1996 and 2004. Many of the original and spin-off inventions of IR #2 could happen only once - urbanization, transportation speed, the freedom of females from the drudgery of carrying tons of water per year, and the role of central heating and air conditioning in achieving a year-round constant temperature. - -Even if innovation were to continue into the future at the rate of the two decades before 2007, the U.S. faces six headwinds that are in the process of dragging long-term growth to half or less of the 1.9 percent annual rate experienced between 1860 and 2007. These include demography, education, inequality, globalization, energy/environment, and the overhang of consumer and government debt. A provocative "exercise in subtraction" suggests that future growth in consumption per capita for the bottom 99 percent of the income distribution could fall below 0.5 percent per year for an extended period of decades.}, - doi = {10.3386/w18315}, - series = {Working Paper Series}, - url = {http://www.nber.org/papers/w18315}, -} - -@TechReport{cstKS_ecbWP, - author = {Carroll, Christopher D. and Slacalek, Jiri and Tokuoka, Kiichi}, - title = {Buffer-Stock Saving in a Krusell--Smith World}, - institution = {European Central Bank}, - year = {2014}, - type = {working paper}, - number = {1633}, - owner = {akmaral}, - timestamp = {2014.02.02}, -} - -@Article{lmp:wagerisk, - author = {Low, Hamish and Meghir, Costas and Pistaferri, Luigi}, - title = {Wage Risk and Employment Over the Life Cycle}, - journal = {American Economic Review}, - year = {2010}, - volume = {100}, - number = {4}, - pages = {1432--1467}, -} - -@Article{kvH2M, - author = {Kaplan, Greg and Violante, Giovanni L}, - title = {A model of the consumption response to fiscal stimulus payments}, - journal = {Econometrica}, - year = {2014}, - volume = {82}, - number = {4}, - pages = {1199--1239}, - publisher = {Wiley Online Library}, -} - -@TechReport{hausmanVeteransBonus, - author = {Hausman, Joshua K.}, - title = {Fiscal Policy and Economic Recovery: The Case of the 1936 Veterans' Bonus}, - institution = {University of California, Berkeley}, - year = {2012}, - type = {mimeo}, -} - -@Article{jpCResponse, - author = {Tullio Jappelli and Luigi Pistaferri}, - title = {The Consumption Response to Income Changes}, - journal = {The Annual Review of Economics}, - year = {2010}, - volume = {2}, - number = {1}, - pages = {479--506}, - publisher = {Annual Reviews}, -} - -@Article{carroll:babyboomcomment, - author = {Engen, Eric and William Gale and Cori Uccello}, - title = {The Adequacy of Retirement Saving}, - journal = {Brookings Papers on Economic Activity}, - year = {1999}, - volume = {1999}, - number = {2}, - note = {Published Discussion}, -} - -@TechReport{otsuka:jobmarket, - author = {Otsuka, Misuzu}, - title = {Household Portfolio Choice with Illiquid Assets}, - institution = {Johns Hopkins University}, - year = {2003}, - type = {manuscript}, -} - -@Article{bpp2008, - author = {Richard Blundell and Luigi Pistaferri and Ian Preston}, - title = {Consumption inequality and partial insurance}, - journal = AER, - year = {2008}, - volume = {98}, - number = {5}, - pages = {1887-1921}, - month = {December}, -} - -@Article{mianRaoSufi_slump, - author = {Atif Mian and Kamalesh Rao and Amir Sufi}, - title = {Household Balance Sheets, Consumption, and the Economic Slump}, - journal = {Quarterly Journal of Economics}, - year = {2013}, - volume = {128}, - number = {4}, - pages = {1687--1726}, -} - -@Book{jlsMeasuring, - title = {Measuring Economic Sustainability And Progress}, - publisher = {NBER}, - year = {2014 (forthcoming)}, - author = {Jorgenson, Dale W and Landefeld, J Steven and Schreyer, Paul}, - booktitle = {Measuring Economic Sustainability and Progress}, -} - -@Article{deatonReconsideration, - author = {Deaton, Angus}, - title = {{A} {R}econsideration of the {E}mpirical {I}mplications of {A}dditive {P}references}, - journal = {The Economic Journal}, - year = {1974}, - volume = {84}, - number = {334}, - pages = {pp. 338-348}, - issn = {00130133}, - copyright = {Copyright © 1974 Royal Economic Society}, - file = {deatonReconsideration.pdf:deatonReconsideration.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {Jun., 1974}, - language = {English}, - publisher = {Wiley on behalf of the Royal Economic Society}, - url = {http://www.jstor.org/stable/2231258}, -} - -@Article{dmAIDS, - author = {Deaton, Angus and Muellbauer, John}, - title = {{A}n {A}lmost {I}deal {D}emand {S}ystem}, - journal = {The American Economic Review}, - year = {1980}, - volume = {70}, - number = {3}, - pages = {pp. 312-326}, - issn = {00028282}, - note = {\url{http://www.jstor.org/stable/1805222}}, - comment = {Cite Stone (1954) as originating? Virtues: gives an - arbitrary first-order approximation to any demand - system; it satisfies the axioms of choice exactly; - it aggregates perfectly over consumers without - invoking parallel linear Engel curves; it has a - functional form which is consistent with known - household-budget data; it is simple to estimate, - largely avoiding the need for non-linear estimation; - and it can be used to test the restrictions of - homogeneity and symmetry through linear restrictions - on fixed parameters;``by proposing a demand system - which is superior to its predecessors, we hope to be - able to reveal more clearly the problems and - potential solutions associated with the usual - approach.'' the now standard rejection of homogeneity - in demand analysis may be due to insufficient - attention to the dynamic aspects of consumer - behavior. ``In this paper we have introduced a new - system of demand equations, the AIDS, in which the - budget shares of the various commodities are - linearly related to the logarithm of real total - expenditure and the logarithms of relative prices.''}, - copyright = {Copyright © 1980 American Economic Association}, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/dmAIDS.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/dmAIDS.pdf:PDF;dmAIDS.pdf:dmAIDS.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {Jun., 1980}, - language = {English}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/1805222}, -} - -@Article{diZeroExpenditures, - author = {Deaton, Angus and Irish, Margaret}, - title = {{S}tatistical models for zero expenditures in household budgets}, - journal = {Journal of Public Economics}, - year = {1984}, - volume = {23}, - number = {1-2}, - pages = {59--80}, - file = {diZeroExpenditures.pdf:diZeroExpenditures.pdf:PDF}, - publisher = {Elsevier}, - url = {http://dx.doi.org/10.1016/0047-2727(84)90067-7}, -} - -@Article{bdiProfitable, - author = {Browning, Martin and Deaton, Angus and Irish, Margaret}, - title = {{A} {P}rofitable {A}pproach to {L}abor {S}upply and {C}ommodity {D}emands over the {L}ife-{C}ycle}, - journal = {Econometrica}, - year = {1985}, - volume = {53}, - number = {3}, - pages = {pp. 503-544}, - issn = {00129682}, - abstract = {The paper presents a general theoretical framework - for the analysis of integrated life-cycle models of - consumption and family labor supply under - uncertainty. Profit functions are used to represent - intertemporally additive preferences and to yield - convenient characterizations of ``constant marginal - utility of wealth'' or ``Frisch'' demand functions. - Conditions on preferences derived that allow - additive fixed-effect specifications for the Frisch - demands. Data from the British Family Expenditure - Surveys from 1970-77 are used to derive panel-like - information on male labor supply and consumption for - several age cohorts over time. These data reproduce - standard life-cycle patterns of hours and wages, but - more detailed analysis shows that the theory is - incapable of offering a satisfactory common - explanation of the behavior of hours and wages over - both the business cycle and the life cycle. - Similarly, although the theory can explain the - life-cycle behavior of hours and consumption - separately, the same model cannot explain both, - essentially because of a failure in symmetry.}, - copyright = {Copyright © 1985 The Econometric Society}, - file = {bdiProfitable.pdf:bdiProfitable.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {May, 1985}, - language = {English}, - publisher = {The Econometric Society}, - url = {http://www.jstor.org/stable/1911653}, -} - -@Article{bdTimeSeriesC, - author = {Blinder, Alan S. and Deaton, Angus S.}, - title = {{T}he {T}ime {S}eries {C}onsumption {F}unction {R}evisited}, - journal = {Brookings Papers on Economic Activity, 1985:2}, - year = {1985}, - pages = {465--521}, - file = {bdTimeSeriesC.pdf:bdTimeSeriesC.pdf:PDF}, - url = {http://www.jstor.org/stable/2534444}, -} - -@Article{deatonPanelFromCross, - author = {Angus Deaton}, - title = {{P}anel {D}ata from {T}ime {S}eries and {C}ross {S}ections}, - journal = {Journal of Econometrics}, - year = {1985}, - volume = {30}, - pages = {109--26}, - doi = {10.1016/0304-4076(85)90134-4}, - file = {deatonPanelFromCross.pdf:deatonPanelFromCross.pdf:PDF}, - url = {http://dx.doi.org/10.1016/0304-4076(85)90134-4}, -} - -@TechReport{deatonLifeCycle, - author = {Deaton, Angus}, - title = {{L}ife-cycle models of consumption: {I}s the evidence consistent with the theory?}, - year = {1987}, - abstract = {The paper considers avariety of evidence that casts - light on the validity of the life-cycle model of - consumer behavior. In the first part of the paper, - simple non-parametric tests are used to examine - representative agent models of consumption and labor - supply. It seems extremely unlikely that post-war - United States evidence can usefully be explained by - such a model, at least if the assumption of - intertemporal separability is maintained. Changes in - aggregate consumption bear little relationship to - after tax real interest rates, and consumption has - tended to grow even during periods of negative real - interest rates. Joint consideration of consumption - and labor supply does nothing to resolve the - problems that arise when consumption is taken by - itself. It is argued that these results cast doubt, - not onlife-cycle theory itself, but on the - representative agent assumption; there is little - reason to suppose that changes inaggregate - consumption should be related to the real - interestrate.The second part of the paper is - concerned with the time-series representation of - disposable income and with it simplications for the - behavior of consumption under the assumptions of the - life-cycle model. If real disposable income is truly - a first-order autoregressive process in first - differences,a process that fits the data well and is - becoming increasing popular in the macro time-series - literature,then the life-cycle model implies that - changes in consumption should be more variable than - innovations in income, a prediction that is - manifestly false. Various possible resolutions of - this problem are reviewed, including habit formation - and alternative representations of disposable - income. The paper concludes with some evidence on - the excess sensitivity question, why it is that - consumption responds to anticipated changes in - income. Monte Carlo evidence supports the suggestion - made by Mankiw and Shapiro that the presence of time - trends can cause severe problems of inference in - models containing variables with unit roots, but the - results makeit seem unlikely that this is the cause - of the widespread excess sensitivity findings.}, - file = {deatonLifeCycle.pdf:deatonLifeCycle.pdf:PDF}, - journal = {Advances in econometrics. 2}, - pages = {121}, - publisher = {Cambridge University Press}, - series = {Working Paper Series}, - url = {http://www.nber.org/papers/w1910}, - volume = {2}, -} - -@Article{cdSmooth, - author = {Campbell, John and Deaton, Angus}, - title = {{W}hy is {C}onsumption {S}o {S}mooth?}, - journal = {The Review of Economic Studies}, - year = {1989}, - volume = {56}, - number = {3}, - pages = {357--373}, - month = {jul}, - issn = {0034-6527}, - note = {\url{http://www.jstor.org/stable/2297552}}, - abstract = {For thirty years it has been accepted that - consumption is smooth because permanent income is - smoother than measured income. This paper considers - the evidence for the contrary position, that - permanent income is in fact less smooth than - measured income, so that the smoothness of - consumption cannot be straightforwardly explained by - permanent income theory. The paper argues that in - postwar U.S. quarterly data, consumption is smooth - because it responds with a lag to changes in - income.}, - bdsk-url-1 = {http://links.jstor.org/sici?sici=0034-6527%28198907%2956%3A3%3C357%3AWICSS%3E2.0.CO%3B2-V}, - copyright = {Copyright 1989 The Review of Economic Studies Ltd.}, - date-modified = {2011-10-14 19:47:51 -0400}, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/cdSmooth.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/cdSmooth.pdf:PDF;cdSmooth.pdf:cdSmooth.pdf:PDF}, - jstor_articletype = {Full Length Article}, - jstor_date = {198907}, - jstor_formatteddate = {Jul., 1989}, - publisher = {The Review of Economic Studies Ltd.}, - url = {http://www.jstor.org/stable/2297552}, -} - -@Article{deatonLDCs, - author = {Deaton, Angus}, - title = {{H}ousehold {S}aving in {LDC}s: {C}redit {M}arkets, {I}nsurance and {W}elfare}, - journal = {The Scandinavian Journal of Economics}, - year = {1992}, - volume = {94}, - number = {2}, - pages = {pp. 253-273}, - issn = {03470520}, - abstract = {Some ways in which farmers in LDCs can protect their - living standards against fluctuations in income are - discussed. After considering the theory of - consumption under uncertainty when there is no or - limited borrowing, the case where some borrowing is - allowed is also examined. Empirical evidence from - some LDCs is used to look at (i) household borrowing - and lending, their importance and timing, and their - role in smoothing consumption, and (ii) the - life-cycle behavior of consumption and income. The - results suggest that ``hump'' life-cycle saving is not - likely to be a very important generator of wealth in - LDCs and provide further evidence on the limited - role of credit markets.}, - copyright = {Copyright © 1992 The Scandinavian Journal of Economics}, - file = {deatonLDCs.pdf:deatonLDCs.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {Jun., 1992}, - jstor_issuetitle = {Proceedings of a Conference on Savings Behavior: Theory, International Evidence and Policy Implications}, - language = {English}, - publisher = {Wiley on behalf of The Scandinavian Journal of Economics}, - url = {http://www.jstor.org/stable/3440451}, -} - -@Article{dlCommodity, - author = {Deaton, Angus and Laroque, Guy}, - title = {{O}n the {B}ehaviour of {C}ommodity {P}rices}, - journal = {The Review of Economic Studies}, - year = {1992}, - volume = {59}, - number = {1}, - pages = {1-23}, - note = {\url{http://restud.oxfordjournals.org/content/59/1/1.abstract}}, - abstract = {This paper applies the standard rational - expectations competitive storage model to the study - of thirteen commodities. It explains the skewness, - and the existence of rare but violent explosions in - prices, coupled with a high degree of price - autocorrelation in more normal times. A central - feature of the model is the explicit recognition of - the fact that it is impossible for the market as a - whole to carry negative inventories, and this - introduces an essential non-linearity which carries - through into non-linearity of the predicted - commodity price series. For most of the thirteen - commodity prices, the behaviour of prices from one - year to the next conforms to the predictions of the - theory about conditional expectations and - conditional variances. However, given the - non-linearity both of the model and of the actual - prices, such conformity is not enough to ensure that - the theory yields a complete account of the data. In - particular, the analysis does not yield a fully - satisfactory explanation for the high - autocorrelation observed in the data.}, - doi = {10.2307/2297923}, - eprint = {http://restud.oxfordjournals.org/content/59/1/1.full.pdf+html}, - file = {dlCommodity.pdf:dlCommodity.pdf:PDF}, - url = {http://restud.oxfordjournals.org/content/59/1/1.abstract}, -} - -@Article{dpInequality, - author = {Deaton, Angus and Paxson, Christina}, - title = {{I}ntertemporal {C}hoice and {I}nequality}, - journal = {Journal of Political Economy}, - year = {1994}, - volume = {102}, - number = {3}, - pages = {pp. 437-467}, - issn = {00223808}, - abstract = {The permanent income hypothesis implies that, for - any cohort of people born at the same time, - inequality in both consumption and income should - grow with age. We investigate this prediction using - cohort data constructed from 11 years of household - survey data from the United States, 22 years from - Great Britain, and 14 years from Taiwan. The data - show that within-cohort consumption and income - inequality measures do indeed increase with age in - the three economies and that the rate of increase is - similar in all three. According to the permanent - income hypothesis, the increase in inequality - reflects cumulative differences in the effects of - luck on consumption. Other models of intertemporal - choice--such as those with strong precautionary - motives or liquidity constraints--can limit or even - prevent the spread of inequality, as can insurance - arrangements that share risk across individuals. The - evidence on the spread of inequality can therefore - be used to help quantify the extent to which private - and social arrangements moderate the impact of risk - on the distribution of individual welfare.}, - copyright = {Copyright © 1994 The University of Chicago Press}, - file = {dpInequality.pdf:dpInequality.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {Jun., 1994}, - language = {English}, - publisher = {The University of Chicago Press}, - url = {http://www.jstor.org/stable/2138618}, -} - -@InCollection{dpTaiwan, - author = {Deaton, Angus S. and Christina H. Paxson}, - title = {{S}aving, {G}rowth, and {A}ging in {T}aiwan}, - booktitle = {Studies in the Economics of Aging}, - publisher = {University of Chicago Press}, - year = {1994}, - editor = {Wise, David A.}, - address = {Chicago}, - file = {dpTaiwan.pdf:dpTaiwan.pdf:PDF}, - url = {http://www.nber.org/chapters/c7349.pdf}, -} - -@Article{dpEffects, - author = {{Deaton, Angus S.} and {Christina H. Paxson}}, - title = {{T}he {E}ffects of {E}conomic and {P}opulation {G}rowth on {N}ational {S}aving and {I}nequality}, - journal = {Demography}, - year = {1997}, - volume = {34}, - number = {1}, - pages = {97--114}, - file = {dpEffects.pdf:dpEffects.pdf:PDF}, - url = {http://www.jstor.org/stable/2061662}, -} - -@Article{dpAgingAndInequality, - author = {Deaton, Angus S. and Paxson, Christina H.}, - title = {{A}ging and {I}nequality in {I}ncome and {H}ealth}, - journal = {The American Economic Review}, - year = {1998}, - volume = {88}, - number = {2}, - pages = {pp. 248-253}, - issn = {00028282}, - copyright = {Copyright © 1998 American Economic Association}, - file = {dpAgingAndInequality.pdf:dpAgingAndInequality.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {May, 1998}, - jstor_issuetitle = {Papers and Proceedings of the Hundred and Tenth Annual Meeting of the American Economic Association}, - language = {English}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/116928}, -} - -@Article{deatonCommodityAfrica, - author = {Deaton, Angus}, - title = {{C}ommodity {P}rices and {G}rowth in {A}frica}, - journal = {The Journal of Economic Perspectives}, - year = {1999}, - volume = {13}, - number = {3}, - pages = {pp. 23-40}, - issn = {08953309}, - copyright = {Copyright © 1999 American Economic Association}, - file = {deatonCommodityAfrica.pdf:deatonCommodityAfrica.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {Summer, 1999}, - language = {English}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/2646983}, -} - -@Book{deatonHH, - title = {{T}he {A}nalysis {O}f {H}ousehold {S}urveys: {A} {M}icroeconometric {A}pproach {T}o {D}evelopment {P}olicy}, - publisher = {Johns Hopkins Univ. Press}, - year = {2000}, - author = {Deaton, Angus S.}, - address = {Baltimore, MD}, - edition = {3. printing}, - isbn = {0801852544}, - biburl = {http://www.bibsonomy.org/bibtex/26f2f87784d59d86af8c471e5857865a0/fbw_hannover}, - url = {http://gso.gbv.de/DB=2.1/CMD?ACT=SRCHA&SRT=YOP&IKT=1016&TRM=ppn+485128217&sourceid=fbw_bibsonomy}, -} - -@Article{dpCohort, - author = {{Deaton, Angus S.} and {Christina H. Paxson}}, - title = {{S}aving and {G}rowth: {A}nother {L}ook at the {C}ohort {E}vidence}, - journal = {Manuscript, Princeton University}, - year = {1998}, - file = {dpCohort.pdf:dpCohort.pdf:PDF}, - url = {http://www.princeton.edu/rpds/papers/pdfs/deaton_paxson_saving_growth.pdf}, -} - -@Article{dpGrowthSaving, - author = {Deaton, Angus and Paxson, Christina}, - title = {{G}rowth and {S}aving {A}mong {I}ndividuals and {H}ouseholds}, - journal = {Review of Economics and Statistics}, - year = {2000}, - volume = {82}, - number = {2}, - pages = {212--25}, - file = {dpGrowthSaving.pdf:dpGrowthSaving.pdf:PDF}, - url = {http://www.princeton.edu/~deaton/downloads/Growth_and_Saving_Among_Individuals_and_Households.pdf}, -} - -@Article{dlHousingGrowth, - author = {Deaton, Angus and Laroque, Guy}, - title = {{H}ousing, {L}and {P}rices, and {G}rowth}, - journal = {Journal of Economic Growth}, - year = {2001}, - volume = {6}, - number = {2}, - pages = {pp. 87--105}, - issn = {13814338}, - abstract = {We consider the effects of land for housing on the - growth process within an overlapping generations - model. Our original interest was to enquire whether - the introduction of land into a growth model might - account for a ''virtuous'' circle in which saving-up - for land (or housing) generates growth and higher - land prices, generating further increases in saving, - and so on. Such an account is sometimes proposed for - high saving rates in East Asia, where mortgage - markets are limited or absent. Our analysis does not - support such a story. The user cost of land reduces - the resources available for consumption of - reproducible goods, so that the introduction of - intrinsically valuable land into a growth model - lowers the equilibrium stock of capital and raises - the equilibrium interest rate. On the asset side, - the presence of land causes life-cycle savings to be - reallocated away from productive capital towards - land. The social optimum in such a model is for land - to be nationalized and provided at zero rent. Land - markets, far from generating saving and growth, are - inimical to capital formation.}, - copyright = {Copyright © 2001 Springer}, - file = {dlHousingGrowth.pdf:dlHousingGrowth.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {Jun., 2001}, - language = {English}, - publisher = {Springer}, - url = {http://www.jstor.org/stable/40215868}, -} - -@Article{deatonHealthInequality, - author = {Deaton, Angus}, - title = {{H}ealth, {I}nequality, and {E}conomic {D}evelopment}, - journal = {The Journal of Economic Literature}, - year = {2003}, - volume = {41}, - number = {1}, - pages = {113--158}, - file = {deatonHealthInequality.pdf:deatonHealthInequality.pdf:PDF}, - url = {http://www.aeaweb.org/articles.php?doi=10.1257/002205103321544710}, -} - -@InCollection{dcBrokenDown, - author = {Case, Anne and Deaton, Angus S}, - title = {{B}roken down by work and sex: {H}ow our health declines}, - booktitle = {Analyses in the Economics of Aging}, - publisher = {University of Chicago Press}, - year = {2005}, - pages = {185--212}, - file = {dcBrokenDown.pdf:dcBrokenDown.pdf:PDF}, -} - -@Article{deatonMeasuringPoverty, - author = {Deaton, Angus}, - title = {{M}easuring {P}overty in a {G}rowing {W}orld ({O}r {M}easuring {G}rowth in a {P}oor {W}orld)}, - journal = {The Review of Economics and Statistics}, - year = {2005}, - volume = {87}, - number = {1}, - pages = {pp. 1-19}, - issn = {00346535}, - abstract = {The extent to which growth reduces global poverty - has been disputed for 30 years. Although there are - better data than ever before, controversies are not - resolved. A major problem is that consumption - measured from household surveys, which is used to - measure poverty, grows less rapidly than consumption - measured in national accounts, in the world as a - whole and in large countries, particularly India, - China, and the United States. In consequence, - measured poverty has fallen less rapidly than - appears warranted by measured growth in poor - countries. One plausible cause is that richer - households are less likely to participate in - surveys. But growth in the national accounts is also - upward biased, and consumption in the national - accounts contains large and rapidly growing items - that are not consumed by the poor and not included - in surveys. So it is possible for consumption of the - poor to grow less rapidly than national consumption, - without any increase in measured inequality. Current - statistical procedures in poor countries understate - the rate of global poverty reduction, and overstate - growth in the world.}, - copyright = {Copyright © 2005 The MIT Press}, - file = {deatonMeasuringPoverty.pdf:deatonMeasuringPoverty.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {Feb., 2005}, - language = {English}, - publisher = {The MIT Press}, - url = {http://www.jstor.org/stable/40042916}, -} - -@Article{cdlMortality, - author = {Cutler, David and Deaton, Angus and Lleras-Muney, Adriana}, - title = {{T}he {D}eterminants of {M}ortality}, - journal = {The Journal of Economic Perspectives}, - year = {2006}, - volume = {20}, - number = {3}, - pages = {97-120}, - abstract = {The pleasures of life are worth nothing if one is - not alive to experience them. Through the twentieth - century in the United States and other high-income - countries, growth in real incomes was accompanied by - a historically unprecedented decline in mortality - rates that caused life expectancy at birth to grow - by nearly 30 years. In the years just after World - War II, life expectancy gaps between countries were - falling across the world. Poor countries enjoyed - rapid increases in life-expectancy through the - 1970s, with the gains in some cases exceeding an - additional year of life expectancy per year, though - the HIV/AIDS epidemic and the transition in Russia - and Eastern Europe have changed that situation. We - investigate the determinants of the historical - decline in mortality, of differences in mortality - across countries, and of differences in mortality - across groups within countries. A good theory of - mortality should explain all of the facts we - will outline. No such theory exists at present, but - at the end of the paper we will sketch a tentative - synthesis.}, - doi = {10.1257/089533006780387634}, - file = {cdlMortality.pdf:cdlMortality.pdf:PDF}, - url = {http://www.ingentaconnect.com/content/aea/jep/2006/00000020/00000003/art00005}, -} - -@Article{deatonHuman, - author = {Deaton, Angus S}, - title = {{A}re economists human?}, - journal = {The Lancet}, - year = {2009}, - volume = {374}, - number = {9701}, - pages = {1585--1586}, - file = {deatonHuman.pdf:deatonHuman.pdf:PDF}, - publisher = {Elsevier}, - url = {http://www.lancet.com/journals/lancet/article/PIIS0140-6736(09)61936-X}, -} - -@Article{deatonInstruments, - author = {Deaton, Angus}, - title = {{I}nstruments, {R}andomization, and {L}earning about {D}evelopment}, - journal = {Journal of Economic Literature}, - year = {2010}, - volume = {48}, - number = {2}, - pages = {pp. 424-455}, - issn = {00220515}, - abstract = {There is currently much debate about the - effectiveness of foreign aid and about what kind of - projects can engender economic development. There - is skepticism about the ability of econometric - analysis to resolve these issues or of development - agencies to learn from their own experience. In - response, there is increasing use in development - economics of randomized controlled trials (RCTs) to - accumulate credible knowledge of what works, without - overreliance on questionable theory or statistical - methods. When RCTs are not possible, the proponents - of these methods advocate quasirandomization through - instrumental variable (IV) techniques or natural - experiments. I argue that many of these applications - are unlikely to recover quantities that are useful - for policy or understanding: two key issues are the - misunderstanding of exogeneity and the handling of - heterogeneity. I illustrate from the literature on - aid and growth. Actual randomization faces similar - problems as does quasi-randomization, - notwithstanding rhetoric to the contrary. I argue - that experiments have no special ability to produce - more credible knowledge than other methods, and that - actual experiments are frequently subject to - practical problems that undermine any claims to - statistical or epistemic superiority. I illustrate - using prominent experiments in development and - elsewhere. As with IV methods, RCT-based evaluation - of projects, without guidance from an understanding - of underlying mechanisms, is unlikely to lead to - scientific progress in the understanding of economic - development. I welcome recent trends in development - experimentation away from the evaluation of projects - and toward the evaluation of theoretical - mechanisms.}, - copyright = {Copyright © 2010 American Economic Association}, - file = {deatonInstruments.pdf:deatonInstruments.pdf:PDF}, - jstor_articletype = {research-article}, - jstor_formatteddate = {JUNE 2010}, - language = {English}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/20778731}, -} - -@Article{deatonMechanisms, - author = {Deaton, Angus}, - title = {{U}nderstanding the {M}echanisms of {E}conomic {D}evelopment}, - journal = {The Journal of Economic Perspectives}, - year = {2010}, - volume = {24}, - number = {3}, - pages = {3--16}, - file = {deatonMechanisms.pdf:deatonMechanisms.pdf:PDF}, - publisher = {American Economic Association}, - url = {http://www.aeaweb.org/articles.php?doi=10.1257/jep.24.3.3}, -} - -@Article{dkWellBeing, - author = {Kahneman, Daniel and Deaton, Angus}, - title = {{H}igh income improves evaluation of life but not emotional well-being}, - journal = {Proceedings of the National Academy of Sciences}, - year = {2010}, - volume = {107}, - number = {38}, - pages = {16489-16493}, - abstract = {Recent research has begun to distinguish two aspects - of subjective well-being. Emotional well-being - refers to the emotional quality of an individual's - everyday experience—the frequency and intensity of - experiences of joy, stress, sadness, anger, and - affection that make one's life pleasant or - unpleasant. Life evaluation refers to the thoughts - that people have about their life when they think - about it. We raise the question of whether money - buys happiness, separately for these two aspects of - well-being. We report an analysis of more than - 450,000 responses to the Gallup-Healthways - Well-Being Index, a daily survey of 1,000 US - residents conducted by the Gallup Organization. We - find that emotional well-being (measured by - questions about emotional experiences yesterday) and - life evaluation (measured by Cantril's - Self-Anchoring Scale) have different - correlates. Income and education are more closely - related to life evaluation, but health, care giving, - loneliness, and smoking are relatively stronger - predictors of daily emotions. When plotted against - log income, life evaluation rises - steadily. Emotional well-being also rises with log - income, but there is no further progress beyond an - annual income of \$75,000. Low income exacerbates - the emotional pain associated with such misfortunes - as divorce, ill health, and being alone. We conclude - that high income buys life satisfaction but not - happiness, and that low income is associated both - with low life evaluation and low emotional - well-being.}, - doi = {10.1073/pnas.1011492107}, - eprint = {http://www.pnas.org/content/107/38/16489.full.pdf+html}, - file = {dkWellBeing.pdf:dkWellBeing.pdf:PDF}, - url = {http://www.pnas.org/content/107/38/16489.abstract}, -} - -@Article{ssbdWellbeing, - author = {Stone, Arthur A and Schwartz, Joseph E and Broderick, Joan E and Deaton, Angus}, - title = {{A} {S}napshot {O}f {T}he {A}ge {D}istribution {O}f {P}sychological {W}ell-{B}eing {I}n {T}he {U}nited {S}tates}, - journal = {Proceedings of the National Academy of Sciences}, - year = {2010}, - volume = {107}, - number = {22}, - pages = {9985--9990}, - file = {ssbdWellbeing.pdf:ssbdWellbeing.pdf:PDF}, - publisher = {National Acad Sciences}, -} - -@Article{deatonHealthInjustice, - author = {Deaton, Angus}, - title = {{W}hat does the empirical evidence tell us about the injustice of health inequalities?}, - journal = {Available at SSRN 1746951}, - year = {2011}, - file = {deatonHealthInjustice.pdf:deatonHealthInjustice.pdf:PDF}, - url = {http://wws-roxen.princeton.edu/chwpapers/papers/What_does_the_empirical_evidence_tell_us_about_the_injustice.pdf}, -} - -@InCollection{deatonReligion, - author = {Deaton, Angus}, - title = {{A}ging, {R}eligion, and {H}ealth}, - booktitle = {Explorations in the Economics of Aging}, - publisher = {University of Chicago Press}, - year = {2011}, - pages = {237--262}, - file = {deatonReligion.pdf:deatonReligion.pdf:PDF}, - url = {http://www.nber.org/chapters/c11944.pdf}, -} - -@Article{deatonCrisis, - author = {Deaton, Angus}, - title = {{T}he financial crisis and the well-being of {A}mericans: 2011 {OEP} {H}icks {L}ecture}, - journal = {Oxford Economic Papers}, - year = {2012}, - volume = {64}, - number = {1}, - pages = {1-26}, - abstract = {I use daily data on self-reported well-being (SWB) - to examine how the Great Recession affected the - emotional and evaluative lives of the population. In - the fall of 2008 and lasting into the spring of - 2009, at the bottom of the stock market, Americans - reported sharp declines in their life evaluation, - sharp increases in worry and stress, and declines in - positive affect. By the end of 2010, in spite of - continuing high unemployment, these measures had - largely recovered. The SWB measures do a better job - of monitoring short-run levels of anxiety than the - medium-term evolution of the economy. Even very - large macroeconomic shocks will cause small and hard - to detect effects on SWB. Life evaluation questions - are extremely sensitive to question order - effects—asking political questions first reduces - reported life evaluation by an amount that dwarfs - the effects of even the worst of the crisis.}, - doi = {10.1093/oep/gpr051}, - eprint = {http://oep.oxfordjournals.org/content/64/1/1.full.pdf+html}, - file = {deatonCrisis.pdf:deatonCrisis.pdf:PDF}, - url = {http://oep.oxfordjournals.org/content/64/1/1.abstract}, -} - -@Article{dsHappiness, - author = {Deaton, Angus and Stone, Arthur A}, - title = {{T}wo {H}appiness {P}uzzles}, - journal = {American Economic Review Papers and Proceedings}, - year = {2013}, - file = {dsHappiness.pdf:dsHappiness.pdf:PDF}, -} - -@Article{agAssetReturns, - author = {Aiyagari, S. Rao and Gertler, Mark}, - title = {Asset Returns with Transactions Costs and Uninsured Individual Risk}, - journal = {Journal of Monetary Economics}, - year = {1990}, - pages = {311--331}, -} - -@TechReport{amCreditAndC, - author = {Aron, Janine and Muellbauer, John}, - title = {Housing Wealth, Credit Conditions and Consumption}, - institution = {Centre for the Study of African Economies, Oxford University}, - year = {2006}, - type = {working paper}, - number = {9}, - month = {June}, -} - -@Article{arrowGrowth, - author = {Arrow, Kenneth J.}, - title = {The Economic Implications of Learning by Doing}, - journal = {Review of Economic Studies}, - year = {1962}, - volume = {29}, - number = {3}, - pages = {155--173}, - month = {June}, - bdsk-url-1 = {http://links.jstor.org/sici?sici=0034-6527%28196206%2929%3A3%3C155%3ATEIOLB%3E2.0.CO%3B2-%23}, - citeulike-article-id = {681}, - keywords = {doing learning}, - url = {http://links.jstor.org/sici?sici=0034-6527%28196206%2929%3A3%3C155%3ATEIOLB%3E2.0.CO%3B2-%23}, -} - -@Article{Bacchetta1997, - author = {Philippe Bacchetta and Stefan Gerlach}, - title = {Consumption and Credit Constraints: International Evidence}, - journal = {Journal of Monetary Economics}, - year = {1997}, - volume = {40}, - pages = {207--238}, -} - -@Article{baiPanel, - author = {Bai, Jushan}, - title = {Estimating Cross-section Common Stochastic Trends in Nonstationary Panel Data}, - journal = {Journal of Econometrics}, - year = {2004}, - volume = {122}, - pages = {137--183}, -} - -@Article{baiFactors, - author = {Bai, Jushan}, - title = {Inferential Theory for Factor Models of Large Dimensions}, - journal = {Econometrica}, - year = {2003}, - volume = {71}, - pages = {135--171}, -} - -@Article{Bai2002, - author = {Jushan Bai and Serena Ng}, - title = {Determining the Number of Factors in Approximate Factor Models}, - journal = {Econometrica}, - year = {2002}, - volume = {70}, - pages = {191--221}, -} - -@InCollection{ball:sacrifice, - author = {Ball, Laurence}, - title = {What Determines the Sacrifice Ratio?}, - booktitle = {Monetary Policy}, - publisher = {University of Chicago Press}, - year = {1994)}, - editor = {Mankiw, N. Gregory}, - chapter = {5}, - address = {(Chicago:}, -} - -@Article{batchelorInflation, - author = {Ray Batchelor and A. Orr}, - title = {Inflation Expectations Revisited}, - journal = {Economica}, - year = {1988}, - volume = {55}, - pages = {17--31}, -} - -@Article{bkBootstrap, - author = {Jeremy Berkowitz and Lutz Kilian}, - title = {Recent Developments in Bootstrapping Time Series}, - journal = {Econometric Reviews}, - year = {2000}, - volume = {19}, - pages = {1--48}, -} - -@Article{bbDataRich, - author = {Bernanke, Ben and Boivin, Jean}, - title = {Monetary Policy in a Data-Rich Environment}, - journal = {Journal of Monetary Economics}, - year = {2003}, - volume = {50}, - pages = {525--546}, -} - -@TechReport{ber02, - author = {Carol Bertaut}, - title = {Equity Prices, Household Wealth, and Consumption Growth in Foreign Industrial Countries: Wealth Effects in the 1990s}, - institution = {Federal Reserve Board}, - year = {2002}, - type = {IFDP working paper}, - number = {724}, -} - -@Article{bnMoreBetter, - author = {Boivin, Jean and Ng, Serena}, - title = {Are More Data Always Better for Factor Analysis?}, - journal = {Journal of Econometrics}, - year = {2005}, - volume = ..., - pages = {...}, -} - -@Article{bxTayVsCay, - author = {Michael J. Brennan and Y. Xia}, - title = {Tay's as Good as Cay}, - journal = {Finance Research Letters}, - year = {2005}, - volume = {2}, - pages = {1--14}, - note = {\url{http://dx.doi.org/10.1016/j.frl.2004.10.001}}, - doi = {doi:10.1016/j.frl.2004.10.001}, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/bxTayVsCay.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/bxTayVsCay.pdf:PDF}, - url = {http://dx.doi.org/10.1016/j.frl.2004.10.001}, -} - -@Article{browningCollado:AntIncChanges, - author = {Browning, Martin and Collado, M. Dolores}, - title = {The Response of Expenditures to Anticipated Income Changes: Panel Data Estimates}, - journal = {American Economic Review}, - year = {2001}, - volume = {91}, - number = {3}, - pages = {681--692}, - month = aug, -} - -@Article{bd03, - author = {Joseph P. Byrne and E. Phillip Davis}, - title = {Disaggregate Wealth and Aggregate Consumption: An Investigation of Empirical Relationships for the G7}, - journal = {Oxford Bulletin of Economics and Statistics}, - year = {2003}, - volume = {65}, - number = {2}, - pages = {197--220}, - month = {05}, -} - -@Article{cc07_microWealthE, - author = {John Y. Campbell and {Jo\~ao} F. Cocco}, - title = {How Do House Prices Affect Consumption? Evidence from Micro Data}, - journal = {Journal of Monetary Economics}, - year = {2007}, - volume = {54}, - number = {3}, - pages = {591--621}, - note = {forthcoming}, -} - -@Article{Carlson1975, - author = {J. Carlson and M. Parkin}, - title = {Inflation Expectations}, - journal = {Economica}, - year = {1975}, - volume = {42}, - pages = {123--137}, -} - -@Article{2PeriodLCModel, - author = {Carroll, Christopher D.}, - title = {The Random Walk Model of Consumption}, - journal = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/2PeriodLCModel% .pdf}, - year = {2006}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/2PeriodLCModel.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/2PeriodLCModel.pdf}, -} - -@Article{BufferStockAgeProfiles, - author = {Carroll, Christopher D.}, - title = {BufferStockAgeProfiles}, - journal = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/BufferStockAge% Profiles.pdf}, - year = {2006}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/BufferStockAgeProfiles.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ - consumption/BufferStockAgeProfiles.pdf}, -} - -@Article{EpiOfC, - author = {Carroll, Christopher D.}, - title = {Sticky Expectations and Consumption Dynamics}, - journal = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/EpiOfC.pdf}, - year = {2006}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/EpiOfC.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/EpiOfC.pdf}, -} - -@Article{carroll:epidemicInflQJE, - author = {Carroll, Christopher D.}, - title = {{M}acroeconomic {E}xpectations of {H}ouseholds and {P}rofessional {F}orecasters}, - journal = {Quarterly Journal of Economics}, - year = {2003}, - volume = {118}, - number = {1}, - pages = {269--298}, - note = {\href{https://www.econ2.jhu.edu/people/ccarroll/epidemiologyQJE.pdf}{[PDF]},\href{https://www.econ2.jhu.edu/people/ccarroll/Epidemiology.zip}{[Code]}}, - url = {https://www.econ2.jhu.edu/people/ccarroll/epidemiologyQJE.pdf}, -} - -@Article{carroll:epidemicinfljhu, - author = {Carroll, Christopher D.}, - title = {The Epidemiology of Macroeconomic Expectations}, - journal = {Johns Hopkins University Economics Department Working Paper Number 462}, - year = {2002}, - month = {December}, -} - -@Article{carrollRequiem, - author = {Carroll, Christopher D.}, - title = {Requiem for the Representative Consumer? Aggregate Implications of Microeconomic Consumption Behavior}, - journal = {American Economic Review}, - year = {2000}, - volume = {90}, - number = {2}, - pages = {110--115}, - month = {May}, - note = {At \url{https://www.econ2.jhu.edu/people/ccarroll/RequiemFull.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/RequiemFull.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/RequiemFull.pdf}, -} - -@Article{carrollRequiemNoNotes, - author = {Carroll, Christopher D.}, - title = {Requiem for the Representative Consumer? Aggregate Implications of Microeconomic Consumption Behavior}, - journal = {American Economic Review}, - year = {2000}, - volume = {90}, - number = {2}, - pages = {110--115}, - month = {May}, - note = {At \url{https://www.econ2.jhu.edu/people/ccarroll/RequiemFull.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/RequiemFull.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/RequiemFull.pdf}, -} - -@TechReport{cosHowLarge, - author = {Carroll, Christopher D. and Otsuka, Misuzu and Slacalek, Jiri}, - title = {How Large Is the Housing Wealth Effect? A New Approach}, - institution = {Johns Hopkins University}, - year = {2006}, - type = {Working Paper No. 535}, - number = {12746}, - address = {\href{http://www.econ.jhu.edu/pdf/papers/wp535carroll.pdf}{www.econ.jhu.edu/pdf/papers/wp535carroll.pdf}}, - month = {October}, -} - -@TechReport{cssIntlStickyCECB, - author = {Carroll, Christopher D. and Slacalek, Jiri and Sommer, Martin}, - title = {International evidence on sticky consumption growth}, - institution = {European Central Bank}, - year = {2008}, - type = {Working Paper Series}, - number = {886}, - month = Mar, - bdsk-url-1 = {http://ideas.repec.org/p/ecb/ecbwps/20080886.html}, - score = {80}, - url = {http://ideas.repec.org/p/ecb/ecbwps/20080886.html}, -} - -@Article{cstStickyC, - author = {Carroll, Christopher D. and Slacalek, Jiri and Tokuoka, Kiichi}, - title = {Sticky Expectations and Consumption Dynamics}, - journal = {Manuscript, Johns Hopkins University}, - year = {2011}, - note = {\url{http://llorracc.net/Hidden/Papers/cstStickyC}}, - bdsk-url-1 = {http://llorracc.net/Hidden/Papers/cstStickyC.pdf}, - url = {http://llorracc.net/Hidden/Papers/cstStickyC.pdf}, -} - -@Article{crFactor, - author = {Chamberlain, Gary and Rothschild, Michael}, - title = {Arbitrage Factor Stucture, and Mean--Variance Analysis of Large Asset Markets}, - journal = {Econometrica}, - year = {1983}, - pages = {1281--1304}, -} - -@Article{chPooling, - author = {Michael P. Clements and David F. Hendry}, - title = {Pooling of Forecasts}, - journal = {The Econometrics Journal}, - year = {2004}, - volume = {7(1)}, - pages = {1--31}, -} - -@Article{coccoPortfolioHousing, - author = {{Jo\~ao} F. Cocco}, - title = {Portfolio Choice in the Presence of Housing}, - journal = {Review of Financial Studies}, - year = {2005}, - volume = {18}, - pages = {535--567}, -} - -@Article{csInflation, - author = {Cogley, Timothy and Sargent, Thomas}, - title = {Evolving Post World War II US Inflation Dynamics}, - journal = {NBER Macroeconomics Annual}, - year = {2001}, - volume = {16}, - pages = {331--373}, -} - -@Article{croushore:introSPF, - author = {Croushore, Dean}, - title = {Introducing: The Survey of Professional Forecasters}, - journal = {Federal Reserve Bank of Philadelphia Business Review}, - year = {1993}, - volume = {November/December}, - pages = {3--15}, - month = {November/December}, -} - -@Article{ddfsSticky, - author = {J{\"}org D{\"}opke and Jonas Dovern and Ulrich Fritsche and Jiri Slacalek}, - title = {Sticky Information Phillips Curves: European Evidence}, - journal = {Journal of Money, Credit, and Banking}, - year = {2008}, - volume = {40}, - pages = {1513--1520}, -} - -@InProceedings{dsAssetBooms, - author = {Detken, Carsten and Smets, Frank}, - title = {Asset Price Booms and Monetary Policy}, - booktitle = {Macroeconomic Policies in the World Economy}, - year = {2004}, - editor = {Siebert, Horst}, - pages = {189--227}, - publisher = {Springer}, -} - -@Article{dhj:houseprices, - author = {Richard Disney and John Gathergood and Andrew Henley}, - title = {House Price Shocks, Negative Equity and Household Consumption in the United Kingdom}, - journal = {Journal of the European Economic Association}, - year = {2010}, - volume = {8}, - number = {6}, - pages = {1179--1207}, - month = {December}, - institution = {University of Nottingham}, -} - -@TechReport{dvornak&kohler:wealtheffects, - author = {Nikola Dvornak and Marion Kohler}, - title = {Housing Wealth, Stock Market Wealth and Consumption: A Panel Analysis for Australia}, - institution = {Reserve Bank of Australia}, - year = {2003}, - type = {Reserve Bank of Australia Discussion Paper}, - number = {23}, - month = Jul, -} - -@Article{engelhardtHandS, - author = {Gary V. Engelhardt}, - title = {House Prices and Home Owner Saving Behavior}, - journal = {Regional Science and Urban Economics}, - year = {1996}, - volume = {26}, - pages = {313--336}, -} - -@Article{fcHabits, - author = {Ferson, Wayne and Constantinides, George M.}, - title = {Habit Persistence and Durability in Aggregate Consumption}, - journal = {Journal of Financial Economics}, - year = {1991}, - volume = {29}, - number = {2}, - pages = {199--240}, -} - -@Article{Forni1998, - author = {Forni, Mario and Reichlin, Lucrezia}, - title = {Let's Get Real: A Dynamic Factor Analytical Approach to Disaggregated Business Cycle}, - journal = {Review of Economic Studies}, - year = {1998}, - volume = {65}, - pages = {453--474}, -} - -@TechReport{girouard&blondal:houseprices, - author = {Girouard, Nathalie and Bl{{\"}o}ndal, Sveinbj{{\"}o}rn}, - title = {House Price and Economic Activity}, - institution = {OECD Economics Department}, - year = {2001}, - type = {OECD Economics Department Working Paper}, - number = {279}, - month = Jan, -} - -@Book{ghjPortfolios, - title = {Household Portfolios}, - publisher = {MIT Press}, - year = {2001}, - author = {Guiso, Luigi and Haliassos, Michael and Jappelli, Tullio}, -} - -@Article{guvenen, - author = {Guvenen, Fatih}, - title = {An Empirical Investigation of Labor Income Processes}, - journal = {Review of Economic Dynamics}, - year = {2009}, - volume = {12}, - number = {1}, - pages = {58--79}, -} - -@Article{hlRiskSharing, - author = {Heaton, John and Lucas, Deborah J.