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index da33ae98e..000000000 --- a/.resources/add_search_paths.tex +++ /dev/null @@ -1,6 +0,0 @@ -% Add the listed directories to the search path -% (allows easy moving around later) -% warning: these paths are searched AFTER local config kpsewhich -\makeatletter -\def\input@path{{./.resources/latex/}{./.resources/texmf-local/tex/latex}{./resources/texmf-local/tex/bibtex}{./.resources/econ-ark}} -\makeatother diff --git a/.resources/econ-ark-logo-small.png b/.resources/econ-ark-logo-small.png deleted file mode 100755 index be00e5949..000000000 Binary files a/.resources/econ-ark-logo-small.png and /dev/null differ diff --git a/.resources/econ-ark-logo-small.xbb b/.resources/econ-ark-logo-small.xbb deleted file mode 100644 index 9e7dd4de1..000000000 --- a/.resources/econ-ark-logo-small.xbb +++ /dev/null @@ -1,6 +0,0 @@ -%%Title: Resources/econ-ark-logo-small.png -%%Creator: extractbb 20220710 -%%BoundingBox: 0 0 140 96 -%%HiResBoundingBox: 0.000000 0.000000 139.982502 95.988001 -%%CreationDate: Tue Apr 2 00:28:14 2024 - diff --git a/.resources/econtexPaths-short.tex b/.resources/econtexPaths-short.tex deleted file mode 100644 index c06f2fc10..000000000 --- a/.resources/econtexPaths-short.tex +++ /dev/null @@ -1,22 +0,0 @@ -% -*- mode: LaTeX; -*- -% The \commands below are required to allow sharing of the same base code via Github between TeXLive on a local machine and Overleaf (which is a proxy for "a standard distribution of LaTeX"). This is an ugly solution to the requirement that custom LaTeX packages be accessible, and that Overleaf prohibits symbolic links - -\providecommand{\packages}{\econtexRoot/.resources/texmf-local/tex/latex} -\providecommand{\econtex}{\packages/econtex} -\providecommand{\econark}{\econtexRoot/.resources/texmf-local/tex/latex/econark} - -\providecommand{\ApndxDir}{\econtexRoot/Appendices} -\providecommand{\CodeDir}{\econtexRoot/Code} -\providecommand{\DataDir}{\econtexRoot/Data} -\providecommand{\EqDir}{\econtexRoot/Equations} % Generated files in subdirectory -\providecommand{\FigDir}{\econtexRoot/Figures} -\providecommand{\SlideDir}{\econtexRoot/Slides} -\providecommand{\TableDir}{\econtexRoot/Tables} - -\providecommand{\ResourcesDir}{\econtexRoot/.resources} -\providecommand{\resourcesLocal}{\econtexRoot/resources/local} -\providecommand{\resourcesEconARK}{\econtexRoot/resources/econ-ark} -\providecommand{\econtexPaths}{\econtexRoot/.resources/econtexPaths} -\providecommand{\LaTeXInputs}{\econtexRoot/.resources/LaTeXInputs} - -\providecommand{\local}{\LaTeXInputs/local} diff --git a/.resources/econtexPaths.tex b/.resources/econtexPaths.tex deleted file mode 100644 index c75e973ed..000000000 --- a/.resources/econtexPaths.tex +++ /dev/null @@ -1,32 +0,0 @@ -% -*- mode: LaTeX; TeX-PDF-mode: t; -*- -% The \commands below are required to allow sharing of the same base code via Github between TeXLive on a local machine and Overleaf (which is a proxy for "a standard distribution of LaTeX"). This is an ugly solution to the requirement that custom LaTeX packages be accessible, and that Overleaf prohibits symbolic links -\providecommand{\packages}{\econtexRoot/.resources/texmf-local/tex/latex} -\providecommand{\econtex}{\packages/econtex} -\providecommand{\econark}{\econtexRoot/.resources/texmf-local/tex/latex/econark} -\providecommand{\econtexSetup}{\econtexRoot/.resources/texmf-local/tex/latex/econtexSetup} -\providecommand{\econtexShortcuts}{\econtexRoot/.resources/texmf-local/tex/latex/econtexShortcuts} -\providecommand{\econtexBibMake}{\econtexRoot/.resources/texmf-local/tex/latex/econtexBibMake} -\providecommand{\econtexBibStyle}{\econtexRoot/.resources/texmf-local/bibtex/bst/econtex} -\providecommand{\econtexBib}{economics} -\providecommand{\notes}{\econtexRoot/.resources/texmf-local/tex/latex/handout} -\providecommand{\handoutSetup}{\econtexRoot/.resources/texmf-local/tex/latex/handoutSetup} -\providecommand{\handoutShortcuts}{\econtexRoot/.resources/texmf-local/tex/latex/handoutShortcuts} -\providecommand{\handoutBibMake}{\econtexRoot/.resources/texmf-local/tex/latex/handoutBibMake} -\providecommand{\handoutBibStyle}{\econtexRoot/.resources/texmf-local/bibtex/bst/handout} - -\providecommand{\FigDir}{\econtexRoot/Figures} -\providecommand{\CodeDir}{\econtexRoot/Code} -\providecommand{\DataDir}{\econtexRoot/Data} -\providecommand{\SlideDir}{\econtexRoot/Slides} -\providecommand{\TableDir}{\econtexRoot/Tables} -\providecommand{\ApndxDir}{\econtexRoot/Appendices} - -\providecommand{\ResourcesDir}{\econtexRoot/.resources} -\providecommand{\rootFromOut}{..} % switch back to root directory from output-directory -\providecommand{\LaTeXGenerated}{\econtexRoot/LaTeX} % Put generated files in subdirectory -\providecommand{\econtexPaths}{\econtexRoot/.resources/econtexPaths} -\providecommand{\LaTeXInputs}{\econtexRoot/.resources/latex} -\providecommand{\LtxDir}{LaTeX/} -\providecommand{\EqDir}{\econtexRoot/Equations} % Put generated files in subdirectory - -\providecommand{\local}{local} diff --git a/.resources/latex/bibliography-blend-clean.tex b/.resources/latex/bibliography-blend-clean.tex deleted file mode 100644 index 3d8cd9708..000000000 --- a/.resources/latex/bibliography-blend-clean.tex +++ /dev/null @@ -1,56 +0,0 @@ -% Allows two (optional) supplements to hard-wired \texname.bib bibfile: -% economics.bib is a default bibfile that supplies anything missing elsewhere -% Add-Refs.bib is an override bibfile that supplants anything in \texfile.bib or economics.bib -\provideboolean{AddRefsExists} -\provideboolean{economicsExists} -\provideboolean{BothExist} -\provideboolean{NeitherExists} -\setboolean{BothExist}{true} -\setboolean{NeitherExists}{true} - -\IfFileExists{\texname-Add-Refs.bib}{ - % then - \typeout{References in Add-Refs.bib will take precedence over those elsewhere} - \setboolean{AddRefsExists}{true} - \setboolean{NeitherExists}{false} % Default is true -}{ - % else - \setboolean{AddRefsExists}{false} % No added refs exist so defaults will be used - \setboolean{BothExist}{false} % Default is that Add-Refs and economics.bib both exist -} - -% Deal with case where economics.bib is found by kpsewhich -\IfFileExists{/usr/local/texlive/texmf-local/bibtex/bib/economics.bib}{ - % then - \typeout{References in default global economics.bib will be used for items not found elsewhere} - \setboolean{economicsExists}{true} - \setboolean{NeitherExists}{false} -}{ - % else - \typeout{Found no global database file} - \setboolean{economicsExists}{false} - \setboolean{BothExist}{false} -} - -\ifthenelse{\boolean{showPageHead}}{ %then - \clearpairofpagestyles % No header for references pages - }{} % No head has been set to clear - -\ifthenelse{\boolean{BothExist}}{ - % then use both - \typeout{bibliography{\texname-Add-Refs,\texname,economics}} - \bibliography{\texname-Add-Refs,\texname,economics} - % else both do not exist -}{ % maybe neither does? - \ifthenelse{\boolean{NeitherExists}}{ - \typeout{bibliography{\texname}} - \bibliography{\texname}}{ - % no -- at least one exists - \ifthenelse{\boolean{AddRefsExists}}{% yes - \typeout{\bibliography{\texname-Add-Refs,\texname}} - \bibliography{\texname-Add-Refs,\texname}} - {% else \texname-Add-Refs does not exist - \typeout{\bibliography{\texname,economics}} - \bibliography{ \texname,economics}} - } % end of picking the one that exists -} % end of testing whether neither exists diff --git a/.resources/texlive/add_search_paths-clean.tex b/.resources/texlive/add_search_paths-clean.tex deleted file mode 100644 index 3895951aa..000000000 --- a/.resources/texlive/add_search_paths-clean.tex +++ /dev/null @@ -1,6 +0,0 @@ -% Add the listed directories to the search path -% (allows easy moving of files around later) -% these paths are searched AFTER local config kpsewhich -\makeatletter -\def\input@path{{./.resources/latex/}{./.resources/texlive/}{./.resources/texmf-local/tex/latex}{./resources/texmf-local/tex/bibtex}{./.resources/econ-ark}} -\makeatother diff --git a/Appendices/Limits.pdf b/Appendices/Limits.pdf deleted file mode 100644 index 9a79bb33a..000000000 Binary files a/Appendices/Limits.pdf and /dev/null differ diff --git a/Appendices/Limits.tex b/Appendices/Limits.tex deleted file mode 100644 index 7e06a6a67..000000000 --- a/Appendices/Limits.tex +++ /dev/null @@ -1,32 +0,0 @@ -\input{./econtexPaths.tex}\newcommand{\textname}{./Appendices/Limits}\documentclass{\econtex} \newcommand{\Mma}{{\it Mathematica}} -%\usepackage{txfonts} - -\usepackage{\econtexSetup}\usepackage{\econtexShortcuts} - - - -\bibliographystyle{\econtexBibStyle}\begin{document} \large -\begin{verbatimwrite}{./LimitsBody.tex} -\newcommand{\vPF}{\bar{\vInv}} -\newcommand{\cPF}{\bar{\cFunc}} -\newcommand{\W}{\mathfrak{W}} -\newcommand{\at}{a_{t}} -\newcommand{\atDown}{\lim_{\at \downarrow \underline{\at}}} - \begin{equation}\begin{gathered}\begin{aligned} - \W(m) & = \log \left(1-\vInv(\at)/\vPF(\at)\right) -\\ \W^{\prime}(m) & = \left(\frac{\vPF^{\prime}(\at)\vInv(\at)/\vPF(m)^2-\vInv^{\prime}(\at)/\vPF(\at)}{\left(1-\vInv(\at)/\vPF(\at)\right) }\right) - \end{aligned}\end{gathered}\end{equation} -but $\atDown \{\vPF,\vPF^{\prime}\}$ are finite numbers, while $\atDown \vInv = 0$ and $\atDown \vInv^{\prime}$ is finite, so - \begin{equation}\begin{gathered}\begin{aligned} - \atDown \W^{\prime}(\at) & = -\vInv^{\prime}(\at)/\vPF(\at) -\\ \atDown \W^{\prime\prime}(\at) & = \vPF^{\prime}(\at)\vInv^{\prime}(\at)/\vPF(\at)^{2}-\vInv^{\prime\prime}(\at)/\vPF(\at ) - \end{aligned}\end{gathered}\end{equation} - - -\end{verbatimwrite} -\input ./LimitsBody.tex - -\input econtexBibMake - - -\end{document} diff --git a/Appendices/LimitsBody.tex b/Appendices/LimitsBody.tex deleted file mode 100644 index d07058390..000000000 --- a/Appendices/LimitsBody.tex +++ /dev/null @@ -1,16 +0,0 @@ -\newcommand{\vPF}{\bar{\vInv}} -\newcommand{\cPF}{\bar{\cFunc}} -\newcommand{\W}{\mathfrak{W}} -\newcommand{\at}{a_{t}} -\newcommand{\atDown}{\lim_{\at \downarrow \underline{\at}}} - \begin{equation}\begin{gathered}\begin{aligned} - \W(m) & = \log \left(1-\vInv(\at)/\vPF(\at)\right) -\\ \W^{\prime}(m) & = \left(\frac{\vPF^{\prime}(\at)\vInv(\at)/\vPF(m)^2-\vInv^{\prime}(\at)/\vPF(\at)}{\left(1-\vInv(\at)/\vPF(\at)\right) }\right) - \end{aligned}\end{gathered}\end{equation} -but $\atDown \{\vPF,\vPF^{\prime}\}$ are finite numbers, while $\atDown \vInv = 0$ and $\atDown \vInv^{\prime}$ is finite, so - \begin{equation}\begin{gathered}\begin{aligned} - \atDown \W^{\prime}(\at) & = -\vInv^{\prime}(\at)/\vPF(\at) -\\ \atDown \W^{\prime\prime}(\at) & = \vPF^{\prime}(\at)\vInv^{\prime}(\at)/\vPF(\at)^{2}-\vInv^{\prime\prime}(\at)/\vPF(\at ) - \end{aligned}\end{gathered}\end{equation} - - diff --git a/Equations/DBCLevelStart-clean.tex b/Equations/DBCLevelStart-clean.tex deleted file mode 100644 index e27a78a9f..000000000 --- a/Equations/DBCLevelStart-clean.tex +++ /dev/null @@ -1,6 +0,0 @@ - \begin{equation}\begin{gathered}\begin{aligned} - \aLvl_{t} & = \mLvl_{t}-\cLvl_{t} \label{DBCLevel}%\label{DBCLevelStart} - \\ \bLvl_{t+1} & = \aLvl_{t} \Rfree_{t+1} - \\ \yLvl_{t+1} & = \pLvl_{t+1}\tranShkEmp_{t+1} - \\ \mLvl_{t+1} & = \bLvl_{t+1} + \yLvl_{t+1} %\label{DBCLevelEnd} - \end{aligned}\end{gathered}\end{equation} diff --git a/Equations/Defns-clean.tex b/Equations/Defns-clean.tex deleted file mode 100644 index 24a4a7688..000000000 --- a/Equations/Defns-clean.tex +++ /dev/null @@ -1,10 +0,0 @@ - \begin{equation*}\begin{gathered}\begin{aligned} - {\DiscAlt} & - \text{pure time discount factor} \\ - \aLvl_{t} & - \text{assets after all actions have been accomplished in period $t$} \\ - \bLvl_{t+1} & - \text{`bank balances' (nonhuman wealth) at the beginning of $t+1$} \\ - \cLvl_{t} & - \text{consumption in period $t$} \\ - \mLvl_{t} & - \text{`market resources' available for consumption (`cash-on-hand')} \\ - \pLvl_{t+1} & - \text{`permanent labor income' in period $t+1$} \\ - \Rfree_{t+1} & - \text{interest factor $(1+\rfree_{t+1})$ from period $t$ to $t+1$ } \\ - \yLvl_{t+1} & - \text{noncapital income in period $t+1$}. - \end{aligned}\end{gathered}\end{equation*} diff --git a/Equations/ExogVars-clean.tex b/Equations/ExogVars-clean.tex deleted file mode 100644 index b7ca73542..000000000 --- a/Equations/ExogVars-clean.tex +++ /dev/null @@ -1,4 +0,0 @@ - \begin{equation}\begin{gathered}\begin{aligned} - \pLvl_{\prd+1} = \PermGroFac_{\prd+1}\pLvl_{\prd} & \text{~~ -- permanent labor income dynamics} \label{eq:permincgrow} - \\ \log ~ \tranShkEmp_{t+n} \sim ~\Nrml(-\std_{\tranShkEmp}^{2}/2,\std_{\tranShkEmp}^{2}) & \text{~~ -- lognormal transitory shocks}~\forall~n>0 . - \end{aligned}\end{gathered}\end{equation} diff --git a/Equations/MaxProb-clean.tex b/Equations/MaxProb-clean.tex deleted file mode 100644 index f04e064e8..000000000 --- a/Equations/MaxProb-clean.tex +++ /dev/null @@ -1,3 +0,0 @@ - \begin{equation}\label{eq:MaxProb} - \max~\Ex_{\prd}\left[\sum_{n=0}^{\trmT-\prd}\DiscFac^{n} \uFunc(\cLvl_{\prd+n})\right]. - \end{equation} diff --git a/Equations/MoM-Inequalities-clean.tex b/Equations/MoM-Inequalities-clean.tex deleted file mode 100644 index 613081db0..000000000 --- a/Equations/MoM-Inequalities-clean.tex +++ /dev/null @@ -1,9 +0,0 @@ - - \begin{center} - \begin{tabular}{rcl} - $ \aboveMin \mNrm_{\prd} \MPCmin_{\prd} < $ & $ \cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ $< (\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd} $ - \\ $- \aboveMin \mNrm_{\prd} \MPCmin_{\prd} > $ & $ -\cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ & $> -(\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd} $ - \\ $ \aboveMin \hNrm_{\EndStg} \MPCmin_{\prd} > $ & $ \bar{\cFunc}_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd})-\cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ & $> 0$ - \\ $1 > $ & $ \underbrace{\left(\frac{\bar{\cFunc}_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd})-\cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd})}{\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd}}\right)}_{\equiv \Hi{\koppa}_{\prd}} $ & $> 0$ - \end{tabular} - \end{center} diff --git a/Equations/MoM-KoppaOfMu-clean.tex b/Equations/MoM-KoppaOfMu-clean.tex deleted file mode 100644 index 7ff43dde6..000000000 --- a/Equations/MoM-KoppaOfMu-clean.tex +++ /dev/null @@ -1,10 +0,0 @@ - Defining $\mu_{\prd} = - \log \aboveMin \mNrm_{\prd}$ (which can range from $-\infty$ to $\infty$), the object in the middle of the last inequality is - \begin{equation}\begin{gathered}\begin{aligned} - \Hi{\koppa}_{\prd}(\mu_{\prd}) & \equiv \left(\frac{\bar{\cFunc}_{\prd}(\Lo{m}_{\prd}+e^{\mu_{\prd}})-\cFunc_{\prd}(\Lo{m}_{\prd}+e^{\mu_{\prd}})}{\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd}}\right), \label{eq:koppa} - \end{aligned}\end{gathered}\end{equation} - and we now define - \begin{equation}\begin{gathered}\begin{aligned} - \Hi{\chiFunc}_{\prd}(\mu_{\prd}) & = \log \left(\frac{1-\Hi{\koppa}_{\prd}(\mu_{\prd})}{\Hi{\koppa}_{\prd}(\mu_{\prd})}\right) - \\ & = \log \left(1/\Hi{\koppa}_{\prd}(\mu_{\prd})-1\right) \label{eq:chi} - \end{aligned}\end{gathered}\end{equation} diff --git a/Equations/TighterThreeEqns-clean.tex b/Equations/TighterThreeEqns-clean.tex deleted file mode 100644 index aa8844908..000000000 --- a/Equations/TighterThreeEqns-clean.tex +++ /dev/null @@ -1,9 +0,0 @@ - \begin{equation*}\begin{gathered}\begin{aligned} - \vctr{1}_{\text{Lo}}(\mNrm) & = 1 \text{~if $ \mNrm \leq \bar{\check{\mNrm}}_{\prd}^{\#} \phantom{< \mNrm < \Lo{\hat{\mNrm}}_{\prd}^{\#} \leq \mNrm}$} - \\ \vctr{1}_{\text{Mid}}(\mNrm) & = 1 \text{~if $\phantom{ \mNrm \leq}~ \bar{\check{\mNrm}}_{\prd}^{\#} < \mNrm < \Lo{\hat{\mNrm}}_{\prd}^{\#} \phantom{\leq \mNrm}$} - \\ \vctr{1}_{\text{Hi}}(\mNrm) & = 1 \text{~if $\phantom{ \mNrm \leq ~\bar{\check{\mNrm}}_{\prd}^{\#} < \mNrm < } \Lo{\hat{\mNrm}}_{\prd}^{\#} \leq \mNrm$} - \end{aligned}\end{gathered}\end{equation*} - we can define a well-behaved approximating consumption function - \begin{equation}\begin{gathered}\begin{aligned} - \Aprx{\cFunc}_{\prd} & = \vctr{1}_{\text{Lo}} \Aprx{\Lo{\cFunc}}_{\prd} + \vctr{1}_{\text{Mid}} \Aprx{\tilde{\cFunc}}_{\prd}+\vctr{1}_{\text{Hi}} \Aprx{\Hi{\cFunc}}_{\prd}. - \end{aligned}\end{gathered}\end{equation} diff --git a/Equations/TighterUpperBound-clean.tex b/Equations/TighterUpperBound-clean.tex deleted file mode 100644 index 58b326360..000000000 --- a/Equations/TighterUpperBound-clean.tex +++ /dev/null @@ -1,10 +0,0 @@ - we want to construct a consumption function for $m_{\prd} \in (\Lo{m}_{\prd}, \mtCusp]$ that respects the - tighter upper bound: - \begin{center} - \begin{tabular}{rcl} - $ \aboveMin \mNrm_{\prd} \MPCmin_{\prd} < $ & $ \cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ $< \MPCmax_{\prd} \aboveMin \mNrm_{\prd} $ - % \\ $-\aboveMin \mNrm_{\prd} \MPCmin_{\prd} > $ & $ -\cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ & $> -\aboveMin \mNrm_{\prd} $ - \\ $ \aboveMin \mNrm_{\prd}(\MPCmax_{\prd}- \MPCmin_{\prd}) > $ & $ \MPCmax_{\prd} \aboveMin \mNrm_{\prd}-\cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ & $> 0$ - \\ $1 > $ & $ \left(\frac{\MPCmax_{\prd} \aboveMin \mNrm_{\prd}-\cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd})}{\aboveMin \mNrm_{\prd}(\MPCmax_{\prd}- \MPCmin_{\prd})}\right) $ & $> 0$. - \end{tabular} - \end{center} diff --git a/Equations/cEuler-clean.tex b/Equations/cEuler-clean.tex deleted file mode 100644 index 7dcba62c0..000000000 --- a/Equations/cEuler-clean.tex +++ /dev/null @@ -1,3 +0,0 @@ - \begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{\cNrm}(\cNrm_{\prd}) & = \ExEndPrd[\DiscFac \Rfree \PermGroFac_{\prd+1}^{-\CRRA}\uFunc^{\cNrm}(\cNrm_{\prd+1})] \label{eq:cEuler}. - \end{aligned}\end{gathered}\end{equation} diff --git a/Equations/cFuncAbove-clean.tex b/Equations/cFuncAbove-clean.tex deleted file mode 100644 index 5c4525131..000000000 --- a/Equations/cFuncAbove-clean.tex +++ /dev/null @@ -1,4 +0,0 @@ - \begin{equation}\begin{gathered}\begin{aligned} - \cFuncAbove_{t}(\mNrm_{t}) & = (\mNrm_{t} + \hNrm_{\EndStg})\MPCmin_{t} \label{eq:cFuncAbove} - \end{aligned}\end{gathered}\end{equation} - for a constant minimal marginal propensity to consume $\MPCmin_{t}$ given below. diff --git a/Equations/cFuncHi-clean.tex b/Equations/cFuncHi-clean.tex deleted file mode 100644 index 739f31d33..000000000 --- a/Equations/cFuncHi-clean.tex +++ /dev/null @@ -1,3 +0,0 @@ - \begin{equation}\begin{gathered}\begin{aligned} - \Hi{\cFunc}_{\prd} & = \bar{\cFunc}_{\prd}-\overbrace{\left(\frac{1}{1+\exp(\Hi{\chiFunc}_{\prd})}\right)}^{=\Hi{\koppa}_{\prd}} \aboveMin \hNrm_{\EndStg} \MPCmin_{\prd}. \label{eq:cFuncHi} - \end{aligned}\end{gathered}\end{equation} diff --git a/Equations/distRisky-clean.tex b/Equations/distRisky-clean.tex deleted file mode 100644 index 3229f7b08..000000000 --- a/Equations/distRisky-clean.tex +++ /dev/null @@ -1,3 +0,0 @@ - \begin{equation}\begin{gathered}\begin{aligned} - \log \Risky_{t+n} & \sim & \Nrml(\rfree + \eprem - \sigma^{2}_{\risky}/2,\sigma^{2}_{\risky}) ~\forall~n>0 \label{eq:distRisky} - \end{aligned}\end{gathered}\end{equation} diff --git a/Equations/koppaLo-clean.tex b/Equations/koppaLo-clean.tex deleted file mode 100644 index f5d7a2651..000000000 --- a/Equations/koppaLo-clean.tex +++ /dev/null @@ -1,5 +0,0 @@ - Again defining $\mu_{\prd} =\log \aboveMin \mNrm_{\prd}$, the object in the middle of the inequality is - \begin{equation*}\begin{gathered}\begin{aligned} - \Lo{\koppa}_{\prd}(\mu_{\prd}) & \equiv \frac{\MPCmax_{\prd}-\cFunc_{\prd}(\Lo{m}_{\prd}+e^{\mu_{\prd}})e^{-\mu_{\prd}}}{\MPCmax_{\prd}-\MPCmin_{\prd}} \label{eq:koppaL} - \MPCMatch{\\ \Lo{\koppa}^{\mu}_{\prd}(\mu_{\prd}) & = \frac{\cFunc_{\prd}(\Lo{m}_{\prd}+e^{\mu_{\prd}})e^{-\mu_{\prd}}-\MPCFunc_{\prd}^{m}(\Lo{m}_{\prd}+e^{\mu_{\prd}})}{\MPCmax_{\prd}-\MPCmin_{\prd}}}{} . - \end{aligned}\end{gathered}\end{equation*} diff --git a/Equations/mtCusp-clean.tex b/Equations/mtCusp-clean.tex deleted file mode 100644 index 3a6c2f585..000000000 --- a/Equations/mtCusp-clean.tex +++ /dev/null @@ -1,7 +0,0 @@ - Defining $\mtCusp$ as the `cusp' point where the two upper bounds - intersect: - \begin{equation*}\begin{gathered}\begin{aligned} - \left(\aboveMin \mtCusp+\aboveMin \hNrm_{\EndStg}\right)\MPCmin_{\prd} & = \MPCmax_{\prd} \aboveMin \mtCusp \\ - \aboveMin \mtCusp & = \frac{\MPCmin_{\prd}\aboveMin \hNrm_{\EndStg}}{(1-\MPCmin_{\prd})\MPCmax_{\prd}} \\ - \mtCusp & = \frac{\MPCmin_{\prd}\hNrm_{\EndStg}-\hEndMin_{\EndStg}}{(1-\MPCmin_{\prd})\MPCmax_{\prd}}, - \end{aligned}\end{gathered}\end{equation*} diff --git a/Equations/vFuncPF-clean.tex b/Equations/vFuncPF-clean.tex deleted file mode 100644 index 1a963ef60..000000000 --- a/Equations/vFuncPF-clean.tex +++ /dev/null @@ -1,14 +0,0 @@ - \begin{equation}\begin{gathered}\begin{aligned} - \bar{\vFunc}_{\prd}(m_{\prd}) & = \uFunc(\bar{\cNrm}_{\prd})\PDVCoverc_{\prd}^{T}\label{eq:vFuncPF} - \\ & = \uFunc(\bar{c}_{\prd}) \MPCmin_{\prd}^{-1} % 20190820 - \\ & = \uFunc((\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd}) \MPCmin_{\prd}^{-1} % 20190820 - \\ & = \uFunc(\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd}^{1-\CRRA} \MPCmin_{\prd}^{-1} % 20190820 - \\ & = \uFunc(\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd}^{-\CRRA} % 20190820 - \end{aligned}\end{gathered}\end{equation} - - This can be transformed as - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vInv}_{\prd} & \equiv \left((1-\CRRA)\bar{\vFunc}_{\prd}\right)^{1/(1-\CRRA)} - \\ & = \cNrm_{\prd}(\PDVCoverc_{\prd}^{T})^{1/(1-\CRRA)} - \\ & = (\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd}^{-\CRRA/(1-\CRRA)} % 20190820 - \end{aligned}\end{gathered}\end{equation*} diff --git a/Equations/vNormed-clean.tex b/Equations/vNormed-clean.tex deleted file mode 100644 index 8965ec606..000000000 --- a/Equations/vNormed-clean.tex +++ /dev/null @@ -1,8 +0,0 @@ - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\prd}(\mNrm_{\prd}) & = \max_{{\cNrm}_{\prd}} ~~ \uFunc(\cNrm_{\prd})+{\DiscFac}\Ex_{\prd}[ \PermGroFac_{\prd+1}^{1-\CRRA}\vFunc_{\prd+1}(\mNrm_{\prd+1})] \label{eq:vNormed} \\ - & \text{s.t.} \\ - \aNrm_{\prd} & = \mNrm_{\prd}-\cNrm_{\prd} \\ - \kNrm_{\prd+1} & = \aNrm_{\prd} \\ - \bNrm_{\prd+1} & = \underbrace{\left(\Rfree/\PermGroFac_{\prd+1}\right)}_{\equiv \RNrm_{\prd+1}}\kNrm_{\prd+1} \\ - \mNrm_{t+1} & = \bNrm_{t+1}+\tranShkEmp_{t+1}, - \end{aligned}\end{gathered}\end{equation} diff --git a/Old b/Old deleted file mode 100644 index 99e22d1a4..000000000 --- a/Old +++ /dev/null @@ -1,98 +0,0 @@ -\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} - -\begin{document} - -\hypertarget{the-usual-theory}{} -\section{The Usual Theory}\label{sec:the-usual-theory} - -Here we derive the Euler equation and some other standard results for the problem described above. - -%\renewcommand{\ExEndStp}{\overrightarrow{\Ex}} -The first order condition for \eqref{eq:vNormed} with respect to ${c}_{\prd}$ is -\begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{{c}}({c}_{\prd}) & = \ExEndStp[\DiscFac \RNrm_{\prd+1}\PermGroFac_{\prd+1}^{1-\CRRA}{\vFunc}^{{m}}_{\MidStpNxt}({m}_{\prd+1})] \label{eq:upceqEvtp1} - \\ & = \ExEndStp[\DiscFac\Rfree\phantom{._{\prd+1}}\PermGroFac_{\prd+1}^{\phantom{1}-\CRRA}{\vFunc}^{{m}}_{\MidStpNxt}({m}_{\prd+1})] - \end{aligned}\end{gathered}\end{equation} -and because the \handoutC{Envelope} theorem tells us that -\begin{equation}\begin{gathered}\begin{aligned} - {\vFunc}^{{m}}_{\MidStp}({m}_{\prd}) & = \Ex_{\BegStpNxt} [\DiscFac \Rfree \PermGroFac_{\prd+1}^{-\CRRA}{\vFunc}^{{m}}_{\MidStpNxt}({m}_{\prd+1})] \label{eq:envelope} - \end{aligned}\end{gathered}\end{equation} -we can substitute the LHS of \eqref{eq:envelope} for the RHS of -(\ref{eq:upceqEvtp1}) to get -\begin{verbatimwrite}{./Equations/Envelope.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{{c}}({c}_{\prd}) & = {\vFunc}^{{m}}_{\MidStp}({m}_{\prd})\label{eq:upcteqvtp} - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/Envelope.tex}\unskip -and rolling forward one {\interval}, -\begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{{c}}({c}_{\prd+1}) & = \vFunc^{{m}}_{\MidStpNxt}({a}_{\prd}\RNrm_{\prd+1}+\TranShkEmp_{\prd+1}) \label{eq:upctp1EqVpxtp1} - \end{aligned}\end{gathered}\end{equation} -so that substituting the LHS in equation (\ref{eq:upceqEvtp1}) finally gives us the Euler equation for consumption: -\begin{verbatimwrite}{./Equations/cEuler.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{{c}}({c}_{\prd}) & = \ExEndStp[\DiscFac\Rfree \PermGroFac_{\prd+1}^{-\CRRA}\uFunc^{{c}}({c}_{\prd+1})] \label{eq:cEuler}. - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/cEuler.tex}\unskip - -From the perspective of the beginning of {\interval} $\prd+1$ we can write the `arrival value' function and its first derivative as -\begin{verbatimwrite}{./Equations/vBegtpdefn.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \vBegStpNxt({k}_{\prd+1}) & = \Ex_{\BegStpNxt}[\phantom{\Rfree}\PermGroFac\AdjVNxt {\vFunc}_{\MidStpNxt}(\overbrace{\RNrm_{\prd+1}{k}_{\prd+1}+{\TranShkEmp}_{\prd+1}}^{{m}_{\prd+1}})] \label{eq:vFuncBegtpdefn} \\ - \vPBegStpNxt({k}_{\prd+1}) & = \Ex_{\BegStpNxt}[\Rfree \PermGroFac^{\phantom{1}-\CRRA} {\vFunc}_{\MidStpNxt}^{{m}}({m}_{\prd+1})] - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite}\unskip -\input{./Equations/vBegtpdefn}\unskip -because they return the expected $t+1$ value and marginal value associated with arriving in {\interval} $\prd+1$ with any given amount of \textit{k}apital. - -Finally, recalling that we obtain $\vEndStp({a}_{\prd}) = \DiscFac \vBegStpNxt({k}_{\prd+1})$ using ${k}_{\prd+1}={a}_{\prd}$, note for future use that we can write the Euler equation \eqref{eq:cEuler} more compactly as -\begin{verbatimwrite}{./Equations/upEqbetaOp.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{{c}}({c}_{\prd}) & = \vEndStp^{{a}}({m}_{\prd}-{c}_{\prd}). - \label{eq:upEqbetaOp} - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/upEqbetaOp.tex}\unskip - -\hypertarget{summing-up}{} -\subsection{Summing Up}\label{subsec:summing-up} -For future reference, it will be useful here to write the full expressions for the distinct value functions at the {\Arrival} ($\BegMark$) and {\Decision} {\moves}. % this is said two par ahead: (Recalling that the continuation-value function $\vEndStp(a)$ is provided to the solution algorithm as an input). - -There is no need to use our {\interval}-identifying notation for the model's variables; $\kNrm$, for example, will have only one unique value over the course of the {\interval} and therefore a notation like $\kNrm_{\EndStp}$ would be pointless; the same is true of all other variables. - -Recall that the continuation value function $\vFunc_{\EndStp}(\aNrm)=\DiscFac \vFunc_{\BegStpNxt}(\aNrm)$ is provided as an input to the current {\stg} Bellman problem. Since within the scope of the solution of the current {\stg} there is only one such continuation value function, in the solution context there is no point in keeping the {\interval} subscript when we write this function. The same point applies to all variables and functions in the {\stg}. Given the continuation value function $\vEndStp$, the problem within the {\stg} can be written with only the {\move} indicators: -\begin{verbatimwrite}{./Equations/vBegStp} - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\arvl}(\kNrm) & = \Ex_{\arvl}[\vFunc(\overbrace{\kNrm \RNrm + \TranShkEmp}^{\mNrm})] \label{eq:vBegStp} - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/vBegStp}\unskip -\begin{verbatimwrite}{./Equations/vMid} - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc(\mNrm) & = \max_{\{{\cNrm}\}}~~\uFunc({\cNrm}) +\Ex[ \vFunc_{\cntn}(\overbrace{\mNrm-\cFunc}^{\aNrm})] \label{eq:vMid} - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/vMid}\unskip -% and -% \begin{verbatimwrite}{./Equations/vEndtdefn} -% \begin{equation}\begin{gathered}\begin{aligned} -% \vEndStp(\aNrm_{\prd}) & = \DiscFac \vBegStpNxt(\overbrace{\kNrm_{\prd+1}}^{\aNrm_{\prd}}) \label{eq:vEndtdefn} -% \end{aligned}\end{gathered}\end{equation} -% \end{verbatimwrite} -%\input{./Equations/vEndtdefn}\unskip - -\begin{comment} - \subsection{Implementation in Python} - - The code implementing the tasks outlined each of the sections to come is available in the \texttt{\href{https://econ-ark.org/materials/SolvingMicroDSOPs}{SolvingMicroDSOPs}} jupyter notebook, written in \href{https://python.org}{Python}. The notebook imports various modules, including the standard \texttt{numpy} and \texttt{scipy} modules used for numerical methods in Python, as well as some user-defined modules designed to provide numerical solutions to the consumer's problem from the previous section. Before delving into the computational exercise, it is essential to touch on the practicality of these custom modules. - - \subsubsection{Useful auxilliary files} - - In this exercise, two primary user-defined modules are frequently imported and utilized. The first is the \texttt{gothic\_class} module, which contains functions describing the end-of-period value functions found in equations \eqref{eq:vBegStp} - \eqref{eq:vEnd} (and the corresponding first and second derivatives). %The advantage of defining functions in the code which decompose the consumer's optimal behavior in a given period will become evident in section \ref{subsec:transformation} - - The \texttt{resources} module is also used repeatedly throughout the notebook. This file has three primary objectives: (i) providing functions that discretize the continuous distributions from the theoretical model that describe the uncertainty a consumer faces, (ii) defining the utility function over consumption under a number of specifications, and (iii) enhancing the grid of end-of-period assets for which functions (such as those from the \texttt{gothic\_class} module) will be defined. These objectives will be discussed in greater detail and with respect to the numerical methods used to the problem in subsequent sections of this document. -\end{comment} - -\end{document} diff --git a/Resources/LaTeXInputs/bibliography-blend.sty b/Resources/LaTeXInputs/bibliography-blend.sty deleted file mode 100644 index 050a54e41..000000000 --- a/Resources/LaTeXInputs/bibliography-blend.sty +++ /dev/null @@ -1,55 +0,0 @@ -% Allows two (optional) supplements to hard-wired \texname.bib bibfile: -% economics.bib is a default bibfile that supplies anything missing elsewhere -% Add-Refs.bib is an override bibfile that supplants anything in \texfile.bib or economics.bib -\provideboolean{AddRefsExists} -\provideboolean{economicsExists} -\provideboolean{BothExist} -\provideboolean{NeitherExists} -\setboolean{BothExist}{true} -\setboolean{NeitherExists}{true} - -\IfFileExists{\econtexRoot/Add-Refs.bib}{ - % then - \typeout{References in Add-Refs.bib will take precedence over those elsewhere} - \setboolean{AddRefsExists}{true} - \setboolean{NeitherExists}{false} % Default is true -}{ - % else - \setboolean{AddRefsExists}{false} % No added refs exist so defaults will be used - \setboolean{BothExist}{false} % Default is that Add-Refs and economics.bib both exist -} - -% Deal with case where economics.bib is found by kpsewhich -\IfFileExists{/usr/local/texlive/texmf-local/bibtex/bib/economics.bib}{ - % then - \typeout{References in default global economics.bib will be used for items not found elsewhere} - \setboolean{economicsExists}{true} - \setboolean{NeitherExists}{false} -}{ - % else - \typeout{Found no global database file} - \setboolean{economicsExists}{false} - \setboolean{BothExist}{false} -} - -\ifthenelse{\boolean{showPageHead}}{ %then - \clearpairofpagestyles % No header for references pages - }{} % No head has been set to clear - -\ifthenelse{\boolean{BothExist}}{ - % then use both - \typeout{bibliography{\econtexRoot/Add-Refs,\econtexRoot/\texname,economics}} - \bibliography{\econtexRoot/Add-Refs,\econtexRoot/\texname,economics} - % else both do not exist -}{ % maybe neither does? - \ifthenelse{\boolean{NeitherExists}}{ - \typeout{bibliography{\texname}} - \bibliography{\texname}}{ - % no -- at least one exists - \ifthenelse{\boolean{AddRefsExists}}{ - \typeout{bibliography{\econtexRoot/Add-Refs,\econtexRoot/\texname}} - \bibliography{\econtexRoot/Add-Refs,\econtexRoot/\texname}}{ - \typeout{bibliography{\econtexRoot/\texname,economics}} - \bibliography{ \econtexRoot/\texname,economics}} - } % end of picking the one that exists -} % end of testing whether neither exists diff --git a/Resources/LaTeXInputs/bibliography_blend-clean.tex b/Resources/LaTeXInputs/bibliography_blend-clean.tex deleted file mode 100644 index a07f1f2c5..000000000 --- a/Resources/LaTeXInputs/bibliography_blend-clean.tex +++ /dev/null @@ -1,56 +0,0 @@ -% Allows two (optional) supplements to hard-wired \texname.bib bibfile: -% economics.bib is a default bibfile that supplies anything missing elsewhere -% Add-Refs.bib is an override bibfile that supplants anything in \texfile.bib or economics.bib -\provideboolean{AddRefsExists} -\provideboolean{economicsExists} -\provideboolean{BothExist} -\provideboolean{NeitherExists} -\setboolean{BothExist}{true} -\setboolean{NeitherExists}{true} - -\IfFileExists{\econtexRoot/\texname-Add-Refs.bib}{ - % then - \typeout{References in Add-Refs.bib will take precedence over those elsewhere} - \setboolean{AddRefsExists}{true} - \setboolean{NeitherExists}{false} % Default is true -}{ - % else - \setboolean{AddRefsExists}{false} % No added refs exist so defaults will be used - \setboolean{BothExist}{false} % Default is that Add-Refs and economics.bib both exist -} - -% Deal with case where economics.bib is found by kpsewhich -\IfFileExists{/usr/local/texlive/texmf-local/bibtex/bib/economics.bib}{ - % then - \typeout{References in default global economics.bib will be used for items not found elsewhere} - \setboolean{economicsExists}{true} - \setboolean{NeitherExists}{false} -}{ - % else - \typeout{Found no global database file} - \setboolean{economicsExists}{false} - \setboolean{BothExist}{false} -} - -\ifthenelse{\boolean{showPageHead}}{ %then - \clearpairofpagestyles % No header for references pages - }{} % No head has been set to clear - -\ifthenelse{\boolean{BothExist}}{ - % then use both - \typeout{bibliography{\econtexRoot/\texname-Add-Refs,\econtexRoot/\texname,economics}} - \bibliography{\econtexRoot/\texname-Add-Refs,\econtexRoot/\texname,economics} - % else both do not exist -}{ % maybe neither does? - \ifthenelse{\boolean{NeitherExists}}{ - \typeout{bibliography{\texname}} - \bibliography{\texname}}{ - % no -- at least one exists - \ifthenelse{\boolean{AddRefsExists}}{% yes - \typeout{\bibliography{\econtexRoot/\texname-Add-Refs,\econtexRoot/\texname}} - \bibliography{\econtexRoot/\texname-Add-Refs,\econtexRoot/\texname}} - {% else \texname-Add-Refs does not exist - \typeout{\bibliography{\econtexRoot/\texname,economics}} - \bibliography{ \econtexRoot/\texname,economics}} - } % end of picking the one that exists -} % end of testing whether neither exists diff --git a/Resources/LaTeXInputs/bibliography_blend.tex b/Resources/LaTeXInputs/bibliography_blend.tex deleted file mode 100644 index a07f1f2c5..000000000 --- a/Resources/LaTeXInputs/bibliography_blend.tex +++ /dev/null @@ -1,56 +0,0 @@ -% Allows two (optional) supplements to hard-wired \texname.bib bibfile: -% economics.bib is a default bibfile that supplies anything missing elsewhere -% Add-Refs.bib is an override bibfile that supplants anything in \texfile.bib or economics.bib -\provideboolean{AddRefsExists} -\provideboolean{economicsExists} -\provideboolean{BothExist} -\provideboolean{NeitherExists} -\setboolean{BothExist}{true} -\setboolean{NeitherExists}{true} - -\IfFileExists{\econtexRoot/\texname-Add-Refs.bib}{ - % then - \typeout{References in Add-Refs.bib will take precedence over those elsewhere} - \setboolean{AddRefsExists}{true} - \setboolean{NeitherExists}{false} % Default is true -}{ - % else - \setboolean{AddRefsExists}{false} % No added refs exist so defaults will be used - \setboolean{BothExist}{false} % Default is that Add-Refs and economics.bib both exist -} - -% Deal with case where economics.bib is found by kpsewhich -\IfFileExists{/usr/local/texlive/texmf-local/bibtex/bib/economics.bib}{ - % then - \typeout{References in default global economics.bib will be used for items not found elsewhere} - \setboolean{economicsExists}{true} - \setboolean{NeitherExists}{false} -}{ - % else - \typeout{Found no global database file} - \setboolean{economicsExists}{false} - \setboolean{BothExist}{false} -} - -\ifthenelse{\boolean{showPageHead}}{ %then - \clearpairofpagestyles % No header for references pages - }{} % No head has been set to clear - -\ifthenelse{\boolean{BothExist}}{ - % then use both - \typeout{bibliography{\econtexRoot/\texname-Add-Refs,\econtexRoot/\texname,economics}} - \bibliography{\econtexRoot/\texname-Add-Refs,\econtexRoot/\texname,economics} - % else both do not exist -}{ % maybe neither does? - \ifthenelse{\boolean{NeitherExists}}{ - \typeout{bibliography{\texname}} - \bibliography{\texname}}{ - % no -- at least one exists - \ifthenelse{\boolean{AddRefsExists}}{% yes - \typeout{\bibliography{\econtexRoot/\texname-Add-Refs,\econtexRoot/\texname}} - \bibliography{\econtexRoot/\texname-Add-Refs,\econtexRoot/\texname}} - {% else \texname-Add-Refs does not exist - \typeout{\bibliography{\econtexRoot/\texname,economics}} - \bibliography{ \econtexRoot/\texname,economics}} - } % end of picking the one that exists -} % end of testing whether neither exists diff --git a/Resources/LaTeXInputs/cctwMoM.sty b/Resources/LaTeXInputs/cctwMoM.sty deleted file mode 100644 index 492197624..000000000 --- a/Resources/LaTeXInputs/cctwMoM.sty +++ /dev/null @@ -1,10 +0,0 @@ - -\providecommand{\aboveMin}{}\renewcommand{\aboveMin}{\blacktriangle} -\providecommand{\chiFunc}{}\providecommand{\chiFunc}{\pmb{\chi}} - -\usepackage{\packages/econtexShortcuts} -\usepackage{psibycus} % Greek language package, including koppa - -\providecommand{\koppa}{\text{\greek{k+}}} -\providecommand{\Koppa}{\text{\greek{K+}}} - diff --git a/Resources/LaTeXInputs/econtex_onlyinsubfile.tex b/Resources/LaTeXInputs/econtex_onlyinsubfile.tex deleted file mode 100644 index b58e8db1b..000000000 --- a/Resources/LaTeXInputs/econtex_onlyinsubfile.tex +++ /dev/null @@ -1,10 +0,0 @@ -\onlyinsubfile{% https://tex.stackexchange.com/questions/463699/proper-reference-numbers-with-subfiles - \csname @ifpackageloaded\endcsname{xr-hyper}{% - \externaldocument{\econtexRoot/SolvingMicroDSOPs}% xr-hyper in use; optional argument for url of main.pdf for hyperlinks - }{% - \externaldocument{\econtexRoot/SolvingMicroDSOPs}% xr in use - }% - \renewcommand\labelprefix{}% - % Initialize the counters via the labels belonging to the main document: -} - diff --git a/Resources/LaTeXInputs/local-macros.sty b/Resources/LaTeXInputs/local-macros.sty deleted file mode 100644 index b2a03ad7b..000000000 --- a/Resources/LaTeXInputs/local-macros.sty +++ /dev/null @@ -1,257 +0,0 @@ -% Define macros for this paper -% Only works after \input{./.econtexRoot} -\ProvidesPackage{SolvingMicroDSOPs-private} - -\renewcommand{\econtexRoot}{.} -\renewcommand{\packages}{\econtexRoot/Resources/texmf-local/tex/latex} -\renewcommand{\econtex}{\packages/econtex} -\renewcommand{\econark}{\econtexRoot/Resources/texmf-local/tex/latex/econark} -%\renewcommand{\econtexSetup}{\econtexRoot/Resources/texmf-local/tex/latex/econtexSetup} -%\renewcommand{\econtexShortcuts}{\econtexRoot/Resources/texmf-local/tex/latex/econtexShortcuts} -%\renewcommand{\econtexBibMake}{\econtexRoot/Resources/texmf-local/tex/latex/econtexBibMake} -%\renewcommand{\econtexBibStyle}{\econtexRoot/Resources/texmf-local/bibtex/bst/econtex} 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\providecommand{\titlepagefinish}{\newpage\textSizeDefault} - \providecommand{\abstractSizeDefault}{\large} - \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 - } -\else - \RequirePackage{graphicx} % requiring [pdftex] seems to interfere with Pandemic build - \RequirePackage{hyperref} % plainpages seems to mess up BST - \DeclareGraphicsExtensions{.pdf} -\fi - - -% \usepackage{econtexSetup} sets boolean Web=true if compilation type is dvi -% also includes hyperref -\provideboolean{showPageHead}{} -\ifthenelse{\boolean{Web}}{ - \setboolean{showPageHead}{false} -}{ % {pdf} - \setboolean{showPageHead}{true} - \usepackage{scrlayer-scrpage} % Package for page headers if PDF - \usepackage{caption} % allow suppression of appendix figures in NoAppendix PDF -} - -%\usepackage{\econtexShortcuts} -\usepackage{subfiles} - -\newcommand{\urlPDF}{\texttt{\href{https://github.com/\owner/SolvingMicroDSOPs/blob/master/SolvingMicroDSOPs.pdf}{https://github.com/\owner/SolvingMicroDSOPs/blob/master/SolvingMicroDSOPs.pdf}}} -\newcommand{\urlSlides}{\texttt{\href{https://github.com/\owner/SolvingMicroDSOPs/blob/master/SolvingMicroDSOPs-Slides.pdf}{https://github.com/\owner/SolvingMicroDSOPs/blob/master/SolvingMicroDSOPs-Slides.pdf}}} -\newcommand{\urlHTML}{\texttt{\href{https://\owner.github.io/SolvingMicroDSOPs}{https://\owner.github.io/SolvingMicroDSOPs}}} -\newcommand{\urlCode}{\texttt{\href{https://github.com/\owner/SolvingMicroDSOPs/tree/master/Code}{https://github.com/\owner/SolvingMicroDSOPs/tree/master/Code}}} -\newcommand{\urlRepo}{\texttt{\href{https://github.com/\owner/SolvingMicroDSOPs}{https://github.com/\owner/SolvingMicroDSOPs}}} - - -\newcommand{\SMDSOPrepo}{\texttt{\href{https://github.com/\owner/SolvingMicroDSOPs}{SolvingMicroDSOPs}}} -\newcommand{\EMDSOPrepo}{\texttt{\href{https://github.com/\owner/EstimatingMicroDSOPs}{EstimatingMicroDSOPs repo}}} -\newcommand{\HARKrepo}{\texttt{\href{https://github.com/econ-ark/HARK}{HARK}}} -\newcommand{\HARKdocs}{\texttt{\href{https://docs.econ-ark.org}{documentation}}} - -% \newcommand{\ARKurl}{\texttt{\href{https://econ-ark.org}{Econ-ARK}}} diff --git a/Resources/LaTeXInputs/local.sty b/Resources/LaTeXInputs/local.sty deleted file mode 100644 index 710fd7140..000000000 --- a/Resources/LaTeXInputs/local.sty +++ /dev/null @@ -1,2 +0,0 @@ -\usepackage{\LaTeXInputs/local-packages} -\usepackage{\LaTeXInputs/local-macros} diff --git a/Resources/LaTeXInputs/owner.sty b/Resources/LaTeXInputs/owner.sty deleted file mode 100644 index 55d056741..000000000 --- a/Resources/LaTeXInputs/owner.sty +++ /dev/null @@ -1,5 +0,0 @@ -% \owner determines where links to online content go -% llorracc is Chris Carroll's personal version -% econ-ark is the Econ-ARK/REMARK version -\providecommand{\owner}{econ-ark} -\renewcommand{\owner}{llorracc} diff --git a/Resources/LaTeXInputs/owner.tex b/Resources/LaTeXInputs/owner.tex deleted file mode 100644 index 55d056741..000000000 --- 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100755 index be00e5949..000000000 Binary files a/Resources/econ-ark-logo-small.png and /dev/null differ diff --git a/Resources/econ-ark-logo-small.xbb b/Resources/econ-ark-logo-small.xbb deleted file mode 100644 index c49f2d035..000000000 --- a/Resources/econ-ark-logo-small.xbb +++ /dev/null @@ -1,6 +0,0 @@ -%%Title: Resources/econ-ark-logo-small.png -%%Creator: extractbb 20220710 -%%BoundingBox: 0 0 140 96 -%%HiResBoundingBox: 0.000000 0.000000 139.982502 95.988001 -%%CreationDate: Fri May 24 15:05:00 2024 - diff --git a/Resources/econ-ark/PoweredByEconARK.pdf b/Resources/econ-ark/PoweredByEconARK.pdf deleted file mode 100644 index eac745312..000000000 Binary files a/Resources/econ-ark/PoweredByEconARK.pdf and /dev/null differ diff --git a/Resources/econ-ark/econ-ark-logo-small.png b/Resources/econ-ark/econ-ark-logo-small.png deleted file mode 100644 index be00e5949..000000000 Binary files a/Resources/econ-ark/econ-ark-logo-small.png and /dev/null differ diff --git a/Resources/econ-ark/econ-ark-logo-small.xbb b/Resources/econ-ark/econ-ark-logo-small.xbb deleted file mode 100644 index 9e7dd4de1..000000000 --- a/Resources/econ-ark/econ-ark-logo-small.xbb +++ /dev/null @@ -1,6 +0,0 @@ -%%Title: Resources/econ-ark-logo-small.png -%%Creator: extractbb 20220710 -%%BoundingBox: 0 0 140 96 -%%HiResBoundingBox: 0.000000 0.000000 139.982502 95.988001 -%%CreationDate: Tue Apr 2 00:28:14 2024 - diff --git a/Resources/econtexPaths-short.tex b/Resources/econtexPaths-short.tex deleted file mode 100644 index f01fa273a..000000000 --- a/Resources/econtexPaths-short.tex +++ /dev/null @@ -1,22 +0,0 @@ -% -*- mode: LaTeX; TeX-PDF-mode: t; -*- -% The \commands below are required to allow sharing of the same base code via Github between TeXLive on a local machine and Overleaf (which is a proxy for "a standard distribution of LaTeX"). This is an ugly solution to the requirement that custom LaTeX packages be accessible, and that Overleaf prohibits symbolic links - -\providecommand{\packages}{\econtexRoot/Resources/texmf-local/tex/latex} -\providecommand{\econtex}{\packages/econtex} -\providecommand{\econark}{\econtexRoot/Resources/texmf-local/tex/latex/econark} - -\providecommand{\ApndxDir}{\econtexRoot/Appendices} -\providecommand{\CodeDir}{\econtexRoot/Code} -\providecommand{\DataDir}{\econtexRoot/Data} -\providecommand{\EqDir}{\econtexRoot/Equations} % Generated files in subdirectory -\providecommand{\FigDir}{\econtexRoot/Figures} -\providecommand{\SlideDir}{\econtexRoot/Slides} -\providecommand{\TableDir}{\econtexRoot/Tables} - -\providecommand{\ResourcesDir}{\econtexRoot/Resources} -\providecommand{\resourcesLocal}{\econtexRoot/resources/local} -\providecommand{\resourcesEconARK}{\econtexRoot/resources/econ-ark} -\providecommand{\econtexPaths}{\econtexRoot/Resources/econtexPaths} -\providecommand{\LaTeXInputs}{\econtexRoot/Resources/LaTeXInputs} - -\providecommand{\local}{\LaTeXInputs/local} diff --git a/Resources/econtexPaths.tex b/Resources/econtexPaths.tex deleted file mode 100644 index 5fbeb0917..000000000 --- a/Resources/econtexPaths.tex +++ /dev/null @@ -1,32 +0,0 @@ -% -*- mode: LaTeX; TeX-PDF-mode: t; -*- -% The \commands below are required to allow sharing of the same base code via Github between TeXLive on a local machine and Overleaf (which is a proxy for "a standard distribution of LaTeX"). This is an ugly solution to the requirement that custom LaTeX packages be accessible, and that Overleaf prohibits symbolic links -\providecommand{\packages}{\econtexRoot/Resources/texmf-local/tex/latex} -\providecommand{\econtex}{\packages/econtex} -\providecommand{\econark}{\econtexRoot/Resources/texmf-local/tex/latex/econark} -\providecommand{\econtexSetup}{\econtexRoot/Resources/texmf-local/tex/latex/econtexSetup} -\providecommand{\econtexShortcuts}{\econtexRoot/Resources/texmf-local/tex/latex/econtexShortcuts} -\providecommand{\econtexBibMake}{\econtexRoot/Resources/texmf-local/tex/latex/econtexBibMake} -\providecommand{\econtexBibStyle}{\econtexRoot/Resources/texmf-local/bibtex/bst/econtex} -\providecommand{\econtexBib}{economics} -\providecommand{\notes}{\econtexRoot/Resources/texmf-local/tex/latex/handout} -\providecommand{\handoutSetup}{\econtexRoot/Resources/texmf-local/tex/latex/handoutSetup} -\providecommand{\handoutShortcuts}{\econtexRoot/Resources/texmf-local/tex/latex/handoutShortcuts} -\providecommand{\handoutBibMake}{\econtexRoot/Resources/texmf-local/tex/latex/handoutBibMake} -\providecommand{\handoutBibStyle}{\econtexRoot/Resources/texmf-local/bibtex/bst/handout} - -\providecommand{\FigDir}{\econtexRoot/Figures} -\providecommand{\CodeDir}{\econtexRoot/Code} -\providecommand{\DataDir}{\econtexRoot/Data} -\providecommand{\SlideDir}{\econtexRoot/Slides} -\providecommand{\TableDir}{\econtexRoot/Tables} -\providecommand{\ApndxDir}{\econtexRoot/Appendices} - -\providecommand{\ResourcesDir}{\econtexRoot/Resources} -\providecommand{\rootFromOut}{..} % switch back to root directory from output-directory -\providecommand{\LaTeXGenerated}{\econtexRoot/LaTeX} % Put generated files in subdirectory -\providecommand{\econtexPaths}{\econtexRoot/Resources/econtexPaths} -\providecommand{\LaTeXInputs}{\econtexRoot/Resources/LaTeXInputs} -\providecommand{\LtxDir}{LaTeX/} -\providecommand{\EqDir}{\econtexRoot/Equations} % Put generated files in subdirectory - -\providecommand{\local}{\LaTeXInputs/local} diff --git a/Resources/emacs-prettify-symbols b/Resources/emacs-prettify-symbols deleted file mode 100644 index b49ee8747..000000000 --- a/Resources/emacs-prettify-symbols +++ /dev/null @@ -1,17 +0,0 @@ -;; -*- mode: emacs-lisp ; TeX-fold-mode: t; -*- - -(when (>= emacs-major-version 27) ;; version 26.1 introduced prettify-symbols-mode - (defun enable-prettify-symbols-mode () - "Enable prettify-symbols-mode and set unprettify-at-point." - (setq prettify-symbols-unprettify-at-point t)) - (add-hook 'tex-mode-hook 'enable-prettify-symbols-mode) - (add-hook 'latex-mode-hook 'enable-prettify-symbols-mode) - (add-hook 'markdown-mode-hook 'enable-prettify-symbols-mode) -;; Activate globally (for all buffers) - (prettify-symbols-mode +1) - ;; configure so that when cursor is at beginning of symbol, - ;; the definition of the symbol is revealed - ;; source: https://www.anthropic.com/claude-assistant?conversationId=e9c1611e-1f0e-4f5a-b6d5-8f8f1e5c3f1f - (setq prettify-symbols-unprettify-at-point t) - ) - diff --git a/Resources/emacs-prettify-symbols-alist_add-SolvingMicroDSOPs-symbols b/Resources/emacs-prettify-symbols-alist_add-SolvingMicroDSOPs-symbols deleted file mode 100644 index 146809071..000000000 --- a/Resources/emacs-prettify-symbols-alist_add-SolvingMicroDSOPs-symbols +++ /dev/null @@ -1,57 +0,0 @@ -;; -*- mode: emacs-lisp ; TeX-fold-mode: t; -*- - -(setq tex--prettify-symbols-alist - (append '( - ("\\Ex" . ?𝔼) - ("\\aLvl" . ?𝐚) - ("\\bLvl" . ?𝐛) - ("\\cLvl" . ?𝐜) - ("\\hLvl" . ?𝐡) - ("\\pLvl" . ?𝐩) - ("\\kLvl" . ?𝐤) - ("\\mLvl" . ?𝐦) - ("\\vLvl" . ?𝐯) - ("\\yLvl" . ?𝐲) - ("\\PermGroFac" . ?𝒢) - ("\\PermGroFacAdjV" . ? ) - ("\\PermGroFacAdjMu" . ? ) - ("\\aNrm" . ?a) - ("\\bNrm" . ?b) - ("\\cNrm" . ?c) - ("\\hNrm" . ?h) - ("\\pNrm" . ?p) - ("\\kNrm" . ?k) - ("\\mNrm" . ?m) - ("\\vNrm" . ?v) - ("\\yNrm" . ?y) - ("\\RNrm" . ?ℛ) - ("\\vFunc" . ?𝚟) - ("\\uFunc" . ?𝚞) - ("\\cFunc" . ?𝚌) - ("\\DiscFac" . ?β) - ("\\std" . ?σ) - ("\\CRRA" . ?ρ) - ("\\prd" . ?t) - ("\\prdt" . ?t) - ("\\prdT" . ?t) - ("\\trmT" . ?T) - ("\\Rfree" . ?R) - ("\\Risky" . ?𝐑) - ("\\Rport" . ?ℜ) - ("\\Shr" . ?Ϛ) - ("\\TranShkEmp" . ?θ) - ("\\TranShkEmpDummy" . ?ϑ) - ("\\Nrml" . ?𝒩) - ("\\arvl" . ?←) - ("\\cntn" . ?→) - ("\\BegMark" . ?←) - ("\\EndMark" . ?→) - ("\\wlthAftr" . ?ẃ) - ("\\wlthBefr" . ?w) - ("\\labor" . ?ℓ) - ("\\mStte" . ?m) - ("\\cCtrl" . ?c) - ("\\aStte" . ?a) - ) - tex--prettify-symbols-alist) - ) diff --git a/Resources/emacs-prettify-symbols-alist_full-default b/Resources/emacs-prettify-symbols-alist_full-default deleted file mode 100644 index 4a5f33e29..000000000 --- a/Resources/emacs-prettify-symbols-alist_full-default +++ /dev/null @@ -1,643 +0,0 @@ -;; -*- mode: emacs-lisp ; TeX-fold-mode: t; -*- -(setq tex--prettify-symbols-alist - '( ;; Lowercase Greek letters - ("\\alpha" . ?α) - ("\\beta" . ?β) - ("\\gamma" . ?γ) - ("\\delta" . ?δ) - ("\\epsilon" . ?ϵ) - ("\\zeta" . ?ζ) - ("\\eta" . ?η) - ("\\theta" . ?θ) - ("\\iota" . ?ι) - ("\\kappa" . ?κ) - ("\\lambda" . ?λ) - ("\\mu" . ?μ) - ("\\nu" . ?ν) - ("\\xi" . ?ξ) - ;; There is no \omicron because it looks like a latin o - ("\\pi" . ?π) - ("\\rho" . ?ρ) - ("\\sigma" . ?σ) - ("\\tau" . ?τ) - ("\\upsilon" . ?υ) - ("\\phi" . ?ϕ) - ("\\chi" . ?χ) - ("\\psi" . ?ψ) - ("\\omega" . ?ω) - ;; Uppercase Greek letters - ("\\Gamma" . ?Γ) - ("\\Delta" . ?Δ) - ("\\Lambda" . ?Λ) - ("\\Phi" . ?Φ) - ("\\Pi" . ?Π) - ("\\Psi" . ?Ψ) - ("\\Sigma" . ?Σ) - ("\\Theta" . ?Θ) - ("\\Upsilon" . ?Υ) - ("\\Xi" . ?Ξ) - ("\\Omega" . ?Ω) - ;; Other math symbols (taken from leim/quail/latin-ltx el) - ("\\Box" . ?□) - ("\\Bumpeq" . ?≎) - ("\\Cap" . ?⋒) - ("\\Cup" . ?⋓) - ("\\Diamond" . ?◇) - ("\\Downarrow" . ?⇓) - ("\\H{o}" . ?ő) - ("\\Im" . ?ℑ) - ("\\Join" . ?⋈) - ("\\Leftarrow" . ?⇐) - ("\\Leftrightarrow" . ?⇔) - ("\\Ll" . ?⋘) - ("\\Lleftarrow" . ?⇚) - ("\\Longleftarrow" . ?⇐) - ("\\Longleftrightarrow" . ?⇔) - ("\\Longrightarrow" . ?⇒) - ("\\Lsh" . ?↰) - ("\\Re" . ?ℜ) - ("\\Rightarrow" . ?⇒) - ("\\Rrightarrow" . ?⇛) - ("\\Rsh" . ?↱) - ("\\Subset" . ?⋐) - ("\\Supset" . ?⋑) - ("\\Uparrow" . ?⇑) - ("\\Updownarrow" . ?⇕) - ("\\Vdash" . ?⊩) - ("\\Vert" . ?‖) - ("\\Vvdash" . ?⊪) - ("\\aleph" . ?ℵ) - ("\\amalg" . ?∐) - ("\\angle" . ?∠) - ("\\approx" . ?≈) - ("\\approxeq" . ?≊) - ("\\ast" . ?∗) - ("\\asymp" . ?≍) - ("\\backcong" . ?≌) - ("\\backepsilon" . ?∍) - ("\\backprime" . ?‵) - ("\\backsim" . ?∽) - ("\\backsimeq" . ?⋍) - ("\\backslash" . ?\\) - ("\\barwedge" . ?⊼) - ("\\because" . ?∵) - ("\\beth" . ?ℶ) - ("\\between" . ?≬) - ("\\bigcap" . ?⋂) - ("\\bigcirc" . ?◯) - ("\\bigcup" . ?⋃) - ("\\bigstar" . ?★) - ("\\bigtriangledown" . ?▽) - ("\\bigtriangleup" . ?△) - ("\\bigvee" . ?⋁) - ("\\bigwedge" . ?⋀) - ("\\blacklozenge" . ?✦) - ("\\blacksquare" . ?▪) - ("\\blacktriangle" . ?▴) - ("\\blacktriangledown" . ?▾) - ("\\blacktriangleleft" . ?◂) - ("\\blacktriangleright" . ?▸) - ("\\bot" . ?⊥) - ("\\bowtie" . ?⋈) - ("\\boxminus" . ?⊟) - ("\\boxplus" . ?⊞) - ("\\boxtimes" . ?⊠) - ("\\bullet" . ?•) - ("\\bumpeq" . ?≏) - ("\\cap" . ?∩) - ("\\cdots" . ?⋯) - ("\\centerdot" . ?·) - ("\\checkmark" . ?✓) - ("\\chi" . ?χ) - ("\\cdot" . ?⋅) - ("\\cdots" . ?⋯) - ("\\circ" . ?∘) - ("\\circeq" . ?≗) - ("\\circlearrowleft" . ?↺) - ("\\circlearrowright" . ?↻) - ("\\circledR" . ?®) - ("\\circledS" . ?Ⓢ) - ("\\circledast" . ?⊛) - ("\\circledcirc" . ?⊚) - ("\\circleddash" . ?⊝) - ("\\clubsuit" . ?♣) - ("\\coloneq" . ?≔) - ("\\complement" . ?∁) - ("\\cong" . ?≅) - ("\\coprod" . ?∐) - ("\\cup" . ?∪) - ("\\curlyeqprec" . ?⋞) - ("\\curlyeqsucc" . ?⋟) - ("\\curlypreceq" . ?≼) - ("\\curlyvee" . ?⋎) - ("\\curlywedge" . ?⋏) - ("\\curvearrowleft" . ?↶) - ("\\curvearrowright" . ?↷) - ("\\dag" . ?†) - ("\\dagger" . ?†) - ("\\daleth" . ?ℸ) - ("\\dashv" . ?⊣) - ("\\ddag" . ?‡) - ("\\ddagger" . ?‡) - ("\\ddots" . ?⋱) - ("\\diamond" . ?⋄) - ("\\diamondsuit" . ?♢) - ("\\divideontimes" . ?⋇) - ("\\doteq" . ?≐) - ("\\doteqdot" . ?≑) - ("\\dotplus" . ?∔) - ("\\dotsquare" . ?⊡) - ("\\downarrow" . ?↓) - ("\\downdownarrows" . ?⇊) - ("\\downleftharpoon" . ?⇃) - ("\\downrightharpoon" . ?⇂) - ("\\ell" . ?ℓ) - ("\\emptyset" . ?∅) - ("\\eqcirc" . ?≖) - ("\\eqcolon" . ?≕) - ("\\eqslantgtr" . ?⋝) - ("\\eqslantless" . ?⋜) - ("\\equiv" . ?≡) - ("\\exists" . ?∃) - ("\\fallingdotseq" . ?≒) - ("\\flat" . ?♭) - ("\\forall" . ?∀) - ("\\frown" . ?⌢) - ("\\ge" . ?≥) - ("\\geq" . ?≥) - ("\\geqq" . ?≧) - ("\\geqslant" . ?≥) - ("\\gets" . ?←) - ("\\gg" . ?≫) - ("\\ggg" . ?⋙) - ("\\gimel" . ?ℷ) - ("\\gnapprox" . ?⋧) - ("\\gneq" . ?≩) - ("\\gneqq" . ?≩) - ("\\gnsim" . ?⋧) - ("\\gtrapprox" . ?≳) - ("\\gtrdot" . ?⋗) - ("\\gtreqless" . ?⋛) - ("\\gtreqqless" . ?⋛) - ("\\gtrless" . ?≷) - ("\\gtrsim" . ?≳) - ("\\gvertneqq" . ?≩) - ("\\hbar" . ?ℏ) - ("\\heartsuit" . ?♥) - ("\\hookleftarrow" . ?↩) - ("\\hookrightarrow" . ?↪) - ("\\iff" . ?⇔) - ("\\imath" . ?ı) - ("\\in" . ?∈) - ("\\infty" . ?∞) - ("\\int" . ?∫) - ("\\intercal" . ?⊺) - ("\\langle" . 10216) ; Literal ?⟨ breaks indentation - ("\\lbrace" . ?{) - ("\\lbrack" . ?\[) - ("\\lceil" . ?⌈) - ("\\ldots" . ?…) - ("\\le" . ?≤) - ("\\leadsto" . ?↝) - ("\\leftarrow" . ?←) - ("\\leftarrowtail" . ?↢) - ("\\leftharpoondown" . ?↽) - ("\\leftharpoonup" . ?↼) - ("\\leftleftarrows" . ?⇇) - ;; ("\\leftparengtr" ?〈), see bug#12948 - ("\\leftrightarrow" . ?↔) - ("\\leftrightarrows" . ?⇆) - ("\\leftrightharpoons" . ?⇋) - ("\\leftrightsquigarrow" . ?↭) - ("\\leftthreetimes" . ?⋋) - ("\\leq" . ?≤) - ("\\leqq" . ?≦) - ("\\leqslant" . ?≤) - ("\\lessapprox" . ?≲) - ("\\lessdot" . ?⋖) - ("\\lesseqgtr" . ?⋚) - ("\\lesseqqgtr" . ?⋚) - ("\\lessgtr" . ?≶) - ("\\lesssim" . ?≲) - ("\\lfloor" . ?⌊) - ("\\lhd" . ?◁) - ("\\rhd" . ?▷) - ("\\ll" . ?≪) - ("\\llcorner" . ?⌞) - ("\\lnapprox" . ?⋦) - ("\\lneq" . ?≨) - ("\\lneqq" . ?≨) - ("\\lnsim" . ?⋦) - ("\\longleftarrow" . ?←) - ("\\longleftrightarrow" . ?↔) - ("\\longmapsto" . ?↦) - ("\\longrightarrow" . ?→) - ("\\looparrowleft" . ?↫) - ("\\looparrowright" . ?↬) - ("\\lozenge" . ?✧) - ("\\lq" . ?‘) - ("\\lrcorner" . ?⌟) - ("\\ltimes" . ?⋉) - ("\\lvertneqq" . ?≨) - ("\\maltese" . ?✠) - ("\\mapsto" . ?↦) - ("\\measuredangle" . ?∡) - ("\\mho" . ?℧) - ("\\mid" . ?∣) - ("\\models" . ?⊧) - ("\\mp" . ?∓) - ("\\multimap" . ?⊸) - ("\\nLeftarrow" . ?⇍) - ("\\nLeftrightarrow" . ?⇎) - ("\\nRightarrow" . ?⇏) - ("\\nVDash" . ?⊯) - ("\\nVdash" . ?⊮) - ("\\nabla" . ?∇) - ("\\napprox" . ?≉) - ("\\natural" . ?♮) - ("\\ncong" . ?≇) - ("\\ne" . ?≠) - ("\\nearrow" . ?↗) - ("\\neg" . ?¬) - ("\\neq" . ?≠) - ("\\nequiv" . ?≢) - ("\\newline" . ?
) - ("\\nexists" . ?∄) - ("\\ngeq" . ?≱) - ("\\ngeqq" . ?≱) - ("\\ngeqslant" . ?≱) - ("\\ngtr" . ?≯) - ("\\ni" . ?∋) - ("\\nleftarrow" . ?↚) - ("\\nleftrightarrow" . ?↮) - ("\\nleq" . ?≰) - ("\\nleqq" . ?≰) - ("\\nleqslant" . ?≰) - ("\\nless" . ?≮) - ("\\nmid" . ?∤) - ;; ("\\not" ?̸) ;FIXME: conflict with "NOT SIGN" ¬ - ("\\notin" . ?∉) - ("\\nparallel" . ?∦) - ("\\nprec" . ?⊀) - ("\\npreceq" . ?⋠) - ("\\nrightarrow" . ?↛) - ("\\nshortmid" . ?∤) - ("\\nshortparallel" . ?∦) - ("\\nsim" . ?≁) - ("\\nsimeq" . ?≄) - ("\\nsubset" . ?⊄) - ("\\nsubseteq" . ?⊈) - ("\\nsubseteqq" . ?⊈) - ("\\nsucc" . ?⊁) - ("\\nsucceq" . ?⋡) - ("\\nsupset" . ?⊅) - ("\\nsupseteq" . ?⊉) - ("\\nsupseteqq" . ?⊉) - ("\\ntriangleleft" . ?⋪) - ("\\ntrianglelefteq" . ?⋬) - ("\\ntriangleright" . ?⋫) - ("\\ntrianglerighteq" . ?⋭) - ("\\nvDash" . ?⊭) - ("\\nvdash" . ?⊬) - ("\\nwarrow" . ?↖) - ("\\odot" . ?⊙) - ("\\oint" . ?∮) - ("\\ominus" . ?⊖) - ("\\oplus" . ?⊕) - ("\\oslash" . ?⊘) - ("\\otimes" . ?⊗) - ("\\parallel" . ?∥) - ("\\partial" . ?∂) - ("\\perp" . ?⊥) - ("\\pitchfork" . ?⋔) - ("\\prec" . ?≺) - ("\\precapprox" . ?≾) - ("\\preceq" . ?≼) - ("\\precnapprox" . ?⋨) - ("\\precnsim" . ?⋨) - ("\\precsim" . ?≾) - ("\\prime" . ?′) - ("\\prod" . ?∏) - ("\\propto" . ?∝) - ("\\qed" . ?∎) - ("\\qquad" . ?⧢) - ("\\quad" . ?␣) - ("\\rangle" . 10217) ; Literal ?⟩ breaks indentation - ("\\rbrace" . ?}) - ("\\rbrack" . ?\]) - ("\\rceil" . ?⌉) - ("\\rfloor" . ?⌋) - ("\\rightarrow" . ?→) - ("\\rightarrowtail" . ?↣) - ("\\rightharpoondown" . ?⇁) - ("\\rightharpoonup" . ?⇀) - ("\\rightleftarrows" . ?⇄) - ("\\rightleftharpoons" . ?⇌) - ;; ("\\rightparengtr" ?⦔) ;; Was ?〉, see bug#12948 - ("\\rightrightarrows" . ?⇉) - ("\\rightthreetimes" . ?⋌) - ("\\risingdotseq" . ?≓) - ("\\rtimes" . ?⋊) - ("\\times" . ?×) - ("\\sbs" . ?﹨) - ("\\searrow" . ?↘) - ("\\setminus" . ?∖) - ("\\sharp" . ?♯) - ("\\shortmid" . ?∣) - ("\\shortparallel" . ?∥) - ("\\sim" . ?∼) - ("\\simeq" . ?≃) - ("\\smallamalg" . ?∐) - ("\\smallsetminus" . ?∖) - ("\\smallsmile" . ?⌣) - ("\\smile" . ?⌣) - ("\\spadesuit" . ?♠) - ("\\sphericalangle" . ?∢) - ("\\sqcap" . ?⊓) - ("\\sqcup" . ?⊔) - ("\\sqsubset" . ?⊏) - ("\\sqsubseteq" . ?⊑) - ("\\sqsupset" . ?⊐) - ("\\sqsupseteq" . ?⊒) - ("\\square" . ?□) - ("\\squigarrowright" . ?⇝) - ("\\star" . ?⋆) - ("\\straightphi" . ?φ) - ("\\subset" . ?⊂) - ("\\subseteq" . ?⊆) - ("\\subseteqq" . ?⊆) - ("\\subsetneq" . ?⊊) - ("\\subsetneqq" . ?⊊) - ("\\succ" . ?≻) - ("\\succapprox" . ?≿) - ("\\succcurlyeq" . ?≽) - ("\\succeq" . ?≽) - ("\\succnapprox" . ?⋩) - ("\\succnsim" . ?⋩) - ("\\succsim" . ?≿) - ("\\sum" . ?∑) - ("\\supset" . ?⊃) - ("\\supseteq" . ?⊇) - ("\\supseteqq" . ?⊇) - ("\\supsetneq" . ?⊋) - ("\\supsetneqq" . ?⊋) - ("\\surd" . ?√) - ("\\swarrow" . ?↙) - ("\\therefore" . ?∴) - ("\\thickapprox" . ?≈) - ("\\thicksim" . ?∼) - ("\\to" . ?→) - ("\\top" . ?⊤) - ("\\triangle" . ?▵) - ("\\triangledown" . ?▿) - ("\\triangleleft" . ?◃) - ("\\trianglelefteq" . ?⊴) - ("\\triangleq" . ?≜) - ("\\triangleright" . ?▹) - ("\\trianglerighteq" . ?⊵) - ("\\twoheadleftarrow" . ?↞) - ("\\twoheadrightarrow" . ?↠) - ("\\ulcorner" . ?⌜) - ("\\uparrow" . ?↑) - ("\\updownarrow" . ?↕) - ("\\upleftharpoon" . ?↿) - ("\\uplus" . ?⊎) - ("\\uprightharpoon" . ?↾) - ("\\upuparrows" . ?⇈) - ("\\urcorner" . ?⌝) - ("\\u{i}" . ?ĭ) - ("\\vDash" . ?⊨) - ("\\varepsilon" . ?ε) - ("\\varphi" . ?φ) - ("\\varprime" . ?′) - ("\\varpropto" . ?∝) - ("\\varrho" . ?ϱ) - ("\\varsigma" . ?ς) - ("\\vartriangleleft" . ?⊲) - ("\\vartriangleright" . ?⊳) - ("\\vdash" . ?⊢) - ("\\vdots" . ?⋮) - ("\\vee" . ?∨) - ("\\veebar" . ?⊻) - ("\\vert" . ?|) - ("\\wedge" . ?∧) - ("\\wp" . ?℘) - ("\\wr" . ?≀) - ("\\Bbb{N}" . ?ℕ) ; AMS commands for blackboard bold - ("\\Bbb{P}" . ?ℙ) ; Also sometimes \mathbb - ("\\Bbb{Q}" . ?ℚ) - ("\\Bbb{R}" . ?ℝ) - ("\\Bbb{T}" . ?𝕋) - ("\\Bbb{Z}" . ?ℤ) - ("\\mathbb{N}" . ?ℕ) ; AMS commands for blackboard bold - ("\\mathbb{P}" . ?ℙ) ; Also sometimes \mathbb - ("\\mathbb{Q}" . ?ℚ) - ("\\mathbb{R}" . ?ℝ) - ("\\mathbb{T}" . ?𝕋) - ("\\mathbb{Z}" . ?ℤ) - ("\\pm" . ?±) - ("\\|" . ?‖) - ("\\varkappa" . ?ϰ) - ;; caligraphic - ("\\mathcal{A}" . ?𝒜) - ("\\mathcal{B}" . ?ℬ) - ("\\mathcal{C}" . ?𝒞) - ("\\mathcal{D}" . ?𝒟) - ("\\mathcal{E}" . ?ℰ) - ("\\mathcal{F}" . ?ℱ) - ("\\mathcal{G}" . ?𝒢) - ("\\mathcal{H}" . ?ℋ) - ("\\mathcal{I}" . ?ℐ) - ("\\mathcal{J}" . ?𝒥) - ("\\mathcal{K}" . ?𝒦) - ("\\mathcal{L}" . ?ℒ) - ("\\mathcal{M}" . ?ℳ) - ("\\mathcal{N}" . ?𝒩) - ("\\mathcal{O}" . ?𝒪) - ("\\mathcal{P}" . ?𝒫) - ("\\mathcal{Q}" . ?𝒬) - ("\\mathcal{R}" . ?ℛ) - ("\\mathcal{S}" . ?𝒮) - ("\\mathcal{T}" . ?𝒯) - ("\\mathcal{U}" . ?𝒰) - ("\\mathcal{V}" . ?𝒱) - ("\\mathcal{W}" . ?𝒲) - ("\\mathcal{X}" . ?𝒳) - ("\\mathcal{Y}" . ?𝒴) - ("\\mathcal{Z}" . ?𝒵) - ("\\mathfrak{A}" . ?𝔄) - ("\\mathfrak{B}" . ?𝔅) - ("\\mathfrak{C}" . ?ℭ) - ("\\mathfrak{D}" . ?𝔇) - ("\\mathfrak{E}" . ?𝔈) - ("\\mathfrak{F}" . ?𝔉) - ("\\mathfrak{G}" . ?𝔊) - ("\\mathfrak{H}" . ?ℌ) - ("\\mathfrak{I}" . ?ℑ) - ("\\mathfrak{J}" . ?𝔍) - ("\\mathfrak{K}" . ?𝔎) - ("\\mathfrak{L}" . ?𝔏) - ("\\mathfrak{M}" . ?𝔐) - ("\\mathfrak{N}" . ?𝔑) - ("\\mathfrak{O}" . ?𝔒) - ("\\mathfrak{P}" . ?𝔓) - ("\\mathfrak{Q}" . ?𝔔) - ("\\mathfrak{R}" . ?ℜ) - ("\\mathfrak{S}" . ?𝔖) - ("\\mathfrak{T}" . ?𝔗) - ("\\mathfrak{U}" . ?𝔘) - ("\\mathfrak{V}" . ?𝔙) - ("\\mathfrak{W}" . ?𝔚) - ("\\mathfrak{X}" . ?𝔛) - ("\\mathfrak{Y}" . ?𝔜) - ("\\mathfrak{Z}" . ?ℨ) - ("\\mathfrak{a}" . ?𝔞) - ("\\mathfrak{b}" . ?𝔟) - ("\\mathfrak{c}" . ?𝔠) - ("\\mathfrak{d}" . ?𝔡) - ("\\mathfrak{e}" . ?𝔢) - ("\\mathfrak{f}" . ?𝔣) - ("\\mathfrak{g}" . ?𝔤) - ("\\mathfrak{h}" . ?𝔥) - ("\\mathfrak{i}" . ?𝔦) - ("\\mathfrak{j}" . ?𝔧) - ("\\mathfrak{k}" . ?𝔨) - ("\\mathfrak{l}" . ?𝔩) - ("\\mathfrak{m}" . ?𝔪) - ("\\mathfrak{n}" . ?𝔫) - ("\\mathfrak{o}" . ?𝔬) - ("\\mathfrak{p}" . ?𝔭) - ("\\mathfrak{q}" . ?𝔮) - ("\\mathfrak{r}" . ?𝔯) - ("\\mathfrak{s}" . ?𝔰) - ("\\mathfrak{t}" . ?𝔱) - ("\\mathfrak{u}" . ?𝔲) - ("\\mathfrak{v}" . ?𝔳) - ("\\mathfrak{w}" . ?𝔴) - ("\\mathfrak{x}" . ?𝔵) - ("\\mathfrak{y}" . ?𝔶) - ("\\mathfrak{z}" . ?𝔷) - ("--" . ?–) - ("---" . ?—) - ("\\ordfeminine" . ?ª) - ("\\ordmasculine" . ?º) - ("\\lambdabar" . ?ƛ) - ("\\celsius" . ?℃) - ;; Text symbols formerly part of textcomp package: - ("\\textdollar" . ?$) - ("\\textborn" . ?*) - ("\\textless" . ?<) - ("\\textgreater" . ?>) - ("\\textbackslash" . ?\\) - ("\\textasciicircum" . ?^) - ("\\textunderscore" . ?_) - ("\\textbraceleft" . ?\{) - ("\\textbar" . ?|) - ("\\textbraceright" . ?\}) - ("\\textasciitilde" . ?~) - ("\\textexclamdown" . ?¡) - ("\\textcent" . ?¢) - ("\\textsterling" . ?£) - ("\\textcurrency" . ?¤) - ("\\textyen" . ?¥) - ("\\textbrokenbar" . ?¦) - ("\\textsection" . ?§) - ("\\textasciidieresis" . ?¨) - ("\\textcopyright" . ?©) - ("\\textordfeminine" . ?ª) - ("\\guillemetleft" . ?«) - ("\\guillemotleft" . ?«) - ("\\textlnot" . ?¬) - ("\\textregistered" . ?®) - ("\\textasciimacron" . ?¯) - ("\\textdegree" . ?°) - ("\\textpm" . ?±) - ("\\texttwosuperior" . ?²) - ("\\textthreesuperior" . ?³) - ("\\textasciiacute" . ?´) - ("\\textmu" . ?µ) - ("\\textparagraph" . ?¶) - ("\\textpilcrow" . ?¶) - ("\\textperiodcentered" . ?·) - ("\\textonesuperior" . ?¹) - ("\\textordmasculine" . ?º) - ("\\guillemetright" . ?») - ("\\guillemotright" . ?») - ("\\textonequarter" . ?¼) - ("\\textonehalf" . ?½) - ("\\textthreequarters" . ?¾) - ("\\textquestiondown" . ?¿) - ("\\texttimes" . ?×) - ("\\textdiv" . ?÷) - ("\\textflorin" . ?ƒ) - ("\\textasciicaron" . ?ˇ) - ("\\textasciibreve" . ?˘) - ("\\textacutedbl" . ?˝) - ("\\textgravedbl" . 757) - ("\\texttildelow" . 759) - ("\\textbaht" . ?฿) - ("\\textendash" . ?–) - ("\\textemdash" . ?—) - ("\\textbardbl" . ?‖) - ("\\textquoteleft" . 8216) - ("\\textquoteright" . 8217) - ("\\quotesinglbase" . 8218) - ("\\textquotedblleft" . 8220) - ("\\textquotedblright" . 8221) - ("\\quotedblbase" . 8222) - ;; \textdagger and \textdied are replaced with DAGGER (#x2020) and - ;; not with LATIN CROSS (#x271d) - ("\\textdagger" . ?†) - ("\\textdied" . ?†) - ("\\textdaggerdbl" . ?‡) - ("\\textbullet" . ?•) - ("\\textellipsis" . ?…) - ("\\textperthousand" . ?‰) - ("\\textpertenthousand" . ?‱) - ("\\guilsinglleft" . ?‹) - ("\\guilsinglright" . ?›) - ("\\textreferencemark" . ?※) - ("\\textinterrobang" . ?‽) - ("\\textfractionsolidus" . ?⁄) - ("\\textlquill" . 8261) ; Literal ?⁅ breaks indentation - ("\\textrquill" . 8262) ; Literal ?⁆ breaks indentation - ("\\textdiscount" . ?⁒) - ("\\textcolonmonetary" . ?₡) - ("\\textlira" . ?₤) - ("\\textnaira" . ?₦) - ("\\textwon" . ?₩) - ("\\textdong" . ?₫) - ("\\texteuro" . ?€) - ("\\textpeso" . ?₱) - ("\\textguarani" . ?₲) - ("\\textcelsius" . ?℃) - ("\\textnumero" . ?№) - ("\\textcircledP" . ?℗) - ("\\textrecipe" . ?℞) - ("\\textservicemark" . ?℠) - ("\\texttrademark" . ?™) - ("\\textohm" . ?Ω) - ("\\textmho" . ?℧) - ("\\textestimated" . ?℮) - ("\\textleftarrow" . ?←) - ("\\textuparrow" . ?↑) - ("\\textrightarrow" . ?→) - ("\\textdownarrow" . ?↓) - ("\\textminus" . ?−) - ("\\textsurd" . ?√) - ("\\textlangle" . 9001) ; Literal ?〈 breaks indentation - ("\\textrangle" . 9002) ; Literal ?〉 breaks indentation - ("\\textblank" . ?␢) - ("\\textvisiblespace" . ?␣) - ("\\textopenbullet" . ?◦) - ;; \textbigcircle is replaced with LARGE CIRCLE (#x25ef) and not - ;; with COMBINING ENCLOSING CIRCLE (#x20dd) - ("\\textbigcircle" . ?◯) - ("\\textmusicalnote" . ?♪) - ("\\textmarried" . ?⚭) - ("\\textdivorced" . ?⚮) - ("\\textlbrackdbl" . 10214) ; Literal ?⟦ breaks indentation - ("\\textrbrackdbl" . 10215) ; Literal ?⟧ breaks indentation - ("\\textinterrobangdown" . ?⸘) - ) - ) diff --git a/Resources/emacs-prettify-symbols-tex_add-local-symbols b/Resources/emacs-prettify-symbols-tex_add-local-symbols deleted file mode 100644 index 146809071..000000000 --- a/Resources/emacs-prettify-symbols-tex_add-local-symbols +++ /dev/null @@ -1,57 +0,0 @@ -;; -*- mode: emacs-lisp ; TeX-fold-mode: t; -*- - -(setq tex--prettify-symbols-alist - (append '( - ("\\Ex" . ?𝔼) - ("\\aLvl" . ?𝐚) - ("\\bLvl" . ?𝐛) - ("\\cLvl" . ?𝐜) - ("\\hLvl" . ?𝐡) - ("\\pLvl" . ?𝐩) - ("\\kLvl" . ?𝐤) - ("\\mLvl" . ?𝐦) - ("\\vLvl" . ?𝐯) - ("\\yLvl" . ?𝐲) - ("\\PermGroFac" . ?𝒢) - ("\\PermGroFacAdjV" . ? ) - ("\\PermGroFacAdjMu" . ? ) - ("\\aNrm" . ?a) - ("\\bNrm" . ?b) - ("\\cNrm" . ?c) - ("\\hNrm" . ?h) - ("\\pNrm" . ?p) - ("\\kNrm" . ?k) - ("\\mNrm" . ?m) - ("\\vNrm" . ?v) - ("\\yNrm" . ?y) - ("\\RNrm" . ?ℛ) - ("\\vFunc" . ?𝚟) - ("\\uFunc" . ?𝚞) - ("\\cFunc" . ?𝚌) - ("\\DiscFac" . ?β) - ("\\std" . ?σ) - ("\\CRRA" . ?ρ) - ("\\prd" . ?t) - ("\\prdt" . ?t) - ("\\prdT" . ?t) - ("\\trmT" . ?T) - ("\\Rfree" . ?R) - ("\\Risky" . ?𝐑) - ("\\Rport" . ?ℜ) - ("\\Shr" . ?Ϛ) - ("\\TranShkEmp" . ?θ) - ("\\TranShkEmpDummy" . ?ϑ) - ("\\Nrml" . ?𝒩) - ("\\arvl" . ?←) - ("\\cntn" . ?→) - ("\\BegMark" . ?←) - ("\\EndMark" . ?→) - ("\\wlthAftr" . ?ẃ) - ("\\wlthBefr" . ?w) - ("\\labor" . ?ℓ) - ("\\mStte" . ?m) - ("\\cCtrl" . ?c) - ("\\aStte" . ?a) - ) - tex--prettify-symbols-alist) - ) diff --git a/Resources/emacs-prettify-symbols-tex_full-default b/Resources/emacs-prettify-symbols-tex_full-default deleted file mode 100644 index 4a5f33e29..000000000 --- a/Resources/emacs-prettify-symbols-tex_full-default +++ /dev/null @@ -1,643 +0,0 @@ -;; -*- mode: emacs-lisp ; TeX-fold-mode: t; -*- -(setq tex--prettify-symbols-alist - '( ;; Lowercase Greek letters - ("\\alpha" . ?α) - ("\\beta" . ?β) - ("\\gamma" . ?γ) - ("\\delta" . ?δ) - ("\\epsilon" . ?ϵ) - ("\\zeta" . ?ζ) - ("\\eta" . ?η) - ("\\theta" . ?θ) - ("\\iota" . ?ι) - ("\\kappa" . ?κ) - ("\\lambda" . ?λ) - ("\\mu" . ?μ) - ("\\nu" . ?ν) - ("\\xi" . ?ξ) - ;; There is no \omicron because it looks like a latin o - ("\\pi" . ?π) - ("\\rho" . ?ρ) - ("\\sigma" . ?σ) - ("\\tau" . ?τ) - ("\\upsilon" . ?υ) - ("\\phi" . ?ϕ) - ("\\chi" . ?χ) - ("\\psi" . ?ψ) - ("\\omega" . ?ω) - ;; Uppercase Greek letters - ("\\Gamma" . ?Γ) - ("\\Delta" . ?Δ) - ("\\Lambda" . ?Λ) - ("\\Phi" . ?Φ) - ("\\Pi" . ?Π) - ("\\Psi" . ?Ψ) - ("\\Sigma" . ?Σ) - ("\\Theta" . ?Θ) - ("\\Upsilon" . ?Υ) - ("\\Xi" . ?Ξ) - ("\\Omega" . ?Ω) - ;; Other math symbols (taken from leim/quail/latin-ltx el) - ("\\Box" . ?□) - ("\\Bumpeq" . ?≎) - ("\\Cap" . ?⋒) - ("\\Cup" . ?⋓) - ("\\Diamond" . ?◇) - ("\\Downarrow" . ?⇓) - ("\\H{o}" . ?ő) - ("\\Im" . ?ℑ) - ("\\Join" . ?⋈) - ("\\Leftarrow" . ?⇐) - ("\\Leftrightarrow" . ?⇔) - ("\\Ll" . ?⋘) - ("\\Lleftarrow" . ?⇚) - ("\\Longleftarrow" . ?⇐) - ("\\Longleftrightarrow" . ?⇔) - ("\\Longrightarrow" . ?⇒) - ("\\Lsh" . ?↰) - ("\\Re" . ?ℜ) - ("\\Rightarrow" . ?⇒) - ("\\Rrightarrow" . ?⇛) - ("\\Rsh" . ?↱) - ("\\Subset" . ?⋐) - ("\\Supset" . ?⋑) - ("\\Uparrow" . ?⇑) - ("\\Updownarrow" . ?⇕) - ("\\Vdash" . ?⊩) - ("\\Vert" . ?‖) - ("\\Vvdash" . ?⊪) - ("\\aleph" . ?ℵ) - ("\\amalg" . ?∐) - ("\\angle" . ?∠) - ("\\approx" . ?≈) - ("\\approxeq" . ?≊) - ("\\ast" . ?∗) - ("\\asymp" . ?≍) - ("\\backcong" . ?≌) - ("\\backepsilon" . ?∍) - ("\\backprime" . ?‵) - ("\\backsim" . ?∽) - ("\\backsimeq" . ?⋍) - ("\\backslash" . ?\\) - ("\\barwedge" . ?⊼) - ("\\because" . ?∵) - ("\\beth" . ?ℶ) - ("\\between" . ?≬) - ("\\bigcap" . ?⋂) - ("\\bigcirc" . ?◯) - ("\\bigcup" . ?⋃) - ("\\bigstar" . ?★) - ("\\bigtriangledown" . ?▽) - ("\\bigtriangleup" . ?△) - ("\\bigvee" . ?⋁) - ("\\bigwedge" . ?⋀) - ("\\blacklozenge" . ?✦) - ("\\blacksquare" . ?▪) - ("\\blacktriangle" . ?▴) - ("\\blacktriangledown" . ?▾) - ("\\blacktriangleleft" . ?◂) - ("\\blacktriangleright" . ?▸) - ("\\bot" . ?⊥) - ("\\bowtie" . ?⋈) - ("\\boxminus" . ?⊟) - ("\\boxplus" . ?⊞) - ("\\boxtimes" . ?⊠) - ("\\bullet" . ?•) - ("\\bumpeq" . ?≏) - ("\\cap" . ?∩) - ("\\cdots" . ?⋯) - ("\\centerdot" . ?·) - ("\\checkmark" . ?✓) - ("\\chi" . ?χ) - ("\\cdot" . ?⋅) - ("\\cdots" . ?⋯) - ("\\circ" . ?∘) - ("\\circeq" . ?≗) - ("\\circlearrowleft" . ?↺) - ("\\circlearrowright" . ?↻) - ("\\circledR" . ?®) - ("\\circledS" . ?Ⓢ) - ("\\circledast" . ?⊛) - ("\\circledcirc" . ?⊚) - ("\\circleddash" . ?⊝) - ("\\clubsuit" . ?♣) - ("\\coloneq" . ?≔) - ("\\complement" . ?∁) - ("\\cong" . ?≅) - ("\\coprod" . ?∐) - ("\\cup" . ?∪) - ("\\curlyeqprec" . ?⋞) - ("\\curlyeqsucc" . ?⋟) - ("\\curlypreceq" . ?≼) - ("\\curlyvee" . ?⋎) - ("\\curlywedge" . ?⋏) - ("\\curvearrowleft" . ?↶) - ("\\curvearrowright" . ?↷) - ("\\dag" . ?†) - ("\\dagger" . ?†) - ("\\daleth" . ?ℸ) - ("\\dashv" . ?⊣) - ("\\ddag" . ?‡) - ("\\ddagger" . ?‡) - ("\\ddots" . ?⋱) - ("\\diamond" . ?⋄) - ("\\diamondsuit" . ?♢) - ("\\divideontimes" . ?⋇) - ("\\doteq" . ?≐) - ("\\doteqdot" . ?≑) - ("\\dotplus" . ?∔) - ("\\dotsquare" . ?⊡) - ("\\downarrow" . ?↓) - ("\\downdownarrows" . ?⇊) - ("\\downleftharpoon" . ?⇃) - ("\\downrightharpoon" . ?⇂) - ("\\ell" . ?ℓ) - ("\\emptyset" . ?∅) - ("\\eqcirc" . ?≖) - ("\\eqcolon" . ?≕) - ("\\eqslantgtr" . ?⋝) - ("\\eqslantless" . ?⋜) - ("\\equiv" . ?≡) - ("\\exists" . ?∃) - ("\\fallingdotseq" . ?≒) - ("\\flat" . ?♭) - ("\\forall" . ?∀) - ("\\frown" . ?⌢) - ("\\ge" . ?≥) - ("\\geq" . ?≥) - ("\\geqq" . ?≧) - ("\\geqslant" . ?≥) - ("\\gets" . ?←) - ("\\gg" . ?≫) - ("\\ggg" . ?⋙) - ("\\gimel" . ?ℷ) - ("\\gnapprox" . ?⋧) - ("\\gneq" . ?≩) - ("\\gneqq" . ?≩) - ("\\gnsim" . ?⋧) - ("\\gtrapprox" . ?≳) - ("\\gtrdot" . ?⋗) - ("\\gtreqless" . ?⋛) - ("\\gtreqqless" . ?⋛) - ("\\gtrless" . ?≷) - ("\\gtrsim" . ?≳) - ("\\gvertneqq" . ?≩) - ("\\hbar" . ?ℏ) - ("\\heartsuit" . ?♥) - ("\\hookleftarrow" . ?↩) - ("\\hookrightarrow" . ?↪) - ("\\iff" . ?⇔) - ("\\imath" . ?ı) - ("\\in" . ?∈) - ("\\infty" . ?∞) - ("\\int" . ?∫) - ("\\intercal" . ?⊺) - ("\\langle" . 10216) ; Literal ?⟨ breaks indentation - ("\\lbrace" . ?{) - ("\\lbrack" . ?\[) - ("\\lceil" . ?⌈) - ("\\ldots" . ?…) - ("\\le" . ?≤) - ("\\leadsto" . ?↝) - ("\\leftarrow" . ?←) - ("\\leftarrowtail" . ?↢) - ("\\leftharpoondown" . ?↽) - ("\\leftharpoonup" . ?↼) - ("\\leftleftarrows" . ?⇇) - ;; ("\\leftparengtr" ?〈), see bug#12948 - ("\\leftrightarrow" . ?↔) - ("\\leftrightarrows" . ?⇆) - ("\\leftrightharpoons" . ?⇋) - ("\\leftrightsquigarrow" . ?↭) - ("\\leftthreetimes" . ?⋋) - ("\\leq" . ?≤) - ("\\leqq" . ?≦) - ("\\leqslant" . ?≤) - ("\\lessapprox" . ?≲) - ("\\lessdot" . ?⋖) - ("\\lesseqgtr" . ?⋚) - ("\\lesseqqgtr" . ?⋚) - ("\\lessgtr" . ?≶) - ("\\lesssim" . ?≲) - ("\\lfloor" . ?⌊) - ("\\lhd" . ?◁) - ("\\rhd" . ?▷) - ("\\ll" . ?≪) - ("\\llcorner" . ?⌞) - ("\\lnapprox" . ?⋦) - ("\\lneq" . ?≨) - ("\\lneqq" . ?≨) - ("\\lnsim" . ?⋦) - ("\\longleftarrow" . ?←) - ("\\longleftrightarrow" . ?↔) - ("\\longmapsto" . ?↦) - ("\\longrightarrow" . ?→) - ("\\looparrowleft" . ?↫) - ("\\looparrowright" . ?↬) - ("\\lozenge" . ?✧) - ("\\lq" . ?‘) - ("\\lrcorner" . ?⌟) - ("\\ltimes" . ?⋉) - ("\\lvertneqq" . ?≨) - ("\\maltese" . ?✠) - ("\\mapsto" . ?↦) - ("\\measuredangle" . ?∡) - ("\\mho" . ?℧) - ("\\mid" . ?∣) - ("\\models" . ?⊧) - ("\\mp" . ?∓) - ("\\multimap" . ?⊸) - ("\\nLeftarrow" . ?⇍) - ("\\nLeftrightarrow" . ?⇎) - ("\\nRightarrow" . ?⇏) - ("\\nVDash" . ?⊯) - ("\\nVdash" . ?⊮) - ("\\nabla" . ?∇) - ("\\napprox" . ?≉) - ("\\natural" . ?♮) - ("\\ncong" . ?≇) - ("\\ne" . ?≠) - ("\\nearrow" . ?↗) - ("\\neg" . ?¬) - ("\\neq" . ?≠) - ("\\nequiv" . ?≢) - ("\\newline" . ?