}, - title = {Evaluating the Effects of Incomplete Markets on Risk Sharing and Asset Pricing}, - journal = {Journal of Political Economy}, - year = {1996}, - volume = {104}, - pages = {443--487}, -} - -@Article{Kaplan:2012hs, - author = {Kaplan, Greg}, - title = {{Inequality and the life cycle}}, - journal = {Quantitative Economics}, - year = {2012}, - volume = {3}, - number = {3}, - pages = {471--525}, - month = nov, - date-added = {2013-04-07T22:40:17GMT+00:00}, - date-modified = {2013-04-07T23:27:49GMT+00:00}, - doi = {10.3982/QE200}, - file = {{Quantitative_Economics_2012_Kaplan.pdf:/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2012/Kaplan/Quantitative_Economics_2012_Kaplan.pdf:application/pdf}}, - language = {English}, - local-url = {file://localhost/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2012/Kaplan/Quantitative_Economics_2012_Kaplan.pdf}, - publisher = {Wiley Online Library}, - rating = {0}, - read = {Yes}, - uri = {\url{papers2://publication/doi/10.3982/QE200}}, - url = {http://doi.wiley.com/10.3982/QE200}, -} - -@Article{kennickell, - author = {Kennickell, Arthur B.}, - title = {Saving and Permanent Income: Evidence from the 1992 SCF}, - journal = {Board of Governors of the Federal Reserve System}, - year = {1995}, -} - -@Article{Levin2001, - author = {Laurence Levin}, - title = {Are Assets Fungible? Testing the Behavioral Theory of Life Cycle Saving}, - journal = {Journal of Economic Behavior and Organization}, - year = {2001}, - volume = {36}, - pages = {59--83}, -} - -@Article{lev02, - author = {Levine, Ross}, - title = {Bank-Based or Market-Based Financial Systems: Which Is Better?}, - journal = {Journal of Financial Intermediation}, - year = {2002}, - volume = {11}, - pages = {1--30}, -} - -@Article{lucas:imperfectInfo, - author = {Lucas, Robert E.}, - title = {Some International Evidence on Output-Inflation Tradeoffs}, - journal = {American Economic Review}, - year = {1973}, - volume = {63}, - number = {3}, - pages = {326--334}, - month = {June}, -} - -@TechReport{ls02, - author = {Ludwig, Alexander and {Sl{\o}k}, Torsten}, - title = {The Impact of Changes in Stock Prices and House Prices on Consumption in OECD Countries}, - institution = {International Monetary Fund}, - year = {2002}, - type = {IMF woking paper}, - number = {1}, -} - -@Article{lusardi, - author = {Lusardi, Annamaria}, - title = {Permanent Income, Current Income, and Consumption: Evidence from Two Panel Data Sets}, - journal = {Journal of Business and Economic Statistics}, - year = {1996}, - volume = {14}, - number = {1}, - pages = {81--90}, - month = {January}, -} - -@Article{mankiwEtAl03, - author = {N. Gregory Mankiw and Ricardo Reis and Justin Wolfers}, - title = {Disagreement on Inflation Expectations}, - journal = {NBER Macroeconomics Annual}, - year = {2003}, - pages = {209--248}, -} - -@Article{prescott, - author = {Prescott, Edward C.}, - title = {Theory Ahead of Business Cycle Measurement}, - journal = {Carnegie-Rochester Conference Series on Public Policy}, - year = {1986}, - volume = {25}, - pages = {11--44}, - note = {\url{http://ideas.repec.org/p/fip/fedmsr/102.html}}, - bdsk-url-1 = {http://ideas.repec.org/p/fip/fedmsr/102.html}, - url = {http://ideas.repec.org/p/fip/fedmsr/102.html}, -} - -@Article{prescottTheoryAhead, - author = {Prescott, Edward C.}, - title = {Theory Ahead of Business Cycle Measurement}, - journal = {Carnegie-Rochester Conference Series on Public Policy}, - year = 1986, - volume = 25, - pages = {11--44}, - note = {\url{http://ideas.repec.org/p/fip/fedmsr/102.html}}, - bdsk-url-1 = {http://ideas.repec.org/p/fip/fedmsr/102.html}, - url = {http://ideas.repec.org/p/fip/fedmsr/102.html}, -} - -@Article{reis:inpro, - author = {Ricardo Reis}, - title = {Inattentive Producers}, - journal = {Review of Economic Studies}, - year = {2006}, - volume = {73}, - number = {3}, - pages = {793--821}, -} - -@Article{reisInattentiveC, - author = {Reis, Ricardo}, - title = {Inattentive Consumers}, - journal = {Journal of Monetary Economics}, - year = {2006}, - volume = {53}, - number = {8}, - pages = {1761--1800}, - month = {November}, - bdsk-url-1 = {http://ideas.repec.org/a/eee/moneco/v53y2006i8p1761-1800.html}, - publisher = {Elsevier}, - url = {http://ideas.repec.org/a/eee/moneco/v53y2006i8p1761-1800.html}, -} - -@Article{frederickLoewensteinODonogue:discountReview, - author = {Shane Frederick and George Loewenstein and Ted {O'Donogue}}, - title = {Time Discounting and Time Preference: A Critical Review}, - journal = {Journal of Economic Literature}, - year = {2002}, - volume = {XL}, - number = {2}, - pages = {351--401}, - issn = {00220515}, - publisher = {American Economic Association}, - url = {http://www.jstor.org/stable/2698382}, -} - -@Book{lsamuelsonEvolutionary, - title = {Evolutionary Games and Equilibrium Selection}, - publisher = {Princeton University Press}, - year = {1997}, - author = {Samuelson, Larry}, - address = {Cambridge}, -} - -@Article{samuelsonOLG, - author = {Samuelson, Paul A.}, - title = {An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money}, - journal = {Journal of Political Economy}, - year = {1958}, - volume = {66}, - number = {6}, - pages = {467--482}, - issn = {00223808, 1537534X}, - publisher = {University of Chicago Press}, - url = {http://www.jstor.org/stable/1826989}, -} - -@Book{shillerIEed2, - title = {Irrational Exuberance}, - publisher = {Princeton University Press}, - year = {2005}, - author = {Shiller, Robert J.}, - edition = {2}, - month = {March}, - date = {2005}, -} - -@Article{SongStorenslettenZilibotti11, - author = {Song, Zheng and Storesletten, Kjetil and Zilibotti, Fabrizio}, - title = {Growing Like China}, - journal = {The American Economic Review}, - year = {2011}, - volume = {101}, - number = {1}, - pages = {196--233}, -} - -@InProceedings{swIntlBusCyca, - author = {James H. Stock and Mark W. Watson}, - title = {Forecasting with Many Predictors}, - booktitle = {The Handbook of Economic Forecasting}, - year = {2005}, - editor = {Graham Elliott and Clive Granger and Allan Timmermann}, - publisher = {Elsevier/North Holland}, -} - -@Article{Wilcox:92, - author = {Wilcox, David W.}, - title = {The Construction of U.S. Consumption Data: Some Facts and Their Implications for Empirical Work}, - journal = {The American Economic Review}, - year = {1992}, - volume = {82}, - number = {4}, - pages = {922--941}, - month = {September}, -} - -@Article{jwilliamsonKorea, - author = {Williamson, Jeffrey G.}, - title = {Why Do {K}oreans Save 'So Little'?}, - journal = {Journal of Development Economics}, - year = {1979}, - volume = {6}, - pages = {343--362}, - month = {September}, -} - -@InCollection{carroll:richsave, - author = {Carroll, Christopher D.}, - title = {{W}hy {D}o the {R}ich {S}ave {S}o {M}uch?}, - booktitle = {{D}oes {A}tlas {S}hrug? {T}he {E}conomic {C}onsequences of {T}axing the {R}ich}, - publisher = {Harvard University Press}, - year = {2000}, - editor = {Slemrod, Joel B.}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/Why.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/Why.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/Why.pdf}, -} - -@Article{summers&carroll:brookings, - author = {Summers, Lawrence H. and Carroll, Christopher D.}, - title = {Why is U.S.\ National Saving So Low?}, - journal = {Brookings Papers on Economic Activity}, - year = {1987}, - volume = {1987}, - number = {2}, - pages = {607--636}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/NatSavSoLow.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/NatSavSoLow.pdf}, - url = {https://www.econ2.jhu.edu/people/ccarroll/NatSavSoLow.pdf}, -} - -@InProceedings{mbUtility, - author = {Modigliani, Franco and Brumberg, Richard}, - title = {Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data}, - booktitle = {Post-Keynesian Economics}, - year = {1954}, - editor = {Kurihara, Kenneth K.}, - address = {New Brunswick, NJ}, - publisher = {Rutgers University Press}, -} - -@Article{cstKS, - author = {Carroll, Christopher D and Slacalek, Jiri and Tokuoka, Kiichi}, - title = {Buffer-Stock Saving in a Krusell--Smith World}, - journal = {Economics Letters}, - year = {2015}, - volume = {132}, - pages = {97--100}, - note = {At \url{https://www.econ2.jhu.edu/people/ccarroll/papers/cstKS/}; extended version available as ECB Working Paper number 1633, \url{https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1633.pdf}}, - doi = {doi:10.1016/j.econlet.2015.04.021}, - publisher = {Elsevier}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/cstKS/}, -} - -@Article{carrollEGM, - author = {Carroll, Christopher D.}, - title = {The {M}ethod of {E}ndogenous {G}ridpoints for {S}olving {D}ynamic {S}tochastic {O}ptimization {P}roblems}, - journal = {Economics Letters}, - year = {2006}, - volume = {91}, - number = {3}, - pages = {312--320}, - month = {September}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/EndogenousGridpoints.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/ccarroll/EndogenousArchive.zip}, - bdsk-url-2 = {http://dx.doi.org/10.1016/j.econlet.2005.09.013}, - doi = {10.1016/j.econlet.2005.09.013}, - url = {https://www.econ2.jhu.edu/people/ccarroll/EndogenousArchive.zip}, -} - -@Book{deatonUnderstandingCNotes, - title = {{U}nderstanding {C}onsumption}, - publisher = {Oxford University Press}, - year = {1992}, - author = {Deaton, Angus S.}, - address = {New York}, -} - -@Book{deatonUnderstandingC, - title = {{U}nderstanding {C}onsumption}, - publisher = {Oxford University Press}, - year = {1992}, - author = {Deaton, Angus S.}, - address = {New York}, -} - -@TechReport{bgpHousing, - author = {Bostic, Raphael and Gabriel, Stuart and Painter, Gary}, - title = {Housing Wealth, Financial Wealth, and Consumption: New Evidence from Micro Data}, - institution = {University of Southern California}, - year = {2005}, - type = {working paper}, - month = {December}, -} - -@Article{aw95, - author = {Orazio Attanasio and Guglielmo Weber}, - title = {Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey}, - journal = {Journal of Political Economy}, - year = {1995}, - volume = {103}, - number = {6}, - pages = {1121-57}, - month = {December}, -} - -@Article{ersAutoregressive, - author = {Graham Elliott and Thomas J. Rothenberg and James H. Stock}, - title = {Efficient Tests for an Autoregressive Root}, - journal = {Econometrica}, - year = {1996}, - volume = {64}, - number = {4}, - pages = {813--836}, - month = {July}, -} - -@Article{greenCalifornia, - author = {Richard K. Green}, - title = {Stock Prices and House Prices in California: New Evidence of a Wealth Effect}, - journal = {Regional Science and Urban Economics}, - year = {2002}, - volume = {32}, - pages = {775--783}, -} - -@Article{glAssetPricing, - author = {Grossman, Sanford J. and Laroque, Guy S.}, - title = {Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods}, - journal = {Econometrica}, - year = {1990}, - volume = {58}, - number = {1}, - pages = {25--51}, -} - -@Article{inSpillovers, - author = {Iacoviello, Matteo and Neri, Stefano}, - title = {Housing Market Spillovers: Evidence from an Estimated DSGE Model}, - journal = {AEJ Macro}, - year = {2010}, - pages = {forthcoming}, - note = {forthcoming}, - institution = {Boston College, Department of Economics}, - type = {working paper}, -} - -@Article{ssModeration, - author = {Sabelhaus, John and Song, Jae}, - title = {The Great Moderation in Micro Labor Earnings}, - journal = {Journal of Monetary Economics}, - year = {2010}, - volume = {57}, - number = {4}, - pages = {391--403}, - month = {May}, - note = {\url{http://ideas.repec.org/a/eee/moneco/v57y2010i4p391-403.html}}, - abstract = {Between 1980 and the early 1990s the variability of - labor earnings growth rates across the prime-age - working population fell significantly. This decline - and timing are consistent with other macro and micro - observations about growth variability that are - collectively referred to as the \"Great - Moderation.\" The variability of earnings - growth is negatively correlated with age at any - point in time, and the U.S. working age population - got older during this period because the Baby Boom - was aging. However, the decrease in variability was - roughly uniform across all age groups, so population - aging is not the source of the overall decline. The - variance of log changes also declined at multi-year - frequencies in such a way as to suggest that both - permanent and transitory components of earnings - shocks became more moderate. A simple identification - strategy for separating age and cohort effects shows - a very intuitive pattern of permanent and transitory - shocks over the life cycle, and confirms that a - shift over time in the stochastic process occurred - even after controlling for age effects.}, - date-added = {2013-04-07T22:40:16GMT+00:00}, - date-modified = {2013-04-07T23:27:49GMT+00:00}, - doi = {10.1016/j.jmoneco.2010.04.003}, - file = {ssModeration.pdf:ssModeration.pdf:PDF}, - keywords = { Labor earnings Earnings volatility Great moderation}, - language = {English}, - local-url = {file://localhost/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2010/Sabelhaus/Journal_of_Monetary_Economics_2010_Sabelhaus.pdf}, - rating = {0}, - uri = {\url{papers2://publication/doi/10.1016/j.jmoneco.2010.04.003}}, - url = {http://ideas.repec.org/a/eee/moneco/v57y2010i4p391-403.html}, -} - -@Article{deatonLiqConstr, - author = {Deaton, Angus S.}, - title = {Saving and Liquidity Constraints}, - journal = {Econometrica}, - year = {1991}, - volume = {59}, - pages = {1221-1248}, - note = {\url{http://www.jstor.org/stable/2938366}}, - bdsk-url-1 = {http://ideas.repec.org/a/ecm/emetrp/v59y1991i5p1221-48.html}, - file = {deatonLiqConstr.pdf:deatonLiqConstr.pdf:PDF}, - owner = {Nic Johnson}, - url = {http://www.jstor.org/stable/2938366}, -} - -@Article{cagettiWprofiles, - author = {Marco Cagetti}, - title = {Wealth Accumulation Over the Life Cycle and Precautionary Savings}, - journal = {Journal of Business and Economic Statistics}, - year = {2003}, - volume = {21}, - number = {3}, - pages = {339--353}, -} - -@Article{Cagetti, - author = {Marco Cagetti}, - title = {Wealth Accumulation Over the Life Cycle and Precautionary Savings}, - journal = {Journal of Business and Economic Statistics}, - year = {2003}, - volume = {21}, - number = {3}, - pages = {339--353}, -} - -@Article{pikettySaez:incomeIneq_qje03, - author = {Thomas Piketty and Emmanuel Saez}, - title = {Income Ineuality in the United States, 1913--1998}, - journal = {Quarterly Journal of Economics}, - year = {2003}, - volume = {118}, - number = {1}, - pages = {1--39}, - month = {February}, -} - - -@Article{demyanykEtAl_JoF07_deregulation, - author = {Yuliya Demyanyk and Charlotte Ostergaard and Bent E. S{\o}rensen}, - title = {U.S. Banking Deregulation, Small Businesses, and Interstate Insurance of Personal Income}, - journal = {Journal of Finance}, - year = {2007}, - volume = {62}, - number = {6}, - pages = {2763--2801}, - month = {December}, - abstract = { We estimate the effects of deregulation of U.S. banking restrictions on interstate personal income insurance for the period 1970 to 2001. Interstate income insurance occurs when personal income reacts less than one-to-one to state-specific output shocks. We find that insurance improved after banking deregulation, with a larger effect in states where small businesses are more important and on proprietors' income than on other components of personal income. Our explanation centers on the role of banks as a prime source of small business finance and on the close intertwining of the personal and business finances of small business owners. Copyright 2007 by The American Finance Association.}, - url = {https://ideas.repec.org/a/bla/jfinan/v62y2007i6p2763-2801.html}, -} - -@Article{carroll:brookings, - author = {Carroll, Christopher D.}, - title = {The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence}, - journal = {Brookings Papers on Economic Activity}, - year = {1992}, - volume = {1992}, - number = {2}, - pages = {61--156}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/BufferStockBPEA.pdf}}, - score = {30}, - url = {https://www.econ2.jhu.edu/people/ccarroll/BufferStockBPEA.pdf}, -} - -@Article{carrollBrookings, - author = {Carroll, Christopher D.}, - title = {The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence}, - journal = {Brookings Papers on Economic Activity}, - year = {1992}, - volume = {1992}, - number = {2}, - pages = {61--156}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/BufferStockBPEA.pdf}}, - score = {30}, - url = {https://www.econ2.jhu.edu/people/ccarroll/BufferStockBPEA.pdf}, -} - -@Comment{jabref-meta: databaseType:bibtex;} - -@Comment{jabref-meta: grouping: -0 AllEntriesGroup:; 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Addition of a function to replace repeated authors with a 3 em dash. -%%% (Search for compare.names, this function is portable.) -%%% 2. Modification of output.nonnull to allow commas inside quotation marks -%%% and no comma after year. -%%% 3.Eliminated feature (bug?) of the harvard style of citation. -%%% It creates a short label for subsequent citations. This alleged -%%% feature shortens both Aliprantis, Border, and Luxemburg (1991) and -%%% Aliprantis, Brown, and Burkinshaw (1991) to Aliprantis et~al. (1991). -%%% This creates the need to label these as -%%% Aliprantis, Border, and Luxemburg (1991a) and -%%% Aliprantis, Brown, and Burkinshaw (1991b), despite the fact -%%% that these entries have different authors. I used my own format -%%% for creating the labels, and used the same label for -%%% both the short and long forms. I know that the -%%% _Chicago_Manual_of_Style recommends using Aliprantis et~al, -%% but Econometrica regularly writes out three authors, -%% and it is rare to cite an article with more than four authors in -%%% Econometrica. (I couldn't find an example of even four being cited, -%%% but I didn't spend a lot of time looking.) -%%% 4. Addition of macros to handle editions. (My own idiosycracy.) -%%% 5. A new entry type called issue for special issues of a journal. -%%% (Another idiosyncracy.) -%%% 6. Many details to conform to Econometrica's quirks. -%%% (Search for KCB ) -%%% 7. I wrote this for use with LaTeX2e and the NFSS2. However, I did -%%% add some macros so it will work with LaTeX 2.09. -%%% (Search for \ifx\undefined\emph ) -%%% The remainder of this file was generated by makebst, except for -%%% modifications marked with KCB. -%% -%% This is file `em.bst', generated -%% on <1994/8/17> with the docstrip utility (2.2h). -%% -%% The original source files were: -%% -%% genbst.mbs (with options: `ay,har,nm-rev1,nmft-sc,dt-beg,yr-par,tit-qq,atit-u,thtit-a,volp-com,edby,blk-com,pp,ed,abr,and-com,nfss') -%% ---------------------------------------- -%% *** Econometrica style *** -%% -%% (Here are the specifications of the source file) -%% \def\filename{genbst.mbs} -%% \def\filedate{1994 July 1} -%% \def\fileversion{1.3} -%% For use with BibTeX version 0.99a or later, LaTeX version 2.09 -%%------------------------------------------------------------------- -%% NOTICE: -%% This file may be used for non-profit purposes. -%% It may not be distributed in exchange for money, -%% other than distribution costs. -%% -%% The author provides it `as is' and does not guarantee it in any way. -%% -%% Copyright (C) 1994 Patrick W. Daly -%% Max-Planck-Institut f\"ur Aeronomie -%% Postfach 20 -%% D-37189 Katlenburg-Lindau -%% Germany -%% -%% E-mail: -%% SPAN-- nsp::linmpi::daly (note nsp also known as ecd1) -%% Internet-- daly@linmpi.dnet.gwdg.de -%%----------------------------------------------------------- -%% \CharacterTable -%% {Upper-case \A\B\C\D\E\F\G\H\I\J\K\L\M\N\O\P\Q\R\S\T\U\V\W\X\Y\Z -%% Lower-case \a\b\c\d\e\f\g\h\i\j\k\l\m\n\o\p\q\r\s\t\u\v\w\x\y\z -%% Digits \0\1\2\3\4\5\6\7\8\9 -%% Exclamation \! Double quote \" Hash (number) \# -%% Dollar \$ Percent \% Ampersand \& -%% Acute accent \' Left paren \( Right paren \) -%% Asterisk \* Plus \+ Comma \, -%% Minus \- Point \. Solidus \/ -%% Colon \: Semicolon \; Less than \< -%% Equals \= Greater than \> Question mark \? -%% Commercial at \@ Left bracket \[ Backslash \\ -%% Right bracket \] Circumflex \^ Underscore \_ -%% Grave accent \` Left brace \{ Vertical bar \| -%% Right brace \} Tilde \~} -%%--------------------------------------------------------------------- - % This is an author-year citation style bibliography. As such, it is - % non-standard LaTeX, and requires a style option to function properly. - % The appropriate style file is: harvard.sty - % The form of the bibitem entries is - % \harvarditem[Jones et al.]{Jones, Baker, and Smith}{1990}{key}... - % There are style changes that may be specified in the text with - % the command \citationstyle. - % \citeasnoun{key} ==>> Jones et al. (1990) - % \cite{key} ==>> (Jones et al. 1990) - % \cite[chap. 2]{key} ==>> (Jones et al. 1990, chap. 2) - % On the first citation of any work, the full author list is used. -%%--------------------------------------------------------------------- - -ENTRY - { address - author - booktitle - chapter - edition - editor - howpublished - institution - journal - key - month - note - number - organization - pages - publisher - school - series - title - type - volume - year - } - {} - { label extra.label sort.label } %%%KCB: removed long.label - -INTEGERS { output.state before.all mid.sentence after.sentence after.block } - -%%%KCB: new output state, no.comma -INTEGERS { no.comma} - -FUNCTION {init.state.consts} -{ #0 'before.all := - #1 'mid.sentence := - #2 'after.sentence := - #3 'after.block := - #4 'no.comma := %%%KCB -} - -STRINGS { s t } - - -%%%KCB: revise to use new output state -FUNCTION {output.nonnull} -{ 's := - output.state no.comma = %%%KCB: if in this state, write a space - { " " * write$ before.all 'output.state := } %%%KCB - { output.state mid.sentence = %%%KCB: add brace at beginning - { ", " * write$ } - { output.state after.block = - { add.period$ write$ - newline$ - "\newblock " write$ - } - { output.state before.all = - 'write$ - { add.period$ " " * write$ } - if$ - } - if$ - } - if$ - mid.sentence 'output.state := - } %%%KCB: matching brace - if$ %%%KCB: test for no.comma state - s -} - -FUNCTION {output} -{ duplicate$ empty$ - 'pop$ - 'output.nonnull - if$ -} - -FUNCTION {output.check} -{ 't := - duplicate$ empty$ - { pop$ "empty " t * " in " * cite$ * warning$ } - 'output.nonnull - if$ -} - -FUNCTION {output.bibitem} -{ newline$ - "\harvarditem[" write$ - label write$ - "]{" label * "}{" * write$ %%%KCB: replaced long.label with label - year duplicate$ empty$ - { pop$ "????" } - 'skip$ - if$ - extra.label * "}{" * write$ - cite$ write$ - "}" write$ - newline$ - "" - before.all 'output.state := -} - -FUNCTION {fin.entry} -{ add.period$ - write$ - newline$ -} - -FUNCTION {new.block} -{ output.state before.all = - 'skip$ - { after.block 'output.state := } - if$ -} - -FUNCTION {new.sentence} -{ output.state after.block = - 'skip$ - { output.state before.all = - 'skip$ - { after.sentence 'output.state := } - if$ - } - if$ -} - -FUNCTION {not} -{ { #0 } - { #1 } - if$ -} - -FUNCTION {and} -{ 'skip$ - { pop$ #0 } - if$ -} - -FUNCTION {or} -{ { pop$ #1 } - 'skip$ - if$ -} - -FUNCTION {new.block.checkb} -{ empty$ - swap$ empty$ - and - 'skip$ - 'new.block - if$ -} - -FUNCTION {field.or.null} -{ duplicate$ empty$ - { pop$ "" } - 'skip$ - if$ -} - -FUNCTION {emphasize} -{ duplicate$ empty$ - { pop$ "" } - { "\emph{" swap$ * "}" * } - if$ -} - -INTEGERS { nameptr namesleft numnames } - -%%%KCB: Here is a portable set of routines to check for repeated authors -%%% and replace them with a 3 em dash -%%% According to _Chicago_Manual_of_Style_, a dash is used to -%%% replace an author's name only if the entire list is the same, so: -%%% Compare names. See if prev.name is identical to CurrList. -%%% If not, then just output CurrList. -%%% If so, replace with \BySame -%%% I use a conservative matching scheme, -%%% and check to see if full names are identical, -%%% even though we only use initials. -%%% This may mean that you have to correct your .bib database -%%% to ensure consistency. -%%% -%%% sample usage: -%%% search for {format.author} - -INTEGERS {currNum prevNum} - -STRINGS {PrevList CurrList prev.name PrevTemp CurrTemp} - -%%%KCB: Initialize prev.name ot some nonsense string: - -FUNCTION {init.prev.name} -{ -"My puppy Harley" 'prev.name := -} - -%%%KCB: Must EXECUTE {init.prev.name} after READ - -%%%KCB: compare.names -FUNCTION {compare.names} -{ prev.name 'PrevList := - duplicate$ 'prev.name := % make current list the new previous list - 'CurrList := - PrevList num.names$ 'prevNum := - CurrList num.names$ 'currNum := -% - prevNum currNum = %% If prevNum = currNum - { "" 'PrevTemp := %% Then take this branch - "" 'CurrTemp := - #1 'nameptr := %%% start with first name in each list - { nameptr prevNum > not }%% while nameptr <= prevNum -%% Format both lists the same way. -%% Use full names: bib file might need to be corrected - { - PrevList nameptr "{ff }{vv~}{ll}{ jj}" format.name$ PrevTemp * 'PrevTemp := - CurrList nameptr "{ff }{vv~}{ll}{ jj}" format.name$ CurrTemp * 'CurrTemp := - nameptr #1 + 'nameptr := } - while$ -%% Now compare : - PrevTemp CurrTemp = %% If PrevTemp = CurrTemp - { "\BySame{}" } - { CurrList } - if$ - } - { CurrList } %% If not prevNum = currNum - if$ %% If prevNum = currNum -} - -%%% -%%% -%%%KCB: End of new routine. - - -FUNCTION {format.names} -{ 's := - #1 'nameptr := - s num.names$ 'numnames := - numnames 'namesleft := - { namesleft #0 > } - { nameptr #1 > - { s nameptr "{ff~}{vv~}{ll}{, jj}" format.name$ 't := } - { s nameptr "{vv~}{ll}{, jj}{, ff}" format.name$ 't := } - if$ - nameptr #1 > - { - namesleft #1 > - { ", " * t * } - { - ", " * - t "others" = - { " et~al." * } - { " {and} " * t * } %%%CDC: removed \small - if$ - } - if$ - } - 't - if$ - nameptr #1 + 'nameptr := - namesleft #1 - 'namesleft := - } - while$ -} - - -FUNCTION {format.names.ed} -{ 's := - #1 'nameptr := - s num.names$ 'numnames := - numnames 'namesleft := - { namesleft #0 > } - { s nameptr - "{ff~}{vv~}{ll}{, jj}" - format.name$ 't := - nameptr #1 > - { - namesleft #1 > - { ", " * t * } - { - ", " * - t "others" = - { " et~al." * } - { " {and} " * t * } %%%CDC: removed \small - if$ - } - if$ - } - 't - if$ - nameptr #1 + 'nameptr := - namesleft #1 - 'namesleft := - } - while$ -} - -FUNCTION {format.key} -{ empty$ - { key field.or.null } - { "" } - if$ -} - -FUNCTION {format.authors} -{ author empty$ - { "" } - { "\textsc{" author compare.names format.names * "} " * } - if$ -} - -FUNCTION {format.editors} -{ editor empty$ - { "" } - { "\textsc{" editor compare.names format.names * " }" * - editor num.names$ #1 > - { " (eds.)" * } - { " (ed.)" * } - if$ - } - if$ -} - -FUNCTION {format.in.editors} -{ editor empty$ - { "" } - { editor format.names.ed - } - if$ -} - -FUNCTION {format.title} -{ title empty$ - { "" } - { title - "``" swap$ * ",'' " * - } -no.comma 'output.state := %%%KCB: - if$ -} - -FUNCTION {n.dashify} -{ 't := - "" - { t empty$ not } - { t #1 #1 substring$ "-" = - { t #1 #2 substring$ "--" = not - { "--" * - t #2 global.max$ substring$ 't := - } - { { t #1 #1 substring$ "-" = } - { "-" * - t #2 global.max$ substring$ 't := - } - while$ - } - if$ - } - { t #1 #1 substring$ * - t #2 global.max$ substring$ 't := - } - if$ - } - while$ -} - -FUNCTION {word.in} -{ "in " } - -FUNCTION {format.date} -{ year duplicate$ empty$ - { "empty year in " cite$ * "; set to ????" * warning$ - pop$ "????" } - 'skip$ - if$ - " (" swap$ * extra.label * "):" * %%%KCB: added : - before.all 'output.state := %%%KCB: -} - -FUNCTION {format.btitle} -{ title emphasize -no.comma 'output.state := %%%KCB: -} - -FUNCTION {tie.or.space.connect} -{ duplicate$ text.length$ #3 < - { "~" } - { " " } - if$ - swap$ * * -} - -FUNCTION {either.or.check} -{ empty$ - 'pop$ - { "can't use both " swap$ * " fields in " * cite$ * warning$ } - if$ -} - -FUNCTION {format.bvolume} -{ volume empty$ - { "" } - { "vol." volume tie.or.space.connect - series empty$ - 'skip$ - { " of " * series emphasize * } - if$ - "volume and number" number either.or.check - } - if$ -} - -FUNCTION {format.number.series} -{ volume empty$ - { number empty$ - { series field.or.null } - { output.state mid.sentence = - { "no." } - { "No." } - if$ - number tie.or.space.connect - series empty$ - { "there's a number but no series in " cite$ * warning$ } - { " in " * series * } - if$ - } - if$ - } - { "" } - if$ -} - -FUNCTION {format.edition} -{ edition empty$ - { "" } - { output.state mid.sentence = - { edition "l" change.case$ " edn." * } - { edition "t" change.case$ " edn." * } - if$ - } - if$ -} - -INTEGERS { multiresult } - -FUNCTION {multi.page.check} -{ 't := - #0 'multiresult := - { multiresult not - t empty$ not - and - } - { t #1 #1 substring$ - duplicate$ "-" = - swap$ duplicate$ "," = - swap$ "+" = - or or - { #1 'multiresult := } - { t #2 global.max$ substring$ 't := } - if$ - } - while$ - multiresult -} - -FUNCTION {format.pages} -{ pages empty$ - { "" } - { pages multi.page.check - { "pp." pages n.dashify tie.or.space.connect } - { "p." pages tie.or.space.connect } - if$ - } - if$ -} - -FUNCTION {format.vol.num.pages} -{ volume field.or.null - number empty$ - 'skip$ - { "(" number * ")" * * - volume empty$ - { "there's a number but no volume in " cite$ * warning$ } - 'skip$ - if$ - } - if$ - pages empty$ - 'skip$ - { duplicate$ empty$ - { pop$ format.pages } - { ", " * pages n.dashify * } - if$ - } - if$ -} - -FUNCTION {format.chapter.pages} -{ chapter empty$ - 'format.pages - { type empty$ - { "chap." } - { type "l" change.case$ } - if$ - chapter tie.or.space.connect - pages empty$ - 'skip$ - { ", " * format.pages * } - if$ - } - if$ -} - -FUNCTION {format.in.ed.booktitle} -{ booktitle empty$ - { "" } - { editor empty$ - { word.in booktitle emphasize * } - { word.in booktitle emphasize * ", ed. by " * %%%KCB: abbrv ed. - format.in.editors * } - if$ - } - if$ -} - -FUNCTION {format.thesis.type} -{ type empty$ - 'skip$ - { pop$ - type "t" change.case$ - } - if$ -} - -FUNCTION {format.tr.number} -{ type empty$ - { "Discussion Paper" } %%%KCB: changed default - 'type - if$ - number empty$ - { "t" change.case$ } - { number tie.or.space.connect } - if$ -} - -FUNCTION {format.article.crossref} -{ - word.in - "\cite{" * crossref * "}" * -} - -FUNCTION {format.book.crossref} -{ volume empty$ - { "empty volume in " cite$ * "'s crossref of " * crossref * warning$ - word.in - } - { "vol." volume tie.or.space.connect - " of " * - } - if$ - "\cite{" * crossref * "}" * -} - -FUNCTION {format.incoll.inproc.crossref} -{ - word.in - "\cite{" * crossref * "}" * -} - -FUNCTION {article} -{ output.bibitem - format.authors "author" output.check - author format.key output - format.date "year" output.check - format.title "title" output.check - crossref missing$ - { journal emphasize "journal" output.check - format.vol.num.pages output - } - { format.article.crossref output.nonnull - format.pages output - } - if$ - note output - fin.entry -} - -FUNCTION {book} -{ output.bibitem - author empty$ - { format.editors "author and editor" output.check - editor format.key output - } - { format.authors output.nonnull - crossref missing$ - { "author and editor" editor either.or.check } - 'skip$ - if$ - } - if$ - format.date "year" output.check - format.btitle "title" output.check - mid.sentence 'output.state := %%%KCB: - crossref missing$ - { format.bvolume output - format.number.series output - new.sentence - publisher "publisher" output.check - address output - } - { - format.book.crossref output.nonnull - } - if$ - format.edition output - note output - fin.entry -} - -FUNCTION {booklet} -{ output.bibitem - format.authors output - author format.key output - format.date "year" output.check - format.title "title" output.check - howpublished output - address output - note output - fin.entry -} - -FUNCTION {inbook} -{ output.bibitem - author empty$ - { format.editors "author and editor" output.check - editor format.key output - } - { format.authors output.nonnull - crossref missing$ - { "author and editor" editor either.or.check } - 'skip$ - if$ - } - if$ - format.date "year" output.check - format.btitle "title" output.check - crossref missing$ - { format.bvolume output - format.chapter.pages "chapter and pages" output.check - format.number.series output - new.sentence - publisher "publisher" output.check - address output - } - { format.chapter.pages "chapter and pages" output.check - format.book.crossref output.nonnull - } - if$ - format.edition output - note output - fin.entry -} - -FUNCTION {incollection} -{ output.bibitem - format.authors "author" output.check - author format.key output - format.date "year" output.check - format.title "title" output.check - crossref missing$ - { format.in.ed.booktitle "booktitle" output.check - format.bvolume output - format.number.series output - format.chapter.pages output - new.sentence - publisher "publisher" output.check - address output - format.edition output - } - { format.incoll.inproc.crossref output.nonnull - format.chapter.pages output - } - if$ - note output - fin.entry -} - -FUNCTION {inproceedings} -{ output.bibitem - format.authors "author" output.check - author format.key output - format.date "year" output.check - format.title "title" output.check - crossref missing$ - { format.in.ed.booktitle "booktitle" output.check - format.bvolume output - format.number.series output - format.pages output - address output - new.sentence - organization output - publisher output - } - { format.incoll.inproc.crossref output.nonnull - format.pages output - } - if$ - note output - fin.entry -} - -FUNCTION {conference} { inproceedings } - -%%%KCB: special issue of a journal with a special editor - -FUNCTION {issue} -{ output.bibitem - format.editors output - editor format.key output - format.date "year" output.check - format.btitle "title" output.check - crossref missing$ - { journal emphasize "journal" output.check - format.vol.num.pages output - } - { format.article.crossref output.nonnull - format.pages output - } - if$ - note output - fin.entry -} - -FUNCTION {manual} -{ output.bibitem - format.authors output - author format.key output - format.date "year" output.check - format.btitle "title" output.check - organization output - address output - format.edition output - note output - fin.entry -} - -FUNCTION {mastersthesis} -{ output.bibitem - format.authors "author" output.check - author format.key output - format.date "year" output.check - format.title "title" output.check - "Master's thesis" format.thesis.type output.nonnull - school "school" output.check - address output - note output - fin.entry -} - -FUNCTION {misc} -{ output.bibitem - format.authors output - author format.key output - format.date "year" output.check - format.title output - howpublished output - note output - fin.entry -} - -FUNCTION {phdthesis} -{ output.bibitem - format.authors "author" output.check - author format.key output - format.date "year" output.check - format.title "title" output.check - "Ph.D. thesis" format.thesis.type output.nonnull - school "school" output.check - address output - note output - fin.entry -} - -FUNCTION {proceedings} -{ output.bibitem - format.editors output - editor format.key output - format.date "year" output.check - format.btitle "title" output.check - format.bvolume output - format.number.series output - address output - new.sentence - organization output - publisher output - note output - fin.entry -} - -FUNCTION {techreport} -{ output.bibitem - format.authors "author" output.check - author format.key output - format.date "year" output.check - format.title "title" output.check - format.tr.number output.nonnull - institution "institution" output.check - address output - note output - fin.entry -} - -FUNCTION {unpublished} -{ output.bibitem - format.authors "author" output.check - author format.key output - format.date "year" output.check - format.title "title" output.check - note "note" output.check - fin.entry -} - -FUNCTION {default.type} { misc } - -MACRO {jan} {"January"} - -MACRO {feb} {"February"} - -MACRO {mar} {"March"} - -MACRO {apr} {"April"} - -MACRO {may} {"May"} - -MACRO {jun} {"June"} - -MACRO {jul} {"July"} - -MACRO {aug} {"August"} - -MACRO {sep} {"September"} - -MACRO {oct} {"October"} - -MACRO {nov} {"November"} - -MACRO {dec} {"December"} - -%%%KCB: removed computer science journal macros -%%%KCB: added following macros for editions -MACRO {first} {"1st "} -MACRO {second} {"2d "} -MACRO {third} {"3d "} -MACRO {fourth} {"4th "} -MACRO {fifth} {"5th "} -MACRO {sixth} {"6th"} -MACRO {seventh} {"7th "} -MACRO {eighth} {"8th "} -MACRO {ninth} {"9th "} -MACRO {tenth} {"10th "} - -READ - -FUNCTION {sortify} -{ purify$ - "l" change.case$ -} - -INTEGERS { len } - -FUNCTION {chop.word} -{ 's := - 'len := - s #1 len substring$ = - { s len #1 + global.max$ substring$ } - 's - if$ -} - - -%%%KCB: Change format of labels: -FUNCTION {format.lab.names} -{ 's := - #1 'nameptr := - s num.names$ 'numnames := - numnames 'namesleft := - { namesleft #0 > } - { s nameptr "{vv~}{ll}" format.name$ 't := - nameptr #1 > - { namesleft #1 > - { ", " * t * } - { numnames #2 > - { "," * } - 'skip$ - if$ - t "others" = - { " et~al." * } - { " and " * t * } - if$ - } - if$ - } - 't - if$ - nameptr #1 + 'nameptr := - namesleft #1 - 'namesleft := - } - while$ -} - -%%%KCB: removed FUNCTION {format.long.lab.names} - -FUNCTION {author.key.label} -{ author empty$ - { key empty$ - { cite$ #1 #3 substring$ } - 'key - if$ - } - { author format.lab.names } - if$ -} - -FUNCTION {author.editor.key.label} -{ author empty$ - { editor empty$ - { key empty$ - { cite$ #1 #3 substring$ } - 'key - if$ - } - { editor format.lab.names } - if$ - } - { author format.lab.names } - if$ -} - -FUNCTION {editor.key.label} -{ editor empty$ - { key empty$ - { cite$ #1 #3 substring$ } - 'key - if$ - } - { editor format.lab.names } - if$ -} - -%%%KCB: use entire year field as label - -FUNCTION {calc.label} -{ type$ "book" = - type$ "inbook" = - or - type$ "issue" = %%%KCB: need for new entry type - or %%%KCB - 'author.editor.key.label - { type$ "proceedings" = - 'editor.key.label - 'author.key.label - if$ - } - if$ - ", " - * - year field.or.null - * - 'label := -} - -FUNCTION {calc.short.label} -{ type$ "book" = - type$ "inbook" = - or - 'author.editor.key.label - { type$ "proceedings" = - 'editor.key.label - 'author.key.label - if$ - } - if$ - 'label := -} - -%%%KCB: removed FUNCTION {calc.long.label} - -FUNCTION {sort.format.names} -{ 's := - #1 'nameptr := - "" - s num.names$ 'numnames := - numnames 'namesleft := - { namesleft #0 > } - { nameptr #1 > - { " " * } - 'skip$ - if$ - s nameptr - "{vv{ } }{ll{ }}{ f{ }}{ jj{ }}" - format.name$ 't := - nameptr numnames = t "others" = and - { "et al" * } - { t sortify * } - if$ - nameptr #1 + 'nameptr := - namesleft #1 - 'namesleft := - } - while$ -} - -FUNCTION {sort.format.title} -{ 't := - "A " #2 - "An " #3 - "The " #4 t chop.word - chop.word - chop.word - sortify - #1 global.max$ substring$ -} - -FUNCTION {author.sort} -{ author empty$ - { key empty$ - { "to sort, need author or key in " cite$ * warning$ - "" - } - { key sortify } - if$ - } - { author sort.format.names } - if$ -} - -FUNCTION {author.editor.sort} -{ author empty$ - { editor empty$ - { key empty$ - { "to sort, need author, editor, or key in " cite$ * warning$ - "" - } - { key sortify } - if$ - } - { editor sort.format.names } - if$ - } - { author sort.format.names } - if$ -} - -FUNCTION {editor.sort} -{ editor empty$ - { key empty$ - { "to sort, need editor or key in " cite$ * warning$ - "" - } - { key sortify } - if$ - } - { editor sort.format.names } - if$ -} - -FUNCTION {presort} -{ calc.label - label sortify - " " - * - type$ "book" = - type$ "inbook" = - or - type$ "issue" = %%%KCB: need for new entry type - or %%%KCB - 'author.editor.sort - { type$ "proceedings" = - 'editor.sort - 'author.sort - if$ - } - if$ - #1 entry.max$ substring$ - 'sort.label := - sort.label - * - " " - * - title field.or.null - sort.format.title - * - #1 entry.max$ substring$ - 'sort.key$ := -} - -ITERATE {presort} - -SORT - -STRINGS { last.label next.extra } - -INTEGERS { last.extra.num } - -FUNCTION {initialize.extra.label.stuff} -{ #0 int.to.chr$ 'last.label := - "" 'next.extra := - #0 'last.extra.num := -} - -FUNCTION {forward.pass} -{ last.label label = - { last.extra.num #1 + 'last.extra.num := - last.extra.num int.to.chr$ 'extra.label := - } - { "a" chr.to.int$ 'last.extra.num := - "" 'extra.label := - label 'last.label := - } - if$ -} - -FUNCTION {reverse.pass} -{ next.extra "b" = - { "a" 'extra.label := } - 'skip$ - if$ - extra.label 'next.extra := -} - -EXECUTE {initialize.extra.label.stuff} - -EXECUTE {init.prev.name} %%%KCB: needed for replacing repeated authors - -ITERATE {forward.pass} - -REVERSE {reverse.pass} - -FUNCTION {bib.sort.order} -{ sort.label - " " - * - year field.or.null sortify - * - " " - * - title field.or.null - sort.format.title - * - #1 entry.max$ substring$ - 'sort.key$ := - calc.short.label -%%%KCB: removed calc.long.label -} - -ITERATE {bib.sort.order} - -SORT - -FUNCTION {begin.bib} -{ preamble$ empty$ - 'skip$ - { preamble$ write$ newline$ } - if$ -%%%KCB: add defn of \BySame, can be overridden in document -"\ifx\undefined\BySame" write$ newline$ - "\newcommand{\BySame}{\leavevmode\rule[.5ex]{3em}{.5pt}\ }" - write$ newline$ - "\fi" write$ newline$ -% %%% KCB: For those who still cling to LaTeX 2.09 -% "\ifx\undefined\textsc" write$ newline$ -% "\newcommand{\textsc}[1]{{\sc #1}}" -% write$ newline$ -% "\newcommand{\emph}[1]{{\em #1\/}}" -% write$ newline$ -% "\let\tmpsmall\small" write$ newline$ -% "\renewcommand{\small}{\tmpsmall\sc}" write$ newline$ -% "\fi" write$ newline$ -% %%% - "\begin{thebibliography}{}" write$ newline$ -} - -EXECUTE {begin.bib} - -EXECUTE {init.state.consts} - -ITERATE {call.type$} - -FUNCTION {end.bib} -{ newline$ - "\end{thebibliography}" write$ newline$ -"Done." top$ %%%KCB: Signal end for NeXTeX's TexView -} - -EXECUTE {end.bib} -%% End of customized bst file diff --git a/Documentation/texmf-local/bibtex/bst/handout.bst b/Documentation/texmf-local/bibtex/bst/handout.bst deleted file mode 100644 index d826b51ae..000000000 --- a/Documentation/texmf-local/bibtex/bst/handout.bst +++ /dev/null @@ -1,1294 +0,0 @@ -%%% BEJournals Bibliography Style -%%% Modified from econometrica.bst by KCB (see documentation below) -%%% Modified by Christopher Carroll to print full names of authors when available rather than initials -%%% For use with harvard.sty and LaTeX2e (NFSS) or LaTeX 2.09 -%%% 24-aug-94 -%%% -%%% Based on makebst, but with modifications by -%%% kcb@hss.caltech.edu (KC Border) -%%% Please report any problems to me. -%%% -%%% The main changes from the ouput of makebst are: -%%% 1. Addition of a function to replace repeated authors with a 3 em dash. -%%% (Search for compare.names, this function is portable.) -%%% 2. Modification of output.nonnull to allow commas inside quotation marks -%%% and no comma after year. -%%% 3.Eliminated feature (bug?) of the harvard style of citation. -%%% It creates a short label for subsequent citations. This alleged -%%% feature shortens both Aliprantis, Border, and Luxemburg (1991) and -%%% Aliprantis, Brown, and Burkinshaw (1991) to Aliprantis et~al. (1991). -%%% This creates the need to label these as -%%% Aliprantis, Border, and Luxemburg (1991a) and -%%% Aliprantis, Brown, and Burkinshaw (1991b), despite the fact -%%% that these entries have different authors. I used my own format -%%% for creating the labels, and used the same label for -%%% both the short and long forms. I know that the -%%% _Chicago_Manual_of_Style recommends using Aliprantis et~al, -%% but Econometrica regularly writes out three authors, -%% and it is rare to cite an article with more than four authors in -%%% Econometrica. (I couldn't find an example of even four being cited, -%%% but I didn't spend a lot of time looking.) -%%% 4. Addition of macros to handle editions. (My own idiosycracy.) -%%% 5. A new entry type called issue for special issues of a journal. -%%% (Another idiosyncracy.) -%%% 6. Many details to conform to Econometrica's quirks. -%%% (Search for KCB ) -%%% 7. I wrote this for use with LaTeX2e and the NFSS2. However, I did -%%% add some macros so it will work with LaTeX 2.09. -%%% (Search for \ifx\undefined\emph ) -%%% The remainder of this file was generated by makebst, except for -%%% modifications marked with KCB. -%% -%% This is file `em.bst', generated -%% on <1994/8/17> with the docstrip utility (2.2h). -%% -%% The original source files were: -%% -%% genbst.mbs (with options: `ay,har,nm-rev1,nmft-sc,dt-beg,yr-par,tit-qq,atit-u,thtit-a,volp-com,edby,blk-com,pp,ed,abr,and-com,nfss') -%% ---------------------------------------- -%% *** Econometrica style *** -%% -%% (Here are the specifications of the source file) -%% \def\filename{genbst.mbs} -%% \def\filedate{1994 July 1} -%% \def\fileversion{1.3} -%% For use with BibTeX version 0.99a or later, LaTeX version 2.09 -%%------------------------------------------------------------------- -%% NOTICE: -%% This file may be used for non-profit purposes. -%% It may not be distributed in exchange for money, -%% other than distribution costs. -%% -%% The author provides it `as is' and does not guarantee it in any way. -%% -%% Copyright (C) 1994 Patrick W. Daly -%% Max-Planck-Institut f\"ur Aeronomie -%% Postfach 20 -%% D-37189 Katlenburg-Lindau -%% Germany -%% -%% E-mail: -%% SPAN-- nsp::linmpi::daly (note nsp also known as ecd1) -%% Internet-- daly@linmpi.dnet.gwdg.de -%%----------------------------------------------------------- -%% \CharacterTable -%% {Upper-case \A\B\C\D\E\F\G\H\I\J\K\L\M\N\O\P\Q\R\S\T\U\V\W\X\Y\Z -%% Lower-case \a\b\c\d\e\f\g\h\i\j\k\l\m\n\o\p\q\r\s\t\u\v\w\x\y\z -%% Digits \0\1\2\3\4\5\6\7\8\9 -%% Exclamation \! Double quote \" Hash (number) \# -%% Dollar \$ Percent \% Ampersand \& -%% Acute accent \' Left paren \( Right paren \) -%% Asterisk \* Plus \+ Comma \, -%% Minus \- Point \. Solidus \/ -%% Colon \: Semicolon \; Less than \< -%% Equals \= Greater than \> Question mark \? -%% Commercial at \@ Left bracket \[ Backslash \\ -%% Right bracket \] Circumflex \^ Underscore \_ -%% Grave accent \` Left brace \{ Vertical bar \| -%% Right brace \} Tilde \~} -%%--------------------------------------------------------------------- - % This is an author-year citation style bibliography. As such, it is - % non-standard LaTeX, and requires a style option to function properly. - % The appropriate style file is: harvard.sty - % The form of the bibitem entries is - % \harvarditem[Jones et al.]{Jones, Baker, and Smith}{1990}{key}... - % There are style changes that may be specified in the text with - % the command \citationstyle. - % \citeasnoun{key} ==>> Jones et al. (1990) - % \cite{key} ==>> (Jones et al. 1990) - % \cite[chap. 2]{key} ==>> (Jones et al. 1990, chap. 2) - % On the first citation of any work, the full author list is used. -%%--------------------------------------------------------------------- - -ENTRY - { address - author - booktitle - chapter - edition - editor - howpublished - institution - journal - key - month - note - number - organization - pages - publisher - school - series - title - type - volume - year - } - {} - { label extra.label sort.label } %%%KCB: removed long.label - -INTEGERS { output.state before.all mid.sentence after.sentence after.block } - -%%%KCB: new output state, no.comma -INTEGERS { no.comma} - -FUNCTION {init.state.consts} -{ #0 'before.all := - #1 'mid.sentence := - #2 'after.sentence := - #3 'after.block := - #4 'no.comma := %%%KCB -} - -STRINGS { s t } - - -%%%KCB: revise to use new output state -FUNCTION {output.nonnull} -{ 's := - output.state no.comma = %%%KCB: if in this state, write a space - { " " * write$ before.all 'output.state := } %%%KCB - { output.state mid.sentence = %%%KCB: add brace at beginning - { ", " * write$ } - { output.state after.block = - { add.period$ write$ - newline$ - "\newblock " write$ - } - { output.state before.all = - 'write$ - { add.period$ " " * write$ } - if$ - } - if$ - } - if$ - mid.sentence 'output.state := - } %%%KCB: matching brace - if$ %%%KCB: test for no.comma state - s -} - -FUNCTION {output} -{ duplicate$ empty$ - 'pop$ - 'output.nonnull - if$ -} - -FUNCTION {output.check} -{ 't := - duplicate$ empty$ - { pop$ "empty " t * " in " * cite$ * warning$ } - 'output.nonnull - if$ -} - -FUNCTION {output.bibitem} -{ newline$ - "\harvarditem[" write$ - label write$ - "]{" label * "}{" * write$ %%%KCB: replaced long.label with label - year duplicate$ empty$ - { pop$ "????" } - 'skip$ - if$ - extra.label * "}{" * write$ - cite$ write$ - "}" write$ - newline$ - "" - before.all 'output.state := -} - -FUNCTION {fin.entry} -{ add.period$ - write$ - newline$ -} - -FUNCTION {new.block} -{ output.state before.all = - 'skip$ - { after.block 'output.state := } - if$ -} - -FUNCTION {new.sentence} -{ output.state after.block = - 'skip$ - { output.state before.all = - 'skip$ - { after.sentence 'output.state := } - if$ - } - if$ -} - -FUNCTION {not} -{ { #0 } - { #1 } - if$ -} - -FUNCTION {and} -{ 'skip$ - { pop$ #0 } - if$ -} - -FUNCTION {or} -{ { pop$ #1 } - 'skip$ - if$ -} - -FUNCTION {new.block.checkb} -{ empty$ - swap$ empty$ - and - 'skip$ - 'new.block - if$ -} - -FUNCTION {field.or.null} -{ duplicate$ empty$ - { pop$ "" } - 'skip$ - if$ -} - -FUNCTION {emphasize} -{ duplicate$ empty$ - { pop$ "" } - { "\emph{" swap$ * "}" * } - if$ -} - -INTEGERS { nameptr namesleft numnames } - -%%%KCB: Here is a portable set of routines to check for repeated authors -%%% and replace them with a 3 em dash -%%% According to _Chicago_Manual_of_Style_, a dash is used to -%%% replace an author's name only if the entire list is the same, so: -%%% Compare names. See if prev.name is identical to CurrList. -%%% If not, then just output CurrList. -%%% If so, replace with \BySame -%%% I use a conservative matching scheme, -%%% and check to see if full names are identical, -%%% even though we only use initials. -%%% This may mean that you have to correct your .bib database -%%% to ensure consistency. -%%% -%%% sample usage: -%%% search for {format.author} - -INTEGERS {currNum prevNum} - -STRINGS {PrevList CurrList prev.name PrevTemp CurrTemp} - -%%%KCB: Initialize prev.name ot some nonsense string: - -FUNCTION {init.prev.name} -{ -"My puppy Harley" 'prev.name := -} - -%%%KCB: Must EXECUTE {init.prev.name} after READ - -%%%KCB: compare.names -FUNCTION {compare.names} -{ prev.name 'PrevList := - duplicate$ 'prev.name := % make current list the new previous list - 'CurrList := - PrevList num.names$ 'prevNum := - CurrList num.names$ 'currNum := -% - prevNum currNum = %% If prevNum = currNum - { "" 'PrevTemp := %% Then take this branch - "" 'CurrTemp := - #1 'nameptr := %%% start with first name in each list - { nameptr prevNum > not }%% while nameptr <= prevNum -%% Format both lists the same way. -%% Use full names: bib file might need to be corrected - { - PrevList nameptr "{ff }{vv~}{ll}{ jj}" format.name$ PrevTemp * 'PrevTemp := - CurrList nameptr "{ff }{vv~}{ll}{ jj}" format.name$ CurrTemp * 'CurrTemp := - nameptr #1 + 'nameptr := } - while$ -%% Now compare : - PrevTemp CurrTemp = %% If PrevTemp = CurrTemp - { "\BySame{}" } - { CurrList } - if$ - } - { CurrList } %% If not prevNum = currNum - if$ %% If prevNum = currNum -} - -%%% -%%% -%%%KCB: End of new routine. - - -FUNCTION {format.names} -{ 's := - #1 'nameptr := - s num.names$ 'numnames := - numnames 'namesleft := - { namesleft #0 > } - { nameptr #1 > - { s nameptr "{ff~}{vv~}{ll}{, jj}" format.name$ 't := } - { s nameptr "{vv~}{ll}{, jj}{, ff}" format.name$ 't := } - if$ - nameptr #1 > - { - namesleft #1 > - { ", " * t * } - { - ", " * - t "others" = - { " et~al." * } - { " {and} " * t * } %%%CDC: removed \small - if$ - } - if$ - } - 't - if$ - nameptr #1 + 'nameptr := - namesleft #1 - 'namesleft := - } - while$ -} - - -FUNCTION {format.names.ed} -{ 's := - #1 'nameptr := - s num.names$ 'numnames := - numnames 'namesleft := - { namesleft #0 > } - { s nameptr - "{ff~}{vv~}{ll}{, jj}" - format.name$ 't := - nameptr #1 > - { - namesleft #1 > - { ", " * t * } - { - ", " * - t "others" = - { " et~al." * } - { " {and} " * t * } %%%CDC: removed \small - if$ - } - if$ - } - 't - if$ - nameptr #1 + 'nameptr := - namesleft #1 - 'namesleft := - } - while$ -} - -FUNCTION {format.key} -{ empty$ - { key field.or.null } - { "" } - if$ -} - -FUNCTION {format.authors} -{ author empty$ - { "" } - { "\textsc{" author compare.names format.names * "} " * } - if$ -} - -FUNCTION {format.editors} -{ editor empty$ - { "" } - { "\textsc{" editor compare.names format.names * " }" * - editor num.names$ #1 > - { " (eds.)" * } - { " (ed.)" * } - if$ - } - if$ -} - -FUNCTION {format.in.editors} -{ editor empty$ - { "" } - { editor format.names.ed - } - if$ -} - -FUNCTION {format.title} -{ title empty$ - { "" } - { title - "``" swap$ * ",'' " * - } -no.comma 'output.state := %%%KCB: - if$ -} - -FUNCTION {n.dashify} -{ 't := - "" - { t empty$ not } - { t #1 #1 substring$ "-" = - { t #1 #2 substring$ "--" = not - { "--" * - t #2 global.max$ substring$ 't := - } - { { t #1 #1 substring$ "-" = } - { "-" * - t #2 global.max$ substring$ 't := - } - while$ - } - if$ - } - { t #1 #1 substring$ * - t #2 global.max$ substring$ 't := - } - if$ - } - while$ -} - -FUNCTION {word.in} -{ "in " } - -FUNCTION {format.date} -{ year duplicate$ empty$ - { "empty year in " cite$ * "; set to ????" * warning$ - pop$ "????" } - 'skip$ - if$ - " (" swap$ * extra.label * "):" * %%%KCB: added : - before.all 'output.state := %%%KCB: -} - -FUNCTION {format.btitle} -{ title emphasize -no.comma 'output.state := %%%KCB: -} - -FUNCTION {tie.or.space.connect} -{ duplicate$ text.length$ #3 < - { "~" } - { " " } - if$ - swap$ * * -} - -FUNCTION {either.or.check} -{ empty$ - 'pop$ - { "can't use both " swap$ * " fields in " * cite$ * warning$ } - if$ -} - -FUNCTION {format.bvolume} -{ volume empty$ - { "" } - { "vol." volume tie.or.space.connect - series empty$ - 'skip$ - { " of " * series emphasize * } - if$ - "volume and number" number either.or.check - } - if$ -} - -FUNCTION {format.number.series} -{ volume empty$ - { number empty$ - { series field.or.null } - { output.state mid.sentence = - { "no." } - { "No." } - if$ - number tie.or.space.connect - series empty$ - { "there's a number but no series in " cite$ * warning$ } - { " in " * series * } - if$ - } - if$ - } - { "" } - if$ -} - -FUNCTION {format.edition} -{ edition empty$ - { "" } - { output.state mid.sentence = - { edition "l" change.case$ " edn." * } - { edition "t" change.case$ " edn." * } - if$ - } - if$ -} - -INTEGERS { multiresult } - -FUNCTION {multi.page.check} -{ 't := - #0 'multiresult := - { multiresult not - t empty$ not - and - } - { t #1 #1 substring$ - duplicate$ "-" = - swap$ duplicate$ "," = - swap$ "+" = - or or - { #1 'multiresult := } - { t #2 global.max$ substring$ 't := } - if$ - } - while$ - multiresult -} - -FUNCTION {format.pages} -{ pages empty$ - { "" } - { pages multi.page.check - { "pp." pages n.dashify tie.or.space.connect } - { "p." pages tie.or.space.connect } - if$ - } - if$ -} - -FUNCTION {format.vol.num.pages} -{ volume field.or.null - number empty$ - 'skip$ - { "(" number * ")" * * - volume empty$ - { "there's a number but no volume in " cite$ * warning$ } - 'skip$ - if$ - } - if$ - pages empty$ - 'skip$ - { duplicate$ empty$ - { pop$ format.pages } - { ", " * pages n.dashify * } - if$ - } - if$ -} - -FUNCTION {format.chapter.pages} -{ chapter empty$ - 'format.pages - { type empty$ - { "chap." } - { type "l" change.case$ } - if$ - chapter tie.or.space.connect - pages empty$ - 'skip$ - { ", " * format.pages * } - if$ - } - if$ -} - -FUNCTION {format.in.ed.booktitle} -{ booktitle empty$ - { "" } - { editor empty$ - { word.in booktitle emphasize * } - { word.in booktitle emphasize * ", ed. by " * %%%KCB: abbrv ed. - format.in.editors * } - if$ - } - if$ -} - -FUNCTION {format.thesis.type} -{ type empty$ - 'skip$ - { pop$ - type "t" change.case$ - } - if$ -} - -FUNCTION {format.tr.number} -{ type empty$ - { "Discussion Paper" } %%%KCB: changed default - 'type - if$ - number empty$ - { "t" change.case$ } - { number tie.or.space.connect } - if$ -} - -FUNCTION {format.article.crossref} -{ - word.in - "\cite{" * crossref * "}" * -} - -FUNCTION {format.book.crossref} -{ volume empty$ - { "empty volume in " cite$ * "'s crossref of " * crossref * warning$ - word.in - } - { "vol." volume tie.or.space.connect - " of " * - } - if$ - "\cite{" * crossref * "}" * -} - -FUNCTION {format.incoll.inproc.crossref} -{ - word.in - "\cite{" * crossref * "}" * -} - -FUNCTION {article} -{ output.bibitem - format.authors "author" output.check - author format.key output - format.date "year" output.check - format.title "title" output.check - crossref missing$ - { journal emphasize "journal" output.check - format.vol.num.pages output - } - { format.article.crossref output.nonnull - format.pages output - } - if$ - note output - fin.entry -} - -FUNCTION {book} -{ output.bibitem - author empty$ - { format.editors "author and editor" output.check - editor format.key output - } - { format.authors output.nonnull - crossref missing$ - { "author and editor" editor either.or.check } - 'skip$ - if$ - } - if$ - format.date "year" output.check - format.btitle "title" output.check - mid.sentence 'output.state := %%%KCB: - crossref missing$ - { format.bvolume output - format.number.series output - new.sentence - publisher "publisher" output.check - address output - } - { - format.book.crossref output.nonnull - } - if$ - format.edition output - note output - fin.entry -} - -FUNCTION {booklet} -{ output.bibitem - format.authors output - author format.key output - format.date "year" output.check - format.title "title" output.check - howpublished output - address output - note output - fin.entry -} - -FUNCTION {inbook} -{ output.bibitem - author empty$ - { format.editors "author and editor" output.check - editor format.key output - } - { format.authors output.nonnull - crossref missing$ - { "author and editor" editor either.or.check } - 'skip$ - if$ - } - if$ - format.date "year" output.check - format.btitle "title" output.check - crossref missing$ - { format.bvolume output - format.chapter.pages "chapter and pages" output.check - format.number.series output - new.sentence - publisher "publisher" output.check - address output - } - { format.chapter.pages "chapter and pages" output.check - format.book.crossref output.nonnull - } - if$ - format.edition output - note output - fin.entry -} - -FUNCTION {incollection} -{ output.bibitem - format.authors "author" output.check - author format.key output - format.date "year" output.check - format.title "title" output.check - crossref missing$ - { format.in.ed.booktitle "booktitle" output.check - format.bvolume output - format.number.series output - format.chapter.pages output - new.sentence - publisher "publisher" output.check - address output - format.edition output - } - { format.incoll.inproc.crossref output.nonnull - format.chapter.pages output - } - if$ - note output - fin.entry -} - -FUNCTION {inproceedings} -{ output.bibitem - format.authors "author" output.check - author format.key output - format.date "year" output.check - format.title "title" output.check - crossref missing$ - { format.in.ed.booktitle "booktitle" output.check - format.bvolume output - format.number.series output - format.pages output - address output - new.sentence - organization output - publisher output - } - { format.incoll.inproc.crossref output.nonnull - format.pages output - } - if$ - note output - fin.entry -} - -FUNCTION {conference} { inproceedings } - -%%%KCB: special issue of a journal with a special editor - -FUNCTION {issue} -{ output.bibitem - format.editors output - editor format.key output - format.date "year" output.check - format.btitle "title" output.check - crossref missing$ - { journal emphasize "journal" output.check - format.vol.num.pages output - } - { format.article.crossref output.nonnull - format.pages output - } - if$ - note output - fin.entry -} - -FUNCTION {manual} -{ output.bibitem - format.authors output - author format.key output - format.date "year" output.check - format.btitle "title" output.check - organization output - address output - format.edition output - note output - fin.entry -} - -FUNCTION {mastersthesis} -{ output.bibitem - format.authors "author" output.check - author format.key output - format.date "year" output.check - format.title "title" output.check - "Master's thesis" format.thesis.type output.nonnull - school "school" output.check - address output - note output - fin.entry -} - -FUNCTION {misc} -{ output.bibitem - format.authors output - author format.key output - format.date "year" output.check - format.title output - howpublished output - note output - fin.entry -} - -FUNCTION {phdthesis} -{ output.bibitem - format.authors "author" output.check - author format.key output - format.date "year" output.check - format.title "title" output.check - "Ph.D. thesis" format.thesis.type output.nonnull - school "school" output.check - address output - note output - fin.entry -} - -FUNCTION {proceedings} -{ output.bibitem - format.editors output - editor format.key output - format.date "year" output.check - format.btitle "title" output.check - format.bvolume output - format.number.series output - address output - new.sentence - organization output - publisher output - note output - fin.entry -} - -FUNCTION {techreport} -{ output.bibitem - format.authors "author" output.check - author format.key output - format.date "year" output.check - format.title "title" output.check - format.tr.number output.nonnull - institution "institution" output.check - address output - note output - fin.entry -} - -FUNCTION {unpublished} -{ output.bibitem - format.authors "author" output.check - author format.key output - format.date "year" output.check - format.title "title" output.check - note "note" output.check - fin.entry -} - -FUNCTION {default.type} { misc } - -MACRO {jan} {"January"} - -MACRO {feb} {"February"} - -MACRO {mar} {"March"} - -MACRO {apr} {"April"} - -MACRO {may} {"May"} - -MACRO {jun} {"June"} - -MACRO {jul} {"July"} - -MACRO {aug} {"August"} - -MACRO {sep} {"September"} - -MACRO {oct} {"October"} - -MACRO {nov} {"November"} - -MACRO {dec} {"December"} - -%%%KCB: removed computer science journal macros -%%%KCB: added following macros for editions -MACRO {first} {"1st "} -MACRO {second} {"2d "} -MACRO {third} {"3d "} -MACRO {fourth} {"4th "} -MACRO {fifth} {"5th "} -MACRO {sixth} {"6th"} -MACRO {seventh} {"7th "} -MACRO {eighth} {"8th "} -MACRO {ninth} {"9th "} -MACRO {tenth} {"10th "} - -READ - -FUNCTION {sortify} -{ purify$ - "l" change.case$ -} - -INTEGERS { len } - -FUNCTION {chop.word} -{ 's := - 'len := - s #1 len substring$ = - { s len #1 + global.max$ substring$ } - 's - if$ -} - - -%%%KCB: Change format of labels: -FUNCTION {format.lab.names} -{ 's := - #1 'nameptr := - s num.names$ 'numnames := - numnames 'namesleft := - { namesleft #0 > } - { s nameptr "{vv~}{ll}" format.name$ 't := - nameptr #1 > - { namesleft #1 > - { ", " * t * } - { numnames #2 > - { "," * } - 'skip$ - if$ - t "others" = - { " et~al." * } - { " and " * t * } - if$ - } - if$ - } - 't - if$ - nameptr #1 + 'nameptr := - namesleft #1 - 'namesleft := - } - while$ -} - -%%%KCB: removed FUNCTION {format.long.lab.names} - -FUNCTION {author.key.label} -{ author empty$ - { key empty$ - { cite$ #1 #3 substring$ } - 'key - if$ - } - { author format.lab.names } - if$ -} - -FUNCTION {author.editor.key.label} -{ author empty$ - { editor empty$ - { key empty$ - { cite$ #1 #3 substring$ } - 'key - if$ - } - { editor format.lab.names } - if$ - } - { author format.lab.names } - if$ -} - -FUNCTION {editor.key.label} -{ editor empty$ - { key empty$ - { cite$ #1 #3 substring$ } - 'key - if$ - } - { editor format.lab.names } - if$ -} - -%%%KCB: use entire year field as label - -FUNCTION {calc.label} -{ type$ "book" = - type$ "inbook" = - or - type$ "issue" = %%%KCB: need for new entry type - or %%%KCB - 'author.editor.key.label - { type$ "proceedings" = - 'editor.key.label - 'author.key.label - if$ - } - if$ - ", " - * - year field.or.null - * - 'label := -} - -FUNCTION {calc.short.label} -{ type$ "book" = - type$ "inbook" = - or - 'author.editor.key.label - { type$ "proceedings" = - 'editor.key.label - 'author.key.label - if$ - } - if$ - 'label := -} - -%%%KCB: removed FUNCTION {calc.long.label} - -FUNCTION {sort.format.names} -{ 's := - #1 'nameptr := - "" - s num.names$ 'numnames := - numnames 'namesleft := - { namesleft #0 > } - { nameptr #1 > - { " " * } - 'skip$ - if$ - s nameptr - "{vv{ } }{ll{ }}{ f{ }}{ jj{ }}" - format.name$ 't := - nameptr numnames = t "others" = and - { "et al" * } - { t sortify * } - if$ - nameptr #1 + 'nameptr := - namesleft #1 - 'namesleft := - } - while$ -} - -FUNCTION {sort.format.title} -{ 't := - "A " #2 - "An " #3 - "The " #4 t chop.word - chop.word - chop.word - sortify - #1 global.max$ substring$ -} - -FUNCTION {author.sort} -{ author empty$ - { key empty$ - { "to sort, need author or key in " cite$ * warning$ - "" - } - { key sortify } - if$ - } - { author sort.format.names } - if$ -} - -FUNCTION {author.editor.sort} -{ author empty$ - { editor empty$ - { key empty$ - { "to sort, need author, editor, or key in " cite$ * warning$ - "" - } - { key sortify } - if$ - } - { editor sort.format.names } - if$ - } - { author sort.format.names } - if$ -} - -FUNCTION {editor.sort} -{ editor empty$ - { key empty$ - { "to sort, need editor or key in " cite$ * warning$ - "" - } - { key sortify } - if$ - } - { editor sort.format.names } - if$ -} - -FUNCTION {presort} -{ calc.label - label sortify - " " - * - type$ "book" = - type$ "inbook" = - or - type$ "issue" = %%%KCB: need for new entry type - or %%%KCB - 'author.editor.sort - { type$ "proceedings" = - 'editor.sort - 'author.sort - if$ - } - if$ - #1 entry.max$ substring$ - 'sort.label := - sort.label - * - " " - * - title field.or.null - sort.format.title - * - #1 entry.max$ substring$ - 'sort.key$ := -} - -ITERATE {presort} - -SORT - -STRINGS { last.label next.extra } - -INTEGERS { last.extra.num } - -FUNCTION {initialize.extra.label.stuff} -{ #0 int.to.chr$ 'last.label := - "" 'next.extra := - #0 'last.extra.num := -} - -FUNCTION {forward.pass} -{ last.label label = - { last.extra.num #1 + 'last.extra.num := - last.extra.num int.to.chr$ 'extra.label := - } - { "a" chr.to.int$ 'last.extra.num := - "" 'extra.label := - label 'last.label := - } - if$ -} - -FUNCTION {reverse.pass} -{ next.extra "b" = - { "a" 'extra.label := } - 'skip$ - if$ - extra.label 'next.extra := -} - -EXECUTE {initialize.extra.label.stuff} - -EXECUTE {init.prev.name} %%%KCB: needed for replacing repeated authors - -ITERATE {forward.pass} - -REVERSE {reverse.pass} - -FUNCTION {bib.sort.order} -{ sort.label - " " - * - year field.or.null sortify - * - " " - * - title field.or.null - sort.format.title - * - #1 entry.max$ substring$ - 'sort.key$ := - calc.short.label -%%%KCB: removed calc.long.label -} - -ITERATE {bib.sort.order} - -SORT - -FUNCTION {begin.bib} -{ preamble$ empty$ - 'skip$ - { preamble$ write$ newline$ } - if$ -%%%KCB: add defn of \BySame, can be overridden in document -"\ifx\undefined\BySame" write$ newline$ - "\newcommand{\BySame}{\leavevmode\rule[.5ex]{3em}{.5pt}\ }" - write$ newline$ - "\fi" write$ newline$ -%%% KCB: For those who still cling to LaTeX 2.09 -"\ifx\undefined\textsc" write$ newline$ - "\newcommand{\textsc}[1]{{\sc #1}}" - write$ newline$ - "\newcommand{\emph}[1]{{\em #1\/}}" - write$ newline$ -"\let\tmpsmall\small" write$ newline$ -"\renewcommand{\small}{\tmpsmall\sc}" write$ newline$ - "\fi" write$ newline$ -%%% - "\begin{thebibliography}{}" write$ newline$ -} - -EXECUTE {begin.bib} - -EXECUTE {init.state.consts} - -ITERATE {call.type$} - -FUNCTION {end.bib} -{ newline$ - "\end{thebibliography}" write$ newline$ -"Done." top$ %%%KCB: Signal end for NeXTeX's TexView -} - -EXECUTE {end.bib} -%% End of customized bst file diff --git a/Documentation/texmf-local/bibtex/bst/unsrtnatTitlesFirst.bst b/Documentation/texmf-local/bibtex/bst/unsrtnatTitlesFirst.bst deleted file mode 100755 index fb0bb89d8..000000000 --- a/Documentation/texmf-local/bibtex/bst/unsrtnatTitlesFirst.bst +++ /dev/null @@ -1,1403 +0,0 @@ -%% -%% This is file `unsrtnat.bst', -%% generated with the docstrip utility. -%% -%% The original source files were: -%% -%% natbst.mbs (with options: `name-full,atit-lower,month-full,jour-full') -%% ---------------------------------------- -%% *** Version of `abbrv.bst' for use with natbib package *** -%% - % The original source file contains the following version information: - % \ProvidesFile{natbst.mbs}[1997/03/19 1.4 (PWD)] - - %% BibTeX `plainnat' family - %% version 0.99b for BibTeX versions 0.99a or later, LaTeX version 2.09. - %% - %% For use with the `natbib.sty' package; emulates the corresponding - %% member of the `plain' family, but with author-year citations. - %% - %% With version 6.0 of `natbib.sty', it may also be used for numerical - %% citations, while retaining the commands \citeauthor, \citefullauthor, - %% and \citeyear to print the corresponding information. - %% -ENTRY - { address - author - booktitle - chapter - edition - editor - howpublished - institution - journal - key - month - note - number - organization - pages - publisher - school - series - title - type - volume - year - } - {} - { label extra.label sort.label short.list } - -INTEGERS { output.state before.all mid.sentence after.sentence after.block } - -FUNCTION {init.state.consts} -{ #0 'before.all := - #1 'mid.sentence := - #2 'after.sentence := - #3 'after.block := -} - -STRINGS { s t } - -FUNCTION {output.nonnull} -{ 's := - output.state mid.sentence = - { " " * write$ } % CDC modified - previously it was a comma. - { output.state after.block = - { add.period$ write$ - newline$ - "\newblock " write$ - } - { output.state before.all = - 'write$ - { add.period$ " " * write$ } - if$ - } - if$ - mid.sentence 'output.state := - } - if$ - s -} - -FUNCTION {output} -{ duplicate$ empty$ - 'pop$ - 'output.nonnull - if$ -} - -FUNCTION {output.check} -{ 't := - duplicate$ empty$ - { pop$ "empty " t * " in " * cite$ * warning$ } - 'output.nonnull - if$ -} - -FUNCTION {fin.entry} -{ %add.period$ - write$ - newline$ -} - -FUNCTION {new.block} -{ output.state before.all = - 'skip$ - { after.block 'output.state := } - if$ -} - -FUNCTION {new.sentence} -{ output.state after.block = - 'skip$ - { output.state before.all = - 'skip$ - { after.sentence 'output.state := } - if$ - } - if$ -} - -FUNCTION {not} -{ { #0 } - { #1 } - if$ -} - -FUNCTION {and} -{ 'skip$ - { pop$ #0 } - if$ -} - -FUNCTION {or} -{ { pop$ #1 } - 'skip$ - if$ -} - -FUNCTION {new.block.checka} -{ empty$ - 'skip$ - 'new.block - if$ -} - -FUNCTION {new.block.checkb} -{ empty$ - swap$ empty$ - and - 'skip$ - 'new.block - if$ -} - -FUNCTION {new.sentence.checka} -{ empty$ - 'skip$ - 'new.sentence - if$ -} - -FUNCTION {new.sentence.checkb} -{ empty$ - swap$ empty$ - and - 'skip$ - 'new.sentence - if$ -} - -FUNCTION {field.or.null} -{ duplicate$ empty$ - { pop$ "" } - 'skip$ - if$ -} - -FUNCTION {emphasize} -{ duplicate$ empty$ - { pop$ "" } - { "{\em " swap$ * "}" * } - if$ -} - -INTEGERS { nameptr namesleft numnames } - -FUNCTION {format.names} -{ 's := - #1 'nameptr := - s num.names$ 'numnames := - numnames 'namesleft := - { namesleft #0 > } - { s nameptr "{ff~}{vv~}{ll}{, jj}" format.name$ 't := - nameptr #1 > - { namesleft #1 > - { ", " * t * } - { numnames #2 > - { "," * } - 'skip$ - if$ - t "others" = - { " et~al." * } - { " and " * t * } - if$ - } - if$ - } - 't - if$ - nameptr #1 + 'nameptr := - namesleft #1 - 'namesleft := - } - while$ -} - -FUNCTION {format.authors} -{ author empty$ - { "" } - { author format.names } - if$ -} - -FUNCTION {format.editors} -{ editor empty$ - { "" } - { editor format.names - editor num.names$ #1 > - { ", editors" * } - { ", editor" * } - if$ - } - if$ -} - -% FUNCTION {format.title} -% { title empty$ -% { "" } -% { title "t" change.case$ } -% if$ -%} - -% CDC changed - originally it put article titles in lower case (as above) -% Got the following code from document called btex101.pdf - -FUNCTION {format.title} -{ - title "``" swap$ * ".'' " * % Put article title in quotes -} - -FUNCTION {format.full.names} -{'s := - #1 'nameptr := - s num.names$ 'numnames := - numnames 'namesleft := - { namesleft #0 > } - { s nameptr - "{vv~}{ll}" format.name$ 't := - nameptr #1 > - { - namesleft #1 > - { ", " * t * } - { - numnames #2 > - { "," * } - 'skip$ - if$ - t "others" = - { " et~al." * } - { " and " * t * } - if$ - } - if$ - } - 't - if$ - nameptr #1 + 'nameptr := - namesleft #1 - 'namesleft := - } - while$ -} - -FUNCTION {author.editor.key.full} -{ author empty$ - { editor empty$ - { key empty$ - { cite$ #1 #3 substring$ } - 'key - if$ - } - { editor format.full.names } - if$ - } - { author format.full.names } - if$ -} - -FUNCTION {author.key.full} -{ author empty$ - { key empty$ - { cite$ #1 #3 substring$ } - 'key - if$ - } - { author format.full.names } - if$ -} - -FUNCTION {editor.key.full} -{ editor empty$ - { key empty$ - { cite$ #1 #3 substring$ } - 'key - if$ - } - { editor format.full.names } - if$ -} - -FUNCTION {make.full.names} -{ type$ "book" = - type$ "inbook" = - or - 'author.editor.key.full - { type$ "proceedings" = - 'editor.key.full - 'author.key.full - if$ - } - if$ -} - -FUNCTION {output.bibitem} -{ newline$ - "\bibitem[" write$ - label write$ - ")" make.full.names duplicate$ short.list = - { pop$ } - { * } - if$ - "]{" * write$ - cite$ write$ - "}" write$ - newline$ - "" - before.all 'output.state := -} - -FUNCTION {n.dashify} -{ 't := - "" - { t empty$ not } - { t #1 #1 substring$ "-" = - { t #1 #2 substring$ "--" = not - { "--" * - t #2 global.max$ substring$ 't := - } - { { t #1 #1 substring$ "-" = } - { "-" * - t #2 global.max$ substring$ 't := - } - while$ - } - if$ - } - { t #1 #1 substring$ * - t #2 global.max$ substring$ 't := - } - if$ - } - while$ -} - -FUNCTION {format.date} -{ year duplicate$ empty$ - { "empty year in " cite$ * "; set to ????" * warning$ - pop$ "????" } - 'skip$ - if$ - month empty$ - 'skip$ - { month - " " * swap$ * - } - if$ - extra.label * -} - -FUNCTION {format.btitle} -{ title emphasize -} - -FUNCTION {tie.or.space.connect} -{ duplicate$ text.length$ #3 < - { "~" } - { " " } - if$ - swap$ * * -} - -FUNCTION {either.or.check} -{ empty$ - 'pop$ - { "can't use both " swap$ * " fields in " * cite$ * warning$ } - if$ -} - -FUNCTION {format.bvolume} -{ volume empty$ - { "" } - { "volume" volume tie.or.space.connect - series empty$ - 'skip$ - { " of " * series emphasize * } - if$ - "volume and number" number either.or.check - } - if$ -} - -FUNCTION {format.number.series} -{ volume empty$ - { number empty$ - { series field.or.null } - { output.state mid.sentence = - { "number" } - { "Number" } - if$ - number tie.or.space.connect - series empty$ - { "there's a number but no series in " cite$ * warning$ } - { " in " * series * } - if$ - } - if$ - } - { "" } - if$ -} - -FUNCTION {format.edition} -{ edition empty$ - { "" } - { output.state mid.sentence = - { edition "l" change.case$ " edition" * } - { edition "t" change.case$ " edition" * } - if$ - } - if$ -} - -INTEGERS { multiresult } - -FUNCTION {multi.page.check} -{ 't := - #0 'multiresult := - { multiresult not - t empty$ not - and - } - { t #1 #1 substring$ - duplicate$ "-" = - swap$ duplicate$ "," = - swap$ "+" = - or or - { #1 'multiresult := } - { t #2 global.max$ substring$ 't := } - if$ - } - while$ - multiresult -} - -FUNCTION {format.pages} -{ pages empty$ - { "" } - { pages multi.page.check - { "pages" pages n.dashify tie.or.space.connect } - { "page" pages tie.or.space.connect } - if$ - } - if$ -} - -FUNCTION {format.vol.num.pages} -{ volume field.or.null - number empty$ - 'skip$ - { "\penalty0 (" number * ")" * * - volume empty$ - { "there's a number but no volume in " cite$ * warning$ } - 'skip$ - if$ - } - if$ - pages empty$ - 'skip$ - { duplicate$ empty$ - { pop$ format.pages } - { ":\penalty0 " * pages n.dashify * } - if$ - } - if$ -} - -FUNCTION {format.chapter.pages} -{ chapter empty$ - 'format.pages - { type empty$ - { "chapter" } - { type "l" change.case$ } - if$ - chapter tie.or.space.connect - pages empty$ - 'skip$ - { ", " * format.pages * } - if$ - } - if$ -} - -FUNCTION {format.in.ed.booktitle} -{ booktitle empty$ - { "" } - { editor empty$ - { "In " booktitle emphasize * } - { "In " format.editors * ", " * booktitle emphasize * } - if$ - } - if$ -} - -FUNCTION {empty.misc.check} -{ author empty$ title empty$ howpublished empty$ - month empty$ year empty$ note empty$ - and and and and and - key empty$ not and - { "all relevant fields are empty in " cite$ * warning$ } - 'skip$ - if$ -} - -FUNCTION {format.thesis.type} -{ type empty$ - 'skip$ - { pop$ - type "t" change.case$ - } - if$ -} - -FUNCTION {format.tr.number} -{ type empty$ - { "Technical Report" } - 'type - if$ - number empty$ - { "t" change.case$ } - { number tie.or.space.connect } - if$ -} - -FUNCTION {format.article.crossref} -{ key empty$ - { journal empty$ - { "need key or journal for " cite$ * " to crossref " * crossref * - warning$ - "" - } - { "In {\em " journal * "\/}" * } - if$ - } - { "In " key * } - if$ - " \citep{" * crossref * "}" * -} - -FUNCTION {format.book.crossref} -{ volume empty$ - { "empty volume in " cite$ * "'s crossref of " * crossref * warning$ - "In " - } - { "Volume" volume tie.or.space.connect - " of " * - } - if$ - editor empty$ - editor field.or.null author field.or.null = - or - { key empty$ - { series empty$ - { "need editor, key, or series for " cite$ * " to crossref " * - crossref * warning$ - "" * - } - { "{\em " * series * "\/}" * } - if$ - } - { key * } - if$ - } - 'skip$ - if$ - ", \citet{" * crossref * "}" * -} - -FUNCTION {format.incoll.inproc.crossref} -{ editor empty$ - editor field.or.null author field.or.null = - or - { key empty$ - { booktitle empty$ - { "need editor, key, or booktitle for " cite$ * " to crossref " * - crossref * warning$ - "" - } - { "In {\em " booktitle * "\/}" * } - if$ - } - { "In " key * } - if$ - } - { "In " } - if$ - " \citet{" * crossref * "}" * -} - -FUNCTION {article} -{ output.bibitem - format.title "title" output.check % CDC changed next 4 lines -% new.block - format.authors "author" output.check - new.block - crossref missing$ - { journal emphasize "journal" output.check - format.vol.num.pages output - format.date "(year)" output.check - } - { format.article.crossref output.nonnull - format.pages output - } - if$ - new.block - note output - fin.entry -} - -FUNCTION {book} -{ output.bibitem - format.btitle "title" output.check % CDC changed down to if$ - new.block - author empty$ - { format.editors "author and editor" output.check } - { format.authors output.nonnull - crossref missing$ - { "author and editor" editor either.or.check } - 'skip$ - if$ - } - if$ - crossref missing$ - { format.bvolume output - new.block - format.number.series output - new.sentence - publisher "publisher" output.check - address output - } - { new.block - format.book.crossref output.nonnull - } - if$ - format.edition output - format.date "(year)" output.check - new.block - note output - fin.entry -} - -FUNCTION {booklet} -{ output.bibitem - format.title "title" output.check % CDC changed down to format.authors -% new.block - format.authors output - howpublished address new.block.checkb - howpublished output - address output - format.date output - new.block - note output - fin.entry -} - -FUNCTION {inbook} -{ output.bibitem - format.btitle "title" output.check - new.block - author empty$ - { format.editors "author and editor" output.check } - { format.authors output.nonnull - crossref missing$ - { "author and editor" editor either.or.check } - 'skip$ - if$ - } - if$ - crossref missing$ - { format.bvolume output - format.chapter.pages "chapter and pages" output.check - new.block - format.number.series output - new.sentence - publisher "publisher" output.check - address output - } - { format.chapter.pages "chapter and pages" output.check - new.block - format.book.crossref output.nonnull - } - if$ - format.edition output - format.date "(year)" output.check - new.block - note output - fin.entry -} - -FUNCTION {incollection} -{ output.bibitem - format.title "title" output.check -% new.block - format.authors "author" output.check - new.block - crossref missing$ - { format.in.ed.booktitle "booktitle" output.check - format.bvolume output - format.number.series output - format.chapter.pages output - new.sentence - publisher "publisher" output.check - address output - format.edition output - format.date "(year)" output.check - } - { format.incoll.inproc.crossref output.nonnull - format.chapter.pages output - } - if$ - new.block - note output - fin.entry -} - -FUNCTION {inproceedings} -{ output.bibitem - format.title "title" output.check -% new.block - format.authors "author" output.check - new.block - crossref missing$ - { format.in.ed.booktitle "booktitle" output.check - format.bvolume output - format.number.series output - format.pages output - address empty$ - { organization publisher new.sentence.checkb - organization output - publisher output - format.date "(year)" output.check - } - { address output.nonnull - format.date "(year)" output.check - new.sentence - organization output - publisher output - } - if$ - } - { format.incoll.inproc.crossref output.nonnull - format.pages output - } - if$ - new.block - note output - fin.entry -} - -FUNCTION {conference} { inproceedings } - -FUNCTION {manual} -{ output.bibitem - format.btitle "title" output.check - new.block - author empty$ - { organization empty$ - 'skip$ - { organization output.nonnull - address output - } - if$ - } - { format.authors output.nonnull } - if$ - author empty$ - { organization empty$ - { address new.block.checka - address output - } - 'skip$ - if$ - } - { organization address new.block.checkb - organization output - address output - } - if$ - format.edition output - format.date output - new.block - note output - fin.entry -} -FUNCTION {mastersthesis} -{ output.bibitem - format.authors "author" output.check - new.block - format.title "title" output.check - new.block - "Master's thesis" format.thesis.type output.nonnull - school "school" output.check - address output - format.date "(year)" output.check - new.block - note output - fin.entry -} - -FUNCTION {misc} -{ output.bibitem - title howpublished new.block.checkb - format.title output - format.authors output - howpublished new.block.checka - howpublished output - format.date output - new.block - note output - fin.entry - empty.misc.check -} - -FUNCTION {phdthesis} -{ output.bibitem - format.btitle "title" output.check - new.block - format.authors "author" output.check - new.block - "PhD thesis" format.thesis.type output.nonnull - school "school" output.check - address output - format.date "(year)" output.check - new.block - note output - fin.entry -} - -FUNCTION {proceedings} -{ output.bibitem - format.btitle "title" output.check - new.block - editor empty$ - { organization output } - { format.editors output.nonnull } - if$ - format.bvolume output - format.number.series output - address empty$ - { editor empty$ - { publisher new.sentence.checka } - { organization publisher new.sentence.checkb - organization output - } - if$ - publisher output - format.date "(year)" output.check - } - { address output.nonnull - format.date "(year)" output.check - new.sentence - editor empty$ - 'skip$ - { organization output } - if$ - publisher output - } - if$ - new.block - note output - fin.entry -} - -FUNCTION {techreport} -{ output.bibitem - format.authors "author" output.check - new.block - format.title "title" output.check -% new.block - format.tr.number output.nonnull - institution "institution" output.check - address output - format.date "(year)" output.check - new.block - note output - fin.entry -} - -FUNCTION {unpublished} -{ output.bibitem - format.title "title" output.check -% new.block - format.authors "author" output.check - new.block - note "note" output.check - format.date output - fin.entry -} - -% CDC added the functions below, from econometrica.bst - -FUNCTION {format.date.nocolon} -{ year duplicate$ empty$ - { "empty year in " cite$ * "; set to ????" * warning$ - pop$ "????" } - 'skip$ - if$ - " (" swap$ * extra.label * ")" * %%%KCB: added : - before.all 'output.state := %%%KCB: -} - - -FUNCTION {format.key} -{ empty$ - { key field.or.null } - { "" } - if$ -} - - -FUNCTION {bookreview} -{ output.bibitem - author empty$ - { format.editors "author and editor" output.check - editor format.key output - } - { format.authors output.nonnull - crossref missing$ - { "author and editor" editor either.or.check } - 'skip$ - if$ - } - if$ - author format.key output - format.btitle "title" output.check - note output - crossref missing$ - { journal emphasize "journal" output.check - format.date.nocolon "(year)" output.check - format.vol.num.pages output - } - { format.article.crossref output.nonnull - format.date.nocolon "(year)" output.check - format.pages output - } - if$ - fin.entry -} - -FUNCTION {inprogress} -{ output.bibitem - format.title "title" output.check % CDC changed next 4 lines -% new.block -% format.authors "author" output.check -% new.block - note output - fin.entry -} - - -FUNCTION {miscnoyear} % Defined by CDC 09/09/03, purpose being to allow insertion of text in a bibliography -{ output.bibitem -% format.title output -% format.authors output -% author format.key output -% format.date.nocolon "(year)" output.check - howpublished output - note output - fin.entry -} - - - - -FUNCTION {default.type} { misc } - - -MACRO {jan} {"January"} - -MACRO {feb} {"February"} - -MACRO {mar} {"March"} - -MACRO {apr} {"April"} - -MACRO {may} {"May"} - -MACRO {jun} {"June"} - -MACRO {jul} {"July"} - -MACRO {aug} {"August"} - -MACRO {sep} {"September"} - -MACRO {oct} {"October"} - -MACRO {nov} {"November"} - -MACRO {dec} {"December"} - - - -MACRO {acmcs} {"ACM Computing Surveys"} - -MACRO {acta} {"Acta Informatica"} - -MACRO {cacm} {"Communications of the ACM"} - -MACRO {ibmjrd} {"IBM Journal of Research and Development"} - -MACRO {ibmsj} {"IBM Systems Journal"} - -MACRO {ieeese} {"IEEE Transactions on Software Engineering"} - -MACRO {ieeetc} {"IEEE Transactions on Computers"} - -MACRO {ieeetcad} - {"IEEE Transactions on Computer-Aided Design of Integrated Circuits"} - -MACRO {ipl} {"Information Processing Letters"} - -MACRO {jacm} {"Journal of the ACM"} - -MACRO {jcss} {"Journal of Computer and System Sciences"} - -MACRO {scp} {"Science of Computer Programming"} - -MACRO {sicomp} {"SIAM Journal on Computing"} - -MACRO {tocs} {"ACM Transactions on Computer Systems"} - -MACRO {tods} {"ACM Transactions on Database Systems"} - -MACRO {tog} {"ACM Transactions on Graphics"} - -MACRO {toms} {"ACM Transactions on Mathematical Software"} - -MACRO {toois} {"ACM Transactions on Office Information Systems"} - -MACRO {toplas} {"ACM Transactions on Programming Languages and Systems"} - -MACRO {tcs} {"Theoretical Computer Science"} - - -READ - -FUNCTION {sortify} -{ purify$ - "l" change.case$ -} - -INTEGERS { len } - -FUNCTION {chop.word} -{ 's := - 'len := - s #1 len substring$ = - { s len #1 + global.max$ substring$ } - 's - if$ -} - -FUNCTION {format.lab.names} -{ 's := - s #1 "{vv~}{ll}" format.name$ - s num.names$ duplicate$ - #2 > - { pop$ " et~al." * } - { #2 < - 'skip$ - { s #2 "{ff }{vv }{ll}{ jj}" format.name$ "others" = - { " et~al." * } - { " and " * s #2 "{vv~}{ll}" format.name$ * } - if$ - } - if$ - } - if$ -} - -FUNCTION {author.key.label} -{ author empty$ - { key empty$ - { cite$ #1 #3 substring$ } - { key #3 text.prefix$ } - if$ - } - { author format.lab.names } - if$ -} - -FUNCTION {author.editor.key.label} -{ author empty$ - { editor empty$ - { key empty$ - { cite$ #1 #3 substring$ } - { key #3 text.prefix$ } - if$ - } - { editor format.lab.names } - if$ - } - { author format.lab.names } - if$ -} - -FUNCTION {author.key.organization.label} -{ author empty$ - { key empty$ - { organization empty$ - { cite$ #1 #3 substring$ } - { "The " #4 organization chop.word #3 text.prefix$ } - if$ - } - { key #3 text.prefix$ } - if$ - } - { author format.lab.names } - if$ -} - -FUNCTION {editor.key.organization.label} -{ editor empty$ - { key empty$ - { organization empty$ - { cite$ #1 #3 substring$ } - { "The " #4 organization chop.word #3 text.prefix$ } - if$ - } - { key #3 text.prefix$ } - if$ - } - { editor format.lab.names } - if$ -} - -FUNCTION {calc.short.authors} -{ type$ "book" = - type$ "inbook" = - or - 'author.editor.key.label - { type$ "proceedings" = - 'editor.key.organization.label - { type$ "manual" = - 'author.key.organization.label - 'author.key.label - if$ - } - if$ - } - if$ - 'short.list := -} - -FUNCTION {calc.label} -{ calc.short.authors - short.list - "(" - * - year duplicate$ empty$ - { pop$ "????" } - 'skip$ - if$ - * - 'label := -} - -FUNCTION {sort.format.names} -{ 's := - #1 'nameptr := - "" - s num.names$ 'numnames := - numnames 'namesleft := - { namesleft #0 > } - { nameptr #1 > - { " " * } - 'skip$ - if$ - s nameptr "{vv{ } }{ll{ }}{ ff{ }}{ jj{ }}" format.name$ 't := - nameptr numnames = t "others" = and - { "et al" * } - { t sortify * } - if$ - nameptr #1 + 'nameptr := - namesleft #1 - 'namesleft := - } - while$ -} - -FUNCTION {sort.format.title} -{ 't := - "A " #2 - "An " #3 - "The " #4 t chop.word - chop.word - chop.word - sortify - #1 global.max$ substring$ -} - -FUNCTION {author.sort} -{ author empty$ - { key empty$ - { "to sort, need author or key in " cite$ * warning$ - "" - } - { key sortify } - if$ - } - { author sort.format.names } - if$ -} - -FUNCTION {author.editor.sort} -{ author empty$ - { editor empty$ - { key empty$ - { "to sort, need author, editor, or key in " cite$ * warning$ - "" - } - { key sortify } - if$ - } - { editor sort.format.names } - if$ - } - { author sort.format.names } - if$ -} - -FUNCTION {author.organization.sort} -{ author empty$ - { organization empty$ - { key empty$ - { "to sort, need author, organization, or key in " cite$ * warning$ - "" - } - { key sortify } - if$ - } - { "The " #4 organization chop.word sortify } - if$ - } - { author sort.format.names } - if$ -} - -FUNCTION {editor.organization.sort} -{ editor empty$ - { organization empty$ - { key empty$ - { "to sort, need editor, organization, or key in " cite$ * warning$ - "" - } - { key sortify } - if$ - } - { "The " #4 organization chop.word sortify } - if$ - } - { editor sort.format.names } - if$ -} - -INTEGERS { seq.num } - -FUNCTION {init.seq} -{ #0 'seq.num :=} - -EXECUTE {init.seq} - -FUNCTION {int.to.fix} -{ "000000000" swap$ int.to.str$ * - #-1 #10 substring$ -} - -FUNCTION {presort} -{ calc.label - label sortify - " " - * - seq.num #1 + 'seq.num := - seq.num int.to.fix - 'sort.label := - sort.label * - #1 entry.max$ substring$ - 'sort.key$ := -} - -ITERATE {presort} - -SORT - -STRINGS { longest.label last.label next.extra } - -INTEGERS { longest.label.width last.extra.num number.label } - -FUNCTION {initialize.longest.label} -{ "" 'longest.label := - #0 int.to.chr$ 'last.label := - "" 'next.extra := - #0 'longest.label.width := - #0 'last.extra.num := - #0 'number.label := -} - -FUNCTION {forward.pass} -{ last.label label = - { last.extra.num #1 + 'last.extra.num := - last.extra.num int.to.chr$ 'extra.label := - } - { "a" chr.to.int$ 'last.extra.num := - "" 'extra.label := - label 'last.label := - } - if$ - number.label #1 + 'number.label := -} - -FUNCTION {reverse.pass} -{ next.extra "b" = - { "a" 'extra.label := } - 'skip$ - if$ - extra.label 'next.extra := - extra.label - duplicate$ empty$ - 'skip$ - { "{\natexlab{" swap$ * "}}" * } - if$ - 'extra.label := - label extra.label * 'label := -} - -EXECUTE {initialize.longest.label} - -ITERATE {forward.pass} - -REVERSE {reverse.pass} - -FUNCTION {bib.sort.order} -{ sort.label 'sort.key$ := -} - -ITERATE {bib.sort.order} - -SORT - -FUNCTION {begin.bib} -{ preamble$ empty$ - 'skip$ - { preamble$ write$ newline$ } - if$ - "\begin{thebibliography}{" number.label int.to.str$ * "}" * - write$ newline$ - "\expandafter\ifx\csname natexlab\endcsname\relax\def\natexlab#1{#1}\fi" - write$ newline$ -} - -EXECUTE {begin.bib} - -EXECUTE {init.state.consts} - -ITERATE {call.type$} - -FUNCTION {end.bib} -{ newline$ - "\end{thebibliography}" write$ newline$ -} - -EXECUTE {end.bib} -%% End of customized bst file -%% -%% End of file `unsrtnat.bst'. diff --git a/Documentation/texmf-local/ls-R b/Documentation/texmf-local/ls-R deleted file mode 100644 index 60a099413..000000000 --- a/Documentation/texmf-local/ls-R +++ /dev/null @@ -1,97 +0,0 @@ -% ls-R -- filename database for kpathsea; do not change this line. -./: -bibtex -ls-R -tex -web2c - -./bibtex: -.DS_Store -.gitkeep -bib -bst - -./bibtex/bib: -.DS_Store -.gitkeep -auto -economics-UTF8.bib -economics.bib - -./bibtex/bib/auto: -economics.el - -./bibtex/bst: -.gitkeep -econtex.bst -handout.bst -unsrtnatTitlesFirst.bst - - -./tex: -.gitkeep -latex -plain - -./tex/latex: -.DS_Store -.gitkeep -ReadMe.texmf -articleNoRefHead.cls -auto -bibMake.tex -cvBibMake.tex -econtex.cls -econtex.sty -econtexBibMake.tex -econtexSetup.sty -econtexShortcuts.sty -econtexShortcuts_undo.sh -handout.cls -handout.sty -handoutBibMake.tex -handoutSetup.sty -handoutshortcuts.sty -makePostHandoutsStart.tex -printvrb.sty -snapshot.sty -tex4ht -tex4htMakeCFG.sh -texmf-local -titlesec.sty - -./tex/latex/auto: -econtexSetup.el - -./tex/latex/tex4ht: -pictureenv.4ht -svg-math-and-subfigures.cfg -svg-math-and-subfigures_20200110_svg-preferred-does-not-work.cfg -svg-math-and-subfigures_latin1.cfg -svg-set-size-to-1p0.mk4 - -./tex/latex/texmf-local: -.gitkeep -tex - -./tex/latex/texmf-local/tex: -.gitkeep -latex - -./tex/latex/texmf-local/tex/latex: -.gitkeep -econtex.cls -econtex.sty -econtexBibMake.tex -econtexSetup.sty -econtexShortcuts.sty -handout.cls -handoutSetup.sty -handoutShortcuts.sty - -./tex/plain: -.gitkeep - -./web2c: -texmf.cnf -texmf_orig.cnf diff --git a/Documentation/texmf-local/tex/latex/ReadMe.texmf b/Documentation/texmf-local/tex/latex/ReadMe.texmf deleted file mode 100644 index 9485d0cf2..000000000 --- a/Documentation/texmf-local/tex/latex/ReadMe.texmf +++ /dev/null @@ -1,20 +0,0 @@ -The .tex files in this directory compile properly using pdflatex on TeXLive 2010 for either Mac or Windows, using TeXLive -You will likely need the "full" distribution of TeXLive, as many obscure tex packages are used - --- Emacs with AucTeX defaults to plain LaTeX (generating a dvi file as output), you will need to have evaluated the command (setq TeX-PDF-mode t) at some point before compiling in order to make pdflatex be used instead. - --- Compilation of the LaTeX document requires LaTeX to have permissions to write to files outside of its own directory; in your texmf.cnf file, add the lines: -openout_any = a -shell_escape = t - -to your local texmf.cnf configuration file. On a standard MacTeX TeXLive distribution, this file is at - -/usr/local/texlive/[year]/texmf.cnf - -while on a standard Windows 7 installation it is at - -C:\texlive\[year]\texmf.cnf - -where [year] is, e.g., 2010 if you have TeXLive-2010 installed. - -Depending on details of your installation, you may need to modify other security preferences as well. diff --git a/Documentation/texmf-local/tex/latex/articleNoRefHead.cls b/Documentation/texmf-local/tex/latex/articleNoRefHead.cls deleted file mode 100755 index 6c7ed7683..000000000 --- a/Documentation/texmf-local/tex/latex/articleNoRefHead.cls +++ /dev/null @@ -1 +0,0 @@ -%% %% This is file `article.cls', %% generated with the docstrip utility. %% %% The original source files were: %% %% classes.dtx (with options: `article') %% %% This is a generated file. %% %% Copyright 1993 1994 1995 1996 1997 1998 1999 %% The LaTeX3 Project and any individual authors listed elsewhere %% in this file. %% %% This file is part of the LaTeX base system. %% ------------------------------------------- %% %% It may be distributed and/or modified under the %% conditions of the LaTeX Project Public License, either version 1.1 %% of this license or (at your option) any later version. %% The latest version of this license is in %% http://www.latex-project.org/lppl.txt %% and version 1.1 or later is part of all distributions of LaTeX %% version 1999/06/01 or later. %% %% The list of all files belonging to the LaTeX base distribution is %% given in the file `manifest.txt'. See also `legal.txt' for additional %% information. %% %% \CharacterTable %% {Upper-case \A\B\C\D\E\F\G\H\I\J\K\L\M\N\O\P\Q\R\S\T\U\V\W\X\Y\Z %% Lower-case \a\b\c\d\e\f\g\h\i\j\k\l\m\n\o\p\q\r\s\t\u\v\w\x\y\z %% Digits \0\1\2\3\4\5\6\7\8\9 %% Exclamation \! Double quote \" Hash (number) \# %% Dollar \$ Percent \% Ampersand \& %% Acute accent \' Left paren \( Right paren \) %% Asterisk \* Plus \+ Comma \, %% Minus \- Point \. Solidus \/ %% Colon \: Semicolon \; Less than \< %% Equals \= Greater than \> Question mark \? %% Commercial at \@ Left bracket \[ Backslash \\ %% Right bracket \] Circumflex \^ Underscore \_ %% Grave accent \` Left brace \{ Vertical bar \| %% Right brace \} Tilde \~} \NeedsTeXFormat{LaTeX2e}[1995/12/01] \ProvidesClass{articleNoRefHead} [1999/01/07 v1.4a Standard LaTeX document class] \newcommand\@ptsize{} \newif\if@restonecol \newif\if@titlepage \@titlepagefalse \if@compatibility\else \DeclareOption{a4paper} {\setlength\paperheight {297mm}% \setlength\paperwidth {210mm}} \DeclareOption{a5paper} {\setlength\paperheight {210mm}% \setlength\paperwidth {148mm}} \DeclareOption{b5paper} {\setlength\paperheight {250mm}% \setlength\paperwidth {176mm}} \DeclareOption{letterpaper} {\setlength\paperheight {11in}% \setlength\paperwidth {8.5in}} \DeclareOption{legalpaper} {\setlength\paperheight {14in}% \setlength\paperwidth {8.5in}} \DeclareOption{executivepaper} {\setlength\paperheight {10.5in}% \setlength\paperwidth {7.25in}} \DeclareOption{landscape} {\setlength\@tempdima {\paperheight}% \setlength\paperheight {\paperwidth}% \setlength\paperwidth {\@tempdima}} \fi \if@compatibility \renewcommand\@ptsize{0} \else \DeclareOption{10pt}{\renewcommand\@ptsize{0}} \fi \DeclareOption{11pt}{\renewcommand\@ptsize{1}} \DeclareOption{12pt}{\renewcommand\@ptsize{2}} \if@compatibility\else \DeclareOption{oneside}{\@twosidefalse \@mparswitchfalse} \fi \DeclareOption{twoside}{\@twosidetrue \@mparswitchtrue} \DeclareOption{draft}{\setlength\overfullrule{5pt}} \if@compatibility\else \DeclareOption{final}{\setlength\overfullrule{0pt}} \fi \DeclareOption{titlepage}{\@titlepagetrue} \if@compatibility\else \DeclareOption{notitlepage}{\@titlepagefalse} \fi \if@compatibility\else \DeclareOption{onecolumn}{\@twocolumnfalse} \fi \DeclareOption{twocolumn}{\@twocolumntrue} \DeclareOption{leqno}{\input{leqno.clo}} \DeclareOption{fleqn}{\input{fleqn.clo}} \DeclareOption{openbib}{% \AtEndOfPackage{% \renewcommand\@openbib@code{% \advance\leftmargin\bibindent \itemindent -\bibindent \listparindent \itemindent \parsep \z@ }% \renewcommand\newblock{\par}}% } \ExecuteOptions{letterpaper,10pt,oneside,onecolumn,final} \ProcessOptions \input{size1\@ptsize.clo} \setlength\lineskip{1\p@} \setlength\normallineskip{1\p@} \renewcommand\baselinestretch{} \setlength\parskip{0\p@ \@plus \p@} \@lowpenalty 51 \@medpenalty 151 \@highpenalty 301 \setcounter{topnumber}{2} \renewcommand\topfraction{.7} \setcounter{bottomnumber}{1} \renewcommand\bottomfraction{.3} \setcounter{totalnumber}{3} \renewcommand\textfraction{.2} \renewcommand\floatpagefraction{.5} \setcounter{dbltopnumber}{2} \renewcommand\dbltopfraction{.7} \renewcommand\dblfloatpagefraction{.5} \if@twoside \def\ps@headings{% \let\@oddfoot\@empty\let\@evenfoot\@empty \def\@evenhead{\thepage\hfil\slshape\leftmark}% \def\@oddhead{{\slshape\rightmark}\hfil\thepage}% \let\@mkboth\markboth \def\sectionmark##1{% \markboth {\MakeUppercase{% \ifnum \c@secnumdepth >\z@ \thesection\quad \fi ##1}}{}}% \def\subsectionmark##1{% \markright {% \ifnum \c@secnumdepth >\@ne \thesubsection\quad \fi ##1}}} \else \def\ps@headings{% \let\@oddfoot\@empty \def\@oddhead{{\slshape\rightmark}\hfil\thepage}% \let\@mkboth\markboth \def\sectionmark##1{% \markright {\MakeUppercase{% \ifnum \c@secnumdepth >\m@ne \thesection\quad \fi ##1}}}} \fi \def\ps@myheadings{% \let\@oddfoot\@empty\let\@evenfoot\@empty \def\@evenhead{\thepage\hfil\slshape\leftmark}% \def\@oddhead{{\slshape\rightmark}\hfil\thepage}% \let\@mkboth\@gobbletwo \let\sectionmark\@gobble \let\subsectionmark\@gobble } \if@titlepage \newcommand\maketitle{\begin{titlepage}% \let\footnotesize\small \let\footnoterule\relax \let \footnote \thanks \null\vfil \vskip 60\p@ \begin{center}% {\LARGE \@title \par}% \vskip 3em% {\large \lineskip .75em% \begin{tabular}[t]{c}% \@author \end{tabular}\par}% \vskip 1.5em% {\large \@date \par}% % Set date in \large size. \end{center}\par \@thanks \vfil\null \end{titlepage}% \setcounter{footnote}{0}% \global\let\thanks\relax \global\let\maketitle\relax \global\let\@thanks\@empty \global\let\@author\@empty \global\let\@date\@empty \global\let\@title\@empty \global\let\title\relax \global\let\author\relax \global\let\date\relax \global\let\and\relax } \else \newcommand\maketitle{\par \begingroup \renewcommand\thefootnote{\@fnsymbol\c@footnote}% \def\@makefnmark{\rlap{\@textsuperscript{\normalfont\@thefnmark}}}% \long\def\@makefntext##1{\parindent 1em\noindent \hb@xt@1.8em{% \hss\@textsuperscript{\normalfont\@thefnmark}}##1}% \if@twocolumn \ifnum \col@number=\@ne \@maketitle \else \twocolumn[\@maketitle]% \fi \else \newpage \global\@topnum\z@ % Prevents figures from going at top of page. \@maketitle \fi \thispagestyle{plain}\@thanks \endgroup \setcounter{footnote}{0}% \global\let\thanks\relax \global\let\maketitle\relax \global\let\@maketitle\relax \global\let\@thanks\@empty \global\let\@author\@empty \global\let\@date\@empty \global\let\@title\@empty \global\let\title\relax \global\let\author\relax \global\let\date\relax \global\let\and\relax } \def\@maketitle{% \newpage \null \vskip 2em% \begin{center}% \let \footnote \thanks {\LARGE \@title \par}% \vskip 1.5em% {\large \lineskip .5em% \begin{tabular}[t]{c}% \@author \end{tabular}\par}% \vskip 1em% {\large \@date}% \end{center}% \par \vskip 1.5em} \fi \setcounter{secnumdepth}{3} \newcounter {part} \newcounter {section} \newcounter {subsection}[section] \newcounter {subsubsection}[subsection] \newcounter {paragraph}[subsubsection] \newcounter {subparagraph}[paragraph] \renewcommand \thepart {\@Roman\c@part} \renewcommand \thesection {}%\@arabic\c@section} \renewcommand\thesubsection {\thesection.