) - ("\\nexists" . ?∄) - ("\\ngeq" . ?≱) - ("\\ngeqq" . ?≱) - ("\\ngeqslant" . ?≱) - ("\\ngtr" . ?≯) - ("\\ni" . ?∋) - ("\\nleftarrow" . ?↚) - ("\\nleftrightarrow" . ?↮) - ("\\nleq" . ?≰) - ("\\nleqq" . ?≰) - ("\\nleqslant" . ?≰) - ("\\nless" . ?≮) - ("\\nmid" . ?∤) - ;; ("\\not" ?̸) ;FIXME: conflict with "NOT SIGN" ¬ - ("\\notin" . ?∉) - ("\\nparallel" . ?∦) - ("\\nprec" . ?⊀) - ("\\npreceq" . ?⋠) - ("\\nrightarrow" . ?↛) - ("\\nshortmid" . ?∤) - ("\\nshortparallel" . ?∦) - ("\\nsim" . ?≁) - ("\\nsimeq" . ?≄) - ("\\nsubset" . ?⊄) - ("\\nsubseteq" . ?⊈) - ("\\nsubseteqq" . ?⊈) - ("\\nsucc" . ?⊁) - ("\\nsucceq" . ?⋡) - ("\\nsupset" . ?⊅) - ("\\nsupseteq" . ?⊉) - ("\\nsupseteqq" . ?⊉) - ("\\ntriangleleft" . ?⋪) - ("\\ntrianglelefteq" . ?⋬) - ("\\ntriangleright" . ?⋫) - ("\\ntrianglerighteq" . ?⋭) - ("\\nvDash" . ?⊭) - ("\\nvdash" . ?⊬) - ("\\nwarrow" . ?↖) - ("\\odot" . ?⊙) - ("\\oint" . ?∮) - ("\\ominus" . ?⊖) - ("\\oplus" . ?⊕) - ("\\oslash" . ?⊘) - ("\\otimes" . ?⊗) - ("\\parallel" . ?∥) - ("\\partial" . ?∂) - ("\\perp" . ?⊥) - ("\\pitchfork" . ?⋔) - ("\\prec" . ?≺) - ("\\precapprox" . ?≾) - ("\\preceq" . ?≼) - ("\\precnapprox" . ?⋨) - ("\\precnsim" . ?⋨) - ("\\precsim" . ?≾) - ("\\prime" . ?′) - ("\\prod" . ?∏) - ("\\propto" . ?∝) - ("\\qed" . ?∎) - ("\\qquad" . ?⧢) - ("\\quad" . ?␣) - ("\\rangle" . 10217) ; Literal ?⟩ breaks indentation - ("\\rbrace" . ?}) - ("\\rbrack" . ?\]) - ("\\rceil" . ?⌉) - ("\\rfloor" . ?⌋) - ("\\rightarrow" . ?→) - ("\\rightarrowtail" . ?↣) - ("\\rightharpoondown" . ?⇁) - ("\\rightharpoonup" . ?⇀) - ("\\rightleftarrows" . ?⇄) - ("\\rightleftharpoons" . ?⇌) - ;; ("\\rightparengtr" ?⦔) ;; Was ?〉, see bug#12948 - ("\\rightrightarrows" . ?⇉) - ("\\rightthreetimes" . ?⋌) - ("\\risingdotseq" . ?≓) - ("\\rtimes" . ?⋊) - ("\\times" . ?×) - ("\\sbs" . ?﹨) - ("\\searrow" . ?↘) - ("\\setminus" . ?∖) - ("\\sharp" . ?♯) - ("\\shortmid" . ?∣) - ("\\shortparallel" . ?∥) - ("\\sim" . ?∼) - ("\\simeq" . ?≃) - ("\\smallamalg" . ?∐) - ("\\smallsetminus" . ?∖) - ("\\smallsmile" . ?⌣) - ("\\smile" . ?⌣) - ("\\spadesuit" . ?♠) - ("\\sphericalangle" . ?∢) - ("\\sqcap" . ?⊓) - ("\\sqcup" . ?⊔) - ("\\sqsubset" . ?⊏) - ("\\sqsubseteq" . ?⊑) - ("\\sqsupset" . ?⊐) - ("\\sqsupseteq" . ?⊒) - ("\\square" . ?□) - ("\\squigarrowright" . ?⇝) - ("\\star" . ?⋆) - ("\\straightphi" . ?φ) - ("\\subset" . ?⊂) - ("\\subseteq" . ?⊆) - ("\\subseteqq" . ?⊆) - ("\\subsetneq" . ?⊊) - ("\\subsetneqq" . ?⊊) - ("\\succ" . ?≻) - ("\\succapprox" . ?≿) - ("\\succcurlyeq" . ?≽) - ("\\succeq" . ?≽) - ("\\succnapprox" . ?⋩) - ("\\succnsim" . ?⋩) - ("\\succsim" . ?≿) - ("\\sum" . ?∑) - ("\\supset" . ?⊃) - ("\\supseteq" . ?⊇) - ("\\supseteqq" . ?⊇) - ("\\supsetneq" . ?⊋) - ("\\supsetneqq" . ?⊋) - ("\\surd" . ?√) - ("\\swarrow" . ?↙) - ("\\therefore" . ?∴) - ("\\thickapprox" . ?≈) - ("\\thicksim" . ?∼) - ("\\to" . ?→) - ("\\top" . ?⊤) - ("\\triangle" . ?▵) - ("\\triangledown" . ?▿) - ("\\triangleleft" . ?◃) - ("\\trianglelefteq" . ?⊴) - ("\\triangleq" . ?≜) - ("\\triangleright" . ?▹) - ("\\trianglerighteq" . ?⊵) - ("\\twoheadleftarrow" . ?↞) - ("\\twoheadrightarrow" . ?↠) - ("\\ulcorner" . ?⌜) - ("\\uparrow" . ?↑) - ("\\updownarrow" . ?↕) - ("\\upleftharpoon" . ?↿) - ("\\uplus" . ?⊎) - ("\\uprightharpoon" . ?↾) - ("\\upuparrows" . ?⇈) - ("\\urcorner" . ?⌝) - ("\\u{i}" . ?ĭ) - ("\\vDash" . ?⊨) - ("\\varepsilon" . ?ε) - ("\\varphi" . ?φ) - ("\\varprime" . ?′) - ("\\varpropto" . ?∝) - ("\\varrho" . ?ϱ) - ("\\varsigma" . ?ς) - ("\\vartriangleleft" . ?⊲) - ("\\vartriangleright" . ?⊳) - ("\\vdash" . ?⊢) - ("\\vdots" . ?⋮) - ("\\vee" . ?∨) - ("\\veebar" . ?⊻) - ("\\vert" . ?|) - ("\\wedge" . ?∧) - ("\\wp" . ?℘) - ("\\wr" . ?≀) - ("\\Bbb{N}" . ?ℕ) ; AMS commands for blackboard bold - ("\\Bbb{P}" . ?ℙ) ; Also sometimes \mathbb - ("\\Bbb{Q}" . ?ℚ) - ("\\Bbb{R}" . ?ℝ) - ("\\Bbb{T}" . ?𝕋) - ("\\Bbb{Z}" . ?ℤ) - ("\\mathbb{N}" . ?ℕ) ; AMS commands for blackboard bold - ("\\mathbb{P}" . ?ℙ) ; Also sometimes \mathbb - ("\\mathbb{Q}" . ?ℚ) - ("\\mathbb{R}" . ?ℝ) - ("\\mathbb{T}" . ?𝕋) - ("\\mathbb{Z}" . ?ℤ) - ("\\pm" . ?±) - ("\\|" . ?‖) - ("\\varkappa" . ?ϰ) - ;; caligraphic - ("\\mathcal{A}" . ?𝒜) - ("\\mathcal{B}" . ?ℬ) - ("\\mathcal{C}" . ?𝒞) - ("\\mathcal{D}" . ?𝒟) - ("\\mathcal{E}" . ?ℰ) - ("\\mathcal{F}" . ?ℱ) - ("\\mathcal{G}" . ?𝒢) - ("\\mathcal{H}" . ?ℋ) - ("\\mathcal{I}" . ?ℐ) - ("\\mathcal{J}" . ?𝒥) - ("\\mathcal{K}" . ?𝒦) - ("\\mathcal{L}" . ?ℒ) - ("\\mathcal{M}" . ?ℳ) - ("\\mathcal{N}" . ?𝒩) - ("\\mathcal{O}" . ?𝒪) - ("\\mathcal{P}" . ?𝒫) - ("\\mathcal{Q}" . ?𝒬) - ("\\mathcal{R}" . ?ℛ) - ("\\mathcal{S}" . ?𝒮) - ("\\mathcal{T}" . ?𝒯) - ("\\mathcal{U}" . ?𝒰) - ("\\mathcal{V}" . ?𝒱) - ("\\mathcal{W}" . ?𝒲) - ("\\mathcal{X}" . ?𝒳) - ("\\mathcal{Y}" . ?𝒴) - ("\\mathcal{Z}" . ?𝒵) - ("\\mathfrak{A}" . ?𝔄) - ("\\mathfrak{B}" . ?𝔅) - ("\\mathfrak{C}" . ?ℭ) - ("\\mathfrak{D}" . ?𝔇) - ("\\mathfrak{E}" . ?𝔈) - ("\\mathfrak{F}" . ?𝔉) - ("\\mathfrak{G}" . ?𝔊) - ("\\mathfrak{H}" . ?ℌ) - ("\\mathfrak{I}" . ?ℑ) - ("\\mathfrak{J}" . ?𝔍) - ("\\mathfrak{K}" . ?𝔎) - ("\\mathfrak{L}" . ?𝔏) - ("\\mathfrak{M}" . ?𝔐) - ("\\mathfrak{N}" . ?𝔑) - ("\\mathfrak{O}" . ?𝔒) - ("\\mathfrak{P}" . ?𝔓) - ("\\mathfrak{Q}" . ?𝔔) - ("\\mathfrak{R}" . ?ℜ) - ("\\mathfrak{S}" . ?𝔖) - ("\\mathfrak{T}" . ?𝔗) - ("\\mathfrak{U}" . ?𝔘) - ("\\mathfrak{V}" . ?𝔙) - ("\\mathfrak{W}" . ?𝔚) - ("\\mathfrak{X}" . ?𝔛) - ("\\mathfrak{Y}" . ?𝔜) - ("\\mathfrak{Z}" . ?ℨ) - ("\\mathfrak{a}" . ?𝔞) - ("\\mathfrak{b}" . ?𝔟) - ("\\mathfrak{c}" . ?𝔠) - ("\\mathfrak{d}" . ?𝔡) - ("\\mathfrak{e}" . ?𝔢) - ("\\mathfrak{f}" . ?𝔣) - ("\\mathfrak{g}" . ?𝔤) - ("\\mathfrak{h}" . ?𝔥) - ("\\mathfrak{i}" . ?𝔦) - ("\\mathfrak{j}" . ?𝔧) - ("\\mathfrak{k}" . ?𝔨) - ("\\mathfrak{l}" . ?𝔩) - ("\\mathfrak{m}" . ?𝔪) - ("\\mathfrak{n}" . ?𝔫) - ("\\mathfrak{o}" . ?𝔬) - ("\\mathfrak{p}" . ?𝔭) - ("\\mathfrak{q}" . ?𝔮) - ("\\mathfrak{r}" . ?𝔯) - ("\\mathfrak{s}" . ?𝔰) - ("\\mathfrak{t}" . ?𝔱) - ("\\mathfrak{u}" . ?𝔲) - ("\\mathfrak{v}" . ?𝔳) - ("\\mathfrak{w}" . ?𝔴) - ("\\mathfrak{x}" . ?𝔵) - ("\\mathfrak{y}" . ?𝔶) - ("\\mathfrak{z}" . ?𝔷) - ("--" . ?–) - ("---" . ?—) - ("\\ordfeminine" . ?ª) - ("\\ordmasculine" . ?º) - ("\\lambdabar" . ?ƛ) - ("\\celsius" . ?℃) - ;; Text symbols formerly part of textcomp package: - ("\\textdollar" . ?$) - ("\\textborn" . ?*) - ("\\textless" . ?<) - ("\\textgreater" . ?>) - ("\\textbackslash" . ?\\) - ("\\textasciicircum" . ?^) - ("\\textunderscore" . ?_) - ("\\textbraceleft" . ?\{) - ("\\textbar" . ?|) - ("\\textbraceright" . ?\}) - ("\\textasciitilde" . ?~) - ("\\textexclamdown" . ?¡) - ("\\textcent" . ?¢) - ("\\textsterling" . ?£) - ("\\textcurrency" . ?¤) - ("\\textyen" . ?¥) - ("\\textbrokenbar" . ?¦) - ("\\textsection" . ?§) - ("\\textasciidieresis" . ?¨) - ("\\textcopyright" . ?©) - ("\\textordfeminine" . ?ª) - ("\\guillemetleft" . ?«) - ("\\guillemotleft" . ?«) - ("\\textlnot" . ?¬) - ("\\textregistered" . ?®) - ("\\textasciimacron" . ?¯) - ("\\textdegree" . ?°) - ("\\textpm" . ?±) - ("\\texttwosuperior" . ?²) - ("\\textthreesuperior" . ?³) - ("\\textasciiacute" . ?´) - ("\\textmu" . ?µ) - ("\\textparagraph" . ?¶) - ("\\textpilcrow" . ?¶) - ("\\textperiodcentered" . ?·) - ("\\textonesuperior" . ?¹) - ("\\textordmasculine" . ?º) - ("\\guillemetright" . ?») - ("\\guillemotright" . ?») - ("\\textonequarter" . ?¼) - ("\\textonehalf" . ?½) - ("\\textthreequarters" . ?¾) - ("\\textquestiondown" . ?¿) - ("\\texttimes" . ?×) - ("\\textdiv" . ?÷) - ("\\textflorin" . ?ƒ) - ("\\textasciicaron" . ?ˇ) - ("\\textasciibreve" . ?˘) - ("\\textacutedbl" . ?˝) - ("\\textgravedbl" . 757) - ("\\texttildelow" . 759) - ("\\textbaht" . ?฿) - ("\\textendash" . ?–) - ("\\textemdash" . ?—) - ("\\textbardbl" . ?‖) - ("\\textquoteleft" . 8216) - ("\\textquoteright" . 8217) - ("\\quotesinglbase" . 8218) - ("\\textquotedblleft" . 8220) - ("\\textquotedblright" . 8221) - ("\\quotedblbase" . 8222) - ;; \textdagger and \textdied are replaced with DAGGER (#x2020) and - ;; not with LATIN CROSS (#x271d) - ("\\textdagger" . ?†) - ("\\textdied" . ?†) - ("\\textdaggerdbl" . ?‡) - ("\\textbullet" . ?•) - ("\\textellipsis" . ?…) - ("\\textperthousand" . ?‰) - ("\\textpertenthousand" . ?‱) - ("\\guilsinglleft" . ?‹) - ("\\guilsinglright" . ?›) - ("\\textreferencemark" . ?※) - ("\\textinterrobang" . ?‽) - ("\\textfractionsolidus" . ?⁄) - ("\\textlquill" . 8261) ; Literal ?⁅ breaks indentation - ("\\textrquill" . 8262) ; Literal ?⁆ breaks indentation - ("\\textdiscount" . ?⁒) - ("\\textcolonmonetary" . ?₡) - ("\\textlira" . ?₤) - ("\\textnaira" . ?₦) - ("\\textwon" . ?₩) - ("\\textdong" . ?₫) - ("\\texteuro" . ?€) - ("\\textpeso" . ?₱) - ("\\textguarani" . ?₲) - ("\\textcelsius" . ?℃) - ("\\textnumero" . ?№) - ("\\textcircledP" . ?℗) - ("\\textrecipe" . ?℞) - ("\\textservicemark" . ?℠) - ("\\texttrademark" . ?™) - ("\\textohm" . ?Ω) - ("\\textmho" . ?℧) - ("\\textestimated" . ?℮) - ("\\textleftarrow" . ?←) - ("\\textuparrow" . ?↑) - ("\\textrightarrow" . ?→) - ("\\textdownarrow" . ?↓) - ("\\textminus" . ?−) - ("\\textsurd" . ?√) - ("\\textlangle" . 9001) ; Literal ?〈 breaks indentation - ("\\textrangle" . 9002) ; Literal ?〉 breaks indentation - ("\\textblank" . ?␢) - ("\\textvisiblespace" . ?␣) - ("\\textopenbullet" . ?◦) - ;; \textbigcircle is replaced with LARGE CIRCLE (#x25ef) and not - ;; with COMBINING ENCLOSING CIRCLE (#x20dd) - ("\\textbigcircle" . ?◯) - ("\\textmusicalnote" . ?♪) - ("\\textmarried" . ?⚭) - ("\\textdivorced" . ?⚮) - ("\\textlbrackdbl" . 10214) ; Literal ?⟦ breaks indentation - ("\\textrbrackdbl" . 10215) ; Literal ?⟧ breaks indentation - ("\\textinterrobangdown" . ?⸘) - ) - ) diff --git a/Resources/texmf-local/LICENSE b/Resources/texmf-local/LICENSE deleted file mode 100644 index 261eeb9e9..000000000 --- a/Resources/texmf-local/LICENSE +++ /dev/null @@ -1,201 +0,0 @@ - Apache License - Version 2.0, January 2004 - http://www.apache.org/licenses/ - - TERMS AND CONDITIONS FOR USE, REPRODUCTION, AND DISTRIBUTION - - 1. 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We also recommend that a - file or class name and description of purpose be included on the - same "printed page" as the copyright notice for easier - identification within third-party archives. - - Copyright [yyyy] [name of copyright owner] - - Licensed under the Apache License, Version 2.0 (the "License"); - you may not use this file except in compliance with the License. - You may obtain a copy of the License at - - http://www.apache.org/licenses/LICENSE-2.0 - - Unless required by applicable law or agreed to in writing, software - distributed under the License is distributed on an "AS IS" BASIS, - WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied. - See the License for the specific language governing permissions and - limitations under the License. diff --git a/Resources/texmf-local/README.md b/Resources/texmf-local/README.md deleted file mode 100644 index 85296f1d0..000000000 --- a/Resources/texmf-local/README.md +++ /dev/null @@ -1,4 +0,0 @@ -# texmf-local contains customizations of LaTeX - -CDC private version of texmf-local, used across all systems - diff --git a/Resources/texmf-local/bibtex/bib/econark.bib b/Resources/texmf-local/bibtex/bib/econark.bib deleted file mode 100644 index e69de29bb..000000000 diff --git a/Resources/texmf-local/bibtex/bib/economics.bib b/Resources/texmf-local/bibtex/bib/economics.bib deleted file mode 100644 index 08848040c..000000000 --- a/Resources/texmf-local/bibtex/bib/economics.bib +++ /dev/null @@ -1,23307 +0,0 @@ -% -*- mode: BibTeX; TeX-PDF-mode: t; -*- # Tell emacs the file type (for syntax coloring) - -,-------------------. -| BIBTEX ENTRIES | -`-------------------' -@article{andrews2017measuring, - title={Measuring the sensitivity of parameter estimates to estimation moments}, - author={Andrews, Isaiah and Gentzkow, Matthew and Shapiro, Jesse M}, - journal={The Quarterly Journal of Economics}, - volume={132}, - number={4}, - pages={1553--1592}, - year={2017}, - publisher={Oxford University Press} -} - -@article{HAFiscalRR, - title={Welfare and Spending Effects of Consumption Stimulus Policies}, - author={Carroll, Christopher D and Crawley, Edmund and Frankovic, Ivan and Tretvoll, H{\aa}kon}, - year={2023}, - journal={Under Revision, Quantitative Economics} -} - -@inproceedings{BenthallCDLLMS22, - title = {Simulating Heterogeneous Portfolio Choices and Financial Market Outcomes}, - author = {Sebastian Benthall and Christopher D. Carroll and Zachary David and John Liechty and Alan Lujan and Christopher McComb and Nicholas Skar-Gislinge}, - year = {2022}, - url = {https://ceur-ws.org/Vol-3420/paper4.pdf}, - researchr = {https://researchr.org/publication/BenthallCDLLMS22}, - booktitle = {Proceedings of the 2nd Workshop on Agent-based Modeling and Policy-Making (AMPM 2022) co-located with 35th International Conference on Legal Knowledge and Information Systems (JURIX 2022), Saarbrücken, Germany, December 14, 2022}, - editor = {Giovanni Sileno and Nicola Lettieri and Christoph Becker 0004}, - volume = {3420}, - series = {CEUR Workshop Proceedings}, - publisher = {CEUR-WS.org}, -} - -@article{White23, -author = {Matthew N. White}, -journal = {Journal of Health Economics}, -title = {Self-Reported Health Status and Latent Health Dynamics}, -year = {2023}, -volume = {88}, -} - -@article{cglwDefInt, -author = {Christopher Carroll and Daniel Grodzicki David Low and Matthew N. White}, -journal = {working paper}, -title = {Even Self-Aware Consumers Are Overconfident}, -year = {2023} -} - -@article{DynInsSel, -author = {Ahmed Khwaja and Matthew N. White}, -journal = {working paper, University of Cambridge}, -title = {Health Insurance Reform and the (Re-)Distribution of Welfare: A Dynamic Lifecycle Analysis of Heterogeneity in Willingness to Pay for the Affordable Care Act}, -year = {2023} -} - -@article{HousingLCXC, -author = {Julia LeBlanc and Jiri Slacalek and Matthew N. White}, -journal = {working paper}, -title = {Housing Wealth Across Countries: The Role of Expectations, Preferences and Institutions}, -year = {2023} -} - -@article{giglio2021five, - title={Five facts about beliefs and portfolios}, - author={Giglio, Stefano and Maggiori, Matteo and Stroebel, Johannes and Utkus, Stephen}, - journal={American Economic Review}, - volume={111}, - number={5}, - pages={1481--1522}, - year={2021}, - publisher={American Economic Association 2014 Broadway, Suite 305, Nashville, TN 37203} -} - -@article{carroll1983occupational, - title={Occupational licensing and the quality of service: An overview.}, - author={Carroll, Sidney L and Gaston, Robert J}, - journal={Law and Human Behavior}, - volume={7}, - number={2-3}, - pages={139}, - year={1983}, - publisher={Plenum Publishing Corp.} -} - -@article{parker2017don, - title={Why don't households smooth consumption? Evidence from a {\$25} million experiment}, - author={Parker, Jonathan A}, - journal={American Economic Journal: Macroeconomics}, - volume={9}, - number={4}, - pages={153--183}, - year={2017}, - publisher={American Economic Association 2014 Broadway, Suite 305, Nashville, TN 37203-2425} -} - -@article{coenen2012effects, - title={Effects of fiscal stimulus in structural models}, - author={Coenen, G{\"u}nter and Erceg, Christopher J and Freedman, Charles and Furceri, Davide and Kumhof, Michael and Lalonde, Ren{\'e} and Laxton, Douglas and Lind{\'e}, Jesper and Mourougane, Annabelle and Muir, Dirk and others}, - journal={American Economic Journal: Macroeconomics}, - volume={4}, - number={1}, - pages={22--68}, - year={2012}, - publisher={American Economic Association} -} - -@article{bayercoronavirus, - title={The Coronavirus Stimulus Package: How Large is the Transfer Multiplier?}, - author={Bayer, Christian and Born, Benjamin and Luetticke, Ralph and M{\"u}ller, Gernot J}, - journal={The Economic Journal}, - year={2023}, - doi={https://doi.org/10.1093/ej/uead003} -} - -@article{mckay2016role, - title={The role of automatic stabilizers in the US business cycle}, - author={McKay, Alisdair and Reis, Ricardo}, - journal={Econometrica}, - volume={84}, - number={1}, - pages={141--194}, - year={2016}, - publisher={Wiley Online Library} -} - -@article{mckay2021optimal, - title={Optimal automatic stabilizers}, - author={McKay, Alisdair and Reis, Ricardo}, - journal={The Review of Economic Studies}, - volume={88}, - number={5}, - pages={2375--2406}, - year={2021}, - publisher={Oxford University Press} -} - -@techreport{hagedorn2019unemployment, - title={Unemployment Benefits and Unemployment in the Great Recession: The Role of Macro Effects}, - author={Hagedorn, Marcus and Karahan, Fatih and Manovskii, Iourii and Mitman, Kurt}, - year={2019}, - note={Working paper} -} - -@techreport{hagedorn2017impact, - title={The Impact of Unemployment Benefit Extensions on Employment: The 2014 Employment Miracle?}, - author={Hagedorn, Marcus and Manovskii, Iourii and Mitman, Kurt}, - year={2017}, - note={Working paper} -} - -@techreport{chodorow2016limited, - title={The limited macroeconomic effects of unemployment benefit extensions}, - author={Chodorow-Reich, Gabriel and Karabarbounis, Loukas}, - year={2016}, - institution={National Bureau of Economic Research} -} - -@article{kekre2022unemp, - author = {Kekre, Rohan}, - title = {Unemployment Insurance in Macroeconomic Stabilization}, - journal = {The Review of Economic Studies}, - year = {2022}, - month = {12}, - doi = {10.1093/restud/rdac080}, - url = {https://doi.org/10.1093/restud/rdac080}, - eprint = {https://academic.oup.com/restud/advance-article-pdf/doi/10.1093/restud/rdac080/49998599/rdac080.pdf}, -} - -@article{crawley2023MicroMacro, - Author = {Crawley, Edmund and Kuchler, Andreas}, - Title = {Consumption Heterogeneity: Micro Drivers and Macro Implications}, - Journal = {American Economic Journal: Macroeconomics}, - Volume = {15}, - Number = {1}, - Year = {2023}, - Month = {January}, - Pages = {314-41}, - DOI = {10.1257/mac.20200352}, - URL = {https://www.aeaweb.org/articles?id=10.1257/mac.20200352} -} - -@incollection{bclmBehavioral, - title={Behavioral household finance}, - author={Beshears, John and Choi, James J and Laibson, David and Madrian, Brigitte C}, - booktitle={Handbook of Behavioral Economics: Applications and Foundations 1}, - volume={1}, - pages={177--276}, - year={2018}, - publisher={Elsevier} -} - -@article{simon1990bounded, - title={Bounded rationality}, - author={Simon, Herbert A}, - journal={Utility and probability}, - pages={15--18}, - year={1990}, - publisher={Springer} -} - -@techreport{stango2020we, - title={We are all behavioral, more or less: A taxonomy of consumer decision making}, - author={Stango, Victor and Zinman, Jonathan}, - year={2020}, - institution={National Bureau of Economic Research} -} - -@article{LujanEGM, - title = {{EGM$^n$}: The Sequential Endogenous Grid Method}, - author = {Lujan, Alan}, - abstract = {Heterogeneous agent models with multiple decisions are often - solved using inefficient grid search methods that require many - evaluations and are slow. This paper provides a novel method for - solving such models using an extension of the Endogenous Grid - Method (EGM) that uses Gaussian Process Regression (GPR) to - interpolate functions on unstructured grids. First, I propose an - intuitive and strategic procedure for decomposing a problem into - subproblems which allows the use of efficient solution methods. - Second, using an exogenous grid of post-decision states and - solving for an endogenous grid of pre-decision states that obey a - first-order condition greatly speeds up the solution process. - Third, since the resulting endogenous grid can often be - non-rectangular at best and unstructured at worst, GPR provides - an efficient and accurate method for interpolating the value, - marginal value, and decision functions. Applied sequentially to - each decision within the problem, the method is able to solve - heterogeneous agent models with multiple decisions in a fraction - of the time and with less computational resources than are - required by standard methods currently used. Software to - reproduce these methods is available under the - \textbackslashhref\{https://econ-ark.org/\}\{\textbackslashtexttt\{Econ-ARK/HARK\}\} - project for the \textbackslashtexttt\{python\} programming - language.}, - year = 2023 -} -@book{morduchDiaries, - ISBN = {9780691172989}, - URL = {http://www.jstor.org/stable/j.ctvc77n3j}, - abstract = { What the financial diaries of working-class families reveal about economic stresses, why they happen, and what policies might reduce them Deep within the American Dream lies the belief that hard work and steady saving will ensure a comfortable retirement and a better life for one's children. But in a nation experiencing unprecedented prosperity, even for many families who seem to be doing everything right, this ideal is still out of reach. In The Financial Diaries, Jonathan Morduch and Rachel Schneider draw on the groundbreaking U.S. Financial Diaries, which follow the lives of 235 low- and middle-income families as they navigate through a year. Through the Diaries, Morduch and Schneider challenge popular assumptions about how Americans earn, spend, borrow, and save-and they identify the true causes of distress and inequality for many working Americans. We meet real people, ranging from a casino dealer to a street vendor to a tax preparer, who open up their lives and illustrate a world of financial uncertainty in which even limited financial success requires imaginative-and often costly-coping strategies. Morduch and Schneider detail what families are doing to help themselves and describe new policies and technologies that will improve stability for those who need it most. Combining hard facts with personal stories, The Financial Diaries presents an unparalleled inside look at the economic stresses of today's families and offers powerful, fresh ideas for solving them. }, - author = {Jonathan Morduch and Rachel Schneider}, - publisher = {Princeton University Press}, - title = {The Financial Diaries: How American Families Cope in a World of Uncertainty}, - urldate = {2023-03-25}, - year = {2017} -} -@article{mmwInattentionReview, -Author = {Mackowiak, Bartosz and Matjka, Filip and Wiederholt, Mirko}, -Title = {Rational Inattention: A Review}, -Journal = {Journal of Economic Literature}, -Volume = {61}, -Number = {1}, -Year = {2023}, -Month = {March}, -Pages = {226-73}, -DOI = {10.1257/jel.20211524}, -URL = {https://www.aeaweb.org/articles?id=10.1257/jel.20211524}} - -@article{carrollMacroExp, - title={Macroeconomic expectations of households and professional forecasters}, - author={Carroll, Christopher D}, - journal={the Quarterly Journal of economics}, - volume={118}, - number={1}, - pages={269--298}, - year={2003}, - publisher={MIT Press} -} - -@article{arsJumpsHumps, - abstract = {We estimate a Heterogeneous-Agent New Keynesian model with sticky household expectations that matches existing microeconomic evidence on marginal propensities to consume and macroeconomic evidence on the impulse response to a monetary policy shock. Our estimated model uncovers a central role for investment in the transmission mechanism of monetary policy, as high MPCs amplify the investment response in the data. This force also generates a procyclical response of consumption to investment shocks, leading our model to infer a central role for these shocks as a source of business cycles.}, - author = {Adrien Auclert and Matthew Rognlie and Ludwig Straub}, - note = {Revise and resubmit at American Economic Review}, - title = {Micro Jumps, Macro Humps: Monetary Policy and Business Cycles in an Estimated HANK Model}, - url = {https://scholar.harvard.edu/straub/publications/jumps-humps}, - journal = {Revise and Resubmit, American Economic Review}, - year = 2020} - - -@article{parker2017don, - title={Why don’t households smooth consumption? Evidence from a {\$25} million experiment}, - author={Parker, Jonathan A}, - journal={American Economic Journal: Macroeconomics}, - volume={9}, - number={4}, - pages={153--183}, - year={2017}, - publisher={American Economic Association 2014 Broadway, Suite 305, Nashville, TN 37203-2425} -} - -@article{coenen2012effects, - title={Effects of fiscal stimulus in structural models}, - author={Coenen, G{\"u}nter and Erceg, Christopher J and Freedman, Charles and Furceri, Davide and Kumhof, Michael and Lalonde, Ren{\'e} and Laxton, Douglas and Lind{\'e}, Jesper and Mourougane, Annabelle and Muir, Dirk and others}, - journal={American Economic Journal: Macroeconomics}, - volume={4}, - number={1}, - pages={22--68}, - year={2012}, - publisher={American Economic Association} -} - -@article{bayercoronavirus, - title={The Coronavirus Stimulus Package: How Large is the Transfer Multiplier?}, - author={Bayer, Christian and Born, Benjamin and Luetticke, Ralph and M{\"u}ller, Gernot J}, - journal={The Economic Journal}, - year={2023}, - doi={https://doi.org/10.1093/ej/uead003} -} - -@article{mckay2016role, - title={The role of automatic stabilizers in the US business cycle}, - author={McKay, Alisdair and Reis, Ricardo}, - journal={Econometrica}, - volume={84}, - number={1}, - pages={141--194}, - year={2016}, - publisher={Wiley Online Library} -} - -@article{mckay2021optimal, - title={Optimal automatic stabilizers}, - author={McKay, Alisdair and Reis, Ricardo}, - journal={The Review of Economic Studies}, - volume={88}, - number={5}, - pages={2375--2406}, - year={2021}, - publisher={Oxford University Press} -} - -@techreport{hagedorn2019unemployment, - title={Unemployment Benefits and Unemployment in the Great Recession: The Role of Macro Effects}, - author={Hagedorn, Marcus and Karahan, Fatih and Manovskii, Iourii and Mitman, Kurt}, - year={2019}, - note={Working paper} -} - -@techreport{hagedorn2017impact, - title={The Impact of Unemployment Benefit Extensions on Employment: The 2014 Employment Miracle?}, - author={Hagedorn, Marcus and Manovskii, Iourii and Mitman, Kurt}, - year={2017}, - note={Working paper} -} - -@techreport{chodorow2016limited, - title={The limited macroeconomic effects of unemployment benefit extensions}, - author={Chodorow-Reich, Gabriel and Karabarbounis, Loukas}, - year={2016}, - institution={National Bureau of Economic Research} -} - -@article{kekreunemployment, - title={Unemployment Insurance in Macroeconomic Stabilization}, - author={Kekre, Rohan}, - journal={The Review of Economic Studies} -} - - -@article{allcott2021high, - title={Are high-interest loans predatory? {T}heory and evidence from payday lending}, - author={Allcott, Hunt and Kim, Joshua J and Taubinsky, Dmitry and Zinman, Jonathan}, - year={2021}, - journal={NBER Working paper, no. 28799}, - month={May}, -} - -@article{cagetti2003wealth, - title={Wealth accumulation over the life cycle and precautionary savings}, - author={Cagetti, Marco}, - journal={Journal of Business \& Economic Statistics}, - volume={21}, - number={3}, - pages={339--353}, - year={2003}, - publisher={Taylor \& Francis} -} - -@article{carroll2020sticky, - title={Sticky Expectations and Consumption Dynamics}, - author={Carroll, Christopher D and Crawley, Edmund and Slacalek, Jiri and Tokuoka, Kiichi and White, Matthew N}, - journal={American Economic Journal: Macroeconomics}, - year={2020}, - volume={12}, - number={3}, - pages={40--76}, - doi={10.1257/mac.20180286} -} - -@article{carroll2020modeling, - title={Modeling the consumption response to the {CARES} act}, - author={Carroll, Christopher D and Crawley, Edmund and Slacalek, Jiri and White, Matthew N}, - journal={Covid Economics}, - volume={10}, - pages={62--86}, - year={2020}, - publisher={CEPR Press} -} - -@article{carroll2022theoretical, - title={Theoretical Foundations of Buffer Stock Saving}, - author={Carroll, Christopher D}, - year={2022}, - note={Working paper}, - url={https://econ-ark.github.io/BufferStockTheory/} -} - -@article{crawley2022parsimonious, - title={A Parsimonious Model of Idiosyncratic Income}, - author={Crawley, Edmund and Holm, Martin B. and Tretvoll, H{\aa}kon}, - year={2022}, - journal={Working paper}, - month={March} -} - -@article{halvorsen2022earnings, - author = {Halvorsen, Elin and Ozkan, Serdar and Salgado, Sergio}, - title = {Earnings Dynamics and Its Intergenerational Transmission: Evidence from Norway}, - type= {Working paper}, - year={2022}, - month={February}, - url={https://www.dropbox.com/s/mbcif8n9z26yw5d/HOS_QE.pdf?dl=0} -} - -@article{kaplan2014model, - title={A model of the consumption response to fiscal stimulus payments}, - author={Kaplan, Greg and Violante, Giovanni L}, - journal={Econometrica}, - volume={82}, - number={4}, - pages={1199--1239}, - year={2014}, - publisher={Wiley Online Library} -} - -@article{kravik_navigating_2019, - title = {Navigating with {NEMO}}, - volume = {5}, - url = {https://www.norges-bank.no/en/news-events/news-publications/Papers/Staff-Memo/2019/52019/}, - language = {en}, - urldate = {2019-05-24}, - journal = {Norges Bank Staff Memo}, - author = {Kravik, Erling Motzfeldt and Mimir, Yassin}, - year = {2019}, -} - -@incollection{kmpHandbook2016, - title={Macroeconomics and household heterogeneity}, - author={Krueger, Dirk and Mitman, Kurt and Perri, Fabrizio}, - booktitle={Handbook of {M}acroeconomics}, - volume={2}, - pages={843--921}, - year={2016}, - publisher={Elsevier} -} - -@article{fagereng_mpc_2021, - title = {{MPC} {Heterogeneity} and {Household} {Balance} {Sheets}}, - volume = {13}, - issn = {1945-7707}, - url = {https://www.aeaweb.org/articles?id=10.1257/mac.20190211}, - doi = {10.1257/mac.20190211}, - abstract = {We use sizable lottery prizes in Norwegian administrative panel data to explore how transitory income shocks are spent and saved over time and how households' marginal propensities to -consume (MPCs) vary with household characteristics and shock size. We find that spending peaks in the year of winning and gradually reverts to normal within five years. Controlling for all items on -households' balance sheets and characteristics such as education and income, it is the amount won, age, and liquid assets that vary systematically with MPCs. Low-liquidity winners of the smallest -prizes (around US\$1,500) are estimated to spend all within the year of winning. The corresponding estimate for high-liquidity winners of large prizes (US\$8,300–150,000) is slightly below one-half. -While conventional models will struggle to account for such high MPC levels, we show that a two-asset life cycle model with a realistic earnings profile and a luxury bequest motive can account for -both the time profile of consumption responses and their systematic covariation with observables.}, - language = {en}, - number = {4}, - urldate = {2022-02-11}, - journal = {American Economic Journal: Macroeconomics}, - author = {Fagereng, Andreas and Holm, Martin B. and Natvik, Gisle J.}, - month = oct, - year = {2021}, - keywords = {Consumer Economics: Empirical Analysis, Intertemporal Household Choice, includes inheritance and gift taxes, Life Cycle Models and Saving, Macroeconomics: Consumption, Saving, Wealth, Household Finance: Household Saving, Borrowing, Debt, and Wealth, Personal Income and Other Nonbusiness Taxes and Subsidies}, - pages = {1--54}, - file = {Snapshot:C\:\\Users\\ifr\\Zotero\\storage\\JSR3NCW9\\articles.html:text/html}, -} - -@article{aursland_state-dependent_2020, - title = {State-dependent fiscal multipliers in {NORA} - {A} {DSGE} model for fiscal policy analysis in {Norway}}, - volume = {93}, - issn = {0264-9993}, - url = {https://www.sciencedirect.com/science/article/pii/S0264999320304156}, - doi = {10.1016/j.econmod.2020.07.017}, - abstract = {We develop a novel medium-scale DSGE model, called NORA, for fiscal policy analysis in Norway. NORA contains a sheltered and exposed sector allowing us to model wage bargaining between a labor union and the exposed sector, reflecting Scandinavian wage formation institutions. Wages are subject to a downward nominal wage rigidity (DNWR). Inspired by many countries' fiscal policy responses to the Great Recession and the coronavirus pandemic, we investigate the model's ability to generate state-dependent fiscal multipliers. We find, that both the zero lower bound on nominal interest rates and DNWR individually can account for higher fiscal multipliers during recessions. In joint presence, however, the existence of DNWR reduces the multiplier at the ZLB. Moreover, the DNWR significantly relaxes the paradox of toil at the ZLB. We show that the state-dependency is robust to alternative assumptions about the origin of the recession, the nature of the fiscal stimulus and its financing source.}, - language = {en}, - urldate = {2022-02-11}, - journal = {Economic Modelling}, - author = {Aursland, Thor Andreas and Frankovic, Ivan and Kanik, Birol and Saxegaard, Magnus}, - year = {2020}, - keywords = {Downward nominal wage rigidity, Fiscal multiplier, Fiscal policy, State-dependency, Zero lower bound}, - pages = {321--353}, - file = {ScienceDirect Snapshot:C\:\\Users\\ifr\\Zotero\\storage\\4CPRIB6S\\S0264999320304156.html:text/html}, -} - -@article{oecd_net_2020, - title = {Net replacement rate in unemployment}, - journal = {OECD statistics "Social Protection and Well-being"}, - author = {OECD}, - year = {2020}, - note = {Url: https://stats.oecd.org/Index.aspx?DataSetCode=NRR}, -} - -@article{gjeldsregistret_nokkeltall_2022, - title = {Nokkeltall fra {Gjeldsregisteret}}, - journal = {Gjeldsregistret nettside}, - author = {Gjeldsregistret}, - year = {2022}, - note = {Url: https://www.gjeldsregisteret.com/pages/nokkeltall}, -} - -@article{davis_recessions_2011, - ISSN = {00072303, 15334465}, - URL = {http://www.jstor.org/stable/41473597}, - author = {Steven J. Davis and Till Von Wachter}, - journal = {Brookings Papers on Economic Activity}, - pages = {1--72}, - publisher = {Brookings Institution Press}, - title = {Recessions and the Costs of Job Loss}, - urldate = {2022-04-08}, - year = {2011} -} - -@article{skiba2008payday, - title={Payday loans, uncertainty and discounting: {E}xplaining patterns of borrowing, repayment, and default}, - author={Skiba, Paige Marta and Tobacman, Jeremy}, - journal={Vanderbilt Law and Economics Research Paper}, - volume={08}, - number={33}, - year={2008} -} - -@article{rothstein2017scraping, - title={Scraping by: Income and program participation after the loss of extended unemployment benefits}, - author={Rothstein, Jesse and Valletta, Robert G}, - journal={Journal of Policy Analysis and Management}, - volume={36}, - number={4}, - pages={880--908}, - year={2017}, - publisher={Wiley Online Library} -} - -@article{den2010computational, - title={Computational suite of models with heterogeneous agents: Incomplete markets and aggregate uncertainty}, - author={Den Haan, Wouter J and Judd, Kenneth L and Juillard, Michel}, - journal={Journal of Economic Dynamics and Control}, - volume={34}, - number={1}, - pages={1--3}, - year={2010}, - publisher={Elsevier} -} - -@techreport{kaplanMPC2022, - title = "The Marginal Propensity to Consume in Heterogeneous Agent Models", - author = "Kaplan, Greg and Violante, Giovanni L", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "30013", - year = "2022", - month = "May", - doi = {10.3386/w30013}, - URL = "http://www.nber.org/papers/w30013", - abstract = {What model features and calibration strategies yield a large average marginal propensity to consume (MPC) in heterogeneous agent models? Through a systematic investigation of models with different preferences, dimensions of ex-ante heterogeneity, income processes and asset structure, we show that the most important factor is the share and type of hand-to-mouth households. One-asset models either feature a trade-off between a high average MPC and a realistic level of aggregate wealth, or generate an excessively polarized wealth distribution that vastly understates the wealth held by households in the middle of the distribution. Two-asset models that include both liquid and illiquid assets can resolve this tension with a large enough gap between liquid and illiquid returns. We discuss how such return differential can be justified from the perspective of theory and data.}, -} - -@article{ganongConsumer2019, - Author = {Ganong, Peter and Noel, Pascal}, - Title = {Consumer Spending during Unemployment: Positive and Normative Implications}, - Journal = {American Economic Review}, - Volume = {109}, - Number = {7}, - Year = {2019}, - Month = {July}, - Pages = {2383-2424}, - DOI = {10.1257/aer.20170537}, - URL = {https://www.aeaweb.org/articles?id=10.1257/aer.20170537}} - -@techreport{hagedorn2019fiscal, - title={The fiscal multiplier}, - author={Hagedorn, Marcus and Manovskii, Iourii and Mitman, Kurt}, - year={2019}, - type= {Working paper}, - institution={National Bureau of Economic Research} -} - -@article{christiano2011government, - title={When is the government spending multiplier large?}, - author={Christiano, Lawrence and Eichenbaum, Martin and Rebelo, Sergio}, - journal={Journal of Political Economy}, - volume={119}, - number={1}, - pages={78--121}, - year={2011}, - publisher={University of Chicago Press Chicago, IL} -} - -@article{eggertsson2011fiscal, - title={What fiscal policy is effective at zero interest rates?}, - author={Eggertsson, Gauti B}, - journal={NBER Macroeconomics Annual}, - volume={25}, - number={1}, - pages={59--112}, - year={2011}, - publisher={University of Chicago Press Chicago, IL} -} - -@article{ramey2018government, - title={Government spending multipliers in good times and in bad: evidence from US historical data}, - author={Ramey, Valerie A and Zubairy, Sarah}, - journal={Journal of political economy}, - volume={126}, - number={2}, - pages={850--901}, - year={2018}, - publisher={University of Chicago Press Chicago, IL} -} - -@techreport{bhandari2021efficiency, - title={Efficiency, Insurance, and Redistribution Effects of Government Policies}, - author={Bhandari, Anmol and Evans, David and Golosov, Mikhail and Sargent, Thomas}, - year={2021}, - journal= {Working paper}, -} - -@article{davila2022welfare, - title={Welfare Assessments with Heterogeneous Individuals}, - author={D{\'a}vila, Eduardo and Schaab, Andreas}, - journal={Available at SSRN 4102027}, - year={2022}, - type= {Working paper}, -} - -@article{parker2013consumer, - title={Consumer spending and the economic stimulus payments of 2008}, - author={Parker, Jonathan A and Souleles, Nicholas S and Johnson, David S and McClelland, Robert}, - journal={American Economic Review}, - volume={103}, - number={6}, - pages={2530--53}, - year={2013} -} - -@article{broda2014economic, - title={The economic stimulus payments of 2008 and the aggregate demand for consumption}, - author={Broda, Christian and Parker, Jonathan A}, - journal={Journal of Monetary Economics}, - volume={68}, - pages={S20--S36}, - year={2014}, - publisher={Elsevier} -} - -@techreport{kekre2022unemployment, - title={Unemployment insurance in macroeconomic stabilization}, - author={Kekre, Rohan}, - year={2022}, - institution={National Bureau of Economic Research}, - type= {Working paper}, -} - -@techreport{auclert2018IKC, - title = "The Intertemporal Keynesian Cross", - author = "Auclert, Adrien and Rognlie, Matthew and Straub, Ludwig", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "25020", - year = "2018", - month = "September", - doi = {10.3386/w25020}, - URL = "http://www.nber.org/papers/w25020", -} - -@techreport{ganong2022spending, - title = "Spending and Job-Finding Impacts of Expanded Unemployment Benefits: Evidence from Administrative Micro Data", - author = "Ganong, Peter and Greig, Fiona E and Noel, Pascal J and Sullivan, Daniel M and Vavra, Joseph S", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "30315", - year = "2022", - month = "August", - doi = {10.3386/w30315}, - URL = "http://www.nber.org/papers/w30315", -} - -@book{Lucas1987models, - title = "Models of Business Cycles", - author = "Lucas, Robert", - year = 1987, - publisher = "Oxford: Blackwell" -} - -@article{olafsson2018liquid, - title={The liquid hand-to-mouth: Evidence from personal finance management software}, - author={Olafsson, Arna and Pagel, Michaela}, - journal={The Review of Financial Studies}, - volume={31}, - number={11}, - pages={4398--4446}, - year={2018}, - publisher={Oxford University Press} -} - -@article{crawleyMicroMacro, - title={Consumption Heterogeneity: Micro Drivers and Macro Implications}, - author={Crawley, Edmund and Kuchler, Andreas}, - journal={American Economic Journal: Macroeconomics}, - year={Forthcoming} -} - -@techreport{laibson2022simple, - title={A Simple Mapping from MPCs to MPXs}, - author={Laibson, David and Maxted, Peter and Moll, Benjamin}, - year={2022}, - institution={National Bureau of Economic Research} -} - -@article{allcott2021high, - title={Are high-interest loans predatory? {T}heory and evidence from payday lending}, - author={Allcott, Hunt and Kim, Joshua J and Taubinsky, Dmitry and Zinman, Jonathan}, - year={2021}, - note={NBER Working paper, no. 28799}, - month={May}, -} - -@article{cagetti2003wealth, - title={Wealth accumulation over the life cycle and precautionary savings}, - author={Cagetti, Marco}, - journal={Journal of Business \& Economic Statistics}, - volume={21}, - number={3}, - pages={339--353}, - year={2003}, - publisher={Taylor \& Francis} -} - -@article{carroll2020sticky, - title={Sticky Expectations and Consumption Dynamics}, - author={Carroll, Christopher D and Crawley, Edmund and Slacalek, Jiri and Tokuoka, Kiichi and White, Matthew N}, - journal={American Economic Journal: Macroeconomics}, - year={2020}, - volume={12}, - number={3}, - pages={40--76}, - doi={10.1257/mac.20180286} -} - -@article{carroll2020modeling, - title={Modeling the consumption response to the {CARES} act}, - author={Carroll, Christopher D and Crawley, Edmund and Slacalek, Jiri and White, Matthew N}, - journal={Covid Economics}, - volume={10}, - pages={62--86}, - year={2020}, - publisher={CEPR Press} -} - -@article{crawley2022parsimonious, - title={A Parsimonious Model of Idiosyncratic Income}, - author={Crawley, Edmund and Holm, Martin B. and Tretvoll, H{\aa}kon}, - year={2022}, - note={Working paper}, - month={March} -} - -@article{halvorsen2022earnings, - author = {Halvorsen, Elin and Ozkan, Serdar and Salgado, Sergio}, - title = {Earnings Dynamics and Its Intergenerational Transmission: Evidence from Norway}, - type= {Working paper}, - year={2022}, - month={February}, - url={https://www.dropbox.com/s/mbcif8n9z26yw5d/HOS_QE.pdf?dl=0} -} - -@article{kaplan2014model, - title={A model of the consumption response to fiscal stimulus payments}, - author={Kaplan, Greg and Violante, Giovanni L}, - journal={Econometrica}, - volume={82}, - number={4}, - pages={1199--1239}, - year={2014}, - publisher={Wiley Online Library} -} - -@article{kravik_navigating_2019, - title = {Navigating with {NEMO}}, - volume = {5}, - url = {https://www.norges-bank.no/en/news-events/news-publications/Papers/Staff-Memo/2019/52019/}, - language = {en}, - urldate = {2019-05-24}, - journal = {Norges Bank Staff Memo}, - author = {Kravik, Erling Motzfeldt and Mimir, Yassin}, - year = {2019}, -} - -@incollection{kmpHandbook2016, - title={Macroeconomics and household heterogeneity}, - author={Krueger, Dirk and Mitman, Kurt and Perri, Fabrizio}, - booktitle={Handbook of {M}acroeconomics}, - volume={2}, - pages={843--921}, - year={2016}, - publisher={Elsevier} -} - -@article{fagereng_mpc_2021, - title = {{MPC} {Heterogeneity} and {Household} {Balance} {Sheets}}, - volume = {13}, - issn = {1945-7707}, - url = {https://www.aeaweb.org/articles?id=10.1257/mac.20190211}, - doi = {10.1257/mac.20190211}, - abstract = {We use sizable lottery prizes in Norwegian administrative panel data to explore how transitory income shocks are spent and saved over time and how households' marginal propensities to -consume (MPCs) vary with household characteristics and shock size. We find that spending peaks in the year of winning and gradually reverts to normal within five years. Controlling for all items on -households' balance sheets and characteristics such as education and income, it is the amount won, age, and liquid assets that vary systematically with MPCs. Low-liquidity winners of the smallest -prizes (around US\$1,500) are estimated to spend all within the year of winning. The corresponding estimate for high-liquidity winners of large prizes (US\$8,300–150,000) is slightly below one-half. -While conventional models will struggle to account for such high MPC levels, we show that a two-asset life cycle model with a realistic earnings profile and a luxury bequest motive can account for -both the time profile of consumption responses and their systematic covariation with observables.}, - language = {en}, - number = {4}, - urldate = {2022-02-11}, - journal = {American Economic Journal: Macroeconomics}, - author = {Fagereng, Andreas and Holm, Martin B. and Natvik, Gisle J.}, - month = oct, - year = {2021}, - keywords = {Consumer Economics: Empirical Analysis, Intertemporal Household Choice, includes inheritance and gift taxes, Life Cycle Models and Saving, Macroeconomics: Consumption, Saving, Wealth, Household Finance: Household Saving, Borrowing, Debt, and Wealth, Personal Income and Other Nonbusiness Taxes and Subsidies}, - pages = {1--54}, - file = {Snapshot:C\:\\Users\\ifr\\Zotero\\storage\\JSR3NCW9\\articles.html:text/html}, -} - -@article{aursland_state-dependent_2020, - title = {State-dependent fiscal multipliers in {NORA} - {A} {DSGE} model for fiscal policy analysis in {Norway}}, - volume = {93}, - issn = {0264-9993}, - url = {https://www.sciencedirect.com/science/article/pii/S0264999320304156}, - doi = {10.1016/j.econmod.2020.07.017}, - abstract = {We develop a novel medium-scale DSGE model, called NORA, for fiscal policy analysis in Norway. NORA contains a sheltered and exposed sector allowing us to model wage bargaining between a labor union and the exposed sector, reflecting Scandinavian wage formation institutions. Wages are subject to a downward nominal wage rigidity (DNWR). Inspired by many countries' fiscal policy responses to the Great Recession and the coronavirus pandemic, we investigate the model's ability to generate state-dependent fiscal multipliers. We find, that both the zero lower bound on nominal interest rates and DNWR individually can account for higher fiscal multipliers during recessions. In joint presence, however, the existence of DNWR reduces the multiplier at the ZLB. Moreover, the DNWR significantly relaxes the paradox of toil at the ZLB. We show that the state-dependency is robust to alternative assumptions about the origin of the recession, the nature of the fiscal stimulus and its financing source.}, - language = {en}, - urldate = {2022-02-11}, - journal = {Economic Modelling}, - author = {Aursland, Thor Andreas and Frankovic, Ivan and Kanik, Birol and Saxegaard, Magnus}, - year = {2020}, - keywords = {Downward nominal wage rigidity, Fiscal multiplier, Fiscal policy, State-dependency, Zero lower bound}, - pages = {321--353}, - file = {ScienceDirect Snapshot:C\:\\Users\\ifr\\Zotero\\storage\\4CPRIB6S\\S0264999320304156.html:text/html}, -} - -@article{oecd_net_2020, - title = {Net replacement rate in unemployment}, - journal = {OECD statistics "Social Protection and Well-being"}, - author = {OECD}, - year = {2020}, - note = {Url: https://stats.oecd.org/Index.aspx?DataSetCode=NRR}, -} - -@article{gjeldsregistret_nokkeltall_2022, - title = {Nøkkeltall fra {Gjeldsregisteret}}, - journal = {Gjeldsregistret nettside}, - author = {Gjeldsregistret}, - year = {2022}, - note = {Url: https://www.gjeldsregisteret.com/pages/nokkeltall}, -} - -@article{davis_recessions_2011, - ISSN = {00072303, 15334465}, - URL = {http://www.jstor.org/stable/41473597}, - author = {Steven J. Davis and Till Von Wachter}, - journal = {Brookings Papers on Economic Activity}, - pages = {1--72}, - publisher = {Brookings Institution Press}, - title = {Recessions and the Costs of Job Loss}, - urldate = {2022-04-08}, - year = {2011} -} - -@article{skiba2008payday, - title={Payday loans, uncertainty and discounting: {E}xplaining patterns of borrowing, repayment, and default}, - author={Skiba, Paige Marta and Tobacman, Jeremy}, - journal={Vanderbilt Law and Economics Research Paper}, - number={08-33}, - year={2008} -} - -@article{blanchard2017rethinking, - title={Rethinking stabilization policy: Back to the future}, - author={Blanchard, Olivier and Summers, Lawrence}, - journal={Peterson Institute for International Economics}, - volume={8}, - year={2017} -} - -@incollection{EpiExp, - title = {Epidemiological Expectations}, - author = {Carroll, Christopher D. and Tao Wang}, - booktitle = {Handbook of Economic Expectations}, - volume = {1}, - year = {2022}, - month= {November}, - doi = {10.1016/B978-0-12-822927-9.00034-3}, - url = {https://econ-ark.github.io/EpiExp}, - publisher = {Elsevier}, - note = {\href{https://econ-ark.github.io/EpiExp}{econ-ark.github.io/EpiExp}}} -} - -@article{carrollHowHas, - title = {How has the US coronavirus aid package affected household spending?}, - author = {Carroll, Christopher D and Crawley, Edmund and Slacalek, Jiri and White, Matthew N and others}, - journal = {Research Bulletin}, - volume = 75, - year = 2020, - publisher = {European Central Bank} -} - -@article{Adams2010, - abstract = {This paper examines the long-term impact and short-term dynamics of macroeconomic variables on international housing prices. Since adequate housing market data are generally not available and usually of low frequency we apply a panel cointegration analysis consisting of 15 countries over a period of 30 years. Pooling the observations allows us to overcome the data restrictions which researchers face when testing long-term relationships among single real estate time series. This study does not only confirm results from previous studies, but also allows for a comparison of single country estimations in an integrated equilibrium framework. The empirical results indicate house prices to increase in the long-run by 0.6{\%} in response to a 1{\%} increase in economic activity while construction costs and the long-term interest rate show average long-term effects of approximately 0.6{\%} and -0.3{\%}, respectively. Contrary to current literature our estimates suggest only about 16{\%} adjustment per year. Thus the time to full recovery may be much slower than previously stated, so that deviations from the long-term equilibrium result in a dynamic adjustment process that may take up to 14 years. {\textcopyright} 2009 Elsevier Inc. All rights reserved.}, - author = {Adams, Zeno and F{\"{u}}ss, Roland}, - doi = {10.1016/j.jhe.2009.10.005}, - issn = 10511377, - journal = {Journal of Housing Economics}, - keywords = {Dynamic OLS,Dynamic adjustment process,Housing market,Macroeconomy,Panel cointegration}, - number = 1, - pages = {38--50}, - title = {{Macroeconomic determinants of international housing markets}}, - url = {https://www.sciencedirect.com/science/article/pii/S1051137709000552?casa{\_}token=QSomp9jEkr0AAAAA:uewOJfRU8T5gwwxkLcafaPM6wgi8QbfqU{\_}dIpO-0cwANm4JgENa1DLNB3lASVlRwwrF9ntNz}, - volume = 19, - year = 2010 -} - -@article{AdelinoEtAl2016, - abstract = {This paper highlights the importance of middle-class and high-FICO borrowers for the mortgage crisis. Contrary to popular belief, which focuses on subprime and poor borrowers, we show that mortgage originations increased for borrowers across all income levels and FICO scores. The relation between mortgage growth and income growth at the individual level remained positive throughout the pre-2007 period. Finally, middle-income, highincome, and prime borrowers all sharply increased their share of delinquencies in the crisis. These results are consistent withademand-side view, where homebuyers and lenders bought into increasing house values and borrowers defaulted after prices dropped.}, - author = {Adelino, Manuel and Schoar, Antoinette and Severino, Felipe}, - doi = {10.1093/rfs/hhw018}, - issn = 14657368, - journal = {Review of Financial Studies}, - month = {jul}, - number = 7, - pages = {1635--1670}, - title = {{Loan originations and defaults in the mortgage crisis: The role of the middle class}}, - url = {https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/hhw018}, - volume = 29, - year = 2016 -} - -@article{AlexopoulosCohen2015, - abstract = {There has been, in recent years, a renewed interest in and a growing recognition of the role played by uncertainty shocks in driving fluctuations in the economy and in asset markets. We create new text-based indicators of both general economic and policy specific uncertainty from New York Times and use them first, to chart changes in the level of uncertainty in the US for the period 1985-2007, second, to determine the role of policy in these swings, and, third to assess their impact on the economy, equity markets, and business cycles. Overall, our results indicate that uncertainty shocks - both general and policy related - depress the level of economic activity, significantly increase stock market volatility, and decrease market returns.}, - author = {Alexopoulos, Michelle and Cohen, Jon}, - doi = {10.1016/j.iref.2015.02.002}, - issn = 10590560, - journal = {International Review of Economics and Finance}, - keywords = {Business cycles,Economic uncertainty,Measurement,Policy uncertainty}, - month = {nov}, - pages = {8--28}, - title = {{The power of print: Uncertainty shocks, markets, and the economy}}, - url = {https://www.sciencedirect.com/science/article/pii/S1059056015000246 https://linkinghub.elsevier.com/retrieve/pii/S1059056015000246}, - volume = 40, - year = 2015 -} - -@misc{Ameriks2005, - abstract = {Using pooled cross-sectional data from the Surveys of Consumer Finances, and new panel data from TIAA-CREF, we examine the empirical relationship between age and portfolio choice, focusing on the observed relationship between age and the fraction of wealth held in the stock market. We illustrate and discuss the importance of the well-known identification problem that prevents unrestricted estimation of age, time and cohort effects in longitudinal data. We also document three important features of household portfolio behavior: significant non-stockownership, wide-ranging heterogeneity in allocation choices, and the infrequency of active portfolio allocation changes (almost half of the sample members made no active changes to their portfolio allocations over our nine-year sample period). When estimating portfolio share equations, we consider three separate exclusion restrictions: excluding time effects, cohort effects, and finally age effects. We find no evidence supporting a gradual reduction in portfolio shares with age. There is some tendency for older individuals to shift completely out of the stock market around the time of annuitizations and withdrawals.}, - author = {Ameriks, John and Zeldes, Stephen P.}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Ameriks, Zeldes/How do household portfolio shares vary with age.pdf:pdf}, - keywords = {How Do Household Portfolio Shares Vary with Age?,John Ameriks,SSRN,Stephen P. Zeldes}, - month = {sep}, - title = {{How do household portfolio shares vary with age?}}, - url = {http://www.q-group.org/archives{\_}folder/pdf/Slides-Ameriks.pdf}, - year = 2005 -} - -@article{GulerEtAl2015, - abstract = {This paper studies the joint transitional dynamics of the foreclosures and house prices in a standard life-cycle incomplete markets model with housing and a realistic long-term mortgage structure. We calibrate our model to match several long-term features of the U.S. housing market, and analyze the effects of several unexpected and permanent shocks on the house price and the foreclosure rate both across the steady states and along the transition between the steady states. We examine permanent, unexpected shocks to the risk-free interest rate, the minimum down-payment ratio, and unemployment. During the transition, these shocks create large movements in house prices. More importantly, the foreclosure dynamics are quite significant along the transition compared to the steady-state changes, and there are strong feedbacks between foreclosures and house prices. We assess the effects of a temporary reduction in the risk-free interest rate, which has moderate effects on house prices but little effect on foreclosure dynamics. We also study the effects of an ex ante macroprudential policy, which establishes a minimum down-payment requirement at a higher threshold. Such a macroprudential policy helps substantially stabilize both house prices and foreclosures.}, - author = {Arslan, Yavuz and Guler, Bulent and Taskin, Temel}, - doi = {10.1111/jmcb.12196}, - issn = 15384616, - journal = {Journal of Money, Credit and Banking}, - keywords = {Home equity,House price,Housing,Interest rate,Mortgage contract,Mortgage default}, - month = {mar}, - number = {S1}, - pages = {133--169}, - title = {{Joint dynamics of house prices and foreclosures}}, - url = {http://doi.wiley.com/10.1111/jmcb.12196 https://onlinelibrary.wiley.com/doi/10.1111/jmcb.12196}, - volume = 47, - year = 2015 -} - -@article{athreya2017a, - author = {Athreya, Kartik and Ionescu, Felicia and Neelakantan, Urvi}, - doi = {10.2139/ssrn.2671012}, - issn = {1556-5068}, - journal = {SSRN Electronic Journal}, - pages = {1--57}, - title = {{Stock Market Investment: The Role of Human Capital}}, - url = {http://www.ssrn.com/abstract=2671012}, - volume = 15, - year = 2015 -} - -@article{Barksdale1982, - abstract = {This paper explains how the product life cycle and Boston Consulting Group's portfolio matrix can be combined to provide a more comprehensive framework for strategic analysis. The integrated model is more powerful than either concept taken separately because it provides an exhaustive system for classifying a diverse assortment of business units or product/market categories. {\textcopyright} 1982.}, - author = {Barksdale, Hiram C. and Harris, Clyde E.}, - doi = {10.1016/0024-6301(82)90010-3}, - issn = 00246301, - journal = {Long Range Planning}, - number = 6, - pages = {74--83}, - title = {{Portfolio analysis and the product life cycle}}, - url = {https://www.sciencedirect.com/science/article/pii/0024630182900103}, - volume = 15, - year = 1982 -} - -@article{Benhabib2015, - abstract = {We study the wealth distribution in Bewley economies with idiosyncratic capital income risk. We show analytically that under rather general conditions on the stochastic structure of the economy, a unique ergodic distribution of wealth displays a fat tail.}, - author = {Benhabib, Jess and Bisin, Alberto and Zhu, Shenghao}, - doi = {10.1016/j.jet.2015.07.013}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Benhabib, Bisin, Zhu/The wealth distribution in Bewley economies with capital income risk.pdf:pdf}, - issn = 10957235, - journal = {Journal of Economic Theory}, - keywords = {Bewley economies,Capital income risk,Fat tails,Pareto distribution,Wealth distribution}, - month = {sep}, - pages = {489--515}, - publisher = {Academic Press Inc.}, - title = {{The wealth distribution in Bewley economies with capital income risk}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0022053115001362}, - volume = 159, - year = 2015 -} - -@article{Benzoni2007, - abstract = {We study portfolio choice when labor income and dividends are cointegrated. Economically plausible calibrations suggest young investors should take substantial short positions in the stock market. Because of cointegration the young agent's human capital effectively becomes "stock-like." However, for older agents with shorter times-to-retirement, cointegration does not have sufficient time to act, and thus their human capital becomes more "bond-like." Together, these effects create hump-shaped life-cycle portfolio holdings, consistent with empirical observation. These results hold even when asset return predictability is accounted for. {\textcopyright} 2007 by The American Finance Association.}, - author = {Benzoni, Luca and Collin-Dufresne, Pierre and Goldstein, Robert S.}, - doi = {10.1111/j.1540-6261.2007.01271.x}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Benzoni, Collin-Dufresne, Goldstein/Portfolio choice over the life-cycle when the stock and labor markets are cointegrated.pdf:pdf}, - issn = 00221082, - journal = {Journal of Finance}, - month = {oct}, - number = 5, - pages = {2123--2167}, - title = {{Portfolio choice over the life-cycle when the stock and labor markets are cointegrated}}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.2007.01271.x?casa{\_}token=BI6n3dVWkuEAAAAA:5Y2I5dk1GKUXATMEpT2wyo6jDCPKftp14vjB-hzk8VsHQ5nWEQ90L6BLEHkFu38EMWmiNfFd3siAVpjP https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.2007.01271.x http}, - volume = 62, - year = 2007 -} - -@article{bglvHousingWealthEffect2018, - abstract = {Recent empirical work shows large consumption responses to house price movements. This is at odds with a prominent theoretical view which, using the logic of the permanent income hypothesis, argues that consumption responses should be small. We show that, in contrast to this view, workhorse models of consumption with incomplete markets calibrated to rich cross-sectional micro facts actually predict large consumption responses, in line with the data. To explain this result, we show that consumption responses to permanent house price shocks can be approximated by a simple and robust rule-of-thumb formula: the marginal propensity to consume out of temporary income times the value of housing. In our model, consumption responses depend on a number of factors such as the level and distribution of debt, the size and history of house price shocks, and the level of credit supply. Each of these effects is naturally explained with our simple formula.}, - author = {Berger, David and Guerrieri, Veronica and Lorenzoni, Guido and Vavra, Joseph}, - doi = {10.1093/restud/rdx060}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Berger et al/House Prices and Consumer Spending.pdf:pdf}, - issn = {1467937X}, - journal = {Review of Economic Studies}, - keywords = {Consumption,Debt,House prices,Leverage,MPC,State-dependence}, - month = {jul}, - number = 3, - pages = {1502--1542}, - title = {{House prices and consumer spending}}, - url = {https://academic.oup.com/restud/article/85/3/1502/4371413 https://academic.oup.com/restud/article-abstract/85/3/1502/4371413}, - volume = 85, - year = 2018 -} - -@article{berkovec1992general, - abstract = {We describe a model in which rental and owner housing are risky assets, tenure choice is endogenous, and each household is constrained to consume the same amount of owner housing that it has in its investment portfolio. At each iteration in the search for an equilibrium, we determine the new taxable income for each of 3,578 households (from the Survey of Consumer Finances), and we use statutory schedules to find the marginal rate and tax paid. Equilibrium net rates of return are major determinants of the amount of owner housing, but a logit model indicates that demographic factors are the main determinants of ownership rates. In our simulation, taxes on owner housing would raise welfare not only by reallocating capital but also by the government's taking part of the risk from individual properties and diversifying it away. Measures to disallow property tax or mortgage interest deductions do not help share this risk. Simulations of the 1986 tax reform indicate a small shift from rental to owner housing and welfare gains from reallocating risk. CR - Copyright {\&}{\#}169; 1992 The University of Chicago Press}, - author = {Berkovec, James and Fullerton, Don}, - doi = {10.1086/261822}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Berkovec, Fullerton/A General Equilibrium Model of Housing, Taxes, and Portfolio Choice.pdf:pdf}, - issn = {0022-3808}, - journal = {Journal of Political Economy}, - month = {apr}, - number = 2, - pages = {390--429}, - publisher = {The University of Chicago Press}, - title = {{A General Equilibrium Model of Housing, Taxes, and Portfolio Choice}}, - url = {https://www-journals-uchicago-edu.proxy.lib.ohio-state.edu/doi/abs/10.1086/261822 https://www.journals.uchicago.edu/doi/10.1086/261822}, - volume = 100, - year = 1992 -} - -@ARTICLE{bmsLabor, - title = "{Labor supply flexibility and portfolio choice in a life cycle - model}", - author = "Bodie, Zvi and Merton, Robert C and Samuelson, William F", - abstract = "This paper examines the effect of the labor-leisure choice on - portfolio and consumption decisions over an individual's life - cycle. The model incorporates the fact that individuals may have - considerable flexibility in varying their work effort (including - their choice of when to retire). Given this flexibility, the - individual simultaneously determines optimal levels of current - consumption, labor effort, and an optimal financial investment - strategy at each point in his life cycle. We show that labor and - investment choices are intimately related. The ability to vary - labor supply ex post induces the individual to assume greater - risks in his investment portfolio ex ante.", - journal = "Journal of economic dynamics \& control", - publisher = "Elsevier", - volume = 16, - number = 3, - pages = "427--449", - month = jul, - year = 1992, - url = "https://scholar.google.com/scholar?cluster=5939216431716541742", - file = "All Papers/Other/bodie-et-al-labor supply flexibility portfolio choice in a life cycle model.pdf", - keywords = "bmsLabor;paperpile-ccarroll", - issn = "0165-1889", - doi = "10.1016/0165-1889(92)90044-F" -} - -@article{Bodie1992, - abstract = {This paper examines the effect of the labor-leisure choice on portfolio and consumption decisions over an individual's life cycle. The model incorporates the fact that individuals may have considerable flexibility in varying their work effort (including their choice of when to retire). Given this flexibility, the individual simultaneously determines optimal levels of current consumption, labor effort, and an optimal financial investment strategy at each point in his life cycle. We show that labor and investment choices are intimately related. The ability to vary labor supply ex post induces the individual to assume greater risks in his investment portfolio ex ante. {\textcopyright} 1992.