\@arabic\c@subsection} \renewcommand\thesubsubsection{\thesubsection .\@arabic\c@subsubsection} \renewcommand\theparagraph {\thesubsubsection.\@arabic\c@paragraph} \renewcommand\thesubparagraph {\theparagraph.\@arabic\c@subparagraph} \newcommand\part{% \if@noskipsec \leavevmode \fi \par \addvspace{4ex}% \@afterindentfalse \secdef\@part\@spart} \def\@part[#1]#2{% \ifnum \c@secnumdepth >\m@ne \refstepcounter{part}% \addcontentsline{toc}{part}{\thepart\hspace{1em}#1}% \else \addcontentsline{toc}{part}{#1}% \fi {\parindent \z@ \raggedright \interlinepenalty \@M \normalfont \ifnum \c@secnumdepth >\m@ne \Large\bfseries \partname~\thepart \par\nobreak \fi \huge \bfseries #2% \markboth{}{}\par}% \nobreak \vskip 3ex \@afterheading} \def\@spart#1{% {\parindent \z@ \raggedright \interlinepenalty \@M \normalfont \huge \bfseries #1\par}% \nobreak \vskip 3ex \@afterheading} \newcommand\section{\@startsection{section}{1}{ \z@} % {-3.5ex \@plus -1ex \@minus -.2ex}% {2.3ex \@plus.2ex}% {\normalfont\Large\bfseries}} \newcommand\subsection{\@startsection{subsection}{2}{\z@}% {-3.25ex\@plus -1ex \@minus -.2ex}% {1.5ex \@plus .2ex}% {\normalfont\large\bfseries}} \newcommand\subsubsection{\@startsection{subsubsection}{3}{\z@}% {-3.25ex\@plus -1ex \@minus -.2ex}% {1.5ex \@plus .2ex}% {\normalfont\normalsize\bfseries}} \newcommand\paragraph{\@startsection{paragraph}{4}{\z@}% {3.25ex \@plus1ex \@minus.2ex}% {-1em}% {\normalfont\normalsize\bfseries}} \newcommand\subparagraph{\@startsection{subparagraph}{5}{\parindent}% {3.25ex \@plus1ex \@minus .2ex}% {-1em}% {\normalfont\normalsize\bfseries}} \if@twocolumn \setlength\leftmargini {2em} \else \setlength\leftmargini {2.5em} \fi \leftmargin \leftmargini \setlength\leftmarginii {2.2em} \setlength\leftmarginiii {1.87em} \setlength\leftmarginiv {1.7em} \if@twocolumn \setlength\leftmarginv {.5em} \setlength\leftmarginvi {.5em} \else \setlength\leftmarginv {1em} \setlength\leftmarginvi {1em} \fi \setlength \labelsep {.5em} \setlength \labelwidth{\leftmargini} \addtolength\labelwidth{-\labelsep} \@beginparpenalty -\@lowpenalty \@endparpenalty -\@lowpenalty \@itempenalty -\@lowpenalty \renewcommand\theenumi{\@arabic\c@enumi} \renewcommand\theenumii{\@alph\c@enumii} \renewcommand\theenumiii{\@roman\c@enumiii} \renewcommand\theenumiv{\@Alph\c@enumiv} \newcommand\labelenumi{\theenumi.} \newcommand\labelenumii{(\theenumii)} \newcommand\labelenumiii{\theenumiii.} \newcommand\labelenumiv{\theenumiv.} \renewcommand\p@enumii{\theenumi} \renewcommand\p@enumiii{\theenumi(\theenumii)} \renewcommand\p@enumiv{\p@enumiii\theenumiii} \newcommand\labelitemi{\textbullet} \newcommand\labelitemii{\normalfont\bfseries \textendash} \newcommand\labelitemiii{\textasteriskcentered} \newcommand\labelitemiv{\textperiodcentered} \newenvironment{description} {\list{}{\labelwidth\z@ \itemindent-\leftmargin \let\makelabel\descriptionlabel}} {\endlist} \newcommand*\descriptionlabel[1]{\hspace\labelsep \normalfont\bfseries #1} \if@titlepage \newenvironment{abstract}{% \titlepage \null\vfil \@beginparpenalty\@lowpenalty \begin{center}% \bfseries \abstractname \@endparpenalty\@M \end{center}}% {\par\vfil\null\endtitlepage} \else \newenvironment{abstract}{% \if@twocolumn \section*{\abstractname}% \else \small \begin{center}% {\bfseries \abstractname\vspace{-.5em}\vspace{\z@}}% \end{center}% \quotation \fi} {\if@twocolumn\else\endquotation\fi} \fi \newenvironment{verse} {\let\\\@centercr \list{}{\itemsep \z@ \itemindent -1.5em% \listparindent\itemindent \rightmargin \leftmargin \advance\leftmargin 1.5em}% \item\relax} {\endlist} \newenvironment{quotation} {\list{}{\listparindent 1.5em% \itemindent \listparindent \rightmargin \leftmargin \parsep \z@ \@plus\p@}% \item\relax} {\endlist} \newenvironment{quote} {\list{}{\rightmargin\leftmargin}% \item\relax} {\endlist} \if@compatibility \newenvironment{titlepage} {% \if@twocolumn \@restonecoltrue\onecolumn \else \@restonecolfalse\newpage \fi \thispagestyle{empty}% \setcounter{page}\z@ }% {\if@restonecol\twocolumn \else \newpage \fi } \else \newenvironment{titlepage} {% \if@twocolumn \@restonecoltrue\onecolumn \else \@restonecolfalse\newpage \fi \thispagestyle{empty}% \setcounter{page}\@ne }% {\if@restonecol\twocolumn \else \newpage \fi \if@twoside\else \setcounter{page}\@ne \fi } \fi \newcommand\appendix{\par \setcounter{section}{0}% \setcounter{subsection}{0}% \gdef\thesection{\@Alph\c@section}} \setlength\arraycolsep{5\p@} \setlength\tabcolsep{6\p@} \setlength\arrayrulewidth{.4\p@} \setlength\doublerulesep{2\p@} \setlength\tabbingsep{\labelsep} \skip\@mpfootins = \skip\footins \setlength\fboxsep{3\p@} \setlength\fboxrule{.4\p@} \renewcommand \theequation {\@arabic\c@equation} \newcounter{figure} \renewcommand \thefigure {\@arabic\c@figure} \def\fps@figure{tbp} \def\ftype@figure{1} \def\ext@figure{lof} \def\fnum@figure{\figurename~\thefigure} \newenvironment{figure} {\@float{figure}} {\end@float} \newenvironment{figure*} {\@dblfloat{figure}} {\end@dblfloat} \newcounter{table} \renewcommand\thetable{\@arabic\c@table} \def\fps@table{tbp} \def\ftype@table{2} \def\ext@table{lot} \def\fnum@table{\tablename~\thetable} \newenvironment{table} {\@float{table}} {\end@float} \newenvironment{table*} {\@dblfloat{table}} {\end@dblfloat} \newlength\abovecaptionskip \newlength\belowcaptionskip \setlength\abovecaptionskip{10\p@} \setlength\belowcaptionskip{0\p@} \long\def\@makecaption#1#2{% \vskip\abovecaptionskip \sbox\@tempboxa{#1: #2}% \ifdim \wd\@tempboxa >\hsize #1: #2\par \else \global \@minipagefalse \hb@xt@\hsize{\hfil\box\@tempboxa\hfil}% \fi \vskip\belowcaptionskip} \DeclareOldFontCommand{\rm}{\normalfont\rmfamily}{\mathrm} \DeclareOldFontCommand{\sf}{\normalfont\sffamily}{\mathsf} \DeclareOldFontCommand{\tt}{\normalfont\ttfamily}{\mathtt} \DeclareOldFontCommand{\bf}{\normalfont\bfseries}{\mathbf} \DeclareOldFontCommand{\it}{\normalfont\itshape}{\mathit} \DeclareOldFontCommand{\sl}{\normalfont\slshape}{\@nomath\sl} \DeclareOldFontCommand{\sc}{\normalfont\scshape}{\@nomath\sc} \DeclareRobustCommand*\cal{\@fontswitch\relax\mathcal} \DeclareRobustCommand*\mit{\@fontswitch\relax\mathnormal} \newcommand\@pnumwidth{1.55em} \newcommand\@tocrmarg{2.55em} \newcommand\@dotsep{4.5} \setcounter{tocdepth}{3} \newcommand\tableofcontents{% \section*{\contentsname \@mkboth{% \MakeUppercase\contentsname}{\MakeUppercase\contentsname}}% \@starttoc{toc}% } \newcommand*\l@part[2]{% \ifnum \c@tocdepth >-2\relax \addpenalty\@secpenalty \addvspace{2.25em \@plus\p@}% \begingroup \parindent \z@ \rightskip \@pnumwidth \parfillskip -\@pnumwidth {\leavevmode \large \bfseries #1\hfil \hb@xt@\@pnumwidth{\hss #2}}\par \nobreak \if@compatibility \global\@nobreaktrue \everypar{\global\@nobreakfalse\everypar{}}% \fi \endgroup \fi} \newcommand*\l@section[2]{% \ifnum \c@tocdepth >\z@ \addpenalty\@secpenalty \addvspace{1.0em \@plus\p@}% \setlength\@tempdima{1.5em}% \begingroup \parindent \z@ \rightskip \@pnumwidth \parfillskip -\@pnumwidth \leavevmode \bfseries \advance\leftskip\@tempdima \hskip -\leftskip #1\nobreak\hfil \nobreak\hb@xt@\@pnumwidth{\hss #2}\par \endgroup \fi} \newcommand*\l@subsection{\@dottedtocline{2}{1.5em}{2.3em}} \newcommand*\l@subsubsection{\@dottedtocline{3}{3.8em}{3.2em}} \newcommand*\l@paragraph{\@dottedtocline{4}{7.0em}{4.1em}} \newcommand*\l@subparagraph{\@dottedtocline{5}{10em}{5em}} \newcommand\listoffigures{% \section*{\listfigurename \@mkboth{\MakeUppercase\listfigurename}% {\MakeUppercase\listfigurename}}% \@starttoc{lof}% } \newcommand*\l@figure{\@dottedtocline{1}{1.5em}{2.3em}} \newcommand\listoftables{% \section*{\listtablename \@mkboth{% \MakeUppercase\listtablename}{\MakeUppercase\listtablename}}% \@starttoc{lot}% } \let\l@table\l@figure \newdimen\bibindent \setlength\bibindent{1.5em} \newenvironment{thebibliography}[1] { \section{\refname} % \@mkboth{\MakeUppercase\refname}{\MakeUppercase\refname}}% \list{}%\@biblabel{\@arabic\c@enumiv} {\settowidth\labelwidth{\@biblabel{#1}}% \leftmargin\labelwidth \advance\leftmargin\labelsep \@openbib@code \usecounter{enumiv}% \let\p@enumiv\@empty \renewcommand\theenumiv{}}%\@arabic\c@enumiv \sloppy \clubpenalty4000 \@clubpenalty \clubpenalty \widowpenalty4000% \sfcode`\.\@m} {\def\@noitemerr {\@latex@warning{Empty `thebibliography' environment}}% \endlist} \newcommand\newblock{\hskip .11em\@plus.33em\@minus.07em} \let\@openbib@code\@empty \newenvironment{theindex} {\if@twocolumn \@restonecolfalse \else \@restonecoltrue \fi \columnseprule \z@ \columnsep 35\p@ \twocolumn[\section*{\indexname}]% \@mkboth{\MakeUppercase\indexname}% {\MakeUppercase\indexname}% \thispagestyle{plain}\parindent\z@ \parskip\z@ \@plus .3\p@\relax \let\item\@idxitem} {\if@restonecol\onecolumn\else\clearpage\fi} \newcommand\@idxitem{\par\hangindent 40\p@} \newcommand\subitem{\@idxitem \hspace*{20\p@}} \newcommand\subsubitem{\@idxitem \hspace*{30\p@}} \newcommand\indexspace{\par \vskip 10\p@ \@plus5\p@ \@minus3\p@\relax} \renewcommand\footnoterule{% \kern-3\p@ \hrule\@width.4\columnwidth \kern2.6\p@} \newcommand\@makefntext[1]{% \parindent 1em% \noindent \hb@xt@1.8em{\hss\@makefnmark}#1} \newcommand\contentsname{Contents} \newcommand\listfigurename{List of Figures} \newcommand\listtablename{List of Tables} \newcommand\refname{} \newcommand\indexname{Index} \newcommand\figurename{Figure} \newcommand\tablename{Table} \newcommand\partname{Part} \newcommand\appendixname{Appendix} \newcommand\abstractname{Abstract} \def\today{\ifcase\month\or January\or February\or March\or April\or May\or June\or July\or August\or September\or October\or November\or December\fi \space\number\day, \number\year} \setlength\columnsep{10\p@} \setlength\columnseprule{0\p@} \pagestyle{plain} \pagenumbering{arabic} \if@twoside \else \raggedbottom \fi \if@twocolumn \twocolumn \sloppy \flushbottom \else \onecolumn \fi \endinput %% %% End of file `article.cls'. diff --git a/Documentation/texmf-local/tex/latex/bibMake.tex b/Documentation/texmf-local/tex/latex/bibMake.tex deleted file mode 100755 index dd065bb4a..000000000 --- a/Documentation/texmf-local/tex/latex/bibMake.tex +++ /dev/null @@ -1,6 +0,0 @@ - -\write18{if [ ! -f \jobname.bib ]; then touch \jobname.bib ; fi} -\write18{if [ ! -f \jobname-Add.bib ]; then touch \jobname-Add.bib ; fi} - -\bibliographystyle{econtex} -\bibliography{\jobname,\jobname-Add,economics} diff --git a/Documentation/texmf-local/tex/latex/cvBibMake.tex b/Documentation/texmf-local/tex/latex/cvBibMake.tex deleted file mode 100644 index 7d20b200c..000000000 --- a/Documentation/texmf-local/tex/latex/cvBibMake.tex +++ /dev/null @@ -1,8 +0,0 @@ - -%\write18{if [ `kpsewhich economics.bib` != '' ]; then touch economics.bib ; fi} # This should be done only for final versions AFTER bibexport has occurred and \jobname.bib is populated -%\write18{if [ ! -f \jobname.bib ]; then touch \jobname.bib ; fi} -%\write18{if [ ! -f \jobname-Add.bib ]; then touch \jobname-Add.bib ; fi} - -%\bibliographystyle{econtex} -%\bibliography{economics,\jobname,\jobname-Add} -\bibliography{economics} diff --git a/Documentation/texmf-local/tex/latex/econtex.cls b/Documentation/texmf-local/tex/latex/econtex.cls deleted file mode 100644 index 93f86901a..000000000 --- a/Documentation/texmf-local/tex/latex/econtex.cls +++ /dev/null @@ -1,406 +0,0 @@ -%%% LaTeX class for economics -%%% -%%% author: Christopher Carroll -%%% license: LaTeX Project Public License -%%% -%%% Modified from style itaxpf by Arne Henningsen -%%% version: 1.0 (09 July 2007) -%%% license: LaTeX Project Public License -%%% -%%% Further information is available at -%%% http://www.uni-kiel.de/agrarpol/ahenningsen/latex-bibtex.html -%%% -%%% This document class is based on the "scrartcl" class -%%% from the KOMA script bundle. For documentation, Google KOMA-Script Documentation -%%% -%%% The corresponding BibTeX style file "econtex.bst" should be used -%%% for the bibliography: \bibliographystyle{econtex} -%%% -%%% In addition to the options for scrartcl, this package includes an additional option -%%% titlepage = include a title page (with command "\maketitle", or "\maketitleWithForcedDate{}") -%%% -%%% If an abstract is defined by \begin{abstract}\end{abstract} before \maketitle is invoked, -%%% it will appear on the title page -%%% -%%% If the titlepage option is invoked: -%%% \keywords can be used to show keywords below the abstract -%%% \jelclass can be used to show JEL classifications below the abstract -%%% \thanks{text of the thank-you footnote} produces a footnote at the bottom of the page containing the text - -\ProvidesClass{econtex}[2017/08/01 LaTeX class for economics papers, handouts, and exam questions written by Christopher Carroll] -\NeedsTeXFormat{LaTeX2e} -% \RequirePackage{rotating} -\RequirePackage{snapshot} % Creates list of external files used by a LaTeX document -\RequirePackage{ifthen} -\RequirePackage{changepage} - -% If unspecified whether pdf output (instead of dvi) is being used, determine that it SHOULD be -\newif\ifdvi\dvitrue -\@ifundefined{pdfoutput}{}{\ifnum\pdfoutput>0 \dvifalse\fi} - -% permit double spacing -\RequirePackage{setspace} -%\doublespacing - -% option to include a title page -\newcounter{IncludeTitlePage} -\setcounter{IncludeTitlePage}{0} -\DeclareOption{titlepage}{\setcounter{IncludeTitlePage}{1}} - -% pass any options on to the scrartcl class and load this class with some options -\DeclareOption*{\PassOptionsToClass{\CurrentOption}{scrartcl}} -\ProcessOptions\relax -\LoadClass[fontsize=12pt,english,numbers=noenddot,captions=tableheading,captions=nooneline]{scrartcl} -% pointlessnumbers = do not add final dot after ordinary section numbers -% tablecaptionabove = use \captionabove for captions above rather than below tables -% noonelinecaption = do not treat one-line captions differently - -% use new TeX encoding scheme (T1), which contains accented (European) letters, -% to make European hyphenations work -\RequirePackage[T1]{fontenc} - -% use babel package and set language to english -\RequirePackage[english]{babel} - -% spacing around formulas -\AtBeginDocument{ -\setlength{\abovedisplayshortskip}{6pt} -\setlength{\belowdisplayshortskip}{6pt} -\setlength{\abovedisplayskip}{6pt} -\setlength{\belowdisplayskip}{6pt} -\allowdisplaybreaks % Permits LaTeX to break long formulas across pages (?) -} - -%% Added the above info to the definition of normalsize -\def\normalsize{\@setfontsize \normalsize \@xiipt {14.5} -\abovedisplayskip 6\p@ \@plus 3\p@ \@minus 3\p@ -\belowdisplayskip \abovedisplayskip -\abovedisplayshortskip 6pt \belowdisplayshortskip 6pt -\let \@listi \@listI} -\normalsize - -% Don't indent the second and later lines of footnotes -\deffootnote[1em]{0.0em}{1em}{\textsuperscript{\thefootnotemark}} - -% spacing around captions and floats -\setlength{\abovecaptionskip}{6pt} -\setlength{\belowcaptionskip}{3pt} -\setlength{\floatsep}{0pt} -\setlength{\textfloatsep}{20pt} -\setlength{\intextsep}{15pt} - -\RequirePackage{calc} - -\newenvironment{Description} -{\begin{list}{}{\let\makelabel\Descriptionlabel - \setlength\labelwidth{75pt} - \setlength\labelsep{0pt} - \setlength\leftmargin{75pt} - \setlength\itemindent{0pt} -}} -{\end{list}} -\newcommand*\Descriptionlabel[1]{\textbf{#1}\hfil} - -\RequirePackage{cancel,verbatim, -amsmath,amssymb,amsfonts,amsthm -,threeparttable,dcolumn,multicol,multirow,booktabs % table environment extensions -,latexsym -,afterpage -,enotez -,moreverb -,hhline % Allow double hlines -,tipa % Define more characters, in particular the \textthorn character -,color -,accents -,appendix -} - -\DeclareInstance{enotez-list}{superscriptednotes}{paragraph} - { - number = \textsuperscript{#1} - } -% to get endnotes with superscripts, use \printendnotes[superscriptednotes] - -% \RequirePackage{econtex} % Removed 20170801 because won't work when invoked from nonroot paths -% Contents of the file are pasted in below - -%---------------Custom Definitions-------------- - -\def\liminf{\mathop{\rm lim\, inf}\limits} -\DeclareMathOperator{\Ex}{\mathbb{E}} % Expectations operator -\def\var{\operatorname{var}} % variance -\def\cov{\operatorname{cov}} % covariance -\def\std{\operatorname{std}} % standard deviation -\def\argmax{\operatornamewithlimits{arg\,max}} % argmax - -%---------------Custom Modifications---------------------- - -% \htline defines a thick horizontal line in table -\def\htline{\noalign{\hrule height 2\arrayrulewidth}} - -% \hdline defines a dotted horizontal line in table -\def\hdline{\noalign{.\dotfill{}.}} - -%To keep footnotes on a single page except in extreme cases -\interfootnotelinepenalty=5000 %from 0 to 10000 - -%To prevent hyphenation -\hyphenpenalty=5000 %from 0 to 10000, default is 200 - -%To prevent breaking math formula -\relpenalty=4000 %from 0 to 10000, default is 500 - -%To prevent breaking math formula after binary operator -\binoppenalty=10000 %from 0 to 10000, default is 700 - -%-------------------------------------------------------- - - -\RequirePackage[mathscr]{eucal} -\RequirePackage[normalem]{ulem} -\providecommand\bmmax{0} % Prevent boldmath package from using up too much memory -\RequirePackage{bm} % Allow bold math -\RequirePackage{bbm} % Blackbord math - -% font for URLs -\RequirePackage{url} -\def\UrlFont{\ttfamily} - -\usepackage[econtex]{optional} % Enable the control of compilation using options passed on startup -\opt{EndFloats}{\RequirePackage[noheads,nolists,tablesfirst,nomarkers]{endfloat}} - -% page format, margins if PrintGeom option is invoked -\opt{PrintGeom}{ -\RequirePackage{geometry} -\geometry{letterpaper, tmargin=1.4in, bmargin=1.4in, lmargin=1.25in, - rmargin=1.25in, headheight=0in, headsep=0in, footskip=0.5in } -} - -\opt{JournalFormatting}{ % BEJM requires 1.5 inch margins -\RequirePackage{geometry} -\geometry{letterpaper, tmargin=1.5in, bmargin=1.5in, lmargin=1.5in, - rmargin=1.5in, headheight=0in, headsep=0in, footskip=0.5in } -} - -\providecommand{\textSizeDefault}{\normalsize} -\opt{bigWide}{\renewcommand{\textSizeDefault}{\large}} - -\providecommand{\abstractSizeDefault}{\small} -\opt{bigWide}{\renewcommand{\abstractSizeDefault}{\normalsize}} - -%% formatting section headers -\setkomafont{section}{\normalfont \Large \bfseries} -\setkomafont{subsection}{\normalfont \large} -\setkomafont{subsubsection}{\normalfont \itshape} - -% citations and bibliography -\RequirePackage[authoryear]{natbib} -\AtBeginDocument{\renewcommand{\refname}{References} -\renewcommand\@makefnmark - {\mbox{\textsuperscript{\tiny\@thefnmark}}} % Restore footnote defn after titlepage redefines it -\ifdvi - \renewcommand{\ushort}{\underline} % ushort seems to not work properly for tex4ht (which compiles using dvi) -\fi -} - -% captions of figures and tables -\setcapwidth[c]{\textwidth} -% \setcapindent*{0pt} -\setkomafont{captionlabel}{\centering \bfseries} -\setkomafont{caption}{\centering} -\renewcommand{\captionformat}{~ } - -\newcommand{\forcedate}[1]{\newcommand{\@forcedate}{#1}} - -% titlepage with title, author(s), and date - -\renewcommand{\maketitle}{ -\ifthenelse{ \isundefined\@forcedate }{ - \ClassWarningNoLine{econtex}{{\protect\forcedate} is undefined in the .tex file; please define it and rerun}}{} - \ifthenelse{\equal{\theIncludeTitlePage}{1}}{ - \let\footnotesize\scriptsize - \thispagestyle{empty} - \vspace*{0mm} - \enlargethispage{0.4in} - 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To set a date different from the current one, just use the \protect\date{(string desired to signify paper date)}} - - \ifthenelse{\equal{\theIncludeTitlePage}{1}}{ - \let\footnotesize\scriptsize - \thispagestyle{empty} - \vspace*{0mm} - \enlargethispage{0.4in} - }{} - \begin{center} - \begin{LARGE} - \begin{spacing}{1.00} - \textbf{\@title} - \end{spacing} - \end{LARGE}\medskip\medskip\medskip - {\normalsize #1 \par} - {\tiny{~}\par} - \ifthenelse{\equal{\theIncludeTitlePage}{1}}{ - \vspace*{3mm} - {\large - \lineskip .75em% - \begin{tabular}[t]{c}% - \@author - \end{tabular}\par}% - }{} - \end{center} -} - - -% abstract, keywords, JEL classification -\newcommand{\keywords}[1]{\newcommand{\@keywords}{#1}} -\newcommand{\jelclass}[1]{\newcommand{\@jelclass}{#1}} -\newcommand{\aspublished}[1]{\newcommand{\@aspublished}{#1}} - -\renewenvironment{abstract}{% - \begin{spacing}{0.9} - \noindent {\tiny \phantom{.}} \\ % Trick to get proper spacing in html - \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \vspace*{4mm} - \abstractSizeDefault - \noindent \textbf{Abstract}\\ - \indent -}{% - \noindent {\tiny \phantom{.}} \\ % Trick to get proper spacing in html - \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \vspace*{0mm} - \ifthenelse{ \isundefined\@keywords }{ - \ClassWarningNoLine{econtex}{No keywords specified. - Please use the command \protect\keywords} - }{ - } - \end{spacing} - -\begin{quote} -\begin{Description} -\item[\textbf{Keywords~}] \@keywords -\ifthenelse{ \isundefined\@jelclass }{ -\ClassWarningNoLine{econtex}{No JEL classification specified. - Please use the command \protect\jelclass} -}{ -\item[\textbf{JEL codes~}] \@jelclass -} - -\end{Description} -\ifthenelse{ \isundefined\@aspublished }{ -}{ -{ - -\vspace{0.1in}\@aspublished} -}\end{quote} -} - -\setcounter{footnote}{0}% - -\medskip - -% avoid clubs and widows -\clubpenalty=1000 % penalty for breaking a page with only one sentence; set to 10000 to prohibit -\widowpenalty=10000 -% \displaywidowpenalty=10000 - -\hbadness 3000 % LaTeX default is 1000, which is too finicky - set to 10000 to get rid of complaints - -% increase stretchability of the spaces (avoid overfull hboxes) -\setlength{\emergencystretch}{3em} - - -\pagestyle{plain} -\thispagestyle{empty} - -\newcommand{\titlepagefinish}{\newpage -\renewcommand\@makefnmark - {\mbox{\textsuperscript{\tiny\@thefnmark}}} -} - - -\RequirePackage[multiple]{footmisc} -\RequirePackage{manyfoot} -\RequirePackage{perpage} \DefineFNsymbols{blank}[text]{{} {} {} {} {}} \setfnsymbol{blank} \DeclareNewFootnote{B}[fnsymbol] \MakePerPage{footnoteB} \renewcommand{\thanks}{\footnoteB} \newcommand{\thanksFooter}{\footnoteB} - -% 20170126: perpage package conflicts with something else so is removed in econtexMake.sh - -\hfuzz2pt % Don't bother to report over-full boxes if over-edge is < 2pt - -%%%%%%%%%% Added by Amy Hendrickson, TeXnology Inc. -%% Amy change, Feb 28, 2011 ==>> - -%%% Generalization of the author and authorinfo commands, based on -%%% the original code. - -%% Sample use: -%% \author{Christopher D. Carroll\authNum \\ -%% \and -%% Jiri Slacalek\authNum \\ -%% \and -%% Martin Sommer\authNum \\ -%% \and -%% Another Name\authNum -%% \and -%% Still Another Name\authNum -%% } - -\newcounter{authornum} % Use either \num or (preferred) \authNum to denote authors -\def\num{\global\advance\c@authornum by 1\textsuperscript{\tiny \the\c@authornum}} -\def\authNum{\global\advance\c@authornum by 1\textsuperscript{\tiny \the\c@authornum}} - -%% \begin{authorsinfo}...\end{authorsinfo} - -%% Now used: -%% \begin{authorsinfo} -%% \name{First author: info} -%% \\ -%% \name{Second author: info} -%% \\ -%% \name{Third author: info} -%% (and so on for as many authors -%% as you have) -%% \end{authorsinfo} -%% (note: the \\ doesn't do anything, but makes it easier to -%% see the separate author names.) - -\newcounter{bottomauthor} -\def\authorsinfo{\global\c@bottomauthor=0\setbox0=\vbox\bgroup\footnotesize -\let\\ \relax -} - -\def\endauthorsinfo{\egroup -\footnoteB{\unvbox0} -} - -\def\name#1{\global\advance\c@bottomauthor by 1\textsuperscript{\tiny \the\c@bottomauthor}{#1}{~~~~}} - -\makeatletter -\DeclareOldFontCommand{\rm}{\normalfont\rmfamily}{\mathrm} -\DeclareOldFontCommand{\sf}{\normalfont\sffamily}{\mathsf} -\DeclareOldFontCommand{\tt}{\normalfont\ttfamily}{\mathtt} -\DeclareOldFontCommand{\bf}{\normalfont\bfseries}{\mathbf} -\DeclareOldFontCommand{\it}{\normalfont\itshape}{\mathit} -\DeclareOldFontCommand{\sl}{\normalfont\slshape}{\@nomath\sl} -\DeclareOldFontCommand{\sc}{\normalfont\scshape}{\@nomath\sc} -\makeatother diff --git a/Documentation/texmf-local/tex/latex/econtex.sty b/Documentation/texmf-local/tex/latex/econtex.sty deleted file mode 100644 index 1147b1e85..000000000 --- a/Documentation/texmf-local/tex/latex/econtex.sty +++ /dev/null @@ -1,30 +0,0 @@ -%---------------Custom Definitions-------------- - -\def\liminf{\mathop{\rm lim\, inf}\limits} -\DeclareMathOperator{\Ex}{\mathbb{E}} % Expectations operator -\def\var{\operatorname{var}} % variance -\def\cov{\operatorname{cov}} % covariance -\def\std{\operatorname{std}} % standard deviation -\def\argmax{\operatornamewithlimits{arg\,max}} % argmax - -%---------------Custom Modifications---------------------- - -% \htline defines a thick horizontal line in table -\def\htline{\noalign{\hrule height 2\arrayrulewidth}} - -% \hdline defines a dotted horizontal line in table -\def\hdline{\noalign{.\dotfill{}.}} - -%To keep footnotes on a single page except in extreme cases -\interfootnotelinepenalty=5000 %from 0 to 10000 - -%To prevent hyphenation -\hyphenpenalty=5000 %from 0 to 10000, default is 200 - -%To prevent breaking math formula -\relpenalty=4000 %from 0 to 10000, default is 500 - -%To prevent breaking math formula after binary operator -\binoppenalty=10000 %from 0 to 10000, default is 700 - -%-------------------------------------------------------- diff --git a/Documentation/texmf-local/tex/latex/econtexBibMake.tex b/Documentation/texmf-local/tex/latex/econtexBibMake.tex deleted file mode 100644 index cb5ae56f5..000000000 --- a/Documentation/texmf-local/tex/latex/econtexBibMake.tex +++ /dev/null @@ -1,7 +0,0 @@ - -%\write18{if [ `kpsewhich economics.bib` != '' ]; then touch economics.bib ; fi} # This should be done only for final versions AFTER bibexport has occurred and \jobname.bib is populated -\write18{if [ ! -f \jobname.bib ]; then touch \jobname.bib ; fi} -\write18{if [ ! -f \jobname-Add.bib ]; then touch \jobname-Add.bib ; fi} - -\bibliographystyle{econtex} -\bibliography{economics,\jobname,\jobname-Add} diff --git a/Documentation/texmf-local/tex/latex/econtexSetup.sty b/Documentation/texmf-local/tex/latex/econtexSetup.sty deleted file mode 100644 index e26dd2807..000000000 --- a/Documentation/texmf-local/tex/latex/econtexSetup.sty +++ /dev/null @@ -1,233 +0,0 @@ -\RequirePackage{wasysym -,psibycus % Greek language package, including koppa -,ushort -%,lscape % Pages in landscape mode go inside \begin{landscape}\end{landscape} % CONFLICTS WITH EPSTOPDF -} - -\newenvironment{CDCPrivate} % Environment for extra material not wanted in the public document -{\marginpar{\tiny beginCDC}}{\marginpar{\tiny endCDC}} % CDCPrivate - -\provideboolean{Web} -\setboolean{Web}{false} % reset to true if running via dvi; search for \ifdvi below - -\provideboolean{bigPrint} -\setboolean{bigPrint}{true} -\setboolean{bigPrint}{false} - -\provideboolean{wideMargins} -\setboolean{wideMargins}{true} -\setboolean{wideMargins}{false} - -\provideboolean{BigAndWide} -\setboolean{BigAndWide}{true} -\setboolean{BigAndWide}{false} - -% Options to set if being run from the shell (so autocompiled) -\opt{FromShell}{ -\setboolean{bigPrint}{false} -\setboolean{wideMargins}{false} -\setboolean{BigAndWide}{false} -} - -\opt{bigWide}{ -\setboolean{bigPrint}{true} -\setboolean{wideMargins}{true} -\setboolean{BigAndWide}{true} -\providecommand{\textSizeDefault}{\large} 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\let\footnoterule\relax - \makeatletter - \renewenvironment{abstract}{% - \begin{spacing}{0.9} - \noindent {\tiny \phantom{.}} \\ % Trick to get proper spacing in html - \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \vspace*{5mm} - \noindent \textbf{Abstract}\\ - \indent \abstractSizeDefault - }{% - \noindent {\tiny \phantom{.}} \\ % Trick to get proper spacing in html -% \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \vspace*{3mm} - \ifthenelse{ \isundefined\@keywords }{ - \ClassWarningNoLine{bejournal}{No keywords specified. - Please use the command \protect\keywords} - }{ - } - \end{spacing} - \begin{quote} - \begin{Description} - \item[\textbf{~~~~~~~~~~~~Keywords~}] \@keywords - \ifthenelse{ \isundefined\@jelclass }{ - \ClassWarningNoLine{bejournal}{No JEL classification specified. - Please use the command \protect\jelclass} - }{ - \item[\textbf{~~~~~~~~~~~~JEL codes~}] \@jelclass - \end{Description} - } - \end{quote} - \makeatother - } 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-\opt{Answers}{\provideboolean{AnswersTF}\setboolean{AnswersTF}{true}} - -\newcommand{\ifAnswers}{\ifthenelse{\boolean{AnswersTF}}} -\newcommand{\answer}[2]{\ifthenelse{\boolean{AnswersTF}}{ - -{\it Answer:} -\begin{quote} -#1 -\end{quote} -} -{#2}} diff --git a/Documentation/texmf-local/tex/latex/econtexShortcuts.sty b/Documentation/texmf-local/tex/latex/econtexShortcuts.sty deleted file mode 100755 index 2169b7287..000000000 --- a/Documentation/texmf-local/tex/latex/econtexShortcuts.sty +++ /dev/null @@ -1,638 +0,0 @@ -\providecommand{\aAgg}{\ensuremath{\mathsf{A}}} -\providecommand{\aboveMin}{\blacktriangle} -\providecommand{\adjPar}{\ensuremath{\omega}} -\providecommand{\adj}{\ensuremath{\mathrm{j}}} -\providecommand{\aE}{\aRat^{e}} -\providecommand{\aFunc}{\ensuremath{\mathrm{a}}} -\providecommand{\Age}{\ensuremath{Z}} -\providecommand{\age}{\ensuremath{z}} -\providecommand{\ALevBF}{\ensuremath{\mathbf{A}}} -\providecommand{\aLevBF}{\ensuremath{\mathbf{a}}} 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-\providecommand{\bRatE}{\ensuremath{b}^{e}} -\providecommand{\BRatE}{\ensuremath{B}^{e}} -\providecommand{\bRatU}{\ensuremath{b}^{u}} -\providecommand{\BRat}{\ensuremath{B}} -\providecommand{\bRat}{\ensuremath{b}} -\providecommand{\bTargE}{\ensuremath{\check{b}^{e}}} -\providecommand{\BTargTarg}{\Target{\Target{\BRat}}} -\providecommand{\bTargTarg}{\Target{\Target{\bRat}}} -\providecommand{\BTarg}{\ensuremath{\check{B}}} -\providecommand{\bTarg}{\ensuremath{\check{b}}} -\providecommand{\BU}{{B}^{u}} -\providecommand{\bU}{{b}^{u}} -\providecommand{\cAgg}{\ensuremath{\pmb{C}}} -\providecommand{\CARA}{\ensuremath{\alpha}} -\providecommand{\ccRat}{\ensuremath{\mathsf{c}}} -\providecommand{\CDF}{\ensuremath{\mathcal{F}}} -\providecommand{\CEndFunc}{\ensuremath{\mathfrak{C}}} -\providecommand{\cEndFunc}{\ensuremath{\mathfrak{c}}} -\providecommand{\cEss}{{c}^{e}} -\providecommand{\CE}{\CRat^{e}} -\providecommand{\cE}{\cRat^{e}} -\providecommand{\cFuncAbove}{\ensuremath{\bar{\mathrm{c}}}} -\providecommand{\cFuncBelow}{\ensuremath{\uline{\mathrm{c}}}} -\providecommand{\cFuncMax}{\ensuremath{\bar{\bar{\mathrm{c}}}}} -\providecommand{\CFunc}{\ensuremath{\mathrm{C}}} -\providecommand{\cFunc}{\ensuremath{\mathrm{c}}} -\providecommand{\cFunc}{\ensuremath{\mathrm{c}}} -\providecommand{\CGroOverG}{\ensuremath{\Upsilon}} -\providecommand{\CGroOverR}{\ensuremath{\Phi}} -\providecommand{\CGroPF}{\ensuremath{\Lambda}} -\providecommand{\cGroPF}{\ensuremath{\lambda}} -\providecommand{\CGroPS}{\ensuremath{\chi}} % Precautionary Saving boost to consumption growth -\providecommand{\chiFunc}{\pmb{\chi}} -\providecommand{\Chi}{\ensuremath{\mathrm{X}}} % capital chi is sometimes useful, and not native to LaTeX -\providecommand{\CLevBF}{\ensuremath{\mathbf{C}}} -\providecommand{\cLevBF}{\ensuremath{\mathbf{c}}} -\providecommand{\CLevE}{\CLev^{e}} -\providecommand{\cLevE}{\cLev^{e}} -\providecommand{\cLevFunc}{\ensuremath{\pmb{\cFunc}}} -\providecommand{\CLevU}{\CLev^{u}} -\providecommand{\cLevU}{\cLev^{u}} -\providecommand{\cLev}{\ensuremath{c}} -\providecommand{\CLev}{\ensuremath{C}} -\providecommand{\Cons}{\ensuremath{C}} -\providecommand{\cons}{\ensuremath{c}} -\providecommand{\corr}{\varrho} -\providecommand{\cPDVFunc}{\ensuremath{\mathbb{C}}} -\providecommand{\CPDV}{\ensuremath{\text{PDV($C$)}}} -\providecommand{\cPPP}{\cons^{\prime\prime\prime}} -\providecommand{\cPP}{\cons^{\prime\prime}} -\providecommand{\cP}{\cons^{\prime}} -\providecommand{\cRatBF}{\ensuremath{\pmb{c}}} -\providecommand{\CRatE}{\CRat^{e}} -\providecommand{\cRatE}{\cRat^{e}} -\providecommand{\CRatU}{\CRat^{u}} -\providecommand{\cRatU}{\cRat^{u}} -\providecommand{\CRat}{\ensuremath{C}} -\providecommand{\cRat}{\ensuremath{c}} -\providecommand{\CRRA}{\ensuremath{\rho}} -\providecommand{\CTargE}{\CTarg^{\null}} -\providecommand{\cTargE}{\ensuremath{\Target{c}^{e}}} -\providecommand{\cTargTarg}{\Target{\Target{\cRat}}} -\providecommand{\CTarg}{\ensuremath{\Target{C}}} -\providecommand{\cTarg}{\ensuremath{\Target{c}}} -\providecommand{\curr}{1} % Permits a change of notation to T-1 and T, t and t+1, or whatever -\providecommand{\Curr}{t} % Permits a change of notation to T-1 and T, t and t+1, or whatever -\providecommand{\CU}{\CRat^{u}} -\providecommand{\cU}{\cRat^{u}} -\providecommand{\dRat}{\ensuremath{d}} -\providecommand{\debtLim}{\mathsf{d}} -\providecommand{\Debt}{\ensuremath{D}} -\providecommand{\debt}{\ensuremath{d}} -\providecommand{\DeprFac}{\ensuremath{\daleth}} -\providecommand{\Depr}{\ensuremath{\daleth}} -\providecommand{\depr}{\ensuremath{\delta}} -\providecommand{\deprRte}{\ensuremath{\delta}} % New -\providecommand{\DiscAltuAdj}{\ensuremath{\underline{\underline{\beth}}}} -\providecommand{\DiscAlt}{\ensuremath{\beth}} -\providecommand{\Discount}{\ensuremath{\beta}} -\providecommand{\DiscRate}{\ensuremath{\vartheta}} -\providecommand{\DiscRte}{\ensuremath{\vartheta}} % New -\providecommand{\discRte}{\ensuremath{\vartheta}} % New -\providecommand{\DiscFac}{\ensuremath{\beta}} % New -\providecommand{\DivGro}{\ensuremath{\mathrm{G}}} -\providecommand{\divGro}{\ensuremath{\mathsf{g}}} -\providecommand{\Div}{\ensuremath{D}} -% \providecommand{\div}{\ensuremath{d}} reserved for divide -\providecommand{\DLev}{\ensuremath{D}} -\providecommand{\Dvdnd}{\ensuremath{\mathbf{D}}} -\providecommand{\dvdnd}{\ensuremath{d}} -\providecommand{\edvdnd}{\grave{\dvdnd}} -\providecommand{\EEndMap}{\ensuremath{\mathsf{E}}} -\providecommand{\effUnits}{\ensuremath{X}} -\providecommand{\eFunc}{\ensuremath{\mathrm{e}}} -\providecommand{\ELev}{\ensuremath{E}} -\providecommand{\ek}{\ensuremath{\lambda}} -\providecommand{\EmpGro}{\ensuremath{\Xi}} -\providecommand{\empGro}{\ensuremath{\xi}} -\providecommand{\empState}{\xi} % employment state indicator variable -\providecommand{\EpremLog}{\varphi} % Not using regular \eprem because want to distinguish between \varphi = log E_{t}[\Phi_{t+1}] and \phi_{t} = E[\log \Phi_{t}] -\providecommand{\EPrem}{\Phi} % equity premium -\providecommand{\eprem}{\phi} % log equity premium -\providecommand{\EpShkInv}{\Ex[\pShk^{-1}]} -\providecommand{\erate}{\ensuremath{\cancel{\mho}}} -\providecommand{\error}{\ensuremath{\epsilon}} -\providecommand{\Err}{\ensuremath{Z}} -\providecommand{\err}{\ensuremath{z}} -\providecommand{\err}{\ensuremath{z}} -\providecommand{\Estdr}{\ensuremath{\sigma_{\risky}}} % Standard deviation of log return on risky asset -\providecommand{\Evarr}{\ensuremath{\sigma_{\risky}^{2}}} % Variance of log return on risky asset -\providecommand{\EVarr}{\sigma_{\Risky}^{2}} % Variance of level return on risky asset (when returns norm dist) -\providecommand{\expend}{\ensuremath{\xi}} -%\providecommand{\Ex}{\ensuremath{\mathbb{E}}} % Expectations operator defined in econtex.cls -\providecommand{\FDist}{\ensuremath{\mathcal{F}}} -\providecommand{\fDist}{\ensuremath{\mathcal{f}}} -\providecommand{\FFunc}{\ensuremath{\mathrm{F}}} -\providecommand{\fFunc}{\ensuremath{\mathrm{f}}} -\providecommand{\FLev}{\ensuremath{F}} -\providecommand{\fLev}{\ensuremath{f}} -\providecommand{\fPP}{\ensuremath{\mathrm{f}^{\prime\prime}}} -\providecommand{\FPP}{\ensuremath{\mathrm{F}^{\prime\prime}}} -\providecommand{\fP}{\ensuremath{\mathrm{f}^{\prime}}} -\providecommand{\FP}{\ensuremath{\mathrm{F}^{\prime}}} -\providecommand{\GLev}{\ensuremath{G}} -\providecommand{\GovNW}{\ensuremath{N}} -\providecommand{\govNW}{\ensuremath{n}} -\providecommand{\GovSpend}{\ensuremath{X}} -\providecommand{\govSpend}{\ensuremath{x}} -\providecommand{\Habit}{\ensuremath{H}} -\providecommand{\Habit}{\ensuremath{H}} -\providecommand{\habit}{\ensuremath{h}} -\providecommand{\Ham}{\ensuremath{\mathcal{H}}} % Hamiltonian -\providecommand{\HARKcore}{\texttt{HARKcore}} -\providecommand{\hEndMin}{\ensuremath{\underline{\mathfrak{h}}}} -\providecommand{\hEnd}{\ensuremath{\mathfrak{h}}} -\providecommand{\hFunc}{\ensuremath{\mathrm{h}}} -\providecommand{\Hi}{\hat} -\providecommand{\HLevBF}{\ensuremath{\mathbf{H}}} -\providecommand{\hLevBF}{\ensuremath{\mathbf{h}}} -\providecommand{\HLev}{\ensuremath{\pmb{H}}} -\providecommand{\hLev}{\ensuremath{\pmb{h}}} -\providecommand{\hMin}{\ensuremath{\underline{\h}}} -\providecommand{\HMin}{\ensuremath{\underline{H}}} -\providecommand{\hours}{\ensuremath{\mathfrak{h}}} -\providecommand{\Hours}{\ensuremath{\mathfrak{H}}} -\providecommand{\HRat}{\ensuremath{H}} -\providecommand{\hRat}{\ensuremath{h}} -\providecommand{\h}{\ensuremath{h}} -%\providecommand{\H}{\ensuremath{H}} -\providecommand{\iFunc}{\ensuremath{\mathrm{i}}} -\providecommand{\IFunc}{\ensuremath{\mathrm{I}}} -\providecommand{\ILev}{\ensuremath{I}} -\providecommand{\iLev}{\ensuremath{i}} -\providecommand{\impg}{{\imath}_{\pGro}} -\providecommand{\ImpG}{{\Im}_{\PGro}} -\providecommand{\impr}{{\imath}_{\rfree}} -\providecommand{\ImpR}{{\Im}_{\Rfree}} -\providecommand{\Inc}{{Y}} -\providecommand{\inc}{{y}} -\providecommand{\InvEpShkInv}{\underline{\psi}} -\providecommand{\Inv}{{I}} -\providecommand{\inv}{{i}} -\providecommand{\IRat}{\ensuremath{I}} -\providecommand{\iRat}{\ensuremath{i}} -\providecommand{\itc}{\ensuremath{\zeta}} -\providecommand{\jFunc}{\ensuremath{\mathrm{j}}} -\providecommand{\JLev}{\ensuremath{J}} -\providecommand{\kapRent}{\ensuremath{\varkappa}} -\providecommand{\kapShare}{\ensuremath{\alpha}} -\providecommand{\Kap}{{K}} -\providecommand{\kap}{{k}} -\providecommand{\KFunc}{\ensuremath{\mathrm{K}}} -\providecommand{\kFunc}{\ensuremath{\mathrm{k}}} -\providecommand{\KLevBF}{\ensuremath{\mathbf{K}}} -\providecommand{\kLevBF}{\ensuremath{\mathbf{k}}} -\providecommand{\KLev}{\ensuremath{K}} -\providecommand{\kLev}{\ensuremath{k}} -\providecommand{\kPriceAfterITC}{\ensuremath{\mathscr{P}}} -\providecommand{\kPrice}{\ensuremath{\mathsf{P}}} -\providecommand{\KRat}{\ensuremath{K}} -\providecommand{\kRat}{\ensuremath{k}} -\providecommand{\kTargE}{\ensuremath{\Target{k}^{e}}} -\providecommand{\kTarg}{\ensuremath{\Target{k}}} -\providecommand{\labor}{\ensuremath{\ell}} % -\providecommand{\Labor}{\ensuremath{L}} -\providecommand{\labShare}{\ensuremath{\nu}} -\providecommand{\Leisure}{Z} % -\providecommand{\leisure}{z} % -\providecommand{\leiShare}{\ensuremath{\zeta}} % -\providecommand{\LGro}{\ensuremath{\Lambda}} -\providecommand{\lGro}{\ensuremath{\lambda}} -\providecommand{\LLevBF}{\ensuremath{\mathbf{L}}} -\providecommand{\lLevBF}{\ensuremath{\pmb{\ell}}} -\providecommand{\lLev}{\ensuremath{\ell}} -\providecommand{\LLev}{\ensuremath{L}} -\providecommand{\Lo}{\check} -\providecommand{\LRat}{\ensuremath{L}} -\providecommand{\MaxMaxMPC}{\ensuremath{\bar{\bar{\kappa}}}} -\providecommand{\MaxMinMPC}{\ensuremath{\hat{\underline{\kappa}}}} -\providecommand{\MaxMPC}{\ensuremath{\bar{\kappa}}} -\providecommand{\MaxMPS}{\ensuremath{\PatR}} -\providecommand{\Mean}{\ensuremath{\mathbb{M}}} % Mean -\providecommand{\mEss}{\check{m}^{e}} -\providecommand{\ME}{\MRat^{e}} -\providecommand{\mE}{\mRat^{e}} -\providecommand{\mFunc}{\ensuremath{\mathrm{m}}} -\providecommand{\MinMinMPC}{\ensuremath{\underline{\kappa}}} -\providecommand{\MinMPC}{\ensuremath{\uline{\kappa}}} -\providecommand{\MinMPS}{\ensuremath{\pZero^{1/\CRRA} \PatR}} -\providecommand{\MLevBF}{\ensuremath{\mathbf{M}}} -\providecommand{\mLevBF}{\ensuremath{\mathbf{m}}} -\providecommand{\mLevBF}{\ensuremath{\mathbf{m}}} -\providecommand{\mLevE}{\mLev^{e}} -\providecommand{\MLev}{\ensuremath{M}} -\providecommand{\mLev}{\ensuremath{m}} -\providecommand{\MPCE}{\MPC^{e}} -\providecommand{\MPCFunc}{\ensuremath{\pmb{\kappa}}} -\providecommand{\MPCPPF}{\ensuremath{\Pi}} -\providecommand{\MPCP}{\ensuremath{\pi}} -\providecommand{\MPCU}{\MPC^{u}} -\providecommand{\MPC}{\ensuremath{\kappa}} -\providecommand{\MPSFunc}{\ensuremath{\pmb{lambda}}} -\providecommand{\MPS}{\ensuremath{\lambda}} -\providecommand{\MRatE}{\MRat^{e}} -\providecommand{\mRatE}{\mRat^{e}} -\providecommand{\MRat}{\ensuremath{M}} -\providecommand{\mRat}{\ensuremath{m}} -\providecommand{\MSS}{\ensuremath{\breve{M}}} -\providecommand{\mSS}{\ensuremath{\breve{m}}} -\providecommand{\mTarg}{\check{m}} -\providecommand{\MU}{{M}^{u}} -\providecommand{\mU}{{m}^{u}} -%\providecommand{\m}{\ensuremath{m}} -%\providecommand{\M}{\ensuremath{M}} -%\providecommand{\next}{2} % via search-and-replace -\providecommand{\Next}{t+1} % -\providecommand{\nFunc}{\ensuremath{\mathrm{n}}} -\providecommand{\NLev}{\ensuremath{N}} -\providecommand{\nLev}{\ensuremath{n}} -\providecommand{\NRat}{\ensuremath{N}} -\providecommand{\nRat}{\ensuremath{n}} -\providecommand{\Num}{\ensuremath{N}} -\providecommand{\nIter}{\ensuremath{n}} -\providecommand{\OLevBF}{\ensuremath{\mathbf{O}}} -\providecommand{\oLevBF}{\ensuremath{\mathbf{o}}} -\providecommand{\OLev}{\ensuremath{O}} -\providecommand{\oLev}{\ensuremath{\pmb{o}}} -\providecommand{\ORat}{\ensuremath{O}} -\providecommand{\oRat}{\ensuremath{o}} -\providecommand{\Pareto}{\zeta} -\providecommand{\PatPGroAdj}{\text{\pmb{\Thorn}}_{\underline{\PGro}}} -\providecommand{\patpGroAdj}{\text{\thorn}_{\underline{\pGro}}} -\providecommand{\patpGrohat}{\hat{\text{\thorn}}_{\pGro}} -\providecommand{\PatPGro}{\text{\pmb{\Thorn}}_{\PGro}} -\providecommand{\patpGro}{\text{\thorn}_{\pGro}} -\providecommand{\PatR}{\text{\pmb{\Thorn}}_{\Rfree}} -\providecommand{\patr}{\text{\thorn}_{\rfree}} -\providecommand{\PatU}{\text{\pmb{\Thorn}}_{\urate}} -\providecommand{\patu}{\text{\thorn}_{\urate}} -\providecommand{\PatWGro}{\text{\pmb{\Thorn}}_{\WGro}} -\providecommand{\patwGro}{\text{\thorn}_{\wGro}} -\providecommand{\Pat}{\text{\pmb{\Thorn}}} -\providecommand{\pat}{\text{\thorn}} -\providecommand{\pDeadRate}{\ensuremath{\grave{\cancel{\mathsf{d}}}}} -\providecommand{\pDead}{\ensuremath{\mathfrak{D}}} -\providecommand{\pDieRate}{\ensuremath{\grave{\mathsf{d}}}} -\providecommand{\pDies}{\ensuremath{\mathsf{d}}} % Continuous time death rate -\providecommand{\PDies}{\ensuremath{\mathsf{D}}} % Discrete-time one-period death rate -\providecommand{\diePrb}{\ensuremath{\mathsf{d}}} % Continuous time death rate -\providecommand{\DiePrb}{\ensuremath{\mathsf{D}}} % Discrete-time one-period death rate -\providecommand{\PDV}{\ensuremath{\mathbb{P}}} % PDV -\providecommand{\PGroAdj}{\ensuremath{\underline{\PGro}}} -\providecommand{\pGroAdj}{\ensuremath{\underline{\pGro}}} -\providecommand{\PGrouAdj}{\ensuremath{\underline{\underline{\PGro}}}} -\providecommand{\pGrouAdj}{\ensuremath{\underline{\underline{{\pGro}}}}} -\providecommand{\PGro}{\ensuremath{\Gamma}} -\providecommand{\pGro}{\ensuremath{\gamma}} -\providecommand{\permGroFac}{\ensuremath{\Gamma}} % Econ-ARK -\providecommand{\permGroRte}{\ensuremath{\gamma}} % Econ-ARK -\providecommand{\phiFunc}{\ensuremath{\digamma}} -\providecommand{\PIHMPC}{\ensuremath{\varkappa}} -\providecommand{\PInc}{\ensuremath{P}} -\providecommand{\PLabor}{\ensuremath{P}} % Permanent labor income in levels -\providecommand{\Plabor}{P} % Permanent labor income in levels -\providecommand{\PLevBF}{\ensuremath{\mathbf{P}}} -\providecommand{\pLevBF}{\ensuremath{\mathbf{p}}} -\providecommand{\PLev}{\ensuremath{P}} -\providecommand{\pLog}{\ensuremath{p}} -\providecommand{\pLev}{\ensuremath{\pmb{p}}} -\providecommand{\PLev}{\ensuremath{P}} -\providecommand{\LivPrb}{\ensuremath{\cancel{\DiePrb}}} -\providecommand{\livPrb}{\ensuremath{\cancel{\diePrb}}} -\providecommand{\PLives}{\ensuremath{\cancel{\PDies}}} -\providecommand{\pLives}{\ensuremath{\cancel{\pDies}}} -%\providecommand{\pNotZero}{\ensuremath{\cancel{\wp}}} -\providecommand{\pNotZero}{(1-\pZero)} -\providecommand{\PopE}{\mathcal{E}} -\providecommand{\popE}{e} -\providecommand{\PopGro}{\ensuremath{\Xi}} -\providecommand{\popGro}{\ensuremath{\xi}} -\providecommand{\PopLev}{\ensuremath{\pmb{N}}} -\providecommand{\PopU}{\mathcal{U}} -\providecommand{\Pop}{\ensuremath{L}} -\providecommand{\PostITC}{\ensuremath{\cancel{\zeta}}} -\providecommand{\power}{\ensuremath{\eta}} -\providecommand{\pPDVFunc}{\ensuremath{\mathbb{P}}} -\providecommand{\PPDV}{\ensuremath{\text{PDV($P$)}}} -\providecommand{\pRat}{\ensuremath{p}} -\providecommand{\Price}{\ensuremath{\mathsf{P}}} -\providecommand{\ProdFunc}{\ensuremath{\mathrm{F}}} -\providecommand{\ProdFunc}{\ensuremath{\mathrm{F}}} -\providecommand{\prodFunc}{\ensuremath{\mathrm{f}}} -\providecommand{\prudEx}{\ensuremath{\omega}} -\providecommand{\prud}{\ensuremath{\eta}} -\providecommand{\pSav}{\ensuremath{\phi}} -\providecommand{\pShkMin}{\underline{\psi}} % -\providecommand{\PShk}{\Psi} % -\providecommand{\PermShkAgg}{\Psi} % New -\providecommand{\PermShk}{\Psi} % New -\providecommand{\permShk}{\psi} % New -\providecommand{\pShk}{\psi} % -\providecommand{\permShkInd}{\psi} % New -\providecommand{\pshk}{\psi} % -\providecommand{\PtyGro}{\ensuremath{\Phi}} -\providecommand{\ptyGro}{\ensuremath{\phi}} -\providecommand{\PtyLab}{\ensuremath{\mathrm{Z}}} % Labor productivity -\providecommand{\ptyLab}{\ensuremath{z}} % usually, log of \PtyLab -\providecommand{\PtyLev}{\ensuremath{A}} % Multiplies overall production function -\providecommand{\ptyLev}{\ensuremath{a}} % Usually, log of \PtyLev -\providecommand{\pZero}{\ensuremath{\wp}} -\providecommand{\QLev}{\ensuremath{Q}} -\providecommand{\q}{\ensuremath{\koppa}} -\providecommand{\RCpnd}{\ensuremath{\mathbf{R}}} -\providecommand{\RevFunc}{\ensuremath{\pmb{\Pi}}} -\providecommand{\revFunc}{\ensuremath{\pmb{\pi}}} -\providecommand{\Rev}{\ensuremath{\Pi}} -\providecommand{\rev}{\ensuremath{\pi}} -\providecommand{\rfree}{\ensuremath{\mathsf{r}}} % The net return on the safe asset at an annual rate -\providecommand{\Rfree}{\ensuremath{\mathsf{R}}} % The return factor on the safe asset - unfortunately mathfrak fonts don't come through for tth -\providecommand{\RFunc}{\ensuremath{\mathrm{R}}} -\providecommand{\RGross}{\ensuremath{\breve{\mathsf{R}}}} -\providecommand{\rGross}{\ensuremath{\breve{\mathsf{r}}}} -%\providecommand{\RiskyAlt}{\ensuremath{\acute{\mathbf{R}}}} % The return on the risky asset -\providecommand{\RiskyAlt}{\ensuremath{\pmb{\mathfrak{R}}}} % The return on the risky asset -% \providecommand{\riskyAlt}{\ensuremath{\acute{\mathbf{r}}}} % The net return on the risky asset annual rate -\providecommand{\riskyAlt}{\ensuremath{\pmb{\mathfrak{r}}}} % The net return on the risky asset annual rate -\providecommand{\riskyshare}{\ensuremath{\varsigma}} -\providecommand{\Risky}{\ensuremath{\mathbf{R}}} % The return on the risky asset -\providecommand{\risky}{\ensuremath{\mathbf{r}}} % The net return on the risky asset annual rate -\providecommand{\RLev}{\ensuremath{R}} % Rate of return (but better to use \Rfree or \Risky or something else more specific -\providecommand{\RnormWGro}{\ensuremath{\mathcal{R}_{\WGro}}} % Normalized version of riskless return factor -\providecommand{\rnormwGro}{\ensuremath{\mathit{r}_{\wGro}}} % Normalized version of riskless rate of return -\providecommand{\Rnorm}{\ensuremath{\mathcal{R}}} % Normalized version of riskless return factor -\providecommand{\rnorm}{\ensuremath{\mathit{r}}} % Normalized version of riskless rate of return -\providecommand{\Rport}{\ensuremath{\mathbbmss{R}}} % Portfolio -weighted return -\providecommand{\rport}{\ensuremath{\mathbbmss{r}}} -\providecommand{\Rprod}{\ensuremath{\mathscr{R}}} -\providecommand{\rprod}{\ensuremath{\mathscr{r}}} -\providecommand{\rProd}{\ensuremath{\mathsf{r}}} -\providecommand{\RProd}{\ensuremath{\mathsf{R}}} -\providecommand{\RSave}{\ensuremath{\underline{\Rfree}}} -\providecommand{\rsave}{\ensuremath{\underline{\rfree}}} -\providecommand{\RBoro}{\ensuremath{\bar{\Rfree}}} -\providecommand{\rboro}{\ensuremath{\bar{\rfree}}} -%\providecommand{\R}{\Rfree} -\providecommand{\saveRate}{\grave{s}} % saving (income minus consumption) over income -\providecommand{\Save}{S} % Saving (income minus consumption) -\providecommand{\save}{s} % saving (income minus consumption) -\providecommand{\SDF}{\MLev} % Stochastic Discount Factor -\providecommand{\sdr}{\mRat} % Stochastic Discount rate -\providecommand{\Seniority}{\ensuremath{\mathsf{X}}} -\providecommand{\seniority}{\ensuremath{\mathsf{x}}} -\providecommand{\SeverancePayment}{\ensuremath{\mathcal{S}}} -\providecommand{\SeveranceRatio}{\ensuremath{\varsigma}} -%\providecommand{\Severance}{\ensuremath{\varsigma}} -\providecommand{\Severance}{\kappa} -\providecommand{\SE}{\SRat^{e}} -\providecommand{\sE}{\sRat^{e}} -\providecommand{\sFunc}{\ensuremath{\mathrm{s}}} -\providecommand{\shk}{\phi} -\providecommand{\Shk}{\Phi} -\providecommand{\ShkLogZeroLogStd}{\sigma_{\cancel{\ShkMeanOneLog}}} % Std of that shock -\providecommand{\ShkLogZeroLogVar}{\sigma_{\cancel{\ShkMeanOneLog}}^{2}} % Variance of that shock -\providecommand{\ShkLogZeroLog}{\cancel{\ShkMeanOneLog}} % Log of that shock -\providecommand{\ShkLogZero}{\cancel{\ShkMeanOne}} % A shock whose expectation in logs is zero; cancellation of the nonzero mean for the mean one shock -\providecommand{\ShkMeanOneLogStd}{\sigma_{\ShkMeanOneLog}} % Std of that shock -\providecommand{\ShkMeanOneLogVar}{\sigma^{2}_{\ShkMeanOneLog}} % Log of that shock -\providecommand{\ShkMeanOneLog}{\theta} % Log of that shock -\providecommand{\ShkMeanOne}{\Theta} % A shock whose expectation in levels is always equal to one regardless of variance -\providecommand{\SLevBF}{\mathbf{S}} -\providecommand{\sLevBF}{\mathbf{s}} -\providecommand{\SLevE}{\SLev^{e}} -\providecommand{\sLevE}{\sLev^{e}} -\providecommand{\SLevU}{\SLev^{u}} -\providecommand{\sLevU}{\sLev^{u}} -\providecommand{\SLev}{\ensuremath{S}} -\providecommand{\sLev}{\ensuremath{s}} -\providecommand{\srate}{\ensuremath{\varsigma}} -\providecommand{\SRatE}{\SRat^{e}} -\providecommand{\sRatE}{\sRat^{e}} -\providecommand{\SRatU}{\SRat^{u}} -\providecommand{\sRatU}{\sRat^{u}} -\providecommand{\SRat}{\ensuremath{S}} -\providecommand{\sRat}{\ensuremath{s}} -\providecommand{\STargE}{\Target{\SRat}^{\null}} -\providecommand{\sTargE}{\Target{\sRat}^{\null}} -\providecommand{\STargTarg}{\Target{\Target{\SRat}}} -\providecommand{\sTargTarg}{\Target{\Target{\sRat}}} -\providecommand{\STarg}{\Target{\SRat}} -\providecommand{\sTarg}{\Target{\sRat}} -\providecommand{\Steady}{\bar} -\providecommand{\Stocks}{{S}} -\providecommand{\stocks}{{s}} -\providecommand{\straight}{\Pi} -\providecommand{\Surplus}{\ensuremath{Z}} -\providecommand{\surplus}{\ensuremath{z}} -\providecommand{\SU}{\SRat^{u}} -\providecommand{\sU}{\sRat^{u}} -\providecommand{\Target}{\check} -\providecommand{\TaxCombInv}{\ensuremath{\mathcal{T}^{-1}}} -\providecommand{\TaxComb}{\ensuremath{\mathcal{T}}} -\providecommand{\TaxCorp}{\ensuremath{\Large \tau}} -\providecommand{\taxCorp}{\ensuremath{\tau}} -\providecommand{\taxDep}{\ensuremath{\partial}} -\providecommand{\TaxFree}{\ensuremath{\cancel{\Tax}}} -\providecommand{\TaxLev}{T} -\providecommand{\TaxNetTrans}{\ensuremath{Z}} -\providecommand{\taxNetTrans}{\ensuremath{z}} -\providecommand{\TaxPaid}{\ensuremath{T}} -\providecommand{\TaxRate}{\ensuremath{t}} -\providecommand{\TaxUI}{\ensuremath{\tau}} -\providecommand{\Tax}{\ensuremath{\tau}} -\providecommand{\tax}{\tau} -\providecommand{\tBak}{\ensuremath{\pmb{n}}} -\providecommand{\TEatBak}{\ensuremath{\mathtt{q}}} -\providecommand{\TEat}{\ensuremath{\TEnd}} -\providecommand{\TEndBak}{\ensuremath{\mathsf{p}}} -\providecommand{\TEnd}{\ensuremath{T}} -\providecommand{\TermTime}{\ensuremath{T}} -\providecommand{\tFwd}{\ensuremath{n}} -\providecommand{\tHorOfm}{\ensuremath{\pmb{n}}} -\providecommand{\tHor}{\ensuremath{\mathsf{n}}} -\providecommand{\timeRate}{\ensuremath{\vartheta}} -\providecommand{\tinyAmount}{\ensuremath{\epsilon}} -\providecommand{\TLev}{\ensuremath{T}} -\providecommand{\TMap}{\mathscr{T}} -\providecommand{\tNow}{\ensuremath{t}} -\providecommand{\tShkAll}{\xi} % -\providecommand{\tShkEmpMin}{\underline{\theta}} % -\providecommand{\TShkEmp}{\Theta} % -\providecommand{\tShkEmp}{\theta} % -\providecommand{\tShkEmp}{\theta} % -\providecommand{\tranShkInd}{\theta} % New -\providecommand{\TranShkAgg}{\Theta} % New -\providecommand{\TShk}{\Xi} % -\providecommand{\tShk}{\xi} % -\providecommand{\tshk}{\xi} % -\providecommand{\tSS}{\ensuremath{t}} -\providecommand{\tThen}{\ensuremath{\tau}} -\providecommand{\uFunc}{{\ensuremath{\mathrm{u}}}} -\providecommand{\uInvEpShkuInv}{\underline{\underline{\psi}}} -\providecommand{\ULev}{\ensuremath{U}} -\providecommand{\uLev}{\ensuremath{u}} -\providecommand{\unins}{\ensuremath{\zeta}} -\providecommand{\uPDVFunc}{\ensuremath{\mathbb{U}}} -\providecommand{\uPmt}{\ensuremath{\mu}} -\providecommand{\uPPP}{{\ensuremath{\mathrm{u}^{\prime\prime\prime}}}} -\providecommand{\uPP}{{\ensuremath{\mathrm{u}^{\prime\prime}}}} -\providecommand{\uP}{{\ensuremath{\mathrm{u}^{\prime}}}} -\providecommand{\urate}{\ensuremath{\mho}} -\providecommand{\utilFunc}{\ensuremath{\mathrm{u}}} -\providecommand{\util}{\ensuremath{u}} -\providecommand{\ValAlt}{\ensuremath{\mathcal{V}}} % middle-of-period Value function -\providecommand{\valfn}{\ensuremath{\mathrm{v}}} % middle-of-period value function -\providecommand{\Value}{\ensuremath{\mathrm{V}}} % middle-of-period Value function -\providecommand{\VEndFunc}{\ensuremath{\mathfrak{V}}} -\providecommand{\vEndFunc}{\ensuremath{\mathfrak{v}}} -\providecommand{\VEnd}{\ensuremath{\mathfrak{V}}} % end-of-period Value function -\providecommand{\vEnd}{\ensuremath{\mathfrak{v}}} % end-of-period value function -\providecommand{\vEss}{\check{v}^{e}} -\providecommand{\VE}{{V}^{e}} -\providecommand{\vE}{{v}^{e}} -\providecommand{\vFirm}{\ensuremath{\mathrm{e}}} -\providecommand{\VFunc}{\ensuremath{\mathrm{V}}} -\providecommand{\vFunc}{\ensuremath{\mathrm{v}}} -\providecommand{\VInv}{\ensuremath{\Lambda}} -\providecommand{\vInv}{\ensuremath{\scriptstyle \Lambda \displaystyle}} -\providecommand{\vk}{\ensuremath{\lambda}} -\providecommand{\vLevBF}{\ensuremath{\mathbf{v}}} -\providecommand{\VLevFunc}{\ensuremath{\pmb{\mathrm{V}}}} -\providecommand{\vLevFunc}{\ensuremath{\pmb{\mathrm{v}}}} -\providecommand{\VLev}{\ensuremath{V}} -\providecommand{\vLev}{\ensuremath{v}} -\providecommand{\vNorm}{\ensuremath{\mathrm{w}}} % end-of-period value function -\providecommand{\VNum}{\ensuremath{V}} -\providecommand{\vNum}{\ensuremath{v}} -\providecommand{\vOptAlt}{\ensuremath{\Alt{\tilde{\mathfrak{v}}}}} -\providecommand{\vOpt}{\ensuremath{\tilde{\mathfrak{v}}}} -\providecommand{\VRat}{\ensuremath{V}} -\providecommand{\vRat}{\ensuremath{v}} -\providecommand{\vTarg}{\Target{\vRat}} -\providecommand{\VU}{{V}^{u}} -\providecommand{\vU}{{v}^{u}} -\providecommand{\Wage}{\ensuremath{\mathsf{W}}} -\providecommand{\wage}{\ensuremath{\mathsf{w}}} -\providecommand{\WAllLev}{\ensuremath{\mathbf{O}}} -\providecommand{\wAllLev}{\ensuremath{\mathbf{o}}} -\providecommand{\WAllRat}{\ensuremath{O}} -\providecommand{\wAllRat}{\ensuremath{o}} -\providecommand{\WAll}{{O}} -\providecommand{\wAll}{{o}} -\providecommand{\WBeg}{\KLev} % Wealth as of the beginning of the period (before R is received, not including Y) -\providecommand{\wBeg}{\kLev} % wealth as of the beginning of the period (before R is received, not including Y) -\providecommand{\Wealth}{\ensuremath{O}} -\providecommand{\wealth}{\ensuremath{o}} -\providecommand{\WEndRat}{\ARat} % -\providecommand{\wEndRat}{\aRat} % -\providecommand{\WEnd}{\ALev} % Wealth as of the end of the period (after C has been chosen) -\providecommand{\wEnd}{\aLev} % wealth as of the end of the period (after C has been taken) -\providecommand{\Wend}{\ARat} % Wealth as of the end of the period (after C has been chosen) -\providecommand{\wend}{\aRat} % wealth as of the end of the period (after C has been taken) -\providecommand{\wFunc}{\mathrm{w}} -\providecommand{\WGroPF}{\ensuremath{\mathrm{G}}} -\providecommand{\WGro}{\ensuremath{\mathrm{G}}} -\providecommand{\wGro}{\ensuremath{\mathsf{g}}} -\providecommand{\whumMin}{\underline{\hRat}} % human wealth -- individual -\providecommand{\WHum}{\HLev} % Human wealth -- aggregate -\providecommand{\wHum}{\hLev} % human wealth -- individual -\providecommand{\Whum}{\HRat} % Human wealth -- aggregate -\providecommand{\whum}{\hRat} % human wealth -- individual -\providecommand{\WLev}{\ensuremath{W}} -\providecommand{\wLev}{\pmb{w}} -\providecommand{\WMid}{\BLev} % Wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\WMid}{\BLev} % Wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\wMid}{\bLev} % wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\Wmid}{\BRat} % Wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\wmid}{\bRat} % wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\WMkt}{\MLev} % Wealth as of the middle of the period (after R is received, including Y) -\providecommand{\wMkt}{\mLev} % wealth as of the middle of the period (after R is received, including Y) -\providecommand{\wmkt}{\mLev} % wealth as of the middle of the period (after R is received, including Y) -\providecommand{\wNet}{\ensuremath{x}} % -\providecommand{\WNet}{\ensuremath{X}} % Total wealth -\providecommand{\WPre}{{K}} -\providecommand{\wPre}{{k}} -\providecommand{\wRat}{\ensuremath{o}} % -\providecommand{\WRat}{\ensuremath{O}} % Ratio to permanent income -\providecommand{\wTot}{\ensuremath{\mathbf{o}}} % -\providecommand{\WTot}{\ensuremath{\mathbf{O}}} % Total wealth -\providecommand{\wtot}{\ensuremath{o}} % -\providecommand{\Wtot}{\ensuremath{O}} % Total wealth -\providecommand{\xFer}{\chi} -\providecommand{\XFer}{X} -\providecommand{\xFunc}{\mathrm{x}} -\providecommand{\XLev}{\ensuremath{X}} -\providecommand{\xLev}{\ensuremath{x}} -\providecommand{\xpend}{\ensuremath{\xi}} -\providecommand{\XperGro}{\ensuremath{\mathsf{X}}} -\providecommand{\xperGro}{\ensuremath{\mathsf{x}}} -\providecommand{\XRat}{\ensuremath{X}} -\providecommand{\xRat}{\ensuremath{x}} -\providecommand{\yFunc}{\mathrm{y}} -\providecommand{\yLevBF}{\ensuremath{\mathbf{y}}} -\providecommand{\YLev}{\ensuremath{Y}} -\providecommand{\YLevBF}{\ensuremath{\mathbf{Y}}} -\providecommand{\yLev}{\ensuremath{y}} -\providecommand{\YRat}{\ensuremath{Y}} -\providecommand{\yRat}{\ensuremath{y}} -\providecommand{\yTargE}{\ensuremath{\check{y}^{e}}} -\providecommand{\yTarg}{\ensuremath{\check{y}}} -\providecommand{\zAgg}{\ensuremath{\pmb{Z}}} -\providecommand{\zFunc}{\mathrm{z}} -\providecommand{\ZLevBF}{\ensuremath{\mathbf{Z}}} -%\providecommand{\zLevBF}{\ensuremath{\mathbf{z}}} -\providecommand{\zLevBF}{\ensuremath{\pmb{z}}} -\providecommand{\ZLev}{\ensuremath{Z}} -\providecommand{\zLev}{\ensuremath{z}} -\providecommand{\ZRat}{\ensuremath{Z}} -\providecommand{\zRat}{\ensuremath{z}} - -\providecommand{\DieFac}{\pDead} -\providecommand{\LivFac}{\Alive} -\providecommand{\PopFac}{\PopGro} -\providecommand{\popRte}{\popGro} - - -\providecommand{\NFALev}{\NLev} -\providecommand{\NFARat}{\NRat} -\providecommand{\NI}{\ensuremath{Z}} -\providecommand{\GDPLev}{\pmb{P}} -\providecommand{\GDPRat}{P} -\providecommand{\GDPGro}{\gimel} -\providecommand{\gdpLev}{\pmb{p}} -\providecommand{\gdpRat}{p} -\providecommand{\weight}{\omega} - - -\providecommand{\bi}{} -\renewcommand{\bi}{\begin{itemize}} -\providecommand{\ei}{} -\renewcommand{\ei}{\end{itemize}} -\providecommand{\reqd}{} -\renewcommand{\reqd}{\item[$^{*}$]} -\providecommand{\recm}{} -\renewcommand{\recm}{\item[\phantom{$^{*}$}]} - -\providecommand{\pd}[2]{\frac{\partial#1}{\partial#2}} diff --git a/Documentation/texmf-local/tex/latex/handout.cls b/Documentation/texmf-local/tex/latex/handout.cls deleted file mode 100644 index 9c9e63664..000000000 --- a/Documentation/texmf-local/tex/latex/handout.cls +++ /dev/null @@ -1,407 +0,0 @@ -%%% LaTeX class for economics -%%% -%%% author: Christopher Carroll -%%% license: LaTeX Project Public License -%%% -%%% Modified from style itaxpf by Arne Henningsen -%%% version: 1.0 (09 July 2007) -%%% license: LaTeX Project Public License -%%% -%%% Further information is available at -%%% http://www.uni-kiel.de/agrarpol/ahenningsen/latex-bibtex.html -%%% -%%% This document class is based on the "scrartcl" class -%%% from the KOMA script bundle. For documentation, Google KOMA-Script Documentation -%%% -%%% The corresponding BibTeX style file "handout.bst" should be used -%%% for the bibliography: \bibliographystyle{handout} -%%% -%%% In addition to the options for scrartcl, this package includes an additional option -%%% titlepage = include a title page (with command "\maketitle", or "\maketitleWithForcedDate{}") -%%% -%%% If an abstract is defined by \begin{abstract}\end{abstract} before \maketitle is invoked, -%%% it will appear on the title page -%%% -%%% If the titlepage option is invoked: -%%% \keywords can be used to show keywords below the abstract -%%% \jelclass can be used to show JEL classifications below the abstract -%%% \thanks{text of the thank-you footnote} produces a footnote at the bottom of the page containing the text - -% Made by handoutMake.sh -\ProvidesClass{handout}[2019/11/18 LaTeX class for handouts written by Christopher Carroll] -\NeedsTeXFormat{LaTeX2e} -% \RequirePackage{rotating} -\RequirePackage{snapshot} % Creates list of external files used by a LaTeX document -\RequirePackage{ifthen} -\RequirePackage{changepage} - -% If unspecified whether pdf output (instead of dvi) is being used, determine that it SHOULD be -\newif\ifdvi\dvitrue -\@ifundefined{pdfoutput}{}{\ifnum\pdfoutput>0 \dvifalse\fi} - -% permit double spacing -\RequirePackage{setspace} -%\doublespacing - -% option to include a title page -\newcounter{IncludeTitlePage} -\setcounter{IncludeTitlePage}{0} -\DeclareOption{titlepage}{\setcounter{IncludeTitlePage}{1}} - -% pass any options on to the scrartcl class and load this class with some options -\DeclareOption*{\PassOptionsToClass{\CurrentOption}{scrartcl}} -\ProcessOptions\relax -\LoadClass[fontsize=12pt,english,numbers=noenddot,captions=tableheading,captions=nooneline]{scrartcl} -% pointlessnumbers = do not add final dot after ordinary section numbers -% tablecaptionabove = use \captionabove for captions above rather than below tables -% noonelinecaption = do not treat one-line captions differently - -% use new TeX encoding scheme (T1), which contains accented (European) letters, -% to make European hyphenations work -\RequirePackage[T1]{fontenc} - -% use babel package and set language to english -\RequirePackage[english]{babel} - -% spacing around formulas -\AtBeginDocument{ -\setlength{\abovedisplayshortskip}{6pt} -\setlength{\belowdisplayshortskip}{6pt} -\setlength{\abovedisplayskip}{6pt} -\setlength{\belowdisplayskip}{6pt} -\allowdisplaybreaks % Permits LaTeX to break long formulas across pages (?) -} - -%% Added the above info to the definition of normalsize -\def\normalsize{\@setfontsize \normalsize \@xiipt {14.5} -\abovedisplayskip 6\p@ \@plus 3\p@ \@minus 3\p@ -\belowdisplayskip \abovedisplayskip -\abovedisplayshortskip 6pt \belowdisplayshortskip 6pt -\let \@listi \@listI} -\normalsize - -% Don't indent the second and later lines of footnotes -\deffootnote[1em]{0.0em}{1em}{\textsuperscript{\thefootnotemark}} - -% spacing around captions and floats -\setlength{\abovecaptionskip}{6pt} -\setlength{\belowcaptionskip}{3pt} -\setlength{\floatsep}{0pt} -\setlength{\textfloatsep}{20pt} -\setlength{\intextsep}{15pt} - -\RequirePackage{calc} - -\newenvironment{Description} -{\begin{list}{}{\let\makelabel\Descriptionlabel - \setlength\labelwidth{75pt} - \setlength\labelsep{0pt} - \setlength\leftmargin{75pt} - \setlength\itemindent{0pt} -}} -{\end{list}} -\newcommand*\Descriptionlabel[1]{\textbf{#1}\hfil} - -\RequirePackage{cancel,verbatim, -amsmath,amssymb,amsfonts,amsthm -,threeparttable,dcolumn,multicol,multirow,booktabs % table environment extensions -,latexsym -,afterpage -,enotez -,moreverb -,hhline % Allow double hlines -,tipa % Define more characters, in particular the \textthorn character -,color -,accents -,appendix -} - -\DeclareInstance{enotez-list}{superscriptednotes}{paragraph} - { - number = \textsuperscript{#1} - } -% to get endnotes with superscripts, use \printendnotes[superscriptednotes] - -% \RequirePackage{handout} % Removed 20170801 because won't work when invoked from nonroot paths -% Contents of the file are pasted in below - -%---------------Custom Definitions-------------- - -\def\liminf{\mathop{\rm lim\, inf}\limits} -\DeclareMathOperator{\Ex}{\mathbb{E}} % Expectations operator -\def\var{\operatorname{var}} % variance -\def\cov{\operatorname{cov}} % covariance -\def\std{\operatorname{std}} % standard deviation -\def\argmax{\operatornamewithlimits{arg\,max}} % argmax - -%---------------Custom Modifications---------------------- - -% \htline defines a thick horizontal line in table -\def\htline{\noalign{\hrule height 2\arrayrulewidth}} - -% \hdline defines a dotted horizontal line in table -\def\hdline{\noalign{.\dotfill{}.}} - -%To keep footnotes on a single page except in extreme cases -\interfootnotelinepenalty=5000 %from 0 to 10000 - -%To prevent hyphenation -\hyphenpenalty=5000 %from 0 to 10000, default is 200 - -%To prevent breaking math formula -\relpenalty=4000 %from 0 to 10000, default is 500 - -%To prevent breaking math formula after binary operator -\binoppenalty=10000 %from 0 to 10000, default is 700 - -%-------------------------------------------------------- - - -\RequirePackage[mathscr]{eucal} -\RequirePackage[normalem]{ulem} -\providecommand\bmmax{0} % Prevent boldmath package from using up too much memory -\RequirePackage{bm} % Allow bold math -\RequirePackage{bbm} % Blackbord math - -% font for URLs -\RequirePackage{url} -\def\UrlFont{\ttfamily} - -\usepackage[handout]{optional} % Enable the control of compilation using options passed on startup -\opt{EndFloats}{\RequirePackage[noheads,nolists,tablesfirst,nomarkers]{endfloat}} - -% page format, margins if PrintGeom option is invoked -\opt{PrintGeom}{ -\RequirePackage{geometry} -\geometry{letterpaper, tmargin=1.4in, bmargin=1.4in, lmargin=1.25in, - rmargin=1.25in, headheight=0in, headsep=0in, footskip=0.5in } -} - -\opt{JournalFormatting}{ % BEJM requires 1.5 inch margins -\RequirePackage{geometry} -\geometry{letterpaper, tmargin=1.5in, bmargin=1.5in, lmargin=1.5in, - rmargin=1.5in, headheight=0in, headsep=0in, footskip=0.5in } -} - -\providecommand{\textSizeDefault}{\normalsize} -\opt{bigWide}{\renewcommand{\textSizeDefault}{\large}} - -\providecommand{\abstractSizeDefault}{\small} -\opt{bigWide}{\renewcommand{\abstractSizeDefault}{\normalsize}} - -%% formatting section headers -\setkomafont{section}{\normalfont \Large \bfseries} -\setkomafont{subsection}{\normalfont \large} -\setkomafont{subsubsection}{\normalfont \itshape} - -% citations and bibliography -\RequirePackage[authoryear]{natbib} -\AtBeginDocument{\renewcommand{\refname}{References} -\renewcommand\@makefnmark - {\mbox{\textsuperscript{\tiny\@thefnmark}}} % Restore footnote defn after titlepage redefines it -\ifdvi - \renewcommand{\ushort}{\underline} % ushort seems to not work properly for tex4ht (which compiles using dvi) -\fi -} - -% captions of figures and tables -\setcapwidth[c]{\textwidth} -% \setcapindent*{0pt} -\setkomafont{captionlabel}{\centering \bfseries} -\setkomafont{caption}{\centering} -\renewcommand{\captionformat}{~ } - -\newcommand{\forcedate}[1]{\newcommand{\@forcedate}{#1}} - -% titlepage with title, author(s), and date - -\renewcommand{\maketitle}{ -\ifthenelse{ \isundefined\@forcedate }{ - \ClassWarningNoLine{handout}{{\protect\forcedate} is undefined in the .tex file; please define it and rerun}}{} - \ifthenelse{\equal{\theIncludeTitlePage}{1}}{ - \let\footnotesize\scriptsize - \thispagestyle{empty} - \vspace*{0mm} - \enlargethispage{0.4in} - }{} - \begin{center} - \begin{LARGE} - \begin{spacing}{1.00} - \textbf{\@title} - \end{spacing} - \end{LARGE}\medskip\medskip\medskip - {\normalsize \@date \par} - {\tiny{~}\par} - \ifthenelse{\equal{\theIncludeTitlePage}{1}}{ - \vspace*{3mm} - {\large - \lineskip .75em% - \begin{tabular}[t]{c}% - \@author - \end{tabular}\par}% - }{} - \end{center} -} - - -\newcommand{\maketitleWithForcedDate}[1]{ -\ClassWarningNoLine{handout}{\protect\maketitleWithForcedDate{} is deprecated. To set a date different from the current one, just use the \protect\date{(string desired to signify paper date)}} - - \ifthenelse{\equal{\theIncludeTitlePage}{1}}{ - \let\footnotesize\scriptsize - \thispagestyle{empty} - \vspace*{0mm} - \enlargethispage{0.4in} - }{} - \begin{center} - \begin{LARGE} - \begin{spacing}{1.00} - \textbf{\@title} - \end{spacing} - \end{LARGE}\medskip\medskip\medskip - {\normalsize #1 \par} - {\tiny{~}\par} - \ifthenelse{\equal{\theIncludeTitlePage}{1}}{ - \vspace*{3mm} - {\large - \lineskip .75em% - \begin{tabular}[t]{c}% - \@author - \end{tabular}\par}% - }{} - \end{center} -} - - -% abstract, keywords, JEL classification -\newcommand{\keywords}[1]{\newcommand{\@keywords}{#1}} -\newcommand{\jelclass}[1]{\newcommand{\@jelclass}{#1}} -\newcommand{\aspublished}[1]{\newcommand{\@aspublished}{#1}} - -\renewenvironment{abstract}{% - \begin{spacing}{0.9} - \noindent {\tiny \phantom{.}} \\ % Trick to get proper spacing in html - \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \vspace*{4mm} - \abstractSizeDefault - \noindent \textbf{Abstract}\\ - \indent -}{% - \noindent {\tiny \phantom{.}} \\ % Trick to get proper spacing in html - \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \vspace*{0mm} - \ifthenelse{ \isundefined\@keywords }{ - \ClassWarningNoLine{handout}{No keywords specified. - Please use the command \protect\keywords} - }{ - } - \end{spacing} - -\begin{quote} -\begin{Description} -\item[\textbf{Keywords~}] \@keywords -\ifthenelse{ \isundefined\@jelclass }{ -\ClassWarningNoLine{handout}{No JEL classification specified. - Please use the command \protect\jelclass} -}{ -\item[\textbf{JEL codes~}] \@jelclass -} - -\end{Description} -\ifthenelse{ \isundefined\@aspublished }{ -}{ -{ - -\vspace{0.1in}\@aspublished} -}\end{quote} -} - -\setcounter{footnote}{0}% - -\medskip - -% avoid clubs and widows -\clubpenalty=1000 % penalty for breaking a page with only one sentence; set to 10000 to prohibit -\widowpenalty=10000 -% \displaywidowpenalty=10000 - -\hbadness 3000 % LaTeX default is 1000, which is too finicky - set to 10000 to get rid of complaints - -% increase stretchability of the spaces (avoid overfull hboxes) -\setlength{\emergencystretch}{3em} - - -\pagestyle{plain} -\thispagestyle{empty} - -\newcommand{\titlepagefinish}{\newpage -\renewcommand\@makefnmark - {\mbox{\textsuperscript{\tiny\@thefnmark}}} -} - - -\RequirePackage[multiple]{footmisc} -\RequirePackage{manyfoot} -%\RequirePackage{perpage} \DefineFNsymbols{blank}[text]{{} {} {} {} {}} \setfnsymbol{blank} \DeclareNewFootnote{B}[fnsymbol] \MakePerPage{footnoteB} \renewcommand{\thanks}{\footnoteB} \newcommand{\thanksFooter}{\footnoteB} - -% 20170126: perpage package conflicts with something else so is removed in handoutMake.sh - -\hfuzz2pt % Don't bother to report over-full boxes if over-edge is < 2pt - -%%%%%%%%%% Added by Amy Hendrickson, TeXnology Inc. -%% Amy change, Feb 28, 2011 ==>> - -%%% Generalization of the author and authorinfo commands, based on -%%% the original code. - -%% Sample use: -%% \author{Christopher D. Carroll\authNum \\ -%% \and -%% Jiri Slacalek\authNum \\ -%% \and -%% Martin Sommer\authNum \\ -%% \and -%% Another Name\authNum -%% \and -%% Still Another Name\authNum -%% } - -\newcounter{authornum} % Use either \num or (preferred) \authNum to denote authors -\def\num{\global\advance\c@authornum by 1\textsuperscript{\tiny \the\c@authornum}} -\def\authNum{\global\advance\c@authornum by 1\textsuperscript{\tiny \the\c@authornum}} - -%% \begin{authorsinfo}...\end{authorsinfo} - -%% Now used: -%% \begin{authorsinfo} -%% \name{First author: info} -%% \\ -%% \name{Second author: info} -%% \\ -%% \name{Third author: info} -%% (and so on for as many authors -%% as you have) -%% \end{authorsinfo} -%% (note: the \\ doesn't do anything, but makes it easier to -%% see the separate author names.) - -\newcounter{bottomauthor} -\def\authorsinfo{\global\c@bottomauthor=0\setbox0=\vbox\bgroup\footnotesize -\let\\ \relax -} - -\def\endauthorsinfo{\egroup -\footnoteB{\unvbox0} -} - -\def\name#1{\global\advance\c@bottomauthor by 1\textsuperscript{\tiny \the\c@bottomauthor}{#1}{~~~~}} - -\makeatletter -\DeclareOldFontCommand{\rm}{\normalfont\rmfamily}{\mathrm} -\DeclareOldFontCommand{\sf}{\normalfont\sffamily}{\mathsf} -\DeclareOldFontCommand{\tt}{\normalfont\ttfamily}{\mathtt} -\DeclareOldFontCommand{\bf}{\normalfont\bfseries}{\mathbf} -\DeclareOldFontCommand{\it}{\normalfont\itshape}{\mathit} -\DeclareOldFontCommand{\sl}{\normalfont\slshape}{\@nomath\sl} -\DeclareOldFontCommand{\sc}{\normalfont\scshape}{\@nomath\sc} -\makeatother diff --git a/Documentation/texmf-local/tex/latex/handout.sty b/Documentation/texmf-local/tex/latex/handout.sty deleted file mode 100755 index 1147b1e85..000000000 --- a/Documentation/texmf-local/tex/latex/handout.sty +++ /dev/null @@ -1,30 +0,0 @@ -%---------------Custom Definitions-------------- - -\def\liminf{\mathop{\rm lim\, inf}\limits} -\DeclareMathOperator{\Ex}{\mathbb{E}} % Expectations operator -\def\var{\operatorname{var}} % variance -\def\cov{\operatorname{cov}} % covariance -\def\std{\operatorname{std}} % standard deviation -\def\argmax{\operatornamewithlimits{arg\,max}} % argmax - -%---------------Custom Modifications---------------------- - -% \htline defines a thick horizontal line in table -\def\htline{\noalign{\hrule height 2\arrayrulewidth}} - -% \hdline defines a dotted horizontal line in table -\def\hdline{\noalign{.\dotfill{}.}} - -%To keep footnotes on a single page except in extreme cases -\interfootnotelinepenalty=5000 %from 0 to 10000 - -%To prevent hyphenation -\hyphenpenalty=5000 %from 0 to 10000, default is 200 - -%To prevent breaking math formula -\relpenalty=4000 %from 0 to 10000, default is 500 - -%To prevent breaking math formula after binary operator -\binoppenalty=10000 %from 0 to 10000, default is 700 - -%-------------------------------------------------------- diff --git a/Documentation/texmf-local/tex/latex/handoutBibMake.tex b/Documentation/texmf-local/tex/latex/handoutBibMake.tex deleted file mode 100755 index 7d7077521..000000000 --- a/Documentation/texmf-local/tex/latex/handoutBibMake.tex +++ /dev/null @@ -1,7 +0,0 @@ - -% \write18{if [ ! -f economics.bib ]; then touch economics.bib ; fi} -\write18{if [ ! -f \jobname.bib ]; then touch \jobname.bib ; fi} -\write18{if [ ! -f \jobname-Add.bib ]; then touch \jobname-Add.bib ; fi} - -\bibliographystyle{handout} -\bibliography{economics,\jobname,\jobname-Add} diff --git a/Documentation/texmf-local/tex/latex/handoutSetup.sty b/Documentation/texmf-local/tex/latex/handoutSetup.sty deleted file mode 100644 index be4d6b480..000000000 --- a/Documentation/texmf-local/tex/latex/handoutSetup.sty +++ /dev/null @@ -1,247 +0,0 @@ -\usepackage{handoutShortcuts} -\RequirePackage{wasysym -,psibycus % Greek language package, including koppa -,ushort -%,lscape % Pages in landscape mode go inside \begin{landscape}\end{landscape} % CONFLICTS WITH EPSTOPDF -} - -\newenvironment{CDCPrivate} % Environment for extra material not wanted in the public document -{\marginpar{\tiny beginCDC}}{\marginpar{\tiny endCDC}} % CDCPrivate - -\provideboolean{Web} -\setboolean{Web}{false} % reset to true if running via dvi; search for \ifdvi below - -\provideboolean{bigPrint} -\setboolean{bigPrint}{true} -\setboolean{bigPrint}{false} - -\provideboolean{wideMargins} -\setboolean{wideMargins}{true} -\setboolean{wideMargins}{false} - -\provideboolean{BigAndWide} -\setboolean{BigAndWide}{true} -\setboolean{BigAndWide}{false} - -% Options to set if being run from the shell (so autocompiled) -\opt{FromShell}{ -\setboolean{bigPrint}{false} -\setboolean{wideMargins}{false} -\setboolean{BigAndWide}{false} -} - -\opt{bigWide}{ -\setboolean{bigPrint}{true} -\setboolean{wideMargins}{true} -\setboolean{BigAndWide}{true} -\providecommand{\textSizeDefault}{\large} -\providecommand{\abstractSizeDefault}{\large} -} - -\opt{Aquamacs}{ -%\setboolean{bigPrint}{true} -%\setboolean{wideMargins}{true} -%\setboolean{BigAndWide}{true} -%\providecommand{\textSizeDefault}{\large} -%\providecommand{\abstractSizeDefault}{\large} -} - -\provideboolean{KoppaOn} -\setboolean{KoppaOn}{true} -%\setboolean{KoppaOn}{false} - -\ifthenelse{\boolean{KoppaOn}}{ -\providecommand{\koppa}{\text{\greek{k+}}} -\providecommand{\Koppa}{\text{\greek{K+}}} -\providecommand{\sampi}{\text{\greek{s+}}} -\providecommand{\cigma}{\text{\greek{c+}}} -\providecommand{\Cigma}{\text{\greek{C+}}} -}{ -\def\koppa{\mathbf{q}}\providecommand{\koppa}{$\mathbf{q}$}\providecommand{\Koppa}{$\mathbf{Q}$} -} - -% Keep the elements in the argument #1 together on the same page -\newcommand{\together}[1]{\noindent\parbox{\linewidth}{#1}} - -% html version of document must be constructed by running pdflatex in -% dvi output mode; code below creates an ifdvi construct that detects -% whether running in dvi mode and sets the options necessary to generate -% html version of document using tex4ht - -%\makeatletter -%\newif\ifdvi\dvitrue -%\@ifundefined{pdfoutput}{}{\ifnum\pdfoutput>0 \dvifalse\fi} -%\makeatother - -% dvi compilation only occurs if making the html version -\ifdvi - \setboolean{Web}{true} - \RequirePackage{tex4ht} - \RequirePackage{graphicx} - \RequirePackage[tex4ht]{hyperref} - \provideboolean{bigPrint}\setboolean{bigPrint}{true} % HTM output looks better in a larger font size - \providecommand{\wideMargins}{\null{}} % Wide margins doesn't mean anything for html documents - \newcommand{\CDCFig}[1]{\centerline{\includegraphics{#1}}} - \newcommand{\CDCFigSideways}[1]{\centerline{\includegraphics{#1}}} - \DeclareGraphicsExtensions{.png} - \providecommand{\textSizeDefault}{\large} - \providecommand{\titlepagefinish}{\newpage\textSizeDefault} - \providecommand{\abstractSizeDefault}{\large} - \providecommand{\ushort}{\underline} % ushort seems to not work properly for tex4ht - \let\footnoterule\relax - \makeatletter - \renewenvironment{abstract}{% - \begin{spacing}{0.9} - \noindent {\tiny \phantom{.}} \\ % Trick to get proper spacing in html - \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \vspace*{5mm} - \noindent \textbf{Abstract}\\ - \indent \abstractSizeDefault - }{% - \noindent {\tiny \phantom{.}} \\ % Trick to get proper spacing in html -% \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \vspace*{3mm} - \ifthenelse{ \isundefined\@keywords }{ - \ClassWarningNoLine{handout}{No keywords specified. - Please use the command \protect\keywords} - }{ - } - \end{spacing} - \begin{quote} - \begin{Description} - \item[\textbf{~~~~~~~~~~~~Keywords~}] \@keywords - \ifthenelse{ \isundefined\@jelclass }{ - \ClassWarningNoLine{handout}{No JEL classification specified. - Please use the command \protect\jelclass} - }{ - \item[\textbf{~~~~~~~~~~~~JEL codes~}] \@jelclass - \end{Description} - } - \end{quote} - \makeatother - } -\else - \RequirePackage[pdftex]{graphicx} - \RequirePackage[plainpages=false]{hyperref} - \hypersetup{ - pdffitwindow = false, % Don't rescale to fit size of window - pdfpagemode=UseThumbs, - pdfstartview=FitH, - pdfnewwindow = true, % Links open in new window - pdfproducer = {pdfLaTeX with hyperref} - } - \providecommand{\wideMargins}{\usepackage[twoside,marginparwidth=0in,left=0.5in,right=0.5in,top=0.5in,bottom=0.5in]{geometry}\usepackage{layouts}} - \ifthenelse{\boolean{wideMargins}}{\wideMargins}{} - \newcommand{\CDCFig}[1]{\centerline{\includegraphics[width=0.75\textwidth]{../Figures/#1}}} - \newcommand{\CDCFigSideways}[1]{\centerline{\includegraphics[width=7.8in,height=5.5in]{../Figures/#1}}} - \DeclareGraphicsExtensions{.pdf} - \ifthenelse{\boolean{bigPrint}}{\renewcommand{\titlepagefinish}{\newpage\large}}{} -\fi - -\newcolumntype{d}[1]{D{.}{.}{#1}} % Seems to need to come after hyperref - -\definecolor{darkblue}{rgb}{0.055,0.094,0.7} -\definecolor{darkred}{rgb}{0.6,0,0} -\hypersetup{colorlinks=true, % put a box around links - linkbordercolor = {1 0 0}, % the box will be red - pdfborder = {1 0 0}, % -% bookmarks=true, % PDF will contain an index on the RHS - urlcolor=darkred, - citecolor=darkblue, - linkcolor=darkred -} - -%% Define the title table as different from the regular table - -%\let\tabularTitle\tabular -%\let\endtabularTitle\endtabular - -%\newenvironment{tabularTitle}{\tabularTitle}{\endtabularTitle} -\newenvironment{tabularTitle}{\tabular}{\endtabular} -\providecommand{\handoutHeader}{{\tiny \noindent $^\copyright$\today, \href{https://www.econ2.jhu.edu/people/ccarroll/}{Christopher D. Carroll} \hfill \href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes}{\jobname}}\medskip\medskip -\ifthenelse{\boolean{bigPrint}}{\large}{} -\ifthenelse{\boolean{BigAndWide}}{\large}{} -\opt{Web}{\large} -\opt{bigWide}{\large} -} - -\providecommand{\SolvingMicroDSOPs}{\href{https://www.econ2.jhu.edu/people/ccarroll/SolvingMicroDSOPs/}{SolvingMicroDSOPs}} - -\newcommand{\handoutC}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/Consumption/#1.pdf}{\texttt{#1}}} -\newcommand{\handoutA}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/AssetPricing/#1.pdf}{\texttt{#1}}} -\newcommand{\handoutI}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/Investment/#1.pdf}{\texttt{#1}}} -\newcommand{\handoutG}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/Growth/#1.pdf}{\texttt{#1}}} 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on the risky asset annual rate -\providecommand{\riskyAlt}{\ensuremath{\pmb{\mathfrak{r}}}} % The net return on the risky asset annual rate -\providecommand{\riskyshare}{\ensuremath{\varsigma}} -\providecommand{\Risky}{\ensuremath{\mathbf{R}}} % The return on the risky asset -\providecommand{\risky}{\ensuremath{\mathbf{r}}} % The net return on the risky asset annual rate -\providecommand{\RLev}{\ensuremath{R}} % Rate of return (but better to use \Rfree or \Risky or something else more specific -\providecommand{\RnormWGro}{\ensuremath{\mathcal{R}_{\WGro}}} % Normalized version of riskless return factor -\providecommand{\rnormwGro}{\ensuremath{\mathit{r}_{\wGro}}} % Normalized version of riskless rate of return -\providecommand{\Rnorm}{\ensuremath{\mathcal{R}}} % Normalized version of riskless return factor -\providecommand{\rnorm}{\ensuremath{\mathit{r}}} % Normalized version of riskless rate of return -\providecommand{\Rport}{\ensuremath{\mathbbmss{R}}} % Portfolio -weighted return -\providecommand{\rport}{\ensuremath{\mathbbmss{r}}} -\providecommand{\Rprod}{\ensuremath{\mathscr{R}}} -\providecommand{\rprod}{\ensuremath{\mathscr{r}}} -\providecommand{\rProd}{\ensuremath{\mathsf{r}}} -\providecommand{\RProd}{\ensuremath{\mathsf{R}}} -\providecommand{\RSave}{\ensuremath{\ushort{\Rfree}}} -\providecommand{\rsave}{\ensuremath{\ushort{\rfree}}} -\providecommand{\RBoro}{\ensuremath{\bar{\Rfree}}} -\providecommand{\rboro}{\ensuremath{\bar{\rfree}}} -%\providecommand{\R}{\Rfree} -\providecommand{\saveRate}{\grave{s}} % saving (income minus consumption) over income -\providecommand{\Save}{S} % Saving (income minus consumption) -\providecommand{\save}{s} % saving (income minus consumption) -\providecommand{\SDF}{\MLev} % Stochastic Discount Factor -\providecommand{\sdr}{\mRat} % Stochastic Discount rate -\providecommand{\Seniority}{\ensuremath{\mathsf{X}}} -\providecommand{\seniority}{\ensuremath{\mathsf{x}}} -\providecommand{\SeverancePayment}{\ensuremath{\mathcal{S}}} -\providecommand{\SeveranceRatio}{\ensuremath{\varsigma}} -%\providecommand{\Severance}{\ensuremath{\varsigma}} -\providecommand{\Severance}{\kappa} -\providecommand{\SE}{\SRat^{e}} -\providecommand{\sE}{\sRat^{e}} -\providecommand{\sFunc}{\ensuremath{\mathrm{s}}} -\providecommand{\shk}{\phi} -\providecommand{\Shk}{\Phi} -\providecommand{\ShkLogZeroLogStd}{\sigma_{\cancel{\ShkMeanOneLog}}} % Std of that shock -\providecommand{\ShkLogZeroLogVar}{\sigma_{\cancel{\ShkMeanOneLog}}^{2}} % Variance of that shock -\providecommand{\ShkLogZeroLog}{\cancel{\ShkMeanOneLog}} % Log of that shock -\providecommand{\ShkLogZero}{\cancel{\ShkMeanOne}} % A shock whose expectation in logs is zero; cancellation of the nonzero mean for the mean one shock -\providecommand{\ShkMeanOneLogStd}{\sigma_{\ShkMeanOneLog}} % Std of that shock -\providecommand{\ShkMeanOneLogVar}{\sigma^{2}_{\ShkMeanOneLog}} % Log of that shock -\providecommand{\ShkMeanOneLog}{\theta} % Log of that shock -\providecommand{\ShkMeanOne}{\Theta} % A shock whose expectation in levels is always equal to one regardless of variance -\providecommand{\SLevBF}{\mathbf{S}} -\providecommand{\sLevBF}{\mathbf{s}} -\providecommand{\SLevE}{\SLev^{e}} -\providecommand{\sLevE}{\sLev^{e}} -\providecommand{\SLevU}{\SLev^{u}} -\providecommand{\sLevU}{\sLev^{u}} -\providecommand{\SLev}{\ensuremath{S}} -\providecommand{\sLev}{\ensuremath{s}} -\providecommand{\srate}{\ensuremath{\varsigma}} -\providecommand{\SRatE}{\SRat^{e}} -\providecommand{\sRatE}{\sRat^{e}} -\providecommand{\SRatU}{\SRat^{u}} -\providecommand{\sRatU}{\sRat^{u}} -\providecommand{\SRat}{\ensuremath{S}} -\providecommand{\sRat}{\ensuremath{s}} -\providecommand{\STargE}{\Target{\SRat}^{\null}} -\providecommand{\sTargE}{\Target{\sRat}^{\null}} -\providecommand{\STargTarg}{\Target{\Target{\SRat}}} -\providecommand{\sTargTarg}{\Target{\Target{\sRat}}} -\providecommand{\STarg}{\Target{\SRat}} -\providecommand{\sTarg}{\Target{\sRat}} -\providecommand{\Steady}{\bar} -\providecommand{\Stocks}{{S}} -\providecommand{\stocks}{{s}} -\providecommand{\straight}{\Pi} -\providecommand{\Surplus}{\ensuremath{Z}} -\providecommand{\surplus}{\ensuremath{z}} -\providecommand{\SU}{\SRat^{u}} -\providecommand{\sU}{\sRat^{u}} -\providecommand{\Target}{\check} -\providecommand{\TaxCombInv}{\ensuremath{\mathcal{T}^{-1}}} -\providecommand{\TaxComb}{\ensuremath{\mathcal{T}}} -\providecommand{\TaxCorp}{\ensuremath{\tau}} -\providecommand{\taxDep}{\ensuremath{\partial}} -\providecommand{\TaxFree}{\ensuremath{\cancel{\Tax}}} -\providecommand{\TaxLev}{T} -\providecommand{\TaxNetTrans}{\ensuremath{Z}} -\providecommand{\taxNetTrans}{\ensuremath{z}} -\providecommand{\TaxPaid}{\ensuremath{T}} -\providecommand{\TaxRate}{\ensuremath{t}} -\providecommand{\TaxUI}{\ensuremath{\tau}} -\providecommand{\Tax}{\ensuremath{\tau}} -\providecommand{\tax}{\tau} -\providecommand{\tBak}{\ensuremath{\pmb{n}}} -\providecommand{\TEatBak}{\ensuremath{\mathtt{q}}} -\providecommand{\TEat}{\ensuremath{\TEnd}} -\providecommand{\TEndBak}{\ensuremath{\mathsf{p}}} -\providecommand{\TEnd}{\ensuremath{T}} -\providecommand{\TermTime}{\ensuremath{T}} -\providecommand{\tFwd}{\ensuremath{n}} -\providecommand{\tHorOfm}{\ensuremath{\pmb{n}}} -\providecommand{\tHor}{\ensuremath{\mathsf{n}}} -\providecommand{\timeRate}{\ensuremath{\vartheta}} -\providecommand{\tinyAmount}{\ensuremath{\epsilon}} -\providecommand{\TLev}{\ensuremath{T}} -\providecommand{\TMap}{\mathscr{T}} -\providecommand{\tNow}{\ensuremath{t}} -\providecommand{\tShkAll}{\xi} % -\providecommand{\tShkEmpMin}{\underline{\theta}} % -\providecommand{\TShkEmp}{\Theta} % -\providecommand{\tShkEmp}{\theta} % -\providecommand{\tShkEmp}{\theta} % -\providecommand{\tranShkInd}{\theta} % New -\providecommand{\TranShkAgg}{\Theta} % New -\providecommand{\TShk}{\Xi} % -\providecommand{\tShk}{\xi} % -\providecommand{\tshk}{\xi} % -\providecommand{\tSS}{\ensuremath{t}} -\providecommand{\tThen}{\ensuremath{\tau}} -\providecommand{\uFunc}{{\ensuremath{\mathrm{u}}}} -\providecommand{\uInvEpShkuInv}{\underline{\underline{\psi}}} -\providecommand{\ULev}{\ensuremath{U}} -\providecommand{\uLev}{\ensuremath{u}} -\providecommand{\unins}{\ensuremath{\zeta}} -\providecommand{\uPDVFunc}{\ensuremath{\mathbb{U}}} -\providecommand{\uPmt}{\ensuremath{\mu}} -\providecommand{\uPPP}{{\ensuremath{\mathrm{u}^{\prime\prime\prime}}}} -\providecommand{\uPP}{{\ensuremath{\mathrm{u}^{\prime\prime}}}} -\providecommand{\uP}{{\ensuremath{\mathrm{u}^{\prime}}}} -\providecommand{\urate}{\ensuremath{\mho}} -\providecommand{\utilFunc}{\ensuremath{\mathrm{u}}} -\providecommand{\util}{\ensuremath{u}} -\providecommand{\ValAlt}{\ensuremath{\mathcal{V}}} % middle-of-period Value function -\providecommand{\valfn}{\ensuremath{\mathrm{v}}} % middle-of-period value function -\providecommand{\Value}{\ensuremath{\mathrm{V}}} % middle-of-period Value function -\providecommand{\VEndFunc}{\ensuremath{\mathfrak{V}}} -\providecommand{\vEndFunc}{\ensuremath{\mathfrak{v}}} -\providecommand{\VEnd}{\ensuremath{\mathfrak{V}}} % end-of-period Value function -\providecommand{\vEnd}{\ensuremath{\mathfrak{v}}} % end-of-period value function -\providecommand{\vEss}{\check{v}^{e}} -\providecommand{\VE}{{V}^{e}} -\providecommand{\vE}{{v}^{e}} -\providecommand{\vFirm}{\ensuremath{\mathrm{e}}} -\providecommand{\VFunc}{\ensuremath{\mathrm{V}}} -\providecommand{\vFunc}{\ensuremath{\mathrm{v}}} -\providecommand{\VInv}{\ensuremath{\Lambda}} -\providecommand{\vInv}{\ensuremath{\scriptstyle \Lambda \displaystyle}} -\providecommand{\vk}{\ensuremath{\lambda}} -\providecommand{\vLevBF}{\ensuremath{\mathbf{v}}} -\providecommand{\VLevFunc}{\ensuremath{\pmb{\mathrm{V}}}} -\providecommand{\vLevFunc}{\ensuremath{\pmb{\mathrm{v}}}} -\providecommand{\VLev}{\ensuremath{V}} -\providecommand{\vLev}{\ensuremath{v}} -\providecommand{\vNorm}{\ensuremath{\mathrm{w}}} % end-of-period value function -\providecommand{\VNum}{\ensuremath{V}} -\providecommand{\vNum}{\ensuremath{v}} -\providecommand{\vOptAlt}{\ensuremath{\Alt{\tilde{\mathfrak{v}}}}} -\providecommand{\vOpt}{\ensuremath{\tilde{\mathfrak{v}}}} -\providecommand{\VRat}{\ensuremath{V}} -\providecommand{\vRat}{\ensuremath{v}} -\providecommand{\vTarg}{\Target{\vRat}} -\providecommand{\VU}{{V}^{u}} -\providecommand{\vU}{{v}^{u}} -\providecommand{\Wage}{\ensuremath{\mathsf{W}}} -\providecommand{\wage}{\ensuremath{\mathsf{w}}} -\providecommand{\WAllLev}{\ensuremath{\mathbf{O}}} -\providecommand{\wAllLev}{\ensuremath{\mathbf{o}}} -\providecommand{\WAllRat}{\ensuremath{O}} -\providecommand{\wAllRat}{\ensuremath{o}} -\providecommand{\WAll}{{O}} -\providecommand{\wAll}{{o}} -\providecommand{\WBeg}{\KLev} % Wealth as of the beginning of the period (before R is received, not including Y) -\providecommand{\wBeg}{\kLev} % wealth as of the beginning of the period (before R is received, not including Y) -\providecommand{\Wealth}{\ensuremath{O}} -\providecommand{\wealth}{\ensuremath{o}} -\providecommand{\WEndRat}{\ARat} % -\providecommand{\wEndRat}{\aRat} % -\providecommand{\WEnd}{\ALev} % Wealth as of the end of the period (after C has been chosen) -\providecommand{\wEnd}{\aLev} % wealth as of the end of the period (after C has been taken) -\providecommand{\Wend}{\ARat} % Wealth as of the end of the period (after C has been chosen) -\providecommand{\wend}{\aRat} % wealth as of the end of the period (after C has been taken) -\providecommand{\wFunc}{\mathrm{w}} -\providecommand{\WGroPF}{\ensuremath{\mathsf{G}}} -\providecommand{\WGro}{\ensuremath{\mathsf{G}}} -\providecommand{\wGro}{\ensuremath{\mathsf{g}}} -\providecommand{\whumMin}{\underline{\hRat}} % human wealth -- individual -\providecommand{\WHum}{\HLev} % Human wealth -- aggregate -\providecommand{\wHum}{\hLev} % human wealth -- individual -\providecommand{\Whum}{\HRat} % Human wealth -- aggregate -\providecommand{\whum}{\hRat} % human wealth -- individual -\providecommand{\WLev}{\ensuremath{W}} -\providecommand{\wLev}{\pmb{w}} -\providecommand{\WMid}{\BLev} % Wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\WMid}{\BLev} % Wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\wMid}{\bLev} % wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\Wmid}{\BRat} % Wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\wmid}{\bRat} % wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\WMkt}{\MLev} % Wealth as of the middle of the period (after R is received, including Y) -\providecommand{\wMkt}{\mLev} % wealth as of the middle of the period (after R is received, including Y) -\providecommand{\wmkt}{\mLev} % wealth as of the middle of the period (after R is received, including Y) -\providecommand{\wNet}{\ensuremath{x}} % -\providecommand{\WNet}{\ensuremath{X}} % Total wealth -\providecommand{\WPre}{{K}} -\providecommand{\wPre}{{k}} -\providecommand{\wRat}{\ensuremath{o}} % -\providecommand{\WRat}{\ensuremath{O}} % Ratio to permanent income -\providecommand{\wTot}{\ensuremath{\mathbf{o}}} % -\providecommand{\WTot}{\ensuremath{\mathbf{O}}} % Total wealth -\providecommand{\wtot}{\ensuremath{o}} % -\providecommand{\Wtot}{\ensuremath{O}} % Total wealth -\providecommand{\xFer}{\chi} -\providecommand{\XFer}{X} -\providecommand{\xFunc}{\mathrm{x}} -\providecommand{\XLev}{\ensuremath{X}} -\providecommand{\xLev}{\ensuremath{x}} -\providecommand{\xpend}{\ensuremath{\xi}} -\providecommand{\XperGro}{\ensuremath{\mathsf{X}}} -\providecommand{\xperGro}{\ensuremath{\mathsf{x}}} -\providecommand{\XRat}{\ensuremath{X}} -\providecommand{\xRat}{\ensuremath{x}} -\providecommand{\yFunc}{\mathrm{y}} -\providecommand{\yLevBF}{\ensuremath{\mathbf{y}}} -\providecommand{\YLev}{\ensuremath{Y}} -\providecommand{\YLevBF}{\ensuremath{\mathbf{Y}}} -\providecommand{\yLev}{\ensuremath{y}} -\providecommand{\YRat}{\ensuremath{Y}} -\providecommand{\yRat}{\ensuremath{y}} -\providecommand{\yTargE}{\ensuremath{\check{y}^{e}}} -\providecommand{\yTarg}{\ensuremath{\check{y}}} -\providecommand{\zAgg}{\ensuremath{\pmb{Z}}} -\providecommand{\zFunc}{\mathrm{z}} -\providecommand{\ZLevBF}{\ensuremath{\mathbf{Z}}} -%\providecommand{\zLevBF}{\ensuremath{\mathbf{z}}} -\providecommand{\zLevBF}{\ensuremath{\pmb{z}}} -\providecommand{\ZLev}{\ensuremath{Z}} -\providecommand{\zLev}{\ensuremath{z}} -\providecommand{\ZRat}{\ensuremath{Z}} -\providecommand{\zRat}{\ensuremath{z}} - -\newcommand{\discRte}{\omega} -\newcommand{\DieFac}{\pDead} -\newcommand{\LivFac}{\Alive} -\newcommand{\PopFac}{\PopGro} -\newcommand{\popRte}{\popGro} - - -\providecommand{\NFALev}{\NLev} -\providecommand{\NFARat}{\NRat} -\providecommand{\NI}{\ensuremath{Z}} -\providecommand{\GDPLev}{\pmb{P}} -\providecommand{\GDPRat}{P} -\providecommand{\GDPGro}{\gimel} -\providecommand{\gdpLev}{\pmb{p}} -\providecommand{\gdpRat}{p} -\providecommand{\weight}{\omega} - - -\providecommand{\bi}{} -\renewcommand{\bi}{\begin{itemize}} -\providecommand{\ei}{} -\renewcommand{\ei}{\end{itemize}} -\providecommand{\reqd}{} -\renewcommand{\reqd}{\item[$^{*}$]} -\providecommand{\recm}{} -\renewcommand{\recm}{\item[\phantom{$^{*}$}]} - -\newcommand{\pd}[2]{\frac{\partial#1}{\partial#2}} diff --git a/Documentation/texmf-local/tex/latex/makePostHandoutsStart.tex b/Documentation/texmf-local/tex/latex/makePostHandoutsStart.tex deleted file mode 100644 index d3c19da71..000000000 --- a/Documentation/texmf-local/tex/latex/makePostHandoutsStart.tex +++ /dev/null @@ -1,6 +0,0 @@ - -% Begin creating shell to make and post set of notes - -\write18{touch makePostHandouts.sh ; rm makePostHandouts.sh} -\write18{cat /Volumes/Data/Courses/Choice/LectureNotes/makePost/shellStart.txt > makePostHandouts.sh} -\write18{chmod a+x makePostHandouts.sh} diff --git a/Documentation/texmf-local/tex/latex/printvrb.sty b/Documentation/texmf-local/tex/latex/printvrb.sty deleted file mode 100755 index b8757b3d4..000000000 --- a/Documentation/texmf-local/tex/latex/printvrb.sty +++ /dev/null @@ -1,112 +0,0 @@ -%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% -%%% printvrb.sty %%%%%%%%%%%%%%%%%% -%%% Amy Hendrickson -%%% TeXnology Inc. -%%% http://www.texnology.com -%%% revised version, April 8, 2011 -%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% - -%%% Uses moreverb.sty, Rainer Schopf author, -%%% as method to send verbatim text to -%%% another file, - -%%% These commands allow user to type in text or math and -%%% have it print in more than one document, -%%% for example, print in an article and also in slides. - -%%% This is done by sending fragments to a jobname.vrb file. -%%% Each fragment will have a unique name given as an argument -%%% to writetofile. - -%%% -\usepackage{moreverb} - -\newwrite\verbatimout - -%% The fragments will be sent to a new file called -%% the same name as the file they are found in with a -%% .vrb filename ending. (ie., test.tex ==> test.vrb) -%% They will also print in the originating .tex file -%% when LaTeX is run on the file twice (like the \tableofcontents -%% and cross-references). - - -%%% \begin{writetofile}{name}{your text}\end{writetofile} -%%% Notice that there are curly brackets surrounding the -%%% text you enter. These are necessary. - -%%% (Name can include numbers or any symbols you want) - -%%% Used: -%%% \begin{writetofile}{name} -%%% {my text} -%%% \end{writetofile} - -\newcount\definitionnumber - -%%% \namesinmargin will make name of fragment appear in margin. -%%% If this command isn't there, there will be no names in the margin. - -\newif\ifnamesinmargin -\def\namesinmargin{\global\namesinmargintrue} - -\def\writetofile#1{% -\vskip1sp -\ifnum\definitionnumber=0 -\expandafter\openin1 \jobname.vrb -\ifeof1 -\else -\input \jobname.vrb -\fi%% to get the previous definitions -\immediate\openout\verbatimout=\jobname.vrb -\fi -%% -\global\advance\definitionnumber by 1 -\gdef\currname{#1}% -\ifnamesinmargin -\vskip1sp\noindent\llap{\vtop to 0pt{\hbox{\tt\csname currname\endcsname\hskip4pt==>\ }\vss}}% -\fi% -%% -\immediate\write\verbatimout{^^J^^J\string\expandafter\string\gdef\string\csname\space -\currname\string\endcsname} - \@bsphack - \let\do\@makeother\dospecials - \catcode`\^^M\active \catcode`\^^I=12 - \def\verbatim@processline{% - \immediate\write\verbatimout - {\the\verbatim@line}}% -\verbatim@start} - -\def\endwritetofile{% - \@esphack -\expandafter\ifx\csname \currname\endcsname\relax Please run LaTeX on -file one more time!