}, - author = {Bodie, Zvi and Merton, Robert C. and Samuelson, William F.}, - doi = {10.1016/0165-1889(92)90044-F}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Bodie, Merton, Samuelson/Labor supply flexibility and portfolio choice in a life cycle model.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Bodie, Merton, Samuelson/Labor supply flexibility and portfolio choice in a life cycle model(2).pdf:pdf}, - issn = 01651889, - journal = {Journal of Economic Dynamics and Control}, - month = {jul}, - number = {3-4}, - pages = {427--449}, - title = {{Labor supply flexibility and portfolio choice in a life cycle model}}, - url = {https://www.sciencedirect.com/science/article/pii/016518899290044F https://linkinghub.elsevier.com/retrieve/pii/016518899290044F}, - volume = 16, - year = 1992 -} - -@article{BordaloEtAl2017a, - abstract = {We present a model of credit cycles arising from diagnostic expectations—a belief formation mechanism based on Kahneman and Tversky's representativeness heuristic. Diagnostic expectations overweight future outcomes that become more likely in light of incoming data. The expectations formation rule is forward looking and depends on the underlying stochastic process, and thus is immune to the Lucas critique. Diagnostic expectations reconcile extrapolation and neglect of risk in a unified framework. In our model, credit spreads are excessively volatile, overreact to news, and are subject to predictable reversals. These dynamics can account for several features of credit cycles and macroeconomic volatility.}, - author = {Bordalo, Pedro and Gennaioli, Nicola and Shleifer, Andrei}, - doi = {10.1111/jofi.12586}, - issn = 15406261, - journal = {Journal of Finance}, - month = {feb}, - number = 1, - pages = {199--227}, - title = {{Diagnostic Expectations and Credit Cycles}}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.12586 http://doi.wiley.com/10.1111/jofi.12586 https://onlinelibrary.wiley.com/doi/10.1111/jofi.12586}, - volume = 73, - year = 2018 -} - -@article{Brandsaas2021, - abstract = {This paper argues that a large part of the stock market participation puzzle is driven by high stock market exit rates among participants: In the US, 20{\%} of households who have stock hold no stocks two years later. Using survey data I show that stock market exit frequently coincides with renting households becoming first-time owners. After estimating a life-cycle model of portfolio choice with housing and per-period participation costs, I show that it quantitatively matches the US participation rate, homeownership rate, and entry/exit in stock markets over the entire life-cycle. The introduction of housing increases the exit rate among young new homeowners and reduces the participation rate among middle-aged and retired households by decreasing liquid wealth. Housing reduces the unexplained participation gap between the model and the data by 71{\%}, compared to a model without housing.}, - author = {Brandsaas, Eirik}, - doi = {10.2139/ssrn.3256502}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Brandsaas/Household Stock Market Participation The Role of Homeownership.pdf:pdf}, - issn = {1556-5068}, - journal = {SSRN Electronic Journal}, - title = {{Household Stock Market Participation: The Role of Homeownership}}, - url = {http://papers.eebrandsaas.com/StockParticipationWithHousing.pdf https://www.ssrn.com/abstract=3256502}, - year = 2018 -} - -@article{Brandt2010, - abstract = {This chapter focuses on the econometric treatment of portfolio choice problems. The goal is to describe, discuss, and illustrate through examples the different econometric approaches proposed in the literature for relating the theoretical formulation and solution of a portfolio choice problem to the data. In focusing on the econometrics of the portfolio choice problem, this chapter is at best a cursory overview of the broad portfolio choice literature. Much of the discussion is focused on the single-period portfolio choice problem with standard preferences, normally distributed returns, and frictionless markets. There are many recent advances in the portfolio choice literature. The econometric techniques discussed in this chapter can be applied to realistic formulations. It also discusses a number of modeling issues and extensions that arise in formulating the problem. {\textcopyright} 2010 Elsevier Inc. All rights reserved.}, - author = {Brandt, Michael W.}, - doi = {10.1016/B978-0-444-50897-3.50008-0}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Brandt/Portfolio Choice Problems.pdf:pdf}, - isbn = 9780444508973, - journal = {Handbook of Financial Econometrics, Vol 1}, - pages = {269--336}, - title = {{Portfolio Choice Problems}}, - url = {https://www.sciencedirect.com/science/article/pii/B9780444508973500080}, - year = 2010 -} - -@article{briggs2020a, - abstract = {We exploit the randomized assignment of lottery prizes in a large administrative Swedish data set to estimate the causal effect of wealth on stock market participation. A {\$}150,000 windfall gain increases the stock market participation probability by 12 percentage points among prelottery nonparticipants but has no discernible effect on prelottery stock owners. A structural life cycle model significantly overpredicts entry rates even for very high entry costs (up to {\$}31,000). Additional analyses implicate pessimistic beliefs regarding equity returns as a major source of this overprediction and suggest that both recent and early-life return realizations affect beliefs.}, - author = {Briggs, Joseph and Cesarini, David and Lindqvist, Erik and {\"{O}}stling, Robert}, - doi = {10.1016/j.jfineco.2020.07.014}, - issn = {0304405X}, - journal = {Journal of Financial Economics}, - keywords = {Household saving and personal finance,Intertemporal consumer choice,Portfolio choice and investment decisions}, - month = {jan}, - number = 1, - pages = {57--83}, - title = {{Windfall gains and stock market participation}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0304405X20302245}, - volume = 139, - year = 2021 -} - -@article{Brueckner1997, - abstract = {This article investigates the portfolio choices of homeowners, taking into account the investment constraint introduced by Henderson and Ioannides (1983). This constraint requires housing investment by homeowners to be at least as large as housing consumption. It is shown that when the constraint is binding, the homeowner's optimal portfolio is ineffcient in a mean-variance sense. Thus, portfolio inefficiency is not an indication that consumers are irrational or careless in their financial decisions. Instead, inefficiency can be seen as the result of a rational balancing of the consumption benefits and portfolio distortion associated with housing investment.}, - author = {Brueckner, Jan K.}, - doi = {10.1023/A:1007777532293}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Brueckner/Consumption and Investment Motives and the Portfolio Choices of Homeowners.pdf:pdf}, - issn = 08955638, - journal = {Journal of Real Estate Finance and Economics}, - keywords = {Homeownership,Mean-variance inefficient,Overinvestment,Portfolio}, - number = 2, - pages = {159--180}, - publisher = {Springer}, - title = {{Consumption and Investment Motives and the Portfolio Choices of Homeowners}}, - url = {https://link-springer-com.proxy.lib.ohio-state.edu/article/10.1023/A:1007777532293}, - volume = 15, - year = 1997 -} - -@article{Brunnermeier2008, - abstract = {We use data from the Panel Study of Income Dynamics to investigate how households' portfolio allocations change in response to wealth fluctuations. Persistent habits, consumption commitments, and subsistence levels can generate time-varying risk aversion with the consequence that when the level of liquid wealth changes, the proportion a household invests in risky assets should also change in the same direction. In contrast, our analysis shows that the share of liquid assets that households invest in risky assets is not affected by wealth changes. Instead, one of the major drivers of household portfolio allocation seems to be inertia: households rebalance only very slowly following inflows and outflows or capital gains and losses.}, - author = {Brunnermeier, Markus K. and Nagel, Stefan}, - doi = {10.1257/aer.98.3.713}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Brunnermeier, Nagel/Do wealth fluctuations generate time-varying risk aversion Micro-evidence on individuals' asset allocation.pdf:pdf}, - issn = 00028282, - journal = {American Economic Review}, - month = {may}, - number = 3, - pages = {713--736}, - title = {{Do wealth fluctuations generate time-varying risk aversion? Micro-evidence on individuals' asset allocation}}, - url = {https://www.aeaweb.org/articles?id=10.1257/aer.98.3.713 https://pubs.aeaweb.org/doi/10.1257/aer.98.3.713}, - volume = 98, - year = 2008 -} - -@article{BrunnermeierParker2005, - abstract = {Forward-looking agents care about expected future utility flows, and hence have higher current felicity if they are optimistic. This paper studies utility-based biases in beliefs by supposing that beliefs maximize average felicity, optimally balancing this benefit of optimism against the costs of worse decision making. A small optimistic bias in beliefs typically leads to first-order gains in anticipatory utility and only second-order costs in realized outcomes. In a portfolio choice example, investors overestimate their return and exhibit a preference for skewness; in general equilibrium, investors' prior beliefs are endogenously heterogeneous. In a consumption-saving example, consumers are both overconfident and overoptimistic.}, - author = {Brunnermeier, Markus K. and Parker, Jonathan A.}, - doi = {10.1257/0002828054825493}, - issn = 00028282, - journal = {American Economic Review}, - month = {aug}, - number = 4, - pages = {1092--1118}, - title = {{Optimal expectations}}, - url = {https://pubs.aeaweb.org/doi/10.1257/0002828054825493}, - volume = 95, - year = 2005 -} - -@techreport{FernaldEtAl2016, - abstract = {After 2004, measured growth in labor productivity and total factor productivity slowed. We find little evidence that this slowdown arises from growing mismeasurement of the gains from innovation in information technology–related goods and services. First, the mismeasurement of information technology hardware is significant preceding the slowdown. Because the domestic production of these products has fallen, the quantitative effect on productivity was larger in the 1995–2004 period than since then, despite mismeasurement worsening for some types of information technology. Hence, our adjustments make the slowdown in labor productivity worse. The effect on total factor productivity is more muted. Second, many of the tremendous consumer benefits from the “new” economy such as smartphones, Google searches, and Facebook are, conceptually, nonmarket: Consumers are more productive in using their nonmarket time to produce services they value. These benefits raise consumer well-being but do not imply that market sector production functions are shifting out more rapidly than measured. Moreover, estimated gains in nonmarket production are too small to compensate for the loss in overall well-being from slower market sector productivity growth. In addition to information technology, other measurement issues that we can quantify (such as increasing globalization and fracking) are also quantitatively small relative to the slowdown. The things at which Google and its peers excel, from Internet search to mobile software, are changing how we work, play and communicate, yet have had little discernible macroeconomic impact{\ldots}. Transformative innovation really is happening on the Internet. It's just not happening elsewhere.}, - annote = {tex.series: Brookings Papers on Economic Activity}, - author = {Byrne, David M. and Fernald, John G. and Reinsdorf, Marshall B.}, - booktitle = {Brookings Papers on Economic Activity}, - doi = {10.1353/eca.2016.0014}, - institution = {Brookings Institute}, - issn = 15334465, - month = {mar}, - number = {SPRING}, - pages = {109--182}, - title = {{Does the united states have a productivity slowdown or a measurement problem?}}, - type = {Working {\{}Paper{\}}}, - url = {https://www.brookings.edu/wp-content/uploads/2016/03/ByrneEtAl{\_}ProductivityMeasurement{\_}ConferenceDraft.pdf https://muse.jhu.edu/article/629297}, - volume = 2016, - year = 2016 -} - -@article{calvet2007a, - abstract = {This paper investigates the efficiency of household investment decisions using comprehensive disaggregated Swedish data. We consider two main sources of inefficiency: underdiversification ("down") and nonparticipation in risky asset markets ("out"). While a few house-holds are very poorly diversified, most Swedish households outperform, the Sharpe ratio of their domestic stock index through international diversification. Financially sophisticated households invest more efficiently but also more aggressively, and overall they incur higher return losses from underdiversification. The return cost of nonparticipation is smaller by almost one-half when we take account of the fact that nonparticipants would likely be inefficient investors. {\textcopyright} 2007 by The University of Chicago. All rights reserved.}, - author = {Calvet, Laurent E. and Campbell, John Y. and Sodini, Paolo}, - doi = {10.1086/524204}, - issn = 00223808, - journal = {Journal of Political Economy}, - month = {oct}, - number = 5, - pages = {707--747}, - title = {{Down or out: Assessing the welfare costs of household investment mistakes}}, - url = {https://www.journals.uchicago.edu/doi/10.1086/524204}, - volume = 115, - year = 2007 -} - -@article{Campanale2011, - abstract = {In the present paper I develop a life-cycle portfolio choice model where agents perceive stock returns to be ambiguous and are ambiguity averse. As in Epstein and Schneider (2005) part of the ambiguity vanishes over time as a consequence of learning over observed returns. The model shows that ambiguity alone can rationalize moderate stock market participation rates and conditional shares with reasonable participation costs but has strongly counterfactual implications for conditional allocations to stocks by age and wealth. When learning is allowed, conditional shares over the life-cycle are instead aligned with the empirical evidence and patterns of stock holdings over the wealth distribution get closer to the data. {\textcopyright} 2009 Elsevier Inc.}, - author = {Campanale, Claudio}, - doi = {10.1016/j.red.2009.09.002}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Campanale/Learning, ambiguity and life-cycle portfolio allocation.pdf:pdf}, - issn = 10942025, - journal = {Review of Economic Dynamics}, - keywords = {Ambiguity,Learning,Life-cycle,Portfolio choice}, - month = {apr}, - number = 2, - pages = {339--367}, - title = {{Learning, ambiguity and life-cycle portfolio allocation}}, - url = {https://www.sciencedirect.com/science/article/pii/S1094202509000519 https://linkinghub.elsevier.com/retrieve/pii/S1094202509000519}, - volume = 14, - year = 2011 -} - -@article{Campanale2015, - abstract = {Traditionally, quantitative models that have studied households' portfolio choices have focused exclusively on the different risk properties of alternative financial assets. We introduce differences in liquidity across assets in the standard life-cycle model of portfolio choice. More precisely, in our model, stocks are subject to transaction costs, as considered in recent macroliterature. We show that when these costs are calibrated to match the observed infrequency of households' trading, the model is able to generate patterns of portfolio stock allocation over age and wealth that are constant or moderately increasing, thus more in line with the existing empirical evidence.}, - author = {Campanale, Claudio and Fugazza, Carolina and Gomes, Francisco}, - doi = {10.1016/j.jmoneco.2014.11.008}, - issn = 03043932, - journal = {Journal of Monetary Economics}, - keywords = {Cash-in-advance,Household portfolio choice,Self-insurance,Transaction cost}, - pages = {67--83}, - title = {{Life-cycle portfolio choice with liquid and illiquid financial assets}}, - url = {https://www.sciencedirect.com/science/article/pii/S0304393214001652?casa{\_}token=eNb5stb57CIAAAAA:SI5G7GLZ2US1iwPCXPW52-7ghQNc1UOrB3QIr2f90Jk49{\_}y52lYcAeLI0vfE-tXr9H8a5wOtShc}, - volume = 71, - year = 2015 -} - -@article{Campbell2006, - abstract = {The study of household finance is challenging because household behavior is difficult to measure, and households face constraints not captured by textbook models. Evidence on participation, diversification, and mortgage refinancing suggests that many households invest effectively, but a minority make significant mistakes. This minority appears to be poorer and less well educated than the majority of more successful investors. There is some evidence that households understand their own limitations and avoid financial strategies for which they feel unqualified. Some financial products involve a cross-subsidy from naive to sophisticated households, and this can inhibit welfare-improving financial innovation.}, - author = {Campbell, John Y.}, - doi = {10.1111/j.1540-6261.2006.00883.x}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Campbell/Household finance.pdf:pdf}, - issn = 00221082, - journal = {Journal of Finance}, - month = {aug}, - number = 4, - pages = {1553--1604}, - title = {{Household finance}}, - url = {https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.2006.00883.x}, - volume = 61, - year = 2006 -} - -@article{Campbell2003, - abstract = {This paper asks how a household should choose between a fixed-rate (FRM) and an adjustable-rate (AEM) mortgage. In an environment with uncertain inflation a nominal FRM has a risky real capital value, whereas an ARM has a stable real capital value but short-term variability in required real payments. Numerical solution of a life-cycle model with borrowing constraints and income risk shows that an ARM is generally attractive, but less so for a risk-averse household with a large mortgage, risky income, high default cost, or low moving probability. An inflation-indexed FRM can improve substantially on standard nominal mortgages. {\textcopyright} Oxford University Press 2001.}, - author = {Campbell, John Y. and Cocco, Jo{\~{a}}o F.}, - doi = {10.1162/003355303322552847}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Campbell, Cocco/Household risk management and optimal mortgage choice.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Campbell, Cocco/Household risk management and optimal mortgage choice.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Campbell, Cocco/Household risk management and optimal mortgage choice.pdf:pdf}, - issn = 00335533, - journal = {Quarterly Journal of Economics}, - month = {nov}, - number = 4, - pages = {1449--1494}, - publisher = {Oxford Academic}, - title = {{Household risk management and optimal mortgage choice}}, - url = {https://academic.oup.com/qje/article-abstract/118/4/1449/1925116 https://doi.org/10.1162/003355303322552847 https://academic.oup.com/qje/article-lookup/doi/10.1162/003355303322552847}, - volume = 118, - year = 2003 -} - -@article{Campbell2007, - abstract = {Housing is a major component of wealth. Since house prices fluctuate considerably over time, it is important to understand how these fluctuations affect households' consumption decisions. Rising house prices may stimulate consumption by increasing households' perceived wealth, or by relaxing borrowing constraints. This paper investigates the response of household consumption to house prices using UK micro data. We estimate the largest effect of house prices on consumption for older homeowners, and the smallest effect, insignificantly different from zero, for younger renters. This finding is consistent with heterogeneity in the wealth effect across these groups. In addition, we find that regional house prices affect regional consumption growth. Predictable changes in house prices are correlated with predictable changes in consumption, particularly for households that are more likely to be borrowing constrained, but this effect is driven by national rather than regional house prices and is important for renters as well as homeowners, suggesting that UK house prices are correlated with aggregate financial market conditions. {\textcopyright} 2006 Elsevier B.V. All rights reserved.}, - author = {Campbell, John Y. and Cocco, Jo{\~{a}}o F.}, - doi = {10.1016/j.jmoneco.2005.10.016}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Campbell, Cocco/How do house prices affect consumption Evidence from micro data.pdf:pdf}, - issn = 03043932, - journal = {Journal of Monetary Economics}, - keywords = {Borrowing constraints,Pseudo-panel,Wealth effect}, - month = {apr}, - number = 3, - pages = {591--621}, - publisher = {North-Holland}, - title = {{How do house prices affect consumption? Evidence from micro data}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0304393206001279 https://www.sciencedirect.com/science/article/pii/S0304393206001279?casa{\_}token=1daAiz9JDPMAAAAA:WUWcEQ1uzBodvDvQvljC2sVNs1g7skPUdRjTcnlaZRfBdh1N933gQv0qEyyqqL5M17atqDPb}, - volume = 54, - year = 2007 -} - -@article{ccMortgageDefault2013, - abstract = {In this paper, we solve a dynamic model of households' mortgage decisions incorporating labor income, house price, inflation, and interest rate risk. Using a zero-profit condition for mortgage lenders, we solve for equilibrium mortgage rates given borrower characteristics and optimal decisions. The model quantifies the effects of adjustable versus fixed mortgage rates, loan-to-value ratios, and mortgage affordability measures on mortgage premia and default. Mortgage selection by heterogeneous borrowers helps explain the higher default rates on adjustable-rate mortgages during the recent U.S. housing downturn, and the variation in mortgage premia with the level of interest rates.}, - author = {Campbell, John Y. and Cocco, Jo{\~{a}}o F.}, - doi = {10.1111/jofi.12252}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Campbell, Cocco/A Model of Mortgage Default.pdf:pdf}, - issn = 15406261, - journal = {Journal of Finance}, - keywords = {models-wanted}, - month = {aug}, - number = 4, - pages = {1495--1554}, - publisher = {Blackwell Publishing Ltd}, - title = {{A Model of Mortgage Default}}, - url = {http://doi.wiley.com/10.1111/jofi.12252 www.fhfa.gov. https://onlinelibrary.wiley.com/doi/10.1111/jofi.12252}, - volume = 70, - year = 2015 -} - -@article{Carroll2020, - author = {Carroll, Christopher}, - journal = {Think Forward Initiative}, - number = {https://www.thinkforwardinitiative.com/stories/optimal-financial-investments-over-the-life-cycle}, - title = {{Optimal Financial Investments Over the Life Cycle}}, - url = {https://www.thinkforwardinitiative.com/stories/optimal-financial-investments-over-the-life-cycle}, - year = 2020 -} - -@article{carroll1997a, - abstract = {This paper uses the Panel Study of Income Dynamics to provide some of the first direct evidence that wealth is systematically higher for consumers with predictably greater income uncertainty. However, the apparent pattern of precautionary wealth is not consistent with a standard parameterization of the life cycle model in which consumers are patient enough to begin saving for retirement early in life; wealth is estimated to be far less sensitive to uncertainty than implied by that model. Instead, our results suggest that over most of their working life time, consumers behave in accordance with the 'buffer-stock' models of saving described in Carroll (1992, 1997) or Deaton (1991), in which consumers hold wealth principally to insulate consumption against near-term fluctuations in income.}, - author = {Carroll, Christopher D. and Samwick, Andrew A.}, - doi = {10.1016/S0304-3932(97)00036-6}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Carroll, Samwick/The nature of precautionary wealth.pdf:pdf}, - issn = 03043932, - journal = {Journal of Monetary Economics}, - keywords = {Income uncertainty,Precautionary saving,Wealth}, - month = {sep}, - number = 1, - pages = {41--71}, - publisher = {Elsevier}, - title = {{The nature of precautionary wealth}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0304393297000366}, - volume = 40, - year = 1997 -} - -@incollection{catherine2019a, - abstract = {This paper presents a life-cycle model that incorporates the cyclical skewness of labor income shocks. Cyclical skewness can explain the limited stock market participation of households with modest financial wealth and the positive age trend in conditional equity shares. Structural estimation reveals that a relative risk aversion of 5 and a yearly participation cost of {\$}290 fits the US data. Omitting cyclical skewness leads to a three-fold overestimation of participation costs and generates a counterfactual decline of conditional equity shares. As its portfolio implications are smaller for wealthy households, cyclical skewness reduces aggregate demand for equity by only 15{\%}.}, - author = {Catherine, Sylvain}, - booktitle = {SSRN Electronic Journal}, - doi = {10.2139/ssrn.2778892}, - issn = {1556-5068}, - keywords = {D14,D91,G11,G12,H06,Household finance,Human capital,J24,Labor income risk,Life-cycle model,Portfolio choices,Simulated method of moments}, - title = {{Portfolio Choices Over the Life-Cycle and the Cyclical Skewness of Labor Income Shocks}}, - url = {http://www.ssrn.com/abstract=2778892}, - year = 2016 -} - -@incollection{chang2020a, - abstract = {This paper shows that the evolving likelihood of marriage and divorce is an essential factor in accounting for the changes in housing decisions over time in the United States. To quantify the importance of this channel, I build a life-cycle model of single and married households who face exogenous age-dependent marital transition shocks. I then estimate the parameters of the model by a limited information Bayesian method to match the moments from 1995's cross-section data. I conduct a decomposition analysis between 1970 and 1995, two years with similar real house prices but substantially different probabilities of marital transitions. I find that the change in the likelihood of marital transitions accounts for 29{\%} of the observed increase in the homeownership rate of singles. This portion is substantial given that the changes in downpayment requirements, earnings risk, and spousal labor productivity jointly replicate 45{\%} of the change. When the change in marital transitions is shut down, the marrieds' housing asset share increases, which is opposite to the data's pattern. Then I extend my analysis to study whether the ongoing change in marital transitions still plays a role in explaining housing decisions in recent years, which have seen dramatically changing house prices. In addition to other factors such as credit constraints, wages, and beliefs on price appreciation that are often suggested as drivers for homeownership increase during the housing boom in the mid-2000s, I show that the continuing decrease in marriage contributes to an approximately 7{\%} increase in the homeownership rate for young singles.}, - author = {Chang, Minsu}, - booktitle = {Working Paper}, - keywords = {divorce,homeownership,house prices,household formation,marriage,portfolio share}, - title = {{A House Without a Ring: The Role of Changing Marital Transitions for Housing Decisions}}, - url = {https://economics.sas.upenn.edu/system/files/2018-11/JMP{\_}MinsuChang.pdf}, - year = 2020 -} - -@article{chang2018a, - abstract = {The standard life-cycle models of household portfolio choice have difficulty generating a realistic age profile of risky share. These models not only imply a high risky share on average but also a steeply decreasing age profile, whereas the risky share is mildly increasing in the data. We introduce age-dependent, labor market uncertainty into an otherwise standard model. A great uncertainty in the labor market-high unemployment risk, frequent job turnovers, and an unknown career path-prevents young workers from taking too much risk in the financial market. As labor market uncertainty is resolved over time, workers start taking more risk in their financial portfolios.}, - author = {Chang, Yongsung and Hong, Jay H. and Karabarbounis, Marios}, - doi = {10.1257/mac.20160207}, - issn = 19457715, - journal = {American Economic Journal: Macroeconomics}, - month = {apr}, - number = 2, - pages = {222--262}, - title = {{Labor market uncertainty and portfolio choice puzzles}}, - url = {https://pubs.aeaweb.org/doi/10.1257/mac.20160207}, - volume = 10, - year = 2018 -} - -@article{Chetty2007, - abstract = {Many households devote a large fraction of their budgets to "consumption commitments" - goods that involve transaction costs and are infrequently adjusted. This paper characterizes risk preferences in an expected utility model with commitments. We show that commitments affect risk preferences in two ways: (1) they amplify risk aversion with respect to moderate-stake shocks, and (2) they create a motive to take large-payoff gambles. The model thus helps resolve two basic puzzles in expected utility theory: the discrepancy between moderate-stake and large-stake risk aversion and lottery playing by insurance buyers. We discuss applications of the model such as the optimal design of social insurance and tax policies, added worker effects in labor supply, and portfolio choice. Using event studies of unemployment shocks, we document evidence consistent with the consumption adjustment patterns implied by the model.}, - author = {Chetty, R. A.J. and Szeidl, Adam}, - doi = {10.1162/qjec.122.2.831}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Chetty, Szeidl/Consumption commitments and risk preferences.pdf:pdf}, - issn = 00335533, - journal = {Quarterly Journal of Economics}, - month = {may}, - number = 2, - pages = {831--877}, - publisher = {Oxford Academic}, - title = {{Consumption commitments and risk preferences}}, - url = {https://academic-oup-com.proxy.lib.ohio-state.edu/qje/article/122/2/831/1942152 https://academic.oup.com/qje/article-lookup/doi/10.1162/qjec.122.2.831 https://academic.oup.com/qje/article/122/2/831/1942152}, - volume = 122, - year = 2007 -} - -@article{Chetty2017, - abstract = {We show that characterizing the effects of housing on portfolios requires distinguishing between the effects of home equity and mortgage debt. We isolate exogenous variation in home equity and mortgages by using differences across housing markets in house prices and housing supply elasticities as instruments. Increases in property value (holding home equity constant) reduce stockholdings, while increases in home equity wealth (holding property value constant) raise stockholdings. The stock share of liquid wealth would rise by 1 percentage point—6{\%} of the mean stock share—if a household were to spend 10{\%} less on its house, holding fixed wealth.}, - author = {CHETTY, RAJ and S{\'{A}}NDOR, L{\'{A}}SZL{\'{O}} and SZEIDL, ADAM}, - doi = {10.1111/jofi.12500}, - file = {:C$\backslash$:/Users/alujan/Mendeley/CHETTY, S{\'{A}}NDOR, SZEIDL/The Effect of Housing on Portfolio Choice.pdf:pdf}, - issn = {0022-1082}, - journal = {The Journal of Finance}, - keywords = {Denis Foug{\`{e}}re,Mathilde Poulhes,SSRN,The Effect of Housing on Portfolio Choice: A Reapp,housing,mortgage debt,portfolio choice,property value}, - month = {jun}, - number = 3, - pages = {1171--1212}, - publisher = {John Wiley {\&} Sons, Ltd}, - title = {{The Effect of Housing on Portfolio Choice}}, - url = {https://papers-ssrn-com.proxy.lib.ohio-state.edu/abstract=2210182 https://onlinelibrary.wiley.com/doi/10.1111/jofi.12500 https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.12500?casa{\_}token=GU67UwFgKksAAAAA:jS2fO4QbWscL3lzURZivZ842OFL{\_}5munFQjBvKHtBtuSwkf}, - volume = 72, - year = 2017 -} - -@article{fratantoni1998homeownership, - abstract = {This study examines how housing influences households' risky asset holdings in multiple European countries, using the 2004 Survey of Health, Ageing and Retirement in Europe (SHARE) data set. This research provides three major findings. First, homeowners in bank-based economies have a significantly lower probability of participating in the stock market, whereas in market-based economies, homeownership has no significant impact on this probability. Second, homeowners tend to invest a lower share of their financial assets in stocks compared to renters. Third, households with a higher home value to wealth ratio invest a lower share of financial assets in stocks in countries with more developed mortgage markets. In contrast, in countries with underdeveloped mortgage markets, households with a higher home value to wealth ratio invest a larger share of financial assets in stocks. The results of this study suggest that recognizing differences in financial market structures is crucial to understanding the relationship between housing investment and stock investment.}, - author = {Cho, Insook}, - doi = {10.5539/res.v6n4p254}, - issn = 19187181, - journal = {Review of European Studies}, - keywords = {Homeownership,Household portfolio,Risky asset holdings,SHARE}, - number = 4, - pages = {254--267}, - publisher = {Elsevier}, - title = {{Homeownership and investment in risky assets in Europe}}, - volume = 6, - year = 2014 -} - -@article{ChristianoEtAl2015, - abstract = {We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to financial frictions. We reach this conclusion by looking through the lens of an estimated New Keynesian model in which firms face moderate degrees of price rigidities, no nominal rigidities in wages, and a binding zero lower bound constraint on the nominal interest rate. Our model does a good job of accounting for the joint behavior of labor and goods markets, as well as inflation, during the Great Recession. According to the model the observed fall in total factor productivity and the rise in the cost of working capital played critical roles in accounting for the small drop in inflation that occurred during the Great Recession.}, - author = {Christiano, Lawrence J. and Eichenbaum, Martin S. and Trabandt, Mathias}, - doi = {10.1257/mac.20140104}, - issn = 19457715, - journal = {American Economic Journal: Macroeconomics}, - month = {jan}, - number = 1, - pages = {110--167}, - title = {{Understanding the great recession}}, - url = {https://pubs.aeaweb.org/doi/10.1257/mac.20140104}, - volume = 7, - year = 2015 -} - -@article{Cocco2004rfs, - abstract = {I show that investment in housing plays a crucial role in explaining the patterns of cross-sectional variation in the composition of wealth and the level of stockholdings observed in portfolio composition data. Due to investment in housing, younger and poorer investors have limited financial wealth to invest in stocks, which reduces the benefits of equity market participation. House price risk crowds out stockholdings, and this crowding out effect is larger for low financial net-worth. In the model as in the data leverage is positively correlated with stockholdings. {\textcopyright} 2004 The Society for Financial Studies; all rights reserved.}, - author = {Cocco, Jo{\~{a}}o F.}, - doi = {10.1093/rfs/hhi006}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Cocco/Portfolio choice in the presence of housing.pdf:pdf}, - issn = 08939454, - journal = {Review of Financial Studies}, - month = {jun}, - number = 2, - pages = {535--567}, - publisher = {Oxford Academic}, - title = {{Portfolio choice in the presence of housing}}, - url = {https://academic.oup.com/rfs/article-abstract/18/2/535/1599873 https://doi.org/10.1093/rfs/hhi006 https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/hhi006}, - volume = 18, - year = 2005 -} - -@article{Cocco2005, - abstract = {This article solves a realistically calibrated life cycle model of consumption and portfolio choice with non-tradable labor income and borrowing constraints. Since labor income substitutes for riskless asset holdings, the optimal share invested in equities is roughly decreasing over life. We compute a measure of the importance of human capital for investment behavior. We find that ignoring labor income generates large utility costs, while the cost of ignoring only its risk is an order of magnitude smaller, except when we allow for a disastrous labor income shock. Moreover, we study the implications of introducing endogenous borrowing constraints in this incomplete-markets setting. {\textcopyright} 2005 The Society for Financial Studies; all rights reserved.}, - author = {Cocco, Jo{\~{a}}o F. and Gomes, F. J. and Maenhout, Pascal J.}, - doi = {10.1093/rfs/hhi017}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Cocco, Gomes, Maenhout/Consumption and Portfolio Choice over the Life Cycle.pdf:pdf}, - issn = 08939454, - journal = {Review of Financial Studies}, - month = {jun}, - number = 2, - pages = {491--533}, - publisher = {Oxford Academic}, - title = {{Consumption and portfolio choice over the life cycle}}, - url = {https://academic.oup.com/rfs/article/18/2/491/1599892 https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/hhi017 https://academic-oup-com.proxy.lib.ohio-state.edu/rfs/article/18/2/491/1599892 https://academic.oup.com/rfs/article-abstract/18/2/491/}, - volume = 18, - year = 2005 -} - -@article{cooper2016a, - abstract = {This paper studies household financial choices: why are these decisions dependent on the education level of the household? A life-cycle model is constructed to understand a rich set of facts about decisions of households with different levels of educational attainment regarding stock market participation, the stock share in wealth, the stock adjustment rate and the wealth-income ratio. Model parameters, including preferences, the costs of stock market participation and portfolio adjustment, are estimated to match financial decisions by different education groups. Based on the estimated model, education affects household finance mainly through increased average income. The estimation also finds evidence that higher educational attainment is associated with a lower stock market entry cost and a larger discount factor. Education specific differences in income risks, medical expenses, mortality risks and the life-cycle pattern of income explain relatively little of the observed differences in household financial choices.}, - author = {Cooper, Russell and Zhu, Guozhong}, - doi = {10.1016/j.red.2015.12.001}, - issn = 10942025, - journal = {Review of Economic Dynamics}, - keywords = {Household finance,Life-cycle choices,Role of education}, - month = {apr}, - pages = {63--89}, - title = {{Household finance over the life-cycle: What does education contribute?}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S1094202515000721}, - volume = 20, - year = 2016 -} - -@article{Corbae2015, - abstract = {How much of the foreclosure crisis can be explained by the large number of high-leverage mortgages originated during the housing boom? In our model, heterogeneous households select from mortgages with different down payments and choose whether to default given income and housing shocks. The use of low–down payment loans is initially limited by payment-to-income requirements but becomes unrestricted during the boom. The model approximates key housing andmortgagemarket facts before and after the crisis. A counterfactual experiment suggests that the increased number of high-leverage loans originated prior to the crisis can explain over 60 percent of the rise in foreclosure rates.}, - author = {Corbae, Dean and Quintin, Erwan}, - doi = {10.1086/677349}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Corbae, Quintin/Leverage and the foreclosure crisis.pdf:pdf}, - issn = {1537534X}, - journal = {Journal of Political Economy}, - keywords = {models-wanted}, - month = {feb}, - number = 1, - pages = {1--65}, - publisher = {University of Chicago Press}, - title = {{Leverage and the foreclosure crisis}}, - url = {https://www.journals.uchicago.edu/doi/10.1086/677349}, - volume = 123, - year = 2015 -} - -@article{Corradin2014, - abstract = {We develop and solve a model of optimal portfolio choice with transaction costs and predictability in house prices. We model house prices using a process with a time-varying expected growth rate. Housing adjustments are infrequent and characterized by both the wealth-to-housing ratio and the expected growth in house prices. We find that the housing portfolio share immediately after moving to a more valuable house is higher during periods of high expected growth in house prices. We also find that the share of wealth invested in risky assets is lower during periods of high expected growth in house prices. Finally, the decrease in risky portfolio holdings for households moving to a more valuable house is greater in high-growth periods. These findings are robust to tests using household-level data from the Panel Study of Income Dynamics (PSID) and Survey of Income and Program Participation (SIPP) surveys. The coefficients obtained using model-simulated data are consistent with those obtained in the empirical tests. {\textcopyright} 2013 The Author.}, - author = {Corradin, Stefano and Fillat, Jos{\'{e}} L. and Vergara-Alert, Carles}, - doi = {10.1093/rfs/hht062}, - issn = 08939454, - journal = {Review of Financial Studies}, - month = {mar}, - number = 3, - pages = {823--880}, - publisher = {Oxford Academic}, - title = {{Optimal portfolio choice with predictability in house prices and transaction costs}}, - url = {https://academic-oup-com.proxy.lib.ohio-state.edu/rfs/article/27/3/823/1579904 https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/hht062}, - volume = 27, - year = 2014 -} - -@article{dahlquist2018a, - abstract = {We characterize the optimal default fund in a defined contribution (DC) pension plan. Using detailed data on individuals' holdings inside and outside the pension system, we find substantial heterogeneity within and between passive and active investors in terms of labor income, financial wealth, and stock market participation. We build a life-cycle consumption-savings model, with a DC pension account and an opt-out/default choice, that produces realistic investor heterogeneity. Relative to a common age-based allocation, implementing the optimal default asset allocation implies a welfare gain of 1.5{\%} during retirement. Much of the gain is attainable with a simple rule of thumb.}, - annote = {Forthcomin}, - author = {Dahlquist, Magnus and Setty, Ofer and Vestman, Roine}, - doi = {10.1111/jofi.12697}, - issn = 15406261, - journal = {Journal of Finance}, - month = {aug}, - number = 4, - pages = {1893--1936}, - title = {{On the Asset Allocation of a Default Pension Fund}}, - url = {https://onlinelibrary.wiley.com/doi/10.1111/jofi.12697}, - volume = 73, - year = 2018 -} - -@techreport{Daruich2018, - abstract = {To study long-run large-scale early childhood policies, this paper incorporates early childhood investments into a standard general-equilibrium (GE) heterogeneous-agent overlapping-generations model. Aer estimating it using US data, we show that an RCT evaluation of a short-run small-scale early childhood program in the model predicts eects on children's education and income that are similar to the empirical evidence. A long-run large-scale program, however, yields twice as large welfare gains, even aer considering GE and taxation eects. Key to this dierence is that investing in a child not only improves her skills but also creates a beer parent for the next generation.}, - address = {St. Louis, MO, USA}, - author = {Daruich, Diego}, - booktitle = {Ssrn}, - doi = {10.20955/wp.2018.029}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Daruich/The Macroeconomic Consequences of Early Childhood Development Policies.pdf:pdf}, - institution = {Federal Reserve Bank of St. Louis}, - issn = {1556-5068}, - keywords = {Inequality,early childhood development,intergenerational mobility}, - month = {oct}, - number = {2018-29}, - title = {{The Macroeconomic Consequences of Early Childhood Development Policies}}, - url = {https://papers-ssrn-com.proxy.lib.ohio-state.edu/abstract=3265081 https://research.stlouisfed.org/wp/more/2018-029}, - year = 2018 -} - -@article{davis2008a, - abstract = {We construct a quarterly time series of the rent-price ratio for the aggregate stock of owner-occupied housing in the United States, starting in 1960, by merging micro data from the last five Decennial Censuses of Housing surveys with price indexes for house prices and rents. We show that the rent-price ratio ranged between 5 and 5.5 percent between 1960 and 1995, but rapidly declined after 1995. By year-end 2006, the rent-price ratio reached a historic low of 3.5 percent. For the rent-price ratio to return to its historical average over, say, the next five years, house prices likely would have to fall considerably. {\textcopyright} International Association for Research in Income and Wealth 2008.}, - author = {Davis, Morris A. and Lehnert, Andreas and Martin, Robert F.}, - doi = {10.1111/j.1475-4991.2008.00274.x}, - issn = 00346586, - journal = {Review of Income and Wealth}, - month = {jun}, - number = 2, - pages = {279--284}, - title = {{The rent-price ratio for the aggregate stock of owner-occupied housing}}, - url = {https://onlinelibrary.wiley.com/doi/10.1111/j.1475-4991.2008.00274.x}, - volume = 54, - year = 2008 -} - -@article{DeNardi2019, - abstract = {Earnings dynamics are much richer than typically assumed in macro models with heterogeneous agents. This holds for individual-pre-tax and household-post-tax earnings and across administrative and survey data. We estimate two alternative processes for household after-tax earnings and study their implications using a standard life-cycle model. Both processes feature a persistent and a transitory component, but although the first one is the canonical linear process with stationary shocks, the second one has substantially richer earnings dynamics, allowing for age-dependence of moments, non-normality, and nonlinearity in previous earnings and age. Allowing for richer earnings dynamics implies a substantially better fit of the evolution of cross-sectional consumption inequality over the life cycle and of the individual-level degree of consumption insurance against persistent earnings shocks. The richer earnings process implies lower welfare costs of earnings risk.}, - author = {{De Nardi}, Mariacristina and Fella, Giulio and Paz-Pardo, Gonzalo}, - doi = {10.1093/jeea/jvz010}, - file = {:C$\backslash$:/Users/alujan/Mendeley/de Nardi, Fella, Paz Pardo/Nonlinear Household Earnings Dynamics, Self-Insurance, and Welfare.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/De Nardi, Fella, Paz-Pardo/Nonlinear Household Earnings Dynamics, Self-Insurance, and Welfare.pdf:pdf}, - issn = 15424774, - journal = {Journal of the European Economic Association}, - month = {apr}, - number = 2, - pages = {890--926}, - publisher = {Oxford University Press (OUP)}, - title = {{Nonlinear Household Earnings Dynamics, Self-Insurance, and Welfare}}, - url = {https://academic.oup.com/jeea/advance-article/doi/10.1093/jeea/jvz010/5421188 https://academic.oup.com/jeea/article/18/2/890/5421188}, - volume = 18, - year = 2020 -} - -@article{beaubrun-diant2016a, - abstract = {In this study, we empirically analyze the simultaneous decisions of households to participate in the stock market and/or own their home. A vast literature stream exists on decisions to buy or rent a home, and many contributions report the low participation rate of American households in the US stock market. Numerous authors have also provided evidence that home tenure (modeled as an exogenous variable) affects the share of household portfolios held as stocks. However, the present study is the first to allow decisions on homeownership and stockholding to be simultaneous and endogenous. We use a dynamic bivariate logistic panel data model on the Panel Study of Income Dynamics data from 1999 to 2007, controlling for sample selection bias and time-invariant unobserved heterogeneity. These estimates allow us to simulate the individual paths of homeownership and stockholding status over whole life cycles, according to household characteristics. Ceteris paribus, we show that households acquiring one asset (either home or stocks) acquire the other at an earlier stage in their life cycles, implying that some households become trapped in a no-stockholding, renting position.}, - author = {{E. Beaubrun-Diant}, Kevin and Maury, Tristan Pierre}, - doi = {10.1016/j.jhe.2016.03.002}, - file = {:C$\backslash$:/Users/alujan/Mendeley/E. Beaubrun-Diant, Maury/Home tenure, stock market participation, and composition of the household portfolio.pdf:pdf}, - issn = 10960791, - journal = {Journal of Housing Economics}, - keywords = {Bivariate logistic model,Housing,Portfolio choices,Stock market participation}, - month = {jun}, - pages = {1--17}, - publisher = {Academic Press}, - title = {{Home tenure, stock market participation, and composition of the household portfolio}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S1051137716000061}, - volume = 32, - year = 2016 -} - -@article{fagereng2017a, - abstract = {Using error-free data on life-cycle portfolio allocations of a large sample of Norwegian households, we document a double adjustment as households age: a rebalancing of the portfolio composition away from stocks as they approach retirement and stock market exit after retirement. When structurally estimating an extended life-cycle model, the parameter combination that best fits the data is one with a relatively large risk aversion, a small per-period participation cost, and a yearly probability of a large stock market loss in line with the frequency of stock market crashes in Norway.}, - author = {Fagereng, Andreas and Gottlieb, Charles and Guiso, Luigi}, - doi = {10.1111/jofi.12484}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Fagereng, Gottlieb, Guiso/Asset Market Participation and Portfolio Choice over the Life-Cycle.pdf:pdf}, - issn = 15406261, - journal = {Journal of Finance}, - month = {apr}, - number = 2, - pages = {705--750}, - publisher = {Blackwell Publishing Ltd}, - title = {{Asset Market Participation and Portfolio Choice over the Life-Cycle}}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.12484?casa{\_}token=KDIfnuh{\_}kzMAAAAA:DN09HtE5tF4YdX6f2Udy9m0y8Uxz7d8AlSTGGQ2PLUEqBZuWhlPRWchfyp2FG{\_}IwnIXSHQD8xqWY6R1s https://onlinelibrary.wiley.com/doi/10.1111/jofi.12484}, - volume = 72, - year = 2017 -} - -@article{Favilukis2017, - abstract = {This paper studies a quantitative general equilibrium model of housing. The model has two key elements not previously considered in existing quantitative macro studies of housing finance: aggregate business cycle risk and a realistic wealth distribution driven in the model by bequest heterogeneity in preferences. These features of the model play a crucial role in the following results. First, a relaxation of financing constraints leads to a large boomin house prices. Second, the boom in house prices is entirely the result of a decline in the housing risk premium. Third, low interest rates cannot explain high home values.}, - author = {Favilukis, Jack and Ludvigson, Sydney C. and {Van Nieuwerburgh}, Stijn}, - doi = {10.1086/689606}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Favilukis, Ludvigson, Van Nieuwerburgh/The macroeconomic effects of housing wealth, housing finance, and limited risk sharing in general equilibrium.pdf:pdf}, - issn = {1537534X}, - journal = {Journal of Political Economy}, - month = {feb}, - number = 1, - pages = {140--223}, - publisher = {University of Chicago Press}, - title = {{The macroeconomic effects of housing wealth, housing finance, and limited risk sharing in general equilibrium}}, - url = {https://www.journals.uchicago.edu/doi/10.1086/689606}, - volume = 125, - year = 2017 -} - -@article{Fernandez-Villaverde2011, - abstract = {In this paper we investigate whether a standard life-cycle model in which households purchase nondurable consumption and consumer durables and face idiosyncratic income and mortality risk as well as endogenous borrowing constraints can account for two key patterns of consumption and asset holdings over the life cycle. First, consumption expenditures on both durable and nondurable goods are hump-shaped. Second, young households keep very few liquid assets and hold most of their wealth in consumer durables. In our model durables play a dual role: they both provide consumption services and act as collateral for loans. A plausibly parameterized version of the model predicts that the interaction of consumer durables and endogenous borrowing constraints induces durables accumulation early in life and higher consumption of nondurables and accumulation of financial assets later in the life cycle, of an order of magnitude consistent with observed data. {\textcopyright} 2011 Cambridge University Press.}, - author = {Fern{\'{a}}ndez-Villaverde, Jes{\'{u}}s and Krueger, Dirk}, - doi = {10.1017/S1365100510000180}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Fern{\'{a}}ndez-Villaverde, Krueger/Consumption and saving over the life cycle How important are consumer durables.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Fern{\'{a}}ndez-Villaverde, Krueger/Consumption and saving over the life cycle How important are consumer durables(2).pdf:pdf}, - issn = 13651005, - journal = {Macroeconomic Dynamics}, - keywords = {Consumer Durables,Consumption and Saving,Life Cycle}, - month = {nov}, - number = 5, - pages = {725--770}, - publisher = {Koeniger}, - title = {{Consumption and saving over the life cycle: How important are consumer durables?}}, - url = {https://doi.org/10.1017/S1365100510000180 https://www.cambridge.org/core/product/identifier/S1365100510000180/type/journal{\_}article https://www.cambridge.org/core/journals/macroeconomic-dynamics/article/consumption-and-saving-over-the-life-cycle-how-import}, - volume = 15, - year = 2011 -} - -@article{Fischer2013a, - abstract = {In recent decades U.S. households have experienced residential house prices moving persistently, that is, returns being positively serially correlated. We set up a realistically calibrated life cycle model with slow-moving time variation in expected housing returns, showing that not only age, labor income, and pre-existing housing wealth but also the state of the housing market significantly affect household decisions. Consistently with the data, the model predicts that in good states of housing market cycles (1) homeownership rates increase, (2) households buying homes invest a larger share of their net worth in their home, and (3) these households lever up more. {\textcopyright} 2013 The Author.}, - author = {Fischer, Marcel and Stamos, Michael Z.}, - doi = {10.1093/rfs/hht010}, - issn = 08939454, - journal = {Review of Financial Studies}, - number = 9, - pages = {2311--2352}, - title = {{Optimal life cycle portfolio choice with housing market cycles}}, - url = {https://academic.oup.com/rfs/article-abstract/26/9/2311/1661950}, - volume = 26, - year = 2013 -} - -@article{Flavin2008, - author = {Flavin, Marjorie and Nakagawa, Shinobu}, - doi = {10.1257/aer.98.1.474}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Flavin, Nakagawa/A model of housing in the presence of adjustment costs A structural interpretation of habit persistence.pdf:pdf}, - issn = 00028282, - journal = {American Economic Review}, - month = {mar}, - number = 1, - pages = {474--495}, - title = {{A model of housing in the presence of adjustment costs: A structural interpretation of habit persistence}}, - url = {https://www.aeaweb.org/articles?id=10.1257/aer.98.1.474}, - volume = 98, - year = 2008 -} - -@article{flavin2002owner, - author = {Flavin, Marjorie and Yamashita, Takashi}, - doi = {10.1257/000282802760015775}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Flavin, Yamashita/Owner-occupied housing and the composition of the household portfolio.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Flavin, Yamashita/Owner-occupied housing and the composition of the household portfolio(2).pdf:pdf}, - issn = 00028282, - journal = {American Economic Review}, - keywords = {Investment Decisions,Portfolio Choice,Real Estate,Regional,Rural,Urban,and Transport,and Transportation Economics: Housing Demand}, - month = {feb}, - number = 1, - pages = {345--362}, - title = {{Owner-occupied housing and the composition of the household portfolio}}, - url = {https://pubs.aeaweb.org/doi/10.1257/000282802760015775}, - volume = 92, - year = 2002 -} - -@article{gianetti2016a, - abstract = {We show that, after the revelation of corporate fraud in a state, household stock market participation in that state decreases. Households decrease holdings in fraudulent as well as nonfraudulent firms, even if they do not hold stocks in fraudulent firms. Within a state, households with more lifetime experience of corporate fraud hold less equity. Following the exogenous increase in fraud revelation due to Arthur Andersen's demise, states with more Arthur Andersen clients experience a larger decrease in stock market participation. We provide evidence that the documented effect is likely to reflect a loss of trust in the stock market.}, - author = {Giannetti, Mariassunta and Wang, Tracy Yue}, - doi = {10.1111/jofi.12399}, - issn = 15406261, - journal = {Journal of Finance}, - month = {dec}, - number = 6, - pages = {2591--2636}, - title = {{Corporate Scandals and Household Stock Market Participation}}, - url = {https://onlinelibrary.wiley.com/doi/10.1111/jofi.12399}, - volume = 71, - year = 2016 -} - -@article{Gomes2020a, - abstract = {Life-cycle portfolio choice models capture the role of human capital, housing, borrowing constraints, background risk, and several other crucial ingredients for determining the savings and investment decisions of households. Over the last two decades, this literature has provided us with multiple insights regarding the asset allocation decisions of individual investors. This article provides a critical survey of this research and suggests directions for future research, namely incorporating additional forms of household heterogeneity.}, - author = {Gomes, Francisco}, - doi = {10.1146/annurev-financial-012820-113815}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Gomes/Portfolio Choice over the Life Cycle A Survey.pdf:pdf}, - issn = 19411375, - journal = {Annual Review of Financial Economics}, - keywords = {Life-cycle models,household fnance,portfolio choice}, - month = {nov}, - number = 1, - pages = {277--304}, - publisher = {Annual Reviews Inc.}, - title = {{Portfolio Choice over the Life Cycle: A Survey}}, - url = {https://www.annualreviews.org/doi/10.1146/annurev-financial-012820-113815 https://www.annualreviews.org/doi/abs/10.1146/annurev-financial-012820-113815?casa{\_}token=kKU56tH9xCcAAAAA:C23{\_}AREuua8ittBL9s2Cz{\_}mjcTdLrUatAUWVT6ObqQOk26IZgPeCzFWhZGMQcLAZ0gMEm8NjnHy}, - volume = 12, - year = 2020 -} - -@article{Gomes2021, - abstract = {Household financial decisions are complex, interdependent, and heterogeneous, and central to the functioning of the financial system. We present an overview of the rapidly expanding literature on household finance (with some important exceptions) and suggest directions for future research. We begin with the theory and empirics of asset market participation and asset allocation over the life cycle. We then discuss household choices in insurance markets, trading behavior, decisions on retirement saving, and financial choices by retirees. We survey research on liabilities, including mortgage choice, refinancing, and default, and household behavior in unsecured credit markets, including credit cards and payday lending. We then connect the household to its social environment, including peer effects, cultural and hereditary factors, intra-household financial decision-making, financial literacy, cognition, and educational interventions. We also discuss literature on the provision and consumption of financial advice.}, - author = {Gomes, Francisco and Haliassos, Michael and Ramadorai, Tarun}, - doi = {10.1257/JEL.20201461}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Gomes, Haliassos, Ramadorai/Household finance.pdf:pdf}, - issn = 00220515, - journal = {Journal of Economic Literature}, - number = 3, - pages = {919--1000}, - title = {{Household finance}}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.2006.00883.x?casa{\_}token=AcXdIiF0xUwAAAAA:n0jGvt3yuZDX82XbGCkRzplLqX8bkxQE{\_}6N-ilg3KK-IIu1OUjRJ{\_}ibcT2iJyJVbKyTK7AMxTFjO1Q}, - volume = 59, - year = 2021 -} - -@article{gomes2005optimal, - abstract = {We show that a life-cycle model with realistically calibrated uninsurable labor income risk and moderate risk aversion can simultaneously match stock market participation rates and asset allocation decisions conditional on participation. The key ingredients of the model are Epstein-Zin preferences, a fixed stock market entry cost, and moderate heterogeneity in risk aversion, Households with low risk aversion smooth earnings shocks with a small buffer stock of assets, and consequently most of them (optimally) never invest in equities. Therefore, the marginal stockholders are (endogenously) more risk averse, and as a result they do not invest their portfolios fully in stocks.}, - author = {Gomes, Francisco and Michaelides, Alexander}, - doi = {10.1111/j.1540-6261.2005.00749.x}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Gomes, Michaelides/Optimal life-cycle asset allocation Understanding the empirical evidence.pdf:pdf}, - issn = 00221082, - journal = {Journal of Finance}, - month = {apr}, - number = 2, - pages = {869--904}, - publisher = {Wiley Online Library}, - title = {{Optimal life-cycle asset allocation: Understanding the empirical evidence}}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.2005.00749.x?casa{\_}token=j9jxue{\_}38O8AAAAA:484h6aUZ0araTdmUsX4XyNfhZhQUoEm6bYcKTT0u7r8cmZwKoo{\_}zu2ffIvHhDDF94Fd{\_}ixWlS8BcRA https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.2005.00749.x?ca}, - volume = 60, - year = 2005 -} - -@article{Gomes2008, - abstract = {We develop a model with incomplete markets and heterogeneous agents that generates a large equity premium, while simultaneously matching stock market participation and individual asset holdings. The high risk-premium is driven by incomplete risk sharing among stockholders, which results from the combination of aggregate uncertainty, borrowing constraints, and a (realistically) calibrated life-cycle earnings profile subject to idiosyncratic shocks. We show that it is challenging to simultaneously match asset pricing moments and individual portfolio decisions, while limited participation has a negligible impact on the risk-premium, contrary to the results of models where it is imposed exogenously. (JEL G11, G12) {\textcopyright} The Author 2007.}, - author = {Gomes, Francisco and Michaelides, Alexander}, - doi = {10.1093/rfs/hhm063}, - issn = 08939454, - journal = {Review of Financial Studies}, - number = 1, - pages = {415--448}, - title = {{Asset pricing with limited risk sharing and heterogeneous agents}}, - url = {https://academic.oup.com/rfs/article-abstract/21/1/415/1576121}, - volume = 21, - year = 2008 -} - -@techreport{Greenwald2018, - abstract = {I investigate how the structure of the mortgage market influences macroeconomic dynamics, using a general equilibrium framework with prepayable debt and a limit on the ratio of mortgage payments to income — features that prove essential to reproducing observed debt dynamics. The resulting environment amplifies transmission from interest rates into debt, house prices, and economic activity. Monetary policy more easily stabilizes inflation, but contributes to larger fluctuations in credit growth. A relaxation of payment-to-income standards appears vital for explaining the recent boom. A cap on payment-to-income ratios, not loan-to-value ratios, is the more effective macroprudential policy for limiting boom-bust cycles.}, - annote = {tex.volume:}, - author = {Greenwald, Daniel L.}, - booktitle = {SSRN Electronic Journal}, - doi = {10.2139/ssrn.2735491}, - institution = {Massachusetts Institute of Technology (MIT) - Sloan School of Management}, - issn = {1556-5068}, - title = {{The Mortgage Credit Channel of Macroeconomic Transmission}}, - type = {Working {\{}Paper{\}}}, - url = {http://www.ssrn.com/abstract=2735491}, - year = 2016 -} - -@techreport{GreenwaldEtAl2018, - abstract = {Shared Appreciation Mortgages (SAMs) feature mortgage payments that adjust with house prices. These mortgage contracts are designed to stave off home owner default by providing payment relief in the wake of a large house price shock. SAMs have been hailed as an innovative solution that could prevent the next foreclosure crisis, act as a work-out tool during a crisis, and alleviate fiscal pressure during a downturn. They have inspired Fintech companies to offer home equity contracts. However, the home owner's gains are the mortgage lender's losses. A general equilibrium model with financial intermediaries who channel savings from saver households to borrower households shows that indexation of mortgage payments to aggregate house prices increases financial fragility, reduces risk sharing, and leads to expensive financial sector bailouts. In contrast, indexation to local house prices reduces financial fragility and improves risk-sharing. The two types of indexation have opposite implications for wealth inequality.}, - author = {Greenwald, Daniel L. and Landvoigt, Tim and {Van Nieuwerburgh}, Stijn}, - booktitle = {SSRN Electronic Journal}, - doi = {10.2139/ssrn.3069621}, - institution = {MIT Sloan}, - issn = {1556-5068}, - month = {nov}, - number = {5261-17}, - title = {{Financial Fragility with SAM?}}, - type = {Reserch {\{}Paper{\}}}, - url = {https://www.ssrn.com/abstract=3069621}, - year = 2017 -} - -@article{grossman1987asset, - abstract = {We analyze a model of optimal consumption and portfolio selection in which consumption services are generated by holding a durable good. The durable good is illiquid in that a transaction cost must be paid when the good is sold. It is shown that optimal consumption is not a smooth function of wealth; it is optimal for the consumer to wait until a large change in wealth occurs before adjusting his consumption. As a consequence, the consumption based capital asset pricing model fails to hold. Nevertheless, it is shown that the standard, one factor, market portfolio based capital asset pricing model does hold in this environment. It is shown that the optimal durable level is characterized by three numbers (not random variables), say x, y, and z (where {\textless}latex{\textgreater}{\$}x {\textless} y {\textless} z{\$}{\textless}/latex{\textgreater}). The consumer views the ratio of consumption to wealth (c/W) as his state variable. If this ratio is between x and z, then he does not sell the durable. If c/W is less than x or greater than z, then he sells his durable and buys a new durable of size S so that S/W = y. Thus y is his "target" level of c/W. If the stock market moves up enough so that c/W falls below x, then he sells his small durable to buy a larger durable. However, there will be many changes in the value of his wealth for which c/W stays between x and z, and thus consumption does not change. Numerical simulations show that small transactions costs can make consumption changes occur very infrequently. Further, the effect of consumption transactions costs on the demand for risky assets is substantial.