\else -\ifnamesinmargin\vskip-\baselineskip\fi -\noindent\expandafter\csname \currname\endcsname\relax\fi -} - -\makeatother - -%%%%%%%%%%%%%%%%%%%%% -%%% Using fragments in new file: - -%%% \input jobname.vrb will bring in the definitions -%%% for the fragments. -%%% (jobname is the same as the filename of the source document) - -%%% \namesinmargin will make names print as well as as printing -%%% the fragment. - -%%% \printfrag{name} will bring in fragment defined in source file, -%%% and sent to jobname.vrb. - -%%% \printfrag will save the problem of remembering to use -%%% \csname ...\endcsname, and will check to see if fragment is defined - -\def\printfrag#1{\expandafter\ifx\csname #1\endcsname\relax\vskip12pt -\noindent(!! There is -no fragment {\tt ==> #1 <==} maybe run LaTeX on source file again?)\vskip12pt\else -\ifnamesinmargin -\vskip1sp\noindent\llap{\vtop to 0pt{\hbox{\tt #1\hskip4pt==>\ }\vss}}\fi% -\csname #1\endcsname\fi -} diff --git a/Documentation/texmf-local/tex/latex/snapshot.sty b/Documentation/texmf-local/tex/latex/snapshot.sty deleted file mode 100644 index 311018ebe..000000000 --- a/Documentation/texmf-local/tex/latex/snapshot.sty +++ /dev/null @@ -1,341 +0,0 @@ -%% -%% This is file `snapshot.sty', -%% generated with the docstrip utility. -%% -%% The original source files were: -%% -%% snapshot.dtx -%% -%%% ==================================================================== -%%% @LaTeX-doc-source-file{ -%%% filename = "snapshot.dtx", -%%% version = "1.14", -%%% date = "2002/03/05", -%%% time = "15:29:00 EST", -%%% checksum = "39090 807 3449 29761", -%%% author = "American Mathematical Society", -%%% copyright = "Copyright 2001 American Mathematical Society, -%%% all rights reserved. Copying of this file is -%%% authorized only if either: -%%% (1) you make absolutely no changes to your copy, -%%% including name; OR -%%% (2) if you do make changes, you first rename it -%%% to some other name.", -%%% address = "American Mathematical Society, -%%% Electronic Products and Services, -%%% PO Box 6248, -%%% Providence, RI 02940, -%%% USA", -%%% email = "tech-support@ams.org", -%%% URL = "http://www.ams.org/", -%%% supported = "yes", -%%% keywords = "version, compatibility, dependencies, LaTeX", -%%% abstract = "This package provides a way for a LaTeX -%%% document to specify, for each external file -%%% on which the document depends, which version -%%% is required to guarantee output fidelity.", -%%% docstring = "The checksum field above contains a CRC-16 -%%% checksum as the first value, followed by the -%%% equivalent of the standard UNIX wc (word -%%% count) utility output of lines, words, and -%%% characters. This is produced by Robert -%%% Solovay's checksum utility.", -%%% } -%%% ==================================================================== -\NeedsTeXFormat{LaTeX2e}[1994/12/01] -\ProvidesPackage{snapshot}[2002/03/05 v1.14] -\let\@xp\expandafter \let\@nx\noexpand -\newcommand{\RequireVersions}[2][]{% - \let\snap@check\snap@compare@versions - \let\snap@selfcheck\snap@selfcheck@a - \@ifnextchar *\snap@store@version\snap@store@error#2*{end}{}{}% -} -\@onlypreamble\RequireVersions -\def\snap@store@error#1{% - \PackageError{snapshot}{Expected '*' here, not '#1'}\@ehc -} -\@onlypreamble\snap@store@error -\def\snap@store@version #1#2#3#4{% - \@xp\snap@store@b\csname snapx@#2\endcsname{#2}{#3}{#4}% -} -\@onlypreamble\snap@store@version -\def\@fmtextension{fmt} -\def\@tfmextension{tfm} -\edef\snapx@package{.\@pkgextension} -\edef\snapx@class{.\@clsextension} -\edef\snapx@format{.\@fmtextension} -\edef\snapx@tfm{.\@tfmextension} -\long\def\snapx@application{} -\let\snap@file=\@empty -\let\snapx@end\@@end -\def\snap@store@b#1#2#3#4{% - \ifx#1\snapx@end - \@xp\@gobblefour - \else - \ifx#1\relax \let#1\@empty\fi - \def\@tempa##1 ##2 ##3\@nil{##1 ##2}% - \ifx#1\snapx@application - \else - \xdef\rqv@list{\rqv@list - \ifx\@empty\rqv@list\else,\fi - #3#1% - }% - \fi - \@xp\xdef\csname rqv@#3#1\endcsname{\@tempa#4 v?.? ? \relax\@nil}% - \ifx#1\snapx@format \snap@check{#3.fmt}% - \else \snap@selfcheck{#3.sty}% - \fi - \fi - \@ifnextchar *\snap@store@version\snap@store@error -} -\@onlypreamble\snap@store@b -\def\snap@write{\immediate\write\snap@out} -\let\snap@out\sixt@@n % fallback, probably never used -\DeclareOption{dep}{% - \def\snap@write{\immediate\write\snap@out}% -} -\DeclareOption{log}{% - \let\snap@write\typeout -} -\let\snap@fake@b\relax -\DeclareOption{test}{% - \def\snap@fake@b{\endinput \futurelet\@let@token\snap@ignoline}% -} -\DeclareOption{tfm}{% - \typeout{Option 'tfm' not implemented yet [1999/09/23]}% -} -\def\snap@mismatch@warning#1#2#3{\PackageWarningNoLine{#1}{#2}} -\def\snap@mismatch{\snap@mismatch@warning} -\DeclareOption{error}{% - \def\snap@mismatch{\PackageError}% - \ifx\snap@select\@empty \let\snap@select\snap@select@all \fi -} -\DeclareOption{warning}{% - \def\snap@mismatch{\snap@mismatch@warning}% - \ifx\snap@select\@empty \let\snap@select\snap@select@all \fi -} -\def\snap@select@all#1#2 #3#4 #5\@nil{#1#2 #3#4} -\let\snap@select\@empty -\DeclareOption{date}{% - \def\snap@select#1#2 #3\@nil{#1#2}% -} -\def\snap@select@version#1{% - \ifodd 0#11 \@xp\snap@sva\@xp#1\else\@xp\snap@select@version\fi -} -\def\snap@sva#1.#2 #3\@nil{#1.#2} -\def\snap@select@major#1{% - \ifodd 0#11 \@xp\snap@svm\@xp#1\else\@xp\snap@select@major\fi -} -\def\snap@svm#1.#2\@nil{#1} -\DeclareOption{version}{% - \def\snap@select#1#2 #3{\snap@select@version #3}% -} -\DeclareOption{major-version}{% - \def\snap@select#1#2 #3{\snap@select@major #3}% -} -\ProcessOptions\par -\edef\snap@restore@extensions{% - \def\@nx\@pkgextension{\@pkgextension}% - \def\@nx\@clsextension{\@clsextension}% -} -\def\snap@pad#1#2#3#4#5#6#7#8#9{\snap@pad@a{#1#2#3#4#5#6#7#8#9}} -\def\snap@pad@a#1#2#3#4#5\@nil{\snap@pad@b#1#2#3#4\space\@nil} -\def\snap@pad@b#1\space#2\@nil#3{\def#3{#2}} -\def\snap@trim@version#1#2 #3{#1#2 \snap@trim@b #3} -\def\snap@trim@b#1{\ifodd 0#11 v#1\@xp\snap@trim@c\fi \snap@trim@b} -\def\snap@trim@c#1#2 #3\@nil{#2} -\let\rqv@list=\@empty -\edef\@tempc#1\fmtname{#1\fmtname}\@tempc -\def\@tempa#1,\fmtname.fmt,#2#3\@nil{#2} -\edef\@tempb{\@nx\@tempa,\@filelist,\fmtname.fmt,} -\if ?\@tempb?\@nil - \edef\@filelist{\fmtname.fmt,\@filelist}% - \def\@tempc{LaTeX2e}% - \@xp\edef\csname ver@\fmtname.fmt\endcsname{% - \fmtversion\space - v\ifx\@tempc\fmtname 2.e\else ?.?\fi - }% -\fi -\listfiles -\def\@dofilelist{% - \snap@restore@extensions - \ifx\rqv@list\@empty - \else \rqv@compare@lists - \fi - \ifx\snap@write\typeout - \else - \newwrite\snap@out - \immediate\openout\snap@out=\jobname.dep \relax - \fi - \snap@write{\string\RequireVersions\@charlb}% - \snap@write{\space\space *{application}{TeX}% - \space\space\space\space\space{1990/03/25 v3.x}}% - \@for\@currname:=\@filelist\do{% - \filename@parse\@currname - \ifx\filename@ext\relax - \def\@tempa{file}\def\@tempd{.tex}\def\filename@ext{tex}% - \def\@tempb{~~~}% - \else\ifx\filename@ext\@pkgextension - \def\@tempa{package}\let\@tempd\@empty - \def\@tempb{}% - \else\ifx\filename@ext\@clsextension - \def\@tempa{class}\let\@tempd\@empty - \def\@tempb{~~}% - \else\ifx\filename@ext\@fmtextension - \def\@tempa{format}\let\@tempd\@empty - \def\@tempb{~}% - \else\ifx\filename@ext\@tfmextension - \def\@tempa{tfm}\let\@tempd\@empty - \def\@tempb{~~~~}% - \else - \def\@tempa{file}\edef\@tempd{.\filename@ext}% - \def\@tempb{~~~}% - \fi\fi\fi\fi\fi - \@xp\let\@xp\@tempe - \csname ver@\filename@base.\filename@ext\endcsname - \ifx\@tempe\@empty \let\@tempe\relax \fi - \edef\@tempe{% - \ifx\@tempe\relax 0000/00/00 v0.0% - \else - \@xp\@xp\@xp\snap@trim@version\@xp\@tempe\space v0.0 v0.0 \@nil - \fi - }% - \edef\@tempc{\filename@area\filename@base\@tempd}% full file name - \@xp\snap@pad\@tempc\space~~~~~~~~~~~~~~~~\@nil\@tempd - \begingroup \let~\space - \snap@write{\space\space *{\@tempa}\@tempb{\@tempc}\@tempd{\@tempe}}% - \endgroup - }% - \snap@write{\@charrb}% - \ifx\snap@write\typeout - \else \immediate\closeout\snap@out - \typeout{Dependency list written on \jobname.dep.}% - \fi -}% -\def\rqv@condense#1,{% - \if ,#1,% - \else - \@xp\ifx\csname ver@#1\endcsname\N - \else - \edef\L{\L,#1}% - \@xp\let\csname ver@#1\endcsname=\N - \fi - \fi - \rqv@condense -} -\def\rqv@compare@lists{% - \begingroup - \def\N{1}\let\L=\@gobble - \@xp\rqv@condense \rqv@list,TeX,{,\relax\@xp\@gobbletwo\@xp},% - \ifx\L\@gobble\let\L\@empty\fi - \let\rqv@list=\L - \let\L=\@gobble - \@xp\rqv@condense \@filelist,{,\relax\@xp\@gobbletwo\@xp},% - \ifx\L\@gobble\let\L\@empty\fi - \@for\@currname:=\L\do{% - \snap@mismatch{snapshot}{^^J% - File \@currname\space loaded though not in - \noexpand\RequireVersions list% - }\@ehc - }% - \def\N{2}\let\L=\@gobble - \@xp\rqv@condense\@filelist,TeX,{,\relax\@xp\@gobbletwo\@xp},% - \let\L=\@gobble - \@xp\rqv@condense\rqv@list,{,\relax\@xp\@gobbletwo\@xp},% - \ifx\L\@gobble\let\L\@empty\fi - \@for\@currname:=\L\do{% - \snap@mismatch{snapshot}{^^J% - File \@currname\space [\csname rqv@\@currname\endcsname] - required but not loaded% - }\@ehc - }% - \endgroup -} -\begingroup \catcode\endlinechar=12\relax % -\long\gdef\snap@ignoline#1 -{}\endgroup % -\def\snap@fake@input#1#2#3#4{% - \ifx#1\snapx@end - \aftergroup\@@end \@xp\@gobblefour - \else - \ifx#1\snapx@format - \else - \message{^^J}% - \@xp\snap@fake@b\@@input #3#1\relax - \fi - \fi - \@ifnextchar *\snap@store@version\snap@store@error -} -\newcommand{\rqvTest}[2][]{% - \begingroup \catcode\endlinechar=12 - \catcode`\%=12 \catcode`\{=12 \catcode`\}=12\relax - \let\snapx@application=\snapx@format \let\snapx@tfm=\snap@format - \@ifnextchar *\snap@store@version\snap@store@error#2*{end}{}{}% - \endgroup -} -\@ifundefined{snap@fake@b}{}{% - \let\snap@store@b\snap@fake@input - \let\RequireVersions\rqvTest -} -\AtBeginDocument{% - \@ifundefined{ver@amsgen}{}{% - \@xp\let\csname ver@amsgen.sty\@xp\endcsname - \csname ver@amsgen\endcsname - }% -} -\let\snap@compare@versions\@gobble \let\snap@check\@gobble -\let\snap@selfcheck\@gobble \let\snap@selfcheck@a\@gobble -\ifx\snap@select\@empty \endinput \fi -\begingroup \catcode`\.=11\relax -\gdef\snap@selfcheck@b#1\rqv@snapshot.sty#2#3\@nil{T#2} -\gdef\snap@selfcheck@a#1{% - \if\@xp\snap@selfcheck@b\csname rqv@#1\endcsname T% - \rqv@snapshot.sty F\@nil - \snap@check{#1}% - \fi -} -\endgroup -\def\@nofmt#1.fmt.#2 {#1 } -\def\snap@mismatch@a#1#2#3{% - \snap@mismatch{snapshot}{^^J% - \space\space Required version #2 of \@nofmt#1.fmt. and^^J% - \space\space provided version #3 do not match% - }\@ehc -} -\def\snap@compare@versions#1{% - \begingroup - \@ifundefined{rqv@#1}{}{% - \edef\0{\csname rqv@#1\endcsname}% - \edef\1{\csname ver@#1\endcsname}% - \edef\1{\@xp\snap@trim@version\1 v0.0 v0.0 \@nil}% - \edef\@tempa{\@xp\snap@select\0 v0.0 v0.0 \@nil}% - \edef\@tempb{\@xp\snap@select\1 v0.0 v0.0 \@nil}% - \ifx\@tempa\@tempb - \else - \edef\@tempd{\@nx\snap@mismatch@a{#1}{\@tempa}{\@tempb}}% - \@xp\@tempd - \fi - }% - \endgroup -} -\def\ProvidesFile#1{% - \def\snap@checker{\snap@check{#1}}% - \begingroup - \aftergroup\snap@checker - \catcode`\ 10\catcode\endlinechar 10 % - \@makeother\/% - \@makeother\&% - \@ifnextchar[{\@providesfile{#1}}{\@providesfile{#1}[]}% -} -\def\@pr@videpackage[#1]{% - \expandafter\xdef\csname ver@\@currname.\@currext\endcsname{#1}% - \ifx\@currext\@clsextension - \typeout{Document Class: \@gtempa\space#1}% - \else - \wlog{Package: \@gtempa\space#1}% - \fi - \snap@check{\@currname.\@currext}% -} -\endinput -%% -%% End of file `snapshot.sty'. diff --git a/Documentation/texmf-local/tex/latex/tex4ht/pictureenv.4ht b/Documentation/texmf-local/tex/latex/tex4ht/pictureenv.4ht deleted file mode 100644 index b51123edc..000000000 --- a/Documentation/texmf-local/tex/latex/tex4ht/pictureenv.4ht +++ /dev/null @@ -1,3 +0,0 @@ -% pictureenv.4ht from https://tex.stackexchange.com/questions/448300/tex4ht-conflict-with-math-in-table-vs-outside-table-when-using-svg - -\ConfigureEnv{pictureenv}{\Picture*{}}{\EndPicture}{}{} diff --git a/Documentation/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures.cfg b/Documentation/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures.cfg deleted file mode 100644 index 327ef3631..000000000 --- a/Documentation/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures.cfg +++ /dev/null @@ -1,68 +0,0 @@ -\Preamble{charset="utf-8",p-width,pic-align,pic-tabular} -\DeclareGraphicsExtensions{.png,.jpg,.svg} -\Configure{Picture}{.svg} - -\Configure{VERSION}{} - -\DeclareGraphicsRule{.png}{bmp}{.xbb}{} - -\ConfigureEnv{figure} - {\ifvmode\IgnorePar\fi\EndP\HCode{

}% - \bgroup \Configure{float}{\ShowPar}{}{}% - } - {\egroup - \ifvmode\IgnorePar\fi\EndP\HCode{
}\ShowPar -\par} -{}{} - -\Css{div.caption {text-align:left;font-size:83\%;text-indent:0em; margin-left:2em; margin-right:2em; }} -\Css{div.caption span.id{font-variant: small-caps; white-space: nowrap; }} -\Css{.figure div.caption{text-align: center;}} -\Css{div.figure{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;}} -\Css{div.float{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;}} -\Css{.table div.caption{text-align: center;}} -\Css{div.table{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;}} - -\ConfigureEnv{subfigure} - {\ifvmode\IgnorePar\fi\EndP\HCode{
} - } - {\ifvmode\IgnorePar\fi\EndP\HCode{
}}{}{} - % \Css{.subfigure{display: inline-block;}} would make the figures float next to each other -\Css{.subfigure img{display:block; margin-left:auto; margin-right:auto}} % Should, but does not seem to, center captions - -% This is for figures, which should be png format -\Configure{graphics*} - {png} - {%the special command below so it will copy the png over - \special{t4ht+@File: \csname Gin@base\endcsname.png} - \Picture[pict]{\csname Gin@base\endcsname .png - \space width="\expandafter\the\csname Gin@req@width\endcsname" -}% -}% - -\Configure{Picture}{.svg} - -\makeatletter -\newcommand\emwidth{10} -\newcommand\CalcRem[1]{\strip@pt\dimexpr(#1)/\emwidth} - -\Configure{graphics*} - {svg} - {\Picture[pict]{\csname Gin@base\endcsname.svg - \space style="width:\CalcRem{\Gin@req@width}em;" - }% - \special{t4ht+@File: \csname Gin@base\endcsname.svg} - } - -\makeatother - -%add any custom \Css or HTML commands here as needed. - -%These to tell tex4ht to make inline math images also -\begin{document} - -\Configure{$}{\PicMath}{\EndPicMath}{} -\Configure{PicMath}{}{}{}{class="math";align="absmiddle"} - - -\EndPreamble diff --git a/Documentation/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p0.mk4 b/Documentation/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p0.mk4 deleted file mode 100644 index 795fa2e6c..000000000 --- a/Documentation/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p0.mk4 +++ /dev/null @@ -1,2 +0,0 @@ -Make:image("svg$", -"dvisvgm -n -p ${page} --exact -c 1.0,1.0 -s ${source} > ${output}") diff --git a/Documentation/texmf-local/tex/latex/tex4htMakeCFG.sh b/Documentation/texmf-local/tex/latex/tex4htMakeCFG.sh deleted file mode 100755 index 26e46cbad..000000000 --- a/Documentation/texmf-local/tex/latex/tex4htMakeCFG.sh +++ /dev/null @@ -1,16 +0,0 @@ -#!/bin/sh - -if [ $# -eq 0 ] -then - echo "usage: ${0##*/} " - exit 1 -fi - -handoutName=$1 - -# cd "$(dirname "$0")" # http://stackoverflow.com/questions/3349105/how-to-set-current - -echo cp `kpsewhich svg-math-and-subfigures.cfg` $handoutName.cfg -echo cp `kpsewhich svg-set-size-to-1p0.mk4` $handoutName.mk4 -cp `kpsewhich svg-math-and-subfigures.cfg` $handoutName.cfg -cp `kpsewhich svg-set-size-to-1p0.mk4` $handoutName.mk4 diff --git a/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/econtex.cls b/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/econtex.cls deleted file mode 100644 index e3b35b317..000000000 --- a/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/econtex.cls +++ /dev/null @@ -1,398 +0,0 @@ -%%% LaTeX class for economics -%%% -%%% author: Christopher Carroll -%%% license: LaTeX Project Public License -%%% -%%% Modified from style itaxpf by Arne Henningsen -%%% version: 1.0 (09 July 2007) -%%% license: LaTeX Project Public License -%%% -%%% Further information is available at -%%% http://www.uni-kiel.de/agrarpol/ahenningsen/latex-bibtex.html -%%% -%%% This document class is based on the "scrartcl" class -%%% from the KOMA script bundle. For documentation, Google KOMA-Script Documentation -%%% -%%% The corresponding BibTeX style file "econtex.bst" should be used -%%% for the bibliography: \bibliographystyle{econtex} -%%% -%%% In addition to the options for scrartcl, this package includes an additional option -%%% titlepage = include a title page (with command "\maketitle", or "\maketitleWithForcedDate{}") -%%% -%%% If an abstract is defined by \begin{abstract}\end{abstract} before \maketitle is invoked, -%%% it will appear on the title page -%%% -%%% If the titlepage option is invoked: -%%% \keywords can be used to show keywords below the abstract -%%% \jelclass can be used to show JEL classifications below the abstract -%%% \thanks{text of the thank-you footnote} produces a footnote at the bottom of the page containing the text - -\ProvidesClass{econtex}[2017/08/01 LaTeX class for economics papers, handouts, and exam questions written by Christopher Carroll] -\NeedsTeXFormat{LaTeX2e} -% \RequirePackage{rotating} -\RequirePackage{snapshot} % Creates list of external files used by a LaTeX document -\RequirePackage{ifthen} -\RequirePackage{chngpage} - -% If unspecified whether pdf output (instead of dvi) is being used, determine that it SHOULD be -\newif\ifdvi\dvitrue -\@ifundefined{pdfoutput}{}{\ifnum\pdfoutput>0 \dvifalse\fi} - -% permit double spacing -\RequirePackage{setspace} -%\doublespacing - -% option to include a title page -\newcounter{IncludeTitlePage} -\setcounter{IncludeTitlePage}{0} -\DeclareOption{titlepage}{\setcounter{IncludeTitlePage}{1}} - -% pass any options on to the scrartcl class and load this class with some options -\DeclareOption*{\PassOptionsToClass{\CurrentOption}{scrartcl}} -\ProcessOptions\relax -\LoadClass[fontsize=12pt,english,numbers=noenddot,captions=tableheading,captions=nooneline]{scrartcl} -% pointlessnumbers = do not add final dot after ordinary section numbers -% tablecaptionabove = use \captionabove for captions above rather than below tables -% noonelinecaption = do not treat one-line captions differently - -% use new TeX encoding scheme (T1), which contains accented (European) letters, -% to make European hyphenations work -\RequirePackage[T1]{fontenc} - -% use babel package and set language to english -\RequirePackage[english]{babel} - -% spacing around formulas -\AtBeginDocument{ -\setlength{\abovedisplayshortskip}{6pt} -\setlength{\belowdisplayshortskip}{6pt} -\setlength{\abovedisplayskip}{6pt} -\setlength{\belowdisplayskip}{6pt} -\allowdisplaybreaks % Permits LaTeX to break long formulas across pages (?) -} - -%% Added the above info to the definition of normalsize -\def\normalsize{\@setfontsize \normalsize \@xiipt {14.5} -\abovedisplayskip 6\p@ \@plus 3\p@ \@minus 3\p@ -\belowdisplayskip \abovedisplayskip -\abovedisplayshortskip 6pt \belowdisplayshortskip 6pt -\let \@listi \@listI} -\normalsize - -% Don't indent the second and later lines of footnotes -\deffootnote[1em]{0.0em}{1em}{\textsuperscript{\thefootnotemark}} - -% spacing around captions and floats -\setlength{\abovecaptionskip}{6pt} -\setlength{\belowcaptionskip}{3pt} -\setlength{\floatsep}{0pt} -\setlength{\textfloatsep}{20pt} -\setlength{\intextsep}{15pt} - -\RequirePackage{calc} - -\newenvironment{Description} -{\begin{list}{}{\let\makelabel\Descriptionlabel - \setlength\labelwidth{75pt} - \setlength\labelsep{0pt} - \setlength\leftmargin{75pt} - \setlength\itemindent{0pt} -}} -{\end{list}} -\newcommand*\Descriptionlabel[1]{\textbf{#1}\hfil} - -\RequirePackage{cancel,verbatim, -amsmath,amssymb,amsfonts,amsthm -,threeparttable,dcolumn,multicol,multirow,booktabs % table environment extensions -,latexsym -,afterpage -,endnotes -,moreverb -,hhline % Allow double hlines -,tipa % Define more characters, in particular the \textthorn character -,color -} - -% \RequirePackage{econtex} % Removed 20170801 because won't work when invoked from nonroot paths -% Contents of the file are pasted in below - -%---------------Custom Definitions-------------- - -\def\liminf{\mathop{\rm lim\, inf}\limits} -\DeclareMathOperator{\Ex}{\mathbb{E}} % Expectations operator -\def\var{\operatorname{var}} % variance -\def\cov{\operatorname{cov}} % covariance -\def\std{\operatorname{std}} % standard deviation -\def\argmax{\operatornamewithlimits{arg\,max}} % argmax - -%---------------Custom Modifications---------------------- - -% \htline defines a thick horizontal line in table -\def\htline{\noalign{\hrule height 2\arrayrulewidth}} - -% \hdline defines a dotted horizontal line in table -\def\hdline{\noalign{.\dotfill{}.}} - -%To keep footnotes on a single page except in extreme cases -\interfootnotelinepenalty=5000 %from 0 to 10000 - -%To prevent hyphenation -\hyphenpenalty=5000 %from 0 to 10000, default is 200 - -%To prevent breaking math formula -\relpenalty=4000 %from 0 to 10000, default is 500 - -%To prevent breaking math formula after binary operator -\binoppenalty=10000 %from 0 to 10000, default is 700 - -%-------------------------------------------------------- - - -\RequirePackage[mathscr]{eucal} -\RequirePackage[normalem]{ulem} -\providecommand\bmmax{0} % Prevent boldmath package from using up too much memory -\RequirePackage{bm} % Allow bold math -\RequirePackage{bbm} % Blackbord math - -% font for URLs -\RequirePackage{url} -\def\UrlFont{\ttfamily} - -\usepackage[econtex]{optional} % Enable the control of compilation using options passed on startup -\opt{EndFloats}{\RequirePackage[noheads,nolists,tablesfirst,nomarkers]{endfloat}} - -% page format, margins if PrintGeom option is invoked -\opt{PrintGeom}{ -\RequirePackage{geometry} -\geometry{letterpaper, tmargin=1.4in, bmargin=1.4in, lmargin=1.25in, - rmargin=1.25in, headheight=0in, headsep=0in, footskip=0.5in } -} - -\opt{JournalFormatting}{ % BEJM requires 1.5 inch margins -\RequirePackage{geometry} -\geometry{letterpaper, tmargin=1.5in, bmargin=1.5in, lmargin=1.5in, - rmargin=1.5in, headheight=0in, headsep=0in, footskip=0.5in } -} - -\providecommand{\textSizeDefault}{\normalsize} -\opt{bigWide}{\renewcommand{\textSizeDefault}{\large}} - -\providecommand{\abstractSizeDefault}{\small} -\opt{bigWide}{\renewcommand{\abstractSizeDefault}{\normalsize}} - -%% formatting section headers -\setkomafont{section}{\normalfont \Large \bfseries} -\setkomafont{subsection}{\normalfont \large} -\setkomafont{subsubsection}{\normalfont \itshape} - -% citations and bibliography -\RequirePackage[authoryear]{natbib} -\AtBeginDocument{\renewcommand{\refname}{\clearpage References} -\renewcommand\@makefnmark - {\mbox{\textsuperscript{\tiny\@thefnmark}}} % Restore footnote defn after titlepage redefines it -\ifdvi - \renewcommand{\ushort}{\underline} % ushort seems to not work properly for tex4ht (which compiles using dvi) -\fi -} - -% captions of figures and tables -\setcapwidth[c]{\textwidth} -% \setcapindent*{0pt} -\setkomafont{captionlabel}{\centering \bfseries} -\setkomafont{caption}{\centering} -\renewcommand{\captionformat}{~ } - -\newcommand{\forcedate}[1]{\newcommand{\@forcedate}{#1}} - -% titlepage with title, author(s), and date - -\renewcommand{\maketitle}{ -\ifthenelse{ \isundefined\@forcedate }{ - \ClassWarningNoLine{econtex}{{\protect\forcedate} is undefined in the .tex file; please define it and rerun}}{} - \ifthenelse{\equal{\theIncludeTitlePage}{1}}{ - \let\footnotesize\scriptsize - \thispagestyle{empty} - \vspace*{0mm} - \enlargethispage{0.4in} - }{} - \begin{center} - \begin{LARGE} - \begin{spacing}{1.00} - \textbf{\@title} - \end{spacing} - \end{LARGE}\medskip\medskip\medskip - {\normalsize \@date \par} - {\tiny{~}\par} - \ifthenelse{\equal{\theIncludeTitlePage}{1}}{ - \vspace*{3mm} - {\large - \lineskip .75em% - \begin{tabular}[t]{c}% - \@author - \end{tabular}\par}% - }{} - \end{center} -} - - -\newcommand{\maketitleWithForcedDate}[1]{ -\ClassWarningNoLine{econtex}{\protect\maketitleWithForcedDate{} is deprecated. To set a date different from the current one, just use the \protect\date{(string desired to signify paper date)}} - - \ifthenelse{\equal{\theIncludeTitlePage}{1}}{ - \let\footnotesize\scriptsize - \thispagestyle{empty} - \vspace*{0mm} - \enlargethispage{0.4in} - }{} - \begin{center} - \begin{LARGE} - \begin{spacing}{1.00} - \textbf{\@title} - \end{spacing} - \end{LARGE}\medskip\medskip\medskip - {\normalsize #1 \par} - {\tiny{~}\par} - \ifthenelse{\equal{\theIncludeTitlePage}{1}}{ - \vspace*{3mm} - {\large - \lineskip .75em% - \begin{tabular}[t]{c}% - \@author - \end{tabular}\par}% - }{} - \end{center} -} - - -% abstract, keywords, JEL classification -\newcommand{\keywords}[1]{\newcommand{\@keywords}{#1}} -\newcommand{\jelclass}[1]{\newcommand{\@jelclass}{#1}} -\newcommand{\aspublished}[1]{\newcommand{\@aspublished}{#1}} - -\renewenvironment{abstract}{% - \begin{spacing}{0.9} - \noindent {\tiny \phantom{.}} \\ % Trick to get proper spacing in html - \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \vspace*{4mm} - \abstractSizeDefault - \noindent \textbf{Abstract}\\ - \indent -}{% - \noindent {\tiny \phantom{.}} \\ % Trick to get proper spacing in html - \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \vspace*{0mm} - \ifthenelse{ \isundefined\@keywords }{ - \ClassWarningNoLine{econtex}{No keywords specified. - Please use the command \protect\keywords} - }{ - } - \end{spacing} - -\begin{quote} -\begin{Description} -\item[\textbf{Keywords~}] \@keywords -\ifthenelse{ \isundefined\@jelclass }{ -\ClassWarningNoLine{econtex}{No JEL classification specified. - Please use the command \protect\jelclass} -}{ -\item[\textbf{JEL codes~}] \@jelclass -} - -\end{Description} -\ifthenelse{ \isundefined\@aspublished }{ -}{ -{ - -\vspace{0.1in}\@aspublished} -}\end{quote} -} - -\setcounter{footnote}{0}% - -\medskip - -% avoid clubs and widows -\clubpenalty=1000 % penalty for breaking a page with only one sentence; set to 10000 to prohibit -\widowpenalty=10000 -% \displaywidowpenalty=10000 - -\hbadness 3000 % LaTeX default is 1000, which is too finicky - set to 10000 to get rid of complaints - -% increase stretchability of the spaces (avoid overfull hboxes) -\setlength{\emergencystretch}{3em} - - -\pagestyle{plain} -\thispagestyle{empty} - -\newcommand{\titlepagefinish}{\newpage -\renewcommand\@makefnmark - {\mbox{\textsuperscript{\tiny\@thefnmark}}} -} - - -\RequirePackage[multiple]{footmisc} -\RequirePackage{manyfoot} -\RequirePackage{perpage} \DefineFNsymbols{blank}[text]{{} {} {} {} {}} \setfnsymbol{blank} \DeclareNewFootnote{B}[fnsymbol] \MakePerPage{footnoteB} \renewcommand{\thanks}{\footnoteB} \newcommand{\thanksFooter}{\footnoteB} - -% 20170126: perpage package conflicts with something else so is removed in econtexMake.sh - -\hfuzz2pt % Don't bother to report over-full boxes if over-edge is < 2pt - -%%%%%%%%%% Added by Amy Hendrickson, TeXnology Inc. -%% Amy change, Feb 28, 2011 ==>> - -%%% Generalization of the author and authorinfo commands, based on -%%% the original code. - -%% Sample use: -%% \author{Christopher D. Carroll\authNum \\ -%% \and -%% Jiri Slacalek\authNum \\ -%% \and -%% Martin Sommer\authNum \\ -%% \and -%% Another Name\authNum -%% \and -%% Still Another Name\authNum -%% } - -\newcounter{authornum} % Use either \num or (preferred) \authNum to denote authors -\def\num{\global\advance\c@authornum by 1\textsuperscript{\tiny \the\c@authornum}} -\def\authNum{\global\advance\c@authornum by 1\textsuperscript{\tiny \the\c@authornum}} - -%% \begin{authorsinfo}...\end{authorsinfo} - -%% Now used: -%% \begin{authorsinfo} -%% \name{First author: info} -%% \\ -%% \name{Second author: info} -%% \\ -%% \name{Third author: info} -%% (and so on for as many authors -%% as you have) -%% \end{authorsinfo} -%% (note: the \\ doesn't do anything, but makes it easier to -%% see the separate author names.) - -\newcounter{bottomauthor} -\def\authorsinfo{\global\c@bottomauthor=0\setbox0=\vbox\bgroup\footnotesize -\let\\ \relax -} - -\def\endauthorsinfo{\egroup -\footnoteB{\unvbox0} -} - -\def\name#1{\global\advance\c@bottomauthor by 1\textsuperscript{\tiny \the\c@bottomauthor}{#1}{~~~~}} - -\makeatletter -\DeclareOldFontCommand{\rm}{\normalfont\rmfamily}{\mathrm} -\DeclareOldFontCommand{\sf}{\normalfont\sffamily}{\mathsf} -\DeclareOldFontCommand{\tt}{\normalfont\ttfamily}{\mathtt} -\DeclareOldFontCommand{\bf}{\normalfont\bfseries}{\mathbf} -\DeclareOldFontCommand{\it}{\normalfont\itshape}{\mathit} -\DeclareOldFontCommand{\sl}{\normalfont\slshape}{\@nomath\sl} -\DeclareOldFontCommand{\sc}{\normalfont\scshape}{\@nomath\sc} -\makeatother diff --git a/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/econtex.sty b/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/econtex.sty deleted file mode 100644 index 1147b1e85..000000000 --- a/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/econtex.sty +++ /dev/null @@ -1,30 +0,0 @@ -%---------------Custom Definitions-------------- - -\def\liminf{\mathop{\rm lim\, inf}\limits} -\DeclareMathOperator{\Ex}{\mathbb{E}} % Expectations operator -\def\var{\operatorname{var}} % variance -\def\cov{\operatorname{cov}} % covariance -\def\std{\operatorname{std}} % standard deviation -\def\argmax{\operatornamewithlimits{arg\,max}} % argmax - -%---------------Custom Modifications---------------------- - -% \htline defines a thick horizontal line in table -\def\htline{\noalign{\hrule height 2\arrayrulewidth}} - -% \hdline defines a dotted horizontal line in table -\def\hdline{\noalign{.\dotfill{}.}} - -%To keep footnotes on a single page except in extreme cases -\interfootnotelinepenalty=5000 %from 0 to 10000 - -%To prevent hyphenation -\hyphenpenalty=5000 %from 0 to 10000, default is 200 - -%To prevent breaking math formula -\relpenalty=4000 %from 0 to 10000, default is 500 - -%To prevent breaking math formula after binary operator -\binoppenalty=10000 %from 0 to 10000, default is 700 - -%-------------------------------------------------------- diff --git a/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/econtexBibMake.tex b/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/econtexBibMake.tex deleted file mode 100644 index f7684326d..000000000 --- a/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/econtexBibMake.tex +++ /dev/null @@ -1,7 +0,0 @@ - -%\write18{if [ `kpsewhich economics.bib` != '' ]; then touch economics.bib ; fi} # This should be done only for final versions AFTER bibexport has occurred and \jobname.bib is populated -\write18{if [ ! -f \jobname.bib ]; then touch \jobname.bib ; fi} -\write18{if [ ! -f \jobname-Add.bib ]; then touch \jobname-Add.bib ; fi} - - -\bibliography{economics,\jobname,\jobname-Add} diff --git a/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/econtexSetup.sty b/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/econtexSetup.sty deleted file mode 100644 index d704d47a2..000000000 --- a/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/econtexSetup.sty +++ /dev/null @@ -1,231 +0,0 @@ -\RequirePackage{wasysym -,psibycus % Greek language package, including koppa -,ushort -%,lscape % Pages in landscape mode go inside \begin{landscape}\end{landscape} % CONFLICTS WITH EPSTOPDF -} - -\newenvironment{CDCPrivate} % Environment for extra material not wanted in the public document -{\marginpar{\tiny beginCDC}}{\marginpar{\tiny endCDC}} % CDCPrivate - -\provideboolean{Web} -\setboolean{Web}{false} % reset to true if running via dvi; search for \ifdvi below - -\provideboolean{bigPrint} -\setboolean{bigPrint}{true} -\setboolean{bigPrint}{false} - -\provideboolean{wideMargins} -\setboolean{wideMargins}{true} -\setboolean{wideMargins}{false} - -\provideboolean{BigAndWide} -\setboolean{BigAndWide}{true} -\setboolean{BigAndWide}{false} - -% Options to set if being run from the shell (so autocompiled) -\opt{FromShell}{ -\setboolean{bigPrint}{false} -\setboolean{wideMargins}{false} -\setboolean{BigAndWide}{false} -} - -\opt{bigWide}{ -\setboolean{bigPrint}{true} -\setboolean{wideMargins}{true} -\setboolean{BigAndWide}{true} -\providecommand{\textSizeDefault}{\large} -\providecommand{\abstractSizeDefault}{\large} -} - -\opt{Aquamacs}{ -%\setboolean{bigPrint}{true} -%\setboolean{wideMargins}{true} -%\setboolean{BigAndWide}{true} -%\providecommand{\textSizeDefault}{\large} -%\providecommand{\abstractSizeDefault}{\large} -} - -\provideboolean{KoppaOn} -\setboolean{KoppaOn}{true} -%\setboolean{KoppaOn}{false} - -\ifthenelse{\boolean{KoppaOn}}{ -\providecommand{\koppa}{\text{\greek{k+}}} -\providecommand{\Koppa}{\text{\greek{K+}}} -\providecommand{\sampi}{\text{\greek{s+}}} -\providecommand{\cigma}{\text{\greek{c+}}} -\providecommand{\Cigma}{\text{\greek{C+}}} -}{ -\def\koppa{\mathbf{q}}\providecommand{\koppa}{$\mathbf{q}$}\providecommand{\Koppa}{$\mathbf{Q}$} -} - -% Keep the elements in the argument #1 together on the same page -\newcommand{\together}[1]{\noindent\parbox{\linewidth}{#1}} - -% html version of document must be constructed by running pdflatex in -% dvi output mode; code below creates an ifdvi construct that detects -% whether running in dvi mode and sets the options necessary to generate -% html version of document using tex4ht - -%\makeatletter -%\newif\ifdvi\dvitrue -%\@ifundefined{pdfoutput}{}{\ifnum\pdfoutput>0 \dvifalse\fi} -%\makeatother - -% dvi compilation only occurs if making the html version -\ifdvi - \setboolean{Web}{true} - \RequirePackage{tex4ht} - \RequirePackage{graphicx} - \RequirePackage[tex4ht]{hyperref} - \provideboolean{bigPrint}\setboolean{bigPrint}{true} % HTM output looks better in a larger font size - \providecommand{\wideMargins}{\null{}} % Wide margins doesn't mean anything for html documents - \newcommand{\CDCFig}[1]{\centerline{\includegraphics{#1}}} - \newcommand{\CDCFigSideways}[1]{\centerline{\includegraphics{#1}}} - \DeclareGraphicsExtensions{.png} - \providecommand{\textSizeDefault}{\large} - \providecommand{\titlepagefinish}{\newpage\textSizeDefault} - \providecommand{\abstractSizeDefault}{\large} - \providecommand{\ushort}{\underline} % ushort seems to not work properly for tex4ht - \let\footnoterule\relax - \makeatletter - \renewenvironment{abstract}{% - \begin{spacing}{0.9} - \noindent {\tiny \phantom{.}} \\ % Trick to get proper spacing in html - \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \vspace*{5mm} - \noindent \textbf{Abstract}\\ - \indent \abstractSizeDefault - }{% - \noindent {\tiny \phantom{.}} \\ % Trick to get proper spacing in html -% \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \vspace*{3mm} - \ifthenelse{ \isundefined\@keywords }{ - \ClassWarningNoLine{bejournal}{No keywords specified. - Please use the command \protect\keywords} - }{ - } - \end{spacing} - \begin{quote} - \begin{Description} - \item[\textbf{~~~~~~~~~~~~Keywords~}] \@keywords - \ifthenelse{ 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\ifthenelse{\boolean{bigPrint}}{\renewcommand{\titlepagefinish}{\newpage\large}}{} -\fi - -\newcolumntype{d}[1]{D{.}{.