}, - author = {Grossman, Sanford J. and Laroque, Guy}, - doi = {10.2307/2938333}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Grossman, Laroque/Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Grossman, Laroque/Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods(2).pdf:pdf}, - issn = 00129682, - journal = {Econometrica}, - month = {jan}, - number = 1, - pages = 25, - publisher = {National Bureau of Economic Research Cambridge, Mass., USA}, - title = {{Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods}}, - url = {https://www.jstor.org/stable/2938333?origin=crossref https://www.nber.org/papers/w2369}, - volume = 58, - year = 1990 -} - -@article{glLiquidity2017, - abstract = {We study the effects of a credit crunch on consumer spending in a heterogeneous-agent incomplete-market model. After an unexpected permanent tightening in consumers' borrowing capacity, constrained consumers are forced to repay their debt, and unconstrained consumers increase their precautionary savings. This depresses interest rates, especially in the short run, and generates an output drop, even with flexible prices. The output drop is larger with sticky prices, if the zero lower bound prevents the interest rate from adjusting downward. Adding durable goods to the model, households take larger debt positions and the output response can be larger.}, - author = {Guerrieri, Veronica and Lorenzoni, Guido}, - doi = {10.1093/qje/qjx005}, - issn = 15314650, - journal = {Quarterly Journal of Economics}, - keywords = {models-wanted}, - month = {aug}, - number = 3, - pages = {1427--1467}, - title = {{Credit crises, precautionary savings, and the liquidity trap}}, - url = {https://academic.oup.com/qje/article/132/3/1427/3071924}, - volume = 132, - year = 2017 -} - -@article{guiso2008a, - abstract = {We study the effect that a general lack of trust can have on stock market participation. In deciding whether to buy stocks, investors factor in the risk of being cheated. The perception of this risk is a function of the objective characteristics of the stocks and the subjective characteristics of the investor. Less trusting individuals are less likely to buy stock and, conditional on buying stock, they will buy less. In Dutch and Italian micro data, as well as in cross-country data, we find evidence consistent with lack of trust being an important factor in explaining the limited participation puzzle. {\textcopyright} 2008 The American Finance Association.}, - author = {Guiso, Luigi and Sapienza, Paola and Zingales, Luigi}, - doi = {10.1111/j.1540-6261.2008.01408.x}, - issn = 00221082, - journal = {Journal of Finance}, - month = {dec}, - number = 6, - pages = {2557--2600}, - title = {{Trusting the stock market}}, - url = {https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.2008.01408.x}, - volume = 63, - year = 2008 -} - -@incollection{Guiso2013, - abstract = {Household finance-the normative and positive study of how households use financial markets to achieve their objectives-has gained a lot of attention over the past decade and has become a field with its own identity, style, and agenda. In this chapter we review its evolution and most recent developments. {\textcopyright} 2013 Elsevier B.V.}, - author = {Guiso, Luigi and Sodini, Paolo}, - booktitle = {Handbook of the Economics of Finance}, - doi = {10.1016/B978-0-44-459406-8.00021-4}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Guiso, Sodini/Household Finance An Emerging Field.pdf:pdf}, - issn = 15740102, - keywords = {Consumer financial regulation,Debt decision,Financial literacy,Financial mistakes,Household finance,Portfolio allocation}, - number = {PB}, - pages = {1397--1532}, - title = {{Household Finance: An Emerging Field}}, - url = {https://www.sciencedirect.com/science/article/pii/B9780444594068000214 https://linkinghub.elsevier.com/retrieve/pii/B9780444594068000214}, - volume = 2, - year = 2013 -} - -@article{GulerInfoTech2015, - abstract = {In this paper I analyze the effects of innovations in information technology on the mortgage and housing markets using a life-cycle model with incomplete markets and idiosyncratic income, as well as moving and house price shocks. I explicitly model the housing tenure choices of households. Lenders offer individual-specific mortgage contracts to home buyers, and the terms of these contracts are endogenously determined. I find that, as lenders have better information about the households, the average mortgage premium, foreclosure rate, and homeownership rate all increase while average down payment decreases. Hence, improvements in information technology can rationalize the relaxation of mortgage credit terms, which has been suggested as one of the main reasons for the latest financial crisis.}, - author = {Guler, Bulent}, - doi = {10.1016/j.red.2014.09.007}, - issn = 10942025, - journal = {Review of Economic Dynamics}, - keywords = {Asymmetric information,Default,Housing,Mortgage contract}, - month = {jul}, - number = 3, - pages = {456--483}, - title = {{Innovations in information technology and the mortgage market}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S1094202514000568}, - volume = 18, - year = 2015 -} - -@article{hallAEA2001, - author = {Hall, Robert E.}, - doi = {10.1257/aer.91.2.1}, - issn = 00028282, - journal = {American Economic Review}, - month = {may}, - number = 2, - pages = {1--11}, - title = {{Richard T. Ely lecture: Struggling to understand the stock market}}, - url = {https://www.aeaweb.org/articles?id=10.1257/aer.91.2.1 https://pubs.aeaweb.org/doi/10.1257/aer.91.2.1}, - volume = 91, - year = 2001 -} - -@techreport{HallNBER2014, - abstract = {The financial crisis and ensuing Great Recession left the US economy in an injured state. In 2013, output was 13{\%} below its trend path from 1990 through 2007. Part of this shortfall— 2.2 percentage points out of the 13—was the result of lingering slackness in the labor market in the form of abnormal unemployment and substandard weekly hours of work. The single biggest contributor was a shortfall in business capital, which accounted for 3.9 percentage points. The second largest was a shortfall of 3.5 percentage points in total factor productivity. The fourth was a shortfall of 2.4 percentage points in labor- force participation. I discuss these four sources of the injury in detail, focusing on identifying state variables that may or may not return to earlier growth paths. The conclusion is optimistic about the capital stock and slackness in the labor market and pessimistic about reversing the declines in total- factor productivity and the part of the participation shortfall not associated with the weak labor market.}, - annote = {tex.series: Working Paper Series}, - author = {Hall, Robert E.}, - booktitle = {NBER Macroeconomics Annual}, - doi = {10.1086/680584}, - institution = {National Bureau of Economic Research}, - issn = 15372642, - month = {jan}, - number = 1, - pages = {71--128}, - title = {{Quantifying the lasting harm to the US economy from the financial crisis}}, - type = {Working {\{}Paper{\}}}, - url = {http://www.nber.org/papers/w20183 https://www.journals.uchicago.edu/doi/10.1086/680584}, - volume = 29, - year = 2014 -} - -@article{harding2007a, - abstract = {The rate at which physical capital depreciates is fundamental to investment in the economy. Nevertheless, although housing capital accounts for one-third of the total capital stock, the rate at which housing capital depreciates has only rarely been directly estimated, in part because prior studies do not control for maintenance. For that same reason, widely publicized measures of house price appreciation overstate the capital gain from homeownership. Using data from the American Housing Survey we examine these issues. Over the 1983 to 2001 period, results indicate that gross of maintenance, housing depreciates at roughly 2.5 percent per year, while net of maintenance, housing depreciates at approximately 2 percent per year. Moreover, although the typical home appreciated at an annual real rate of roughly 0.75 percent, after allowing for depreciation and maintenance, the average homeowner experienced little capital gain. {\textcopyright} 2006 Elsevier Inc. All rights reserved.}, - author = {Harding, John P. and Rosenthal, Stuart S. and Sirmans, C. F.}, - doi = {10.1016/j.jue.2006.07.007}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Harding, Rosenthal, Sirmans/Depreciation of housing capital, maintenance, and house price inflation Estimates from a repeat sales model.pdf:pdf}, - issn = 00941190, - journal = {Journal of Urban Economics}, - month = {mar}, - number = 2, - pages = {193--217}, - publisher = {Academic Press}, - title = {{Depreciation of housing capital, maintenance, and house price inflation: Estimates from a repeat sales model}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0094119006000763}, - volume = 61, - year = 2007 -} - -@article{HarrisRaviv1993, - abstract = {A model of trading in speculative markets is developed based on differences of opinion among traders. Our purpose is to explain some of the empirical regularities that have been documented concerning the relationship between volume and price and the time-series properties of price and volume. We assume that traders share common prior beliefs and receive common information but differ in the way in which they interpret this information. Some results are that absolute price changes and volume are positively correlated, consecutive price changes exhibit negative serial correlation, and volume is positively autocorrelated.}, - author = {Harris, Milton and Raviv, Artur}, - doi = {10.1093/rfs/5.3.473}, - issn = {0893-9454}, - journal = {Review of Financial Studies}, - month = {jul}, - number = 3, - pages = {473--506}, - title = {{Differences of Opinion Make a Horse Race}}, - url = {https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/5.3.473}, - volume = 6, - year = 1993 -} - -@article{Heaton1997, - abstract = {We examine a decision theoretic model of portfolio choice in which investors face income risk that is not directly insurable. We consider the sensitivity of savings and portfolio allocation rules to different assumptions about utility, the stochastic process for income and asset returns, and market frictions (transactions costs and short-sale constraints). Under CRRA time additive utility, habit persistence utility, and for a broad range of parameterizations, the model predicts that investors wish to borrow and invest all of their savings in stocks. This qualitative implication is robust to the introduction of significant transaction costs in the stock market, and contrasts sharply with portfolio allocation models in which there is no labor income.}, - author = {Heaton, John and Lucas, Deborah}, - doi = {10.1017/s1365100597002034}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Heaton, Lucas/Market frictions, savings behavior, and portfolio choice.pdf:pdf}, - issn = 13651005, - journal = {Macroeconomic Dynamics}, - keywords = {Market Frictions,Portfolio Choice,Portfolio Management,Savings Behavior}, - number = 1, - pages = {76--101}, - title = {{Market frictions, savings behavior, and portfolio choice}}, - url = {https://www.cambridge.org/core/journals/macroeconomic-dynamics/article/market-frictions-savings-behavior-and-portfolio-choice/DE1F05F34B5AD74D9B7CFADCA3C85153}, - volume = 1, - year = 1997 -} - -@article{heaton2000portfolio, - abstract = {In this paper, we focus on how the presence of background risks - from sources such as labour and entrepreneurial income - influences portfolio allocations. This interaction is explored in a theoretical model that is calibrated using cross-sectional data from a variety of sources. The model is shown to be consistent with some but not all aspects of cross-sectional observations of portfolio holdings. The paper also provides a survey of the extensive theoretical and empirical literature on portfolio choice.}, - author = {Heaton, John and Lucas, Deborah}, - doi = {10.1111/1468-0297.00488}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Heaton, Lucas/Portfolio choice in the presence of background risk.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Heaton, Lucas/Portfolio choice in the presence of background risk(2).pdf:pdf}, - issn = 00130133, - journal = {Economic Journal}, - month = {jan}, - number = 460, - pages = {1--26}, - publisher = {Oxford University Press Oxford, UK}, - title = {{Portfolio choice in the presence of background risk}}, - url = {https://academic-oup-com.proxy.lib.ohio-state.edu/ej/article/110/460/1/5139994 https://academic.oup.com/ej/article/110/460/1-26/5139994 https://academic.oup.com/ej/article-abstract/110/460/1/5139994}, - volume = 110, - year = 2000 -} - -@article{heaton2000portfolio, - abstract = {Using cross-sectional data from the SCF and Tax Model, we show that entrepreneurial income risk has a significant influence on portfolio choice and asset prices. We find that households with high and variable business income hold less wealth in stocks than other similarly wealthy households, although they constitute a significant fraction of the stockholding population. Similarly for nonentrepreneurs, holding stock in the firm where one works reduces the portfolio share of other common stocks. Finally, we show that adding proprietary income to a linear asset pricing model improves its performance over a similar model that includes only wage income.}, - author = {Heaton, John and Lucas, Deborah}, - doi = {10.1111/0022-1082.00244}, - issn = 00221082, - journal = {Journal of Finance}, - month = {jun}, - number = 3, - pages = {1163--1198}, - publisher = {Wiley Online Library}, - title = {{Portfolio choice and asset prices: The importance of entrepreneurial risk}}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/0022-1082.00244?casa{\_}token=nxYuxuDgmKoAAAAA:xZaJ{\_}y{\_}mucW{\_}PSap9wH92nqLSrPbbolOQq{\_}ufOK7pEqu7KltkLQz9RYP4snfZ5J4zL4zL9YIHIP7hg http://doi.wiley.com/10.1111/0022-1082.00244}, - volume = 55, - year = 2000 -} - -@article{himmelbergEtAl2005, - abstract = {How does one tell when rapid growth in house prices is caused by fundamental factors of supply and demand and when it is an unsustainable bubble? In this paper, we explain how to assess the state of house prices—both whether there is a bubble and what underlying factors support housing demand—in a way that is grounded in economic theory. In doing so, we correct four common fallacies about the costliness of the housing market. For a number of reasons, conventional metrics for assessing pricing in the housing market such as price-to-rent ratios or price-to-income ratios generally fail to reflect accurately the state of housing costs. To the eyes of analysts employing such measures, housing markets can appear “exuberant” even when houses are in fact reasonably priced. We construct a measure for evaluating the cost of home owning that is standard for economists—the imputed annual rental cost of owning a home, a variant of the user cost of housing—and apply it to 25 years of history across a wide variety of housing markets. This calculation enables us to estimate the time pattern of housing costs within a market. As of the end of 2004, our analysis reveals little evidence of a housing bubble.}, - author = {Himmelberg, Charles and Mayer, Christopher and Sinai, Todd}, - doi = {10.1257/089533005775196769}, - issn = 08953309, - journal = {Journal of Economic Perspectives}, - month = {nov}, - number = 4, - pages = {67--92}, - title = {{Assessing high house prices: Bubbles, fundamentals and misperceptions}}, - url = {https://www.aeaweb.org/articles?id=10.1257/089533005775196769 https://pubs.aeaweb.org/doi/10.1257/089533005775196769}, - volume = 19, - year = 2005 -} - -@article{Hu2005, - abstract = {In this paper, I show that introducing frictions associated with housing into standard life-cycle models can partially resolve the portfolio choice puzzle. I calibrate a model in which a representative household endogenously transits from renting to mortgage-financed homeownership. The household can later adjust housing status either voluntarily or because of a forced move, by paying transaction costs. It is shown that homeownership crowds out stock market participation: risky owner-occupied housing substitutes for stocks while bonds provide liquidity. Young and middle-aged households, regardless of whether they are currently homeowners, hold much less stock than predicted by traditional models without housing. {\textcopyright} 2005 Elsevier Inc. All rights reserved.}, - author = {Hu, Xiaoqing}, - doi = {10.1016/j.jue.2005.02.002}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Hu/Portfolio choices for homeowners.pdf:pdf}, - issn = 00941190, - journal = {Journal of Urban Economics}, - keywords = {Homeownership,Portfolio choices}, - month = {jul}, - number = 1, - pages = {114--136}, - publisher = {Academic Press}, - title = {{Portfolio choices for homeowners}}, - url = {https://www.sciencedirect.com/science/article/pii/S0094119005000148 https://linkinghub.elsevier.com/retrieve/pii/S0094119005000148}, - volume = 58, - year = 2005 -} - -@article{Kaplan2017a, - abstract = {We build a model of the US economy with multiple aggregate shocks that generate fluctuations in equilibrium house prices. Through coun-terfactual experiments, we study the housing boom-bust around the Great Recession, with three main results. First, the main driver of movements in house prices and rents was a shift in beliefs, not a change in credit conditions. Second, the boom-bust in house prices explains half of the corresponding swings in nondurable expenditures through a wealth effect. Third, a large-scale debt forgiveness program would have done little to temper the collapse of house prices and expenditures but would have dramatically reduced foreclosures and induced a small, but persistent, increase in consumption during the recovery.}, - address = {Cambridge, MA}, - author = {Kaplan, Greg and Mitman, Kurt and Violante, Giovanni L.}, - doi = {10.1086/708816}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Kaplan, Mitman, Violante/The housing boom and bust Model meets evidence.pdf:pdf}, - institution = {National Bureau of Economic Research}, - issn = {1537534X}, - journal = {Journal of Political Economy}, - month = {sep}, - number = 9, - pages = {3285--3345}, - title = {{The housing boom and bust: Model meets evidence}}, - url = {http://www.nber.org/papers/w23694.pdf https://www.journals.uchicago.edu/doi/10.1086/708816}, - volume = 128, - year = 2020 -} - -@article{Leahy2018, - abstract = {We revisit the transmission mechanism from monetary policy to household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of wealth and marginal propensities to consume because of two features: uninsurable income shocks and multiple assets with different degrees of liquidity and different returns. In this environment, the indirect effects of an unexpected cut in interest rates, which operate through a general equilibrium increase in labor demand, far outweigh direct effects such as intertemporal substitution. This finding is in stark contrast to small- and medium-scale Representative Agent New Keynesian (RANK) economies, where the substitution channel drives virtually all of the transmission from interest rates to consumption. Failure of Ricardian equivalence implies that, in HANK models, the fiscal reaction to the monetary expansion is a key determinant of the overall size of the macroeconomic response.}, - archivePrefix ={arXiv}, - arxivId = {arXiv:1011.1669v3}, - author = {Kaplan, Greg and Moll, Benjamin and Violante, Giovanni L.}, - doi = {10.1257/aer.20160042}, - eprint = {arXiv:1011.1669v3}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Kaplan, Moll, Violante/Monetary policy according to HANK.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Kaplan, Moll, Violante/Monetary policy according to HANK.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Kaplan, Moll, Violante/Monetary policy according to HANK.pdf:pdf}, - isbn = 9788578110796, - issn = 00028282, - journal = {American Economic Review}, - keywords = {cepr and nber,consumption,e-mail gkaplan,e-mail moll,edu,heterogeneous agents,inequality,kaplan,liquidity,models-wanted,moll,monetary policy,nber,new keynesian,princeton,princeton uni-,princeton university,uchicago,university of chicago and,versity and nber,violante}, - month = {mar}, - number = 3, - pages = {697--743}, - pmid = 25246403, - title = {{Monetary policy according to HANK}}, - url = {https://doi.org/10.1257/aer.20160042 https://pubs.aeaweb.org/doi/10.1257/aer.20160042}, - volume = 108, - year = 2018 -} - -@book{minskey1986, - abstract = {Mycotoxins are small (MW approximately 700), toxic chemical products formed as secondary metabolites by a few fungal species that readily colonise crops and contaminate them with toxins in the field or after harvest. Ochratoxins and Aflatoxins are mycotoxins of major significance and hence there has been significant research on broad range of analytical and detection techniques that could be useful and practical. Due to the variety of structures of these toxins, it is impossible to use one standard technique for analysis and/or detection. Practical requirements for high-sensitivity analysis and the need for a specialist laboratory setting create challenges for routine analysis. Several existing analytical techniques, which offer flexible and broad-based methods of analysis and in some cases detection, have been discussed in this manuscript. There are a number of methods used, of which many are lab-based, but to our knowledge there seems to be no single technique that stands out above the rest, although analytical liquid chromatography, commonly linked with mass spectroscopy is likely to be popular. This review manuscript discusses (a) sample pre-treatment methods such as liquid-liquid extraction (LLE), supercritical fluid extraction (SFE), solid phase extraction (SPE), (b) separation methods such as (TLC), high performance liquid chromatography (HPLC), gas chromatography (GC), and capillary electrophoresis (CE) and (c) others such as ELISA. Further currents trends, advantages and disadvantages and future prospects of these methods have been discussed.}, - address = {New Haven}, - author = {Karamouzis, Nicholas and Minsky, Hyman P.}, - booktitle = {Southern Economic Journal}, - doi = {10.2307/1059346}, - issn = 00384038, - month = {oct}, - number = 2, - pages = 506, - publisher = {Yale University Press}, - title = {{Stabilizing an Unstable Economy}}, - url = {https://www.jstor.org/stable/1059346?origin=crossref}, - volume = 54, - year = 1987 -} - -@techreport{KrivenkoUandHousing, - abstract = {This paper evaluates the role of unemployment scarring and fear thereof for the recent U.S. housing bust. I study a quantitative lifecycle model of the housing market, which features an income process that is consistent with the large and long-lasting impact of unemployment on future earnings documented in recent empirical work. The model features exogenous moving shocks consistent with survey evidence which shows that many households move for reasons unrelated to their financial situation. These shocks reduce the selection into moving, thereby amplifying the quantitative importance of unemployment shocks and tighter credit conditions in the recent bust. The reason is that movers are more sensitive to labor market and credit conditions because they are younger, have lower wealth, and less secure jobs. Housing policies such as mortgage subsidies help stabilize prices and reduce foreclosures, even if only a small fraction of homeowners receive them. ∗I}, - author = {Krivenko, Pavel}, - booktitle = {Economic {\&} Social Review}, - institution = {Stanford University}, - keywords = {models-wanted}, - pages = {1--43}, - title = {{Unemployment and the U.S. Housing Market during the Great Recession}}, - type = {working paper}, - url = {http://www.stanford.edu/{~}pavelkr/jmp.pdf}, - year = 2018 -} - -@incollection{kmpHandbook2016, - 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 US Great Recession of 2007–09 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 (ie, 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.}, - author = {Krueger, D. and Mitman, K. and Perri, F.}, - booktitle = {Handbook of Macroeconomics}, - doi = {10.1016/bs.hesmac.2016.04.003}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Krueger, Mitman, Perri/Macroeconomics and Household Heterogeneity.pdf:pdf}, - isbn = 9780444594877, - issn = 15740048, - keywords = {Recessions,Social insurance,Wealth inequality}, - pages = {843--921}, - title = {{Macroeconomics and Household Heterogeneity}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S1574004816300039}, - volume = 2, - year = 2016 -} - -@article{kumhofEtAl2015, - abstract = {The paper studies how high household leverage and crises can be caused by changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of high-income households, a large increase in debt leverage of low- and middle-income households, and an eventual financial and real crisis. The paper presents a theoretical model where higher leverage and crises are the endogenous result of a growing income share of high-income households. The model matches the profiles of the income distribution, the debt-to-income ratio and crisis risk for the three decades preceding the Great Recession.}, - author = {Kumhof, Michael and Ranci{\`{e}}re, Romain and Winant, Pablo}, - doi = {10.1257/aer.20110683}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Kumhof, Ranci{\`{e}}re, Winant/Inequality, Leverage, and Crises.pdf:pdf}, - issn = 19447981, - journal = {American Economic Review}, - keywords = {models-wanted}, - month = {mar}, - number = 3, - pages = {1217--1245}, - publisher = {American Economic Association}, - title = {{Inequality, leverage, and crises}}, - url = {https://pubs.aeaweb.org/doi/10.1257/aer.20110683 https://www.aeaweb.org/articles?id=10.1257/aer.20110683 https://pubs.aeaweb.org/doi/10.1257/aer.20110683}, - volume = 105, - year = 2015 -} - -@article{LeBlanc2004, - abstract = {This paper investigates the impact of housing demand on the composition of the optimal portfolios of homeowners in France, following the methodology developed by Flavin and Yamashita (NBER Working Paper 6389, 2002). We use historical data on housing prices and financial assets returns to estimate the mean return and covariance matrix of a set of assets including housing. We then calculate mean-variance efficient frontiers associated to various levels of the housing-to-net wealth ratio, corresponding to the average ratios observed for different age groups in the 1998 French Wealth Survey sample. Our numerical results fit the average portfolios in different age brackets quite well. Also, returns of housing and its covariance with the other assets indicate there is room in France for housing price derivatives.}, - author = {{Le Blanc}, David and Lagarenne, Christine}, - doi = {10.1023/B:REAL.0000036673.64928.7f}, - issn = 08955638, - journal = {Journal of Real Estate Finance and Economics}, - keywords = {efficient frontiers,homeownership,housing price derivatives,mean-variance portfolio}, - number = 3, - pages = {259--275}, - title = {{Owner-occupied housing and the composition of the household portfolio: The case of France}}, - url = {https://pubs.aeaweb.org/doi/abs/10.1257/000282802760015775}, - volume = 29, - year = 2004 -} - -@techreport{leamer2007, - annote = {tex.series: Jackson Hole Symposium}, - author = {Leamer, E. E.}, - booktitle = {The Evidence and Impact of Financial Globalization}, - doi = {10.1016/B978-0-12-397874-5.00047-6}, - institution = {Federal Reserve Bank of Kansas City}, - isbn = 9780123978745, - month = {aug}, - pages = {589--643}, - publisher = {Elsevier}, - title = {{Housing Is the Business Cycle}}, - type = {Working {\{}Paper{\}}}, - url = {https://www.kansascityfed.org/publicat/sympos/2007/PDF/Leamer{\_}0415.pdf https://linkinghub.elsevier.com/retrieve/pii/B9780123978745000476}, - year = 2013 -} - -@article{Li2007, - abstract = {We develop a life-cycle model that explicitly incorporates the dual feature of housing as both a consumption good and an investment asset. Our analysis indicates that the consumption and welfare consequences of house price changes on individual households vary significantly. In particular, the non-housing consumption of young and old homeowners is much more sensitive to house price changes than that of middle-aged homeowners. More importantly, while house price appreciation increases the net worth and consumption of all homeowners, it only improves the welfare of old homeowners. Renters and young homeowners are worse off due to higher lifetime housing consumption costs. {\textcopyright} 2007 The Ohio State University.}, - author = {Li, Wenli and Yao, Rui}, - doi = {10.1111/j.1538-4616.2007.00071.x}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Li, Yao/The life-cycle effects of house price changes.pdf:pdf}, - issn = 00222879, - journal = {Journal of Money, Credit and Banking}, - keywords = {Consumption,Housing,Life-cycle model,Mortgage,Savings}, - month = {sep}, - number = 6, - pages = {1375--1409}, - publisher = {John Wiley {\&} Sons, Ltd}, - title = {{The life-cycle effects of house price changes}}, - url = {https://onlinelibrary-wiley-com.proxy.lib.ohio-state.edu/doi/full/10.1111/j.1538-4616.2007.00071.x https://onlinelibrary-wiley-com.proxy.lib.ohio-state.edu/doi/abs/10.1111/j.1538-4616.2007.00071.x https://onlinelibrary-wiley-com.proxy.lib.ohio-state.edu/d}, - volume = 39, - year = 2007 -} - -@article{MalmendierNagel2011, - abstract = {We investigate whether individual experiences of macroeconomic shocks affect financial risk taking, as often suggested for the generation that experienced the Great Depression. Using data from the Survey of Consumer Finances from 1960 to 2007, we find that individuals who have experienced low stock market returns throughout their lives so far report lower willingness to take financial risk, are less likely to participate in the stock market, invest a lower fraction of their liquid assets in stocks if they participate, and are more pessimistic about future stock returns. Those who have experienced low bond returns are less likely to own bonds. Results are estimated controlling for age, year effects, and house hold characteristics. More recent return experiences have stronger effects, particularly on younger people. {\textcopyright} The Author(s) 2011. Published by Oxford University Press, on behalf of President and Fellows of Harvard College. All rights reserved.}, - author = {Malmendier, Ulrike and Nagel, Stefan}, - doi = {10.1093/qje/qjq004}, - issn = 15314650, - journal = {Quarterly Journal of Economics}, - month = {feb}, - number = 1, - pages = {373--416}, - title = {{Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?}}, - url = {https://academic.oup.com/qje/article/126/1/373/1901343 https://academic.oup.com/qje/article-lookup/doi/10.1093/qje/qjq004}, - volume = 126, - year = 2011 -} - -@article{Merton1969, - abstract = {I Introduction OST models of portfolio selection have M been one-period models. I examine the combined problem of optimal portfolio selec-tion and consumption rules for an individual in a continuous-time model whzere his income is generated by returns on assets and these re-turns or instantaneous "growth rates" are sto-chastic. P. A. Samuelson has developed a sim-ilar model in discrete-time for more general probability distributions in a companion paper [8]. I derive the optimality equations for a multi-asset problem when the rate of returns are generated by a Wiener Brownian-motion proc-ess. A particular case examined in detail is the two-asset model with constant relative risk-aversion or iso-elastic marginal utility. An explicit solution is also found for the case of constant absolute risk-aversion. The general technique employed can be used to examine a wide class of intertemporal economic problems under uncertainty. In addition to the Samuelson paper [8], there is the multi-period analysis of Tobin [9]. Phelps [6] has a model used to determine the optimal consumption rule for a multi-period example where income is partly generated by an asset with an uncertain return. Mirrless [5] has developed a continuous-time optimal con-sumption model of the neoclassical type with technical progress a random variable. II Dynamics of the Model: The Budget Equation In the usual continuous-time model under certainty, the budget equation is a differential equation. However, when uncertainty is intro-duced by a random variable, the budget equa-tion must be generalized to become a stochastic differential equation. To see the meaning of such an equation, it is easiest to work out the discrete-time version and then pass to the limit of continuous time. Define W(t) total wealth at time t Xi(t) price of the ith asset at time t, (i 1, . . . ,m)}, - author = {Merton, Robert C.}, - doi = {10.2307/1926560}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Merton/Lifetime Portfolio Selection under Uncertainty The Continuous-Time Case.pdf:pdf}, - issn = 00346535, - journal = {The Review of Economics and Statistics}, - month = {aug}, - number = 3, - pages = 247, - title = {{Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case}}, - url = {https://www.jstor.org/stable/1926560 https://www.jstor.org/stable/1926560?origin=crossref}, - volume = 51, - year = 1969 -} - -@article{MianSufiKhoshkhou2018, - abstract = {We examine how consumption responds to changes in sentiment regarding government economic policy using cross-sectional variation across counties in the ideological predisposition of constituents. When the incumbent party loses a presidential election, individuals in counties more ideologically predisposed toward the losing party experience a dramatic and discontinuous relative decrease in optimism on government economic policy. Using the interaction of constituent ideology in a county with election timing as an instrument, we estimate the impact of government policy sentiment shocks on consumer spending, and we find a very small effect that cannot be statistically distinguished from zero. The small magnitude of the effect is estimated precisely. For example, we can reject the hypothesis that pessimism regarding government economic policy effectiveness during the Great Recession had as large an effect on consumption as the negative shock to household net worth coming from the collapse in house prices.}, - author = {Mian, Atif R. and Sufi, Amir and Khoshkhou, Nasim}, - doi = {10.2139/ssrn.2620828}, - institution = {The University of Chicago Booth School of Business}, - issn = {0898-2937}, - journal = {SSRN Electronic Journal}, - title = {{Government Economic Policy, Sentiments, and Consumption}}, - type = {working paper}, - url = {http://www.ssrn.com/abstract=2620828}, - year = 2015 -} - -@article{MianSufi2017, - abstract = {An increase in the household debt to GDP ratio predicts lower GDP growth and higher unemployment in the medium run for an unbalanced panel of 30 countries from 1960 to 2012. Low mortgage spreads are associated with an increase in the household debt to GDP ratio and a decline in subsequent GDP growth, highlighting the importance of credit supply shocks. Economic forecasters systematically overpredict GDP growth at the end of household debt booms, suggesting an important role of flawed expectations formation. The negative relation between the change in household debt to GDP and subsequent output growth is stronger for countries with less flexible exchange rate regimes. We also uncover a global household debt cycle that partly predicts the severity of the global growth slowdown after 2007. Countries with a household debt cycle more correlated with the global household debt cycle experience a sharper decline in growth after an increase in domestic household debt.}, - author = {Mian, Atif and Sufi, Amir and Verner, Emil}, - doi = {10.1093/qje/qjx017}, - issn = 15314650, - journal = {Quarterly Journal of Economics}, - month = {nov}, - number = 4, - pages = {1755--1817}, - title = {{Household debt and business cycles worldwide}}, - url = {https://academic.oup.com/qje/article/132/4/1755/3854928}, - volume = 132, - year = 2017 -} - -@article{HarrisonKreps1978, - author = {{Michael Harrison}, J. and Kreps, David M.}, - doi = {10.2307/1884166}, - issn = 15314650, - journal = {Quarterly Journal of Economics}, - month = {may}, - number = 2, - pages = {323--336}, - title = {{Speculative Investor Behavior In A Stock Market With Heterogeneous Expectations}}, - url = {https://academic.oup.com/qje/article-lookup/doi/10.2307/1884166}, - volume = 92, - year = 1978 -} - -@article{Miller1977, - author = {Miller, Edward M.}, - doi = {10.1111/j.1540-6261.1977.tb03317.x}, - issn = 15406261, - journal = {The Journal of Finance}, - month = {sep}, - number = 4, - pages = {1151--1168}, - title = {{Risk, Uncertainty, and Divergence of Opinion}}, - url = {http://doi.wiley.com/10.1111/j.1540-6261.1977.tb03317.x https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1977.tb03317.x}, - volume = 32, - year = 1977 -} - -@article{nakajima2005rising, - abstract = {This paper studies the effects of the U.S. rising earnings inequality between the late 1960s and the mid 1990s on the portfolio allocation and prices of assets. In order to investigate the link, a life-cycle general equilibrium model is constructed where distinct characteristics of the housing asset is explicitly modeled and asset prices are determined in equilibrium. It is shown that the model can produce a 9{\%} rise in the housing price, which is about 40{\%} of the changes in the U.S. data (24{\%}). An increased demand for precautionary savings and the general equilibrium effect play a crucial role here. A higher earnings volatility induces a higher demand for financial assets. As the return of financial assets declines due to the general equilibrium effect, the demand for housing assets increases as well. The paper also examines the effects of the rising earnings inequality on the aggregate amount of debt. Interestingly, contrary to the U.S. data, the model predicts a decline in the total amount of secured debt. A higher earnings volatility induces a higher amount of debt in complete markets models, but an increased demand for savings for precautionary motive dominates the positive effect to the amount of debt. The model also shows that incorporating housing assets into the model does not make a significant difference in the effect of the rising earnings inequality on the consumption inequality.}, - author = {Nakajima, Makoto}, - doi = {10.2139/ssrn.1480816}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Nakajima/Rising Earnings Instability, Portfolio Choice, and Housing Prices.pdf:pdf}, - issn = {1556-5068}, - journal = {SSRN Electronic Journal}, - keywords = {Debt,General equilibrium,House price,Income inequality,Incomplete markets,Makoto Nakajima,Portfolio Choice,Rising Earnings Instability,SSRN,and Housing Prices}, - month = {jul}, - publisher = {Elsevier BV}, - title = {{Rising Earnings Instability, Portfolio Choice, and Housing Prices}}, - url = {https://papers-ssrn-com.proxy.lib.ohio-state.edu/abstract=1480816 http://www.ssrn.com/abstract=1480816}, - year = 2011 -} - -@article{Ortalo-Magne2006, - abstract = {We propose a life-cycle model of the housing market with a property ladder and a credit constraint. We focus on equilibria that replicate the facts that credit constraints delay some households' first home purchase and force other households to buy a home smaller than they would like. The model helps us identify a powerful driver of the housing market: the ability of young households to afford the down payment on a starter home, and in particular their income. The model also highlights a channel whereby changes in income may yield housing price overreaction, with prices of trade-up homes displaying the most volatility, and a positive correlation between housing prices and transactions. This channel relies on the capital gains or losses on starter homes incurred by credit-constrained owners. We provide empirical support for our arguments with evidence from both the U.K. and the U.S. {\textcopyright} 2006 The Review of Economic Studies Limited.}, - author = {Ortalo-Magn{\'{e}}, Fran{\c{c}}ois and Sven, Rady}, - doi = {10.1111/j.1467-937X.2006.383_1.x}, - issn = 00346527, - journal = {Review of Economic Studies}, - number = 2, - pages = {459--485}, - title = {{Housing market dynamics: On the contribution of income shocks and credit constraints}}, - url = {https://academic.oup.com/restud/article-abstract/73/2/459/1522669}, - volume = 73, - year = 2006 -} - -@article{Paz2021, - abstract = {Earnings are riskier and more unequal for households born in the 1960s and 1980s than for those born in the 1940s. Despite the improvements in financial conditions, younger generations are less likely to be living in their own homes than older generations at the same age. By using a life-cycle model with housing and portfolio choice that includes flexible earnings risk and aggregate asset price risk, I show that changes in earnings dynamics account for a large part of the reduction in homeownership across generations. Lower-income households find it harder to buy housing, and as a result accumulate less wealth.}, - author = {Paz-Pardo, Gonzalo}, - doi = {10.2139/ssrn.3797142}, - issn = {1556-5068}, - journal = {Ssrn}, - keywords = {Aggregate Human Capital,Aggregate Labor Productivity,Consumption,Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy,Distribution,Employment,Financial Economics,General Financial Markets,Intergenerational Income Distribution,Investment Decisions,Labor and Demographic Economics,Macroeconomics and Monetary Economics,Microeconomics,Personal Income, Wealth, and Their Distributions,Portfolio Choice,Saving,Unemployment,Wage Differentials,Wage Level and Structure,Wages,Wages, Compensation, and Labor Costs,Wealth}, - pages = {1--87}, - publisher = {ECB Working Paper}, - title = {{Homeownership and Portfolio Choice over the Generations}}, - url = {https://www.ssrn.com/abstract=3797142}, - year = 2021 -} - -@article{pstHousing2007, - abstract = {This paper considers a consumption-based asset pricing model where housing is explicitly modeled both as an asset and as a consumption good. Nonseparable preferences describe households' concern with composition risk, that is, fluctuations in the relative share of housing in their consumption basket. Since the housing share moves slowly, a concern with composition risk induces low frequency movements in stock prices that are not driven by news about cash flow. Moreover, the model predicts that the housing share can be used to forecast excess returns on stocks. We document that this indeed true in the data. The presence of composition risk also implies that the riskless rate is low which further helps the model improve on the standard CCAPM. {\textcopyright} 2006 Elsevier B.V. All rights reserved.}, - author = {Piazzesi, Monika and Schneider, Martin and Tuzel, Selale}, - doi = {10.1016/j.jfineco.2006.01.006}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Piazzesi, Schneider, Tuzel/Housing, consumption and asset pricing.pdf:pdf}, - issn = {0304405X}, - journal = {Journal of Financial Economics}, - keywords = {Consumption-based asset pricing,Housing,Real estate,Return predictability}, - month = {mar}, - number = 3, - pages = {531--569}, - publisher = {North-Holland}, - title = {{Housing, consumption and asset pricing}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0304405X06002005 https://www.sciencedirect.com/science/article/pii/S0304405X06002005?casa{\_}token=537xI-xwwPUAAAAA:19dYSq-BFFk{\_}mSM{\_}{\_}swtIyL5BP{\_}OX8ea2h-F853PF2Wd4{\_}NYQVqbzR5fH4O-bnQmsu7djfDN https://www.sciencedire}, - volume = 83, - year = 2007 -} - -@article{Polkovnichenko2007, - abstract = {This article explores the implications of additive and endogenous habit formation preferences in the context of a life-cycle model of an investor who has stochastic uninsurable labor income. To solve the model, I analytically derive the habit-wealth feasibility constraints and show that they depend on the worst possible path of future labor income and on the habit strength, but not on the probability of the worst income. When there is only a slim chance of a severe income shock, the model implies much more conservative portfolios. The model also predicts that for some low to moderately wealthy households, the portfolio share allocated to stocks increases with wealth. Because of this feature, the model can generate more conservative portfolios for younger than for middle-aged households. The effects of habits on portfolio choice are robust to income smoothing through borrowing or flexible labor supply. One controversial finding is that for high values of the habit strength parameter, usually required for the resolution of asset pricing puzzles in general equilibrium, the life-cycle model predicts counterfactually high wealth accumulation. {\textcopyright} The Author 2006. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved.}, - author = {Polkovnichenko, Valery}, - doi = {10.1093/rfs/hhl006}, - issn = 08939454, - journal = {Review of Financial Studies}, - month = {jan}, - number = 1, - pages = {83--124}, - title = {{Life-cycle portfolio choice with additive habit formation preferences and uninsurable labor income risk}}, - url = {https://academic.oup.com/rfs/article-abstract/20/1/83/1588217 https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/hhl006}, - volume = 20, - year = 2007 -} - -@book{rouwenhorst1995a, - abstract = {{\ldots} Second, it pro- vides a simple description of business cycle conditions, because the choice of p and q affects the expected {\ldots} This can be modeled by simulating a Markov process for A., as in (28), with p and q both equal to 0.50 {\ldots} This ratio should be unity in the continuous economy {\ldots}}, - address = {Cooley, Princeton}, - author = {Rouwenhorst, K. Geert}, - booktitle = {Frontiers of Business Cycle Research}, - doi = {10.2307/j.ctv14163jx.16}, - editor = {Researchby, T}, - month = {sep}, - pages = {294--330}, - publisher = {Princeton University Press}, - title = {{Asset Pricing Implications of Equilibrium Business Cycle Models}}, - url = {http://www.jstor.org/stable/10.2307/j.ctv14163jx.16}, - year = 2020 -} - -@article{Samuelson1969, - abstract = {The article presents information on lifetime portfolio selection by dynamic stochastic programming. Most analyses of portfolio selection, whether they are of the Markowitz-Tobin mean-variance or of more general type, maximize over one period. The present lifetime model reveals that investing for many periods does not itself introduce extra tolerance for riskiness at early, or any, stages of life. The model denies the validity of the concept of businessman's risk, for isoelastic marginal utilities, in your prime of life you have the same relative risk-tolerance as toward the end of life. The "chance to recoup" and tendency for the law of large numbers to operate in the case of repeated investments is not relevant. The analysis for marginal utility with elasticity differing from that of Bernoulli provides an effective counter example, if indeed a counter example is needed to refute a gratuitous assertion.}, - author = {Samuelson, Paul A.}, - doi = {10.2307/1926559}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Samuelson/Lifetime Portfolio Selection By Dynamic Stochastic Programming.pdf:pdf}, - isbn = 9789812773654, - issn = 00346535, - journal = {The Review of Economics and Statistics}, - month = {aug}, - number = 3, - pages = 239, - pmid = 4643126, - title = {{Lifetime Portfolio Selection By Dynamic Stochastic Programming}}, - url = {https://www.jstor.org/stable/1926559 https://www.jstor.org/stable/1926559?origin=crossref http://www.jstor.org/stable/10.2307/1926559}, - volume = 51, - year = 1969 -} - -@article{ScheinkmanXiong2003, - abstract = {Motivated by the behavior of asset prices, trading volume, and price volatility during episodes of asset price bubbles, we present a continuous-time equilibrium model in which overconfidence generates disagreements among agents regarding asset fundamentals. With shortsale constraints, an asset buyer acquires an option to sell the asset to other agents when those agents have more optimistic beliefs. As in a paper by Harrison and Kreps, agents pay prices that exceed their own valuation of future dividends because they believe that in the future they will find a buyer willing to pay even more. This causes a significant bubble component in asset prices even when small differences of beliefs are sufficient to generate a trade. In equilibrium, bubbles are accompanied by large trading volume and high price volatility. Our analysis shows that while Tobin's tax can substantially reduce speculative trading when transaction costs are small, it has only a limited impact on the size of the bubble or on price volatility.}, - author = {Scheinkman, Jos{\'{e}} A. and Xiong, Wei}, - doi = {10.1086/378531}, - issn = 00223808, - journal = {Journal of Political Economy}, - month = {dec}, - number = 6, - pages = {1183--1219}, - title = {{Overconfidence and speculative bubbles}}, - url = {https://www.journals.uchicago.edu/doi/10.1086/378531}, - volume = 111, - year = 2003 -} - -@article{Silos2007, - abstract = {This paper investigates the properties of the wealth distribution and the portfolio composition regarding housing and equity holdings, and their relationship to macroeconomic shocks. To this end, I construct a business cycle model in which agents differ in age, income and wealth. Housing provides shelter services and serves as collateral for loans. The model is consistent with several facts such as the life-cycle pattern of housing-to-wealth ratios, the larger degree of concentration for non-housing wealth, the smaller weight of housing in richer households' portfolios as well as the larger housing-to-wealth ratios in recessions. In addition, the model shows that while relaxing the collateral constraint does not impact the business cycle dynamics for the entire economy, it significantly alters the behavior of residential and business investment for the younger and poorer fraction of the population. {\textcopyright} 2006 Elsevier B.V. All rights reserved.}, - author = {Silos, Pedro}, - doi = {10.1016/j.jedc.2006.09.009}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Silos/Housing, portfolio choice and the macroeconomy.pdf:pdf}, - issn = 01651889, - journal = {Journal of Economic Dynamics and Control}, - keywords = {Business cycles,Heterogeneity,Life-cycle}, - month = {aug}, - number = 8, - pages = {2774--2801}, - publisher = {North-Holland}, - title = {{Housing, portfolio choice and the macroeconomy}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0165188906001813}, - volume = 31, - year = 2007 -} - -@article{Simsek2013, - abstract = {Belief disagreements have been suggested as a major contributing factor to the recent subprime mortgage crisis. This paper theoretically evaluates this hypothesis. I assume that optimists have limited wealth and take on leverage so as to take positions in line with their beliefs. To have a significant effect on asset prices, they need to borrow from traders with pessimistic beliefs using loans collateralized by the asset itself. Since pessimists do not value the collateral as much as optimists do, they are reluctant to lend, which provides an endogenous constraint on optimists' ability to borrow and to influence asset prices. I demonstrate that the tightness of this constraint depends on the nature of belief disagreements. Optimism concerning the probability of downside states has no or little effect on asset prices because these types of optimism are disciplined by this constraint. Instead, optimism concerning the relative probability of upside states could have significant effects on asset prices. This asymmetric disciplining effect is robust to allowing for short selling because pessimists that borrow the asset face a similar endogenous constraint. These results emphasize that what investors disagree about matters for asset prices, to a greater extent than the level of disagreements. When richer contracts are available, relatively complex contracts that resemble some of the recent financial innovations in the mortgage market endogenously emerge to facilitate betting.}, - author = {Simsek, Alp}, - doi = {10.3982/ecta9956}, - issn = {0012-9682}, - journal = {Econometrica}, - number = 1, - pages = {1--53}, - title = {{Belief Disagreements and Collateral Constraints}}, - url = {http://doi.wiley.com/10.3982/ECTA9956}, - volume = 81, - year = 2013 -} - -@article{Sinai2005, - abstract = {The conventional wisdom that homeownership is very risky ignores the fact that the alternative, renting, is also risky. Owning a house provides a hedge against fluctuations in housing costs, but in turn introduces asset price risk. In a simple model of tenure choice with endogenous house prices, we show that the net risk of owning declines with a household's expected horizon in its house and with the correlation in housing costs in future locations. Empirically, we find that both house prices, relative to rents, and the probability of homeownership increase with net rent risk. {\textcopyright} 2005 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.}, - author = {Sinai, Todd and Souleles, Nicholas S.}, - doi = {10.1162/0033553053970197}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Sinai, Souleles/Owner-occupied housing as a hedge against rent risk.pdf:pdf}, - issn = 00335533, - journal = {Quarterly Journal of Economics}, - number = 2, - pages = {763--789}, - title = {{Owner-occupied housing as a hedge against rent risk}}, - url = {https://academic.oup.com/qje/article-abstract/120/2/763/1933972}, - volume = 120, - year = 2005 -} - -@article{Slacalek2009, - abstract = {I investigate the effect of wealth on consumption in a new dataset with financial and housing wealth from 16 countries. The baseline estimation method based on the sluggishness of consumption growth implies that the eventual (long-run) marginal propensity to consume out of total wealth is 5 cents (averaged across countries). While the wealth effects are quite strong - between 4 and 6 cents - in countries with more developed mortgage markets and in market-based, Anglo-Saxon and non euro area economies, consumption only barely reacts to wealth elsewhere. The effect of housing wealth is somewhat smaller than that of financial wealth for most countries, but not for the U.S. and the UK. The housing wealth effect has risen substantially after 1988 as it has become easier to borrow against housing wealth. Copyright {\textcopyright} 2009 The Berkeley Electronic Press. All rights reserved.}, - author = {Slacalek, Jiri}, - doi = {10.2202/1935-1690.1555}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Slacalek/What drives personal consumption the role of housing and financial wealth.pdf:pdf}, - issn = 19351690, - journal = {B.E. Journal of Macroeconomics}, - keywords = {Consumption dynamics,Housing prices,Wealth effect}, - number = 1, - publisher = {Walter de Gruyter GmbH}, - title = {{What drives personal consumption? the role of housing and financial wealth}}, - url = {https://www.degruyter.com/document/doi/10.2202/1935-1690.1555/html}, - volume = 9, - year = 2009 -} - -@article{stokey2009moving, - abstract = {The substantial adjustment cost for housing affects nondurable consumption and portfolio allocations, as well as the frequency of housing transactions. A simple theoretical model, roughly calibrated, is used to assess the quantitative impact of adjustment costs on those decisions. The impact on portfolios is found to be significant, suggesting that housing wealth should be useful in empirical studies of portfolio choice. The welfare loss from the transaction cost is also substantial. The effect on nondurable consumption is small, however, so adjustment costs can explain only a small part of the equity premium puzzle. {\textcopyright} 2009 Elsevier Inc. All rights reserved.}, - author = {Stokey, Nancy L.}, - doi = {10.1016/j.jet.2009.10.008}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Stokey/Moving costs, nondurable consumption and portfolio choice.pdf:pdf}, - issn = 00220531, - journal = {Journal of Economic Theory}, - keywords = {Adjustment cost,Durable goods,Equity premium puzzle,Housing,Portfolio choice}, - month = {nov}, - number = 6, - pages = {2419--2439}, - publisher = {Elsevier}, - title = {{Moving costs, nondurable consumption and portfolio choice}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0022053109001227}, - volume = 144, - year = 2009 -} - -@book{Stokey2014, - abstract = {P}, - author = {Stokey, Nancy L.}, - booktitle = {The Economics of Inaction}, - doi = {10.1515/9781400829811}, - month = {dec}, - publisher = {Princeton University Press}, - title = {{The Economics of Inaction}}, - url = {https://www.degruyter.com/document/doi/10.1515/9781400829811/html}, - year = 2014 -} - -@article{vestman2019a, - abstract = {The stock market participation rate among homeowners is twice as high as among renters. This paper builds a life-cycle portfolio choice model with endogenous housing tenure choice. A stylized form of preference heterogeneity generates a substantial difference in participation rates. A majority of households have a large savings motive and choose to be homeowners and participate. A minority of households have a small savings motive and find it less worthwhile to participate. Fewer of these households become homeowners. Difference-in-difference regressions on panel data do not find evidence of a crowding-out effect of homeownership on participation, supporting the message that preference heterogeneity matters.}, - author = {Vestman, Roine}, - doi = {10.1093/rfs/hhy089}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Vestman/Limited stock market participation among renters and homeowners.pdf:pdf}, - issn = 14657368, - journal = {Review of Financial Studies}, - month = {apr}, - number = 4, - pages = {1494--1535}, - publisher = {Oxford Academic}, - title = {{Limited stock market participation among renters and homeowners}}, - url = {https://academic-oup-com.proxy.lib.ohio-state.edu/rfs/article/32/4/1494/5069022 https://academic.oup.com/rfs/article/32/4/1494/5069022}, - volume = 32, - year = 2019 -} - -@article{viceira2001optimal, - abstract = {This paper examines how risky labor income and retirement affect optimal portfolio choice. With idiosyncratic labor income risk, the optimal allocation to stocks is unambiguously larger for employed investors than for retired investors, consistent with the typical recommendations of investment advisors. Increasing idiosyncratic labor income risk raises investors' willingness to save and reduces their stock portfolio allocation towards the level of retired investors. Positive correlation between labor income and stock returns has a further negative effect and can actually reduce stockholdings below the level of retired investors.}, - author = {Viceira, Luis M.}, - doi = {10.1111/0022-1082.00333}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Viceira/Optimal portfolio choice for long-horizon investors with nontradable labor income.pdf:pdf}, - issn = 00221082, - journal = {Journal of Finance}, - month = {apr}, - number = 2, - pages = {433--470}, - publisher = {Wiley Online Library}, - title = {{Optimal portfolio choice for long-horizon investors with nontradable labor income}}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/0022-1082.00333?casa{\_}token=uH5ox3jju0YAAAAA:PUOxfzrQZdcQTKB0BpYT8e8i7uuX5lxlNzf{\_}vLNbyesPpA7k-mj-Gsb2sGJshQQOqNLkQNU{\_}JbPKTQ http://doi.wiley.com/10.1111/0022-1082.00333 https://onlinelibrary-wiley-com.proxy.l}, - volume = 56, - year = 2001 -} - -@article{wachter2010a, - abstract = {We develop a life-cycle consumption and portfolio choice model in which households have nonhomothetic utility over two types of goods, basic and luxury. We calibrate the model to match the cross-sectional and life-cycle variation in the basic expenditure share in the Consumer Expenditure Survey. The model explains the degree to which the portfolio share in risky assets rises in wealth in the cross-section of households in the Survey of Consumer Finances. For a given household, the portfolio share can fall in response to an increase in wealth, even though the model implies decreasing relative risk aversion. {\textcopyright} 2010 The Author.}, - author = {Wachter, Jessica A. and Yogo, Motohiro}, - doi = {10.1093/rfs/hhq092}, - issn = 08939454, - journal = {Review of Financial Studies}, - month = {nov}, - number = 11, - pages = {3929--3965}, - title = {{Why do household portfolio shares rise in wealth?}}, - url = {https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/hhq092}, - volume = 23, - year = 2010 -} - -@article{yamashita2003owner, - abstract = {This paper analyzes the empirical link between housing investment and stockholding by testing implications of the model of Flavin and Yamashita [American Economic Review 92 (2002) 345-362]. Their model illustrates how the house-to-net-worth ratio influences a homeowner's portfolio composition. Regression estimates suggest that there is a strong relationship between housing investment and stockholding, and the house-to-net-worth ratio could explain certain heterogeneity in stockholding. Households with a high house-to-net-worth ratio hold a lower proportion in stocks. The results support the hypothesis that overinvestment in housing affects financial portfolio of homeowners. {\textcopyright} 2003 Elsevier Science (USA). All rights reserved.}, - author = {Yamashita, Takashi}, - doi = {10.1016/S0094-1190(02)00514-4}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Yamashita/Owner-occupied housing and investment in stocks An empirical test.pdf:pdf}, - issn = 00941190, - journal = {Journal of Urban Economics}, - keywords = {Asset demand,Housing demand,Life-cycle model,Portfolio choice}, - month = {mar}, - number = 2, - pages = {220--237}, - publisher = {Elsevier}, - title = {{Owner-occupied housing and investment in stocks: An empirical test}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0094119002005144}, - volume = 53, - year = 2003 -} - -@article{yao2005optimal, - abstract = {We examine the optimal dynamic portfolio decisions for investors who acquire housing services from either renting or owning a house. Our results show that when indifferent between owning and renting, investors owning a house hold a lower equity proportion in their net worth (bonds, stocks, and home equity), reflecting the substitution effect, yet hold a higher equity proportion in their liquid portfolios (bonds and stocks), reflecting the diversification effect. Furthermore, following the suboptimal policy of always renting leads investors to overweigh in stocks, while following the suboptimal policy of always owning a house causes investors to underweigh in stocks.}, - author = {Yao, Rui and Zhang, Harold H.}, - doi = {10.1093/rfs/hhh007}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Yao, Zhang/Optimal consumption and portfolio choices with risky housing and borrowing constraints.pdf:pdf}, - issn = 08939454, - journal = {Review of Financial Studies}, - month = {mar}, - number = 1, - pages = {197--239}, - publisher = {Oxford University Press}, - title = {{Optimal consumption and portfolio choices with risky housing and borrowing constraints}}, - url = {https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/hhh007 https://academic.oup.com/rfs/article-abstract/18/1/197/1592265}, - volume = 18, - year = 2005 -} - -@article{yogo2016portfolio, - abstract = {In a life-cycle model, a retiree faces stochastic health depreciation and chooses consumption, health expenditure, and the allocation of wealth between bonds, stocks, and housing. The model explains key facts about asset allocation and health expenditure across health status and age. The portfolio share in stocks is low overall and is positively related to health, especially for younger retirees. The portfolio share in housing is negatively related to health for younger retirees and falls significantly in age. Finally, out-of-pocket health expenditure as a share of income is negatively related to health and rises in age.}, - author = {Yogo, Motohiro}, - doi = {10.1016/j.jmoneco.2016.04.008}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Yogo/Portfolio choice in retirement Health risk and the demand for annuities, housing, and risky assets.pdf:pdf}, - issn = 03043932, - journal = {Journal of Monetary Economics}, - keywords = {Aging,Asset allocation,Life-cycle model,Medical expenditure,Saving}, - month = {jun}, - pages = {17--34}, - publisher = {Elsevier}, - title = {{Portfolio choice in retirement: Health risk and the demand for annuities, housing, and risky assets}}, - url = {https://www.sciencedirect.com/science/article/pii/S0304393216300204?casa{\_}token=Hav2uPaMusoAAAAA:7UTj2bJNxmKbwkj4L5QBKV81zUSuu9GmyQN59IWcDJPtMhh2SH{\_}vJZv4KDh4yAlCxKFRteis https://linkinghub.elsevier.com/retrieve/pii/S0304393216300204}, - volume = 80, - year = 2016 -} - -@article{yaari1965uncertain, - title = {Uncertain lifetime, life insurance, and the theory of the consumer}, - author = {Yaari, Menahem E}, - journal = {The Review of Economic Studies}, - volume = 32, - number = 2, - pages = {137--150}, - year = 1965, - publisher = {JSTOR} -} - -@misc{violante_marginal_2021, - author = {Violante, Gianluca }, - title = {The {Marginal} {Propensity} to {Consume} in {Macroeconomics}}, - year = 2021, - howpublished = {JJ Laffont Lecture, EEA-ESEM Congress}, -} - -@article{harmenbergInvariant, - title = {Agg{\-}re{\-}gat{\-}ing hetero{\-}gen{\-}eous-agent mod{\-}els with per{\-}manent in{\-}come shocks}, - journal = {Journal of Economic Dynamics and Control}, - volume = 129, - pages = 104185, - year = 2021, - issn = {0165-1889}, - doi = {https://doi.org/10.1016/j.jedc.2021.104185}, - url = {https://www.sciencedirect.com/science/article/pii/S0165188921001202}, - author = {Karl Harmenberg}, - abstract = {I introduce a method for simulating aggregate dynamics of heterogeneous-agent models where log permanent income follows a random walk. The idea is to simulate the model using a counterfactual permanent-income-neutral measure which incorporates the effect that permanent income shocks have on macroeconomic aggregates. With the permanent-income-neutral measure, one does not need to keep track of the permanent-income distribution. The permanent-income-neutral measure is both useful for the analytical characterization of aggregate consumption-savings behavior and for simulating numerical models. Furthermore, it is trivial to implement with a few lines of code.} -} - -@article{dmHowMuch, - title = {How much consumption insurance in the US?}, - author = {Hryshko, Dmytro and Manovskii, Iourii}, - journal = {Manuscript, University of Alerta}, - year = 2020, - month = {August}, - url = {http://www.artsrn.ualberta.ca/econweb/hryshko/Papers/HryshkoManovskii-how-much-aug25-2020.pdf} -} - -@techreport{dhmImproving, - title = {Improving the measurement of earnings dynamics}, - author = {Daly, Moira and Hryshko, Dmytro and Manovskii, Iourii}, - year = 2016, - institution = {National Bureau of Economic Research} -} - -@article{Pandemic, - title = {Modeling the consumption response to the CARES Act}, - author = {Carroll, Christopher D and Crawley, Edmund and Sla{\-}calek, Jiri and White, Matthew N}, - year = 2021, - month = {March}, - journal = {International Journal of Central Banking}, - volume = 67, - url = {https://econ-ark.github.io/Pandemic/}, - note = {Available at \href{https://econ-ark.github.io/Pandemic/}{econ-ark.github.io/Pandemic}}, -} - -@article{Ameriks2020jbes, - author = {John Ameriks and Gabor Kezdi and Minjoon Lee and Matthew D. Shapiro}, - title = {Heterogeneity in Expectations, Risk Tolerance, and Household Stock Shares: The Attenuation Puzzle}, - journal = {Journal of Business \& Economic Statistics}, - volume = 38, - number = 3, - pages = {633-646}, - year = 2020, - publisher = {Taylor & Francis}, - doi = {10.1080/07350015.2018.1549560}, - note = {PMID: 32982033}, - URL = {https://doi.org/10.1080/07350015.2018.1549560}, - eprint = {https://doi.org/10.1080/07350015.2018.1549560} -} - -@article{Ameriks2020jpe, - author = {Ameriks, John and Briggs, Joseph and Caplin, Andrew and Shapiro, Matthew D. and Tonetti, Christopher}, - title = {Long-Term-Care Utility and Late-in-Life Saving}, - journal = {Journal of Political Economy}, - volume = 128, - number = 6, - pages = {2375-2451}, - year = 2020, - doi = {10.1086/706686}, - URL = { https://doi.org/10.1086/706686 }, - eprint = { https://doi.org/10.1086/706686 } -, - abstract = { Older wealth holders spend down assets much more slowly than predicted by classic life-cycle models. This paper introduces health-dependent utility into a model with incomplete markets in which preferences for bequests, expenditures when in need of long-term care, and ordinary consumption combine with health and longevity uncertainty to explain saving behavior. To sharply identify motives, it develops strategic survey questions (SSQs) that elicit stated preferences. The model is estimated using these SSQs and wealth data from the Vanguard Research Initiative. The desire to self-insure against long-term-care risk explains a substantial fraction of the wealth holding of many older Americans. } -} - -@article{Cocco2005rfs, - author = {Cocco, Joao F. and Gomes, Francisco J. and Maenhout, Pascal J.}, - title = "{Consumption and Portfolio Choice over the Life Cycle}", - journal = {The Review of Financial Studies}, - volume = 18, - number = 2, - pages = {491-533}, - year = 2005, - month = 02, - abstract = "{This article solves a realistically calibrated life cycle model of consumption and portfolio choice with non-tradable labor income and borrowing constraints. Since labor income substitutes for riskless asset holdings, the optimal share invested in equities is roughly decreasing over life. We compute a measure of the importance of human capital for investment behavior. We find that ignoring labor income generates large utility costs, while the cost of ignoring only its risk is an order of magnitude smaller, except when we allow for a disastrous labor income shock. Moreover, we study the implications of introducing endogenous borrowing constraints in this incomplete-markets setting.}", - issn = {0893-9454}, - doi = {10.1093/rfs/hhi017}, - url = {https://doi.org/10.1093/rfs/hhi017}, - eprint = {http://oup.prod.sis.lan/rfs/article-pdf/18/2/491/24421441/hhi017.pdf}, -} - -@article{Dominitz2007jeea, - author = {Dominitz, Jeff and Manski, Charles F.}, - title = {Expected Equity Returns and Portfolio Choice: Evidence from the Health and Retirement Study}, - journal = {Journal of the European Economic Association}, - volume = 5, - number = {2‐3}, - pages = {369-379}, - doi = {10.1162/jeea.2007.5.2-3.369}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1162/jeea.2007.5.2-3.369}, - eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1162/jeea.2007.5.2-3.369}, - abstract = {Abstract To provide an empirical basis for the study of expectations, we have undertaken survey research measuring in probabilistic terms the beliefs that Americans hold about equity returns in the year ahead. This paper presents new findings on the expected returns reported in the 2004 Health and Retirement Study. We find substantial heterogeneity of reported beliefs, but, strikingly, nearly two-thirds of respondents report no better than a 50–50 chance of a positive nominal return. As in our earlier work, expected returns decline with age and are higher for men than for women. We find here that the probability of holding stocks increases substantially as the perceived chance of a positive return increases. These findings are potentially of considerable importance for portfolio choice. (JEL: G1, D1, D8)}, - year = 2007 -} - -@article{Dominitz2011jae, - author = {Dominitz, Jeff and Manski, Charles F.}, - title = {Measuring and interpreting expectations of equity returns}, - journal = {Journal of Applied Econometrics}, - volume = 26, - number = 3, - pages = {352-370}, - doi = {10.1002/jae.1225}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/jae.1225}, - eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1002/jae.1225}, - abstract = {Abstract We analyze probabilistic expectations of equity returns elicited in the Survey of Economic Expectations in 1999–2001 and in the Michigan Survey of Consumers in 2002–2004. Our empirical findings suggest that individuals use interpersonally variable but intrapersonally stable processes to form their expectations. We therefore propose to think of the population as a mixture of expectations types, each forming expectations in a stable but different way. We use our expectations data to learn about the prevalence of several specific types suggested by research in finance. Copyright © 2010 John Wiley \& Sons, Ltd.}, - year = 2011 -} - -@article{Shleifer2014rfs, - author = {Greenwood, Robin and Shleifer, Andrei}, - title = "{Expectations of Returns and Expected Returns}", - journal = {The Review of Financial Studies}, - volume = 27, - number = 3, - pages = {714-746}, - year = 2014, - month = 01, - abstract = "{We analyze time series of investor expectations of future stock market returns from six data sources between 1963 and 2011. The six measures of expectations are highly positively correlated with each other, as well as with past stock returns and with the level of the stock market. However, investor expectations are strongly negatively correlated with model-based expected returns. The evidence is not consistent with rational expectations representative investor models of returns.}", - issn = {0893-9454}, - doi = {10.1093/rfs/hht082}, - url = {https://doi.org/10.1093/rfs/hht082}, - eprint = {https://academic.oup.com/rfs/article-pdf/27/3/714/24449380/hht082.pdf}, -} - -@article{Malmendier2011qje, - author = {Malmendier, Ulrike and Nagel, Stefan}, - title = "{Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?*}", - journal = {The Quarterly Journal of Economics}, - volume = 126, - number = 1, - pages = {373-416}, - year = 2011, - month = 02, - abstract = "{We investigate whether individual experiences of macroeconomic shocks affect financial risk taking, as often suggested for the generation that experienced the Great Depression. Using data from the Survey of Consumer Finances from 1960 to 2007, we find that individuals who have experienced low stock market returns throughout their lives so far report lower willingness to take financial risk, are less likely to participate in the stock market, invest a lower fraction of their liquid assets in stocks if they participate, and are more pessimistic about future stock returns. Those who have experienced low bond returns are less likely to own bonds. Results are estimated controlling for age, year effects, and household characteristics. More recent return experiences have stronger effects, particularly on younger people.}", - issn = {0033-5533}, - doi = {10.1093/qje/qjq004}, - url = {https://doi.org/10.1093/qje/qjq004}, - eprint = {http://oup.prod.sis.lan/qje/article-pdf/126/1/373/17088890/qjq004.pdf}, -} - -@article{Malmendier2015qje, - author = {Malmendier, Ulrike and Nagel, Stefan}, - title = "{ Learning from Inflation Experiences *}", - journal = {The Quarterly Journal of Economics}, - volume = 131, - number = 1, - pages = {53-87}, - year = 2015, - month = 10, - abstract = "{ How do individuals form expectations about future inflation? We propose that individuals overweight inflation experienced during their lifetimes. This approach modifies existing adaptive learning models to allow for age-dependent updating of expectations in response to inflation surprises. Young individuals update their expectations more strongly than older individuals since recent experiences account for a greater share of their accumulated lifetime history. We find support for these predictions using 57 years of microdata on inflation expectations from the Reuters/Michigan Survey of Consumers. Differences in experiences strongly predict differences in expectations, including the substantial disagreement between young and old individuals in periods of highly volatile inflation, such as the 1970s. It also explains household borrowing and lending behavior, including the choice of mortgages. }", - issn = {0033-5533}, - doi = {10.1093/qje/qjv037}, - url = {https://doi.org/10.1093/qje/qjv037}, - eprint = {https://academic.oup.com/qje/article-pdf/131/1/53/30636088/qjv037.pdf}, -} - -@article{Manski2004ecta, - author = {Manski, Charles F.}, - title = {Measuring Expectations}, - journal = {Econometrica}, - volume = 72, - number = 5, - pages = {1329-1376}, - keywords = {Choice analysis, beliefs, subjective probabilities, survey research}, - doi = {10.1111/j.1468-0262.2004.00537.x}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1468-0262.2004.00537.x}, - eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1111/j.1468-0262.2004.00537.x}, - abstract = {To predict choice behavior, the standard practice of economists has been to infer decision processes from data on observed choices. When decision makers act with partial information, economists typically assume that persons form probabilistic expectations for unknown quantities and maximize expected utility. Observed choices may be consistent with many alternative specifications of preferences and expectations, so researchers commonly assume particular sorts of expectations. It would be better to measure expectations in the form called for by modern economic theory; that is, subjective probabilities. Data on expectations can be used to relax or validate assumptions about expectations. Since the early 1990's, economists have increasingly undertaken to elicit from survey respondents probabilistic expectations of significant personal events. This article discusses the history underlying the new literature, describes some of what has been learned thus far, and looks ahead towards making further progress.}, - year = 2004 -} - -@inbook{Manski2017nber, - 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", - pages = "411-471", - year = 2017, - month = "April", - doi = {10.1086/696061}, - URL = "http://www.nber.org/chapters/c13907", -} - -@article{Shiller1996res, - ISSN = {00346535, 15309142}, - URL = {http://www.jstor.org/stable/2109855}, - abstract = {Why did the Japanese stock market lose most of its value between 1989 and 1992? To help us answer this and related questions, we have collected parallel time series data from market participants in both Japan and the United States 1989-94 on their expectations, attitudes, and theories. Substantial variability within countries through time in these data and, notably, dramatic differences across countries in expectations were found. While no unambiguous explanation of the Japanese crash emerges from the results, we do find a clear relation of the crash to changes in Japanese price expectations and speculative strategies.}, - author = {Robert J. Shiller and Fumiko Kon-Ya and Yoshiro Tsutsui}, - journal = {The Review of Economics and Statistics}, - number = 1, - pages = {156--164}, - publisher = {The MIT Press}, - title = {Why Did the Nikkei Crash? Expanding the Scope of Expectations Data Collection}, - volume = 78, - year = 1996 -} - -@article{Shiller2000jpfm, - author = { Robert J. Shiller }, - title = {Measuring Bubble Expectations and Investor Confidence}, - journal = {Journal of Psychology and Financial Markets}, - volume = 1, - number = 1, - pages = {49-60}, - year = 2000, - publisher = {Routledge}, - doi = {10.1207/S15327760JPFM0101\_05}, - URL = { https://doi.org/10.1207/S15327760JPFM0101_05 }, - eprint = { https://doi.org/10.1207/S15327760JPFM0101_05 } -} - -@article{schmitt2003closing, - title = {Closing small open economy models}, - author = {Schmitt-Groh{\'e}, Stephanie and Uribe, Mart{\i}n}, - journal = {Journal of international Economics}, - volume = 61, - number = 1, - pages = {163--185}, - year = 2003, - publisher = {Elsevier} -} - -@misc{maTodaRich, - title = {A Theory of the Saving Rate of the Rich}, - author = {Qingyin Ma and Alexis Akira Toda}, - year = 2020, - eprint = {2005.02379}, - journal = {arXiv}, - primaryClass = {econ.TH} -} - -@book{hendricksBequests, - title = {Bequests and Retirement Wealth in the United States}, - author = {Hendricks, Lutz}, - journal = {Manuscript, University of Arizona}, - publisher = {University of Arizona}, - year = 2001, - url = {https://lhendricks.org/Research/wps/bequdata_paper.pdf} -} - -@book{riehl2017category, - title = {Category theory in context}, - author = {Riehl, Emily}, - year = 2017, - publisher = {Courier Dover Publications} -} - -@article{zwiebelLeisure, - author = {Zweibel, T.~Herman}, - url = {https://www.theonion.com/180-trillion-leisure-hours-lost-to-work-last-year-1819567706}, - title = {180 Trillion Leisure Hours Lost To Work Last Year}, - journal = {The Onion}, - volume = 41, - issue = 5, - year = 2005, - note = {Available \href{https://www.theonion.com/180-trillion-leisure-hours-lost-to-work-last-year-1819567706}{here}}, -} - -https://lhendricks.org/econ821/wealth/wealth_bequ_sl.pdf - -@article{hendricksSmallBequests, - title = {Wealth Distribution and Bequests}, - author = {Lutz Hendricks}, - journal = {Lecture Notes, Economics 821, University of North Carolina}, - year = 2016, - url = {https://lhendricks.org/econ821/wealth/wealth_bequ_sl.pdf} -} - -@article{brown2008don, - title = {Why don't people insure late-life consumption? A framing explanation of the under-annuitization puzzle}, - author = {Brown, Jeffrey R and Kling, Jeffrey R and Mullainathan, Sendhil and Wrobel, Marian V}, - journal = {American Economic Review}, - volume = 98, - number = 2, - pages = {304--09}, - year = 2008 -} - -@article{pashchenko2013accounting, - title = {Accounting for non-annuitization}, - author = {Pashchenko, Svetlana}, - journal = {Journal of Public Economics}, - volume = 98, - pages = {53--67}, - year = 2013, - publisher = {Elsevier} -} - -@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} -} - -@misc{matthew_n_white_2017_1001068, - author = {Christopher D Carroll and Matt{\-}hew N White and Team Econ-ARK}, - title = {econ-ark/HARK: 0.8.0}, - month = Oct, - year = 2017, - doi = {10.5281/zenodo.1001068}, - url = {https://doi.org/10.5281/zenodo.1001068}, - note = {Available at via doi:10.5281/zenodo.1001068 or at \url{https://doi.org/10.5281/zenodo.1001068}} -} - -@article{LiqConstr, - title = {Liquidity constraints and precautionary saving}, - author = {Carroll, Christopher D and Holm, Martin B and Kimball, Miles S}, - journal = {Journal of Economic Theory}, - volume = 195, - pages = 105276, - year = 2021, - url = {https://llorracc.github.io/LiqConstr}, - note = {Available at \href{https://llorracc.github.io/LiqConstr}{llorracc.github.io/LiqConstr}}, - doi = {10.5281/zenodo.4073652} -} - -@article{mstIncFluct, - title = {The income fluctuation problem and the evolution of wealth}, - author = {Ma, Qingyin and Stachurski, John and Toda, Alexis Akira}, - journal = {Journal of Economic Theory}, - volume = 187, - year = 2020, - publisher = {Elsevier} -} - -@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}, -} - -@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{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{crawleyMicroMacro, - title={Consumption heterogeneity: Micro drivers and macro implications}, - author={Crawley, Edmund and Kuchler, Andreas}, - year={2022}, - journal={American Economic Journal: Macro (forthcoming)} -} - -@article{carroll_sticky_2020, - author = {Carroll, Christopher D. and Crawley, Edmund and Sla{\-}ca{\-}lek, Jiri and To{\-}ku{\-}o{\-}ka, Ki{\-}ichi and White, Matt{\-}hew N.}, - journal = {American {Economic} {Journal:} {Macroeconomics}}, - title = {Sticky {Expectations} and {Consumption} {Dynamics}}, - year = 2020, - 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.}, - month = {July}, - pages = {40--76}, - volume = 12, - number = 3, - doi = {10.3386/w24377}, - url = {http://www.nber.org/papers/w24377}, -} - -% Update in /Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/economics.bib as well as here - -@article{cAndCwithStickyE, - author = {Carroll, Christopher D. and Crawley, Edmund and Sla{\-}calek, Jiri and Tokuoka, Kiichi and White, Matthew N.}, - journal = {American {Economic} {Journal:} {Macroeconomics}}, - title = {Sticky {Expectations} and {Consumption} {Dynamics}}, - year = 2020, - 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.}, - month = {July}, - pages = {40--76}, - volume = 12, - number = 3, - doi = {10.1257/mac.20180286}, - url = {https://llorracc.github.io/cAndCwithStickyE} -} - -@techreport{kmv_pandemics, - author = {Greg Kaplan and Benjamin Moll and Giovanni L. Violante}, - institution = {Princeton University}, - type = {mimeo}, - title = {The Great Lockdown and the Big Stimulus: Tracing the Pandemic Possibility Frontier for the U.S.}, - year = 2020, -} - -@Article{covidC_chase, - author = {Natalie Cox and Peter Ganong and Pascal Noel and Joseph Vavra and Arlene Wong and Diana Farrell and Fiona Greig}, - title = {Initial Impacts of the Pandemic on Consumer Behavior: Evidence from Linked Income, Spending, and Savings Data}, - journal = {Brookings Papers on Economic Activity}, - year = 2020, - note = {forthcoming}, -} - -@TechReport{chetty_covidC, - author = {Raj Chetty and John Friedman and Nathaniel Hendren and Michael Stepner and The~Opportunity~Insights~Team}, - title = {How Did COVID-19 and Stabilization Policies Affect Spending and Employment? A New Real-Time Economic Tracker Based on Private Sector Data}, - year = 2020, - institution = {Harvard University}, - type = {working paper}, -} - -@Article{hpv:cycleTrend, - author = {Jonathan Heathcote and Fabrizio Perri and Giovanni L. Violante}, - title = {The Rise of US Earnings Inequality: Does the Cycle Drive the Trend?}, - journal = {Review of Economic Dynamics}, - year = 2020, - note = {forthcoming}, -} - -@techreport{coibion_stimulus, - title = "How Did U.S. Consumers Use Their Stimulus Payments?", - author = "Coibion, Olivier and Gorodnichenko, Yuriy and Weber, Michael", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = 27693, - year = 2020, - month = "August", - doi = {10.3386/w27693}, - URL = "http://www.nber.org/papers/w27693", - abstract = {Using a large-scale survey of U.S. consumers, we study how the large one-time transfers to individuals from the CARES Act affected their consumption, saving and labor-supply decisions. Most respondents report that they primarily saved or paid down debts with their transfers, with only about 15 percent reporting that they mostly spent it. When providing a detailed breakdown of how they used their checks, individuals report having spent or planning to spend only around 40 percent of the total transfer on average. This relatively low rate of spending out of a one-time transfer is higher for those facing liquidity constraints, who are out of the labor force, who live in larger households, who are less educated and those who received smaller amounts. We find no meaningful effect on labor-supply decisions from these transfer payments, except for twenty percent of the unemployed who report that the stimulus payment made them search harder for a job.}, -} - -@techreport{casado_stimulus, - title = "The Effect of Fiscal Stimulus: Evidence from COVID-19", - author = "Casado, Miguel Garza and Glennon, Britta and Lane, Julia and McQuown, David and Rich, Daniel and Weinberg, Bruce A", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = 27576, - year = 2020, - month = "August", - doi = {10.3386/w27576}, - URL = "http://www.nber.org/papers/w27576", - abstract = {Policymakers, faced with different options for replacing lost earnings, have had limited evidence to inform their decisions. The current economic crisis has highlighted the need for data that are local and timely so that different fiscal policy options on local economies can be more immediately evaluated. This paper provides a framework for evaluating real-time effects of fiscal policy on local economic activity using two new sources of near real-time data. The first data source is administrative records that provide universal, weekly, information on unemployment claimants. The second data source is transaction level data on economic activity that are available on a daily basis. We use shift-share approaches, combined with these two data sources and the novel cross-county variation in the incidence of the COVID-19 supplement to Unemployment Insurance to estimate the local impact of unemployment, earnings replacement, and their interaction on economic activity. We find that higher replacement rates lead to significantly more consumer spending – even with increases in the unemployment rate – consistent with the goal of the fiscal stimulus. Our estimates suggest that, based on the latest data, eliminating the Federal Pandemic Unemployment Compensation (FPUC) supplement would lead to a 44% decline in local spending. If the FPUC supplement is reduced to $200, resulting in a reduction of the replacement rate by 44%, spending would fall by 28%. Even if the FPUC supplement is reduced to $400, the replacement rate would fall by 29% and spending would fall by 12%. Because these data are available in every state, the approach can be used to inform decision making not just in this current crisis, but also in future recessions.}, -} - -@article{garner_receipt, - Author = {Garner, Thesia I. and Safir, Adam and Schild, Jake}, - institution = "U.S. Bureau of Labor Statistics", - Title = {Receipt and use of stimulus payments in the time of the Covid-19 pandemic}, - Journal = {Beyond the Numbers: Prices and Spending}, - Volume = 9, - Number = 10, - Year = 2020, - Month = {August}, - URL = {"https://www.bls.gov/opub/btn/volume-9/receipt-and-use-of-stimulus-payments-in-the-time-of-the-covid-19-pandemic.htm"}, -} -n - -@article{wachter_scarring, - Author = {Oreopoulos, Philip and {von Wachter}, Till and Heisz, Andrew}, - Title = {The Short- and Long-Term Career Effects of Graduating in a Recession}, - Journal = {American Economic Journal: Applied Economics}, - Volume = 4, - Number = 1, - Year = 2012, - Month = {January}, - Pages = {1--29}, -} - -@article{yagan_hysteresis, - author = {Yagan, Danny}, - title = {Employment Hysteresis from the Great Recession}, - journal = {Journal of Political Economy}, - volume = 127, - number = 5, - pages = {2505--2558}, - year = 2019, -} - -@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{kmpHandbook, - author = {Krueger, Dirk and Mitman, Kurt and Perri, Fabrizio}, - journal = {Handbook of Macroeconomics}, - pages = {843--921}, - publisher = {Elsevier}, - title = {Macroeconomics and Household Heterogeneity}, - volume = 2, - year = 2016, - 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}, - url = {http://www.nber.org/papers/w22319}, -} - -@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}, -} - -@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}, - institution = {Cambridge University}, - journal = {Cambridge Working Papers in Economics CWPE2030)}, - title = {Tracking the COVID-19 Crisis with High-Resolution Transaction Data}, - year = 2020, -} - -@article{denmark_pandemics, - author = {Asger Lau Andersen and Emil Toft Hansen and Niels Johannesen and Adam Sheridan}, - journal = {Covid Economics}, - pages = {88--111}, - title = {Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data}, - volume = 7, - year = 2020, -} - -@techreport{krugman_corona, - author = {Paul Krugman}, - institution = {City University of New York}, - type = {mimeo}, - title = {Notes on Coronacoma Economics}, - year = 2020, -} - -@techreport{hkpMemory, - author = {Hai, Rong and Krueger, Dirk and Postlewaite, Andrew}, - institution = {National Bureau of Economic Research}, - number = 19386, - type = {working paper}, - title = {On the Welfare Cost of Consumption Fluctuations in the Presence of Memorable Goods}, - year = 2013, -} - -@techreport{ert_covid, - author = {Eichenbaum, Martin S. and Rebelo, Sergio and Trabandt, Mathias}, - institution = {National Bureau of Economic Research}, - number = 26882, - type = {working paper}, - title = {The Macroeconomics of Epidemics}, - year = 2020, -} - -@techreport{aal_covid, - author = {Fernando Alvarez and David Argente and Francesco Lippi}, - institution = {University of Chicago}, - number = 34, - type = {BFI working paper}, - title = {A Simple Planning Problem for {COVID}-19 Lockdown}, - year = 2020, -} - -@techreport{covidMacroImpl, - author = {Guerrieri, Veronica and Lorenzoni, Guido and Straub, Ludwig and Werning, Ivan}, - institution = {National Bureau of Economic Research}, - number = 26918, - type = {working paper}, - title = {Macroeconomic Implications of {COVID}-19: Can Negative Supply Shocks Cause Demand Shortages?}, - year = 2020, -} - -@article{healthWealth, - author = {Andrew Glover and Jonathan Heathcote and Dirk Krueger and Jos{\'e}-V{\'\i}ctor R{\'\i}os-Rull}, - journal = {Covid Economics}, - pages = {22--64}, - title = {Health versus Wealth: On the Distributional Effects of Controlling a Pandemic}, - volume = 6, - year = 2020, -} - -@article{faria_FPpandemic, - author = {Miguel {Faria-e-Castro}}, - journal = {Covid Economics}, - pages = {67--101}, - title = {Fiscal Policy during a Pandemic}, - volume = 2, - year = 2020, -} - -@techreport{bayer_corona, - author = {Christian Bayer and Benjamin Born and Ralph Luetticke and Gernot J. M\"{u}ller}, - institution = {CEPR}, - number = 14600, - type = {discussion paper}, - title = {The Coronavirus Stimulus Package: How Large Is the Transfer Multiplier?}, - year = 2020, -} - -@techreport{baker_Cpandemic, - author = {Baker, Scott R. and Farrokhnia, R. A. and Meyer, Steffen and Pagel, Michaela and Yannelis, Constantine}, - institution = {National Bureau of Economic Research}, - number = 26949, - type = {working paper}, - title = {How Does Household Spending Respond to an Epidemic? Consumption During the 2020 COVID-19 Pandemic}, - year = 2020, -} - -@article{jorda_pandemics, - author = {Jorda, Oscar and Singh, Sanjay R. and Taylor, Alan M.}, - journal = {Covid Economics}, - pages = {1--15}, - title = {Longer-run Economic Consequences of Pandemics}, - volume = 1, - year = 2020, -} - -@techreport{verner_pandemics, - author = {Sergio Correia and Stephan Luck and Emil Verner}, - institution = {MIT Sloan}, - type = {mimeo}, - title = {Pandemics Depress the Economy, Public Health Interventions Do Not: Evidence from the 1918 Flu}, - year = 2020, -} - -@article{cstwMPC, - author = {Christopher D. Carroll and Jiri Sla{\-}calek and Kiichi To{\-}ku{\-}o{\-}ka and Matt{\-}hew N. White}, - journal = {Quantitative Economics}, - month = {November}, - note = {At \url{https://www.econ2.jhu.edu/people/ccarroll/papers/cstwMPC}}, - pages = {977-1020}, - title = {The Dis{\-}tri{\-}bu{\-}tion of Wealth and the Mar{\-}gi{\-}nal Pro{\-}pen{\-}si{\-}ty to Con{\-}sume}, - volume = 8, - year = 2017, - doi = {10.3982/QE694}, - url = {http://onlinelibrary.wiley.com/doi/10.3982/QE694/pdf}, -} - -@techreport{JPMorganBlog2020, - author = {JPMorgan}, - institution = {JPMorgan}, - month = {March}, - 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}, - 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}, - 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{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{BickBlandin2020, - author = {Alexander Bick and Adam Blandin}, - institution = {Arizona State University}, - month = {April}, - type = {Working paper}, - 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{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}, -} - -@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{covid_USsurvey, - author = {Abi {Adams-Prassl} and Teodora Boneva and Marta Golin and Christopher Rauh}, - institution = {Oxford University}, - type = {mimeo}, - title = {Inequality in the Impact of the Coronavirus Shock: New Survey Evidence for the US}, - year = 2020, -} - -@article{cyranoski_we_2020, - author = {Cyranoski, David}, - journal = {Nature}, - month = mar, - title = {`{We} need to be alert': {Scientists} fear second coronavirus wave as {China}'s lockdowns ease}, - year = 2020, - abstract = {Other countries on lockdown will be watching for a resurgence of infections in Hubei province now that travel restrictions are lifting.}, - doi = {10.1038/d41586-020-00938-0}, - language = {en}, - url = {https://www.nature.com/articles/d41586-020-00938-0}, -} - -@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{carroll_sticky_2020, - author = {Carroll, Christopher D. and Crawley, Edmund and Sla{\-}calek, Jiri and Tokuoka, Kiichi and White, Matthew N.}, - journal = {American {Economic} {Journal:} {Macroeconomics}}, - title = {Sticky {Expectations} and {Consumption} {Dynamics}}, - volume = {Forthcoming}, - year = 2020, - 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.}, - doi = {10.3386/w24377}, - url = {http://www.nber.org/papers/w24377}, -} - -@article{psjmMPC2008, - author = {Parker, Jonathan A and Souleles, Nicholas S and Johnson, David S and McClelland, Robert}, - journal = {The American Economic Review}, - month = {October}, - number = 6, - pages = {2530--2553}, - publisher = {American Economic Association}, - title = {Consumer spending and the economic stimulus payments of 2008}, - volume = 103, - year = 2013, -} - -@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{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{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, -} - -@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, -} - -@incollection{BrownLiebmanPollet, - author = {Jeffrey Brown and Jeffrey B. Liebman and Joshua Pollett}, - booktitle = {The Distributional Aspects of Social Security and Social Security Reform}, - editor = {Martin Feldstein and Jeffrey B. Liebman}, - pages = {447--457}, - publisher = {University of Chicago Press}, - title = {Estimating Life Tables That Reflect Socioeconomic Differences in Mortality}, - year = 2002, -} - -@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{Cagetti, - author = {Marco Cagetti}, - journal = {Journal of Business and Economic Statistics}, - number = 3, - pages = {339--353}, - title = {Wealth Ac{\-}cumulation Over the Life Cycle and Pre{\-}cau{\-}tion{\-}ary Savings}, - volume = 21, - year = 2003, -} - -@article{carroll_EGM, - author = {Christopher D. Carroll}, - journal = {Economics Letters}, - number = 3, - pages = {312--320}, - title = {The Method of En{\-}do{\-}gen{\-}ous Grid{\-}points for Sol{\-}ving Dy{\-}nam{\-}ic Sto{\-}chas{\-}tic Optimization Problems}, - volume = 91, - year = 2006, -} - -@Article{covidC_chase, - author = {Natalie Cox and Peter Ganong and Pascal Noel and Joseph Vavra and Arlene Wong and Diana Farrell and Fiona Greig}, - title = {Initial Impacts of the Pandemic on Consumer Behavior: Evidence from Linked Income, Spending, and Savings Data}, - journal = {Brookings Papers on Economic Activity}, - year = 2020, - note = {forthcoming}, -} - -@TechReport{chetty_covidC, - author = {Raj Chetty and John Friedman and Nathaniel Hendren and Michael Stepner and The Opportunity Insights Team}, - title = {How Did COVID-19 and Stabilization Policies Affect Spending and Employment? A New Real-Time Economic Tracker Based on Private Sector Data}, - year = 2020, - institution = {Harvard University}, - type = {working paper}, -} - -@Article{hpv:cycleTrend, - author = {Jonathan Heathcote and Fabrizio Perri and Giovanni L. Violante}, - title = {The Rise of US Earnings Inequality: Does the Cycle Drive the Trend?}, - journal = {Review of Economic Dynamics}, - year = 2020, - note = {forthcoming}, -} - -@article{barroDoubleCounting, - title = {Double-Counting of Investment}, - author = {Robert J. Barro}, - year = 2019, - month = {September}, - journal = {Manuscript, Harvard University}, - note = {Presentation at Johns Hopkins University macroeconomics seminar}, - url = {https://www.econ2.jhu.edu/seminars/Fall2019/Double-countingpaper.pdf} -} - -@misc{DiamondOLGDemARK, - author = {Econ-ARK}, - title = {\href{https://github.com/econ-ark/DemARK/blob/master/notebooks/DiamondOLG.ipynb}{DiamondOLG}}, - url = {https://github.com/econ-ark/DemARK/blob/master/notebooks/DiamondOLG}, -} - -@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", -} - -@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 = {\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 -} - -@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 Con{\-}ca{\-}vity 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, -} - -@techreport{laibson2022simple, - title={A Simple Mapping from MPCs to MPXs}, - author={Laibson, David and Maxted, Peter and Moll, Benjamin}, - year={2022}, - institution={National Bureau of Economic Research} -} - -@article{olafsson2018liquid, - title={The liquid hand-to-mouth: Evidence from personal finance management software}, - author={Olafsson, Arna and Pagel, Michaela}, - journal={The Review of Financial Studies}, - volume={31}, - number={11}, - pages={4398--4446}, - year={2018}, - publisher={Oxford University Press} -} - -@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, -} - -@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{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 = {Mackowiak, 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)}, - 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, Chris{\-}to{\-}pher D. and Kim{\-}ball, Miles S.}, - journal = {Econometrica}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}}, - number = 4, - pages = {981--992}, - title = {On the {C}on{\-}cav{\-}ity of the {C}on{\-}sumption {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{ckConsumptionWP, - 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}, - pages = {243--266}, - title = {Luncheon Address: Central Banking in Uncertain Times: Conviction and Responsibility}, - 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? Decomposing the Response of Consumption to House Prices}, - year = 2019, -} - -@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{kv_microMacro, - author = {Greg Kaplan and Giovanni L. Violante}, - journal = {Journal of Economic Perspectives}, - month = {Summer}, - number = 3, - pages = {167--194}, - title = {Microeconomic Heterogeneity and Macroeconomic Shocks}, - volume = 32, - year = 2018, -} - -@article{auerbachKotlikoffDemographicsAndSaving, - author = {Auerbach, Alan J. and Cai, Jinyong and Kotlikoff, Laurence J.}, - journal = {Carnegie--Rochester Conference Series on Public Policy}, - month = {January}, - number = 1, - pages = {135--156}, - title = {{U.S. Demographics and Saving: Predictions of Three Saving Models}}, - volume = 34, - year = 1991, -} - -@article{curtisEtAl, - author = {Chadwick C. Curtis and Steven Lugauer and Nelson C. Mark}, - journal = {American Economic Journal: Macroeconomics}, - month = {April}, - number = 2, - pages = {58--94}, - title = {Demographic Patterns and Household Saving in China}, - volume = 7, - year = 2015, -} - -@article{imrohroglu_China, - author = {Imrohoroglu, Ayse and Zhao, Kai}, - journal = {Journal of Monetary Economics}, - number = {C}, - pages = {33--52}, - title = {The Chinese Saving Rate: Long-Term Care Risks, Family Insurance, and Demographics}, - volume = 96, - year = 2018, -} - -@article{bloomEtAl_JME07, - author = {Bloom, David E. and Canning, David and Mansfield, Richard K. and Moore, Michael}, - journal = {Journal of Monetary Economics}, - pages = {92--114}, - title = {Demographic Change, Social Security Systems and Savings}, - volume = 54, - year = 2007, -} - -@techreport{bosworthChodorowReich07, - author = {Barry Bosworth and Gabriel Chodorow--Reich}, - institution = {Center for Retirement Research, Boston College}, - number = 2, - type = {working paper}, - title = {Saving and Demographic Change: The Global Dimension}, - year = 2007, -} - -@incollection{elmendorfMankiw, - author = {Elmendorf, Douglas and Mankiw, N. Gregory}, - booktitle = {Handbook of Macroeconomics}, - chapter = 25, - edition = 1, - editor = {Taylor, J. B. and Woodford, M.}, - pages = {1615--1669}, - publisher = {Elsevier}, - title = {Government Debt}, - volume = {1, Part C}, - year = 1999, -} - -@ARTICLE{kmitchSaving, - author = {Janet H. Kmitch}, - title = {Alternative Measures of Personal Saving}, - journal = {Survey of Current Business}, - year = 2010, - volume = 90, - pages = {10--13}, - month = {October} -} - -@article{prSaving, - author = {Perozek, Maria G. and Marshall B. Reinsdorf}, - journal = {Survey of Current Business 82}, - month = {April}, - pages = {13--24}, - title = {Alternative Measures of Personal Saving}, - year = 2002, -} - -@article{cam87, - author = {Campbell, John Y.}, - journal = {Econometrica}, - pages = {1249--1273}, - title = {Does Saving Anticipate Declining Labor Income? 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. Nowak}, - title = {On Discounted Dynamic Programming With Unbounded Returns}, - journal = {Economic Theory}, - year = 2011, - volume = 46, - pages = {455--474} -} - -@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{szeidlInvariant, - author = {Szeidl, Adam}, - title = {Sta{\-}ble In{\-}vari{\-}ant Distribution in Buffer-Stock Sav{\-}ing and Sto{\-}chastic Growth Models}, - journal = {Manuscript, Central European University}, - year = 2013, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/szeidlInvariant.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/szeidlInvariant.pdf:PDF}, - note = {Available at \url{http://www.personal.ceu.hu/staff/Adam_Szeidl/papers/invariant_revision.pdf}} -} - -@article{mstCapIncFluct, - author = {Ma, Qingyin and Stachurski, John and Toda, Alexis Akira}, - journal = {arXiv preprint arXiv:1812.01320}, - title = {The Income Fluctuation Problem with Capital Income Risk: Optimality and Stability}, - year = 2018, - url = {https://arxiv.org/abs/1812.01320}, -} - -@article{benhabibWealth, - author = {Benhabib, Jess and Bisin, Alberto and Zhu, Shenghao}, - journal = {Journal of Economic Theory}, - note = {Available at \url{https://www.nber.org/papers/w20157.pdf}}, - pages = {489--515}, - publisher = {Elsevier}, - title = {The wealth distribution in Bewley economies with capital income risk}, - volume = 159, - year = 2015, - url = {https://www.sciencedirect.com/science/article/pii/ S0022053115001362}, -} - -@article{rabaultBorrowing, - author = {Rabault, Guillaume}, - journal = {Journal of Economic Dynamics and Control}, - number = 2, - pages = {217--245}, - publisher = {Elsevier}, - title = {When do borrowing constraints bind? 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}, -} - -@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}, -} - -@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, -} - -@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}, - 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, - 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 Sla{\-}calek 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 = {Mackowiak, 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}, -} - -@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}, - 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}, - 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}, - 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}, - 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}, - 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}, - 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}, - 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}, - 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}, - 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}, - 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}, - 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}, - 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}, - keywords = {Inter-regional insurance; U.S.\ states; Consumption smoothing; Volume of output; Price indices}, - 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}, - 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}, - 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}, - 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}, - 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, - 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}, - 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}, - 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}, - 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}, - 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, - 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}, - 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}, - 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}, - 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}, - 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.}, -} - -@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}, -} - -@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} -} - -@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/} -} - -@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 = {https://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{https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.24.4.85}}, - doi = {10.1257/jep.24.4.85}, - url = {https://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}, -} - -@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} -} - -@inbook{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}, -} - -@inbook{WhyDoTheRich, - 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://llorracc.github.com/WhyDoTheRich/}, -} - -@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}, -} - -@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{diamondOLG, - 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{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}, - 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{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 = {\href{https://scholar.harvard.edu/files/campbell/files/bookapp.pdf}{https://scholar.harvard.edu/files/campbell/files/bookapp.pdf}}, - isbn = 0198296940, - url = {https://scholar.harvard.edu/files/campbell/files/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}, - url = {https://github.com/llorracc/EpidemiologyOfMacro/blob/main/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 = {Econ-ARK REMARK}, - Year = 2020, - Note = {Available at \url{https://econ-ark.github.io/BufferStockTheory}}, - Url = {https://econ-ark.github.io/BufferStockTheory.pdf}, - status = {Under Revision} -} - -% Updates here should sync with /Volumes/Data/Papers/BufferStockTheory/BufferStockTheory-Latest/LaTeX/BufferStockTheory-Self.bib and the corresponding public version - -@article{BufferStockTheory, - author = {Christopher D. Carroll}, - journal = {Revise and Resubmit, Quantitative Economics}, - title = {Theoretical Foundations of Buffer Stock Saving}, - year = 2023, - url = {https://econ-ark.github.io/BufferStockTheory}, - doi = {https://zenodo.org/badge/latestdoi/304124725} -} - -@article{BufferStockTheoryRR, - author = {Christopher D. Carroll and Akshay Shanker}, - journal = {Revise and Resubmit, Quantitative Economics}, - title = {Theoretical Foundations of Buffer Stock Saving}, - year = 2023, - url = {https://econ-ark.github.io/BufferStockTheory}, - doi = {https://zenodo.org/badge/latestdoi/304124725} -} - -@article{BufferStockTheoryQESubmit, - author = {Christopher D. Carroll}, - journal = {Quantitative Economics}, - title = {Theoretical Foundations of Buffer Stock Saving}, - year = {2019, Submitted}, - url = {https://econ-ark.github.io/BufferStockTheory}, - doi = {https://zenodo.org/badge/latestdoi/304124725} -} - -@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 = {Econ-ARK REMARK}, - year = 2023, - url = {https://llorracc.github.io/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, - doi = {10.2202/1534-6013.1003} -} - -@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 = {https://www.econ2.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, - Number = 5, - Pages = {1397-1408}, - Volume = 84, - Owner = {Nic Johnson}, - 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/papers/PalgravePrecautionary.pdf}}, - Url = {https://www.econ2.jhu.edu/people/ccarroll/papers/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{https://www.econ2.jhu.edu/pdf/papers/CarrollKimball2001.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/pdf/papers/CarrollKimball2001.pdf}, - url = {https://www.econ2.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 Sla{\-}calek, 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 Sla{\-}calek}, - 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 Sla{\-}calek}, - title = {Sticky Expectations and Consumption Dynamics}, - institution = {Johns Hopkins University}, - year = 2006, - type = {mimeo} -} - -@ARTICLE{cosHousing, - author = {Carroll, Christopher D. and Sla{\-}calek, 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 Sla{\-}calek 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 Sla{\-}calek and Martin Sommer}, - title = {Dissecting Saving Dynamics: Measuring Wealth, Precautionary, and Credit Effects}, - journal = {\href{https://www.econ2.jhu.edu/people/ccarroll/papers/cssUSSaving/}{Manuscript, Johns Hopkins University}}, - year = 2019, -} - -@TECHREPORT{css:epid, - author = {Christopher D. Carroll and Jiri Sla{\-}calek 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 Sla{\-}calek, Jiri and Tokuoka, Kiichi}, - title = {Sticky Expectations and Consumption Dynamics}, - year = {in progress}, - journal = {Manuscript} -} - -@TECHREPORT{cstMPC, - author = {Christopher D. Carroll and Jiri Sla{\-}calek and Kiichi Tokuoka}, - title = {The Dis{\-}tri{\-}bu{\-}tion 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 Dis{\-}tri{\-}bu{\-}tion of Wealth and the MPC: Implications of New European Data}, - author = {Carroll, Christopher D. and Sla{\-}calek, 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:BSinKSmanuscript, - author = {Christopher D. Carroll and Jiri Sla{\-}calek 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 Sla{\-}calek, 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 Sla{\-}calek, 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. 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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, - 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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 Sla{\-}calek, 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 Sla{\-}calek, 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{https://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 = {https://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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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 Rate in Japan}, - 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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. Norman}, - title = {Rockets And Feathers In CO2-Power Markets? New Evidence From The Second Phase Of The EU ETS}, - journal = {Manuscript, Johns Hopkins University}, - year = 2011, - note = {\\ \url{http://www.webmeets.com/files/papers/EAERE/2011/201/AsymmetricPassthrough_May25-1.pdf}}, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/lnFeathers.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/lnFeathers.pdf:PDF}, - url = {http://www.webmeets.com/files/papers/EAERE/2011/201/AsymmetricPassthrough_May25-1.pdf} -} - -@INCOLLECTION{lucas:critique, - author = {Lucas, Robert E.}, - title = {Econometric Policy Evaluation: A Critique}, - booktitle = {The Phillips Curve and Labour Markets}, - publisher = {Journal of Monetary Economics (Supplement)}, - year = 1976, - editor = {Brunner, Karl and Meltzer, Allan H.}, - volume = 1, - pages = {19--46} -} - -@ARTICLE{lucasGrowth, - author = {Lucas, Robert E.}, - title = {On the Mechanics of Economic Development}, - journal = {Journal of Monetary Economics}, - year = 1988, - volume = 22, - pages = {3--42} -} - -@BOOK{lucasBusinessCycles, - title = {Models of Business Cycles, Yrjo Jahnsson Lectures}, - publisher = {Basil Blackwell}, - year = 1985, - author = {Robert E. Lucas}, - address = {Oxford} -} - -@Article{lucas:assetpricing, - Title = {Asset Prices in an Exchange Economy}, - Author = {Lucas, Robert E.}, - Journal = {Econometrica}, - Year = 1978, - Month = {December}, - Note = {Available at { \url{http://www.jstor.org/stable/1913837}}}, - Pages = {1429--1445}, - Volume = 46, - Owner = {Nic Johnson}, - Url = {http://www.jstor.org/stable/1913837} -} - -@ARTICLE{lucas&stokey:money, - author = {{Lucas, Robert E.} and {Stokey, Nancy L.}}, - title = {Optimal Fiscal and Monetary Policy in an Economy without Capital}, - journal = {Journal of Monetary Economics}, - year = 1983, - volume = 12, - pages = {55--93}, - number = {x} -} - -@ARTICLE{lud04, - author = {Ludvigson, Sydney}, - title = {Consumer Confidence and Consumer Spending}, - journal = {Journal of Economic Perspectives}, - year = 2004, - volume = 18, - pages = {29--50}, - number = 2 -} - -@ARTICLE{ludvigson:credit, - author = {Ludvigson, Sydney}, - title = {Consumption and Credit: A Model of Time-Varying Liquidity Constraints}, - journal = {The Review of Economics and Statistics}, - year = 1999, - volume = 81, - pages = {434--47}, - number = 3 -} - -@PHDTHESIS{ludvigson:creditthesis, - author = {Ludvigson, Sydney}, - title = {Consumption and Credit: A Model of Time-Varying Liquidity Constraints}, - school = {Princeton University}, - year = 1996 -} - -@ARTICLE{lettau&ludvigson:bullsandbearsold, - author = {Ludvigson, Sydney and Lettau, Martin}, - title = {Understanding Trend and Cycle in Asset Values: Bulls, Bears, and the Wealth Effect on Consumption}, - journal = {Manuscript, New York University}, - year = 2001 -} - -@ARTICLE{lettau&ludvigson:finance, - author = {Ludvigson, Sydney and Lettau, Martin}, - title = {Consumption, Aggregate Wealth, and Expected Stock Returns}, - journal = {Journal of Finance}, - year = 2001, - volume = 56, - pages = {815--49}, - number = 3, - month = {June} -} - -@ARTICLE{lmExcesses, - author = {Ludvigson, Sydney and Michaelides, Alexander}, - title = {Does Buffer Stock Saving Explain the Smoothness and Excess Sensitivity of Consumption?}, - journal = {American Economic Review}, - year = 2001, - volume = 91, - pages = {631--647}, - number = 3, - month = {June}, - note = {\\ \url{http://www.jstor.org/stable/2677884}}, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/lmExcesses.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/lmExcesses.pdf:PDF}, - url = {http://www.jstor.org/stable/2677884} -} - -@ARTICLE{ludvigson&paxson:approximation, - author = {Ludvigson, Sydney and Paxson, Christina}, - title = {Approximation Bias in Euler Equation Estimation}, - journal = {Manuscript, Federal Reserve Bank of New York}, - year = 1997 -} - -@ARTICLE{ludvigson&steindel:stockmarket, - author = {Ludvigson, Sydney and Steindel, Charles}, - title = {How Important is the Stock Market Effect on Consumption?}, - journal = {Federal Reserve Bank of New York Economic Policy Review}, - year = 1999 -} - -@ARTICLE{ls04, - author = {Ludwig, Alexander and {Sl{\o}k}, Torsten}, - title = {The Relationship between Stock Prices, House Prices and Consumption in OECD Countries}, - journal = {Topics in Macroeconomics}, - year = 2004, - volume = 4, - pages = {Article 4}, - number = 1 -} - -@UNPUBLISHED{LudwigSlok:2002, - author = {Ludwig, Alexander and Sl{\o}k, Torsten}, - title = {The Impact of Changes in Stock Prices and House Prices on Consumption in OECD Countries}, - note = {Working Paper 02/1 International Monetary Fund}, - year = 2002 -} - -@ARTICLE{Ludwig2004, - author = {Ludwig, Alexander and Slok, Torsten}, - title = {The Relationship between Stock Prices, House Prices and Consumption in OECD Countries}, - journal = {Topics in Macroeconomics}, - year = 2004, - volume = 4, - number = {1, Article 4}, - note = {available at http://ideas.repec.org/a/bep/mactop/v4y2004i1p1} -} - -@ARTICLE{ludwig&slok:assetpricesIMFwp, - author = {Ludwig, Alexander and Slok, Torsten}, - title = {The Impact of Changes in Stock Prices and House Prices on Consumption in OECD Countries}, - journal = {IMF Working Paper 02/01}, - year = 2002 -} - -@ARTICLE{luengoprado:excesses, - author = {Luengo-Prado, Maria Jos{\'}e}, - title = {Durables, Nondurables, Down Payments, and Consumption Excesses}, - journal = {Journal of Monetary Economics}, - year = 2006, - volume = 53, - pages = {1509--1539} -} - -@ARTICLE{lsStates, - author = {Luengo-Prado, Maria Jos{\'}e and S\/orensen, Bent}, - title = {What Can Explain the Excess Smoothness and Sensitivity of State-Level Consumption?}, - journal = {Review of Economics and Statistics}, - year = 1998, - volume = {Forthcoming} -} - -@ARTICLE{LPSorensen:2006, - author = {Luengo-Prado, Mar{\'}{\i}a Jos{\'}{e} and Sorensen, Bent}, - title = {What Can Explain Excess Smoothness and Sensitivity of State-Level Consumption?}, - journal = {Forthcoming in the Review of Economics and Statistics}, - year = 2006 -} - -@INCOLLECTION{lusardiBehavioral, - author = {Lusardi, Annamaria}, - title = {Information, Expectations, and Savings for Retirement}, - booktitle = {Behavioral Dimensions of Retirement Economics}, - publisher = {Russell Sage Foundation}, - year = 1999, - editor = {Aaron, Henry}, - pages = {81--115}, - address = {Washington, DC} -} - -@ARTICLE{lusardiPlanning, - author = {Lusardi, Annamaria}, - title = {Planning and Savings for Retirement}, - journal = {Dartmouth College Working Paper}, - year = 2003 -} - -@ARTICLE{lusardi:explaining, - author = {Lusardi, Annamaria}, - title = {Explaining Why So Many Households Do Not Save}, - journal = {Manuscript, Dartmouth College}, - year = 1999 -} - -@ARTICLE{lusardi:importance, - author = {Lusardi, Annamaria}, - title = {On the Importance of the Precautionary Saving Motive}, - journal = {American Economic Review Papers and Proceedings}, - year = 1998, - volume = 88, - pages = {449--453}, - number = 2 -} - -@ARTICLE{lusardi:subjective, - author = {Lusardi, Annamaria}, - title = {Precautionary Saving and Subjective Earnings Variance}, - journal = {Economics Letters}, - year = 1997, - volume = 57, - pages = {319--326} -} - -@ARTICLE{lusardi:panel, - author = {Lusardi, Annamaria}, - title = {Permanent Income, Current Income, and Consumption: Evidence from Panel Data}, - journal = {Manuscript, Dartmouth College}, - year = 1992 -} - -@ARTICLE{lusardiMitchellLiteracy, - author = {Lusardi, Annamaria and Mitchell, Olivia}, - title = {Financial Literacy and Planning: Implications for Retirement Wellbeing}, - journal = {Wharton School Working Paper}, - year = 2006 -} - -@ARTICLE{lusardiMitchellBoomers, - author = {Lusardi, Annamaria and Mitchell, Olivia S.}, - title = {Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth}, - journal = {Journal of Monetary Economics}, - year = 2007, - volume = {Forthcoming}, - bdsk-url-1 = {http://dx.doi.org/10.1016/j.moneco.2006.12.001}, - doi = {doi:10.1016/j.moneco.2006.12.001} -} - -@ARTICLE{lstFragile, - author = {Lusardi, Annamaria and Schneider, Daniel J. and Peter Tufano}, - title = {Financially Fragile Households: Evidence and Implications}, - journal = {NBER Working Paper Number 17072}, - year = 2011, - number = 17072, - note = {\url{http://www.nber.org/papers/w17072}}, - file = {lstFragile.pdf:lstFragile.pdf:PDF}, - publisher = {National Bureau of Economic Research, Inc}, - url = {http://www.nber.org/papers/w17072} -} - -@ARTICLE{lusardiSkinnerPolicy, - author = {Lusardi, Annamaria and Skinner, Jonathan and Venti, Steven}, - title = {Saving Puzzles and Saving Policies in the United States}, - journal = {Oxford Review of Economic Policy}, - year = 2001, - volume = 17, - pages = {95--115}, - number = 1 -} - -@ARTICLE{lv05, - author = {Lustig, Hanno N. and {Van Nieuwerburgh}, Stijn G.}, - title = {Housing Collateral, Consumption Insurance and Risk Premia: An Empirical Perspective}, - journal = {Journal of Finance}, - year = 2005, - volume = 60, - pages = {1167--1219}, - number = 3 -} - -@MISC{Melitz/Zumer:1999, - author = {M{\'}{e}litz, Jacques and Zumer, Fr{\'}{e}d{\'}{e}ric}, - title = {Interregional and international risk sharing and lessons for EMU}, - howpublished = {CEPR Discussion Paper No. 2154}, - month = {May}, - year = 1999, - file = {:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/#F#:Djvu} -} - -@ARTICLE{mullerelliott:initial, - author = {M{\"}uller, Ulirich K. and Elliott, Graham}, - title = {Tests for unit roots and the initial condition}, - journal = {Econometrica}, - year = 2003, - volume = 71, - pages = {1269--}, - number = 4, - month = {July} -} - -@ARTICLE{ms07, - author = {M{\"}unich, Daniel and Svejnar, Jan}, - title = {Unemployment in {E}ast and {W}est {E}urope}, - journal = {Labor Economics}, - year = 2007, - volume = 14, - pages = {681--694}, - number = 4 -} - -@ARTICLE{mst05a, - author = {M{\"}unich, Daniel and Svejnar, Jan and Terrell, Katherine}, - title = {Returns to Human Capital Under The {C}ommunist Wage Grid and During the Transition to a Market Economy}, - journal = {The Review of Economics and Statistics}, - year = 2005, - volume = 87, - pages = {100--123}, - number = 1 -} - -@ARTICLE{mst05, - author = {Daniel M{\"u}nich and Jan Svejnar and Catherine Terrell}, - title = {Is Women's Human Capital Valued More by Markets than by Planners?}, - journal = {Journal of Comparative Economics}, - year = 2005, - volume = 33, - pages = {278--299}, - number = 2 -} - -@TECHREPORT{mw07, - author = {Ma{\'}ckowiak, Bartosz and Wiederholt, Mirko}, - title = {Optimal Sticky Prices under Rational Inattention}, - institution = {Northwestern University}, - year = 2007, - type = {mimeo} -} - -@BOOK{macaulay, - title = {The Movements of Interest Rates, Bond Yields and Stock Prices in the United States Since 1856}, - publisher = {National Bureau of Economic Research}, - year = 1938, - author = {Macaulay, Frederick R.}, - address = {New York} -} - -@TECHREPORT{mr07, - author = {Machin, Stephen and {Van Reenen}, John}, - title = {Changes in Wage Inequality}, - institution = {Center for Economic Performance, London School of Economics and Political Science}, - year = 2007, - type = {Special Paper}, - number = 18 -} - -@ARTICLE{macklem:consumption, - author = {Macklem, R. 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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, - 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. 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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? 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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:reviewoecd, - journal = {Journal of Economic Literature}, - author = {OECD}, - year = 1997, - note = {Book Review}, - title = {Global Capital Shortages: Real Threat or Pure Fiction?} -} - -@BOOK{okunPandQ, - title = {Prices and Quantities: A Macroeconomic Analysis}, - publisher = {Brookings Institution Press}, - year = 1981, - author = {Okun, Arthur M.} -} - -@ARTICLE{ors:investment, - author = {Oliner, Stephen, Glenn D. Rudebusch and Sichel, Daniel}, - title = {New and Old Models of Business Investment: A Comparison of Forecasting Performance}, - journal = {Journal of Money, Credit, and Banking}, - year = 1995, - pages = {806--826}, - month = {August} -} - -@ARTICLE{ov97, - author = {Orazem, Peter F. and Vodopivec, Milan}, - title = {Value of Human Capital in transition to market: Evidence from {S}lovenia}, - journal = {European Economic Review}, - year = 1997, - volume = 41, - pages = {893--903}, - number = {3--5} -} - -@ARTICLE{orphanides:realtimeaer, - author = {Orphanides, Athanasios}, - title = {Monetary Policy Rules Based on Real-Time Data}, - journal = {American Economic Review}, - year = 2001, - volume = 91, - pages = {964--985}, - number = 4, - month = {September}, - note = {available at http://ideas.repec.org/a/aea/aecrev/v91y2001i4p964-985.html} -} - -@ARTICLE{orphanides:rationaladdictjpe, - author = {Orphanides, Athanasios and Zervos, David}, - title = {Rational Addiction with Learning and Regret}, - journal = {Journal of Political Economy}, - year = 1995, - volume = 103, - pages = {739--58}, - number = 4, - month = {August}, - note = {available at http://ideas.repec.org/a/ucp/jpolec/v103y1995i4p739-58.html} -} - -@ARTICLE{OSY:2002, - author = {Ostergaard, Charlotte and Sorensen, Bent E. and Yosha, Oved}, - title = {Consumption and Aggregate Constraints: Evidence from U.S. States And Canadian Provinces}, - journal = {Journal of Polictical Economics}, - year = 2002, - volume = 110, - pages = {634--645}, - number = 3 -} - -@ARTICLE{ol92, - author = {{Osterwald--Lenum}, Michael}, - title = {A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics}, - journal = {Oxford Bulletin of Economics and Statistics}, - year = 1992, - volume = 54, - pages = {461--472}, - number = 3 -} - -@TECHREPORT{Otsuka:2003, - author = {Ostuka, Misuzu}, - title = {Household Portfolio Choice with Illiquid Assets}, - institution = {Johns Hopkins University}, - year = 2003 -} - -@ARTICLE{oswald:happiness, - author = {Oswald, Andrew J.}, - title = {Happiness and Economic Performance}, - journal = {Economic Journal}, - year = 1997, - volume = 107, - pages = {1815--1831} -} - -@MISC{Otoo:1999, - author = {Otoo, Maria W.}, - title = {Consumer Sentiment and the Stock Market}, - howpublished = {Federal Reserve Board Finance and Discussion Series working paper no. 1999-60}, - year = 1999, - abstract = {This paper examines the relationship between movements in consumer sentiment and stock prices. 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.} -} - -@misc{carroll:reviewpoterba, - journal = {Journal of Economic Literature}, - author = {Poterba, James M.}, - year = 1996, - volume = 34, - number = 4, - note = {. Book Review}, - title = {International Comparisons of Household Saving} -} - -@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. 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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 = {Sla{\-}calek, 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 = {Sla{\-}calek, 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 = {Sla{\-}calek, Jiri}, - title = {International Evidence On Cointegration Between Consumption, Income, And Wealth}, - journal = {Manuscript, Johns Hopkins University}, - year = 2005, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/slacalek/research/cointegration.pdf}, - url = {https://www.econ2.jhu.edu/people/slacalek/research/ cointegration.pdf} -} - -@TECHREPORT{slacalek:cwunstable, - author = {Sla{\-}calek, 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{https://www.econ2.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{https://www.econ2.jhu.edu/pdf/papers/wp458.pdf}{https://www.econ2.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}, - url = {http://minneapolisfed.org/research/QR/QR1043.pdf} -} - 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author = {Jan Svejnar}, - title = {Transition Economies: Performance and Challenges}, - journal = {Journal of Economic Perspectives}, - year = 2002, - volume = 16, - pages = {3--28}, - number = 1 -} - -@ARTICLE{szeidlInvariantOrig, - author = {Szeidl, Adam}, - title = {Invariant Distribution in Buffer-Stock Saving and Stochastic Growth Models}, - journal = {Manuscript, University of California at Berkeley}, - year = 2006, - month = {October} -} - -@ARTICLE{szeidl:ergodic, - author = {Szeidl, Adam}, - title = {On Ergodic Distributions and Buffer Stock Saving Models}, - journal = {Manuscript, Harvard University}, - year = 2002 -} - -@ARTICLE{tv03, - author = {Alvin Tan and Graham Voss}, - title = {Consumption and Wealth in Australia}, - journal = {Economic Record}, - year = 2003, - volume = 244, - pages = {39--56}, - number = 79 -} - -@ARTICLE{tauchen&hussey:quadrature, - author = {Tauchen, George and Hussey, R.}, - title = {Quadrature-Based Methods for Obtaining Approximate Solutions to the Integral Equations of Nonlinear Rational Expectations Models}, - journal = {Econometrica}, - year = 1991, - volume = 59, - pages = {371--96} -} - -@ARTICLE{taylorFiscal, - author = {Taylor, John B.}, - title = {The Lack of an Empirical Rationale for a Revival of Discretionary Fiscal Policy}, - journal = {The American Economic Review}, - year = 2009, - volume = 99, - pages = {550--555}, - number = 2, - publisher = {JSTOR} -} - -@ARTICLE{taylor&uhlig:solve, - author = {{Taylor, John B.} and {Harald Uhlig}}, - title = {Solving Nonlinear Stochastic Growth Models: A Comparison of Alternative Solution Methods}, - journal = {Journal of Business and Economic Statistics}, - year = 1990, - volume = 8, - pages = {35--36}, - number = 1 -} - -@ARTICLE{thalerFungibility, - author = {Thaler, Richard H.}, - title = {Anomalies: Saving, Fungibility, and Mental Accounts}, - journal = {Journal of Economic Perspectives}, - year = 1990, - volume = 4, - pages = {193--205}, - number = 1, - month = {January} -} - -@ARTICLE{thaler:psychology, - author = {Thaler, Richard H.}, - title = {Psychology and Savings Policies}, - journal = {American Economic Review, Papers and Proceedings}, - year = 1994, - volume = 84, - pages = {186--192}, - number = 2, - month = may -} - -@ARTICLE{thalerMental, - author = {Thaler, Richard H.}, - title = {Saving, Fungibility and Mental Accounts}, - journal = {Journal of Economic Perspectives}, - year = 1990, - volume = 4, - pages = {193--205} -} - -@ARTICLE{thaler&shefrin:selfcontrol, - author = {Thaler, Richard H. and Shefrin, Hersh M.}, - title = {An Economic Theory of Self-Control}, - journal = {Journal of Political Economy}, - year = 1981, - volume = 89, - pages = {392--406}, - number = 2, - month = {April} -} - -@ARTICLE{thomas:surveyinfl, - author = {Thomas Jr., Lloyd B.}, - title = {Survey Measures of Expected U.S. Inflation}, - journal = {Journal of Economic Perspectives}, - year = 1999, - volume = 13, - pages = {125--144}, - number = 4 -} - -@BOOK{thomsonGuide, - title = {A Guide for the Young Economist}, - publisher = {M.I.T. 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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. H. and Gauger, Jean}, - title = {Wealth Effects and Consumption: A Multivariate Evaluation}, - journal = {Mimeo, University of Tennessee}, - year = 2003 -} - -@ARTICLE{urich&wachtel:money, - author = {Urich, Thomas and Wachtel, Paul}, - title = {The Structure of Expectations of the Weekly Money Supply Announcement}, - journal = {Journal of Monetary Economics}, - year = 1984, - volume = 13, - pages = {183--194} -} - -@INCOLLECTION{uzawa:patientownall, - author = {Uzawa, Hirofumi}, - title = {Time Preference, the Consumption Function, and Optimum Asset Holdings}, - booktitle = {Value, Capital, and Growth: Papers in Honor of Sir John Hicks}, - publisher = {Edinborough University Press}, - year = 1968, - editor = {Wolfe, J. N.}, - pages = {485--504}, - address = {Chicago} -} - -@INBOOK{skg:impact, - pages = {35--64}, - title = {The Impact of Changes in Income and Family Composition on Subjective Well-Being}, - publisher = {University of Chicago Press}, - year = 1985, - author = {{v}an~de~Stadt, Huib and Kapteyn, Arie and van~de~Geer, Sara}, - booktitle = {Horizontal Equity, Uncertainty, and Economic Well-Being} -} - -@ARTICLE{skg:relativity, - author = {{v}an~de~Stadt, Huib and Kapteyn, Arie and van~de~Geer, Sara}, - title = {The Relativity of Utility: Evidence from Panel Data}, - journal = {Review of Economics and Statistics}, - year = 1985, - volume = 67, - pages = {179--187}, - number = 2, - month = May -} - -@PHDTHESIS{Valencia:2006, - author = {Valencia, Fabian}, - title = {Banks' Financial Structure and Business Cycles}, - school = {Johns Hopkins University}, - year = 2006, - month = {October}, - abstract = { } -} - -@BOOK{veblen:leisureclass, - title = {The Theory of the Leisure Class}, - publisher = {The Modern Library}, - year = 1899, - author = {Veblen, T.}, - address = {New York} -} - -@ARTICLE{velculescuHabits, - author = {Velculescu, Delia}, - title = {Consumption Habits In An Overlapping-Generations Model}, - journal = {Economics Letters}, - year = 2011, - note = {\url{http://dx.doi.org/10.1016/j.bbr.2011.03.031}}, - doi = {10.1016/j.bbr.2011.03.031}, - file = {velculescuHabits.pdf:velculescuHabits.pdf:PDF}, - publisher = {Elsevier}, - url = {http://dx.doi.org/10.1016/j.bbr.2011.03.031} -} - -@ARTICLE{viard:ptyslowdown, - author = {Viard, Alan}, - title = {The Productivity Slowdown and the Savings Shortfall: {A} Challenge to the Permanent Income Hypothesis}, - journal = {Economic Inquiry}, - year = 1993, - volume = 31, - pages = {549--564} -} - -@ARTICLE{vis02, - author = {Annette {Vissing-J\o rgensen}}, - title = {Limited Asset Market Participation and the Elasticity of Intertemporal Substitution}, - journal = {Journal of Political Economy}, - year = 2002, - volume = 110, - pages = {339--357}, - number = {825--53} -} - -@ARTICLE{wsmEarningsLosses, - author = {von Wachter, Till and Song, Jae and Manchester, Joyce}, - title = {Long-Term Earnings Losses due to Mass Layoffs During the 1982 Recession: An Analysis Using U.S. Administrative Data from 1974 to 2004}, - journal = {Manuscript, Columbia University}, - year = 2009 -} - -@ARTICLE{Marshall:1891, - author = {Wagner, Alfred}, - title = {Principles of Economics}, - journal = {History of Economic Thought Articles}, - year = 1891, - volume = 5, - pages = {319--338} -} - -@BOOK{watts:smallworld, - title = {Small Worlds}, - publisher = {Princeton Univ Press}, - year = 1999, - author = {Watts, Duncan J.