}{#1}} % Seems to need to come after hyperref - -\definecolor{darkblue}{rgb}{0.1,0.094,0.3} -\definecolor{darkred}{rgb}{0.3,0,0} -\hypersetup{colorlinks=true, % put a box around links - linkbordercolor = {1 0 0}, % the box will be red - pdfborder = {1 0 0}, % -% bookmarks=true, % PDF will contain an index on the RHS - urlcolor=darkred, - citecolor=darkblue, - linkcolor=darkred -} - -%% Define the title table as different from the regular table - -%\let\tabularTitle\tabular -%\let\endtabularTitle\endtabular - -%\newenvironment{tabularTitle}{\tabularTitle}{\endtabularTitle} -\newenvironment{tabularTitle}{\tabular}{\endtabular} - -\providecommand{\SolvingMicroDSOPs}{\href{https://www.econ2.jhu.edu/people/ccarroll/SolvingMicroDSOPs/}{SolvingMicroDSOPs}} - -\newcommand{\handoutC}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/Consumption/#1.pdf}{\texttt{#1}}} -\newcommand{\handoutA}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/AssetPricing/#1.pdf}{\texttt{#1}}} -\newcommand{\handoutI}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/Investment/#1.pdf}{\texttt{#1}}} -\newcommand{\handoutG}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/Growth/#1.pdf}{\texttt{#1}}} -\newcommand{\handoutF}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/MathFacts/#1.pdf}{\texttt{#1}}} -\newcommand{\handoutD}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/DSGEModels/#1.pdf}{\texttt{#1}}} -\newcommand{\MathFactsList}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/MathFacts/MathFactsList.pdf}{\texttt{MathFacts}}} 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-\providecommand{\LogEps}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#LogEps}{\ensuremath{\mathtt{[LogEps]}}}} -\providecommand{\LogMeanMPS}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#LogMeanMPS}{\ensuremath{\mathtt{[LogMeanMPS]}}}} -\providecommand{\MeanOne}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#MeanOne}{\ensuremath{\mathtt{[MeanOne]}}}} -\providecommand{\MultPlus}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#MultPlus}{\ensuremath{\mathtt{[MultPlus]}}}} -\providecommand{\NormTimes}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#NormTimes}{\ensuremath{\mathtt{[NormTimes]}}}} -\providecommand{\OverPlus}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#OverPlus}{\ensuremath{\mathtt{[OverPlus]}}}} 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-\provideboolean{SpaceBetweenAnswers} -\setboolean{SpaceBetweenAnswers}{true} -\providecommand{\AnswerOrBlankSpace}{\ifthenelse{\boolean{SpaceBetweenAnswers}}} - -\opt{Answers}{\provideboolean{AnswersTF}\setboolean{AnswersTF}{true}} - -\newcommand{\ifAnswers}{\ifthenelse{\boolean{AnswersTF}}} -\newcommand{\answer}[2]{\ifthenelse{\boolean{AnswersTF}}{ - -{\it Answer:} -\begin{quote} -#1 -\end{quote} -} -{#2}} diff --git a/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/econtexShortcuts.sty b/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/econtexShortcuts.sty deleted file mode 100644 index 815471c61..000000000 --- a/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/econtexShortcuts.sty +++ /dev/null @@ -1,628 +0,0 @@ -\providecommand{\aAgg}{\ensuremath{\mathsf{A}}} -\providecommand{\aboveMin}{\blacktriangle} -\providecommand{\adjPar}{\ensuremath{\omega}} -\providecommand{\adj}{\ensuremath{\mathrm{j}}} -\providecommand{\aE}{\aRat^{e}} -\providecommand{\aFunc}{\ensuremath{\mathrm{a}}} -\providecommand{\Age}{\ensuremath{Z}} -\providecommand{\age}{\ensuremath{z}} -\providecommand{\ALevBF}{\ensuremath{\mathbf{A}}} -\providecommand{\aLevBF}{\ensuremath{\mathbf{a}}} -\providecommand{\ALev}{\ensuremath{A}} -\providecommand{\aLev}{\ensuremath{a}} -\providecommand{\Alive}{\ensuremath{\cancel{\mathfrak{D}}}} -\providecommand{\Alt}{\grave} -\providecommand{\aMin}{\ensuremath{\underline{\aRat}}} -\providecommand{\ARat}{\ensuremath{A}} -\providecommand{\aRat}{\ensuremath{a}} -\providecommand{\ASS}{\ensuremath{\ensuremath{A}}} -\providecommand{\aSS}{\ensuremath{\ensuremath{a}}} -\providecommand{\ATarg}{\ensuremath{\check{A}}} -\providecommand{\aTarg}{\ensuremath{\check{a}}} -\providecommand{\BE}{\BRat^{e}} -\providecommand{\bE}{\bRat^{e}} -\providecommand{\BLevBF}{\ensuremath{\mathbf{B}}} -\providecommand{\bLevBF}{\ensuremath{\mathbf{b}}} -\providecommand{\BLevE}{\ensuremath{\BLev^{e}}} 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sometimes useful, and not native to LaTeX -\providecommand{\CLevBF}{\ensuremath{\mathbf{C}}} -\providecommand{\cLevBF}{\ensuremath{\mathbf{c}}} -\providecommand{\CLevE}{\CLev^{e}} -\providecommand{\cLevE}{\cLev^{e}} -\providecommand{\cLevFunc}{\ensuremath{\pmb{\cFunc}}} -\providecommand{\CLevU}{\CLev^{u}} -\providecommand{\cLevU}{\cLev^{u}} -\providecommand{\cLev}{\ensuremath{c}} -\providecommand{\CLev}{\ensuremath{C}} -\providecommand{\Cons}{\ensuremath{C}} -\providecommand{\cons}{\ensuremath{c}} -\providecommand{\corr}{\varrho} -\providecommand{\cPDVFunc}{\ensuremath{\mathbb{C}}} -\providecommand{\CPDV}{\ensuremath{\text{PDV($C$)}}} -\providecommand{\cPPP}{\cons^{\prime\prime\prime}} -\providecommand{\cPP}{\cons^{\prime\prime}} -\providecommand{\cP}{\cons^{\prime}} -\providecommand{\cRatBF}{\ensuremath{\pmb{c}}} -\providecommand{\CRatE}{\CRat^{e}} -\providecommand{\cRatE}{\cRat^{e}} -\providecommand{\CRatU}{\CRat^{u}} -\providecommand{\cRatU}{\cRat^{u}} 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-\providecommand{\DiscAltuAdj}{\ensuremath{\underline{\underline{\beth}}}} -\providecommand{\DiscAlt}{\ensuremath{\beth}} -\providecommand{\Discount}{\ensuremath{\beta}} -\providecommand{\DiscRate}{\ensuremath{\vartheta}} -\providecommand{\DiscRte}{\ensuremath{\vartheta}} % New -\providecommand{\DiscFac}{\ensuremath{\beta}} % New -\providecommand{\DivGro}{\ensuremath{\mathsf{G}}} -\providecommand{\divGro}{\ensuremath{\mathsf{g}}} -\providecommand{\Div}{\ensuremath{D}} -\providecommand{\div}{\ensuremath{d}} -\providecommand{\DLev}{\ensuremath{D}} -\providecommand{\Dvdnd}{\ensuremath{\mathbf{D}}} -\providecommand{\dvdnd}{\ensuremath{d}} -\providecommand{\edvdnd}{\grave{\dvdnd}} -\providecommand{\EEndMap}{\ensuremath{\mathsf{E}}} -\providecommand{\effUnits}{\ensuremath{X}} -\providecommand{\eFunc}{\ensuremath{\mathrm{e}}} -\providecommand{\ELev}{\ensuremath{E}} -\providecommand{\ek}{\ensuremath{\lambda}} -\providecommand{\EmpGro}{\ensuremath{\Xi}} -\providecommand{\empGro}{\ensuremath{\xi}} -\providecommand{\empState}{\xi} % employment state indicator variable -\providecommand{\EpremLog}{\varphi} % Not using regular \eprem because want to distinguish between \varphi = log E_{t}[\Phi_{t+1}] and \phi_{t} = E[\log \Phi_{t}] -\providecommand{\EPrem}{\Phi} % equity premium -\providecommand{\eprem}{\phi} % log equity premium -\providecommand{\EpShkInv}{\Ex[\pShk^{-1}]} -\providecommand{\erate}{\ensuremath{\cancel{\mho}}} -\providecommand{\error}{\ensuremath{\epsilon}} -\providecommand{\Err}{\ensuremath{Z}} -\providecommand{\err}{\ensuremath{z}} -\providecommand{\err}{\ensuremath{z}} -\providecommand{\Estdr}{\ensuremath{\sigma_{\risky}}} % Standard deviation of log return on risky asset -\providecommand{\Evarr}{\ensuremath{\sigma_{\risky}^{2}}} % Variance of log return on risky asset -\providecommand{\EVarr}{\sigma_{\Risky}^{2}} % Variance of level return on risky asset (when returns norm dist) -\providecommand{\expend}{\ensuremath{\xi}} -\providecommand{\Ex}{\ensuremath{\mathbb{E}}} % Expectations -\providecommand{\FDist}{\ensuremath{\mathcal{F}}} -\providecommand{\fDist}{\ensuremath{\mathcal{f}}} -\providecommand{\FFunc}{\ensuremath{\mathrm{F}}} -\providecommand{\fFunc}{\ensuremath{\mathrm{f}}} -\providecommand{\FLev}{\ensuremath{F}} -\providecommand{\fLev}{\ensuremath{f}} -\providecommand{\fPP}{\ensuremath{\mathrm{f}^{\prime\prime}}} -\providecommand{\FPP}{\ensuremath{\mathrm{F}^{\prime\prime}}} -\providecommand{\fP}{\ensuremath{\mathrm{f}^{\prime}}} -\providecommand{\FP}{\ensuremath{\mathrm{F}^{\prime}}} -\providecommand{\GLev}{\ensuremath{G}} -\providecommand{\GovNW}{\ensuremath{N}} -\providecommand{\govNW}{\ensuremath{n}} -\providecommand{\GovSpend}{\ensuremath{X}} -\providecommand{\govSpend}{\ensuremath{x}} -\providecommand{\Habit}{\ensuremath{H}} -\providecommand{\Habit}{\ensuremath{H}} -\providecommand{\habit}{\ensuremath{h}} -\providecommand{\Ham}{\ensuremath{\mathcal{H}}} % Hamiltonian -\providecommand{\HARKcore}{\texttt{HARKcore}} -\providecommand{\hEndMin}{\ensuremath{\underline{\mathfrak{h}}}} -\providecommand{\hEnd}{\ensuremath{\mathfrak{h}}} -\providecommand{\hFunc}{\ensuremath{\mathrm{h}}} -\providecommand{\Hi}{\hat} -\providecommand{\HLev}{\ensuremath{H}} -\providecommand{\HLevBF}{\ensuremath{\mathbf{H}}} -\providecommand{\hLevBF}{\ensuremath{\mathbf{h}}} -\providecommand{\HLev}{\ensuremath{\pmb{H}}} -\providecommand{\hLev}{\ensuremath{\pmb{h}}} -\providecommand{\hMin}{\ensuremath{\underline{\h}}} -\providecommand{\HMin}{\ensuremath{\underline{H}}} -\providecommand{\hours}{\ensuremath{\mathfrak{h}}} -\providecommand{\Hours}{\ensuremath{\mathfrak{H}}} -\providecommand{\HRat}{\ensuremath{H}} -\providecommand{\hRat}{\ensuremath{h}} -\providecommand{\h}{\ensuremath{h}} -\providecommand{\H}{\ensuremath{H}} -\providecommand{\iFunc}{\ensuremath{\mathrm{i}}} -\providecommand{\IFunc}{\ensuremath{\mathrm{I}}} -\providecommand{\ILev}{\ensuremath{I}} -\providecommand{\iLev}{\ensuremath{i}} -\providecommand{\impg}{{\imath}_{\pGro}} -\providecommand{\ImpG}{{\Im}_{\PGro}} -\providecommand{\impr}{{\imath}_{\rfree}} -\providecommand{\ImpR}{{\Im}_{\Rfree}} -\providecommand{\Inc}{{Y}} -\providecommand{\inc}{{y}} -\providecommand{\InvEpShkInv}{\acute{\psi}} -\providecommand{\InvEpShkInv}{\underline{\psi}} -\providecommand{\Inv}{{I}} -\providecommand{\inv}{{i}} -\providecommand{\IRat}{\ensuremath{I}} -\providecommand{\iRat}{\ensuremath{i}} -\providecommand{\itc}{\ensuremath{\zeta}} -\providecommand{\jFunc}{\ensuremath{\mathrm{j}}} -\providecommand{\JLev}{\ensuremath{J}} -\providecommand{\kapRent}{\ensuremath{\varkappa}} -\providecommand{\kapShare}{\ensuremath{\alpha}} -\providecommand{\Kap}{{K}} -\providecommand{\kap}{{k}} -\providecommand{\KFunc}{\ensuremath{\mathrm{K}}} -\providecommand{\kFunc}{\ensuremath{\mathrm{k}}} -\providecommand{\KLevBF}{\ensuremath{\mathbf{K}}} -\providecommand{\kLevBF}{\ensuremath{\mathbf{k}}} -\providecommand{\KLev}{\ensuremath{K}} -\providecommand{\kLev}{\ensuremath{k}} -\providecommand{\kPriceAfterITC}{\ensuremath{\mathscr{P}}} -\providecommand{\kPrice}{\ensuremath{\mathsf{P}}} -\providecommand{\KRat}{\ensuremath{K}} -\providecommand{\kRat}{\ensuremath{k}} -\providecommand{\kTargE}{\ensuremath{\Target{k}^{e}}} -\providecommand{\kTarg}{\ensuremath{\Target{k}}} -\providecommand{\labor}{\ensuremath{\ell}} % -\providecommand{\Labor}{\ensuremath{L}} -\providecommand{\labShare}{\ensuremath{\nu}} -\providecommand{\Leisure}{Z} % -\providecommand{\leisure}{z} % -\providecommand{\leiShare}{\ensuremath{\zeta}} % -\providecommand{\LGro}{\ensuremath{\Lambda}} -\providecommand{\lGro}{\ensuremath{\lambda}} -\providecommand{\LLevBF}{\ensuremath{\mathbf{L}}} -\providecommand{\lLevBF}{\ensuremath{\pmb{\ell}}} -\providecommand{\lLev}{\ensuremath{\ell}} -\providecommand{\LLev}{\ensuremath{L}} -\providecommand{\Lo}{\check} -\providecommand{\LRat}{\ensuremath{L}} -\providecommand{\MaxMaxMPC}{\ensuremath{\bar{\bar{\kappa}}}} -\providecommand{\MaxMinMPC}{\ensuremath{\hat{\underline{\kappa}}}} -\providecommand{\MaxMPC}{\ensuremath{\bar{\kappa}}} -\providecommand{\MaxMPS}{\ensuremath{\PatR}} -\providecommand{\Mean}{\ensuremath{\mathbb{M}}} % Mean -\providecommand{\mEss}{\check{m}^{e}} -\providecommand{\ME}{\MRat^{e}} -\providecommand{\mE}{\mRat^{e}} -\providecommand{\mFunc}{\ensuremath{\mathrm{m}}} -\providecommand{\MinMinMPC}{\ensuremath{\underline{\kappa}}} -\providecommand{\MinMPC}{\ensuremath{\uline{\kappa}}} -\providecommand{\MinMPS}{\ensuremath{\pZero^{1/\CRRA} \PatR}} -\providecommand{\MLevBF}{\ensuremath{\mathbf{M}}} -\providecommand{\mLevBF}{\ensuremath{\mathbf{m}}} -\providecommand{\mLevBF}{\ensuremath{\mathbf{m}}} -\providecommand{\mLevE}{\mLev^{e}} -\providecommand{\MLev}{\ensuremath{M}} -\providecommand{\mLev}{\ensuremath{m}} -\providecommand{\MPCE}{\MPC^{e}} -\providecommand{\MPCFunc}{\ensuremath{\pmb{\kappa}}} -\providecommand{\MPCPPF}{\ensuremath{\Pi}} -\providecommand{\MPCP}{\ensuremath{\pi}} -\providecommand{\MPCU}{\MPC^{u}} -\providecommand{\MPC}{\ensuremath{\kappa}} -\providecommand{\MPSFunc}{\ensuremath{\pmb{lambda}}} -\providecommand{\MPS}{\ensuremath{\lambda}} -\providecommand{\MRatE}{\MRat^{e}} -\providecommand{\mRatE}{\mRat^{e}} -\providecommand{\MRat}{\ensuremath{M}} -\providecommand{\mRat}{\ensuremath{m}} -\providecommand{\MSS}{\ensuremath{\breve{M}}} -\providecommand{\mSS}{\ensuremath{\breve{m}}} -\providecommand{\mTarg}{\check{m}} -\providecommand{\MU}{{M}^{u}} -\providecommand{\mU}{{m}^{u}} -\providecommand{\m}{\ensuremath{m}} -\providecommand{\M}{\ensuremath{M}} -\providecommand{\next}{2} % via search-and-replace -\providecommand{\Next}{t+1} % -\providecommand{\nFunc}{\ensuremath{\mathrm{n}}} -\providecommand{\NLev}{\ensuremath{N}} -\providecommand{\nLev}{\ensuremath{n}} -\providecommand{\NRat}{\ensuremath{N}} -\providecommand{\nRat}{\ensuremath{n}} -\providecommand{\Num}{\ensuremath{N}} -\providecommand{\n}{\ensuremath{n}} -\providecommand{\OLevBF}{\ensuremath{O}} -\providecommand{\oLevBF}{\ensuremath{\mathbf{o}}} -\providecommand{\OLev}{\ensuremath{O}} -\providecommand{\oLev}{\ensuremath{\pmb{o}}} -\providecommand{\ORat}{\ensuremath{O}} -\providecommand{\oRat}{\ensuremath{o}} -\providecommand{\Pareto}{\zeta} -\providecommand{\PatPGroAdj}{\text{\pmb{\Thorn}}_{\acute{\PGro}}} -\providecommand{\patpGroAdj}{\text{\thorn}_{\acute{\pGro}}} -\providecommand{\patpGrohat}{\hat{\text{\thorn}}_{\pGro}} -\providecommand{\PatPGro}{\text{\pmb{\Thorn}}_{\PGro}} -\providecommand{\patpGro}{\text{\thorn}_{\pGro}} -\providecommand{\PatR}{\text{\pmb{\Thorn}}_{\Rfree}} -\providecommand{\patr}{\text{\thorn}_{\rfree}} -\providecommand{\PatU}{\text{\pmb{\Thorn}}_{\urate}} -\providecommand{\patu}{\text{\thorn}_{\urate}} -\providecommand{\PatWGro}{\text{\pmb{\Thorn}}_{\WGro}} -\providecommand{\patwGro}{\text{\thorn}_{\wGro}} -\providecommand{\Pat}{\text{\pmb{\Thorn}}} -\providecommand{\pat}{\text{\thorn}} -\providecommand{\pDeadRate}{\ensuremath{\grave{\cancel{\mathsf{d}}}}} -\providecommand{\pDead}{\ensuremath{\mathfrak{D}}} -\providecommand{\pDieRate}{\ensuremath{\grave{\mathsf{d}}}} -\providecommand{\pDies}{\ensuremath{\mathrm{d}}} % Continuous time death rate -\providecommand{\PDies}{\ensuremath{\mathsf{D}}} % Discrete-time one-period death rate -\providecommand{\PDV}{\ensuremath{\mathbb{P}}} % PDV -\providecommand{\PGroAdj}{\ensuremath{\underline{\PGro}}} -\providecommand{\pGroAdj}{\ensuremath{\underline{\pGro}}} -\providecommand{\PGrouAdj}{\ensuremath{\underline{\underline{\PGro}}}} -\providecommand{\pGrouAdj}{\ensuremath{\underline{\underline{{\pGro}}}}} -\providecommand{\PGro}{\ensuremath{\Gamma}} -\providecommand{\pGro}{\ensuremath{\gamma}} -\providecommand{\phiFunc}{\ensuremath{\digamma}} -\providecommand{\PIHMPC}{\ensuremath{\varkappa}} -\providecommand{\PInc}{\ensuremath{P}} -\providecommand{\PLabor}{\ensuremath{P}} % Permanent labor income in levels -\providecommand{\Plabor}{P} % Permanent labor income in levels -\providecommand{\PLevBF}{\ensuremath{\mathbf{P}}} -\providecommand{\pLevBF}{\ensuremath{\mathbf{p}}} -\providecommand{\PLev}{\ensuremath{P}} -\providecommand{\pLev}{\ensuremath{\pmb{p}}} -\providecommand{\PLev}{\ensuremath{P}} -\providecommand{\PLives}{\ensuremath{\cancel{\PDies}}} -\providecommand{\pLives}{\ensuremath{\cancel{\pDies}}} -\providecommand{\pNotZero}{\ensuremath{\cancel{\wp}}} -\providecommand{\PopE}{\mathcal{E}} -\providecommand{\popE}{e} -\providecommand{\PopGro}{\ensuremath{\Xi}} -\providecommand{\popGro}{\ensuremath{\xi}} -\providecommand{\PopLev}{\ensuremath{\pmb{N}}} -\providecommand{\PopU}{\mathcal{U}} -\providecommand{\Pop}{\ensuremath{L}} -\providecommand{\PostITC}{\ensuremath{\cancel{\zeta}}} -\providecommand{\power}{\ensuremath{\eta}} -\providecommand{\pPDVFunc}{\ensuremath{\mathbb{P}}} -\providecommand{\PPDV}{\ensuremath{\text{PDV($P$)}}} -\providecommand{\pRat}{\ensuremath{p}} -\providecommand{\Price}{\ensuremath{\mathsf{P}}} -\providecommand{\ProdFunc}{\ensuremath{\mathrm{F}}} -\providecommand{\ProdFunc}{\ensuremath{\mathrm{F}}} -\providecommand{\prodFunc}{\ensuremath{\mathrm{f}}} -\providecommand{\prudEx}{\ensuremath{\omega}} -\providecommand{\prud}{\ensuremath{\eta}} -\providecommand{\pSav}{\ensuremath{\phi}} -\providecommand{\pShkMin}{\underline{\psi}} % -\providecommand{\PShk}{\Psi} % -\providecommand{\PermShkAgg}{\Psi} % New -\providecommand{\PermShk}{\Psi} % New -\providecommand{\permShk}{\psi} % New -\providecommand{\pShk}{\psi} % -\providecommand{\permShkInd}{\psi} % New -\providecommand{\pshk}{\psi} % -\providecommand{\PtyGro}{\ensuremath{\Phi}} -\providecommand{\ptyGro}{\ensuremath{\phi}} -\providecommand{\PtyLab}{\ensuremath{\mathrm{Z}}} % Labor productivity -\providecommand{\ptyLab}{\ensuremath{z}} % usually, log of \PtyLab -\providecommand{\PtyLev}{\ensuremath{A}} % Multiplies overall production function -\providecommand{\ptyLev}{\ensuremath{a}} % Usually, log of \PtyLev -\providecommand{\pZero}{\ensuremath{\wp}} -\providecommand{\QLev}{\ensuremath{Q}} -\providecommand{\q}{\ensuremath{\koppa}} -\providecommand{\RCpnd}{\ensuremath{\mathbf{R}}} -\providecommand{\RevFunc}{\ensuremath{\pmb{\Pi}}} -\providecommand{\revFunc}{\ensuremath{\pmb{\pi}}} -\providecommand{\Rev}{\ensuremath{\Pi}} -\providecommand{\rev}{\ensuremath{\pi}} -\providecommand{\rfree}{\ensuremath{\mathsf{r}}} % The net return on the safe asset at an annual rate -\providecommand{\Rfree}{\ensuremath{\mathsf{R}}} % The return factor on the safe asset - unfortunately mathfrak fonts don't come through for tth -\providecommand{\RFunc}{\ensuremath{\mathrm{R}}} -\providecommand{\RGross}{\ensuremath{\breve{\mathsf{R}}}} -\providecommand{\rGross}{\ensuremath{\breve{\mathsf{r}}}} -\providecommand{\RiskyAlt}{\ensuremath{\acute{\mathbf{R}}}} % The return on the risky asset -\providecommand{\riskyAlt}{\ensuremath{\acute{\mathbf{r}}}} % The net return on the risky asset annual rate -\providecommand{\riskyshare}{\ensuremath{\varsigma}} -\providecommand{\Risky}{\ensuremath{\mathbf{R}}} % The return on the risky asset -\providecommand{\risky}{\ensuremath{\mathbf{r}}} % The net return on the risky asset annual rate -\providecommand{\RLev}{\ensuremath{R}} % Rate of return (but better to use \Rfree or \Risky or something else more specific -\providecommand{\RnormWGro}{\ensuremath{\mathcal{R}_{\WGro}}} % Normalized version of riskless return factor -\providecommand{\rnormwGro}{\ensuremath{\mathit{r}_{\wGro}}} % Normalized version of riskless rate of return -\providecommand{\Rnorm}{\ensuremath{\mathcal{R}}} % Normalized version of riskless return factor -\providecommand{\rnorm}{\ensuremath{\mathit{r}}} % Normalized version of riskless rate of return -\providecommand{\Rport}{\ensuremath{\pmb{\mathfrak{R}}}} % Portfolio -weighted return -\providecommand{\rport}{\ensuremath{\pmb{\mathfrak{r}}}} % Portfolio -weighted return -\providecommand{\rProd}{\ensuremath{\mathit{r}}} -\providecommand{\Rprod}{\ensuremath{\mathscr{R}}} -\providecommand{\rprod}{\ensuremath{\mathscr{r}}} -\providecommand{\RProd}{\ensuremath{\mathsf{R}}} -\providecommand{\RSave}{\ensuremath{\ushort{\Rfree}}} -\providecommand{\rsave}{\ensuremath{\ushort{\rfree}}} -\providecommand{\RBoro}{\ensuremath{\bar{\Rfree}}} -\providecommand{\rboro}{\ensuremath{\bar{\rfree}}} -\providecommand{\R}{\Rfree} -\providecommand{\saveRate}{\grave{s}} % saving (income minus consumption) over income -\providecommand{\Save}{S} % Saving (income minus consumption) -\providecommand{\save}{s} % saving (income minus consumption) -\providecommand{\SDF}{\MLev} % Stochastic Discount Factor -\providecommand{\sdr}{\mRat} % Stochastic Discount rate -\providecommand{\Seniority}{\ensuremath{\mathsf{X}}} -\providecommand{\seniority}{\ensuremath{\mathsf{x}}} -\providecommand{\SeverancePayment}{\ensuremath{\mathcal{S}}} -\providecommand{\SeveranceRatio}{\ensuremath{\varsigma}} -\providecommand{\Severance}{\ensuremath{\varsigma}} -\providecommand{\SE}{\SRat^{e}} -\providecommand{\sE}{\sRat^{e}} -\providecommand{\sFunc}{\ensuremath{\mathrm{s}}} -\providecommand{\shk}{\phi} -\providecommand{\Shk}{\Phi} -\providecommand{\ShkLogZeroLogStd}{\sigma_{\cancel{\ShkMeanOneLog}}} % Std of that shock -\providecommand{\ShkLogZeroLogVar}{\sigma_{\cancel{\ShkMeanOneLog}}^{2}} % Variance of that shock -\providecommand{\ShkLogZeroLog}{\cancel{\ShkMeanOneLog}} % Log of that shock -\providecommand{\ShkLogZero}{\cancel{\ShkMeanOne}} % A shock whose expectation in logs is zero; cancellation of the nonzero mean for the mean one shock -\providecommand{\ShkMeanOneLogStd}{\sigma_{\ShkMeanOneLog}} % Std of that shock -\providecommand{\ShkMeanOneLogVar}{\sigma^{2}_{\ShkMeanOneLog}} % Log of that shock -\providecommand{\ShkMeanOneLog}{\theta} % Log of that shock -\providecommand{\ShkMeanOne}{\Theta} % A shock whose expectation in levels is always equal to one regardless of variance -\providecommand{\SLevBF}{\mathbf{S}} -\providecommand{\sLevBF}{\mathbf{s}} -\providecommand{\SLevE}{\SLev^{e}} -\providecommand{\sLevE}{\sLev^{e}} -\providecommand{\SLevU}{\SLev^{u}} -\providecommand{\sLevU}{\sLev^{u}} -\providecommand{\SLev}{\ensuremath{S}} -\providecommand{\sLev}{\ensuremath{s}} -\providecommand{\srate}{\ensuremath{\varsigma}} -\providecommand{\SRatE}{\SRat^{e}} -\providecommand{\sRatE}{\sRat^{e}} -\providecommand{\SRatU}{\SRat^{u}} -\providecommand{\sRatU}{\sRat^{u}} -\providecommand{\SRat}{\ensuremath{S}} -\providecommand{\sRat}{\ensuremath{s}} -\providecommand{\STargE}{\Target{\SRat}^{\null}} -\providecommand{\sTargE}{\Target{\sRat}^{\null}} -\providecommand{\STargTarg}{\Target{\Target{\SRat}}} -\providecommand{\sTargTarg}{\Target{\Target{\sRat}}} -\providecommand{\STarg}{\Target{\SRat}} -\providecommand{\sTarg}{\Target{\sRat}} -\providecommand{\Steady}{\bar} -\providecommand{\Stocks}{{S}} -\providecommand{\stocks}{{s}} -\providecommand{\straight}{\Pi} -\providecommand{\Surplus}{\ensuremath{Z}} -\providecommand{\surplus}{\ensuremath{z}} -\providecommand{\SU}{\SRat^{u}} -\providecommand{\sU}{\sRat^{u}} -\providecommand{\Target}{\check} -\providecommand{\TaxCombInv}{\ensuremath{\mathcal{T}^{-1}}} -\providecommand{\TaxComb}{\ensuremath{\mathcal{T}}} -\providecommand{\TaxCorp}{\ensuremath{\tau}} -\providecommand{\taxDep}{\ensuremath{\partial}} -\providecommand{\TaxFree}{\ensuremath{\cancel{\Tax}}} -\providecommand{\TaxLev}{T} -\providecommand{\TaxNetTrans}{\ensuremath{Z}} -\providecommand{\taxNetTrans}{\ensuremath{z}} -\providecommand{\TaxPaid}{\ensuremath{T}} -\providecommand{\TaxRate}{\ensuremath{t}} -\providecommand{\TaxUI}{\ensuremath{\tau}} -\providecommand{\Tax}{\ensuremath{\tau}} -\providecommand{\tax}{\tau} -\providecommand{\tBak}{\ensuremath{\pmb{n}}} -\providecommand{\TEatBak}{\ensuremath{\mathtt{q}}} -\providecommand{\TEat}{\ensuremath{\TEnd}} -\providecommand{\TEndBak}{\ensuremath{\mathsf{p}}} -\providecommand{\TEnd}{\ensuremath{T}} -\providecommand{\TermTime}{\ensuremath{T}} -\providecommand{\tFwd}{\ensuremath{n}} -\providecommand{\tHorOfm}{\ensuremath{\pmb{n}}} -\providecommand{\tHor}{\ensuremath{\mathsf{n}}} -\providecommand{\timeRate}{\ensuremath{\vartheta}} -\providecommand{\tinyAmount}{\ensuremath{\epsilon}} -\providecommand{\TLev}{\ensuremath{T}} -\providecommand{\TMap}{\mathscr{T}} -\providecommand{\tNow}{\ensuremath{t}} -\providecommand{\tShkAll}{\xi} % -\providecommand{\tShkEmpMin}{\underline{\theta}} % -\providecommand{\TShkEmp}{\Theta} % -\providecommand{\tShkEmp}{\theta} % -\providecommand{\tShkEmp}{\theta} % -\providecommand{\tranShkInd}{\theta} % New -\providecommand{\TranShkAgg}{\Theta} % New -\providecommand{\TShk}{\Xi} % -\providecommand{\tShk}{\xi} % -\providecommand{\tshk}{\xi} % -\providecommand{\tSS}{\ensuremath{t}} -\providecommand{\tThen}{\ensuremath{\tau}} -\providecommand{\uFunc}{{\ensuremath{\mathrm{u}}}} -\providecommand{\uInvEpShkuInv}{\underline{\underline{\psi}}} -\providecommand{\ULev}{\ensuremath{U}} -\providecommand{\uLev}{\ensuremath{u}} -\providecommand{\unins}{\ensuremath{\zeta}} -\providecommand{\uPDVFunc}{\ensuremath{\mathbb{U}}} -\providecommand{\uPmt}{\ensuremath{\mu}} -\providecommand{\uPPP}{{\ensuremath{\mathrm{u}^{\prime\prime\prime}}}} -\providecommand{\uPP}{{\ensuremath{\mathrm{u}^{\prime\prime}}}} -\providecommand{\uP}{{\ensuremath{\mathrm{u}^{\prime}}}} -\providecommand{\urate}{\ensuremath{\mho}} -\providecommand{\utilFunc}{\ensuremath{\mathrm{u}}} -\providecommand{\util}{\ensuremath{u}} -\providecommand{\ValAlt}{\ensuremath{\mathcal{V}}} % middle-of-period Value function -\providecommand{\valfn}{\ensuremath{\mathrm{v}}} % middle-of-period value function -\providecommand{\Value}{\ensuremath{\mathrm{V}}} % middle-of-period Value function -\providecommand{\VEndFunc}{\ensuremath{\mathfrak{V}}} -\providecommand{\vEndFunc}{\ensuremath{\mathfrak{v}}} -\providecommand{\VEnd}{\ensuremath{\mathfrak{V}}} % end-of-period Value function -\providecommand{\vEnd}{\ensuremath{\mathfrak{v}}} % end-of-period value function -\providecommand{\vEss}{\check{v}^{e}} -\providecommand{\VE}{{V}^{e}} -\providecommand{\vE}{{v}^{e}} -\providecommand{\vFirm}{\ensuremath{\mathrm{e}}} -\providecommand{\VFunc}{\ensuremath{\mathrm{V}}} -\providecommand{\vFunc}{\ensuremath{\mathrm{v}}} -\providecommand{\VInv}{\ensuremath{\Lambda}} -\providecommand{\vInv}{\ensuremath{\scriptstyle \Lambda \displaystyle}} -\providecommand{\vk}{\ensuremath{\lambda}} -\providecommand{\vLevBF}{\ensuremath{\mathbf{v}}} -\providecommand{\VLevFunc}{\ensuremath{\pmb{\mathrm{V}}}} -\providecommand{\vLevFunc}{\ensuremath{\pmb{\mathrm{v}}}} -\providecommand{\VLev}{\ensuremath{V}} -\providecommand{\vLev}{\ensuremath{v}} -\providecommand{\vNorm}{\ensuremath{\mathrm{w}}} % end-of-period value function -\providecommand{\VNum}{\ensuremath{V}} -\providecommand{\vNum}{\ensuremath{v}} -\providecommand{\vOptAlt}{\ensuremath{\Alt{\tilde{\mathfrak{v}}}}} -\providecommand{\vOpt}{\ensuremath{\tilde{\mathfrak{v}}}} -\providecommand{\VRat}{\ensuremath{V}} -\providecommand{\vRat}{\ensuremath{v}} -\providecommand{\vTarg}{\Target{\vRat}} -\providecommand{\VU}{{V}^{u}} -\providecommand{\vU}{{v}^{u}} -\providecommand{\Wage}{\ensuremath{\mathsf{W}}} -\providecommand{\wage}{\ensuremath{\mathsf{w}}} -\providecommand{\WAllLev}{\ensuremath{\mathbf{O}}} -\providecommand{\wAllLev}{\ensuremath{\mathbf{o}}} -\providecommand{\WAllRat}{\ensuremath{O}} -\providecommand{\wAllRat}{\ensuremath{o}} -\providecommand{\WAll}{{O}} -\providecommand{\wAll}{{o}} -\providecommand{\WBeg}{\KLev} % Wealth as of the beginning of the period (before R is received, not including Y) -\providecommand{\wBeg}{\kLev} % wealth as of the beginning of the period (before R is received, not including Y) -\providecommand{\Wealth}{\ensuremath{O}} -\providecommand{\wealth}{\ensuremath{o}} -\providecommand{\WEndRat}{\ARat} % -\providecommand{\wEndRat}{\aRat} % -\providecommand{\WEnd}{\ALev} % Wealth as of the end of the period (after C has been chosen) -\providecommand{\wEnd}{\aLev} % wealth as of the end of the period (after C has been taken) -\providecommand{\Wend}{\ARat} % Wealth as of the end of the period (after C has been chosen) -\providecommand{\wend}{\aRat} % wealth as of the end of the period (after C has been taken) -\providecommand{\wFunc}{\mathrm{w}} -\providecommand{\WGroPF}{\ensuremath{\mathsf{G}}} -\providecommand{\WGro}{\ensuremath{\mathsf{G}}} -\providecommand{\wGro}{\ensuremath{\mathsf{g}}} -\providecommand{\whumMin}{\underline{\hRat}} % human wealth -- individual -\providecommand{\WHum}{\HLev} % Human wealth -- aggregate -\providecommand{\wHum}{\hLev} % human wealth -- individual -\providecommand{\Whum}{\HRat} % Human wealth -- aggregate -\providecommand{\whum}{\hRat} % human wealth -- individual -\providecommand{\WLev}{\ensuremath{W}} -\providecommand{\wLev}{\pmb{w}} -\providecommand{\WMid}{\BLev} % Wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\WMid}{\BLev} % Wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\wMid}{\bLev} % wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\Wmid}{\BRat} % Wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\wmid}{\bRat} % wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\WMkt}{\MLev} % Wealth as of the middle of the period (after R is received, including Y) -\providecommand{\wMkt}{\mLev} % wealth as of the middle of the period (after R is received, including Y) -\providecommand{\wmkt}{\mLev} % wealth as of the middle of the period (after R is received, including Y) -\providecommand{\wNet}{\ensuremath{x}} % -\providecommand{\WNet}{\ensuremath{X}} % Total wealth -\providecommand{\WPre}{{K}} -\providecommand{\wPre}{{k}} -\providecommand{\wRat}{\ensuremath{o}} % -\providecommand{\WRat}{\ensuremath{O}} % Ratio to permanent income -\providecommand{\wTot}{\ensuremath{\mathbf{o}}} % -\providecommand{\WTot}{\ensuremath{\mathbf{O}}} % Total wealth -\providecommand{\wtot}{\ensuremath{o}} % -\providecommand{\Wtot}{\ensuremath{O}} % Total wealth -\providecommand{\xFer}{\chi} -\providecommand{\XFer}{X} -\providecommand{\xFunc}{\mathrm{x}} -\providecommand{\XLev}{\ensuremath{X}} -\providecommand{\xLev}{\ensuremath{x}} -\providecommand{\xpend}{\ensuremath{\xi}} -\providecommand{\XperGro}{\ensuremath{\mathsf{X}}} -\providecommand{\xperGro}{\ensuremath{\mathsf{x}}} -\providecommand{\XRat}{\ensuremath{X}} -\providecommand{\xRat}{\ensuremath{x}} -\providecommand{\yFunc}{\mathrm{y}} -\providecommand{\yLevBF}{\ensuremath{\mathbf{y}}} -\providecommand{\YLev}{\ensuremath{Y}} -\providecommand{\yLev}{\ensuremath{y}} -\providecommand{\YRat}{\ensuremath{Y}} -\providecommand{\yRat}{\ensuremath{y}} -\providecommand{\yTargE}{\ensuremath{\check{y}^{e}}} -\providecommand{\yTarg}{\ensuremath{\check{y}}} -\providecommand{\zAgg}{\ensuremath{\pmb{Z}}} -\providecommand{\zFunc}{\mathrm{z}} -\providecommand{\ZLevBF}{\ensuremath{\mathbf{Z}}} -\providecommand{\zLevBF}{\ensuremath{\mathbf{z}}} -\providecommand{\zLevBF}{\ensuremath{\pmb{z}}} -\providecommand{\ZLev}{\ensuremath{Z}} -\providecommand{\zLev}{\ensuremath{z}} -\providecommand{\ZRat}{\ensuremath{Z}} -\providecommand{\zRat}{\ensuremath{z}} - -\newcommand{\discRte}{\omega} -\newcommand{\DieFac}{\pDead} -\newcommand{\LivFac}{\Alive} -\newcommand{\PopFac}{\PopGro} -\newcommand{\popRte}{\popGro} - - -\providecommand{\NFALev}{\NLev} -\providecommand{\NFARat}{\NRat} -\providecommand{\NI}{\ensuremath{Z}} -\providecommand{\GDPLev}{\pmb{P}} -\providecommand{\GDPRat}{P} -\providecommand{\GDPGro}{\gimel} -\providecommand{\gdpLev}{\pmb{p}} -\providecommand{\gdpRat}{p} -\providecommand{\weight}{\omega} - - -\providecommand{\bi}{} -\renewcommand{\bi}{\begin{itemize}} -\providecommand{\ei}{} -\renewcommand{\ei}{\end{itemize}} -\providecommand{\reqd}{} -\renewcommand{\reqd}{\item[$^{*}$]} -\providecommand{\recm}{} -\renewcommand{\recm}{\item[\phantom{$^{*}$}]} - -\providecommand{\Severance}{\kappa} -\newcommand{\pd}[2]{\frac{\partial#1}{\partial#2}} diff --git a/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/handout.cls b/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/handout.cls deleted file mode 100644 index fe0f8aae8..000000000 --- a/Documentation/texmf-local/tex/latex/texmf-local/tex/latex/handout.cls +++ /dev/null @@ -1,365 +0,0 @@ -%%% LaTeX class for economics -%%% -%%% author: Christopher Carroll -%%% license: LaTeX Project Public License -%%% -%%% Modified from style itaxpf by Arne Henningsen -%%% version: 1.0 (09 July 2007) -%%% license: LaTeX Project Public License -%%% -%%% Further information is available at -%%% http://www.uni-kiel.de/agrarpol/ahenningsen/latex-bibtex.html -%%% -%%% This document class is based on the "scrartcl" class -%%% from the KOMA script bundle. For documentation, Google KOMA-Script Documentation -%%% -%%% The corresponding BibTeX style file "handout.bst" should be used -%%% for the bibliography: \bibliographystyle{handout} -%%% -%%% In addition to the options for scrartcl, this package includes an additional option -%%% titlepage = include a title page (with command "\maketitle", or "\maketitleWithForcedDate{}") -%%% -%%% If an abstract is defined by \begin{abstract}\end{abstract} before \maketitle is invoked, -%%% it will appear on the title page -%%% -%%% If the titlepage option is invoked: -%%% \keywords can be used to show keywords below the abstract -%%% \jelclass can be used to show JEL classifications below the abstract -%%% \thanks{text of the thank-you footnote} produces a footnote at the bottom of the page containing the text - -% Made by handoutMake.sh -\ProvidesClass{handout}[2014/10/29 LaTeX class for handouts written by Christopher Carroll] -\NeedsTeXFormat{LaTeX2e} -% \RequirePackage{rotating} - -\RequirePackage{ifthen} -\RequirePackage{chngpage} - -% If unspecified whether pdf output (instead of dvi) is being used, determine that it SHOULD be -\newif\ifdvi\dvitrue -\@ifundefined{pdfoutput}{}{\ifnum\pdfoutput>0 \dvifalse\fi} - -% permit double spacing -\RequirePackage{setspace} -%\doublespacing - -% option to include a title page -\newcounter{IncludeTitlePage} -\setcounter{IncludeTitlePage}{0} -\DeclareOption{titlepage}{\setcounter{IncludeTitlePage}{1}} - -% pass any options on to the scrartcl class and load this class with some options -\DeclareOption*{\PassOptionsToClass{\CurrentOption}{scrartcl}} -\ProcessOptions\relax -\LoadClass[fontsize=12pt,english,numbers=noenddot,captions=tableheading,captions=nooneline]{scrartcl} -% pointlessnumbers = do not add final dot after ordinary section numbers -% tablecaptionabove = use \captionabove for captions above rather than below tables -% noonelinecaption = do not treat one-line captions differently - -% use new TeX encoding scheme (T1), which contains accented (European) letters, -% to make European hyphenations work -\RequirePackage[T1]{fontenc} - 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-\providecommand{\aMin}{\ensuremath{\underline{\aRat}}} -\providecommand{\ARat}{\ensuremath{A}} -\providecommand{\aRat}{\ensuremath{a}} -\providecommand{\ASS}{\ensuremath{\ensuremath{A}}} -\providecommand{\aSS}{\ensuremath{\ensuremath{a}}} -\providecommand{\ATarg}{\ensuremath{\check{A}}} -\providecommand{\aTarg}{\ensuremath{\check{a}}} -\providecommand{\BE}{\BRat^{e}} -\providecommand{\bE}{\bRat^{e}} -\providecommand{\BLevBF}{\ensuremath{\mathbf{B}}} -\providecommand{\bLevBF}{\ensuremath{\mathbf{b}}} -\providecommand{\BLevE}{\ensuremath{\BLev^{e}}} -\providecommand{\bLevE}{\ensuremath{\bLev^{e}}} -\providecommand{\BLevU}{\ensuremath{\BLev^{u}}} -\providecommand{\bLevU}{\ensuremath{\bLev^{u}}} -\providecommand{\BLev}{\ensuremath{B}} -\providecommand{\bLev}{\ensuremath{b}} -\providecommand{\bMin}{\ensuremath{\underline{\bRat}}} -\providecommand{\bRatE}{\ensuremath{b}^{e}} -\providecommand{\BRatE}{\ensuremath{B}^{e}} -\providecommand{\bRatU}{\ensuremath{b}^{u}} -\providecommand{\BRat}{\ensuremath{B}} -\providecommand{\bRat}{\ensuremath{b}} -\providecommand{\bTargE}{\ensuremath{\check{b}^{e}}} -\providecommand{\BTargTarg}{\Target{\Target{\BRat}}} -\providecommand{\bTargTarg}{\Target{\Target{\bRat}}} -\providecommand{\BTarg}{\ensuremath{\check{B}}} -\providecommand{\bTarg}{\ensuremath{\check{b}}} -\providecommand{\BU}{{B}^{u}} -\providecommand{\bU}{{b}^{u}} -\providecommand{\cAgg}{\ensuremath{\pmb{C}}} -\providecommand{\CARA}{\ensuremath{\alpha}} -\providecommand{\ccRat}{\ensuremath{\mathsf{c}}} -\providecommand{\CDF}{\ensuremath{\mathcal{F}}} -\providecommand{\CEndFunc}{\ensuremath{\mathfrak{C}}} -\providecommand{\cEndFunc}{\ensuremath{\mathfrak{c}}} -\providecommand{\cEss}{{c}^{e}} -\providecommand{\CE}{\CRat^{e}} -\providecommand{\cE}{\cRat^{e}} -\providecommand{\cFuncAbove}{\ensuremath{\bar{\mathrm{c}}}} -\providecommand{\cFuncBelow}{\ensuremath{\uline{\mathrm{c}}}} -\providecommand{\cFuncMax}{\ensuremath{\bar{\bar{\mathrm{c}}}}} -\providecommand{\CFunc}{\ensuremath{\mathrm{C}}} -\providecommand{\cFunc}{\ensuremath{\mathrm{c}}} -\providecommand{\cFunc}{\ensuremath{\mathrm{c}}} -\providecommand{\CGroOverG}{\ensuremath{\Upsilon}} -\providecommand{\CGroOverR}{\ensuremath{\Phi}} -\providecommand{\CGroPF}{\ensuremath{\Lambda}} -\providecommand{\cGroPF}{\ensuremath{\lambda}} -\providecommand{\CGroPS}{\ensuremath{\chi}} % Precautionary Saving boost to consumption growth -\providecommand{\chiFunc}{\pmb{\chi}} -\providecommand{\Chi}{\ensuremath{\mathrm{X}}} % capital chi is sometimes useful, and not native to LaTeX -\providecommand{\CLevBF}{\ensuremath{\mathbf{C}}} -\providecommand{\cLevBF}{\ensuremath{\mathbf{c}}} -\providecommand{\CLevE}{\CLev^{e}} -\providecommand{\cLevE}{\cLev^{e}} -\providecommand{\cLevFunc}{\ensuremath{\pmb{\cFunc}}} -\providecommand{\CLevU}{\CLev^{u}} -\providecommand{\cLevU}{\cLev^{u}} -\providecommand{\cLev}{\ensuremath{c}} -\providecommand{\CLev}{\ensuremath{C}} -\providecommand{\Cons}{\ensuremath{C}} -\providecommand{\cons}{\ensuremath{c}} -\providecommand{\corr}{\varrho} -\providecommand{\cPDVFunc}{\ensuremath{\mathbb{C}}} -\providecommand{\CPDV}{\ensuremath{\text{PDV($C$)}}} -\providecommand{\cPPP}{\cons^{\prime\prime\prime}} -\providecommand{\cPP}{\cons^{\prime\prime}} -\providecommand{\cP}{\cons^{\prime}} -\providecommand{\cRatBF}{\ensuremath{\pmb{c}}} -\providecommand{\CRatE}{\CRat^{e}} -\providecommand{\cRatE}{\cRat^{e}} -\providecommand{\CRatU}{\CRat^{u}} -\providecommand{\cRatU}{\cRat^{u}} -\providecommand{\CRat}{\ensuremath{C}} -\providecommand{\cRat}{\ensuremath{c}} -\providecommand{\CRRA}{\ensuremath{\rho}} -\providecommand{\CTargE}{\CTarg^{\null}} -\providecommand{\cTargE}{\ensuremath{\Target{c}^{e}}} -\providecommand{\cTargTarg}{\Target{\Target{\cRat}}} -\providecommand{\CTarg}{\ensuremath{\Target{C}}} -\providecommand{\cTarg}{\ensuremath{\Target{c}}} -\providecommand{\curr}{1} % Permits a change of notation to T-1 and T, t and t+1, or whatever -\providecommand{\Curr}{t} % Permits a change of notation to T-1 and T, t and t+1, or whatever -\providecommand{\CU}{\CRat^{u}} -\providecommand{\cU}{\cRat^{u}} -\providecommand{\dRat}{\ensuremath{d}} -\providecommand{\debtLim}{\mathsf{d}} -\providecommand{\Debt}{\ensuremath{D}} -\providecommand{\debt}{\ensuremath{d}} -\providecommand{\DeprFac}{\ensuremath{\daleth}} -\providecommand{\Depr}{\ensuremath{\daleth}} -\providecommand{\depr}{\ensuremath{\delta}} -\providecommand{\deprRte}{\ensuremath{\delta}} % New -\providecommand{\DiscAltuAdj}{\ensuremath{\underline{\underline{\beth}}}} -\providecommand{\DiscAlt}{\ensuremath{\beth}} -\providecommand{\Discount}{\ensuremath{\beta}} -\providecommand{\DiscRate}{\ensuremath{\vartheta}} -\providecommand{\DiscRte}{\ensuremath{\vartheta}} % New -\providecommand{\discRte}{\ensuremath{\vartheta}} % New -\providecommand{\DiscFac}{\ensuremath{\beta}} % New -\providecommand{\DivGro}{\ensuremath{\mathrm{G}}} -\providecommand{\divGro}{\ensuremath{\mathsf{g}}} -\providecommand{\Div}{\ensuremath{D}} -% \providecommand{\div}{\ensuremath{d}} reserved for divide -\providecommand{\DLev}{\ensuremath{D}} -\providecommand{\Dvdnd}{\ensuremath{\mathbf{D}}} -\providecommand{\dvdnd}{\ensuremath{d}} -\providecommand{\edvdnd}{\grave{\dvdnd}} -\providecommand{\EEndMap}{\ensuremath{\mathsf{E}}} -\providecommand{\effUnits}{\ensuremath{X}} -\providecommand{\eFunc}{\ensuremath{\mathrm{e}}} -\providecommand{\ELev}{\ensuremath{E}} -\providecommand{\ek}{\ensuremath{\lambda}} -\providecommand{\EmpGro}{\ensuremath{\Xi}} -\providecommand{\empGro}{\ensuremath{\xi}} -\providecommand{\empState}{\xi} % employment state indicator variable -\providecommand{\EpremLog}{\varphi} % Not using regular \eprem because want to distinguish between \varphi = log E_{t}[\Phi_{t+1}] and \phi_{t} = E[\log \Phi_{t}] -\providecommand{\EPrem}{\Phi} % equity premium -\providecommand{\eprem}{\phi} % log equity premium -\providecommand{\EpShkInv}{\Ex[\pShk^{-1}]} -\providecommand{\erate}{\ensuremath{\cancel{\mho}}} -\providecommand{\error}{\ensuremath{\epsilon}} -\providecommand{\Err}{\ensuremath{Z}} -\providecommand{\err}{\ensuremath{z}} -\providecommand{\err}{\ensuremath{z}} -\providecommand{\Estdr}{\ensuremath{\sigma_{\risky}}} % Standard deviation of log return on risky asset -\providecommand{\Evarr}{\ensuremath{\sigma_{\risky}^{2}}} % Variance of log return on risky asset -\providecommand{\EVarr}{\sigma_{\Risky}^{2}} % Variance of level return on risky asset (when returns norm dist) -\providecommand{\expend}{\ensuremath{\xi}} -%\providecommand{\Ex}{\ensuremath{\mathbb{E}}} % Expectations operator defined in econtex.cls -\providecommand{\FDist}{\ensuremath{\mathcal{F}}} -\providecommand{\fDist}{\ensuremath{\mathcal{f}}} -\providecommand{\FFunc}{\ensuremath{\mathrm{F}}} -\providecommand{\fFunc}{\ensuremath{\mathrm{f}}} -\providecommand{\FLev}{\ensuremath{F}} -\providecommand{\fLev}{\ensuremath{f}} -\providecommand{\fPP}{\ensuremath{\mathrm{f}^{\prime\prime}}} -\providecommand{\FPP}{\ensuremath{\mathrm{F}^{\prime\prime}}} -\providecommand{\fP}{\ensuremath{\mathrm{f}^{\prime}}} -\providecommand{\FP}{\ensuremath{\mathrm{F}^{\prime}}} -\providecommand{\GLev}{\ensuremath{G}} -\providecommand{\GovNW}{\ensuremath{N}} -\providecommand{\govNW}{\ensuremath{n}} -\providecommand{\GovSpend}{\ensuremath{X}} -\providecommand{\govSpend}{\ensuremath{x}} -\providecommand{\Habit}{\ensuremath{H}} -\providecommand{\Habit}{\ensuremath{H}} -\providecommand{\habit}{\ensuremath{h}} -\providecommand{\Ham}{\ensuremath{\mathcal{H}}} % Hamiltonian -\providecommand{\HARKcore}{\texttt{HARKcore}} -\providecommand{\hEndMin}{\ensuremath{\underline{\mathfrak{h}}}} -\providecommand{\hEnd}{\ensuremath{\mathfrak{h}}} -\providecommand{\hFunc}{\ensuremath{\mathrm{h}}} -\providecommand{\Hi}{\hat} -\providecommand{\HLevBF}{\ensuremath{\mathbf{H}}} -\providecommand{\hLevBF}{\ensuremath{\mathbf{h}}} -\providecommand{\HLev}{\ensuremath{\pmb{H}}} -\providecommand{\hLev}{\ensuremath{\pmb{h}}} -\providecommand{\hMin}{\ensuremath{\underline{\h}}} -\providecommand{\HMin}{\ensuremath{\underline{H}}} -\providecommand{\hours}{\ensuremath{\mathfrak{h}}} -\providecommand{\Hours}{\ensuremath{\mathfrak{H}}} -\providecommand{\HRat}{\ensuremath{H}} -\providecommand{\hRat}{\ensuremath{h}} -\providecommand{\h}{\ensuremath{h}} -%\providecommand{\H}{\ensuremath{H}} -\providecommand{\iFunc}{\ensuremath{\mathrm{i}}} -\providecommand{\IFunc}{\ensuremath{\mathrm{I}}} -\providecommand{\ILev}{\ensuremath{I}} -\providecommand{\iLev}{\ensuremath{i}} -\providecommand{\impg}{{\imath}_{\pGro}} -\providecommand{\ImpG}{{\Im}_{\PGro}} -\providecommand{\impr}{{\imath}_{\rfree}} -\providecommand{\ImpR}{{\Im}_{\Rfree}} -\providecommand{\Inc}{{Y}} -\providecommand{\inc}{{y}} -\providecommand{\InvEpShkInv}{\underline{\psi}} -\providecommand{\Inv}{{I}} -\providecommand{\inv}{{i}} -\providecommand{\IRat}{\ensuremath{I}} -\providecommand{\iRat}{\ensuremath{i}} -\providecommand{\itc}{\ensuremath{\zeta}} -\providecommand{\jFunc}{\ensuremath{\mathrm{j}}} -\providecommand{\JLev}{\ensuremath{J}} -\providecommand{\kapRent}{\ensuremath{\varkappa}} -\providecommand{\kapShare}{\ensuremath{\alpha}} -\providecommand{\Kap}{{K}} -\providecommand{\kap}{{k}} -\providecommand{\KFunc}{\ensuremath{\mathrm{K}}} -\providecommand{\kFunc}{\ensuremath{\mathrm{k}}} -\providecommand{\KLevBF}{\ensuremath{\mathbf{K}}} -\providecommand{\kLevBF}{\ensuremath{\mathbf{k}}} -\providecommand{\KLev}{\ensuremath{K}} -\providecommand{\kLev}{\ensuremath{k}} -\providecommand{\kPriceAfterITC}{\ensuremath{\mathscr{P}}} -\providecommand{\kPrice}{\ensuremath{\mathsf{P}}} -\providecommand{\KRat}{\ensuremath{K}} -\providecommand{\kRat}{\ensuremath{k}} -\providecommand{\kTargE}{\ensuremath{\Target{k}^{e}}} -\providecommand{\kTarg}{\ensuremath{\Target{k}}} -\providecommand{\labor}{\ensuremath{\ell}} % -\providecommand{\Labor}{\ensuremath{L}} -\providecommand{\labShare}{\ensuremath{\nu}} -\providecommand{\Leisure}{Z} % -\providecommand{\leisure}{z} % -\providecommand{\leiShare}{\ensuremath{\zeta}} % -\providecommand{\LGro}{\ensuremath{\Lambda}} -\providecommand{\lGro}{\ensuremath{\lambda}} -\providecommand{\LLevBF}{\ensuremath{\mathbf{L}}} -\providecommand{\lLevBF}{\ensuremath{\pmb{\ell}}} -\providecommand{\lLev}{\ensuremath{\ell}} -\providecommand{\LLev}{\ensuremath{L}} -\providecommand{\Lo}{\check} -\providecommand{\LRat}{\ensuremath{L}} -\providecommand{\MaxMaxMPC}{\ensuremath{\bar{\bar{\kappa}}}} -\providecommand{\MaxMinMPC}{\ensuremath{\hat{\underline{\kappa}}}} -\providecommand{\MaxMPC}{\ensuremath{\bar{\kappa}}} -\providecommand{\MaxMPS}{\ensuremath{\PatR}} -\providecommand{\Mean}{\ensuremath{\mathbb{M}}} % Mean -\providecommand{\mEss}{\check{m}^{e}} -\providecommand{\ME}{\MRat^{e}} -\providecommand{\mE}{\mRat^{e}} -\providecommand{\mFunc}{\ensuremath{\mathrm{m}}} -\providecommand{\MinMinMPC}{\ensuremath{\underline{\kappa}}} -\providecommand{\MinMPC}{\ensuremath{\uline{\kappa}}} -\providecommand{\MinMPS}{\ensuremath{\pZero^{1/\CRRA} \PatR}} -\providecommand{\MLevBF}{\ensuremath{\mathbf{M}}} -\providecommand{\mLevBF}{\ensuremath{\mathbf{m}}} -\providecommand{\mLevBF}{\ensuremath{\mathbf{m}}} -\providecommand{\mLevE}{\mLev^{e}} -\providecommand{\MLev}{\ensuremath{M}} -\providecommand{\mLev}{\ensuremath{m}} -\providecommand{\MPCE}{\MPC^{e}} -\providecommand{\MPCFunc}{\ensuremath{\pmb{\kappa}}} -\providecommand{\MPCPPF}{\ensuremath{\Pi}} -\providecommand{\MPCP}{\ensuremath{\pi}} -\providecommand{\MPCU}{\MPC^{u}} -\providecommand{\MPC}{\ensuremath{\kappa}} -\providecommand{\MPSFunc}{\ensuremath{\pmb{lambda}}} -\providecommand{\MPS}{\ensuremath{\lambda}} -\providecommand{\MRatE}{\MRat^{e}} -\providecommand{\mRatE}{\mRat^{e}} -\providecommand{\MRat}{\ensuremath{M}} -\providecommand{\mRat}{\ensuremath{m}} -\providecommand{\MSS}{\ensuremath{\breve{M}}} -\providecommand{\mSS}{\ensuremath{\breve{m}}} -\providecommand{\mTarg}{\check{m}} -\providecommand{\MU}{{M}^{u}} -\providecommand{\mU}{{m}^{u}} -%\providecommand{\m}{\ensuremath{m}} -%\providecommand{\M}{\ensuremath{M}} -%\providecommand{\next}{2} % via search-and-replace -\providecommand{\Next}{t+1} % -\providecommand{\nFunc}{\ensuremath{\mathrm{n}}} -\providecommand{\NLev}{\ensuremath{N}} -\providecommand{\nLev}{\ensuremath{n}} -\providecommand{\NRat}{\ensuremath{N}} -\providecommand{\nRat}{\ensuremath{n}} -\providecommand{\Num}{\ensuremath{N}} -\providecommand{\nIter}{\ensuremath{n}} -\providecommand{\OLevBF}{\ensuremath{\mathbf{O}}} -\providecommand{\oLevBF}{\ensuremath{\mathbf{o}}} -\providecommand{\OLev}{\ensuremath{O}} -\providecommand{\oLev}{\ensuremath{\pmb{o}}} -\providecommand{\ORat}{\ensuremath{O}} -\providecommand{\oRat}{\ensuremath{o}} -\providecommand{\Pareto}{\zeta} -\providecommand{\PatPGroAdj}{\text{\pmb{\Thorn}}_{\underline{\PGro}}} -\providecommand{\patpGroAdj}{\text{\thorn}_{\underline{\pGro}}} -\providecommand{\patpGrohat}{\hat{\text{\thorn}}_{\pGro}} -\providecommand{\PatPGro}{\text{\pmb{\Thorn}}_{\PGro}} -\providecommand{\patpGro}{\text{\thorn}_{\pGro}} -\providecommand{\PatR}{\text{\pmb{\Thorn}}_{\Rfree}} -\providecommand{\patr}{\text{\thorn}_{\rfree}} -\providecommand{\PatU}{\text{\pmb{\Thorn}}_{\urate}} -\providecommand{\patu}{\text{\thorn}_{\urate}} -\providecommand{\PatWGro}{\text{\pmb{\Thorn}}_{\WGro}} -\providecommand{\patwGro}{\text{\thorn}_{\wGro}} -\providecommand{\Pat}{\text{\pmb{\Thorn}}} -\providecommand{\pat}{\text{\thorn}} -\providecommand{\pDeadRate}{\ensuremath{\grave{\cancel{\mathsf{d}}}}} -\providecommand{\pDead}{\ensuremath{\mathfrak{D}}} -\providecommand{\pDieRate}{\ensuremath{\grave{\mathsf{d}}}} -\providecommand{\pDies}{\ensuremath{\mathsf{d}}} % Continuous time death rate -\providecommand{\PDies}{\ensuremath{\mathsf{D}}} % Discrete-time one-period death rate -\providecommand{\diePrb}{\ensuremath{\mathsf{d}}} % Continuous time death rate -\providecommand{\DiePrb}{\ensuremath{\mathsf{D}}} % Discrete-time one-period death rate -\providecommand{\PDV}{\ensuremath{\mathbb{P}}} % PDV -\providecommand{\PGroAdj}{\ensuremath{\underline{\PGro}}} -\providecommand{\pGroAdj}{\ensuremath{\underline{\pGro}}} -\providecommand{\PGrouAdj}{\ensuremath{\underline{\underline{\PGro}}}} -\providecommand{\pGrouAdj}{\ensuremath{\underline{\underline{{\pGro}}}}} -\providecommand{\PGro}{\ensuremath{\Gamma}} -\providecommand{\pGro}{\ensuremath{\gamma}} -\providecommand{\permGroFac}{\ensuremath{\Gamma}} % Econ-ARK -\providecommand{\permGroRte}{\ensuremath{\gamma}} % Econ-ARK -\providecommand{\phiFunc}{\ensuremath{\digamma}} -\providecommand{\PIHMPC}{\ensuremath{\varkappa}} -\providecommand{\PInc}{\ensuremath{P}} -\providecommand{\PLabor}{\ensuremath{P}} % Permanent labor income in levels -\providecommand{\Plabor}{P} % Permanent labor income in levels -\providecommand{\PLevBF}{\ensuremath{\mathbf{P}}} -\providecommand{\pLevBF}{\ensuremath{\mathbf{p}}} -\providecommand{\PLev}{\ensuremath{P}} -\providecommand{\pLog}{\ensuremath{p}} -\providecommand{\pLev}{\ensuremath{\pmb{p}}} -\providecommand{\PLev}{\ensuremath{P}} -\providecommand{\LivPrb}{\ensuremath{\cancel{\DiePrb}}} -\providecommand{\livPrb}{\ensuremath{\cancel{\diePrb}}} -\providecommand{\PLives}{\ensuremath{\cancel{\PDies}}} -\providecommand{\pLives}{\ensuremath{\cancel{\pDies}}} -%\providecommand{\pNotZero}{\ensuremath{\cancel{\wp}}} -\providecommand{\pNotZero}{(1-\pZero)} -\providecommand{\PopE}{\mathcal{E}} -\providecommand{\popE}{e} -\providecommand{\PopGro}{\ensuremath{\Xi}} -\providecommand{\popGro}{\ensuremath{\xi}} -\providecommand{\PopLev}{\ensuremath{\pmb{N}}} -\providecommand{\PopU}{\mathcal{U}} -\providecommand{\Pop}{\ensuremath{L}} -\providecommand{\PostITC}{\ensuremath{\cancel{\zeta}}} -\providecommand{\power}{\ensuremath{\eta}} -\providecommand{\pPDVFunc}{\ensuremath{\mathbb{P}}} -\providecommand{\PPDV}{\ensuremath{\text{PDV($P$)}}} -\providecommand{\pRat}{\ensuremath{p}} -\providecommand{\Price}{\ensuremath{\mathsf{P}}} -\providecommand{\ProdFunc}{\ensuremath{\mathrm{F}}} -\providecommand{\ProdFunc}{\ensuremath{\mathrm{F}}} -\providecommand{\prodFunc}{\ensuremath{\mathrm{f}}} -\providecommand{\prudEx}{\ensuremath{\omega}} -\providecommand{\prud}{\ensuremath{\eta}} -\providecommand{\pSav}{\ensuremath{\phi}} -\providecommand{\pShkMin}{\underline{\psi}} % -\providecommand{\PShk}{\Psi} % -\providecommand{\PermShkAgg}{\Psi} % New -\providecommand{\PermShk}{\Psi} % New -\providecommand{\permShk}{\psi} % New -\providecommand{\pShk}{\psi} % -\providecommand{\permShkInd}{\psi} % New -\providecommand{\pshk}{\psi} % -\providecommand{\PtyGro}{\ensuremath{\Phi}} -\providecommand{\ptyGro}{\ensuremath{\phi}} -\providecommand{\PtyLab}{\ensuremath{\mathrm{Z}}} % Labor productivity -\providecommand{\ptyLab}{\ensuremath{z}} % usually, log of \PtyLab -\providecommand{\PtyLev}{\ensuremath{A}} % Multiplies overall production function -\providecommand{\ptyLev}{\ensuremath{a}} % Usually, log of \PtyLev -\providecommand{\pZero}{\ensuremath{\wp}} -\providecommand{\QLev}{\ensuremath{Q}} -\providecommand{\q}{\ensuremath{\koppa}} -\providecommand{\RCpnd}{\ensuremath{\mathbf{R}}} -\providecommand{\RevFunc}{\ensuremath{\pmb{\Pi}}} -\providecommand{\revFunc}{\ensuremath{\pmb{\pi}}} -\providecommand{\Rev}{\ensuremath{\Pi}} -\providecommand{\rev}{\ensuremath{\pi}} -\providecommand{\rfree}{\ensuremath{\mathsf{r}}} % The net return on the safe asset at an annual rate -\providecommand{\Rfree}{\ensuremath{\mathsf{R}}} % The return factor on the safe asset - unfortunately mathfrak fonts don't come through for tth -\providecommand{\RFunc}{\ensuremath{\mathrm{R}}} -\providecommand{\RGross}{\ensuremath{\breve{\mathsf{R}}}} -\providecommand{\rGross}{\ensuremath{\breve{\mathsf{r}}}} -%\providecommand{\RiskyAlt}{\ensuremath{\acute{\mathbf{R}}}} % The return on the risky asset -\providecommand{\RiskyAlt}{\ensuremath{\pmb{\mathfrak{R}}}} % The return on the risky asset -% \providecommand{\riskyAlt}{\ensuremath{\acute{\mathbf{r}}}} % The net return on the risky asset annual rate -\providecommand{\riskyAlt}{\ensuremath{\pmb{\mathfrak{r}}}} % The net return on the risky asset annual rate -\providecommand{\riskyshare}{\ensuremath{\varsigma}} -\providecommand{\Risky}{\ensuremath{\mathbf{R}}} % The return on the risky asset -\providecommand{\risky}{\ensuremath{\mathbf{r}}} % The net return on the risky asset annual rate -\providecommand{\RLev}{\ensuremath{R}} % Rate of return (but better to use \Rfree or \Risky or something else more specific -\providecommand{\RnormWGro}{\ensuremath{\mathcal{R}_{\WGro}}} % Normalized version of riskless return factor -\providecommand{\rnormwGro}{\ensuremath{\mathit{r}_{\wGro}}} % Normalized version of riskless rate of return -\providecommand{\Rnorm}{\ensuremath{\mathcal{R}}} % Normalized version of riskless return factor -\providecommand{\rnorm}{\ensuremath{\mathit{r}}} % Normalized version of riskless rate of return -\providecommand{\Rport}{\ensuremath{\mathbbmss{R}}} % Portfolio -weighted return -\providecommand{\rport}{\ensuremath{\mathbbmss{r}}} -\providecommand{\Rprod}{\ensuremath{\mathscr{R}}} -\providecommand{\rprod}{\ensuremath{\mathscr{r}}} -\providecommand{\rProd}{\ensuremath{\mathsf{r}}} -\providecommand{\RProd}{\ensuremath{\mathsf{R}}} -\providecommand{\RSave}{\ensuremath{\underline{\Rfree}}} -\providecommand{\rsave}{\ensuremath{\underline{\rfree}}} -\providecommand{\RBoro}{\ensuremath{\bar{\Rfree}}} -\providecommand{\rboro}{\ensuremath{\bar{\rfree}}} -%\providecommand{\R}{\Rfree} -\providecommand{\saveRate}{\grave{s}} % saving (income minus consumption) over income -\providecommand{\Save}{S} % Saving (income minus consumption) -\providecommand{\save}{s} % saving (income minus consumption) -\providecommand{\SDF}{\MLev} % Stochastic Discount Factor -\providecommand{\sdr}{\mRat} % Stochastic Discount rate -\providecommand{\Seniority}{\ensuremath{\mathsf{X}}} -\providecommand{\seniority}{\ensuremath{\mathsf{x}}} -\providecommand{\SeverancePayment}{\ensuremath{\mathcal{S}}} -\providecommand{\SeveranceRatio}{\ensuremath{\varsigma}} -%\providecommand{\Severance}{\ensuremath{\varsigma}} -\providecommand{\Severance}{\kappa} -\providecommand{\SE}{\SRat^{e}} -\providecommand{\sE}{\sRat^{e}} -\providecommand{\sFunc}{\ensuremath{\mathrm{s}}} -\providecommand{\shk}{\phi} -\providecommand{\Shk}{\Phi} -\providecommand{\ShkLogZeroLogStd}{\sigma_{\cancel{\ShkMeanOneLog}}} % Std of that shock -\providecommand{\ShkLogZeroLogVar}{\sigma_{\cancel{\ShkMeanOneLog}}^{2}} % Variance of that shock -\providecommand{\ShkLogZeroLog}{\cancel{\ShkMeanOneLog}} % Log of that shock -\providecommand{\ShkLogZero}{\cancel{\ShkMeanOne}} % A shock whose expectation in logs is zero; cancellation of the nonzero mean for the mean one shock -\providecommand{\ShkMeanOneLogStd}{\sigma_{\ShkMeanOneLog}} % Std