} -} - -@ARTICLE{weber:ruleOfThumb, - author = {Weber, Christian E.}, - title = {Intertemporal Non-Separability and `Rule-Of-Thumb' Consumption}, - journal = {Journal of Monetary Economics}, - year = 2002, - volume = 49, - pages = {293--308} -} - -@BOOK{weber:capitalism, - title = {The Protestant Ethic and the Spirit of Capitalism}, - publisher = {Charles Scribner and Sons}, - year = 1905, - author = {Weber, Max M.}, - address = {New York} -} - -@BOOK{weibull:evolutionary, - title = {Evolutionary Game Theory}, - publisher = {MIT Press}, - year = 1995, - author = {Weibull, J{\"}orgen}, - address = {New York} -} - -@ARTICLE{weilSamuelson, - author = {Weil, Philippe}, - title = {Overlapping Generations: The First Jubilee}, - journal = {Journal of Economic Perspectives}, - year = 2008, - volume = 22, - pages = {115--34}, - number = 4, - month = {Fall}, - bdsk-url-1 = {http://ideas.repec.org/a/aea/jecper/v22y2008i4p115-34.html}, - url = {http://ideas.repec.org/a/aea/jecper/v22y2008i4p115-34.html} -} - -@ARTICLE{wkTaylor, - author = {Weise, Charles L. and Krisch, David}, - title = {The Monetary Response to Changes in Credit Spreads}, - journal = {Paper Presented at the Eastern Economic Meetings, March 1 2009}, - year = 2009, - note = {Corresponding Author: Charles Weise, \texttt{weise@gettysburg.edu}} -} - -@INCOLLECTION{weiss:survey, - author = {Weiss, Y.}, - title = {The Determinants of Lifecycle Earnings: A Survey}, - booktitle = {HandBOOK of Labor Economics}, - publisher = {Elsevier Science Publishers BV}, - year = 1986, - editor = {{Orley Ashenfelter} and {Richard Layard}}, - address = {New York} -} - -@ARTICLE{wenChinaSaving, - author = {Wen, Yi}, - title = {Saving and Growth Under Borrowing Constraints: Explaining the 'High Saving Rate'Puzzle}, - journal = {FRB of St. Louis Working Paper No 2009-45}, - year = 2009 -} - -@TECHREPORT{westlingSize, - author = {Westling, Tatu}, - title = {Male Organ And Economic Growth: Does Size Matter?}, - institution = {University Library of Munich, Germany}, - year = 2011, - type = {MPRA Paper}, - number = 32302, - month = Jul, - abstract = {No abstract is available for this item.}, - keywords = {Economic growth; 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. 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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. 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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. 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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} -} - -@BOOK{carroll:reviewworldbank, - 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, {\it Journal of Economic Literature}} -} - -@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 = {\textbf{\Large Published or Forthcoming}}, -} - -@MISCNOYEAR{unpublished, - note = {\textbf{\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 -} - -@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 Sla{\-}calek}, - 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{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. 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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 Pre{\-}cau{\-}tion{\-}ary Sav{\-}ing in Con{\-}tin{\-}uous Time}, - journal = {Economics Letters}, - year = 2005, - volume = 87, - number = 2, - pages = {267--272}, -} - -@Article{toche:urisk, - author = {Toche, Patrick}, - title = {A Tractable Model of Pre{\-}cau{\-}tion{\-}ary Sav{\-}ing in Con{\-}tin{\-}uous Time}, - journal = {Economics Letters}, - year = 2005, - volume = 87, - number = 2, - pages = {267--272}, -} - -@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, Christo{\-}pher D. and Kim{\-}ball, Miles S.}, - title = {On the {C}on{\-}cav{\-}ity 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, - title = {Buffer-stock saving in a Krusell--Smith world}, - author = {Carroll, Christopher D and Sla{\-}calek, Jiri and Tokuoka, Kiichi}, - journal = {Economics Letters}, - volume = 132, - pages = {97--100}, - year = 2015, - publisher = {Elsevier}, - note = {At \href{https://www.econ2.jhu.edu/people/ccarroll/papers/BSinKS.pdf}{https://www.econ2.jhu.edu/people/ccarroll/papers/BSinKS.pdf}}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/BSinKS.pdf}, -} - -@Article{BSinKmanuscriptS, - author = {Carroll, Christopher D. and Sla{\-}calek, 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/}, -} - -@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 Sla{\-}calek, 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 = {https://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 = {https://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, -} - -@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. 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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{https://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{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}, -} -@incollection{lee15, - author = "Lee, Donghoon and Mayer, Christopher and Tracy, Joseph", - title = "{A New Look at Second Liens}", - year = "2013", - booktitle={Housing and the Financial Crisis}, - editor={Glaeser, Edward L. and Sinai, Todd} -} - -@article{li12, - author = "Li, Wenli and Liu, Haiyong and Yang, Fang and Yao, Rui", - title = "{Housing Over Time and Over the Life Cycle: A Structural Estimation}", - journal = "International Economic Review", - year = "2015", - month = "Forthcoming" -} - -@article{bajari13, - author = "Bajari, Patrick and Chan, Phoebe and Krueger, Dirk and Miller, Daniel", - title = "{A Dynamic Model of Housing Demand: Estimation and Policy Implications}", - year = "2013", - journal = "International Economic Review", - volume = "54", - number = "2", - pages = "409--442" -} - -@article{bergervavra15, - author = "Berger, David and Vavra, Joseph", - title = "{Consumption Dynamics During Recessions}", - year = "2015", - journal = "Econometrica", - volume = "83", - number = "1", - pages = "101--154" -} - -@article{avery10, - author = "Avery, Robert B. and Bhutta, Neil and Brevoort, Kenneth P. and Canner, Glenn B. and Gibbs, Christa N.", - title = "{The 2008 HMDA Data: The Mortgage Market during a Turbulent Year}", - year = "2010", - journal = "Federal Reserve Bulletin" -} - -@article{rappaport14, - author = "Rappaport, Jordan and Willen, Paul", - title = "{Tight Credit Conditions Continue to Constrain the Housing Recovery}", - year = "2014", - journal = "Federal Reserve Bank of Kansas City Macro Bulletin" -} - -@article{garriga09b, - author = "Garriga, Carlos", - title = "{Lending Standards in Mortgage Markets}", - year = "2009", - journal = "Federal Reserve Bank of St.\ Louis Economic Synopses" -} - -@article{gerardi08, - author = "Gerardi, Kristopher and Lehnert, Andreas and Sherlund, Shane M. and Willen, Paul", - title = "{Making Sense of the Subprime Crisis}", - year = "2008", - journal = "Brookings Papers on Economic Activity" -} - -@article{miansufi09, - author = "Mian, Atif and Sufi, Amir", - title = "{The Consequences of Mortgage Credit Expansion: Evidence from the U.S.\ Mortgage Default Crisis}", - year = "2009", - journal = "Quarterly Journal of Economics", - volume = "124", - issue = "4", - pages = "1449--1496" -} - -@incollection{krueger16, - author = "Krueger, Dirk and Mitman, Kurt and Perri, Fabrizio", - title = "{On the Distribution of Welfare Losses of Large Recessions}", - year = "2016", - booktitle={Advances in Economics and Econometrics: Theory and Applications, Eleventh World Congress} -} - -@incollection{krueger16b, - author = "Krueger, Dirk and Mitman, Kurt and Perri, Fabrizio", - title = "{Macroeconomics and Heterogeneity, Including Inequality}", - year = "2016", - booktitle={Handbook of Macroeconomics, Volume 2} -} - -@unpublished{engen15, - author = "Engen, Eric N. and Laubach, Thomas and Reifschneider, David", - title = "{The Macroeconomic Effects of the Federal Reserve's Unconventional Monetary Policies}", - year = "2015", - note = "Working Paper" -} - -@article{hedlundgarriga16, - author = "Garriga, Carlos and Hedlund, Aaron", - title = "{Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession}", - journal = "American Economic Review", - year = "2020", - volume = "110", - number = "6" -} - -@unpublished{ghFragility, - author = "Garriga, Carlos and Hedlund, Aaron", - title = "{Housing Finance, Boom-Bust Episodes, and Macroeconomic Fragility}", - year = "2021", - note = "Working Paper" -} - -@unpublished{ghtwRural, - author = "Garriga, Carlos and Hedlund, Aaron and Tang, Yang and Wang, Ping", - title = "{Rural-Urban Migration, Structural Transformation, and Housing Markets in China}", - year = "2019", - note = "Working Paper" -} - -@article{hedlundFailure, - author = "Hedlund, Aaron", - title = "{Failure to Launch: Housing, Debt Overhang, and the Inflation Option During the Great Recession}", - year = "2019", - journal = "American Economic Journal: Macroeconomics", - volume = "11", - number = "2", - pages = "228--274" -} - -@article{hedlund18, - author = "Hedlund, Aaron", - title = "{Credit Constraints, House Prices, and the Impact of Life Cycle Dynamics}", - year = "2018", - journal = "Economics Letters", - volume = "171", - pages = "202--207" -} - -@unpublished{hedlund18b, - author = "Hedlund, Aaron", - title = "{Down Payments and the Homeownership Dream: Not Such a Barrier After All?}", - year = "2018", - note = "Working Paper" -} - -@article{hedlundtax, - author = "Hedlund, Aaron", - title = "{Estate Taxation and Human Capital with Information Externalities}", - year = "2018", - journal = "Macroeconomic Dynamics", - note = "Forthcoming" -} - -@unpublished{agarwaletal15, - author = "Agarwal, Sumit and Amromin, Gene and Chomsisengphet, Souphala and Piskorski, Tomasz and Seru, Amit and Yao, Vincent", - title = "{Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program}", - year = "2015", - note = "Working Paper" -} - -@article{adelino16, - author = "Adelino, Manuel and Schoar, Antoinette and Severino, Felipe", - title = "{Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class}", - year = "2016", - journal = "Review of Financial Studies", - volume = "29", - number = "7", - pages = "1635--1670" -} - -@unpublished{foote16, - author = "Foote, Christopher L. and Loewenstein, Lara and Willen, Paul S.", - title = "{Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications}", - year = "2016", - note = "Working Paper" -} - -@unpublished{albanesi16, - author = "Albanesi, Stefania and DeGiorgi, Giacomo and Nosal, Jaromir", - title = "{Credit Growth and the Financial Crisis: A New Narrative}", - year = "2017", - note = "Working Paper" -} - -@unpublished{leventis14, - author = "Leventis, Andrew", - title = "{The Relationship between Second Liens, First Mortgage Outcomes, and Borrower Credit: 1996 -- 2010}", - year = "2014", - note = "Working Paper" -} - -@unpublished{guren15, - author = "Guren, Adam M. and McQuade, Timothy J.", - title = "{How Do Foreclosures Exacerbate Housing Downturns?}", - year = "2015", - note = "Working Paper" -} - -@unpublished{guvenen16, - author = "Guvenen, Fatih and Karahan, Fatih and Ozkan, Serdar and Song, Jae", - title = "{What Do Data on Millions of U.S.\ Workers Reveal about Life-Cycle Earnings Dynamics?}", - year = "2019", - note = "Working Paper" -} - -@unpublished{veldkamp16, - author = "Kozeniauskas, Nicholas and Orlik, Anna and Veldkamp, Laura", - title = "{The Common Origin of Uncertainty Shocks}", - year = "2016", - note = "Working Paper" -} - -@unpublished{kozeniauskas18, - author = "Kozeniauskas, Nicholas and Orlik, Anna and Veldkamp, Laura", - title = "{What Are Uncertainty Shocks?}", - year = "2018", - note = "Working Paper" -} - -@article{bloom14, - author = "Bloom, Nicholas and Floetotto, Max and Jaimovich, Nir and Saporta-Eksten, Itay and Terry, Stephen J.", - title = "{Really Uncertain Business Cycles}", - year = "2018", - journal = "Econometrica", - volume = "86", - number = "3", - pages = "1031--1065" -} - -@unpublished{buschetal18, - author = "Busch, Christopher and Domeij, David and Guvenen, Fatih and Madera, Rocio", - title = "{Asymmetric Business-Cycle Risk and Social Insurance}", - year = "2018", - note = "Working Paper" -} - -@article{stockwatson12, - author = "Stock, James H. and Watson, Mark W.", - title = "{Disentangling the Channels of the 2007 -- 2009 Recession}", - year = "2012", - month = "Spring", - journal = "Brookings Papers on Economic Activity", -} - -@incollection{gertler11, - author={Gertler, Mark and Kiyotaki, Nobuhiro}, - year={2011}, - title={Financial Intermediation and Credit Policy in Business Cycle Analysis}, - booktitle={Handbook of Monetary Economics}, - editor={Friedman, Benjamin and Woodford, Michael} -} - -@incollection{glaeser13, - author={Glaeser, Edward L. and Gottlieb, Joshua D. and Gyourko, Joseph}, - year={2013}, - title={Can Cheap Credit Explain the Housing Boom?}, - booktitle={Housing and the Financial Crisis}, - editor={Glaeser, Edward L. and Sinai, Todd} -} - -@unpublished{wright16, - author = "Gaumont, Damien and Wright, Randall and Zhu, Yu", - title = "{Sticky House Prices?}", - year = "2016", - month = "Feb.", - note = "Working Paper" -} - -@article{hatchondo15, - author = "Hatchondo, Juan Carlos and Martinez, Leonardo and Sanchez, Juan M.", - title = "{Mortgage Defaults}", - year = "2015", - journal = "Journal of Monetary Economics", - volume = "76", - pages = "173--190" -} - -@article{attanasio09, - author = "Attanasio, Orazio P. and Blow, Laura and Hamilton, Robert and Leicester, Andrew", - title = "{Booms and Busts: Consumption, House Prices, and Expectations}", - year = "2009", - journal = "Economica", - issue = "76", - pages = "20--50" -} - -@article{chambers09, - author = "Chambers, Matthew S. and Garriga, Carlos and Schlagenhauf, Don E.", - title = "{The Loan Structure and Housing Tenure Decisions in an Equilibrium Model of Mortgage Choice}", - year = "2009", - journal = "Review of Economic Dynamics", - issue = "12", - pages = "444--468" -} - -@article{joyce14, - author = "Joyce, Michael and Miles, David and Scott, Andrew and Vayanos, Dimitri", - title = "{Quantitative Easing and Unconventional Monetary Policy -- An Introduction}", - year = "2012", - journal = "The Economic Journal", - month = "Nov.", - pages = "271--288" -} - -@article{guvenen14, - author = "Guvenen, Fatih and Ozkan, Serdar and Song, Jae", - title = "{The Nature of Countercyclical Income Risk}", - year = "2014", - journal = "Journal of Political Economy", - volume = "122", - number = "3", - pages = "621--660" -} - -@article{chen12, - author = "Chen, Han and C\'{u}rdia, Vasco and Ferrero, Andrea", - title = "{The Macroeconomic Effects of Large-Scale Asset Purchase Programmes}", - year = "2012", - journal = "The Economic Journal", - month = "Nov.", - pages = "289--315" -} - -@unpublished{cui15, - author = "Cui, Wei and Radde, Soren", - title = "{Search-Based Endogenous Asset Liquidity and the Macroeconomy}", - year = "2015", - month = "Dec.", - note = "Working Paper" -} - -@unpublished{chen15, - author = "Chen, Hui and Cui, Rui and He, Zhiguo and Milbradt, Konstantin", - title = "{Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle}", - year = "2015", - month = "July", - note = "Working Paper" -} - -@article{wright15, - author = "He, Chao and Wright, Randall and Zhu, Yu", - title = "{Housing and Liquidity}", - year = "2015", - journal = "Review of Economic Dynamics", - volume = "18", - pages = "435--455" -} - -@article{he14, - author = "He, Zhiguo and Milbradt, Konstantin", - title = "{Endogenous Liquidity and Defaultable Bonds}", - year = "2014", - journal = "Econometrica", - volume = "82", - number = "1", - pages = "1443--1508" -} - -@article{primiceri15, - author = "Justiniano, Alejandro and Primiceri, Giorgio and Tambalotti, Andrea", - title = "{Household Leveraging and Deleveraging}", - year = "2015", - journal = "Review of Economic Dynamics", - volume = "18", - number = "1", - pages = "3--20" -} - -@article{jones93, - author = "Jones, Lawrence D.", - title = "{Deficiency Judgments and the Exercise of the Default Option in Home Mortgage Loans}", - year = "1993", - month = "Apr.", - journal = "Journal of Law and Economics", - volume = "36", - number = "1", - pages = "115--138" -} - -@article{krugman98, - author = "Krugman, Paul", - title = "{It's Baaack: Japan's Slump and the Return of the Liquidity Trap}", - year = "1998", - journal = "Brookings Papers on Economic Activity", -} - -@article{svensson03, - author = "Svensson, Lars", - title = "{Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others}", - year = "2003", - journal = "Journal of Economic Perspectives", - volume = "17", - number = "4", - pages = "145--166" -} - -@article{krishnamurthy11, - author = "Krishnamurthy, Arvind and Vissing-Jorgensen, Annette", - title = "{The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy}", - year = "2011", - journal = "Brookings Papers on Economic Activity", - month = "Fall", - pages = "215--288" -} - -@article{wolman05, - author = "Wolman, Alexander L.", - title = "{Real Implications of the Zero Bound on Nominal Interest Rates}", - year = "2005", - journal = "Journal of Money, Credit and Banking", - volume = "37", - number = "2", - pages = "273--296" -} - -@article{gertler08, - author = "Gertler, Mark and Sala, Luca and Trigari, Antonella", - title = "{An Estimated Monetary DSGE Model with Unemployment and Staggered Nominal Wage Bargaining}", - year = "2008", - journal = "Journal of Money, Credit, and Banking", - volume = "40", - number = "8", - pages = "1713--1763" -} - -@unpublished{baker14, - author = "Baker, Scott", - title = "{Debt and the Consumption Response to Household Income Shocks}", - year = "2014", - note = "Working Paper" -} - -@unpublished{wen14, - author = "Wen, Yi", - title = "{QE: When and How Should the Fed Exit?}", - year = "2014", - note = "Working Paper" -} - -@unpublished{wen14b, - author = "Wen, Yi", - title = "{Evaluating Unconventional Monetary Policies--Why Aren't They More Effective?}", - year = "2014", - note = "Working Paper" -} - -@unpublished{bhattarai15, - author = "Bhattarai, Saroj and Eggertsson, Gauti B. and Gafarov, Bulat", - title = "{Time Consistency and the Duration of Government Debt: A Signalling Theory of Quantitative Easing}", - year = "2015", - note = "Working Paper" -} - -@unpublished{dimaggioetal16, - author = "Di Maggio, Marco and Kermani, Amir and Palmer, Christopher", - title = "{How Quantitative Easing Works: Evidence on the Refinancing Channel}", - year = "2018", - note = "Working Paper" -} - -@unpublished{doepke15, - author = "Doepke, Matthias and Schneider, Martin and Selezneva, Veronika", - title = "{Distributional Effects of Monetary Policy}", - year = "2015", - note = "Working Paper" -} - -@unpublished{miansufi15, - author = "Mian, Atif and Sufi, Amir", - title = "{Household Debt and Defaults from 2000 to 2010: Facts from Credit Bureau Data}", - year = "2015", - note = "Working Paper" -} - -@unpublished{miansufi, - author = "Mian, Atif and Sufi, Amir", - title = "{House Price Gains and U.S. Household Spending from 2002 to 2006}", - year = "2014", - note = "Working Paper" -} - -@unpublished{miansufi16, - author = "Mian, Atif and Sufi, Amir and Verner, Emil", - title = "{Household Debt and Business Cycles Worldwide}", - year = "2016", - note = "Working Paper" -} - -@article{berger15, - author = "Berger, David and Guerrieri, Veronica and Lorenzoni, Guido and Vavra, Joseph", - title = "{House Prices and Consumer Spending}", - year = "2018", - journal = "Review of Economic Studies", - volume = "85", - number = "3", - pages = "1502--1542" -} - -@unpublished{stroebel15, - author = "Stroebel, Johannes and Vavra, Joseph", - title = "{House Prices, Local Demand, and Retail Prices}", - year = "2015", - note = "Working Paper" -} - -@unpublished{kehoe14, - author = "Kehoe, Patrick and Midrigan, Virgiliu and Pastorino, Elena", - title = "{Debt Constraints and Employment}", - year = "2016", - note = "Working Paper" -} - -@unpublished{mitman15, - author = "Kaplan, Greg and Mitman, Kurt and Violante, Giovanni L.", - title = "{The Housing Boom and Bust: Model Meets Evidence}", - year = "2019", - note = "Working Paper" -} - -@unpublished{mitman15b, - author = "Kaplan, Greg and Mitman, Kurt and Violante, Giovanni L.", - title = "{Non-durable Consumption and Housing Net Worth in the Great Recession: Evidence from Easily Accessible Data}", - year = "2016", - note = "Working Paper" -} - -@unpublished{vojtech16, - author = "Driscoll, John C. and Kay, Benjamin S. and Vojtech, Cindy M.", - title = "{The Real Consequences of Bank Mortgage Lending Standards}", - year = "2016", - note = "Working Paper" -} - -@unpublished{midrigan16, - author = "Jones, Callum and Midrigan, Virgiliu and Philippon, Thomas", - title = "{Household Leverage and the Recession}", - year = "2018", - note = "Working Paper" -} - -@unpublished{gorea15, - author = "Gorea, Denis and Midrigan, Virgiliu", - title = "{Liquidity Constraints in the U.S. Housing Market}", - year = "2015", - note = "Working Paper" -} - -@unpublished{kaplan16, - author = "Kaplan, Greg and Moll, Benjamin and Violante, Giovanni L.", - 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title = "{Discrete approximations of continuous distributions by maximum - entropy}", - author = "Tanaka, Ken'ichiro and Toda, Alexis Akira", - abstract = "PDF | On Mar 1, 2013, Ken'ichiro Tanaka and others published - Discrete approximations of continuous distributions by maximum - entropy | Find, read and cite all the research you need on - ResearchGate", - journal = "Economics letters", - publisher = "Elsevier", - volume = 118, - number = 3, - pages = "445--450", - month = mar, - year = 2013, - url = "https://www.researchgate.net/publication/256994855_Discrete_approximations_of_continuous_distributions_by_maximum_entropy", - file = "All Papers/Other/Tanaka and Toda2013-Discrete approximations of continuous distributions by maximum entropy.pdf", - issn = "0165-1765", - doi = "10.1016/j.econlet.2012.12.020" -} - -@book{scarrollHowRich, - title={How rich is too rich?: income and wealth in America}, - author={Inhaber, Herbert and Carroll, Sidney L}, - year={1992}, - publisher={Praeger Pub Text} -} \ No newline at end of file diff --git a/Resources/texmf-local/bibtex/bib/system.bib b/Resources/texmf-local/bibtex/bib/system.bib deleted file mode 100644 index 08848040c..000000000 --- a/Resources/texmf-local/bibtex/bib/system.bib +++ /dev/null @@ -1,23307 +0,0 @@ -% -*- mode: BibTeX; TeX-PDF-mode: t; -*- # Tell emacs the file type (for syntax coloring) - -,-------------------. -| BIBTEX ENTRIES | -`-------------------' -@article{andrews2017measuring, - title={Measuring the sensitivity of parameter estimates to estimation moments}, - author={Andrews, Isaiah and Gentzkow, Matthew and Shapiro, Jesse M}, - journal={The Quarterly Journal of Economics}, - volume={132}, - number={4}, - pages={1553--1592}, - year={2017}, - publisher={Oxford University Press} -} - -@article{HAFiscalRR, - title={Welfare and Spending Effects of Consumption Stimulus Policies}, - author={Carroll, Christopher D and Crawley, Edmund and Frankovic, Ivan and Tretvoll, H{\aa}kon}, - year={2023}, - journal={Under Revision, Quantitative Economics} -} - -@inproceedings{BenthallCDLLMS22, - title = {Simulating Heterogeneous Portfolio Choices and Financial Market Outcomes}, - author = {Sebastian Benthall and Christopher D. Carroll and Zachary David and John Liechty and Alan Lujan and Christopher McComb and Nicholas Skar-Gislinge}, - year = {2022}, - url = {https://ceur-ws.org/Vol-3420/paper4.pdf}, - researchr = {https://researchr.org/publication/BenthallCDLLMS22}, - booktitle = {Proceedings of the 2nd Workshop on Agent-based Modeling and Policy-Making (AMPM 2022) co-located with 35th International Conference on Legal Knowledge and Information Systems (JURIX 2022), Saarbrücken, Germany, December 14, 2022}, - editor = {Giovanni Sileno and Nicola Lettieri and Christoph Becker 0004}, - volume = {3420}, - series = {CEUR Workshop Proceedings}, - publisher = {CEUR-WS.org}, -} - -@article{White23, -author = {Matthew N. White}, -journal = {Journal of Health Economics}, -title = {Self-Reported Health Status and Latent Health Dynamics}, -year = {2023}, -volume = {88}, -} - -@article{cglwDefInt, -author = {Christopher Carroll and Daniel Grodzicki David Low and Matthew N. White}, -journal = {working paper}, -title = {Even Self-Aware Consumers Are Overconfident}, -year = {2023} -} - -@article{DynInsSel, -author = {Ahmed Khwaja and Matthew N. White}, -journal = {working paper, University of Cambridge}, -title = {Health Insurance Reform and the (Re-)Distribution of Welfare: A Dynamic Lifecycle Analysis of Heterogeneity in Willingness to Pay for the Affordable Care Act}, -year = {2023} -} - -@article{HousingLCXC, -author = {Julia LeBlanc and Jiri Slacalek and Matthew N. White}, -journal = {working paper}, -title = {Housing Wealth Across Countries: The Role of Expectations, Preferences and Institutions}, -year = {2023} -} - -@article{giglio2021five, - title={Five facts about beliefs and portfolios}, - author={Giglio, Stefano and Maggiori, Matteo and Stroebel, Johannes and Utkus, Stephen}, - journal={American Economic Review}, - volume={111}, - number={5}, - pages={1481--1522}, - year={2021}, - publisher={American Economic Association 2014 Broadway, Suite 305, Nashville, TN 37203} -} - -@article{carroll1983occupational, - title={Occupational licensing and the quality of service: An overview.}, - author={Carroll, Sidney L and Gaston, Robert J}, - journal={Law and Human Behavior}, - volume={7}, - number={2-3}, - pages={139}, - year={1983}, - publisher={Plenum Publishing Corp.} -} - -@article{parker2017don, - title={Why don't households smooth consumption? Evidence from a {\$25} million experiment}, - author={Parker, Jonathan A}, - journal={American Economic Journal: Macroeconomics}, - volume={9}, - number={4}, - pages={153--183}, - year={2017}, - publisher={American Economic Association 2014 Broadway, Suite 305, Nashville, TN 37203-2425} -} - -@article{coenen2012effects, - title={Effects of fiscal stimulus in structural models}, - author={Coenen, G{\"u}nter and Erceg, Christopher J and Freedman, Charles and Furceri, Davide and Kumhof, Michael and Lalonde, Ren{\'e} and Laxton, Douglas and Lind{\'e}, Jesper and Mourougane, Annabelle and Muir, Dirk and others}, - journal={American Economic Journal: Macroeconomics}, - volume={4}, - number={1}, - pages={22--68}, - year={2012}, - publisher={American Economic Association} -} - -@article{bayercoronavirus, - title={The Coronavirus Stimulus Package: How Large is the Transfer Multiplier?}, - author={Bayer, Christian and Born, Benjamin and Luetticke, Ralph and M{\"u}ller, Gernot J}, - journal={The Economic Journal}, - year={2023}, - doi={https://doi.org/10.1093/ej/uead003} -} - -@article{mckay2016role, - title={The role of automatic stabilizers in the US business cycle}, - author={McKay, Alisdair and Reis, Ricardo}, - journal={Econometrica}, - volume={84}, - number={1}, - pages={141--194}, - year={2016}, - publisher={Wiley Online Library} -} - -@article{mckay2021optimal, - title={Optimal automatic stabilizers}, - author={McKay, Alisdair and Reis, Ricardo}, - journal={The Review of Economic Studies}, - volume={88}, - number={5}, - pages={2375--2406}, - year={2021}, - publisher={Oxford University Press} -} - -@techreport{hagedorn2019unemployment, - title={Unemployment Benefits and Unemployment in the Great Recession: The Role of Macro Effects}, - author={Hagedorn, Marcus and Karahan, Fatih and Manovskii, Iourii and Mitman, Kurt}, - year={2019}, - note={Working paper} -} - -@techreport{hagedorn2017impact, - title={The Impact of Unemployment Benefit Extensions on Employment: The 2014 Employment Miracle?}, - author={Hagedorn, Marcus and Manovskii, Iourii and Mitman, Kurt}, - year={2017}, - note={Working paper} -} - -@techreport{chodorow2016limited, - title={The limited macroeconomic effects of unemployment benefit extensions}, - author={Chodorow-Reich, Gabriel and Karabarbounis, Loukas}, - year={2016}, - institution={National Bureau of Economic Research} -} - -@article{kekre2022unemp, - author = {Kekre, Rohan}, - title = {Unemployment Insurance in Macroeconomic Stabilization}, - journal = {The Review of Economic Studies}, - year = {2022}, - month = {12}, - doi = {10.1093/restud/rdac080}, - url = {https://doi.org/10.1093/restud/rdac080}, - eprint = {https://academic.oup.com/restud/advance-article-pdf/doi/10.1093/restud/rdac080/49998599/rdac080.pdf}, -} - -@article{crawley2023MicroMacro, - Author = {Crawley, Edmund and Kuchler, Andreas}, - Title = {Consumption Heterogeneity: Micro Drivers and Macro Implications}, - Journal = {American Economic Journal: Macroeconomics}, - Volume = {15}, - Number = {1}, - Year = {2023}, - Month = {January}, - Pages = {314-41}, - DOI = {10.1257/mac.20200352}, - URL = {https://www.aeaweb.org/articles?id=10.1257/mac.20200352} -} - -@incollection{bclmBehavioral, - title={Behavioral household finance}, - author={Beshears, John and Choi, James J and Laibson, David and Madrian, Brigitte C}, - booktitle={Handbook of Behavioral Economics: Applications and Foundations 1}, - volume={1}, - pages={177--276}, - year={2018}, - publisher={Elsevier} -} - -@article{simon1990bounded, - title={Bounded rationality}, - author={Simon, Herbert A}, - journal={Utility and probability}, - pages={15--18}, - year={1990}, - publisher={Springer} -} - -@techreport{stango2020we, - title={We are all behavioral, more or less: A taxonomy of consumer decision making}, - author={Stango, Victor and Zinman, Jonathan}, - year={2020}, - institution={National Bureau of Economic Research} -} - -@article{LujanEGM, - title = {{EGM$^n$}: The Sequential Endogenous Grid Method}, - author = {Lujan, Alan}, - abstract = {Heterogeneous agent models with multiple decisions are often - solved using inefficient grid search methods that require many - evaluations and are slow. This paper provides a novel method for - solving such models using an extension of the Endogenous Grid - Method (EGM) that uses Gaussian Process Regression (GPR) to - interpolate functions on unstructured grids. First, I propose an - intuitive and strategic procedure for decomposing a problem into - subproblems which allows the use of efficient solution methods. - Second, using an exogenous grid of post-decision states and - solving for an endogenous grid of pre-decision states that obey a - first-order condition greatly speeds up the solution process. - Third, since the resulting endogenous grid can often be - non-rectangular at best and unstructured at worst, GPR provides - an efficient and accurate method for interpolating the value, - marginal value, and decision functions. Applied sequentially to - each decision within the problem, the method is able to solve - heterogeneous agent models with multiple decisions in a fraction - of the time and with less computational resources than are - required by standard methods currently used. Software to - reproduce these methods is available under the - \textbackslashhref\{https://econ-ark.org/\}\{\textbackslashtexttt\{Econ-ARK/HARK\}\} - project for the \textbackslashtexttt\{python\} programming - language.}, - year = 2023 -} -@book{morduchDiaries, - ISBN = {9780691172989}, - URL = {http://www.jstor.org/stable/j.ctvc77n3j}, - abstract = { What the financial diaries of working-class families reveal about economic stresses, why they happen, and what policies might reduce them Deep within the American Dream lies the belief that hard work and steady saving will ensure a comfortable retirement and a better life for one's children. But in a nation experiencing unprecedented prosperity, even for many families who seem to be doing everything right, this ideal is still out of reach. In The Financial Diaries, Jonathan Morduch and Rachel Schneider draw on the groundbreaking U.S. Financial Diaries, which follow the lives of 235 low- and middle-income families as they navigate through a year. Through the Diaries, Morduch and Schneider challenge popular assumptions about how Americans earn, spend, borrow, and save-and they identify the true causes of distress and inequality for many working Americans. We meet real people, ranging from a casino dealer to a street vendor to a tax preparer, who open up their lives and illustrate a world of financial uncertainty in which even limited financial success requires imaginative-and often costly-coping strategies. Morduch and Schneider detail what families are doing to help themselves and describe new policies and technologies that will improve stability for those who need it most. Combining hard facts with personal stories, The Financial Diaries presents an unparalleled inside look at the economic stresses of today's families and offers powerful, fresh ideas for solving them. }, - author = {Jonathan Morduch and Rachel Schneider}, - publisher = {Princeton University Press}, - title = {The Financial Diaries: How American Families Cope in a World of Uncertainty}, - urldate = {2023-03-25}, - year = {2017} -} -@article{mmwInattentionReview, -Author = {Mackowiak, Bartosz and Matjka, Filip and Wiederholt, Mirko}, -Title = {Rational Inattention: A Review}, -Journal = {Journal of Economic Literature}, -Volume = {61}, -Number = {1}, -Year = {2023}, -Month = {March}, -Pages = {226-73}, -DOI = {10.1257/jel.20211524}, -URL = {https://www.aeaweb.org/articles?id=10.1257/jel.20211524}} - -@article{carrollMacroExp, - title={Macroeconomic expectations of households and professional forecasters}, - author={Carroll, Christopher D}, - journal={the Quarterly Journal of economics}, - volume={118}, - number={1}, - pages={269--298}, - year={2003}, - publisher={MIT Press} -} - -@article{arsJumpsHumps, - abstract = {We estimate a Heterogeneous-Agent New Keynesian model with sticky household expectations that matches existing microeconomic evidence on marginal propensities to consume and macroeconomic evidence on the impulse response to a monetary policy shock. Our estimated model uncovers a central role for investment in the transmission mechanism of monetary policy, as high MPCs amplify the investment response in the data. This force also generates a procyclical response of consumption to investment shocks, leading our model to infer a central role for these shocks as a source of business cycles.}, - author = {Adrien Auclert and Matthew Rognlie and Ludwig Straub}, - note = {Revise and resubmit at American Economic Review}, - title = {Micro Jumps, Macro Humps: Monetary Policy and Business Cycles in an Estimated HANK Model}, - url = {https://scholar.harvard.edu/straub/publications/jumps-humps}, - journal = {Revise and Resubmit, American Economic Review}, - year = 2020} - - -@article{parker2017don, - title={Why don’t households smooth consumption? Evidence from a {\$25} million experiment}, - author={Parker, Jonathan A}, - journal={American Economic Journal: Macroeconomics}, - volume={9}, - number={4}, - pages={153--183}, - year={2017}, - publisher={American Economic Association 2014 Broadway, Suite 305, Nashville, TN 37203-2425} -} - -@article{coenen2012effects, - title={Effects of fiscal stimulus in structural models}, - author={Coenen, G{\"u}nter and Erceg, Christopher J and Freedman, Charles and Furceri, Davide and Kumhof, Michael and Lalonde, Ren{\'e} and Laxton, Douglas and Lind{\'e}, Jesper and Mourougane, Annabelle and Muir, Dirk and others}, - journal={American Economic Journal: Macroeconomics}, - volume={4}, - number={1}, - pages={22--68}, - year={2012}, - publisher={American Economic Association} -} - -@article{bayercoronavirus, - title={The Coronavirus Stimulus Package: How Large is the Transfer Multiplier?}, - author={Bayer, Christian and Born, Benjamin and Luetticke, Ralph and M{\"u}ller, Gernot J}, - journal={The Economic Journal}, - year={2023}, - doi={https://doi.org/10.1093/ej/uead003} -} - -@article{mckay2016role, - title={The role of automatic stabilizers in the US business cycle}, - author={McKay, Alisdair and Reis, Ricardo}, - journal={Econometrica}, - volume={84}, - number={1}, - pages={141--194}, - year={2016}, - publisher={Wiley Online Library} -} - -@article{mckay2021optimal, - title={Optimal automatic stabilizers}, - author={McKay, Alisdair and Reis, Ricardo}, - journal={The Review of Economic Studies}, - volume={88}, - number={5}, - pages={2375--2406}, - year={2021}, - publisher={Oxford University Press} -} - -@techreport{hagedorn2019unemployment, - title={Unemployment Benefits and Unemployment in the Great Recession: The Role of Macro Effects}, - author={Hagedorn, Marcus and Karahan, Fatih and Manovskii, Iourii and Mitman, Kurt}, - year={2019}, - note={Working paper} -} - -@techreport{hagedorn2017impact, - title={The Impact of Unemployment Benefit Extensions on Employment: The 2014 Employment Miracle?}, - author={Hagedorn, Marcus and Manovskii, Iourii and Mitman, Kurt}, - year={2017}, - note={Working paper} -} - -@techreport{chodorow2016limited, - title={The limited macroeconomic effects of unemployment benefit extensions}, - author={Chodorow-Reich, Gabriel and Karabarbounis, Loukas}, - year={2016}, - institution={National Bureau of Economic Research} -} - -@article{kekreunemployment, - title={Unemployment Insurance in Macroeconomic Stabilization}, - author={Kekre, Rohan}, - journal={The Review of Economic Studies} -} - - -@article{allcott2021high, - title={Are high-interest loans predatory? {T}heory and evidence from payday lending}, - author={Allcott, Hunt and Kim, Joshua J and Taubinsky, Dmitry and Zinman, Jonathan}, - year={2021}, - journal={NBER Working paper, no. 28799}, - month={May}, -} - -@article{cagetti2003wealth, - title={Wealth accumulation over the life cycle and precautionary savings}, - author={Cagetti, Marco}, - journal={Journal of Business \& Economic Statistics}, - volume={21}, - number={3}, - pages={339--353}, - year={2003}, - publisher={Taylor \& Francis} -} - -@article{carroll2020sticky, - title={Sticky Expectations and Consumption Dynamics}, - author={Carroll, Christopher D and Crawley, Edmund and Slacalek, Jiri and Tokuoka, Kiichi and White, Matthew N}, - journal={American Economic Journal: Macroeconomics}, - year={2020}, - volume={12}, - number={3}, - pages={40--76}, - doi={10.1257/mac.20180286} -} - -@article{carroll2020modeling, - title={Modeling the consumption response to the {CARES} act}, - author={Carroll, Christopher D and Crawley, Edmund and Slacalek, Jiri and White, Matthew N}, - journal={Covid Economics}, - volume={10}, - pages={62--86}, - year={2020}, - publisher={CEPR Press} -} - -@article{carroll2022theoretical, - title={Theoretical Foundations of Buffer Stock Saving}, - author={Carroll, Christopher D}, - year={2022}, - note={Working paper}, - url={https://econ-ark.github.io/BufferStockTheory/} -} - -@article{crawley2022parsimonious, - title={A Parsimonious Model of Idiosyncratic Income}, - author={Crawley, Edmund and Holm, Martin B. and Tretvoll, H{\aa}kon}, - year={2022}, - journal={Working paper}, - month={March} -} - -@article{halvorsen2022earnings, - author = {Halvorsen, Elin and Ozkan, Serdar and Salgado, Sergio}, - title = {Earnings Dynamics and Its Intergenerational Transmission: Evidence from Norway}, - type= {Working paper}, - year={2022}, - month={February}, - url={https://www.dropbox.com/s/mbcif8n9z26yw5d/HOS_QE.pdf?dl=0} -} - -@article{kaplan2014model, - title={A model of the consumption response to fiscal stimulus payments}, - author={Kaplan, Greg and Violante, Giovanni L}, - journal={Econometrica}, - volume={82}, - number={4}, - pages={1199--1239}, - year={2014}, - publisher={Wiley Online Library} -} - -@article{kravik_navigating_2019, - title = {Navigating with {NEMO}}, - volume = {5}, - url = {https://www.norges-bank.no/en/news-events/news-publications/Papers/Staff-Memo/2019/52019/}, - language = {en}, - urldate = {2019-05-24}, - journal = {Norges Bank Staff Memo}, - author = {Kravik, Erling Motzfeldt and Mimir, Yassin}, - year = {2019}, -} - -@incollection{kmpHandbook2016, - title={Macroeconomics and household heterogeneity}, - author={Krueger, Dirk and Mitman, Kurt and Perri, Fabrizio}, - booktitle={Handbook of {M}acroeconomics}, - volume={2}, - pages={843--921}, - year={2016}, - publisher={Elsevier} -} - -@article{fagereng_mpc_2021, - title = {{MPC} {Heterogeneity} and {Household} {Balance} {Sheets}}, - volume = {13}, - issn = {1945-7707}, - url = {https://www.aeaweb.org/articles?id=10.1257/mac.20190211}, - doi = {10.1257/mac.20190211}, - abstract = {We use sizable lottery prizes in Norwegian administrative panel data to explore how transitory income shocks are spent and saved over time and how households' marginal propensities to -consume (MPCs) vary with household characteristics and shock size. We find that spending peaks in the year of winning and gradually reverts to normal within five years. Controlling for all items on -households' balance sheets and characteristics such as education and income, it is the amount won, age, and liquid assets that vary systematically with MPCs. Low-liquidity winners of the smallest -prizes (around US\$1,500) are estimated to spend all within the year of winning. The corresponding estimate for high-liquidity winners of large prizes (US\$8,300–150,000) is slightly below one-half. -While conventional models will struggle to account for such high MPC levels, we show that a two-asset life cycle model with a realistic earnings profile and a luxury bequest motive can account for -both the time profile of consumption responses and their systematic covariation with observables.}, - language = {en}, - number = {4}, - urldate = {2022-02-11}, - journal = {American Economic Journal: Macroeconomics}, - author = {Fagereng, Andreas and Holm, Martin B. and Natvik, Gisle J.}, - month = oct, - year = {2021}, - keywords = {Consumer Economics: Empirical Analysis, Intertemporal Household Choice, includes inheritance and gift taxes, Life Cycle Models and Saving, Macroeconomics: Consumption, Saving, Wealth, Household Finance: Household Saving, Borrowing, Debt, and Wealth, Personal Income and Other Nonbusiness Taxes and Subsidies}, - pages = {1--54}, - file = {Snapshot:C\:\\Users\\ifr\\Zotero\\storage\\JSR3NCW9\\articles.html:text/html}, -} - -@article{aursland_state-dependent_2020, - title = {State-dependent fiscal multipliers in {NORA} - {A} {DSGE} model for fiscal policy analysis in {Norway}}, - volume = {93}, - issn = {0264-9993}, - url = {https://www.sciencedirect.com/science/article/pii/S0264999320304156}, - doi = {10.1016/j.econmod.2020.07.017}, - abstract = {We develop a novel medium-scale DSGE model, called NORA, for fiscal policy analysis in Norway. NORA contains a sheltered and exposed sector allowing us to model wage bargaining between a labor union and the exposed sector, reflecting Scandinavian wage formation institutions. Wages are subject to a downward nominal wage rigidity (DNWR). Inspired by many countries' fiscal policy responses to the Great Recession and the coronavirus pandemic, we investigate the model's ability to generate state-dependent fiscal multipliers. We find, that both the zero lower bound on nominal interest rates and DNWR individually can account for higher fiscal multipliers during recessions. In joint presence, however, the existence of DNWR reduces the multiplier at the ZLB. Moreover, the DNWR significantly relaxes the paradox of toil at the ZLB. We show that the state-dependency is robust to alternative assumptions about the origin of the recession, the nature of the fiscal stimulus and its financing source.}, - language = {en}, - urldate = {2022-02-11}, - journal = {Economic Modelling}, - author = {Aursland, Thor Andreas and Frankovic, Ivan and Kanik, Birol and Saxegaard, Magnus}, - year = {2020}, - keywords = {Downward nominal wage rigidity, Fiscal multiplier, Fiscal policy, State-dependency, Zero lower bound}, - pages = {321--353}, - file = {ScienceDirect Snapshot:C\:\\Users\\ifr\\Zotero\\storage\\4CPRIB6S\\S0264999320304156.html:text/html}, -} - -@article{oecd_net_2020, - title = {Net replacement rate in unemployment}, - journal = {OECD statistics "Social Protection and Well-being"}, - author = {OECD}, - year = {2020}, - note = {Url: https://stats.oecd.org/Index.aspx?DataSetCode=NRR}, -} - -@article{gjeldsregistret_nokkeltall_2022, - title = {Nokkeltall fra {Gjeldsregisteret}}, - journal = {Gjeldsregistret nettside}, - author = {Gjeldsregistret}, - year = {2022}, - note = {Url: https://www.gjeldsregisteret.com/pages/nokkeltall}, -} - -@article{davis_recessions_2011, - ISSN = {00072303, 15334465}, - URL = {http://www.jstor.org/stable/41473597}, - author = {Steven J. Davis and Till Von Wachter}, - journal = {Brookings Papers on Economic Activity}, - pages = {1--72}, - publisher = {Brookings Institution Press}, - title = {Recessions and the Costs of Job Loss}, - urldate = {2022-04-08}, - year = {2011} -} - -@article{skiba2008payday, - title={Payday loans, uncertainty and discounting: {E}xplaining patterns of borrowing, repayment, and default}, - author={Skiba, Paige Marta and Tobacman, Jeremy}, - journal={Vanderbilt Law and Economics Research Paper}, - volume={08}, - number={33}, - year={2008} -} - -@article{rothstein2017scraping, - title={Scraping by: Income and program participation after the loss of extended unemployment benefits}, - author={Rothstein, Jesse and Valletta, Robert G}, - journal={Journal of Policy Analysis and Management}, - volume={36}, - number={4}, - pages={880--908}, - year={2017}, - publisher={Wiley Online Library} -} - -@article{den2010computational, - title={Computational suite of models with heterogeneous agents: Incomplete markets and aggregate uncertainty}, - author={Den Haan, Wouter J and Judd, Kenneth L and Juillard, Michel}, - journal={Journal of Economic Dynamics and Control}, - volume={34}, - number={1}, - pages={1--3}, - year={2010}, - publisher={Elsevier} -} - -@techreport{kaplanMPC2022, - title = "The Marginal Propensity to Consume in Heterogeneous Agent Models", - author = "Kaplan, Greg and Violante, Giovanni L", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "30013", - year = "2022", - month = "May", - doi = {10.3386/w30013}, - URL = "http://www.nber.org/papers/w30013", - abstract = {What model features and calibration strategies yield a large average marginal propensity to consume (MPC) in heterogeneous agent models? Through a systematic investigation of models with different preferences, dimensions of ex-ante heterogeneity, income processes and asset structure, we show that the most important factor is the share and type of hand-to-mouth households. One-asset models either feature a trade-off between a high average MPC and a realistic level of aggregate wealth, or generate an excessively polarized wealth distribution that vastly understates the wealth held by households in the middle of the distribution. Two-asset models that include both liquid and illiquid assets can resolve this tension with a large enough gap between liquid and illiquid returns. We discuss how such return differential can be justified from the perspective of theory and data.}, -} - -@article{ganongConsumer2019, - Author = {Ganong, Peter and Noel, Pascal}, - Title = {Consumer Spending during Unemployment: Positive and Normative Implications}, - Journal = {American Economic Review}, - Volume = {109}, - Number = {7}, - Year = {2019}, - Month = {July}, - Pages = {2383-2424}, - DOI = {10.1257/aer.20170537}, - URL = {https://www.aeaweb.org/articles?id=10.1257/aer.20170537}} - -@techreport{hagedorn2019fiscal, - title={The fiscal multiplier}, - author={Hagedorn, Marcus and Manovskii, Iourii and Mitman, Kurt}, - year={2019}, - type= {Working paper}, - institution={National Bureau of Economic Research} -} - -@article{christiano2011government, - title={When is the government spending multiplier large?}, - author={Christiano, Lawrence and Eichenbaum, Martin and Rebelo, Sergio}, - journal={Journal of Political Economy}, - volume={119}, - number={1}, - pages={78--121}, - year={2011}, - publisher={University of Chicago Press Chicago, IL} -} - -@article{eggertsson2011fiscal, - title={What fiscal policy is effective at zero interest rates?}, - author={Eggertsson, Gauti B}, - journal={NBER Macroeconomics Annual}, - volume={25}, - number={1}, - pages={59--112}, - year={2011}, - publisher={University of Chicago Press Chicago, IL} -} - -@article{ramey2018government, - title={Government spending multipliers in good times and in bad: evidence from US historical data}, - author={Ramey, Valerie A and Zubairy, Sarah}, - journal={Journal of political economy}, - volume={126}, - number={2}, - pages={850--901}, - year={2018}, - publisher={University of Chicago Press Chicago, IL} -} - -@techreport{bhandari2021efficiency, - title={Efficiency, Insurance, and Redistribution Effects of Government Policies}, - author={Bhandari, Anmol and Evans, David and Golosov, Mikhail and Sargent, Thomas}, - year={2021}, - journal= {Working paper}, -} - -@article{davila2022welfare, - title={Welfare Assessments with Heterogeneous Individuals}, - author={D{\'a}vila, Eduardo and Schaab, Andreas}, - journal={Available at SSRN 4102027}, - year={2022}, - type= {Working paper}, -} - -@article{parker2013consumer, - title={Consumer spending and the economic stimulus payments of 2008}, - author={Parker, Jonathan A and Souleles, Nicholas S and Johnson, David S and McClelland, Robert}, - journal={American Economic Review}, - volume={103}, - number={6}, - pages={2530--53}, - year={2013} -} - -@article{broda2014economic, - title={The economic stimulus payments of 2008 and the aggregate demand for consumption}, - author={Broda, Christian and Parker, Jonathan A}, - journal={Journal of Monetary Economics}, - volume={68}, - pages={S20--S36}, - year={2014}, - publisher={Elsevier} -} - -@techreport{kekre2022unemployment, - title={Unemployment insurance in macroeconomic stabilization}, - author={Kekre, Rohan}, - year={2022}, - institution={National Bureau of Economic Research}, - type= {Working paper}, -} - -@techreport{auclert2018IKC, - title = "The Intertemporal Keynesian Cross", - author = "Auclert, Adrien and Rognlie, Matthew and Straub, Ludwig", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "25020", - year = "2018", - month = "September", - doi = {10.3386/w25020}, - URL = "http://www.nber.org/papers/w25020", -} - -@techreport{ganong2022spending, - title = "Spending and Job-Finding Impacts of Expanded Unemployment Benefits: Evidence from Administrative Micro Data", - author = "Ganong, Peter and Greig, Fiona E and Noel, Pascal J and Sullivan, Daniel M and Vavra, Joseph S", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = "30315", - year = "2022", - month = "August", - doi = {10.3386/w30315}, - URL = "http://www.nber.org/papers/w30315", -} - -@book{Lucas1987models, - title = "Models of Business Cycles", - author = "Lucas, Robert", - year = 1987, - publisher = "Oxford: Blackwell" -} - -@article{olafsson2018liquid, - title={The liquid hand-to-mouth: Evidence from personal finance management software}, - author={Olafsson, Arna and Pagel, Michaela}, - journal={The Review of Financial Studies}, - volume={31}, - number={11}, - pages={4398--4446}, - year={2018}, - publisher={Oxford University Press} -} - -@article{crawleyMicroMacro, - title={Consumption Heterogeneity: Micro Drivers and Macro Implications}, - author={Crawley, Edmund and Kuchler, Andreas}, - journal={American Economic Journal: Macroeconomics}, - year={Forthcoming} -} - -@techreport{laibson2022simple, - title={A Simple Mapping from MPCs to MPXs}, - author={Laibson, David and Maxted, Peter and Moll, Benjamin}, - year={2022}, - institution={National Bureau of Economic Research} -} - -@article{allcott2021high, - title={Are high-interest loans predatory? {T}heory and evidence from payday lending}, - author={Allcott, Hunt and Kim, Joshua J and Taubinsky, Dmitry and Zinman, Jonathan}, - year={2021}, - note={NBER Working paper, no. 28799}, - month={May}, -} - -@article{cagetti2003wealth, - title={Wealth accumulation over the life cycle and precautionary savings}, - author={Cagetti, Marco}, - journal={Journal of Business \& Economic Statistics}, - volume={21}, - number={3}, - pages={339--353}, - year={2003}, - publisher={Taylor \& Francis} -} - -@article{carroll2020sticky, - title={Sticky Expectations and Consumption Dynamics}, - author={Carroll, Christopher D and Crawley, Edmund and Slacalek, Jiri and Tokuoka, Kiichi and White, Matthew N}, - journal={American Economic Journal: Macroeconomics}, - year={2020}, - volume={12}, - number={3}, - pages={40--76}, - doi={10.1257/mac.20180286} -} - -@article{carroll2020modeling, - title={Modeling the consumption response to the {CARES} act}, - author={Carroll, Christopher D and Crawley, Edmund and Slacalek, Jiri and White, Matthew N}, - journal={Covid Economics}, - volume={10}, - pages={62--86}, - year={2020}, - publisher={CEPR Press} -} - -@article{crawley2022parsimonious, - title={A Parsimonious Model of Idiosyncratic Income}, - author={Crawley, Edmund and Holm, Martin B. and Tretvoll, H{\aa}kon}, - year={2022}, - note={Working paper}, - month={March} -} - -@article{halvorsen2022earnings, - author = {Halvorsen, Elin and Ozkan, Serdar and Salgado, Sergio}, - title = {Earnings Dynamics and Its Intergenerational Transmission: Evidence from Norway}, - type= {Working paper}, - year={2022}, - month={February}, - url={https://www.dropbox.com/s/mbcif8n9z26yw5d/HOS_QE.pdf?dl=0} -} - -@article{kaplan2014model, - title={A model of the consumption response to fiscal stimulus payments}, - author={Kaplan, Greg and Violante, Giovanni L}, - journal={Econometrica}, - volume={82}, - number={4}, - pages={1199--1239}, - year={2014}, - publisher={Wiley Online Library} -} - -@article{kravik_navigating_2019, - title = {Navigating with {NEMO}}, - volume = {5}, - url = {https://www.norges-bank.no/en/news-events/news-publications/Papers/Staff-Memo/2019/52019/}, - language = {en}, - urldate = {2019-05-24}, - journal = {Norges Bank Staff Memo}, - author = {Kravik, Erling Motzfeldt and Mimir, Yassin}, - year = {2019}, -} - -@incollection{kmpHandbook2016, - title={Macroeconomics and household heterogeneity}, - author={Krueger, Dirk and Mitman, Kurt and Perri, Fabrizio}, - booktitle={Handbook of {M}acroeconomics}, - volume={2}, - pages={843--921}, - year={2016}, - publisher={Elsevier} -} - -@article{fagereng_mpc_2021, - title = {{MPC} {Heterogeneity} and {Household} {Balance} {Sheets}}, - volume = {13}, - issn = {1945-7707}, - url = {https://www.aeaweb.org/articles?id=10.1257/mac.20190211}, - doi = {10.1257/mac.20190211}, - abstract = {We use sizable lottery prizes in Norwegian administrative panel data to explore how transitory income shocks are spent and saved over time and how households' marginal propensities to -consume (MPCs) vary with household characteristics and shock size. We find that spending peaks in the year of winning and gradually reverts to normal within five years. Controlling for all items on -households' balance sheets and characteristics such as education and income, it is the amount won, age, and liquid assets that vary systematically with MPCs. Low-liquidity winners of the smallest -prizes (around US\$1,500) are estimated to spend all within the year of winning. The corresponding estimate for high-liquidity winners of large prizes (US\$8,300–150,000) is slightly below one-half. -While conventional models will struggle to account for such high MPC levels, we show that a two-asset life cycle model with a realistic earnings profile and a luxury bequest motive can account for -both the time profile of consumption responses and their systematic covariation with observables.}, - language = {en}, - number = {4}, - urldate = {2022-02-11}, - journal = {American Economic Journal: Macroeconomics}, - author = {Fagereng, Andreas and Holm, Martin B. and Natvik, Gisle J.}, - month = oct, - year = {2021}, - keywords = {Consumer Economics: Empirical Analysis, Intertemporal Household Choice, includes inheritance and gift taxes, Life Cycle Models and Saving, Macroeconomics: Consumption, Saving, Wealth, Household Finance: Household Saving, Borrowing, Debt, and Wealth, Personal Income and Other Nonbusiness Taxes and Subsidies}, - pages = {1--54}, - file = {Snapshot:C\:\\Users\\ifr\\Zotero\\storage\\JSR3NCW9\\articles.html:text/html}, -} - -@article{aursland_state-dependent_2020, - title = {State-dependent fiscal multipliers in {NORA} - {A} {DSGE} model for fiscal policy analysis in {Norway}}, - volume = {93}, - issn = {0264-9993}, - url = {https://www.sciencedirect.com/science/article/pii/S0264999320304156}, - doi = {10.1016/j.econmod.2020.07.017}, - abstract = {We develop a novel medium-scale DSGE model, called NORA, for fiscal policy analysis in Norway. NORA contains a sheltered and exposed sector allowing us to model wage bargaining between a labor union and the exposed sector, reflecting Scandinavian wage formation institutions. Wages are subject to a downward nominal wage rigidity (DNWR). Inspired by many countries' fiscal policy responses to the Great Recession and the coronavirus pandemic, we investigate the model's ability to generate state-dependent fiscal multipliers. We find, that both the zero lower bound on nominal interest rates and DNWR individually can account for higher fiscal multipliers during recessions. In joint presence, however, the existence of DNWR reduces the multiplier at the ZLB. Moreover, the DNWR significantly relaxes the paradox of toil at the ZLB. We show that the state-dependency is robust to alternative assumptions about the origin of the recession, the nature of the fiscal stimulus and its financing source.}, - language = {en}, - urldate = {2022-02-11}, - journal = {Economic Modelling}, - author = {Aursland, Thor Andreas and Frankovic, Ivan and Kanik, Birol and Saxegaard, Magnus}, - year = {2020}, - keywords = {Downward nominal wage rigidity, Fiscal multiplier, Fiscal policy, State-dependency, Zero lower bound}, - pages = {321--353}, - file = {ScienceDirect Snapshot:C\:\\Users\\ifr\\Zotero\\storage\\4CPRIB6S\\S0264999320304156.html:text/html}, -} - -@article{oecd_net_2020, - title = {Net replacement rate in unemployment}, - journal = {OECD statistics "Social Protection and Well-being"}, - author = {OECD}, - year = {2020}, - note = {Url: https://stats.oecd.org/Index.aspx?DataSetCode=NRR}, -} - -@article{gjeldsregistret_nokkeltall_2022, - title = {Nøkkeltall fra {Gjeldsregisteret}}, - journal = {Gjeldsregistret nettside}, - author = {Gjeldsregistret}, - year = {2022}, - note = {Url: https://www.gjeldsregisteret.com/pages/nokkeltall}, -} - -@article{davis_recessions_2011, - ISSN = {00072303, 15334465}, - URL = {http://www.jstor.org/stable/41473597}, - author = {Steven J. Davis and Till Von Wachter}, - journal = {Brookings Papers on Economic Activity}, - pages = {1--72}, - publisher = {Brookings Institution Press}, - title = {Recessions and the Costs of Job Loss}, - urldate = {2022-04-08}, - year = {2011} -} - -@article{skiba2008payday, - title={Payday loans, uncertainty and discounting: {E}xplaining patterns of borrowing, repayment, and default}, - author={Skiba, Paige Marta and Tobacman, Jeremy}, - journal={Vanderbilt Law and Economics Research Paper}, - number={08-33}, - year={2008} -} - -@article{blanchard2017rethinking, - title={Rethinking stabilization policy: Back to the future}, - author={Blanchard, Olivier and Summers, Lawrence}, - journal={Peterson Institute for International Economics}, - volume={8}, - year={2017} -} - -@incollection{EpiExp, - title = {Epidemiological Expectations}, - author = {Carroll, Christopher D. and Tao Wang}, - booktitle = {Handbook of Economic Expectations}, - volume = {1}, - year = {2022}, - month= {November}, - doi = {10.1016/B978-0-12-822927-9.00034-3}, - url = {https://econ-ark.github.io/EpiExp}, - publisher = {Elsevier}, - note = {\href{https://econ-ark.github.io/EpiExp}{econ-ark.github.io/EpiExp}}} -} - -@article{carrollHowHas, - title = {How has the US coronavirus aid package affected household spending?}, - author = {Carroll, Christopher D and Crawley, Edmund and Slacalek, Jiri and White, Matthew N and others}, - journal = {Research Bulletin}, - volume = 75, - year = 2020, - publisher = {European Central Bank} -} - -@article{Adams2010, - abstract = {This paper examines the long-term impact and short-term dynamics of macroeconomic variables on international housing prices. Since adequate housing market data are generally not available and usually of low frequency we apply a panel cointegration analysis consisting of 15 countries over a period of 30 years. Pooling the observations allows us to overcome the data restrictions which researchers face when testing long-term relationships among single real estate time series. This study does not only confirm results from previous studies, but also allows for a comparison of single country estimations in an integrated equilibrium framework. The empirical results indicate house prices to increase in the long-run by 0.6{\%} in response to a 1{\%} increase in economic activity while construction costs and the long-term interest rate show average long-term effects of approximately 0.6{\%} and -0.3{\%}, respectively. Contrary to current literature our estimates suggest only about 16{\%} adjustment per year. Thus the time to full recovery may be much slower than previously stated, so that deviations from the long-term equilibrium result in a dynamic adjustment process that may take up to 14 years. {\textcopyright} 2009 Elsevier Inc. All rights reserved.}, - author = {Adams, Zeno and F{\"{u}}ss, Roland}, - doi = {10.1016/j.jhe.2009.10.005}, - issn = 10511377, - journal = {Journal of Housing Economics}, - keywords = {Dynamic OLS,Dynamic adjustment process,Housing market,Macroeconomy,Panel cointegration}, - number = 1, - pages = {38--50}, - title = {{Macroeconomic determinants of international housing markets}}, - url = {https://www.sciencedirect.com/science/article/pii/S1051137709000552?casa{\_}token=QSomp9jEkr0AAAAA:uewOJfRU8T5gwwxkLcafaPM6wgi8QbfqU{\_}dIpO-0cwANm4JgENa1DLNB3lASVlRwwrF9ntNz}, - volume = 19, - year = 2010 -} - -@article{AdelinoEtAl2016, - abstract = {This paper highlights the importance of middle-class and high-FICO borrowers for the mortgage crisis. Contrary to popular belief, which focuses on subprime and poor borrowers, we show that mortgage originations increased for borrowers across all income levels and FICO scores. The relation between mortgage growth and income growth at the individual level remained positive throughout the pre-2007 period. Finally, middle-income, highincome, and prime borrowers all sharply increased their share of delinquencies in the crisis. These results are consistent withademand-side view, where homebuyers and lenders bought into increasing house values and borrowers defaulted after prices dropped.}, - author = {Adelino, Manuel and Schoar, Antoinette and Severino, Felipe}, - doi = {10.1093/rfs/hhw018}, - issn = 14657368, - journal = {Review of Financial Studies}, - month = {jul}, - number = 7, - pages = {1635--1670}, - title = {{Loan originations and defaults in the mortgage crisis: The role of the middle class}}, - url = {https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/hhw018}, - volume = 29, - year = 2016 -} - -@article{AlexopoulosCohen2015, - abstract = {There has been, in recent years, a renewed interest in and a growing recognition of the role played by uncertainty shocks in driving fluctuations in the economy and in asset markets. We create new text-based indicators of both general economic and policy specific uncertainty from New York Times and use them first, to chart changes in the level of uncertainty in the US for the period 1985-2007, second, to determine the role of policy in these swings, and, third to assess their impact on the economy, equity markets, and business cycles. Overall, our results indicate that uncertainty shocks - both general and policy related - depress the level of economic activity, significantly increase stock market volatility, and decrease market returns.}, - author = {Alexopoulos, Michelle and Cohen, Jon}, - doi = {10.1016/j.iref.2015.02.002}, - issn = 10590560, - journal = {International Review of Economics and Finance}, - keywords = {Business cycles,Economic uncertainty,Measurement,Policy uncertainty}, - month = {nov}, - pages = {8--28}, - title = {{The power of print: Uncertainty shocks, markets, and the economy}}, - url = {https://www.sciencedirect.com/science/article/pii/S1059056015000246 https://linkinghub.elsevier.com/retrieve/pii/S1059056015000246}, - volume = 40, - year = 2015 -} - -@misc{Ameriks2005, - abstract = {Using pooled cross-sectional data from the Surveys of Consumer Finances, and new panel data from TIAA-CREF, we examine the empirical relationship between age and portfolio choice, focusing on the observed relationship between age and the fraction of wealth held in the stock market. We illustrate and discuss the importance of the well-known identification problem that prevents unrestricted estimation of age, time and cohort effects in longitudinal data. We also document three important features of household portfolio behavior: significant non-stockownership, wide-ranging heterogeneity in allocation choices, and the infrequency of active portfolio allocation changes (almost half of the sample members made no active changes to their portfolio allocations over our nine-year sample period). When estimating portfolio share equations, we consider three separate exclusion restrictions: excluding time effects, cohort effects, and finally age effects. We find no evidence supporting a gradual reduction in portfolio shares with age. There is some tendency for older individuals to shift completely out of the stock market around the time of annuitizations and withdrawals.}, - author = {Ameriks, John and Zeldes, Stephen P.}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Ameriks, Zeldes/How do household portfolio shares vary with age.pdf:pdf}, - keywords = {How Do Household Portfolio Shares Vary with Age?,John Ameriks,SSRN,Stephen P. Zeldes}, - month = {sep}, - title = {{How do household portfolio shares vary with age?}}, - url = {http://www.q-group.org/archives{\_}folder/pdf/Slides-Ameriks.pdf}, - year = 2005 -} - -@article{GulerEtAl2015, - abstract = {This paper studies the joint transitional dynamics of the foreclosures and house prices in a standard life-cycle incomplete markets model with housing and a realistic long-term mortgage structure. We calibrate our model to match several long-term features of the U.S. housing market, and analyze the effects of several unexpected and permanent shocks on the house price and the foreclosure rate both across the steady states and along the transition between the steady states. We examine permanent, unexpected shocks to the risk-free interest rate, the minimum down-payment ratio, and unemployment. During the transition, these shocks create large movements in house prices. More importantly, the foreclosure dynamics are quite significant along the transition compared to the steady-state changes, and there are strong feedbacks between foreclosures and house prices. We assess the effects of a temporary reduction in the risk-free interest rate, which has moderate effects on house prices but little effect on foreclosure dynamics. We also study the effects of an ex ante macroprudential policy, which establishes a minimum down-payment requirement at a higher threshold. Such a macroprudential policy helps substantially stabilize both house prices and foreclosures.}, - author = {Arslan, Yavuz and Guler, Bulent and Taskin, Temel}, - doi = {10.1111/jmcb.12196}, - issn = 15384616, - journal = {Journal of Money, Credit and Banking}, - keywords = {Home equity,House price,Housing,Interest rate,Mortgage contract,Mortgage default}, - month = {mar}, - number = {S1}, - pages = {133--169}, - title = {{Joint dynamics of house prices and foreclosures}}, - url = {http://doi.wiley.com/10.1111/jmcb.12196 https://onlinelibrary.wiley.com/doi/10.1111/jmcb.12196}, - volume = 47, - year = 2015 -} - -@article{athreya2017a, - author = {Athreya, Kartik and Ionescu, Felicia and Neelakantan, Urvi}, - doi = {10.2139/ssrn.2671012}, - issn = {1556-5068}, - journal = {SSRN Electronic Journal}, - pages = {1--57}, - title = {{Stock Market Investment: The Role of Human Capital}}, - url = {http://www.ssrn.com/abstract=2671012}, - volume = 15, - year = 2015 -} - -@article{Barksdale1982, - abstract = {This paper explains how the product life cycle and Boston Consulting Group's portfolio matrix can be combined to provide a more comprehensive framework for strategic analysis. The integrated model is more powerful than either concept taken separately because it provides an exhaustive system for classifying a diverse assortment of business units or product/market categories. {\textcopyright} 1982.