of that shock -\providecommand{\ShkMeanOneLogVar}{\sigma^{2}_{\ShkMeanOneLog}} % Log of that shock -\providecommand{\ShkMeanOneLog}{\theta} % Log of that shock -\providecommand{\ShkMeanOne}{\Theta} % A shock whose expectation in levels is always equal to one regardless of variance -\providecommand{\SLevBF}{\mathbf{S}} -\providecommand{\sLevBF}{\mathbf{s}} -\providecommand{\SLevE}{\SLev^{e}} -\providecommand{\sLevE}{\sLev^{e}} -\providecommand{\SLevU}{\SLev^{u}} -\providecommand{\sLevU}{\sLev^{u}} -\providecommand{\SLev}{\ensuremath{S}} -\providecommand{\sLev}{\ensuremath{s}} -\providecommand{\srate}{\ensuremath{\varsigma}} -\providecommand{\SRatE}{\SRat^{e}} -\providecommand{\sRatE}{\sRat^{e}} -\providecommand{\SRatU}{\SRat^{u}} -\providecommand{\sRatU}{\sRat^{u}} -\providecommand{\SRat}{\ensuremath{S}} -\providecommand{\sRat}{\ensuremath{s}} -\providecommand{\STargE}{\Target{\SRat}^{\null}} -\providecommand{\sTargE}{\Target{\sRat}^{\null}} -\providecommand{\STargTarg}{\Target{\Target{\SRat}}} -\providecommand{\sTargTarg}{\Target{\Target{\sRat}}} -\providecommand{\STarg}{\Target{\SRat}} -\providecommand{\sTarg}{\Target{\sRat}} -\providecommand{\Steady}{\bar} -\providecommand{\Stocks}{{S}} -\providecommand{\stocks}{{s}} -\providecommand{\straight}{\Pi} -\providecommand{\Surplus}{\ensuremath{Z}} -\providecommand{\surplus}{\ensuremath{z}} -\providecommand{\SU}{\SRat^{u}} -\providecommand{\sU}{\sRat^{u}} -\providecommand{\Target}{\check} -\providecommand{\TaxCombInv}{\ensuremath{\mathcal{T}^{-1}}} -\providecommand{\TaxComb}{\ensuremath{\mathcal{T}}} -\providecommand{\TaxCorp}{\ensuremath{\Large \tau}} -\providecommand{\taxCorp}{\ensuremath{\tau}} -\providecommand{\taxDep}{\ensuremath{\partial}} -\providecommand{\TaxFree}{\ensuremath{\cancel{\Tax}}} -\providecommand{\TaxLev}{T} -\providecommand{\TaxNetTrans}{\ensuremath{Z}} -\providecommand{\taxNetTrans}{\ensuremath{z}} -\providecommand{\TaxPaid}{\ensuremath{T}} -\providecommand{\TaxRate}{\ensuremath{t}} -\providecommand{\TaxUI}{\ensuremath{\tau}} -\providecommand{\Tax}{\ensuremath{\tau}} -\providecommand{\tax}{\tau} -\providecommand{\tBak}{\ensuremath{\pmb{n}}} -\providecommand{\TEatBak}{\ensuremath{\mathtt{q}}} -\providecommand{\TEat}{\ensuremath{\TEnd}} -\providecommand{\TEndBak}{\ensuremath{\mathsf{p}}} -\providecommand{\TEnd}{\ensuremath{T}} -\providecommand{\TermTime}{\ensuremath{T}} -\providecommand{\tFwd}{\ensuremath{n}} -\providecommand{\tHorOfm}{\ensuremath{\pmb{n}}} -\providecommand{\tHor}{\ensuremath{\mathsf{n}}} -\providecommand{\timeRate}{\ensuremath{\vartheta}} -\providecommand{\tinyAmount}{\ensuremath{\epsilon}} -\providecommand{\TLev}{\ensuremath{T}} -\providecommand{\TMap}{\mathscr{T}} -\providecommand{\tNow}{\ensuremath{t}} -\providecommand{\tShkAll}{\xi} % -\providecommand{\tShkEmpMin}{\underline{\theta}} % -\providecommand{\TShkEmp}{\Theta} % -\providecommand{\tShkEmp}{\theta} % -\providecommand{\tShkEmp}{\theta} % -\providecommand{\tranShkInd}{\theta} % New -\providecommand{\TranShkAgg}{\Theta} % New -\providecommand{\TShk}{\Xi} % -\providecommand{\tShk}{\xi} % -\providecommand{\tshk}{\xi} % -\providecommand{\tSS}{\ensuremath{t}} -\providecommand{\tThen}{\ensuremath{\tau}} -\providecommand{\uFunc}{{\ensuremath{\mathrm{u}}}} -\providecommand{\uInvEpShkuInv}{\underline{\underline{\psi}}} -\providecommand{\ULev}{\ensuremath{U}} -\providecommand{\uLev}{\ensuremath{u}} -\providecommand{\unins}{\ensuremath{\zeta}} -\providecommand{\uPDVFunc}{\ensuremath{\mathbb{U}}} -\providecommand{\uPmt}{\ensuremath{\mu}} -\providecommand{\uPPP}{{\ensuremath{\mathrm{u}^{\prime\prime\prime}}}} -\providecommand{\uPP}{{\ensuremath{\mathrm{u}^{\prime\prime}}}} -\providecommand{\uP}{{\ensuremath{\mathrm{u}^{\prime}}}} -\providecommand{\urate}{\ensuremath{\mho}} -\providecommand{\utilFunc}{\ensuremath{\mathrm{u}}} -\providecommand{\util}{\ensuremath{u}} -\providecommand{\ValAlt}{\ensuremath{\mathcal{V}}} % middle-of-period Value function -\providecommand{\valfn}{\ensuremath{\mathrm{v}}} % middle-of-period value function -\providecommand{\Value}{\ensuremath{\mathrm{V}}} % middle-of-period Value function -\providecommand{\VEndFunc}{\ensuremath{\mathfrak{V}}} -\providecommand{\vEndFunc}{\ensuremath{\mathfrak{v}}} -\providecommand{\VEnd}{\ensuremath{\mathfrak{V}}} % end-of-period Value function -\providecommand{\vEnd}{\ensuremath{\mathfrak{v}}} % end-of-period value function -\providecommand{\vEss}{\check{v}^{e}} -\providecommand{\VE}{{V}^{e}} -\providecommand{\vE}{{v}^{e}} -\providecommand{\vFirm}{\ensuremath{\mathrm{e}}} -\providecommand{\VFunc}{\ensuremath{\mathrm{V}}} -\providecommand{\vFunc}{\ensuremath{\mathrm{v}}} -\providecommand{\VInv}{\ensuremath{\Lambda}} -\providecommand{\vInv}{\ensuremath{\scriptstyle \Lambda \displaystyle}} -\providecommand{\vk}{\ensuremath{\lambda}} -\providecommand{\vLevBF}{\ensuremath{\mathbf{v}}} -\providecommand{\VLevFunc}{\ensuremath{\pmb{\mathrm{V}}}} -\providecommand{\vLevFunc}{\ensuremath{\pmb{\mathrm{v}}}} -\providecommand{\VLev}{\ensuremath{V}} -\providecommand{\vLev}{\ensuremath{v}} -\providecommand{\vNorm}{\ensuremath{\mathrm{w}}} % end-of-period value function -\providecommand{\VNum}{\ensuremath{V}} -\providecommand{\vNum}{\ensuremath{v}} -\providecommand{\vOptAlt}{\ensuremath{\Alt{\tilde{\mathfrak{v}}}}} -\providecommand{\vOpt}{\ensuremath{\tilde{\mathfrak{v}}}} -\providecommand{\VRat}{\ensuremath{V}} -\providecommand{\vRat}{\ensuremath{v}} -\providecommand{\vTarg}{\Target{\vRat}} -\providecommand{\VU}{{V}^{u}} -\providecommand{\vU}{{v}^{u}} -\providecommand{\Wage}{\ensuremath{\mathsf{W}}} -\providecommand{\wage}{\ensuremath{\mathsf{w}}} -\providecommand{\WAllLev}{\ensuremath{\mathbf{O}}} -\providecommand{\wAllLev}{\ensuremath{\mathbf{o}}} -\providecommand{\WAllRat}{\ensuremath{O}} -\providecommand{\wAllRat}{\ensuremath{o}} -\providecommand{\WAll}{{O}} -\providecommand{\wAll}{{o}} -\providecommand{\WBeg}{\KLev} % Wealth as of the beginning of the period (before R is received, not including Y) -\providecommand{\wBeg}{\kLev} % wealth as of the beginning of the period (before R is received, not including Y) -\providecommand{\Wealth}{\ensuremath{O}} -\providecommand{\wealth}{\ensuremath{o}} -\providecommand{\WEndRat}{\ARat} % -\providecommand{\wEndRat}{\aRat} % -\providecommand{\WEnd}{\ALev} % Wealth as of the end of the period (after C has been chosen) -\providecommand{\wEnd}{\aLev} % wealth as of the end of the period (after C has been taken) -\providecommand{\Wend}{\ARat} % Wealth as of the end of the period (after C has been chosen) -\providecommand{\wend}{\aRat} % wealth as of the end of the period (after C has been taken) -\providecommand{\wFunc}{\mathrm{w}} -\providecommand{\WGroPF}{\ensuremath{\mathrm{G}}} -\providecommand{\WGro}{\ensuremath{\mathrm{G}}} -\providecommand{\wGro}{\ensuremath{\mathsf{g}}} -\providecommand{\whumMin}{\underline{\hRat}} % human wealth -- individual -\providecommand{\WHum}{\HLev} % Human wealth -- aggregate -\providecommand{\wHum}{\hLev} % human wealth -- individual -\providecommand{\Whum}{\HRat} % Human wealth -- aggregate -\providecommand{\whum}{\hRat} % human wealth -- individual -\providecommand{\WLev}{\ensuremath{W}} -\providecommand{\wLev}{\pmb{w}} -\providecommand{\WMid}{\BLev} % Wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\WMid}{\BLev} % Wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\wMid}{\bLev} % wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\Wmid}{\BRat} % Wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\wmid}{\bRat} % wealth as of the middle of the period (after R is received, not including Y) -\providecommand{\WMkt}{\MLev} % Wealth as of the middle of the period (after R is received, including Y) -\providecommand{\wMkt}{\mLev} % wealth as of the middle of the period (after R is received, including Y) -\providecommand{\wmkt}{\mLev} % wealth as of the middle of the period (after R is received, including Y) -\providecommand{\wNet}{\ensuremath{x}} % -\providecommand{\WNet}{\ensuremath{X}} % Total wealth -\providecommand{\WPre}{{K}} -\providecommand{\wPre}{{k}} -\providecommand{\wRat}{\ensuremath{o}} % -\providecommand{\WRat}{\ensuremath{O}} % Ratio to permanent income -\providecommand{\wTot}{\ensuremath{\mathbf{o}}} % -\providecommand{\WTot}{\ensuremath{\mathbf{O}}} % Total wealth -\providecommand{\wtot}{\ensuremath{o}} % -\providecommand{\Wtot}{\ensuremath{O}} % Total wealth -\providecommand{\xFer}{\chi} -\providecommand{\XFer}{X} -\providecommand{\xFunc}{\mathrm{x}} -\providecommand{\XLev}{\ensuremath{X}} -\providecommand{\xLev}{\ensuremath{x}} -\providecommand{\xpend}{\ensuremath{\xi}} -\providecommand{\XperGro}{\ensuremath{\mathsf{X}}} -\providecommand{\xperGro}{\ensuremath{\mathsf{x}}} -\providecommand{\XRat}{\ensuremath{X}} -\providecommand{\xRat}{\ensuremath{x}} -\providecommand{\yFunc}{\mathrm{y}} -\providecommand{\yLevBF}{\ensuremath{\mathbf{y}}} -\providecommand{\YLev}{\ensuremath{Y}} -\providecommand{\YLevBF}{\ensuremath{\mathbf{Y}}} -\providecommand{\yLev}{\ensuremath{y}} -\providecommand{\YRat}{\ensuremath{Y}} -\providecommand{\yRat}{\ensuremath{y}} -\providecommand{\yTargE}{\ensuremath{\check{y}^{e}}} -\providecommand{\yTarg}{\ensuremath{\check{y}}} -\providecommand{\zAgg}{\ensuremath{\pmb{Z}}} -\providecommand{\zFunc}{\mathrm{z}} -\providecommand{\ZLevBF}{\ensuremath{\mathbf{Z}}} -%\providecommand{\zLevBF}{\ensuremath{\mathbf{z}}} -\providecommand{\zLevBF}{\ensuremath{\pmb{z}}} -\providecommand{\ZLev}{\ensuremath{Z}} -\providecommand{\zLev}{\ensuremath{z}} -\providecommand{\ZRat}{\ensuremath{Z}} -\providecommand{\zRat}{\ensuremath{z}} - -\providecommand{\DieFac}{\pDead} -\providecommand{\LivFac}{\Alive} -\providecommand{\PopFac}{\PopGro} -\providecommand{\popRte}{\popGro} - - -\providecommand{\NFALev}{\NLev} -\providecommand{\NFARat}{\NRat} -\providecommand{\NI}{\ensuremath{Z}} -\providecommand{\GDPLev}{\pmb{P}} -\providecommand{\GDPRat}{P} -\providecommand{\GDPGro}{\gimel} -\providecommand{\gdpLev}{\pmb{p}} -\providecommand{\gdpRat}{p} -\providecommand{\weight}{\omega} - - -\providecommand{\bi}{} -\renewcommand{\bi}{\begin{itemize}} -\providecommand{\ei}{} -\renewcommand{\ei}{\end{itemize}} -\providecommand{\reqd}{} -\renewcommand{\reqd}{\item[$^{*}$]} -\providecommand{\recm}{} -\renewcommand{\recm}{\item[\phantom{$^{*}$}]} - -\providecommand{\pd}[2]{\frac{\partial#1}{\partial#2}} diff --git a/Documentation/texmf-local/tex/latex/titlesec.sty b/Documentation/texmf-local/tex/latex/titlesec.sty deleted file mode 100644 index f588cad6a..000000000 --- a/Documentation/texmf-local/tex/latex/titlesec.sty +++ /dev/null @@ -1,1350 +0,0 @@ -% +--------------------------------------------------+ -% | Typeset titlesec.tex to get the documentation. | -% +--------------------------------------------------+ -% -% Copyright (c) 1998-2016 by Javier Bezos. -% All Rights Reserved. -% -% This file is part of the titlesec distribution release 2.10.2 -% ----------------------------------------------------------- -% -% It may be distributed and/or modified under the -% conditions of the LaTeX Project Public License, either version 1.3 -% of this license or (at your option) any later version. -% The latest version of this license is in -% http://www.latex-project.org/lppl.txt -% and version 1.3 or later is part of all distributions of LaTeX -% version 2003/12/01 or later. -% -% This work has the LPPL maintenance status "maintained". -% -% The Current Maintainer of this work is Javier Bezos. -% -% Notes -% ~~~~~ -% -% The following tags are used: -% ttl@ : the generic tag used through the style -% ttlh@ : a shape definition -% ttlf@ : a macro containing the title format -% ttls@ : id. the title space -% ttlp@ : page key related macros -% ttll@ : level number -% -% The ttlf@ and ttls@ contains data in the form {..}{..}. -% Perhaps in future releases they should be converted -% to a prop-like list, similar to that proposed by the -% latex team. -% -% Admittedly, the current implementation seems too -% complicated, but that's necessary in order to provide -% certain compatibility with the sections as defined by the -% used class. Other packages opt for providing the sections -% as defined by standard classes ignoring the class; for -% instance sectsty which does a simple task in a simple and -% nice way. However, that was not my goal. -% -% Release -% ~~~~~~~ - -\NeedsTeXFormat{LaTeX2e} -\ProvidesPackage{titlesec}[2016/03/21 v2.10.2 Sectioning titles] - -% Initialization -% ~~~~~~~~~~~~~~ - -\newif\ifttl@ps -\ttl@psfalse - -% The \ttl@label switch is used when printing the label in titles. -% A numberless variant makes it to true. -% There is a \ttl@toclabel as well, which is true iff the -% title is numbered; used in toc entries (except default part -% and chapter) and marks (only in titlesec pagestyles). - -\newif\ifttl@label -\newif\ifttl@toclabel - -\newbox\ttl@box - -% A provision for the report style: - -\@ifundefined{if@mainmatter} - {\let\if@mainmatter\iftrue}{} - -\@ifundefined{if@openright} - {\let\if@openright\iftrue}{} - -% and the ams styles as well - -\@ifundefined{@chapapp} - {\let\@chapapp\chaptername}{} - -\def\ttl@trylist{\ttl@try{}} - -\def\ttl@getkeys#1#2{% - \if\expandafter @\@gobble#1@\@empty - \edef\ttl@b{\expandafter\@gobble\string#1}% - \let\ttl@a\ttl@b - \else - \makeatletter - \edef\ttl@d{% - \noexpand\input{ttlkeys.def}% - \catcode`\noexpand\@=\the\catcode`\@}% - \ttl@d - \ttl@getkeys{#1}{#2}% - \fi} - -% A more meaningful error for \@notdefinable - -\expandafter\AtEndOfPackage\expandafter{\expandafter - \gdef\expandafter\@notdefinable\expandafter{\@notdefinable}} - -\def\@notdefinable{% - \PackageError{titlesec}% - {Incompatible package}% - {Titlesec cannot continue defining its own macros - because\MessageBreak - \@backslashchar\reserved@a\space is already used by other package, - the class\MessageBreak - or the document.}} - -% +-----------------+ -% | C L A S S E S | -% +-----------------+ - -\def\ttl@useclass#1#2{% - \@ifstar - {\ttl@labelfalse#1{#2}[]}% - {\ttl@labeltrue\@dblarg{#1{#2}}}} - -\def\ttl@straightclass{\ttl@useclass\ttl@straight@i} -\def\ttl@partclass{\ttl@useclass\ttl@part@i} -\def\ttl@topclass{\ttl@useclass\ttl@top@i} -\def\ttl@pageclass{\ttl@useclass\ttl@page@i} - -% Here \scantokens is used to make sure the unescaped name -% has `letters' and no `others'. Mainly for hyperref, so there -% should be no problems. - -\newcommand\titleclass[1]{% - \edef\ttl@a{\expandafter\@gobble\string#1}% - \ifx\scantokens\@undefined\else - \scantokens\expandafter{\expandafter - \def\expandafter\ttl@a\expandafter{\ttl@a}}% - \fi - \@ifnextchar[{\@tempswatrue\ttl@class@i{#1}}% - {\@tempswafalse\ttl@class@ii{#1}}} - -\def\ttl@class@i#1[#2]{% - \@namedef{ttll@\ttl@a}{#2}% - \expandafter\providecommand\csname\ttl@a title\endcsname{}%%%% - \@ifundefined{ttl@toplevel}{}% - {\expandafter\let\csname ttlss@\ttl@a\expandafter\endcsname - \csname ttlss@\ttl@toplevel\endcsname}% - \edef\ttl@toplevel{\ttl@a}% - \ttl@class@ii{#1}} - -\def\ttl@class@ii#1#2{% - \@ifundefined{ttl@#2class}% - {\PackageError{titlesec}{Unknown sectioning class}% - {Valid names are top, page and straight}}% - {\expandafter\let\csname ttl@compat\ttl@a\endcsname\relax - \@ifundefined{\ttl@a mark}% - {\@namedef{\ttl@a mark}{\@gobble}}% - {}% - \edef#1{% - \expandafter\noexpand\csname ttl@#2class\endcsname{\ttl@a}}}% - \if@tempswa - \expandafter\@gobble - \else - \expandafter\@firstofone - \fi - {\@ifnextchar[% - {\ttl@class@iii}% - {\@ifundefined{ttll@\ttl@a}% - {\PackageError{titlesec}{Unknown sectioning level}% - {\string\titleclass\space with no optional arguments\MessageBreak - only changes the class of an *existing* level}}}}} - -\def\ttl@class@iii[#1]{% - \edef\ttl@b{\expandafter\@gobble\string#1}% - \expandafter\let\csname ttlss@\ttl@a\expandafter\endcsname - \csname ttlss@\ttl@b\endcsname - \expandafter\edef\csname ttlss@\ttl@b\endcsname{\ttl@a}% - \let\ttl@a\ttl@toplevel - \count@\csname ttll@\ttl@toplevel\endcsname - \ttl@class@iv} - -\def\ttl@class@iv{% - \@ifundefined{ttlss@\ttl@a}{}% - {\advance\count@\@ne - \edef\ttl@a{\csname ttlss@\ttl@a\endcsname}% - \expandafter\edef\csname ttll@\ttl@a\endcsname{\the\count@}% - \ttl@class@iv}} - -% Typesetting Classes: General tools -% ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ -% The following command handles the *n spacing -% Some tricks are necessary to multiply a -% skip by a non integer number - -\newskip\beforetitleunit -\beforetitleunit=1ex\@plus.3ex\@minus.06ex -\newskip\aftertitleunit -\aftertitleunit=1ex\@plus.1ex - -\newdimen\ttl@plus -\newdimen\ttl@minus - -\def\ttl@assign#1{% - \@ifstar - {\ttl@assign@i{#1}}% - {\ttl@assign@d{#1}}} - -\def\ttl@assign@i#1#2\relax#3{% - \ttl@plus\z@ - \ttl@minus\z@ - \afterassignment\ttl@assign@ii - \dimen@\the#3, % <- space - #1 = #2\dimen@ - plus #2\ttl@plus - minus #2\ttl@minus} - -\def\ttl@assign@ii#1 {% <- space - \if#1,\else\afterassignment\ttl@assign@ii\fi - \csname ttl@\string#1\endcsname} - -\def\ttl@assign@d#1#2\relax#3{\setlength#1{#2}} - -% To be used with \v/vspace to make them calc-savvy - -\def\ttl@calc#1#2{% - {\setlength\@tempskipa{#2}% - #1\@tempskipa}} - -\def\ttl@calcneg#1#2{% - {\setlength\@tempskipa{#2}% - #1{-\@tempskipa}}} - -% Gets from ttls@ and passes the spacing parameters: - -\def\ttl@startargs#1#2{% Get the first arguments, with the spacing - \@ifundefined{ttlp@#2}% - {\let\ttl@key@page\@empty}% - {\ttlp@fetch{#2}}% - \begingroup - \def\ttl@b{ttls@#2}% - \edef\ttl@key@numberless{\ifttl@label//\else/*\fi}% - \def\ttl@a##1{\csname ttl@key@##1\endcsname}% Used as elt in try - \ttl@trylist - \xdef\ttl@b{\ttl@c}% - \endgroup - \ifx\ttl@b\@empty - \PackageError{titlesec}{Format/spacing not found}% - {I was unable to find the format corresponding to #2.\MessageBreak - Maybe you haven't set it with \string\titleformat\space and - \string\titlespacing} - \fi - \expandafter#1\ttl@b{#2}} - -% Used in ttl@select - -\def\ttl@savefn#1[#2]#3{% - \ifcase#1% - \footnotemark[#2]% - \gdef\ttl@fn{\footnotetext[#2]{#3}}% - \else - \footnotemark - \gdef\ttl@fn{\footnotetext{#3}}% - \fi} - -\def\ttl@nest@error{% - \PackageError{titlesec}{Nested titles}{Titles must not be nested}} - -\def\ttl@hmode@error{% - \PackageError{titlesec}{Entered in horizontal mode} - {The argument cannot contain horizontal material\MessageBreak - such as text, \string\noindent, \string\makebox, etc.}} - -% \ttl@select not only selects the right version to be -% used. It also take steps to ensure that a mark -% is not lost inside a box by saving it into \ttl@mk, -% which in turn is used by the sect and chap commands. - -\newif\ifttl@explicit - -\def\ttl@gmk#1{\gdef\ttl@mk{#1}} - -\def\ttl@select#1#2#3#4{% - \ttl@Hy@saveanchor - \global\let\ttl@mk\@empty % global because of rigidchapters - \global\let\ttl@fn\@empty - \begingroup - \if@inlabel\else % Keep item's \everypar - \everypar{\setbox\z@\lastbox\strut}% - \fi - \let\ttl@straight@i\ttl@nest@error - \let\ttl@top@i \ttl@nest@error - \let\ttl@part@i \ttl@nest@error - \let\ttl@page@i \ttl@nest@error - \let\ttl@newpage\newpage - \def\newpage{\ttl@savewrite\ttl@newpage}% - \def\markboth##1##2{\protect\ttl@gmk{\protect\markboth{##1}{##2}}}% - \def\markright##1{\protect\ttl@gmk{\protect\markright{##1}}}% - \def\@mkboth##1##2{\protect\ttl@gmk{\protect\@mkboth{##1}{##2}}}% - \def\footnote{\@ifnextchar[% - {\ttl@savefn\z@}{\ttl@savefn\@ne[]}}% - \edef\ttl@key@numberless{\ifttl@label//\else/*\fi}% - \def\ttl@b{ttlf@#1}% - \def\ttl@a##1{\csname ttl@key@##1\endcsname}% Used as elt in try - \ttl@trylist - \ifttl@explicit - \def\ttl@passexplicit{\ttl@case{#4}}% - \ttl@c{#4}{#2}{#3}{}% ttl@c is returned by ttl@try with ttlf@... - \else - \let\ttl@passexplicit\ttl@case - \ttl@c{#2}{#3}{#4}% ttl@c is returned by ttl@try with ttlf@... - \fi - \endgroup} - -\let\ttl@savewrite\@empty - -\def\ttl@finmarks{% - \ttl@savewrite - \ttl@mk % Contains a possible mark, returned by \ttl@select - \ttl@fn} % And a footnote - -\def\ttl@try#1{% - \edef\ttl@c{#1}% #1 is a list in the form \ttl@a{key}\ttl@a{key} - \@ifundefined{\ttl@b\ttl@c}{}{% - \edef\ttl@c{\expandafter\noexpand\csname\ttl@b\ttl@c\endcsname}% - \def\ttl@a##1{\csname ttl@extra@##1\endcsname}% - #1% - \let\ttl@try\@gobble}} % locally modified to `break' testings - -% \ttl@write writes marks and toc. tocdepth is taken care of when -% the toc is typesetted and not here. Used always through -% ttl@savewrite, which is reset to \@empty to avoid duplicated -% calls. - -\def\ttl@write#1#2{% - \ttl@blinemarks - \csname#1mark\endcsname{#2}% - \def\ttl@a{\protect\numberline{\@nameuse{the#1}}}% - \@nameuse{ttl@toc#1}% eg, \ttl@tocpart modifies \ttl@a - \ttl@addcontentsline{#1}{#2}% Depends on toctitles, uses \ttl@a - \ttl@elinemarks - \global\ttl@toclabelfalse - \global\let\ttl@savewrite\@empty} - -\newif\ifttl@premark % to be used in ttlps.def -\ttl@premarkfalse - -\def\ttl@premark#1#2{% - \protected@xdef\ttl@prevmarks{\ttl@marks}% - \ttl@blinemarks - \csname#1mark\endcsname{#2}% - \ttl@elinemarks - \gdef\ttl@prevmarks{\ttl@marks}} - -% Must be preceded by a default \ttl@savewrite, which is used -% in starred variants--\@empty in top and straight classes. -% In straight class, it is preceded by the setting of -% prev marks to provide a "fixed" top mark. Otherwise, -% the default prev mark (= curr mark) is used (restored -% after ttl@labelling in straight). This is the command -% to be hacked if you want to change the behaviour of -% starred variants. - -\def\ttl@labelling#1#2{% - \let\ttl@Hy@saveanchor\@empty - \ifttl@label % 1st - if star - \def\ttl@savewrite{\ttl@write{#1}{#2}}% - \@nameuse{ttl@#1label}% eg, sets if mainmatter in chapter. - \ifttl@label % 2nd - eg, if not main matter - \ifnum\@nameuse{ttll@#1}>\c@secnumdepth\relax - \ttl@labelfalse % 3rd - if too deep - \else - \ttl@Hy@refstepcounter{#1}% - \@nameuse{ttl@#1out}% - \fi - \fi - \fi - \let\ifttl@toclabel\ifttl@label - \ifx\ttl@savewrite\@empty\else % If marks - \ifttl@ps - \ifttl@premark - \global\ttl@premarkfalse - \else % if no \pretitlemark - \ttl@premark{#1}{#2}% - \fi - \fi - \ifttl@label\else\ttl@Hy@steplink{#1}\fi - \fi} - -% Executed by ttl@labelling if the name of section is chapter: - -\def\ttl@chapterlabel{\if@mainmatter\else\ttl@labelfalse\fi} - -% Executed by ttl@labelling if chapter has a number. Note -% you can define messages for other sectioning levels (eg, -% \ttl@sectionout). - -\def\ttl@chapterout{\typeout{\chaptertitlename\space\thechapter.}} - -% Straight class -% ~~~~~~~~~~~~~ -% Default for nobottomtitles. Changed by nobottomtitles* - -\def\ttl@addstretch{\advance\@tempskipa-\pagestretch} - -% 1:name 2:level 3:indent 4:before 5:after 6:afind [7]:cap 8:title -% The second argument of ttl@sect is the level, which -% is empty if the star version is used. In this case -% neither the toc nor the marks are written. - -\def\ttl@straight@i#1[#2]#3{% - \def\@currentlabelname{#2}% for nameref - \gdef\ttl@savemark{\csname#1mark\endcsname{#3}}% - \let\ttl@savewrite\@empty - \def\ttl@savetitle{#3}% - \gdef\thetitle{\csname the#1\endcsname}% - \if@noskipsec \leavevmode \fi - \par - \ttl@labelling{#1}{#2}% - \ttl@startargs\ttl@straight@ii{#1}{#3}} - -% 1:left 2:right 3:before 4:after 5:afterindent 6:name 7:title - -\def\ttl@straight@ii#1#2#3#4#5#6#7{% - \ttl@assign\@tempskipa#3\relax\beforetitleunit - \@ifundefined{ttl@ps@#6}{}% - {\PackageWarning{titlesec}{Page style in straight class ignored}}% - \if@nobreak - \ttl@titlespace{\@tempskipa}% - \else - \@ifundefined{#6break}% - {\addpenalty{\@secpenalty}}% - {\csname#6break\endcsname}% - \addvspace{\@tempskipa}% - \ifdim\bottomtitlespace<\z@ - \else - \begingroup - \@tempskipb\pagegoal - \@tempskipa\pagegoal - \ttl@addstretch % \relax if nobottomtitle* - \advance\@tempskipa-\bottomtitlespace\relax % not a register - \pagegoal\@tempskipa - \def\@textbottom{\vskip\z@\@plus.0001fil}% - \penalty9999 - \pagegoal\@tempskipb - \endgroup - \fi - \fi - \@afterindenttrue - \ifcase#5 \@afterindentfalse\fi - \ttl@assign\@tempskipb#4\relax\aftertitleunit - \ttl@select{#6}{#1}{#2}{#7}% - \ttl@finmarks - \@ifundefined{ttlp@#6}{}{\ttlp@write{#6}}% - \if@noskipsec - \global\@nobreakfalse - \everypar{% - \if@noskipsec - \global\@noskipsecfalse - \clubpenalty\@M - \hskip-\parindent - \begingroup - \@svsechd\unskip{\hspace{\@tempskipb}}% - \endgroup - \else - \clubpenalty\@clubpenalty\everypar{}% - \fi}% - \else - \par\nobreak - \vspace{\@tempskipb}% - \@afterheading - \fi - \ignorespaces} - -% Part class -% ~~~~~~~~~~ - -\providecommand\partmark[1]{\markboth{}{}} - -\def\ttl@part@i#1[#2]#3{% - \gdef\ttl@savemark{\csname#1mark\endcsname{#3}}% - \ifx\ttl@notocparts\@undefined - \def\ttl@savewrite{\ttl@write{#1}{#3}}% Not #2! - \else - \let\ttl@savewrite\@empty - \fi - \def\ttl@savetitle{#3}% - \ttl@labelling{#1}{#2}% - \ttl@startargs\ttl@part@ii{#1}{#3}} - -\def\ttl@part@ii#1#2#3#4#5#6#7{% - \ttl@assign\@tempskipa#3\relax\beforetitleunit - \vspace*{\@tempskipa}% - \@ifundefined{ttl@ps@#6}{}% - {\PackageWarning{titlesec}{Page style in part class ignored}}% - \global\@afterindenttrue - \ifcase#5 \global\@afterindentfalse \fi - \ttl@assign\@tempskipb#4\relax\aftertitleunit - \ttl@select{#6}{#1}{#2}{#7}% - \ttl@finmarks - \@ifundefined{ttlp@#6}{}{\ttlp@write{#6}}% - \par\nobreak - \vspace{\@tempskipb}% - \@afterheading} - -% Page class -% ~~~~~~~~~~ - -\def\ttl@page@i#1[#2]#3{% - \gdef\ttl@savemark{\csname#1mark\endcsname{#3}}% - \ifx\ttl@notocparts\@undefined - \def\ttl@savewrite{\ttl@write{#1}{#3}}% Not #2! - \else - \let\ttl@savewrite\@empty - \fi - \def\ttl@savetitle{#3}% - \ttl@labelling{#1}{#2}% - \ttl@startargs\ttl@page@ii{#1}{#3}} - -\def\ttl@page@ii#1#2#3#4#5#6#7{% - \ttl@assign\@tempskipa#3\relax\beforetitleunit - \if@openright - \cleardoublepage - \else - \clearpage - \fi - \@ifundefined{ttl@ps@#6}% - {\thispagestyle{plain}}% - {\thispagestyle{\@nameuse{ttl@ps@#6}}}% - \if@twocolumn - \onecolumn - \@tempswatrue - \else - \@tempswafalse - \fi - \vspace*{\@tempskipa}% - \@afterindenttrue - \ifcase#5 \@afterindentfalse\fi - \ttl@assign\@tempskipb#4\relax\aftertitleunit - \ttl@select{#6}{#1}{#2}{#7}% - \ttl@finmarks - \@ifundefined{ttlp@#6}{}{\ttlp@write{#6}}% - \vspace{\@tempskipb}% - \newpage - \if@twoside - \if@openright - \null - \@ifundefined{ttl@ps@#6}% - {\thispagestyle{empty}}% - {\thispagestyle{\@nameuse{ttl@ps@#6}}}% - \newpage - \fi - \fi - \if@tempswa - \twocolumn - \fi - \ignorespaces} - -% Top class and some makechapterhead stuff -% ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ -% -% \ttl@mkchap is the new make(s)chapterhead. - -\def\ttl@mkchap#1#2#3#4#5#6#7{% - \gdef\ttl@savemark{\csname#6mark\endcsname{#7}}% - \let\ttl@savewrite\@empty - \let\ttl@Hy@saveanchor\@empty - \@ifundefined{ttl@ps@#6}{}% - {\thispagestyle{\@nameuse{ttl@ps@#6}}}% - \let\ifttl@toclabel\ifttl@label - \ttl@mkchap@i{#1}{#2}{#3}{#4}{#5}{#6}{#7}} - -% But \ttl@mkchap@i is used by both makechapterhead and -% the top class. - -\def\ttl@mkchap@i#1#2#3#4#5#6#7{% - \ttl@assign\@tempskipa#3\relax\beforetitleunit - \vspace*{\@tempskipa}% - \global\@afterindenttrue - \ifcase#5 \global\@afterindentfalse\fi - \ttl@assign\@tempskipb#4\relax\aftertitleunit - \ttl@topmode{\@tempskipb}{% - \ttl@select{#6}{#1}{#2}{#7}}% - \ttl@finmarks % Outside the box! - \@ifundefined{ttlp@#6}{}{\ttlp@write{#6}}} - -\def\ttl@top@i#1[#2]#3{% - \gdef\ttl@savemark{\csname#1mark\endcsname{#3}}% - \let\ttl@savewrite\@empty - \def\ttl@savetitle{#3}% - \ttl@labelling{#1}{#2}% - \ttl@startargs\ttl@top@ii{#1}{#3}} - -\def\ttl@top@ii#1#2#3#4#5#6#7{% - \@ifundefined{#6break}% - {\if@openright - \cleardoublepage - \else - \clearpage - \fi}% - {\csname#6break\endcsname}% - \@ifundefined{ttl@ps@#6}% - {\thispagestyle{plain}}% - {\thispagestyle{\@nameuse{ttl@ps@#6}}}% - \global\@topnum\z@ - \@ifundefined{#6tolists}% - {\addtocontents{lof}{\protect\ttl@tocsep}% - \addtocontents{lot}{\protect\ttl@tocsep}} - {\@nameuse{#6tolists}}% - \if@twocolumn - \@topnewpage[\ttl@mkchap@i{#1}{#2}{#3}{#4}{#5}{#6}{#7}]% - \else - \ttl@mkchap@i{#1}{#2}{#3}{#4}{#5}{#6}{#7}% - \@afterheading - \fi - \ignorespaces} - - -% \def\ttl@noskipsectrue{% -% \if@noskipsec -% \PackageError{titlesec}{Invalid shape for top class}% -% {The selected shape only makes sense when merged into\MessageBreak -% a paragraph. That is impossible in the top class}% -% \else - -\newcommand\chaptertitlename{\@chapapp} -\def\ttl@tocsep{\addvspace{10\p@}} - -% +-----------------+ -% | S H A P E S | -% +-----------------+ -% -% % Reformatting Titles: Interface -% ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ - -% The surrounding space is stored in a macro -% named \ttls@
whose content is -% {left}{right}{before}{after}{afterindent}. -% But if there is the page key, the name is -% \ttls@
/ - -\newcommand\titlespacing{% - \@ifstar{\ttl@spacing@i{\z@}}{\ttl@spacing@i{\@ne}}} - -\def\ttl@spacing@i#1#2#3#4#5{% - \ttl@getkeys{#2}{titlesec}% - \@ifnextchar[{% - \ttl@spacing@ii{#1}{#3}{#4}{#5}% - }{% - \ttl@spacing@ii{#1}{#3}{#4}{#5}[\z@]}} - -\def\ttl@spacing@ii#1#2#3#4[#5]{% - \expandafter\def\csname ttls@\ttl@a\endcsname - {{#2}{#5}{#3}{#4}{#1}}} - -% The section name is built in \ttl@a. -% The format is stored in a macro named \ttlf@
, -% or \ttlf@
/ if there is the page spec, -% or \ttlf@.../* if numberless is true -% whose content is -% \ttl@{format}{label}{sep}{before}{after} - -\newtoks\ttl@toksa - -\newcommand\titleformat{% - \@ifstar{\ttl@format@s}% - {\ttl@format@i}} - -\def\ttl@format@s#1#2{% - \edef\ttl@a{\expandafter\@gobble\string#1}% - \@ifundefined{ttlf@\ttl@a}% - {\PackageError{titlesec}{Not allowed in `easy' settings} - {The sectiong command you are trying to redefine\MessageBreak - is not handled by the starred variant (eg, \string\part)}}{} - \expandafter\expandafter\expandafter - \ttl@format@si\csname ttlf@\ttl@a \endcsname - {#2}} - -\def\ttl@format@si#1#2#3#4#5#6#7{% - \@namedef{ttlf@\ttl@a}{#1{#7}{#3}{#4}{#5}{#6}}} - -\def\ttl@format@i#1{% - \@ifnextchar[{\ttl@format@ii{#1}}{\ttl@format@ii{#1}[hang]}} - -\def\ttl@format@ii#1[#2]#3#4#5#6{% - \ttl@getkeys{#1}{titlesec}% - \ttl@toksa{{#3}{#4}{#5}{#6}}% Save arguments - \@ifnextchar[{% - \ttl@format@iii{#2}% - }{% - \ttl@format@iii{#2}[]}} - -% First, we get the shape -- if not defined it loads -% the corresponding file. - -\def\ttl@format@iii#1[#2]{% - \@ifundefined{ttlh@#1}{% - \begingroup - \makeatletter - \InputIfFileExists{#1.tss}{}{% - \PackageError{titlesec}{Unknown shape}% - {Shapes are defined in files with extension tss\MessageBreak - Either you have misspelled the shape\MessageBreak - or there is no a #1.tss file}}% - \endgroup}{}% - \@temptokena{#2}% - \ifttl@explicit - \edef\ttl@b{% - \def\expandafter\noexpand\csname ttlf@\ttl@a\endcsname####1% - {\expandafter\noexpand\csname ttlh@#1\endcsname - \the\ttl@toksa{\the\@temptokena}}}% - \else - \edef\ttl@b{% - \def\expandafter\noexpand\csname ttlf@\ttl@a\endcsname - {\expandafter\noexpand\csname ttlh@#1\endcsname - \the\ttl@toksa{\the\@temptokena}}}% - \fi - \ttl@b - \csname ttl@compat\ttl@a\endcsname} - -% Styles -% ~~~~~~ - -% 1:global 2:label 3:sep 4:style 5:after 6:left 7:right 8:title -% \ttl@ and \ttlh@ take the following eight -% arguments: -% {format}{label}{sep}{before}{after}{left}{right}{title} -% where before and after refer to the format. -% With the option explicit, #4 contains the title and #8 is -% empty. - -\def\ttlh@display#1#2#3#4#5#6#7#8{% - \gdef\ttl@makeline##1{\ttl@calc\hspace{#6}##1\ttl@calc\hspace{#7}}% - \setlength\leftskip{#6}% - \setlength\rightskip{#7}% - \interlinepenalty\@M - \ttl@changecentercr - \ttl@beginlongest - #1\ifhmode\ttl@hmode@error\fi - \ttl@glcmds - \parindent\z@ - \ifttl@label - {#2\strut\@@par}\nobreak\ttl@calc\vspace{#3}% - \fi - #4{#8}% - \kern\z@\strut\@@par - \nobreak\ttl@midlongest#5\@@par - \ttl@endlongest} - -\def\ttlh@hang#1#2#3#4#5#6#7#8{% - \gdef\ttl@makeline##1{\ttl@calc\hspace{#6}##1\ttl@calc\hspace{#7}}% - \setlength\leftskip{#6}% - \setlength\rightskip{#7}% - \interlinepenalty\@M - \ttl@changecentercr - \ttl@beginlongest - #1{\ifhmode\ttl@hmode@error\fi - \ttl@glcmds - \parindent\z@ - \begingroup - \ifttl@label - \noindent - \sbox\z@{#2\strut\ttl@calc\hspace{#3}}% - \hangindent\wd\z@ - \box\z@ - \fi - #4{#8}% - \kern\z@\strut\@@par - \endgroup - \nobreak\ttl@midlongest#5\@@par}% - \ttl@endlongest} - -\def\ttlh@runin#1#2#3#4#5#6#7#8{% - \global\@noskipsectrue - \gdef\ttl@makeline##1{##1}% - \ttl@changecentercr - #1{\ifhmode\ttl@hmode@error\fi - \global\sbox\ttl@box{% - \ttl@calc\hspace{#6}% - \ifttl@label{\strut#2}\ttl@calc\hspace{#3}\fi - #4{#8}#5\unskip}}% - \gdef\@svsechd{\unhbox\ttl@box}} - -% +-----------------+ -% | T O O L S | -% +-----------------+ -% -% calcwidth -% ~~~~~~~~~ -% Implemented after code from soul (but much modified...) - -\newdimen\titlewidth -\newdimen\titlewidthlast -\newdimen\titlewidthfirst - -\let\ttl@glcmds\relax -\let\ttl@beginlongest\@empty -\let\ttl@midlongest\@empty -\let\ttl@endlongest\@empty -\let\iftitlemeasuring\@secondoftwo - -\def\ttl@xbeginlongest#1\ttl@endlongest{% - \titlewidth\z@ - \titlewidthlast\z@ - \let\iftitlemeasuring\@firstoftwo - \setbox\ttl@box\vbox{% - \def\ttl@glcmds{% - \def\\{\@ifstar{\@ifnextchar[{\ttl@bs}{\newline}}% - {\@ifnextchar[{\ttl@bs}{\newline}}}% - \def\ttl@bs[####1]{\newline}% - \let\@centercr\\% - \def\ttl@midlongest####1\@@par{}% Very dirty... - \advance\rightskip 1\leftskip plus 1fil - \leftskip=\z@}% - #1}% - \let\iftitlemeasuring\@secondoftwo - \ttl@boxprocess - #1} - -\def\ttl@boxprocess{% - \setbox\ttl@box=\vbox{% - \unvcopy\ttl@box - \unskip\unpenalty - \global\setbox\@ne=\lastbox}% - \ifvoid\@ne - \else - \setbox\tw@=\hbox{\hskip-\leftskip\unhbox\@ne\hskip-\rightskip}% - \titlewidthfirst\wd\tw@ - \ifdim\titlewidth<\titlewidthfirst - \titlewidth\titlewidthfirst - \fi - \ifdim\titlewidthlast=\z@ - \titlewidthlast\titlewidthfirst - \fi - \expandafter\ttl@boxprocess - \fi} - -% Rules -% ~~~~~ - -\providecommand\titleline{% - \@ifstar{\ttl@line@i{\hb@xt@\titlewidth}}% - {\ttl@line@i{}}} - -\def\ttl@line@i#1{% - \@ifnextchar[{\ttl@line{#1}}{\ttl@line{#1}[s]}} - -\def\ttl@line#1[#2]#3{% - \vskip\topskip - \hrule \@height \z@ - \nobreak - \vskip-\topskip - \begingroup - \parindent\z@ - \everypar{}% - \leftskip\z@ - \rightskip\z@ % #1 is either \hb@xt@\titlewidth or empty: - \@makebox[\hsize][#2]{\ttl@makeline{#1{#3}}}% - \par - \endgroup - \hrule height \z@ - \nobreak} - -\providecommand\titlerule{\@ifstar{\ttl@row}{\ttl@rule}} - -\let\ttl@leaders\xleaders % For titletoc compatibility - -\def\ttl@row{\@ifnextchar[{\ttl@row@i}{\ttl@row@i[\wd\z@]}} -\def\ttl@row@i[#1]#2{% - \ifvmode\expandafter\titleline\fi - {\sbox\z@{#2}% - \ttl@calcneg\hspace{#1}% - \hskip\wd\z@ - \ttl@leaders\hb@xt@#1{\hss\box\z@}% - \hfill\kern\z@}} - -\def\ttl@rule{\@ifnextchar[{\ttl@rule@i}{\ttl@rule@i[.4\p@]}} -\def\ttl@rule@i[#1]{% - \ifvmode\expandafter\titleline\fi - {\leaders\hrule height #1\hfill\kern\z@}} - -% Par shapes and space -% ~~~~~~~~~~~~~~~~~~~~ - -\providecommand\filright{% - \gdef\ttl@filleft##1{\hskip##1}% - \gdef\ttl@filright##1{\hfill}% - \let\\\@centercr - \advance\rightskip\z@ \@plus 1fil\relax} -\providecommand\filleft{% - \gdef\ttl@filleft##1{\hfill}% - \gdef\ttl@filright##1{\hskip##1}% - \let\\\@centercr - \advance\leftskip\z@ \@plus 1fil - \parfillskip\z@} -\providecommand\filcenter{\filleft\filright - \gdef\ttl@filleft##1{\hfill}} -\providecommand\fillast{% - \gdef\ttl@filleft##1{\hfill}% - \gdef\ttl@filright##1{\hfill}% - \let\\\@centercr - \filleft\advance\rightskip\z@ \@plus -1fil - \parfillskip\z@ \@plus 2fil\relax} -\newcommand\filinner{% - \if@twoside - \ifodd\count\z@\filleft\else\filright\fi - \else - \filleft - \fi} -\newcommand\filouter{% - \if@twoside - \ifodd\count\z@\filright\else\filleft\fi - \else - \filright - \fi} - -\newcommand\wordsep{\fontdimen\tw@\font \@plus - \fontdimen\thr@@\font \@minus \fontdimen4\font} - -% +-----------------+ -% | O P T I O N S | -% +-----------------+ - - -\DeclareOption{pagestyles}{\let\sectiontitle\@empty} -\DeclareOption{extramarks}{\let\ttl@fetchmark\@empty} -\DeclareOption{floatps}{% - \ifx\sectiontitle\@empty - \let\ttl@replace\space - \else - \PackageWarning{titlesec}{Ignoring `floatps' without - `pagestyles'. This option is now deprecated.}% - \fi} -\DeclareOption{psfloats}{% - \ifx\sectiontitle\@empty - \let\ttl@replace\@empty - \else - \PackageWarning{titlesec}{Ignoring `psfloats' without - `pagestyles'}% - \fi} - -\DeclareOption{loadonly}{\let\ttl@extract\@empty} - -\DeclareOption{outermarks}{% - \def\ttl@titlemarks{\outertitlemarks}} -\DeclareOption{topmarks}{ - \def\ttl@titlemarks{\toptitlemarks}} -\DeclareOption{botmarks}{% - \def\ttl@titlemarks{\bottitlemarks}} -\DeclareOption{innermarks}{% - \def\ttl@titlemarks{\innertitlemarks}} - -\DeclareOption{footmarks}{} % Backward compat - -\DeclareOption{explicit}{\ttl@explicittrue} - -\DeclareOption{clearempty}{% - \def\cleardoublepage{% - \clearpage{\ps@empty\if@twoside\ifodd\c@page\else - \hbox{}\newpage\if@twocolumn\hbox{}\newpage\fi\fi\fi}}} - -\DeclareOption{rigidchapters}{% - \def\ttl@topmode#1#2{\vbox to #1{#2\vfil}}% - \def\ttl@chapafter{.26\textheight}} -\DeclareOption{rubberchapters}{% - \def\ttl@topmode#1#2{{#2}\ttl@calc\vspace{#1}}% - \def\ttl@chapafter{40\p@}} - -\DeclareOption{bottomtitles}{% - \def\bottomtitlespace{-1\p@}} -\DeclareOption{nobottomtitles}{% - \def\bottomtitlespace{.2\textheight}} -\DeclareOption{nobottomtitles*}{% - \let\ttl@addstretch\relax - \def\bottomtitlespace{.2\textheight}} - -\DeclareOption{calcwidth}{% - \let\ttl@beginlongest\ttl@xbeginlongest} - -\DeclareOption{aftersep}{% - \let\ttl@titlespace\@gobble} -\DeclareOption{largestsep}{% - \let\ttl@titlespace\addvspace} - -\DeclareOption{oldparttoc}{% - \def\ttl@tocpart{\def\ttl@a{\thepart\hspace{1em}}}} -\DeclareOption{newparttoc}{% - \let\ttl@tocpart\relax} -\DeclareOption{notocpart*}{% - \let\ttl@notocparts\@empty} - -\DeclareOption{rm}{% - \protected@xdef\ttl@fonts{\ttl@fonts\protect\rmfamily}} -\DeclareOption{sf}{% - \protected@xdef\ttl@fonts{\ttl@fonts\protect\sffamily}} -\DeclareOption{tt}{% - \protected@xdef\ttl@fonts{\ttl@fonts\protect\ttfamily}} -\DeclareOption{md}{% - \protected@xdef\ttl@fonts{\ttl@fonts\protect\mdseries}} -\DeclareOption{bf}{% - \protected@xdef\ttl@fonts{\ttl@fonts\protect\bfseries}} -\DeclareOption{up}{% - \protected@xdef\ttl@fonts{\ttl@fonts\protect\upshape}} -\DeclareOption{it}{% - \protected@xdef\ttl@fonts{\ttl@fonts\protect\itshape}} -\DeclareOption{sl}{% - \protected@xdef\ttl@fonts{\ttl@fonts\protect\slshape}} -\DeclareOption{sc}{% - \protected@xdef\ttl@fonts{\ttl@fonts\protect\scshape}} - -\DeclareOption{big}{% - \gdef\ttl@sizes#1{\ifcase#1\relax\Huge\or\Large\or\large - \or\normalsize\or\or\or\huge\fi}} -\DeclareOption{medium}{% - \gdef\ttl@sizes#1{\ifcase#1\relax\huge\or\Large\or\large - \or\normalsize\or\or\or\LARGE\fi}} -\DeclareOption{small}{% - \gdef\ttl@sizes#1{\ifcase#1\relax\LARGE\or\large - \or\normalsize\or\normalsize\or\or\or\Large\fi}} -\DeclareOption{tiny}{% - \gdef\ttl@sizes#1{\ifcase#1\relax\large\or\normalsize\or - \normalsize\or\normalsize\or\or\or\normalsize\fi}} - -\DeclareOption{raggedleft}{% - \gdef\ttl@fil{\filleft}} -\DeclareOption{center}{% - \gdef\ttl@fil{\filcenter}} -\DeclareOption{raggedright}{% - \gdef\ttl@fil{\filright}} - -\DeclareOption{uppercase}{% - \gdef\ttl@case{\MakeUppercase}} - -\DeclareOption{compact}{% - \gdef\ttl@space{1}% - \gdef\ttl@chapafter{30\p@}} - -% Deprecated. To be remmoved in a major upgrade (3.0) -\DeclareOption{indentfirst}{% - \gdef\@afterindentfalse{\let\if@afterindent\iftrue}% - \@afterindenttrue - \def\titlespacing{% - \@ifstar{\ttl@spacing@i{\@ne}}{\ttl@spacing@i{\@ne}}}} -\DeclareOption{nonindentfirst}{% - \def\titlespacing{% - \@ifstar{\ttl@spacing@i{\z@}}{\ttl@spacing@i{\z@}}}} - -% New names -\DeclareOption{indentafter}{% - \gdef\@afterindentfalse{\let\if@afterindent\iftrue}% - \@afterindenttrue - \def\titlespacing{% - \@ifstar{\ttl@spacing@i{\@ne}}{\ttl@spacing@i{\@ne}}}} -\DeclareOption{noindentafter}{% - \def\titlespacing{% - \@ifstar{\ttl@spacing@i{\z@}}{\ttl@spacing@i{\z@}}}} - -% newlinetospace -\let\ttl@blinemarks\relax -\let\ttl@elinemarks\relax - -\DeclareRobustCommand\ttl@linetosp{% - \@ifstar{\ttl@linetosp@i}{\ttl@linetosp@i}}% - -\def\ttl@linetosp@i{% - \ifdim\lastskip>\z@\else\space\fi - \ignorespaces} - -\DeclareOption{newlinetospace}{% - \def\ttl@blinemarks{% - \let\ttl@e\\% - \def\\{\ttl@linetosp}}% - \def\ttl@elinemarks{\let\\\ttl@e}}% - -% toctitles -\def\ttl@addcontentsline#1#2{% - \addcontentsline{toc}{#1}{\ifttl@toclabel\ttl@a\fi#2}% - \nobreak} - -\DeclareOption{toctitles}{% - \def\ttl@addcontentsline#1#2{% - \addcontentsline{toc}{#1}{\ifttl@toclabel\ttl@a\fi\ttl@savetitle}% - \nobreak}} - -% pageatnewline - -\def\ttl@changecentercr{% - \let\ttl@centercr\@centercr - \def\@centercr{\@ifstar{\ttl@centercr*}{\ttl@centercr*}}} - -\DeclareOption{pageatnewline}{\let\ttl@changecentercr\relax} - -\def\ttl@fonts{} - -\ExecuteOptions{rubberchapters,bottomtitles,aftersep,oldparttoc,% - innermarks} - -\ProcessOptions - -% +-----------------+ -% | H Y P E R R E F | -% +-----------------+ -% -% These two commands are provided by hyperref. But if they -% are not defined at \begin{document} hyperref has not been -% loaded or it is an old version. - -\AtBeginDocument{% - \ifx\ttl@Hy@steplink\@undefined - \let\ttl@Hy@steplink\@gobble - \let\ttl@Hy@refstepcounter\refstepcounter - \fi} - -% +-----------------+ -% | PAGE STYLES | -% +-----------------+ -% -% This is generic: - -\newcommand\assignpagestyle[2]{% - \@namedef{ttl@ps@\expandafter\@gobble\string#1}{#2}} - -% Old pagestyles -% ~~~~~~~~~~~~~~ - -\providecommand\newpagestyle{% - \let\ttl@compatps\@empty % marks the ``old interface'' - \makeatletter - \edef\ttl@d{% - \noexpand\input{ttlps.def}% - \catcode`\noexpand\@=\the\catcode`\@}% - \ttl@d - \newpagestyle} - -\providecommand\renewpagestyle{% - \let\ttl@compatps\@empty % marks the ``old interface'' - \makeatletter - \edef\ttl@d{% - \noexpand\input{ttlps.def}% - \catcode`\noexpand\@=\the\catcode`\@}% - \ttl@d - \renewpagestyle} - -\providecommand\widenhead{% - \let\ttl@compatps\@empty % marks the ``old interface'' - \makeatletter - \edef\ttl@d{% - \noexpand\input{ttlps.def}% - \catcode`\noexpand\@=\the\catcode`\@}% - \ttl@d - \widenhead} - -% New pagestyles -% ~~~~~~~~~~~~~~ - -\@ifundefined{sectiontitle}{}{\input{ttlps.def}} - -% +-----------------+ -% | C O M P A T | -% +-----------------+ -% Easy setup, i.e., that of package options, is -% taken care of, if necessary. - -\renewcommand\secdef[2]{% - \@ifstar - {\ttl@labelfalse - #2} - {\ttl@labeltrue - \ifx#1\@chapter - \if@mainmatter\else\ttl@labelfalse\fi - \ifnum\ttll@chapter>\c@secnumdepth\ttl@labelfalse\fi - \else\ifx#1\@part - \ifnum\ttll@part>\c@secnumdepth\ttl@labelfalse\fi - \fi\fi - \let\ifttl@toclabel\ifttl@label - \@dblarg{#1}}} - -\@ifundefined{ttl@extract}{}{\endinput} - -\newcommand\titlelabel[1]{% - \def\@seccntformat##1{#1}} - -\expandafter\ifx\csname chapter\endcsname\relax - - \def\ttl@compatpart{\titleclass{\part}{part}\relax} - -\else - - \def\ttl@compatchapter{% - \def\@makechapterhead{% - \ttl@labeltrue - \if@mainmatter\else\ttl@labelfalse\fi - \ifnum\ttll@chapter>\c@secnumdepth\ttl@labelfalse\fi - \ttl@startargs\ttl@mkchap{chapter}}% - \def\@makeschapterhead{% - \ttl@labelfalse - \if@mainmatter\else\ttl@labelfalse\fi - \ifnum\ttll@chapter>\c@secnumdepth\ttl@labelfalse\fi - \ttl@startargs\ttl@mkchap{chapter}}} - - \def\ttl@compatpart{\titleclass{\part}{page}\relax} - -\fi - -\def\ttl@@extract#1\@startsection#2#3#4#5#6#7#8{% - \@tempskipa=#5 - \@tempskipb=#6 - \ifdim\@tempskipa<\z@ - \toks@{\titlespacing*#8{#4}}% - \@tempskipa-\@tempskipa - \else - \toks@{\titlespacing#8{#4}}% - \fi - \@ifundefined{ttl@space}{}{% - \ttl@assign\@tempskipa*\ttl@space\relax\beforetitleunit}% - \ifdim\@tempskipb<\z@ - \if@tempswa - \titleformat#8[runin]% - {\ttl@fonts\ttl@sizes{#3}}{\@seccntformat{#2}}% - {\z@}\ttl@passexplicit - \else - \titleformat#8[runin]% - {#7}{\@seccntformat{#2}}% - {\z@}\ttl@passexplicit - \fi - \@tempskipb-\@tempskipb - \else - \if@tempswa - \titleformat#8% - {\ttl@fil\ttl@fonts\ttl@sizes{#3}}{\@seccntformat{#2}}% - {\z@}\ttl@passexplicit - \else - \titleformat#8% - {#7}{\@seccntformat{#2}}% - {\z@}\ttl@passexplicit - \fi - \@ifundefined{ttl@space}{}{% - \ttl@assign\@tempskipb*\ttl@space\relax\aftertitleunit}% - \fi - \edef\ttl@a{\the\toks@{\the\@tempskipa}{\the\@tempskipb}} - \ttl@a} - -\def\ttl@extract#1{% - \expandafter\in@\expandafter\@startsection\expandafter{#1}% - \ifin@ - \expandafter\ttl@@extract#1#1% - \else - \PackageWarningNoLine{titlesec}% - {Non standard sectioning command detected\MessageBreak - Using default spacing and no format} - \titlespacing*#1{\z@}{*3}{*2}% - \fi} - -\@tempswafalse - -\ifx\ttl@fonts\@empty - \def\ttl@fonts{\bfseries} -\else - \@tempswatrue -\fi - -\expandafter\ifx\csname ttl@sizes\endcsname\relax - \gdef\ttl@sizes#1{\ifcase#1\relax\Huge\or\Large\or\large - \or\normalsize\or\or\or\huge\fi} -\else - \@tempswatrue -\fi - -\expandafter\ifx\csname ttl@fil\endcsname\relax - \let\ttl@fil\@empty -\else - \@tempswatrue -\fi - -\expandafter\ifx\csname ttl@case\endcsname\relax - \let\ttl@case\@firstofone -\else - \@tempswatrue -\fi - -\if@tempswa - - \expandafter\ifx\csname chapter\endcsname\relax\else - \titleformat\chapter[display]% - {\@ifundefined{ttl@fil}{\raggedright}{\ttl@fil}\ttl@fonts\ttl@sizes6} - {\@chapapp\space\thechapter}{.8\baselineskip}{\ttl@sizes\z@\ttl@passexplicit} - \fi - -\fi - -\ttl@extract\section -\ttl@extract\subsection -\ttl@extract\subsubsection -\ttl@extract\paragraph -\ttl@extract\subparagraph - -\let\ttl@extract\@undefined -\let\ttl@@extract\@undefined - -\def\ttl@toplevel{part} - -\expandafter\ifx\csname chapter\endcsname\relax - - \@namedef{ttll@part}{0} - \titleclass{\section}{straight}[\part] - - \titlespacing*{\part} - {\z@} - {4ex} - {3ex} - -\else - - \let\ttl@save@mkchap\@makechapterhead - \let\ttl@save@mkschap\@makeschapterhead - - \def\@makechapterhead#1{% - \gdef\ttl@savemark{\chaptermark{#1}}% - \ttl@save@mkchap{#1}% - \@ifundefined{ttl@ps@chapter}{}% - {\thispagestyle{\@nameuse{ttl@ps@chapter}}}} - - \def\@makeschapterhead#1{% - \gdef\ttl@savemark{\chaptermark{#1}}% - \ttl@save@mkschap{#1}% - \@ifundefined{ttl@ps@chapter}{}% - {\thispagestyle{\@nameuse{ttl@ps@chapter}}}} - - \@namedef{ttll@part}{-1} - \@namedef{ttlss@part}{chapter} - \@namedef{ttll@chapter}{0} - \titleclass{\section}{straight}[\chapter] - -% The following is unoperant, unless when \chapter / \part -% format is redefined - - \titlespacing*{\part} - {\z@} - {\z@\@plus1fil} - {\z@\@plus1fil} - - \titlespacing*\chapter - {\z@}% - {50\p@}% - {\ttl@chapafter}% - -\fi - -\titleclass{\subsection} {straight}[\section] -\titleclass{\subsubsection}{straight}[\subsection] -\titleclass{\paragraph} {straight}[\subsubsection] -\titleclass{\subparagraph} {straight}[\paragraph] - -\endinput diff --git a/Documentation/texmf-local/web2c/texmf.cnf b/Documentation/texmf-local/web2c/texmf.cnf deleted file mode 100644 index 41458805a..000000000 --- a/Documentation/texmf-local/web2c/texmf.cnf +++ /dev/null @@ -1,25 +0,0 @@ -% (Public domain.) -% This texmf.cnf file should contain only your personal changes from the -% original texmf.cnf (for example, as chosen in the installer). -% -% That is, if you need to make changes to texmf.cnf, put your custom -% settings in this file, which is .../texlive/YYYY/texmf.cnf, rather than -% the distributed file (which is .../texlive/YYYY/texmf-dist/web2c/texmf.cnf). -% And include *only* your changed values, not a copy of the whole thing! -% -openout_any = a -shell_escape = t -max_print_line = 255 - -% TEXMFHOME is for any user-specific customizations -% -- This is NOT the place for Methods customizations -% -- Customizations in the $TEXMFHOME directory are only for the specific user -TEXMFHOME = ~/.texmf - -% The default is for each user to have a separate location for the junk variables that are created on-the-fly; this can result in a hard-to-find pileup of junk across multiple users, so let's have a common location for all users: -TEXMFVAR = /usr/local/texlive/texmf-var -TEXMFCONFIG = /usr/local/texlive/texmf-config -TEXMFLOCAL = /usr/local/texlive/texmf-local - -TEXMFMETHODS = /usr/local/texlive/texmf-local # Links should be created upon setup of TeXLive -TEXMF = {$TEXMFMETHODS,$TEXMFCONFIG,$TEXMFVAR,$TEXMFHOME,!!$TEXMFSYSCONFIG,!!$TEXMFSYSVAR,!!$TEXMFMAIN,!!$TEXMFLOCAL,!!$TEXMFDIST}