}, - author = {Barksdale, Hiram C. and Harris, Clyde E.}, - doi = {10.1016/0024-6301(82)90010-3}, - issn = 00246301, - journal = {Long Range Planning}, - number = 6, - pages = {74--83}, - title = {{Portfolio analysis and the product life cycle}}, - url = {https://www.sciencedirect.com/science/article/pii/0024630182900103}, - volume = 15, - year = 1982 -} - -@article{Benhabib2015, - abstract = {We study the wealth distribution in Bewley economies with idiosyncratic capital income risk. We show analytically that under rather general conditions on the stochastic structure of the economy, a unique ergodic distribution of wealth displays a fat tail.}, - author = {Benhabib, Jess and Bisin, Alberto and Zhu, Shenghao}, - doi = {10.1016/j.jet.2015.07.013}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Benhabib, Bisin, Zhu/The wealth distribution in Bewley economies with capital income risk.pdf:pdf}, - issn = 10957235, - journal = {Journal of Economic Theory}, - keywords = {Bewley economies,Capital income risk,Fat tails,Pareto distribution,Wealth distribution}, - month = {sep}, - pages = {489--515}, - publisher = {Academic Press Inc.}, - title = {{The wealth distribution in Bewley economies with capital income risk}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0022053115001362}, - volume = 159, - year = 2015 -} - -@article{Benzoni2007, - abstract = {We study portfolio choice when labor income and dividends are cointegrated. Economically plausible calibrations suggest young investors should take substantial short positions in the stock market. Because of cointegration the young agent's human capital effectively becomes "stock-like." However, for older agents with shorter times-to-retirement, cointegration does not have sufficient time to act, and thus their human capital becomes more "bond-like." Together, these effects create hump-shaped life-cycle portfolio holdings, consistent with empirical observation. These results hold even when asset return predictability is accounted for. {\textcopyright} 2007 by The American Finance Association.}, - author = {Benzoni, Luca and Collin-Dufresne, Pierre and Goldstein, Robert S.}, - doi = {10.1111/j.1540-6261.2007.01271.x}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Benzoni, Collin-Dufresne, Goldstein/Portfolio choice over the life-cycle when the stock and labor markets are cointegrated.pdf:pdf}, - issn = 00221082, - journal = {Journal of Finance}, - month = {oct}, - number = 5, - pages = {2123--2167}, - title = {{Portfolio choice over the life-cycle when the stock and labor markets are cointegrated}}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.2007.01271.x?casa{\_}token=BI6n3dVWkuEAAAAA:5Y2I5dk1GKUXATMEpT2wyo6jDCPKftp14vjB-hzk8VsHQ5nWEQ90L6BLEHkFu38EMWmiNfFd3siAVpjP https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.2007.01271.x http}, - volume = 62, - year = 2007 -} - -@article{bglvHousingWealthEffect2018, - abstract = {Recent empirical work shows large consumption responses to house price movements. This is at odds with a prominent theoretical view which, using the logic of the permanent income hypothesis, argues that consumption responses should be small. We show that, in contrast to this view, workhorse models of consumption with incomplete markets calibrated to rich cross-sectional micro facts actually predict large consumption responses, in line with the data. To explain this result, we show that consumption responses to permanent house price shocks can be approximated by a simple and robust rule-of-thumb formula: the marginal propensity to consume out of temporary income times the value of housing. In our model, consumption responses depend on a number of factors such as the level and distribution of debt, the size and history of house price shocks, and the level of credit supply. Each of these effects is naturally explained with our simple formula.}, - author = {Berger, David and Guerrieri, Veronica and Lorenzoni, Guido and Vavra, Joseph}, - doi = {10.1093/restud/rdx060}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Berger et al/House Prices and Consumer Spending.pdf:pdf}, - issn = {1467937X}, - journal = {Review of Economic Studies}, - keywords = {Consumption,Debt,House prices,Leverage,MPC,State-dependence}, - month = {jul}, - number = 3, - pages = {1502--1542}, - title = {{House prices and consumer spending}}, - url = {https://academic.oup.com/restud/article/85/3/1502/4371413 https://academic.oup.com/restud/article-abstract/85/3/1502/4371413}, - volume = 85, - year = 2018 -} - -@article{berkovec1992general, - abstract = {We describe a model in which rental and owner housing are risky assets, tenure choice is endogenous, and each household is constrained to consume the same amount of owner housing that it has in its investment portfolio. At each iteration in the search for an equilibrium, we determine the new taxable income for each of 3,578 households (from the Survey of Consumer Finances), and we use statutory schedules to find the marginal rate and tax paid. Equilibrium net rates of return are major determinants of the amount of owner housing, but a logit model indicates that demographic factors are the main determinants of ownership rates. In our simulation, taxes on owner housing would raise welfare not only by reallocating capital but also by the government's taking part of the risk from individual properties and diversifying it away. Measures to disallow property tax or mortgage interest deductions do not help share this risk. Simulations of the 1986 tax reform indicate a small shift from rental to owner housing and welfare gains from reallocating risk. CR - Copyright {\&}{\#}169; 1992 The University of Chicago Press}, - author = {Berkovec, James and Fullerton, Don}, - doi = {10.1086/261822}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Berkovec, Fullerton/A General Equilibrium Model of Housing, Taxes, and Portfolio Choice.pdf:pdf}, - issn = {0022-3808}, - journal = {Journal of Political Economy}, - month = {apr}, - number = 2, - pages = {390--429}, - publisher = {The University of Chicago Press}, - title = {{A General Equilibrium Model of Housing, Taxes, and Portfolio Choice}}, - url = {https://www-journals-uchicago-edu.proxy.lib.ohio-state.edu/doi/abs/10.1086/261822 https://www.journals.uchicago.edu/doi/10.1086/261822}, - volume = 100, - year = 1992 -} - -@ARTICLE{bmsLabor, - title = "{Labor supply flexibility and portfolio choice in a life cycle - model}", - author = "Bodie, Zvi and Merton, Robert C and Samuelson, William F", - abstract = "This paper examines the effect of the labor-leisure choice on - portfolio and consumption decisions over an individual's life - cycle. The model incorporates the fact that individuals may have - considerable flexibility in varying their work effort (including - their choice of when to retire). Given this flexibility, the - individual simultaneously determines optimal levels of current - consumption, labor effort, and an optimal financial investment - strategy at each point in his life cycle. We show that labor and - investment choices are intimately related. The ability to vary - labor supply ex post induces the individual to assume greater - risks in his investment portfolio ex ante.", - journal = "Journal of economic dynamics \& control", - publisher = "Elsevier", - volume = 16, - number = 3, - pages = "427--449", - month = jul, - year = 1992, - url = "https://scholar.google.com/scholar?cluster=5939216431716541742", - file = "All Papers/Other/bodie-et-al-labor supply flexibility portfolio choice in a life cycle model.pdf", - keywords = "bmsLabor;paperpile-ccarroll", - issn = "0165-1889", - doi = "10.1016/0165-1889(92)90044-F" -} - -@article{Bodie1992, - abstract = {This paper examines the effect of the labor-leisure choice on portfolio and consumption decisions over an individual's life cycle. The model incorporates the fact that individuals may have considerable flexibility in varying their work effort (including their choice of when to retire). Given this flexibility, the individual simultaneously determines optimal levels of current consumption, labor effort, and an optimal financial investment strategy at each point in his life cycle. We show that labor and investment choices are intimately related. The ability to vary labor supply ex post induces the individual to assume greater risks in his investment portfolio ex ante. {\textcopyright} 1992.}, - author = {Bodie, Zvi and Merton, Robert C. and Samuelson, William F.}, - doi = {10.1016/0165-1889(92)90044-F}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Bodie, Merton, Samuelson/Labor supply flexibility and portfolio choice in a life cycle model.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Bodie, Merton, Samuelson/Labor supply flexibility and portfolio choice in a life cycle model(2).pdf:pdf}, - issn = 01651889, - journal = {Journal of Economic Dynamics and Control}, - month = {jul}, - number = {3-4}, - pages = {427--449}, - title = {{Labor supply flexibility and portfolio choice in a life cycle model}}, - url = {https://www.sciencedirect.com/science/article/pii/016518899290044F https://linkinghub.elsevier.com/retrieve/pii/016518899290044F}, - volume = 16, - year = 1992 -} - -@article{BordaloEtAl2017a, - abstract = {We present a model of credit cycles arising from diagnostic expectations—a belief formation mechanism based on Kahneman and Tversky's representativeness heuristic. Diagnostic expectations overweight future outcomes that become more likely in light of incoming data. The expectations formation rule is forward looking and depends on the underlying stochastic process, and thus is immune to the Lucas critique. Diagnostic expectations reconcile extrapolation and neglect of risk in a unified framework. In our model, credit spreads are excessively volatile, overreact to news, and are subject to predictable reversals. These dynamics can account for several features of credit cycles and macroeconomic volatility.}, - author = {Bordalo, Pedro and Gennaioli, Nicola and Shleifer, Andrei}, - doi = {10.1111/jofi.12586}, - issn = 15406261, - journal = {Journal of Finance}, - month = {feb}, - number = 1, - pages = {199--227}, - title = {{Diagnostic Expectations and Credit Cycles}}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.12586 http://doi.wiley.com/10.1111/jofi.12586 https://onlinelibrary.wiley.com/doi/10.1111/jofi.12586}, - volume = 73, - year = 2018 -} - -@article{Brandsaas2021, - abstract = {This paper argues that a large part of the stock market participation puzzle is driven by high stock market exit rates among participants: In the US, 20{\%} of households who have stock hold no stocks two years later. Using survey data I show that stock market exit frequently coincides with renting households becoming first-time owners. After estimating a life-cycle model of portfolio choice with housing and per-period participation costs, I show that it quantitatively matches the US participation rate, homeownership rate, and entry/exit in stock markets over the entire life-cycle. The introduction of housing increases the exit rate among young new homeowners and reduces the participation rate among middle-aged and retired households by decreasing liquid wealth. Housing reduces the unexplained participation gap between the model and the data by 71{\%}, compared to a model without housing.}, - author = {Brandsaas, Eirik}, - doi = {10.2139/ssrn.3256502}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Brandsaas/Household Stock Market Participation The Role of Homeownership.pdf:pdf}, - issn = {1556-5068}, - journal = {SSRN Electronic Journal}, - title = {{Household Stock Market Participation: The Role of Homeownership}}, - url = {http://papers.eebrandsaas.com/StockParticipationWithHousing.pdf https://www.ssrn.com/abstract=3256502}, - year = 2018 -} - -@article{Brandt2010, - abstract = {This chapter focuses on the econometric treatment of portfolio choice problems. The goal is to describe, discuss, and illustrate through examples the different econometric approaches proposed in the literature for relating the theoretical formulation and solution of a portfolio choice problem to the data. In focusing on the econometrics of the portfolio choice problem, this chapter is at best a cursory overview of the broad portfolio choice literature. Much of the discussion is focused on the single-period portfolio choice problem with standard preferences, normally distributed returns, and frictionless markets. There are many recent advances in the portfolio choice literature. The econometric techniques discussed in this chapter can be applied to realistic formulations. It also discusses a number of modeling issues and extensions that arise in formulating the problem. {\textcopyright} 2010 Elsevier Inc. All rights reserved.}, - author = {Brandt, Michael W.}, - doi = {10.1016/B978-0-444-50897-3.50008-0}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Brandt/Portfolio Choice Problems.pdf:pdf}, - isbn = 9780444508973, - journal = {Handbook of Financial Econometrics, Vol 1}, - pages = {269--336}, - title = {{Portfolio Choice Problems}}, - url = {https://www.sciencedirect.com/science/article/pii/B9780444508973500080}, - year = 2010 -} - -@article{briggs2020a, - abstract = {We exploit the randomized assignment of lottery prizes in a large administrative Swedish data set to estimate the causal effect of wealth on stock market participation. A {\$}150,000 windfall gain increases the stock market participation probability by 12 percentage points among prelottery nonparticipants but has no discernible effect on prelottery stock owners. A structural life cycle model significantly overpredicts entry rates even for very high entry costs (up to {\$}31,000). Additional analyses implicate pessimistic beliefs regarding equity returns as a major source of this overprediction and suggest that both recent and early-life return realizations affect beliefs.}, - author = {Briggs, Joseph and Cesarini, David and Lindqvist, Erik and {\"{O}}stling, Robert}, - doi = {10.1016/j.jfineco.2020.07.014}, - issn = {0304405X}, - journal = {Journal of Financial Economics}, - keywords = {Household saving and personal finance,Intertemporal consumer choice,Portfolio choice and investment decisions}, - month = {jan}, - number = 1, - pages = {57--83}, - title = {{Windfall gains and stock market participation}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0304405X20302245}, - volume = 139, - year = 2021 -} - -@article{Brueckner1997, - abstract = {This article investigates the portfolio choices of homeowners, taking into account the investment constraint introduced by Henderson and Ioannides (1983). This constraint requires housing investment by homeowners to be at least as large as housing consumption. It is shown that when the constraint is binding, the homeowner's optimal portfolio is ineffcient in a mean-variance sense. Thus, portfolio inefficiency is not an indication that consumers are irrational or careless in their financial decisions. Instead, inefficiency can be seen as the result of a rational balancing of the consumption benefits and portfolio distortion associated with housing investment.}, - author = {Brueckner, Jan K.}, - doi = {10.1023/A:1007777532293}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Brueckner/Consumption and Investment Motives and the Portfolio Choices of Homeowners.pdf:pdf}, - issn = 08955638, - journal = {Journal of Real Estate Finance and Economics}, - keywords = {Homeownership,Mean-variance inefficient,Overinvestment,Portfolio}, - number = 2, - pages = {159--180}, - publisher = {Springer}, - title = {{Consumption and Investment Motives and the Portfolio Choices of Homeowners}}, - url = {https://link-springer-com.proxy.lib.ohio-state.edu/article/10.1023/A:1007777532293}, - volume = 15, - year = 1997 -} - -@article{Brunnermeier2008, - abstract = {We use data from the Panel Study of Income Dynamics to investigate how households' portfolio allocations change in response to wealth fluctuations. Persistent habits, consumption commitments, and subsistence levels can generate time-varying risk aversion with the consequence that when the level of liquid wealth changes, the proportion a household invests in risky assets should also change in the same direction. In contrast, our analysis shows that the share of liquid assets that households invest in risky assets is not affected by wealth changes. Instead, one of the major drivers of household portfolio allocation seems to be inertia: households rebalance only very slowly following inflows and outflows or capital gains and losses.}, - author = {Brunnermeier, Markus K. and Nagel, Stefan}, - doi = {10.1257/aer.98.3.713}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Brunnermeier, Nagel/Do wealth fluctuations generate time-varying risk aversion Micro-evidence on individuals' asset allocation.pdf:pdf}, - issn = 00028282, - journal = {American Economic Review}, - month = {may}, - number = 3, - pages = {713--736}, - title = {{Do wealth fluctuations generate time-varying risk aversion? Micro-evidence on individuals' asset allocation}}, - url = {https://www.aeaweb.org/articles?id=10.1257/aer.98.3.713 https://pubs.aeaweb.org/doi/10.1257/aer.98.3.713}, - volume = 98, - year = 2008 -} - -@article{BrunnermeierParker2005, - abstract = {Forward-looking agents care about expected future utility flows, and hence have higher current felicity if they are optimistic. This paper studies utility-based biases in beliefs by supposing that beliefs maximize average felicity, optimally balancing this benefit of optimism against the costs of worse decision making. A small optimistic bias in beliefs typically leads to first-order gains in anticipatory utility and only second-order costs in realized outcomes. In a portfolio choice example, investors overestimate their return and exhibit a preference for skewness; in general equilibrium, investors' prior beliefs are endogenously heterogeneous. In a consumption-saving example, consumers are both overconfident and overoptimistic.}, - author = {Brunnermeier, Markus K. and Parker, Jonathan A.}, - doi = {10.1257/0002828054825493}, - issn = 00028282, - journal = {American Economic Review}, - month = {aug}, - number = 4, - pages = {1092--1118}, - title = {{Optimal expectations}}, - url = {https://pubs.aeaweb.org/doi/10.1257/0002828054825493}, - volume = 95, - year = 2005 -} - -@techreport{FernaldEtAl2016, - abstract = {After 2004, measured growth in labor productivity and total factor productivity slowed. We find little evidence that this slowdown arises from growing mismeasurement of the gains from innovation in information technology–related goods and services. First, the mismeasurement of information technology hardware is significant preceding the slowdown. Because the domestic production of these products has fallen, the quantitative effect on productivity was larger in the 1995–2004 period than since then, despite mismeasurement worsening for some types of information technology. Hence, our adjustments make the slowdown in labor productivity worse. The effect on total factor productivity is more muted. Second, many of the tremendous consumer benefits from the “new” economy such as smartphones, Google searches, and Facebook are, conceptually, nonmarket: Consumers are more productive in using their nonmarket time to produce services they value. These benefits raise consumer well-being but do not imply that market sector production functions are shifting out more rapidly than measured. Moreover, estimated gains in nonmarket production are too small to compensate for the loss in overall well-being from slower market sector productivity growth. In addition to information technology, other measurement issues that we can quantify (such as increasing globalization and fracking) are also quantitatively small relative to the slowdown. The things at which Google and its peers excel, from Internet search to mobile software, are changing how we work, play and communicate, yet have had little discernible macroeconomic impact{\ldots}. Transformative innovation really is happening on the Internet. It's just not happening elsewhere.}, - annote = {tex.series: Brookings Papers on Economic Activity}, - author = {Byrne, David M. and Fernald, John G. and Reinsdorf, Marshall B.}, - booktitle = {Brookings Papers on Economic Activity}, - doi = {10.1353/eca.2016.0014}, - institution = {Brookings Institute}, - issn = 15334465, - month = {mar}, - number = {SPRING}, - pages = {109--182}, - title = {{Does the united states have a productivity slowdown or a measurement problem?}}, - type = {Working {\{}Paper{\}}}, - url = {https://www.brookings.edu/wp-content/uploads/2016/03/ByrneEtAl{\_}ProductivityMeasurement{\_}ConferenceDraft.pdf https://muse.jhu.edu/article/629297}, - volume = 2016, - year = 2016 -} - -@article{calvet2007a, - abstract = {This paper investigates the efficiency of household investment decisions using comprehensive disaggregated Swedish data. We consider two main sources of inefficiency: underdiversification ("down") and nonparticipation in risky asset markets ("out"). While a few house-holds are very poorly diversified, most Swedish households outperform, the Sharpe ratio of their domestic stock index through international diversification. Financially sophisticated households invest more efficiently but also more aggressively, and overall they incur higher return losses from underdiversification. The return cost of nonparticipation is smaller by almost one-half when we take account of the fact that nonparticipants would likely be inefficient investors. {\textcopyright} 2007 by The University of Chicago. All rights reserved.}, - author = {Calvet, Laurent E. and Campbell, John Y. and Sodini, Paolo}, - doi = {10.1086/524204}, - issn = 00223808, - journal = {Journal of Political Economy}, - month = {oct}, - number = 5, - pages = {707--747}, - title = {{Down or out: Assessing the welfare costs of household investment mistakes}}, - url = {https://www.journals.uchicago.edu/doi/10.1086/524204}, - volume = 115, - year = 2007 -} - -@article{Campanale2011, - abstract = {In the present paper I develop a life-cycle portfolio choice model where agents perceive stock returns to be ambiguous and are ambiguity averse. As in Epstein and Schneider (2005) part of the ambiguity vanishes over time as a consequence of learning over observed returns. The model shows that ambiguity alone can rationalize moderate stock market participation rates and conditional shares with reasonable participation costs but has strongly counterfactual implications for conditional allocations to stocks by age and wealth. When learning is allowed, conditional shares over the life-cycle are instead aligned with the empirical evidence and patterns of stock holdings over the wealth distribution get closer to the data. {\textcopyright} 2009 Elsevier Inc.}, - author = {Campanale, Claudio}, - doi = {10.1016/j.red.2009.09.002}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Campanale/Learning, ambiguity and life-cycle portfolio allocation.pdf:pdf}, - issn = 10942025, - journal = {Review of Economic Dynamics}, - keywords = {Ambiguity,Learning,Life-cycle,Portfolio choice}, - month = {apr}, - number = 2, - pages = {339--367}, - title = {{Learning, ambiguity and life-cycle portfolio allocation}}, - url = {https://www.sciencedirect.com/science/article/pii/S1094202509000519 https://linkinghub.elsevier.com/retrieve/pii/S1094202509000519}, - volume = 14, - year = 2011 -} - -@article{Campanale2015, - abstract = {Traditionally, quantitative models that have studied households' portfolio choices have focused exclusively on the different risk properties of alternative financial assets. We introduce differences in liquidity across assets in the standard life-cycle model of portfolio choice. More precisely, in our model, stocks are subject to transaction costs, as considered in recent macroliterature. We show that when these costs are calibrated to match the observed infrequency of households' trading, the model is able to generate patterns of portfolio stock allocation over age and wealth that are constant or moderately increasing, thus more in line with the existing empirical evidence.}, - author = {Campanale, Claudio and Fugazza, Carolina and Gomes, Francisco}, - doi = {10.1016/j.jmoneco.2014.11.008}, - issn = 03043932, - journal = {Journal of Monetary Economics}, - keywords = {Cash-in-advance,Household portfolio choice,Self-insurance,Transaction cost}, - pages = {67--83}, - title = {{Life-cycle portfolio choice with liquid and illiquid financial assets}}, - url = {https://www.sciencedirect.com/science/article/pii/S0304393214001652?casa{\_}token=eNb5stb57CIAAAAA:SI5G7GLZ2US1iwPCXPW52-7ghQNc1UOrB3QIr2f90Jk49{\_}y52lYcAeLI0vfE-tXr9H8a5wOtShc}, - volume = 71, - year = 2015 -} - -@article{Campbell2006, - abstract = {The study of household finance is challenging because household behavior is difficult to measure, and households face constraints not captured by textbook models. Evidence on participation, diversification, and mortgage refinancing suggests that many households invest effectively, but a minority make significant mistakes. This minority appears to be poorer and less well educated than the majority of more successful investors. There is some evidence that households understand their own limitations and avoid financial strategies for which they feel unqualified. Some financial products involve a cross-subsidy from naive to sophisticated households, and this can inhibit welfare-improving financial innovation.}, - author = {Campbell, John Y.}, - doi = {10.1111/j.1540-6261.2006.00883.x}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Campbell/Household finance.pdf:pdf}, - issn = 00221082, - journal = {Journal of Finance}, - month = {aug}, - number = 4, - pages = {1553--1604}, - title = {{Household finance}}, - url = {https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.2006.00883.x}, - volume = 61, - year = 2006 -} - -@article{Campbell2003, - abstract = {This paper asks how a household should choose between a fixed-rate (FRM) and an adjustable-rate (AEM) mortgage. In an environment with uncertain inflation a nominal FRM has a risky real capital value, whereas an ARM has a stable real capital value but short-term variability in required real payments. Numerical solution of a life-cycle model with borrowing constraints and income risk shows that an ARM is generally attractive, but less so for a risk-averse household with a large mortgage, risky income, high default cost, or low moving probability. An inflation-indexed FRM can improve substantially on standard nominal mortgages. {\textcopyright} Oxford University Press 2001.}, - author = {Campbell, John Y. and Cocco, Jo{\~{a}}o F.}, - doi = {10.1162/003355303322552847}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Campbell, Cocco/Household risk management and optimal mortgage choice.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Campbell, Cocco/Household risk management and optimal mortgage choice.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Campbell, Cocco/Household risk management and optimal mortgage choice.pdf:pdf}, - issn = 00335533, - journal = {Quarterly Journal of Economics}, - month = {nov}, - number = 4, - pages = {1449--1494}, - publisher = {Oxford Academic}, - title = {{Household risk management and optimal mortgage choice}}, - url = {https://academic.oup.com/qje/article-abstract/118/4/1449/1925116 https://doi.org/10.1162/003355303322552847 https://academic.oup.com/qje/article-lookup/doi/10.1162/003355303322552847}, - volume = 118, - year = 2003 -} - -@article{Campbell2007, - abstract = {Housing is a major component of wealth. Since house prices fluctuate considerably over time, it is important to understand how these fluctuations affect households' consumption decisions. Rising house prices may stimulate consumption by increasing households' perceived wealth, or by relaxing borrowing constraints. This paper investigates the response of household consumption to house prices using UK micro data. We estimate the largest effect of house prices on consumption for older homeowners, and the smallest effect, insignificantly different from zero, for younger renters. This finding is consistent with heterogeneity in the wealth effect across these groups. In addition, we find that regional house prices affect regional consumption growth. Predictable changes in house prices are correlated with predictable changes in consumption, particularly for households that are more likely to be borrowing constrained, but this effect is driven by national rather than regional house prices and is important for renters as well as homeowners, suggesting that UK house prices are correlated with aggregate financial market conditions. {\textcopyright} 2006 Elsevier B.V. All rights reserved.}, - author = {Campbell, John Y. and Cocco, Jo{\~{a}}o F.}, - doi = {10.1016/j.jmoneco.2005.10.016}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Campbell, Cocco/How do house prices affect consumption Evidence from micro data.pdf:pdf}, - issn = 03043932, - journal = {Journal of Monetary Economics}, - keywords = {Borrowing constraints,Pseudo-panel,Wealth effect}, - month = {apr}, - number = 3, - pages = {591--621}, - publisher = {North-Holland}, - title = {{How do house prices affect consumption? Evidence from micro data}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0304393206001279 https://www.sciencedirect.com/science/article/pii/S0304393206001279?casa{\_}token=1daAiz9JDPMAAAAA:WUWcEQ1uzBodvDvQvljC2sVNs1g7skPUdRjTcnlaZRfBdh1N933gQv0qEyyqqL5M17atqDPb}, - volume = 54, - year = 2007 -} - -@article{ccMortgageDefault2013, - abstract = {In this paper, we solve a dynamic model of households' mortgage decisions incorporating labor income, house price, inflation, and interest rate risk. Using a zero-profit condition for mortgage lenders, we solve for equilibrium mortgage rates given borrower characteristics and optimal decisions. The model quantifies the effects of adjustable versus fixed mortgage rates, loan-to-value ratios, and mortgage affordability measures on mortgage premia and default. Mortgage selection by heterogeneous borrowers helps explain the higher default rates on adjustable-rate mortgages during the recent U.S. housing downturn, and the variation in mortgage premia with the level of interest rates.}, - author = {Campbell, John Y. and Cocco, Jo{\~{a}}o F.}, - doi = {10.1111/jofi.12252}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Campbell, Cocco/A Model of Mortgage Default.pdf:pdf}, - issn = 15406261, - journal = {Journal of Finance}, - keywords = {models-wanted}, - month = {aug}, - number = 4, - pages = {1495--1554}, - publisher = {Blackwell Publishing Ltd}, - title = {{A Model of Mortgage Default}}, - url = {http://doi.wiley.com/10.1111/jofi.12252 www.fhfa.gov. https://onlinelibrary.wiley.com/doi/10.1111/jofi.12252}, - volume = 70, - year = 2015 -} - -@article{Carroll2020, - author = {Carroll, Christopher}, - journal = {Think Forward Initiative}, - number = {https://www.thinkforwardinitiative.com/stories/optimal-financial-investments-over-the-life-cycle}, - title = {{Optimal Financial Investments Over the Life Cycle}}, - url = {https://www.thinkforwardinitiative.com/stories/optimal-financial-investments-over-the-life-cycle}, - year = 2020 -} - -@article{carroll1997a, - abstract = {This paper uses the Panel Study of Income Dynamics to provide some of the first direct evidence that wealth is systematically higher for consumers with predictably greater income uncertainty. However, the apparent pattern of precautionary wealth is not consistent with a standard parameterization of the life cycle model in which consumers are patient enough to begin saving for retirement early in life; wealth is estimated to be far less sensitive to uncertainty than implied by that model. Instead, our results suggest that over most of their working life time, consumers behave in accordance with the 'buffer-stock' models of saving described in Carroll (1992, 1997) or Deaton (1991), in which consumers hold wealth principally to insulate consumption against near-term fluctuations in income.}, - author = {Carroll, Christopher D. and Samwick, Andrew A.}, - doi = {10.1016/S0304-3932(97)00036-6}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Carroll, Samwick/The nature of precautionary wealth.pdf:pdf}, - issn = 03043932, - journal = {Journal of Monetary Economics}, - keywords = {Income uncertainty,Precautionary saving,Wealth}, - month = {sep}, - number = 1, - pages = {41--71}, - publisher = {Elsevier}, - title = {{The nature of precautionary wealth}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0304393297000366}, - volume = 40, - year = 1997 -} - -@incollection{catherine2019a, - abstract = {This paper presents a life-cycle model that incorporates the cyclical skewness of labor income shocks. Cyclical skewness can explain the limited stock market participation of households with modest financial wealth and the positive age trend in conditional equity shares. Structural estimation reveals that a relative risk aversion of 5 and a yearly participation cost of {\$}290 fits the US data. Omitting cyclical skewness leads to a three-fold overestimation of participation costs and generates a counterfactual decline of conditional equity shares. As its portfolio implications are smaller for wealthy households, cyclical skewness reduces aggregate demand for equity by only 15{\%}.}, - author = {Catherine, Sylvain}, - booktitle = {SSRN Electronic Journal}, - doi = {10.2139/ssrn.2778892}, - issn = {1556-5068}, - keywords = {D14,D91,G11,G12,H06,Household finance,Human capital,J24,Labor income risk,Life-cycle model,Portfolio choices,Simulated method of moments}, - title = {{Portfolio Choices Over the Life-Cycle and the Cyclical Skewness of Labor Income Shocks}}, - url = {http://www.ssrn.com/abstract=2778892}, - year = 2016 -} - -@incollection{chang2020a, - abstract = {This paper shows that the evolving likelihood of marriage and divorce is an essential factor in accounting for the changes in housing decisions over time in the United States. To quantify the importance of this channel, I build a life-cycle model of single and married households who face exogenous age-dependent marital transition shocks. I then estimate the parameters of the model by a limited information Bayesian method to match the moments from 1995's cross-section data. I conduct a decomposition analysis between 1970 and 1995, two years with similar real house prices but substantially different probabilities of marital transitions. I find that the change in the likelihood of marital transitions accounts for 29{\%} of the observed increase in the homeownership rate of singles. This portion is substantial given that the changes in downpayment requirements, earnings risk, and spousal labor productivity jointly replicate 45{\%} of the change. When the change in marital transitions is shut down, the marrieds' housing asset share increases, which is opposite to the data's pattern. Then I extend my analysis to study whether the ongoing change in marital transitions still plays a role in explaining housing decisions in recent years, which have seen dramatically changing house prices. In addition to other factors such as credit constraints, wages, and beliefs on price appreciation that are often suggested as drivers for homeownership increase during the housing boom in the mid-2000s, I show that the continuing decrease in marriage contributes to an approximately 7{\%} increase in the homeownership rate for young singles.}, - author = {Chang, Minsu}, - booktitle = {Working Paper}, - keywords = {divorce,homeownership,house prices,household formation,marriage,portfolio share}, - title = {{A House Without a Ring: The Role of Changing Marital Transitions for Housing Decisions}}, - url = {https://economics.sas.upenn.edu/system/files/2018-11/JMP{\_}MinsuChang.pdf}, - year = 2020 -} - -@article{chang2018a, - abstract = {The standard life-cycle models of household portfolio choice have difficulty generating a realistic age profile of risky share. These models not only imply a high risky share on average but also a steeply decreasing age profile, whereas the risky share is mildly increasing in the data. We introduce age-dependent, labor market uncertainty into an otherwise standard model. A great uncertainty in the labor market-high unemployment risk, frequent job turnovers, and an unknown career path-prevents young workers from taking too much risk in the financial market. As labor market uncertainty is resolved over time, workers start taking more risk in their financial portfolios.}, - author = {Chang, Yongsung and Hong, Jay H. and Karabarbounis, Marios}, - doi = {10.1257/mac.20160207}, - issn = 19457715, - journal = {American Economic Journal: Macroeconomics}, - month = {apr}, - number = 2, - pages = {222--262}, - title = {{Labor market uncertainty and portfolio choice puzzles}}, - url = {https://pubs.aeaweb.org/doi/10.1257/mac.20160207}, - volume = 10, - year = 2018 -} - -@article{Chetty2007, - abstract = {Many households devote a large fraction of their budgets to "consumption commitments" - goods that involve transaction costs and are infrequently adjusted. This paper characterizes risk preferences in an expected utility model with commitments. We show that commitments affect risk preferences in two ways: (1) they amplify risk aversion with respect to moderate-stake shocks, and (2) they create a motive to take large-payoff gambles. The model thus helps resolve two basic puzzles in expected utility theory: the discrepancy between moderate-stake and large-stake risk aversion and lottery playing by insurance buyers. We discuss applications of the model such as the optimal design of social insurance and tax policies, added worker effects in labor supply, and portfolio choice. Using event studies of unemployment shocks, we document evidence consistent with the consumption adjustment patterns implied by the model.}, - author = {Chetty, R. A.J. and Szeidl, Adam}, - doi = {10.1162/qjec.122.2.831}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Chetty, Szeidl/Consumption commitments and risk preferences.pdf:pdf}, - issn = 00335533, - journal = {Quarterly Journal of Economics}, - month = {may}, - number = 2, - pages = {831--877}, - publisher = {Oxford Academic}, - title = {{Consumption commitments and risk preferences}}, - url = {https://academic-oup-com.proxy.lib.ohio-state.edu/qje/article/122/2/831/1942152 https://academic.oup.com/qje/article-lookup/doi/10.1162/qjec.122.2.831 https://academic.oup.com/qje/article/122/2/831/1942152}, - volume = 122, - year = 2007 -} - -@article{Chetty2017, - abstract = {We show that characterizing the effects of housing on portfolios requires distinguishing between the effects of home equity and mortgage debt. We isolate exogenous variation in home equity and mortgages by using differences across housing markets in house prices and housing supply elasticities as instruments. Increases in property value (holding home equity constant) reduce stockholdings, while increases in home equity wealth (holding property value constant) raise stockholdings. The stock share of liquid wealth would rise by 1 percentage point—6{\%} of the mean stock share—if a household were to spend 10{\%} less on its house, holding fixed wealth.}, - author = {CHETTY, RAJ and S{\'{A}}NDOR, L{\'{A}}SZL{\'{O}} and SZEIDL, ADAM}, - doi = {10.1111/jofi.12500}, - file = {:C$\backslash$:/Users/alujan/Mendeley/CHETTY, S{\'{A}}NDOR, SZEIDL/The Effect of Housing on Portfolio Choice.pdf:pdf}, - issn = {0022-1082}, - journal = {The Journal of Finance}, - keywords = {Denis Foug{\`{e}}re,Mathilde Poulhes,SSRN,The Effect of Housing on Portfolio Choice: A Reapp,housing,mortgage debt,portfolio choice,property value}, - month = {jun}, - number = 3, - pages = {1171--1212}, - publisher = {John Wiley {\&} Sons, Ltd}, - title = {{The Effect of Housing on Portfolio Choice}}, - url = {https://papers-ssrn-com.proxy.lib.ohio-state.edu/abstract=2210182 https://onlinelibrary.wiley.com/doi/10.1111/jofi.12500 https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.12500?casa{\_}token=GU67UwFgKksAAAAA:jS2fO4QbWscL3lzURZivZ842OFL{\_}5munFQjBvKHtBtuSwkf}, - volume = 72, - year = 2017 -} - -@article{fratantoni1998homeownership, - abstract = {This study examines how housing influences households' risky asset holdings in multiple European countries, using the 2004 Survey of Health, Ageing and Retirement in Europe (SHARE) data set. This research provides three major findings. First, homeowners in bank-based economies have a significantly lower probability of participating in the stock market, whereas in market-based economies, homeownership has no significant impact on this probability. Second, homeowners tend to invest a lower share of their financial assets in stocks compared to renters. Third, households with a higher home value to wealth ratio invest a lower share of financial assets in stocks in countries with more developed mortgage markets. In contrast, in countries with underdeveloped mortgage markets, households with a higher home value to wealth ratio invest a larger share of financial assets in stocks. The results of this study suggest that recognizing differences in financial market structures is crucial to understanding the relationship between housing investment and stock investment.}, - author = {Cho, Insook}, - doi = {10.5539/res.v6n4p254}, - issn = 19187181, - journal = {Review of European Studies}, - keywords = {Homeownership,Household portfolio,Risky asset holdings,SHARE}, - number = 4, - pages = {254--267}, - publisher = {Elsevier}, - title = {{Homeownership and investment in risky assets in Europe}}, - volume = 6, - year = 2014 -} - -@article{ChristianoEtAl2015, - abstract = {We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to financial frictions. We reach this conclusion by looking through the lens of an estimated New Keynesian model in which firms face moderate degrees of price rigidities, no nominal rigidities in wages, and a binding zero lower bound constraint on the nominal interest rate. Our model does a good job of accounting for the joint behavior of labor and goods markets, as well as inflation, during the Great Recession. According to the model the observed fall in total factor productivity and the rise in the cost of working capital played critical roles in accounting for the small drop in inflation that occurred during the Great Recession.}, - author = {Christiano, Lawrence J. and Eichenbaum, Martin S. and Trabandt, Mathias}, - doi = {10.1257/mac.20140104}, - issn = 19457715, - journal = {American Economic Journal: Macroeconomics}, - month = {jan}, - number = 1, - pages = {110--167}, - title = {{Understanding the great recession}}, - url = {https://pubs.aeaweb.org/doi/10.1257/mac.20140104}, - volume = 7, - year = 2015 -} - -@article{Cocco2004rfs, - abstract = {I show that investment in housing plays a crucial role in explaining the patterns of cross-sectional variation in the composition of wealth and the level of stockholdings observed in portfolio composition data. Due to investment in housing, younger and poorer investors have limited financial wealth to invest in stocks, which reduces the benefits of equity market participation. House price risk crowds out stockholdings, and this crowding out effect is larger for low financial net-worth. In the model as in the data leverage is positively correlated with stockholdings. {\textcopyright} 2004 The Society for Financial Studies; all rights reserved.}, - author = {Cocco, Jo{\~{a}}o F.}, - doi = {10.1093/rfs/hhi006}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Cocco/Portfolio choice in the presence of housing.pdf:pdf}, - issn = 08939454, - journal = {Review of Financial Studies}, - month = {jun}, - number = 2, - pages = {535--567}, - publisher = {Oxford Academic}, - title = {{Portfolio choice in the presence of housing}}, - url = {https://academic.oup.com/rfs/article-abstract/18/2/535/1599873 https://doi.org/10.1093/rfs/hhi006 https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/hhi006}, - volume = 18, - year = 2005 -} - -@article{Cocco2005, - abstract = {This article solves a realistically calibrated life cycle model of consumption and portfolio choice with non-tradable labor income and borrowing constraints. Since labor income substitutes for riskless asset holdings, the optimal share invested in equities is roughly decreasing over life. We compute a measure of the importance of human capital for investment behavior. We find that ignoring labor income generates large utility costs, while the cost of ignoring only its risk is an order of magnitude smaller, except when we allow for a disastrous labor income shock. Moreover, we study the implications of introducing endogenous borrowing constraints in this incomplete-markets setting. {\textcopyright} 2005 The Society for Financial Studies; all rights reserved.}, - author = {Cocco, Jo{\~{a}}o F. and Gomes, F. J. and Maenhout, Pascal J.}, - doi = {10.1093/rfs/hhi017}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Cocco, Gomes, Maenhout/Consumption and Portfolio Choice over the Life Cycle.pdf:pdf}, - issn = 08939454, - journal = {Review of Financial Studies}, - month = {jun}, - number = 2, - pages = {491--533}, - publisher = {Oxford Academic}, - title = {{Consumption and portfolio choice over the life cycle}}, - url = {https://academic.oup.com/rfs/article/18/2/491/1599892 https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/hhi017 https://academic-oup-com.proxy.lib.ohio-state.edu/rfs/article/18/2/491/1599892 https://academic.oup.com/rfs/article-abstract/18/2/491/}, - volume = 18, - year = 2005 -} - -@article{cooper2016a, - abstract = {This paper studies household financial choices: why are these decisions dependent on the education level of the household? A life-cycle model is constructed to understand a rich set of facts about decisions of households with different levels of educational attainment regarding stock market participation, the stock share in wealth, the stock adjustment rate and the wealth-income ratio. Model parameters, including preferences, the costs of stock market participation and portfolio adjustment, are estimated to match financial decisions by different education groups. Based on the estimated model, education affects household finance mainly through increased average income. The estimation also finds evidence that higher educational attainment is associated with a lower stock market entry cost and a larger discount factor. Education specific differences in income risks, medical expenses, mortality risks and the life-cycle pattern of income explain relatively little of the observed differences in household financial choices.}, - author = {Cooper, Russell and Zhu, Guozhong}, - doi = {10.1016/j.red.2015.12.001}, - issn = 10942025, - journal = {Review of Economic Dynamics}, - keywords = {Household finance,Life-cycle choices,Role of education}, - month = {apr}, - pages = {63--89}, - title = {{Household finance over the life-cycle: What does education contribute?}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S1094202515000721}, - volume = 20, - year = 2016 -} - -@article{Corbae2015, - abstract = {How much of the foreclosure crisis can be explained by the large number of high-leverage mortgages originated during the housing boom? In our model, heterogeneous households select from mortgages with different down payments and choose whether to default given income and housing shocks. The use of low–down payment loans is initially limited by payment-to-income requirements but becomes unrestricted during the boom. The model approximates key housing andmortgagemarket facts before and after the crisis. A counterfactual experiment suggests that the increased number of high-leverage loans originated prior to the crisis can explain over 60 percent of the rise in foreclosure rates.}, - author = {Corbae, Dean and Quintin, Erwan}, - doi = {10.1086/677349}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Corbae, Quintin/Leverage and the foreclosure crisis.pdf:pdf}, - issn = {1537534X}, - journal = {Journal of Political Economy}, - keywords = {models-wanted}, - month = {feb}, - number = 1, - pages = {1--65}, - publisher = {University of Chicago Press}, - title = {{Leverage and the foreclosure crisis}}, - url = {https://www.journals.uchicago.edu/doi/10.1086/677349}, - volume = 123, - year = 2015 -} - -@article{Corradin2014, - abstract = {We develop and solve a model of optimal portfolio choice with transaction costs and predictability in house prices. We model house prices using a process with a time-varying expected growth rate. Housing adjustments are infrequent and characterized by both the wealth-to-housing ratio and the expected growth in house prices. We find that the housing portfolio share immediately after moving to a more valuable house is higher during periods of high expected growth in house prices. We also find that the share of wealth invested in risky assets is lower during periods of high expected growth in house prices. Finally, the decrease in risky portfolio holdings for households moving to a more valuable house is greater in high-growth periods. These findings are robust to tests using household-level data from the Panel Study of Income Dynamics (PSID) and Survey of Income and Program Participation (SIPP) surveys. The coefficients obtained using model-simulated data are consistent with those obtained in the empirical tests. {\textcopyright} 2013 The Author.}, - author = {Corradin, Stefano and Fillat, Jos{\'{e}} L. and Vergara-Alert, Carles}, - doi = {10.1093/rfs/hht062}, - issn = 08939454, - journal = {Review of Financial Studies}, - month = {mar}, - number = 3, - pages = {823--880}, - publisher = {Oxford Academic}, - title = {{Optimal portfolio choice with predictability in house prices and transaction costs}}, - url = {https://academic-oup-com.proxy.lib.ohio-state.edu/rfs/article/27/3/823/1579904 https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/hht062}, - volume = 27, - year = 2014 -} - -@article{dahlquist2018a, - abstract = {We characterize the optimal default fund in a defined contribution (DC) pension plan. Using detailed data on individuals' holdings inside and outside the pension system, we find substantial heterogeneity within and between passive and active investors in terms of labor income, financial wealth, and stock market participation. We build a life-cycle consumption-savings model, with a DC pension account and an opt-out/default choice, that produces realistic investor heterogeneity. Relative to a common age-based allocation, implementing the optimal default asset allocation implies a welfare gain of 1.5{\%} during retirement. Much of the gain is attainable with a simple rule of thumb.}, - annote = {Forthcomin}, - author = {Dahlquist, Magnus and Setty, Ofer and Vestman, Roine}, - doi = {10.1111/jofi.12697}, - issn = 15406261, - journal = {Journal of Finance}, - month = {aug}, - number = 4, - pages = {1893--1936}, - title = {{On the Asset Allocation of a Default Pension Fund}}, - url = {https://onlinelibrary.wiley.com/doi/10.1111/jofi.12697}, - volume = 73, - year = 2018 -} - -@techreport{Daruich2018, - abstract = {To study long-run large-scale early childhood policies, this paper incorporates early childhood investments into a standard general-equilibrium (GE) heterogeneous-agent overlapping-generations model. Aer estimating it using US data, we show that an RCT evaluation of a short-run small-scale early childhood program in the model predicts eects on children's education and income that are similar to the empirical evidence. A long-run large-scale program, however, yields twice as large welfare gains, even aer considering GE and taxation eects. Key to this dierence is that investing in a child not only improves her skills but also creates a beer parent for the next generation.}, - address = {St. Louis, MO, USA}, - author = {Daruich, Diego}, - booktitle = {Ssrn}, - doi = {10.20955/wp.2018.029}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Daruich/The Macroeconomic Consequences of Early Childhood Development Policies.pdf:pdf}, - institution = {Federal Reserve Bank of St. Louis}, - issn = {1556-5068}, - keywords = {Inequality,early childhood development,intergenerational mobility}, - month = {oct}, - number = {2018-29}, - title = {{The Macroeconomic Consequences of Early Childhood Development Policies}}, - url = {https://papers-ssrn-com.proxy.lib.ohio-state.edu/abstract=3265081 https://research.stlouisfed.org/wp/more/2018-029}, - year = 2018 -} - -@article{davis2008a, - abstract = {We construct a quarterly time series of the rent-price ratio for the aggregate stock of owner-occupied housing in the United States, starting in 1960, by merging micro data from the last five Decennial Censuses of Housing surveys with price indexes for house prices and rents. We show that the rent-price ratio ranged between 5 and 5.5 percent between 1960 and 1995, but rapidly declined after 1995. By year-end 2006, the rent-price ratio reached a historic low of 3.5 percent. For the rent-price ratio to return to its historical average over, say, the next five years, house prices likely would have to fall considerably. {\textcopyright} International Association for Research in Income and Wealth 2008.}, - author = {Davis, Morris A. and Lehnert, Andreas and Martin, Robert F.}, - doi = {10.1111/j.1475-4991.2008.00274.x}, - issn = 00346586, - journal = {Review of Income and Wealth}, - month = {jun}, - number = 2, - pages = {279--284}, - title = {{The rent-price ratio for the aggregate stock of owner-occupied housing}}, - url = {https://onlinelibrary.wiley.com/doi/10.1111/j.1475-4991.2008.00274.x}, - volume = 54, - year = 2008 -} - -@article{DeNardi2019, - abstract = {Earnings dynamics are much richer than typically assumed in macro models with heterogeneous agents. This holds for individual-pre-tax and household-post-tax earnings and across administrative and survey data. We estimate two alternative processes for household after-tax earnings and study their implications using a standard life-cycle model. Both processes feature a persistent and a transitory component, but although the first one is the canonical linear process with stationary shocks, the second one has substantially richer earnings dynamics, allowing for age-dependence of moments, non-normality, and nonlinearity in previous earnings and age. Allowing for richer earnings dynamics implies a substantially better fit of the evolution of cross-sectional consumption inequality over the life cycle and of the individual-level degree of consumption insurance against persistent earnings shocks. The richer earnings process implies lower welfare costs of earnings risk.}, - author = {{De Nardi}, Mariacristina and Fella, Giulio and Paz-Pardo, Gonzalo}, - doi = {10.1093/jeea/jvz010}, - file = {:C$\backslash$:/Users/alujan/Mendeley/de Nardi, Fella, Paz Pardo/Nonlinear Household Earnings Dynamics, Self-Insurance, and Welfare.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/De Nardi, Fella, Paz-Pardo/Nonlinear Household Earnings Dynamics, Self-Insurance, and Welfare.pdf:pdf}, - issn = 15424774, - journal = {Journal of the European Economic Association}, - month = {apr}, - number = 2, - pages = {890--926}, - publisher = {Oxford University Press (OUP)}, - title = {{Nonlinear Household Earnings Dynamics, Self-Insurance, and Welfare}}, - url = {https://academic.oup.com/jeea/advance-article/doi/10.1093/jeea/jvz010/5421188 https://academic.oup.com/jeea/article/18/2/890/5421188}, - volume = 18, - year = 2020 -} - -@article{beaubrun-diant2016a, - abstract = {In this study, we empirically analyze the simultaneous decisions of households to participate in the stock market and/or own their home. A vast literature stream exists on decisions to buy or rent a home, and many contributions report the low participation rate of American households in the US stock market. Numerous authors have also provided evidence that home tenure (modeled as an exogenous variable) affects the share of household portfolios held as stocks. However, the present study is the first to allow decisions on homeownership and stockholding to be simultaneous and endogenous. We use a dynamic bivariate logistic panel data model on the Panel Study of Income Dynamics data from 1999 to 2007, controlling for sample selection bias and time-invariant unobserved heterogeneity. These estimates allow us to simulate the individual paths of homeownership and stockholding status over whole life cycles, according to household characteristics. Ceteris paribus, we show that households acquiring one asset (either home or stocks) acquire the other at an earlier stage in their life cycles, implying that some households become trapped in a no-stockholding, renting position.}, - author = {{E. Beaubrun-Diant}, Kevin and Maury, Tristan Pierre}, - doi = {10.1016/j.jhe.2016.03.002}, - file = {:C$\backslash$:/Users/alujan/Mendeley/E. Beaubrun-Diant, Maury/Home tenure, stock market participation, and composition of the household portfolio.pdf:pdf}, - issn = 10960791, - journal = {Journal of Housing Economics}, - keywords = {Bivariate logistic model,Housing,Portfolio choices,Stock market participation}, - month = {jun}, - pages = {1--17}, - publisher = {Academic Press}, - title = {{Home tenure, stock market participation, and composition of the household portfolio}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S1051137716000061}, - volume = 32, - year = 2016 -} - -@article{fagereng2017a, - abstract = {Using error-free data on life-cycle portfolio allocations of a large sample of Norwegian households, we document a double adjustment as households age: a rebalancing of the portfolio composition away from stocks as they approach retirement and stock market exit after retirement. When structurally estimating an extended life-cycle model, the parameter combination that best fits the data is one with a relatively large risk aversion, a small per-period participation cost, and a yearly probability of a large stock market loss in line with the frequency of stock market crashes in Norway.}, - author = {Fagereng, Andreas and Gottlieb, Charles and Guiso, Luigi}, - doi = {10.1111/jofi.12484}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Fagereng, Gottlieb, Guiso/Asset Market Participation and Portfolio Choice over the Life-Cycle.pdf:pdf}, - issn = 15406261, - journal = {Journal of Finance}, - month = {apr}, - number = 2, - pages = {705--750}, - publisher = {Blackwell Publishing Ltd}, - title = {{Asset Market Participation and Portfolio Choice over the Life-Cycle}}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.12484?casa{\_}token=KDIfnuh{\_}kzMAAAAA:DN09HtE5tF4YdX6f2Udy9m0y8Uxz7d8AlSTGGQ2PLUEqBZuWhlPRWchfyp2FG{\_}IwnIXSHQD8xqWY6R1s https://onlinelibrary.wiley.com/doi/10.1111/jofi.12484}, - volume = 72, - year = 2017 -} - -@article{Favilukis2017, - abstract = {This paper studies a quantitative general equilibrium model of housing. The model has two key elements not previously considered in existing quantitative macro studies of housing finance: aggregate business cycle risk and a realistic wealth distribution driven in the model by bequest heterogeneity in preferences. These features of the model play a crucial role in the following results. First, a relaxation of financing constraints leads to a large boomin house prices. Second, the boom in house prices is entirely the result of a decline in the housing risk premium. Third, low interest rates cannot explain high home values.}, - author = {Favilukis, Jack and Ludvigson, Sydney C. and {Van Nieuwerburgh}, Stijn}, - doi = {10.1086/689606}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Favilukis, Ludvigson, Van Nieuwerburgh/The macroeconomic effects of housing wealth, housing finance, and limited risk sharing in general equilibrium.pdf:pdf}, - issn = {1537534X}, - journal = {Journal of Political Economy}, - month = {feb}, - number = 1, - pages = {140--223}, - publisher = {University of Chicago Press}, - title = {{The macroeconomic effects of housing wealth, housing finance, and limited risk sharing in general equilibrium}}, - url = {https://www.journals.uchicago.edu/doi/10.1086/689606}, - volume = 125, - year = 2017 -} - -@article{Fernandez-Villaverde2011, - abstract = {In this paper we investigate whether a standard life-cycle model in which households purchase nondurable consumption and consumer durables and face idiosyncratic income and mortality risk as well as endogenous borrowing constraints can account for two key patterns of consumption and asset holdings over the life cycle. First, consumption expenditures on both durable and nondurable goods are hump-shaped. Second, young households keep very few liquid assets and hold most of their wealth in consumer durables. In our model durables play a dual role: they both provide consumption services and act as collateral for loans. A plausibly parameterized version of the model predicts that the interaction of consumer durables and endogenous borrowing constraints induces durables accumulation early in life and higher consumption of nondurables and accumulation of financial assets later in the life cycle, of an order of magnitude consistent with observed data. {\textcopyright} 2011 Cambridge University Press.}, - author = {Fern{\'{a}}ndez-Villaverde, Jes{\'{u}}s and Krueger, Dirk}, - doi = {10.1017/S1365100510000180}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Fern{\'{a}}ndez-Villaverde, Krueger/Consumption and saving over the life cycle How important are consumer durables.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Fern{\'{a}}ndez-Villaverde, Krueger/Consumption and saving over the life cycle How important are consumer durables(2).pdf:pdf}, - issn = 13651005, - journal = {Macroeconomic Dynamics}, - keywords = {Consumer Durables,Consumption and Saving,Life Cycle}, - month = {nov}, - number = 5, - pages = {725--770}, - publisher = {Koeniger}, - title = {{Consumption and saving over the life cycle: How important are consumer durables?}}, - url = {https://doi.org/10.1017/S1365100510000180 https://www.cambridge.org/core/product/identifier/S1365100510000180/type/journal{\_}article https://www.cambridge.org/core/journals/macroeconomic-dynamics/article/consumption-and-saving-over-the-life-cycle-how-import}, - volume = 15, - year = 2011 -} - -@article{Fischer2013a, - abstract = {In recent decades U.S. households have experienced residential house prices moving persistently, that is, returns being positively serially correlated. We set up a realistically calibrated life cycle model with slow-moving time variation in expected housing returns, showing that not only age, labor income, and pre-existing housing wealth but also the state of the housing market significantly affect household decisions. Consistently with the data, the model predicts that in good states of housing market cycles (1) homeownership rates increase, (2) households buying homes invest a larger share of their net worth in their home, and (3) these households lever up more. {\textcopyright} 2013 The Author.}, - author = {Fischer, Marcel and Stamos, Michael Z.}, - doi = {10.1093/rfs/hht010}, - issn = 08939454, - journal = {Review of Financial Studies}, - number = 9, - pages = {2311--2352}, - title = {{Optimal life cycle portfolio choice with housing market cycles}}, - url = {https://academic.oup.com/rfs/article-abstract/26/9/2311/1661950}, - volume = 26, - year = 2013 -} - -@article{Flavin2008, - author = {Flavin, Marjorie and Nakagawa, Shinobu}, - doi = {10.1257/aer.98.1.474}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Flavin, Nakagawa/A model of housing in the presence of adjustment costs A structural interpretation of habit persistence.pdf:pdf}, - issn = 00028282, - journal = {American Economic Review}, - month = {mar}, - number = 1, - pages = {474--495}, - title = {{A model of housing in the presence of adjustment costs: A structural interpretation of habit persistence}}, - url = {https://www.aeaweb.org/articles?id=10.1257/aer.98.1.474}, - volume = 98, - year = 2008 -} - -@article{flavin2002owner, - author = {Flavin, Marjorie and Yamashita, Takashi}, - doi = {10.1257/000282802760015775}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Flavin, Yamashita/Owner-occupied housing and the composition of the household portfolio.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Flavin, Yamashita/Owner-occupied housing and the composition of the household portfolio(2).pdf:pdf}, - issn = 00028282, - journal = {American Economic Review}, - keywords = {Investment Decisions,Portfolio Choice,Real Estate,Regional,Rural,Urban,and Transport,and Transportation Economics: Housing Demand}, - month = {feb}, - number = 1, - pages = {345--362}, - title = {{Owner-occupied housing and the composition of the household portfolio}}, - url = {https://pubs.aeaweb.org/doi/10.1257/000282802760015775}, - volume = 92, - year = 2002 -} - -@article{gianetti2016a, - abstract = {We show that, after the revelation of corporate fraud in a state, household stock market participation in that state decreases. Households decrease holdings in fraudulent as well as nonfraudulent firms, even if they do not hold stocks in fraudulent firms. Within a state, households with more lifetime experience of corporate fraud hold less equity. Following the exogenous increase in fraud revelation due to Arthur Andersen's demise, states with more Arthur Andersen clients experience a larger decrease in stock market participation. We provide evidence that the documented effect is likely to reflect a loss of trust in the stock market.}, - author = {Giannetti, Mariassunta and Wang, Tracy Yue}, - doi = {10.1111/jofi.12399}, - issn = 15406261, - journal = {Journal of Finance}, - month = {dec}, - number = 6, - pages = {2591--2636}, - title = {{Corporate Scandals and Household Stock Market Participation}}, - url = {https://onlinelibrary.wiley.com/doi/10.1111/jofi.12399}, - volume = 71, - year = 2016 -} - -@article{Gomes2020a, - abstract = {Life-cycle portfolio choice models capture the role of human capital, housing, borrowing constraints, background risk, and several other crucial ingredients for determining the savings and investment decisions of households. Over the last two decades, this literature has provided us with multiple insights regarding the asset allocation decisions of individual investors. This article provides a critical survey of this research and suggests directions for future research, namely incorporating additional forms of household heterogeneity.}, - author = {Gomes, Francisco}, - doi = {10.1146/annurev-financial-012820-113815}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Gomes/Portfolio Choice over the Life Cycle A Survey.pdf:pdf}, - issn = 19411375, - journal = {Annual Review of Financial Economics}, - keywords = {Life-cycle models,household fnance,portfolio choice}, - month = {nov}, - number = 1, - pages = {277--304}, - publisher = {Annual Reviews Inc.}, - title = {{Portfolio Choice over the Life Cycle: A Survey}}, - url = {https://www.annualreviews.org/doi/10.1146/annurev-financial-012820-113815 https://www.annualreviews.org/doi/abs/10.1146/annurev-financial-012820-113815?casa{\_}token=kKU56tH9xCcAAAAA:C23{\_}AREuua8ittBL9s2Cz{\_}mjcTdLrUatAUWVT6ObqQOk26IZgPeCzFWhZGMQcLAZ0gMEm8NjnHy}, - volume = 12, - year = 2020 -} - -@article{Gomes2021, - abstract = {Household financial decisions are complex, interdependent, and heterogeneous, and central to the functioning of the financial system. We present an overview of the rapidly expanding literature on household finance (with some important exceptions) and suggest directions for future research. We begin with the theory and empirics of asset market participation and asset allocation over the life cycle. We then discuss household choices in insurance markets, trading behavior, decisions on retirement saving, and financial choices by retirees. We survey research on liabilities, including mortgage choice, refinancing, and default, and household behavior in unsecured credit markets, including credit cards and payday lending. We then connect the household to its social environment, including peer effects, cultural and hereditary factors, intra-household financial decision-making, financial literacy, cognition, and educational interventions. We also discuss literature on the provision and consumption of financial advice.}, - author = {Gomes, Francisco and Haliassos, Michael and Ramadorai, Tarun}, - doi = {10.1257/JEL.20201461}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Gomes, Haliassos, Ramadorai/Household finance.pdf:pdf}, - issn = 00220515, - journal = {Journal of Economic Literature}, - number = 3, - pages = {919--1000}, - title = {{Household finance}}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.2006.00883.x?casa{\_}token=AcXdIiF0xUwAAAAA:n0jGvt3yuZDX82XbGCkRzplLqX8bkxQE{\_}6N-ilg3KK-IIu1OUjRJ{\_}ibcT2iJyJVbKyTK7AMxTFjO1Q}, - volume = 59, - year = 2021 -} - -@article{gomes2005optimal, - abstract = {We show that a life-cycle model with realistically calibrated uninsurable labor income risk and moderate risk aversion can simultaneously match stock market participation rates and asset allocation decisions conditional on participation. The key ingredients of the model are Epstein-Zin preferences, a fixed stock market entry cost, and moderate heterogeneity in risk aversion, Households with low risk aversion smooth earnings shocks with a small buffer stock of assets, and consequently most of them (optimally) never invest in equities. Therefore, the marginal stockholders are (endogenously) more risk averse, and as a result they do not invest their portfolios fully in stocks.}, - author = {Gomes, Francisco and Michaelides, Alexander}, - doi = {10.1111/j.1540-6261.2005.00749.x}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Gomes, Michaelides/Optimal life-cycle asset allocation Understanding the empirical evidence.pdf:pdf}, - issn = 00221082, - journal = {Journal of Finance}, - month = {apr}, - number = 2, - pages = {869--904}, - publisher = {Wiley Online Library}, - title = {{Optimal life-cycle asset allocation: Understanding the empirical evidence}}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.2005.00749.x?casa{\_}token=j9jxue{\_}38O8AAAAA:484h6aUZ0araTdmUsX4XyNfhZhQUoEm6bYcKTT0u7r8cmZwKoo{\_}zu2ffIvHhDDF94Fd{\_}ixWlS8BcRA https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.2005.00749.x?ca}, - volume = 60, - year = 2005 -} - -@article{Gomes2008, - abstract = {We develop a model with incomplete markets and heterogeneous agents that generates a large equity premium, while simultaneously matching stock market participation and individual asset holdings. The high risk-premium is driven by incomplete risk sharing among stockholders, which results from the combination of aggregate uncertainty, borrowing constraints, and a (realistically) calibrated life-cycle earnings profile subject to idiosyncratic shocks. We show that it is challenging to simultaneously match asset pricing moments and individual portfolio decisions, while limited participation has a negligible impact on the risk-premium, contrary to the results of models where it is imposed exogenously. (JEL G11, G12) {\textcopyright} The Author 2007.}, - author = {Gomes, Francisco and Michaelides, Alexander}, - doi = {10.1093/rfs/hhm063}, - issn = 08939454, - journal = {Review of Financial Studies}, - number = 1, - pages = {415--448}, - title = {{Asset pricing with limited risk sharing and heterogeneous agents}}, - url = {https://academic.oup.com/rfs/article-abstract/21/1/415/1576121}, - volume = 21, - year = 2008 -} - -@techreport{Greenwald2018, - abstract = {I investigate how the structure of the mortgage market influences macroeconomic dynamics, using a general equilibrium framework with prepayable debt and a limit on the ratio of mortgage payments to income — features that prove essential to reproducing observed debt dynamics. The resulting environment amplifies transmission from interest rates into debt, house prices, and economic activity. Monetary policy more easily stabilizes inflation, but contributes to larger fluctuations in credit growth. A relaxation of payment-to-income standards appears vital for explaining the recent boom. A cap on payment-to-income ratios, not loan-to-value ratios, is the more effective macroprudential policy for limiting boom-bust cycles.}, - annote = {tex.volume:}, - author = {Greenwald, Daniel L.}, - booktitle = {SSRN Electronic Journal}, - doi = {10.2139/ssrn.2735491}, - institution = {Massachusetts Institute of Technology (MIT) - Sloan School of Management}, - issn = {1556-5068}, - title = {{The Mortgage Credit Channel of Macroeconomic Transmission}}, - type = {Working {\{}Paper{\}}}, - url = {http://www.ssrn.com/abstract=2735491}, - year = 2016 -} - -@techreport{GreenwaldEtAl2018, - abstract = {Shared Appreciation Mortgages (SAMs) feature mortgage payments that adjust with house prices. These mortgage contracts are designed to stave off home owner default by providing payment relief in the wake of a large house price shock. SAMs have been hailed as an innovative solution that could prevent the next foreclosure crisis, act as a work-out tool during a crisis, and alleviate fiscal pressure during a downturn. They have inspired Fintech companies to offer home equity contracts. However, the home owner's gains are the mortgage lender's losses. A general equilibrium model with financial intermediaries who channel savings from saver households to borrower households shows that indexation of mortgage payments to aggregate house prices increases financial fragility, reduces risk sharing, and leads to expensive financial sector bailouts. In contrast, indexation to local house prices reduces financial fragility and improves risk-sharing. The two types of indexation have opposite implications for wealth inequality.}, - author = {Greenwald, Daniel L. and Landvoigt, Tim and {Van Nieuwerburgh}, Stijn}, - booktitle = {SSRN Electronic Journal}, - doi = {10.2139/ssrn.3069621}, - institution = {MIT Sloan}, - issn = {1556-5068}, - month = {nov}, - number = {5261-17}, - title = {{Financial Fragility with SAM?}}, - type = {Reserch {\{}Paper{\}}}, - url = {https://www.ssrn.com/abstract=3069621}, - year = 2017 -} - -@article{grossman1987asset, - abstract = {We analyze a model of optimal consumption and portfolio selection in which consumption services are generated by holding a durable good. The durable good is illiquid in that a transaction cost must be paid when the good is sold. It is shown that optimal consumption is not a smooth function of wealth; it is optimal for the consumer to wait until a large change in wealth occurs before adjusting his consumption. As a consequence, the consumption based capital asset pricing model fails to hold. Nevertheless, it is shown that the standard, one factor, market portfolio based capital asset pricing model does hold in this environment. It is shown that the optimal durable level is characterized by three numbers (not random variables), say x, y, and z (where {\textless}latex{\textgreater}{\$}x {\textless} y {\textless} z{\$}{\textless}/latex{\textgreater}). The consumer views the ratio of consumption to wealth (c/W) as his state variable. If this ratio is between x and z, then he does not sell the durable. If c/W is less than x or greater than z, then he sells his durable and buys a new durable of size S so that S/W = y. Thus y is his "target" level of c/W. If the stock market moves up enough so that c/W falls below x, then he sells his small durable to buy a larger durable. However, there will be many changes in the value of his wealth for which c/W stays between x and z, and thus consumption does not change. Numerical simulations show that small transactions costs can make consumption changes occur very infrequently. Further, the effect of consumption transactions costs on the demand for risky assets is substantial.}, - author = {Grossman, Sanford J. and Laroque, Guy}, - doi = {10.2307/2938333}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Grossman, Laroque/Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Grossman, Laroque/Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods(2).pdf:pdf}, - issn = 00129682, - journal = {Econometrica}, - month = {jan}, - number = 1, - pages = 25, - publisher = {National Bureau of Economic Research Cambridge, Mass., USA}, - title = {{Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods}}, - url = {https://www.jstor.org/stable/2938333?origin=crossref https://www.nber.org/papers/w2369}, - volume = 58, - year = 1990 -} - -@article{glLiquidity2017, - abstract = {We study the effects of a credit crunch on consumer spending in a heterogeneous-agent incomplete-market model. After an unexpected permanent tightening in consumers' borrowing capacity, constrained consumers are forced to repay their debt, and unconstrained consumers increase their precautionary savings. This depresses interest rates, especially in the short run, and generates an output drop, even with flexible prices. The output drop is larger with sticky prices, if the zero lower bound prevents the interest rate from adjusting downward. Adding durable goods to the model, households take larger debt positions and the output response can be larger.}, - author = {Guerrieri, Veronica and Lorenzoni, Guido}, - doi = {10.1093/qje/qjx005}, - issn = 15314650, - journal = {Quarterly Journal of Economics}, - keywords = {models-wanted}, - month = {aug}, - number = 3, - pages = {1427--1467}, - title = {{Credit crises, precautionary savings, and the liquidity trap}}, - url = {https://academic.oup.com/qje/article/132/3/1427/3071924}, - volume = 132, - year = 2017 -} - -@article{guiso2008a, - abstract = {We study the effect that a general lack of trust can have on stock market participation. In deciding whether to buy stocks, investors factor in the risk of being cheated. The perception of this risk is a function of the objective characteristics of the stocks and the subjective characteristics of the investor. Less trusting individuals are less likely to buy stock and, conditional on buying stock, they will buy less. In Dutch and Italian micro data, as well as in cross-country data, we find evidence consistent with lack of trust being an important factor in explaining the limited participation puzzle. {\textcopyright} 2008 The American Finance Association.}, - author = {Guiso, Luigi and Sapienza, Paola and Zingales, Luigi}, - doi = {10.1111/j.1540-6261.2008.01408.x}, - issn = 00221082, - journal = {Journal of Finance}, - month = {dec}, - number = 6, - pages = {2557--2600}, - title = {{Trusting the stock market}}, - url = {https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.2008.01408.x}, - volume = 63, - year = 2008 -} - -@incollection{Guiso2013, - abstract = {Household finance-the normative and positive study of how households use financial markets to achieve their objectives-has gained a lot of attention over the past decade and has become a field with its own identity, style, and agenda. In this chapter we review its evolution and most recent developments. {\textcopyright} 2013 Elsevier B.V.}, - author = {Guiso, Luigi and Sodini, Paolo}, - booktitle = {Handbook of the Economics of Finance}, - doi = {10.1016/B978-0-44-459406-8.00021-4}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Guiso, Sodini/Household Finance An Emerging Field.pdf:pdf}, - issn = 15740102, - keywords = {Consumer financial regulation,Debt decision,Financial literacy,Financial mistakes,Household finance,Portfolio allocation}, - number = {PB}, - pages = {1397--1532}, - title = {{Household Finance: An Emerging Field}}, - url = {https://www.sciencedirect.com/science/article/pii/B9780444594068000214 https://linkinghub.elsevier.com/retrieve/pii/B9780444594068000214}, - volume = 2, - year = 2013 -} - -@article{GulerInfoTech2015, - abstract = {In this paper I analyze the effects of innovations in information technology on the mortgage and housing markets using a life-cycle model with incomplete markets and idiosyncratic income, as well as moving and house price shocks. I explicitly model the housing tenure choices of households. Lenders offer individual-specific mortgage contracts to home buyers, and the terms of these contracts are endogenously determined. I find that, as lenders have better information about the households, the average mortgage premium, foreclosure rate, and homeownership rate all increase while average down payment decreases. Hence, improvements in information technology can rationalize the relaxation of mortgage credit terms, which has been suggested as one of the main reasons for the latest financial crisis.}, - author = {Guler, Bulent}, - doi = {10.1016/j.red.2014.09.007}, - issn = 10942025, - journal = {Review of Economic Dynamics}, - keywords = {Asymmetric information,Default,Housing,Mortgage contract}, - month = {jul}, - number = 3, - pages = {456--483}, - title = {{Innovations in information technology and the mortgage market}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S1094202514000568}, - volume = 18, - year = 2015 -} - -@article{hallAEA2001, - author = {Hall, Robert E.}, - doi = {10.1257/aer.91.2.1}, - issn = 00028282, - journal = {American Economic Review}, - month = {may}, - number = 2, - pages = {1--11}, - title = {{Richard T. Ely lecture: Struggling to understand the stock market}}, - url = {https://www.aeaweb.org/articles?id=10.1257/aer.91.2.1 https://pubs.aeaweb.org/doi/10.1257/aer.91.2.1}, - volume = 91, - year = 2001 -} - -@techreport{HallNBER2014, - abstract = {The financial crisis and ensuing Great Recession left the US economy in an injured state. In 2013, output was 13{\%} below its trend path from 1990 through 2007. Part of this shortfall— 2.2 percentage points out of the 13—was the result of lingering slackness in the labor market in the form of abnormal unemployment and substandard weekly hours of work. The single biggest contributor was a shortfall in business capital, which accounted for 3.9 percentage points. The second largest was a shortfall of 3.5 percentage points in total factor productivity. The fourth was a shortfall of 2.4 percentage points in labor- force participation. I discuss these four sources of the injury in detail, focusing on identifying state variables that may or may not return to earlier growth paths. The conclusion is optimistic about the capital stock and slackness in the labor market and pessimistic about reversing the declines in total- factor productivity and the part of the participation shortfall not associated with the weak labor market.}, - annote = {tex.series: Working Paper Series}, - author = {Hall, Robert E.}, - booktitle = {NBER Macroeconomics Annual}, - doi = {10.1086/680584}, - institution = {National Bureau of Economic Research}, - issn = 15372642, - month = {jan}, - number = 1, - pages = {71--128}, - title = {{Quantifying the lasting harm to the US economy from the financial crisis}}, - type = {Working {\{}Paper{\}}}, - url = {http://www.nber.org/papers/w20183 https://www.journals.uchicago.edu/doi/10.1086/680584}, - volume = 29, - year = 2014 -} - -@article{harding2007a, - abstract = {The rate at which physical capital depreciates is fundamental to investment in the economy. Nevertheless, although housing capital accounts for one-third of the total capital stock, the rate at which housing capital depreciates has only rarely been directly estimated, in part because prior studies do not control for maintenance. For that same reason, widely publicized measures of house price appreciation overstate the capital gain from homeownership. Using data from the American Housing Survey we examine these issues. Over the 1983 to 2001 period, results indicate that gross of maintenance, housing depreciates at roughly 2.5 percent per year, while net of maintenance, housing depreciates at approximately 2 percent per year. Moreover, although the typical home appreciated at an annual real rate of roughly 0.75 percent, after allowing for depreciation and maintenance, the average homeowner experienced little capital gain. {\textcopyright} 2006 Elsevier Inc. All rights reserved.}, - author = {Harding, John P. and Rosenthal, Stuart S. and Sirmans, C. F.}, - doi = {10.1016/j.jue.2006.07.007}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Harding, Rosenthal, Sirmans/Depreciation of housing capital, maintenance, and house price inflation Estimates from a repeat sales model.pdf:pdf}, - issn = 00941190, - journal = {Journal of Urban Economics}, - month = {mar}, - number = 2, - pages = {193--217}, - publisher = {Academic Press}, - title = {{Depreciation of housing capital, maintenance, and house price inflation: Estimates from a repeat sales model}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0094119006000763}, - volume = 61, - year = 2007 -} - -@article{HarrisRaviv1993, - abstract = {A model of trading in speculative markets is developed based on differences of opinion among traders. Our purpose is to explain some of the empirical regularities that have been documented concerning the relationship between volume and price and the time-series properties of price and volume. We assume that traders share common prior beliefs and receive common information but differ in the way in which they interpret this information. Some results are that absolute price changes and volume are positively correlated, consecutive price changes exhibit negative serial correlation, and volume is positively autocorrelated.}, - author = {Harris, Milton and Raviv, Artur}, - doi = {10.1093/rfs/5.3.473}, - issn = {0893-9454}, - journal = {Review of Financial Studies}, - month = {jul}, - number = 3, - pages = {473--506}, - title = {{Differences of Opinion Make a Horse Race}}, - url = {https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/5.3.473}, - volume = 6, - year = 1993 -} - -@article{Heaton1997, - abstract = {We examine a decision theoretic model of portfolio choice in which investors face income risk that is not directly insurable. We consider the sensitivity of savings and portfolio allocation rules to different assumptions about utility, the stochastic process for income and asset returns, and market frictions (transactions costs and short-sale constraints). Under CRRA time additive utility, habit persistence utility, and for a broad range of parameterizations, the model predicts that investors wish to borrow and invest all of their savings in stocks. This qualitative implication is robust to the introduction of significant transaction costs in the stock market, and contrasts sharply with portfolio allocation models in which there is no labor income.}, - author = {Heaton, John and Lucas, Deborah}, - doi = {10.1017/s1365100597002034}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Heaton, Lucas/Market frictions, savings behavior, and portfolio choice.pdf:pdf}, - issn = 13651005, - journal = {Macroeconomic Dynamics}, - keywords = {Market Frictions,Portfolio Choice,Portfolio Management,Savings Behavior}, - number = 1, - pages = {76--101}, - title = {{Market frictions, savings behavior, and portfolio choice}}, - url = {https://www.cambridge.org/core/journals/macroeconomic-dynamics/article/market-frictions-savings-behavior-and-portfolio-choice/DE1F05F34B5AD74D9B7CFADCA3C85153}, - volume = 1, - year = 1997 -} - -@article{heaton2000portfolio, - abstract = {In this paper, we focus on how the presence of background risks - from sources such as labour and entrepreneurial income - influences portfolio allocations. This interaction is explored in a theoretical model that is calibrated using cross-sectional data from a variety of sources. The model is shown to be consistent with some but not all aspects of cross-sectional observations of portfolio holdings. The paper also provides a survey of the extensive theoretical and empirical literature on portfolio choice.}, - author = {Heaton, John and Lucas, Deborah}, - doi = {10.1111/1468-0297.00488}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Heaton, Lucas/Portfolio choice in the presence of background risk.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Heaton, Lucas/Portfolio choice in the presence of background risk(2).pdf:pdf}, - issn = 00130133, - journal = {Economic Journal}, - month = {jan}, - number = 460, - pages = {1--26}, - publisher = {Oxford University Press Oxford, UK}, - title = {{Portfolio choice in the presence of background risk}}, - url = {https://academic-oup-com.proxy.lib.ohio-state.edu/ej/article/110/460/1/5139994 https://academic.oup.com/ej/article/110/460/1-26/5139994 https://academic.oup.com/ej/article-abstract/110/460/1/5139994}, - volume = 110, - year = 2000 -} - -@article{heaton2000portfolio, - abstract = {Using cross-sectional data from the SCF and Tax Model, we show that entrepreneurial income risk has a significant influence on portfolio choice and asset prices. We find that households with high and variable business income hold less wealth in stocks than other similarly wealthy households, although they constitute a significant fraction of the stockholding population. Similarly for nonentrepreneurs, holding stock in the firm where one works reduces the portfolio share of other common stocks. Finally, we show that adding proprietary income to a linear asset pricing model improves its performance over a similar model that includes only wage income.}, - author = {Heaton, John and Lucas, Deborah}, - doi = {10.1111/0022-1082.00244}, - issn = 00221082, - journal = {Journal of Finance}, - month = {jun}, - number = 3, - pages = {1163--1198}, - publisher = {Wiley Online Library}, - title = {{Portfolio choice and asset prices: The importance of entrepreneurial risk}}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/0022-1082.00244?casa{\_}token=nxYuxuDgmKoAAAAA:xZaJ{\_}y{\_}mucW{\_}PSap9wH92nqLSrPbbolOQq{\_}ufOK7pEqu7KltkLQz9RYP4snfZ5J4zL4zL9YIHIP7hg http://doi.wiley.com/10.1111/0022-1082.00244}, - volume = 55, - year = 2000 -} - -@article{himmelbergEtAl2005, - abstract = {How does one tell when rapid growth in house prices is caused by fundamental factors of supply and demand and when it is an unsustainable bubble? In this paper, we explain how to assess the state of house prices—both whether there is a bubble and what underlying factors support housing demand—in a way that is grounded in economic theory. In doing so, we correct four common fallacies about the costliness of the housing market. For a number of reasons, conventional metrics for assessing pricing in the housing market such as price-to-rent ratios or price-to-income ratios generally fail to reflect accurately the state of housing costs. To the eyes of analysts employing such measures, housing markets can appear “exuberant” even when houses are in fact reasonably priced. We construct a measure for evaluating the cost of home owning that is standard for economists—the imputed annual rental cost of owning a home, a variant of the user cost of housing—and apply it to 25 years of history across a wide variety of housing markets. This calculation enables us to estimate the time pattern of housing costs within a market. As of the end of 2004, our analysis reveals little evidence of a housing bubble.}, - author = {Himmelberg, Charles and Mayer, Christopher and Sinai, Todd}, - doi = {10.1257/089533005775196769}, - issn = 08953309, - journal = {Journal of Economic Perspectives}, - month = {nov}, - number = 4, - pages = {67--92}, - title = {{Assessing high house prices: Bubbles, fundamentals and misperceptions}}, - url = {https://www.aeaweb.org/articles?id=10.1257/089533005775196769 https://pubs.aeaweb.org/doi/10.1257/089533005775196769}, - volume = 19, - year = 2005 -} - -@article{Hu2005, - abstract = {In this paper, I show that introducing frictions associated with housing into standard life-cycle models can partially resolve the portfolio choice puzzle. I calibrate a model in which a representative household endogenously transits from renting to mortgage-financed homeownership. The household can later adjust housing status either voluntarily or because of a forced move, by paying transaction costs. It is shown that homeownership crowds out stock market participation: risky owner-occupied housing substitutes for stocks while bonds provide liquidity. Young and middle-aged households, regardless of whether they are currently homeowners, hold much less stock than predicted by traditional models without housing. {\textcopyright} 2005 Elsevier Inc. All rights reserved.}, - author = {Hu, Xiaoqing}, - doi = {10.1016/j.jue.2005.02.002}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Hu/Portfolio choices for homeowners.pdf:pdf}, - issn = 00941190, - journal = {Journal of Urban Economics}, - keywords = {Homeownership,Portfolio choices}, - month = {jul}, - number = 1, - pages = {114--136}, - publisher = {Academic Press}, - title = {{Portfolio choices for homeowners}}, - url = {https://www.sciencedirect.com/science/article/pii/S0094119005000148 https://linkinghub.elsevier.com/retrieve/pii/S0094119005000148}, - volume = 58, - year = 2005 -} - -@article{Kaplan2017a, - abstract = {We build a model of the US economy with multiple aggregate shocks that generate fluctuations in equilibrium house prices. Through coun-terfactual experiments, we study the housing boom-bust around the Great Recession, with three main results. First, the main driver of movements in house prices and rents was a shift in beliefs, not a change in credit conditions. Second, the boom-bust in house prices explains half of the corresponding swings in nondurable expenditures through a wealth effect. Third, a large-scale debt forgiveness program would have done little to temper the collapse of house prices and expenditures but would have dramatically reduced foreclosures and induced a small, but persistent, increase in consumption during the recovery.}, - address = {Cambridge, MA}, - author = {Kaplan, Greg and Mitman, Kurt and Violante, Giovanni L.}, - doi = {10.1086/708816}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Kaplan, Mitman, Violante/The housing boom and bust Model meets evidence.pdf:pdf}, - institution = {National Bureau of Economic Research}, - issn = {1537534X}, - journal = {Journal of Political Economy}, - month = {sep}, - number = 9, - pages = {3285--3345}, - title = {{The housing boom and bust: Model meets evidence}}, - url = {http://www.nber.org/papers/w23694.pdf https://www.journals.uchicago.edu/doi/10.1086/708816}, - volume = 128, - year = 2020 -} - -@article{Leahy2018, - abstract = {We revisit the transmission mechanism from monetary policy to household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of wealth and marginal propensities to consume because of two features: uninsurable income shocks and multiple assets with different degrees of liquidity and different returns. 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 the substitution channel drives virtually all of the transmission from interest rates to consumption. Failure of Ricardian equivalence implies that, in HANK models, the fiscal reaction to the monetary expansion is a key determinant of the overall size of the macroeconomic response.}, - archivePrefix ={arXiv}, - arxivId = {arXiv:1011.1669v3}, - author = {Kaplan, Greg and Moll, Benjamin and Violante, Giovanni L.}, - doi = {10.1257/aer.20160042}, - eprint = {arXiv:1011.1669v3}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Kaplan, Moll, Violante/Monetary policy according to HANK.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Kaplan, Moll, Violante/Monetary policy according to HANK.pdf:pdf;:C$\backslash$:/Users/alujan/Mendeley/Kaplan, Moll, Violante/Monetary policy according to HANK.pdf:pdf}, - isbn = 9788578110796, - issn = 00028282, - journal = {American Economic Review}, - keywords = {cepr and nber,consumption,e-mail gkaplan,e-mail moll,edu,heterogeneous agents,inequality,kaplan,liquidity,models-wanted,moll,monetary policy,nber,new keynesian,princeton,princeton uni-,princeton university,uchicago,university of chicago and,versity and nber,violante}, - month = {mar}, - number = 3, - pages = {697--743}, - pmid = 25246403, - title = {{Monetary policy according to HANK}}, - url = {https://doi.org/10.1257/aer.20160042 https://pubs.aeaweb.org/doi/10.1257/aer.20160042}, - volume = 108, - year = 2018 -} - -@book{minskey1986, - abstract = {Mycotoxins are small (MW approximately 700), toxic chemical products formed as secondary metabolites by a few fungal species that readily colonise crops and contaminate them with toxins in the field or after harvest. Ochratoxins and Aflatoxins are mycotoxins of major significance and hence there has been significant research on broad range of analytical and detection techniques that could be useful and practical. Due to the variety of structures of these toxins, it is impossible to use one standard technique for analysis and/or detection. Practical requirements for high-sensitivity analysis and the need for a specialist laboratory setting create challenges for routine analysis. Several existing analytical techniques, which offer flexible and broad-based methods of analysis and in some cases detection, have been discussed in this manuscript. There are a number of methods used, of which many are lab-based, but to our knowledge there seems to be no single technique that stands out above the rest, although analytical liquid chromatography, commonly linked with mass spectroscopy is likely to be popular. This review manuscript discusses (a) sample pre-treatment methods such as liquid-liquid extraction (LLE), supercritical fluid extraction (SFE), solid phase extraction (SPE), (b) separation methods such as (TLC), high performance liquid chromatography (HPLC), gas chromatography (GC), and capillary electrophoresis (CE) and (c) others such as ELISA. Further currents trends, advantages and disadvantages and future prospects of these methods have been discussed.}, - address = {New Haven}, - author = {Karamouzis, Nicholas and Minsky, Hyman P.}, - booktitle = {Southern Economic Journal}, - doi = {10.2307/1059346}, - issn = 00384038, - month = {oct}, - number = 2, - pages = 506, - publisher = {Yale University Press}, - title = {{Stabilizing an Unstable Economy}}, - url = {https://www.jstor.org/stable/1059346?origin=crossref}, - volume = 54, - year = 1987 -} - -@techreport{KrivenkoUandHousing, - abstract = {This paper evaluates the role of unemployment scarring and fear thereof for the recent U.S. housing bust. I study a quantitative lifecycle model of the housing market, which features an income process that is consistent with the large and long-lasting impact of unemployment on future earnings documented in recent empirical work. The model features exogenous moving shocks consistent with survey evidence which shows that many households move for reasons unrelated to their financial situation. These shocks reduce the selection into moving, thereby amplifying the quantitative importance of unemployment shocks and tighter credit conditions in the recent bust. The reason is that movers are more sensitive to labor market and credit conditions because they are younger, have lower wealth, and less secure jobs. Housing policies such as mortgage subsidies help stabilize prices and reduce foreclosures, even if only a small fraction of homeowners receive them. ∗I}, - author = {Krivenko, Pavel}, - booktitle = {Economic {\&} Social Review}, - institution = {Stanford University}, - keywords = {models-wanted}, - pages = {1--43}, - title = {{Unemployment and the U.S. Housing Market during the Great Recession}}, - type = {working paper}, - url = {http://www.stanford.edu/{~}pavelkr/jmp.pdf}, - year = 2018 -} - -@incollection{kmpHandbook2016, - 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 US Great Recession of 2007–09 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 (ie, 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.}, - author = {Krueger, D. and Mitman, K. and Perri, F.}, - booktitle = {Handbook of Macroeconomics}, - doi = {10.1016/bs.hesmac.2016.04.003}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Krueger, Mitman, Perri/Macroeconomics and Household Heterogeneity.pdf:pdf}, - isbn = 9780444594877, - issn = 15740048, - keywords = {Recessions,Social insurance,Wealth inequality}, - pages = {843--921}, - title = {{Macroeconomics and Household Heterogeneity}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S1574004816300039}, - volume = 2, - year = 2016 -} - -@article{kumhofEtAl2015, - abstract = {The paper studies how high household leverage and crises can be caused by changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of high-income households, a large increase in debt leverage of low- and middle-income households, and an eventual financial and real crisis. The paper presents a theoretical model where higher leverage and crises are the endogenous result of a growing income share of high-income households. The model matches the profiles of the income distribution, the debt-to-income ratio and crisis risk for the three decades preceding the Great Recession.}, - author = {Kumhof, Michael and Ranci{\`{e}}re, Romain and Winant, Pablo}, - doi = {10.1257/aer.20110683}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Kumhof, Ranci{\`{e}}re, Winant/Inequality, Leverage, and Crises.pdf:pdf}, - issn = 19447981, - journal = {American Economic Review}, - keywords = {models-wanted}, - month = {mar}, - number = 3, - pages = {1217--1245}, - publisher = {American Economic Association}, - title = {{Inequality, leverage, and crises}}, - url = {https://pubs.aeaweb.org/doi/10.1257/aer.20110683 https://www.aeaweb.org/articles?id=10.1257/aer.20110683 https://pubs.aeaweb.org/doi/10.1257/aer.20110683}, - volume = 105, - year = 2015 -} - -@article{LeBlanc2004, - abstract = {This paper investigates the impact of housing demand on the composition of the optimal portfolios of homeowners in France, following the methodology developed by Flavin and Yamashita (NBER Working Paper 6389, 2002). We use historical data on housing prices and financial assets returns to estimate the mean return and covariance matrix of a set of assets including housing. We then calculate mean-variance efficient frontiers associated to various levels of the housing-to-net wealth ratio, corresponding to the average ratios observed for different age groups in the 1998 French Wealth Survey sample. Our numerical results fit the average portfolios in different age brackets quite well. Also, returns of housing and its covariance with the other assets indicate there is room in France for housing price derivatives.}, - author = {{Le Blanc}, David and Lagarenne, Christine}, - doi = {10.1023/B:REAL.0000036673.64928.7f}, - issn = 08955638, - journal = {Journal of Real Estate Finance and Economics}, - keywords = {efficient frontiers,homeownership,housing price derivatives,mean-variance portfolio}, - number = 3, - pages = {259--275}, - title = {{Owner-occupied housing and the composition of the household portfolio: The case of France}}, - url = {https://pubs.aeaweb.org/doi/abs/10.1257/000282802760015775}, - volume = 29, - year = 2004 -} - -@techreport{leamer2007, - annote = {tex.series: Jackson Hole Symposium}, - author = {Leamer, E. E.}, - booktitle = {The Evidence and Impact of Financial Globalization}, - doi = {10.1016/B978-0-12-397874-5.00047-6}, - institution = {Federal Reserve Bank of Kansas City}, - isbn = 9780123978745, - month = {aug}, - pages = {589--643}, - publisher = {Elsevier}, - title = {{Housing Is the Business Cycle}}, - type = {Working {\{}Paper{\}}}, - url = {https://www.kansascityfed.org/publicat/sympos/2007/PDF/Leamer{\_}0415.pdf https://linkinghub.elsevier.com/retrieve/pii/B9780123978745000476}, - year = 2013 -} - -@article{Li2007, - abstract = {We develop a life-cycle model that explicitly incorporates the dual feature of housing as both a consumption good and an investment asset. Our analysis indicates that the consumption and welfare consequences of house price changes on individual households vary significantly. In particular, the non-housing consumption of young and old homeowners is much more sensitive to house price changes than that of middle-aged homeowners. More importantly, while house price appreciation increases the net worth and consumption of all homeowners, it only improves the welfare of old homeowners. Renters and young homeowners are worse off due to higher lifetime housing consumption costs. {\textcopyright} 2007 The Ohio State University.}, - author = {Li, Wenli and Yao, Rui}, - doi = {10.1111/j.1538-4616.2007.00071.x}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Li, Yao/The life-cycle effects of house price changes.pdf:pdf}, - issn = 00222879, - journal = {Journal of Money, Credit and Banking}, - keywords = {Consumption,Housing,Life-cycle model,Mortgage,Savings}, - month = {sep}, - number = 6, - pages = {1375--1409}, - publisher = {John Wiley {\&} Sons, Ltd}, - title = {{The life-cycle effects of house price changes}}, - url = {https://onlinelibrary-wiley-com.proxy.lib.ohio-state.edu/doi/full/10.1111/j.1538-4616.2007.00071.x https://onlinelibrary-wiley-com.proxy.lib.ohio-state.edu/doi/abs/10.1111/j.1538-4616.2007.00071.x https://onlinelibrary-wiley-com.proxy.lib.ohio-state.edu/d}, - volume = 39, - year = 2007 -} - -@article{MalmendierNagel2011, - abstract = {We investigate whether individual experiences of macroeconomic shocks affect financial risk taking, as often suggested for the generation that experienced the Great Depression. Using data from the Survey of Consumer Finances from 1960 to 2007, we find that individuals who have experienced low stock market returns throughout their lives so far report lower willingness to take financial risk, are less likely to participate in the stock market, invest a lower fraction of their liquid assets in stocks if they participate, and are more pessimistic about future stock returns. Those who have experienced low bond returns are less likely to own bonds. Results are estimated controlling for age, year effects, and house hold characteristics. More recent return experiences have stronger effects, particularly on younger people. {\textcopyright} The Author(s) 2011. Published by Oxford University Press, on behalf of President and Fellows of Harvard College. All rights reserved.}, - author = {Malmendier, Ulrike and Nagel, Stefan}, - doi = {10.1093/qje/qjq004}, - issn = 15314650, - journal = {Quarterly Journal of Economics}, - month = {feb}, - number = 1, - pages = {373--416}, - title = {{Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?}}, - url = {https://academic.oup.com/qje/article/126/1/373/1901343 https://academic.oup.com/qje/article-lookup/doi/10.1093/qje/qjq004}, - volume = 126, - year = 2011 -} - -@article{Merton1969, - abstract = {I Introduction OST models of portfolio selection have M been one-period models. I examine the combined problem of optimal portfolio selec-tion and consumption rules for an individual in a continuous-time model whzere his income is generated by returns on assets and these re-turns or instantaneous "growth rates" are sto-chastic. P. A. Samuelson has developed a sim-ilar model in discrete-time for more general probability distributions in a companion paper [8]. I derive the optimality equations for a multi-asset problem when the rate of returns are generated by a Wiener Brownian-motion proc-ess. A particular case examined in detail is the two-asset model with constant relative risk-aversion or iso-elastic marginal utility. An explicit solution is also found for the case of constant absolute risk-aversion. The general technique employed can be used to examine a wide class of intertemporal economic problems under uncertainty. In addition to the Samuelson paper [8], there is the multi-period analysis of Tobin [9]. Phelps [6] has a model used to determine the optimal consumption rule for a multi-period example where income is partly generated by an asset with an uncertain return. Mirrless [5] has developed a continuous-time optimal con-sumption model of the neoclassical type with technical progress a random variable. II Dynamics of the Model: The Budget Equation In the usual continuous-time model under certainty, the budget equation is a differential equation. However, when uncertainty is intro-duced by a random variable, the budget equa-tion must be generalized to become a stochastic differential equation. To see the meaning of such an equation, it is easiest to work out the discrete-time version and then pass to the limit of continuous time. Define W(t) total wealth at time t Xi(t) price of the ith asset at time t, (i 1, . . . ,m)}, - author = {Merton, Robert C.}, - doi = {10.2307/1926560}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Merton/Lifetime Portfolio Selection under Uncertainty The Continuous-Time Case.pdf:pdf}, - issn = 00346535, - journal = {The Review of Economics and Statistics}, - month = {aug}, - number = 3, - pages = 247, - title = {{Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case}}, - url = {https://www.jstor.org/stable/1926560 https://www.jstor.org/stable/1926560?origin=crossref}, - volume = 51, - year = 1969 -} - -@article{MianSufiKhoshkhou2018, - abstract = {We examine how consumption responds to changes in sentiment regarding government economic policy using cross-sectional variation across counties in the ideological predisposition of constituents. When the incumbent party loses a presidential election, individuals in counties more ideologically predisposed toward the losing party experience a dramatic and discontinuous relative decrease in optimism on government economic policy. Using the interaction of constituent ideology in a county with election timing as an instrument, we estimate the impact of government policy sentiment shocks on consumer spending, and we find a very small effect that cannot be statistically distinguished from zero. The small magnitude of the effect is estimated precisely. For example, we can reject the hypothesis that pessimism regarding government economic policy effectiveness during the Great Recession had as large an effect on consumption as the negative shock to household net worth coming from the collapse in house prices.}, - author = {Mian, Atif R. and Sufi, Amir and Khoshkhou, Nasim}, - doi = {10.2139/ssrn.2620828}, - institution = {The University of Chicago Booth School of Business}, - issn = {0898-2937}, - journal = {SSRN Electronic Journal}, - title = {{Government Economic Policy, Sentiments, and Consumption}}, - type = {working paper}, - url = {http://www.ssrn.com/abstract=2620828}, - year = 2015 -} - -@article{MianSufi2017, - abstract = {An increase in the household debt to GDP ratio predicts lower GDP growth and higher unemployment in the medium run for an unbalanced panel of 30 countries from 1960 to 2012. Low mortgage spreads are associated with an increase in the household debt to GDP ratio and a decline in subsequent GDP growth, highlighting the importance of credit supply shocks. Economic forecasters systematically overpredict GDP growth at the end of household debt booms, suggesting an important role of flawed expectations formation. The negative relation between the change in household debt to GDP and subsequent output growth is stronger for countries with less flexible exchange rate regimes. We also uncover a global household debt cycle that partly predicts the severity of the global growth slowdown after 2007. Countries with a household debt cycle more correlated with the global household debt cycle experience a sharper decline in growth after an increase in domestic household debt.}, - author = {Mian, Atif and Sufi, Amir and Verner, Emil}, - doi = {10.1093/qje/qjx017}, - issn = 15314650, - journal = {Quarterly Journal of Economics}, - month = {nov}, - number = 4, - pages = {1755--1817}, - title = {{Household debt and business cycles worldwide}}, - url = {https://academic.oup.com/qje/article/132/4/1755/3854928}, - volume = 132, - year = 2017 -} - -@article{HarrisonKreps1978, - author = {{Michael Harrison}, J. and Kreps, David M.}, - doi = {10.2307/1884166}, - issn = 15314650, - journal = {Quarterly Journal of Economics}, - month = {may}, - number = 2, - pages = {323--336}, - title = {{Speculative Investor Behavior In A Stock Market With Heterogeneous Expectations}}, - url = {https://academic.oup.com/qje/article-lookup/doi/10.2307/1884166}, - volume = 92, - year = 1978 -} - -@article{Miller1977, - author = {Miller, Edward M.}, - doi = {10.1111/j.1540-6261.1977.tb03317.x}, - issn = 15406261, - journal = {The Journal of Finance}, - month = {sep}, - number = 4, - pages = {1151--1168}, - title = {{Risk, Uncertainty, and Divergence of Opinion}}, - url = {http://doi.wiley.com/10.1111/j.1540-6261.1977.tb03317.x https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1977.tb03317.x}, - volume = 32, - year = 1977 -} - -@article{nakajima2005rising, - abstract = {This paper studies the effects of the U.S. rising earnings inequality between the late 1960s and the mid 1990s on the portfolio allocation and prices of assets. In order to investigate the link, a life-cycle general equilibrium model is constructed where distinct characteristics of the housing asset is explicitly modeled and asset prices are determined in equilibrium. It is shown that the model can produce a 9{\%} rise in the housing price, which is about 40{\%} of the changes in the U.S. data (24{\%}). An increased demand for precautionary savings and the general equilibrium effect play a crucial role here. A higher earnings volatility induces a higher demand for financial assets. As the return of financial assets declines due to the general equilibrium effect, the demand for housing assets increases as well. The paper also examines the effects of the rising earnings inequality on the aggregate amount of debt. Interestingly, contrary to the U.S. data, the model predicts a decline in the total amount of secured debt. A higher earnings volatility induces a higher amount of debt in complete markets models, but an increased demand for savings for precautionary motive dominates the positive effect to the amount of debt. The model also shows that incorporating housing assets into the model does not make a significant difference in the effect of the rising earnings inequality on the consumption inequality.}, - author = {Nakajima, Makoto}, - doi = {10.2139/ssrn.1480816}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Nakajima/Rising Earnings Instability, Portfolio Choice, and Housing Prices.pdf:pdf}, - issn = {1556-5068}, - journal = {SSRN Electronic Journal}, - keywords = {Debt,General equilibrium,House price,Income inequality,Incomplete markets,Makoto Nakajima,Portfolio Choice,Rising Earnings Instability,SSRN,and Housing Prices}, - month = {jul}, - publisher = {Elsevier BV}, - title = {{Rising Earnings Instability, Portfolio Choice, and Housing Prices}}, - url = {https://papers-ssrn-com.proxy.lib.ohio-state.edu/abstract=1480816 http://www.ssrn.com/abstract=1480816}, - year = 2011 -} - -@article{Ortalo-Magne2006, - abstract = {We propose a life-cycle model of the housing market with a property ladder and a credit constraint. We focus on equilibria that replicate the facts that credit constraints delay some households' first home purchase and force other households to buy a home smaller than they would like. The model helps us identify a powerful driver of the housing market: the ability of young households to afford the down payment on a starter home, and in particular their income. The model also highlights a channel whereby changes in income may yield housing price overreaction, with prices of trade-up homes displaying the most volatility, and a positive correlation between housing prices and transactions. This channel relies on the capital gains or losses on starter homes incurred by credit-constrained owners. We provide empirical support for our arguments with evidence from both the U.K. and the U.S. {\textcopyright} 2006 The Review of Economic Studies Limited.}, - author = {Ortalo-Magn{\'{e}}, Fran{\c{c}}ois and Sven, Rady}, - doi = {10.1111/j.1467-937X.2006.383_1.x}, - issn = 00346527, - journal = {Review of Economic Studies}, - number = 2, - pages = {459--485}, - title = {{Housing market dynamics: On the contribution of income shocks and credit constraints}}, - url = {https://academic.oup.com/restud/article-abstract/73/2/459/1522669}, - volume = 73, - year = 2006 -} - -@article{Paz2021, - abstract = {Earnings are riskier and more unequal for households born in the 1960s and 1980s than for those born in the 1940s. Despite the improvements in financial conditions, younger generations are less likely to be living in their own homes than older generations at the same age. By using a life-cycle model with housing and portfolio choice that includes flexible earnings risk and aggregate asset price risk, I show that changes in earnings dynamics account for a large part of the reduction in homeownership across generations. Lower-income households find it harder to buy housing, and as a result accumulate less wealth.}, - author = {Paz-Pardo, Gonzalo}, - doi = {10.2139/ssrn.3797142}, - issn = {1556-5068}, - journal = {Ssrn}, - keywords = {Aggregate Human Capital,Aggregate Labor Productivity,Consumption,Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy,Distribution,Employment,Financial Economics,General Financial Markets,Intergenerational Income Distribution,Investment Decisions,Labor and Demographic Economics,Macroeconomics and Monetary Economics,Microeconomics,Personal Income, Wealth, and Their Distributions,Portfolio Choice,Saving,Unemployment,Wage Differentials,Wage Level and Structure,Wages,Wages, Compensation, and Labor Costs,Wealth}, - pages = {1--87}, - publisher = {ECB Working Paper}, - title = {{Homeownership and Portfolio Choice over the Generations}}, - url = {https://www.ssrn.com/abstract=3797142}, - year = 2021 -} - -@article{pstHousing2007, - abstract = {This paper considers a consumption-based asset pricing model where housing is explicitly modeled both as an asset and as a consumption good. Nonseparable preferences describe households' concern with composition risk, that is, fluctuations in the relative share of housing in their consumption basket. Since the housing share moves slowly, a concern with composition risk induces low frequency movements in stock prices that are not driven by news about cash flow. Moreover, the model predicts that the housing share can be used to forecast excess returns on stocks. We document that this indeed true in the data. The presence of composition risk also implies that the riskless rate is low which further helps the model improve on the standard CCAPM. {\textcopyright} 2006 Elsevier B.V. All rights reserved.}, - author = {Piazzesi, Monika and Schneider, Martin and Tuzel, Selale}, - doi = {10.1016/j.jfineco.2006.01.006}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Piazzesi, Schneider, Tuzel/Housing, consumption and asset pricing.pdf:pdf}, - issn = {0304405X}, - journal = {Journal of Financial Economics}, - keywords = {Consumption-based asset pricing,Housing,Real estate,Return predictability}, - month = {mar}, - number = 3, - pages = {531--569}, - publisher = {North-Holland}, - title = {{Housing, consumption and asset pricing}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0304405X06002005 https://www.sciencedirect.com/science/article/pii/S0304405X06002005?casa{\_}token=537xI-xwwPUAAAAA:19dYSq-BFFk{\_}mSM{\_}{\_}swtIyL5BP{\_}OX8ea2h-F853PF2Wd4{\_}NYQVqbzR5fH4O-bnQmsu7djfDN https://www.sciencedire}, - volume = 83, - year = 2007 -} - -@article{Polkovnichenko2007, - abstract = {This article explores the implications of additive and endogenous habit formation preferences in the context of a life-cycle model of an investor who has stochastic uninsurable labor income. To solve the model, I analytically derive the habit-wealth feasibility constraints and show that they depend on the worst possible path of future labor income and on the habit strength, but not on the probability of the worst income. When there is only a slim chance of a severe income shock, the model implies much more conservative portfolios. The model also predicts that for some low to moderately wealthy households, the portfolio share allocated to stocks increases with wealth. Because of this feature, the model can generate more conservative portfolios for younger than for middle-aged households. The effects of habits on portfolio choice are robust to income smoothing through borrowing or flexible labor supply. One controversial finding is that for high values of the habit strength parameter, usually required for the resolution of asset pricing puzzles in general equilibrium, the life-cycle model predicts counterfactually high wealth accumulation. {\textcopyright} The Author 2006. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved.}, - author = {Polkovnichenko, Valery}, - doi = {10.1093/rfs/hhl006}, - issn = 08939454, - journal = {Review of Financial Studies}, - month = {jan}, - number = 1, - pages = {83--124}, - title = {{Life-cycle portfolio choice with additive habit formation preferences and uninsurable labor income risk}}, - url = {https://academic.oup.com/rfs/article-abstract/20/1/83/1588217 https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/hhl006}, - volume = 20, - year = 2007 -} - -@book{rouwenhorst1995a, - abstract = {{\ldots} Second, it pro- vides a simple description of business cycle conditions, because the choice of p and q affects the expected {\ldots} This can be modeled by simulating a Markov process for A., as in (28), with p and q both equal to 0.50 {\ldots} This ratio should be unity in the continuous economy {\ldots}}, - address = {Cooley, Princeton}, - author = {Rouwenhorst, K. Geert}, - booktitle = {Frontiers of Business Cycle Research}, - doi = {10.2307/j.ctv14163jx.16}, - editor = {Researchby, T}, - month = {sep}, - pages = {294--330}, - publisher = {Princeton University Press}, - title = {{Asset Pricing Implications of Equilibrium Business Cycle Models}}, - url = {http://www.jstor.org/stable/10.2307/j.ctv14163jx.16}, - year = 2020 -} - -@article{Samuelson1969, - abstract = {The article presents information on lifetime portfolio selection by dynamic stochastic programming. Most analyses of portfolio selection, whether they are of the Markowitz-Tobin mean-variance or of more general type, maximize over one period. The present lifetime model reveals that investing for many periods does not itself introduce extra tolerance for riskiness at early, or any, stages of life. The model denies the validity of the concept of businessman's risk, for isoelastic marginal utilities, in your prime of life you have the same relative risk-tolerance as toward the end of life. The "chance to recoup" and tendency for the law of large numbers to operate in the case of repeated investments is not relevant. The analysis for marginal utility with elasticity differing from that of Bernoulli provides an effective counter example, if indeed a counter example is needed to refute a gratuitous assertion.}, - author = {Samuelson, Paul A.}, - doi = {10.2307/1926559}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Samuelson/Lifetime Portfolio Selection By Dynamic Stochastic Programming.pdf:pdf}, - isbn = 9789812773654, - issn = 00346535, - journal = {The Review of Economics and Statistics}, - month = {aug}, - number = 3, - pages = 239, - pmid = 4643126, - title = {{Lifetime Portfolio Selection By Dynamic Stochastic Programming}}, - url = {https://www.jstor.org/stable/1926559 https://www.jstor.org/stable/1926559?origin=crossref http://www.jstor.org/stable/10.2307/1926559}, - volume = 51, - year = 1969 -} - -@article{ScheinkmanXiong2003, - abstract = {Motivated by the behavior of asset prices, trading volume, and price volatility during episodes of asset price bubbles, we present a continuous-time equilibrium model in which overconfidence generates disagreements among agents regarding asset fundamentals. With shortsale constraints, an asset buyer acquires an option to sell the asset to other agents when those agents have more optimistic beliefs. As in a paper by Harrison and Kreps, agents pay prices that exceed their own valuation of future dividends because they believe that in the future they will find a buyer willing to pay even more. This causes a significant bubble component in asset prices even when small differences of beliefs are sufficient to generate a trade. In equilibrium, bubbles are accompanied by large trading volume and high price volatility. Our analysis shows that while Tobin's tax can substantially reduce speculative trading when transaction costs are small, it has only a limited impact on the size of the bubble or on price volatility.}, - author = {Scheinkman, Jos{\'{e}} A. and Xiong, Wei}, - doi = {10.1086/378531}, - issn = 00223808, - journal = {Journal of Political Economy}, - month = {dec}, - number = 6, - pages = {1183--1219}, - title = {{Overconfidence and speculative bubbles}}, - url = {https://www.journals.uchicago.edu/doi/10.1086/378531}, - volume = 111, - year = 2003 -} - -@article{Silos2007, - abstract = {This paper investigates the properties of the wealth distribution and the portfolio composition regarding housing and equity holdings, and their relationship to macroeconomic shocks. To this end, I construct a business cycle model in which agents differ in age, income and wealth. Housing provides shelter services and serves as collateral for loans. The model is consistent with several facts such as the life-cycle pattern of housing-to-wealth ratios, the larger degree of concentration for non-housing wealth, the smaller weight of housing in richer households' portfolios as well as the larger housing-to-wealth ratios in recessions. In addition, the model shows that while relaxing the collateral constraint does not impact the business cycle dynamics for the entire economy, it significantly alters the behavior of residential and business investment for the younger and poorer fraction of the population. {\textcopyright} 2006 Elsevier B.V. All rights reserved.}, - author = {Silos, Pedro}, - doi = {10.1016/j.jedc.2006.09.009}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Silos/Housing, portfolio choice and the macroeconomy.pdf:pdf}, - issn = 01651889, - journal = {Journal of Economic Dynamics and Control}, - keywords = {Business cycles,Heterogeneity,Life-cycle}, - month = {aug}, - number = 8, - pages = {2774--2801}, - publisher = {North-Holland}, - title = {{Housing, portfolio choice and the macroeconomy}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0165188906001813}, - volume = 31, - year = 2007 -} - -@article{Simsek2013, - abstract = {Belief disagreements have been suggested as a major contributing factor to the recent subprime mortgage crisis. This paper theoretically evaluates this hypothesis. I assume that optimists have limited wealth and take on leverage so as to take positions in line with their beliefs. To have a significant effect on asset prices, they need to borrow from traders with pessimistic beliefs using loans collateralized by the asset itself. Since pessimists do not value the collateral as much as optimists do, they are reluctant to lend, which provides an endogenous constraint on optimists' ability to borrow and to influence asset prices. I demonstrate that the tightness of this constraint depends on the nature of belief disagreements. Optimism concerning the probability of downside states has no or little effect on asset prices because these types of optimism are disciplined by this constraint. Instead, optimism concerning the relative probability of upside states could have significant effects on asset prices. This asymmetric disciplining effect is robust to allowing for short selling because pessimists that borrow the asset face a similar endogenous constraint. These results emphasize that what investors disagree about matters for asset prices, to a greater extent than the level of disagreements. When richer contracts are available, relatively complex contracts that resemble some of the recent financial innovations in the mortgage market endogenously emerge to facilitate betting.}, - author = {Simsek, Alp}, - doi = {10.3982/ecta9956}, - issn = {0012-9682}, - journal = {Econometrica}, - number = 1, - pages = {1--53}, - title = {{Belief Disagreements and Collateral Constraints}}, - url = {http://doi.wiley.com/10.3982/ECTA9956}, - volume = 81, - year = 2013 -} - -@article{Sinai2005, - abstract = {The conventional wisdom that homeownership is very risky ignores the fact that the alternative, renting, is also risky. Owning a house provides a hedge against fluctuations in housing costs, but in turn introduces asset price risk. In a simple model of tenure choice with endogenous house prices, we show that the net risk of owning declines with a household's expected horizon in its house and with the correlation in housing costs in future locations. Empirically, we find that both house prices, relative to rents, and the probability of homeownership increase with net rent risk. {\textcopyright} 2005 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.}, - author = {Sinai, Todd and Souleles, Nicholas S.}, - doi = {10.1162/0033553053970197}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Sinai, Souleles/Owner-occupied housing as a hedge against rent risk.pdf:pdf}, - issn = 00335533, - journal = {Quarterly Journal of Economics}, - number = 2, - pages = {763--789}, - title = {{Owner-occupied housing as a hedge against rent risk}}, - url = {https://academic.oup.com/qje/article-abstract/120/2/763/1933972}, - volume = 120, - year = 2005 -} - -@article{Slacalek2009, - abstract = {I investigate the effect of wealth on consumption in a new dataset with financial and housing wealth from 16 countries. The baseline estimation method based on the sluggishness of consumption growth implies that the eventual (long-run) marginal propensity to consume out of total wealth is 5 cents (averaged across countries). While the wealth effects are quite strong - between 4 and 6 cents - in countries with more developed mortgage markets and in market-based, Anglo-Saxon and non euro area economies, consumption only barely reacts to wealth elsewhere. The effect of housing wealth is somewhat smaller than that of financial wealth for most countries, but not for the U.S. and the UK. The housing wealth effect has risen substantially after 1988 as it has become easier to borrow against housing wealth. Copyright {\textcopyright} 2009 The Berkeley Electronic Press. All rights reserved.}, - author = {Slacalek, Jiri}, - doi = {10.2202/1935-1690.1555}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Slacalek/What drives personal consumption the role of housing and financial wealth.pdf:pdf}, - issn = 19351690, - journal = {B.E. Journal of Macroeconomics}, - keywords = {Consumption dynamics,Housing prices,Wealth effect}, - number = 1, - publisher = {Walter de Gruyter GmbH}, - title = {{What drives personal consumption? the role of housing and financial wealth}}, - url = {https://www.degruyter.com/document/doi/10.2202/1935-1690.1555/html}, - volume = 9, - year = 2009 -} - -@article{stokey2009moving, - abstract = {The substantial adjustment cost for housing affects nondurable consumption and portfolio allocations, as well as the frequency of housing transactions. A simple theoretical model, roughly calibrated, is used to assess the quantitative impact of adjustment costs on those decisions. The impact on portfolios is found to be significant, suggesting that housing wealth should be useful in empirical studies of portfolio choice. The welfare loss from the transaction cost is also substantial. The effect on nondurable consumption is small, however, so adjustment costs can explain only a small part of the equity premium puzzle. {\textcopyright} 2009 Elsevier Inc. All rights reserved.}, - author = {Stokey, Nancy L.}, - doi = {10.1016/j.jet.2009.10.008}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Stokey/Moving costs, nondurable consumption and portfolio choice.pdf:pdf}, - issn = 00220531, - journal = {Journal of Economic Theory}, - keywords = {Adjustment cost,Durable goods,Equity premium puzzle,Housing,Portfolio choice}, - month = {nov}, - number = 6, - pages = {2419--2439}, - publisher = {Elsevier}, - title = {{Moving costs, nondurable consumption and portfolio choice}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0022053109001227}, - volume = 144, - year = 2009 -} - -@book{Stokey2014, - abstract = {P}, - author = {Stokey, Nancy L.}, - booktitle = {The Economics of Inaction}, - doi = {10.1515/9781400829811}, - month = {dec}, - publisher = {Princeton University Press}, - title = {{The Economics of Inaction}}, - url = {https://www.degruyter.com/document/doi/10.1515/9781400829811/html}, - year = 2014 -} - -@article{vestman2019a, - abstract = {The stock market participation rate among homeowners is twice as high as among renters. This paper builds a life-cycle portfolio choice model with endogenous housing tenure choice. A stylized form of preference heterogeneity generates a substantial difference in participation rates. A majority of households have a large savings motive and choose to be homeowners and participate. A minority of households have a small savings motive and find it less worthwhile to participate. Fewer of these households become homeowners. Difference-in-difference regressions on panel data do not find evidence of a crowding-out effect of homeownership on participation, supporting the message that preference heterogeneity matters.}, - author = {Vestman, Roine}, - doi = {10.1093/rfs/hhy089}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Vestman/Limited stock market participation among renters and homeowners.pdf:pdf}, - issn = 14657368, - journal = {Review of Financial Studies}, - month = {apr}, - number = 4, - pages = {1494--1535}, - publisher = {Oxford Academic}, - title = {{Limited stock market participation among renters and homeowners}}, - url = {https://academic-oup-com.proxy.lib.ohio-state.edu/rfs/article/32/4/1494/5069022 https://academic.oup.com/rfs/article/32/4/1494/5069022}, - volume = 32, - year = 2019 -} - -@article{viceira2001optimal, - abstract = {This paper examines how risky labor income and retirement affect optimal portfolio choice. With idiosyncratic labor income risk, the optimal allocation to stocks is unambiguously larger for employed investors than for retired investors, consistent with the typical recommendations of investment advisors. Increasing idiosyncratic labor income risk raises investors' willingness to save and reduces their stock portfolio allocation towards the level of retired investors. Positive correlation between labor income and stock returns has a further negative effect and can actually reduce stockholdings below the level of retired investors.}, - author = {Viceira, Luis M.}, - doi = {10.1111/0022-1082.00333}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Viceira/Optimal portfolio choice for long-horizon investors with nontradable labor income.pdf:pdf}, - issn = 00221082, - journal = {Journal of Finance}, - month = {apr}, - number = 2, - pages = {433--470}, - publisher = {Wiley Online Library}, - title = {{Optimal portfolio choice for long-horizon investors with nontradable labor income}}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/0022-1082.00333?casa{\_}token=uH5ox3jju0YAAAAA:PUOxfzrQZdcQTKB0BpYT8e8i7uuX5lxlNzf{\_}vLNbyesPpA7k-mj-Gsb2sGJshQQOqNLkQNU{\_}JbPKTQ http://doi.wiley.com/10.1111/0022-1082.00333 https://onlinelibrary-wiley-com.proxy.l}, - volume = 56, - year = 2001 -} - -@article{wachter2010a, - abstract = {We develop a life-cycle consumption and portfolio choice model in which households have nonhomothetic utility over two types of goods, basic and luxury. We calibrate the model to match the cross-sectional and life-cycle variation in the basic expenditure share in the Consumer Expenditure Survey. The model explains the degree to which the portfolio share in risky assets rises in wealth in the cross-section of households in the Survey of Consumer Finances. For a given household, the portfolio share can fall in response to an increase in wealth, even though the model implies decreasing relative risk aversion. {\textcopyright} 2010 The Author.}, - author = {Wachter, Jessica A. and Yogo, Motohiro}, - doi = {10.1093/rfs/hhq092}, - issn = 08939454, - journal = {Review of Financial Studies}, - month = {nov}, - number = 11, - pages = {3929--3965}, - title = {{Why do household portfolio shares rise in wealth?}}, - url = {https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/hhq092}, - volume = 23, - year = 2010 -} - -@article{yamashita2003owner, - abstract = {This paper analyzes the empirical link between housing investment and stockholding by testing implications of the model of Flavin and Yamashita [American Economic Review 92 (2002) 345-362]. Their model illustrates how the house-to-net-worth ratio influences a homeowner's portfolio composition. Regression estimates suggest that there is a strong relationship between housing investment and stockholding, and the house-to-net-worth ratio could explain certain heterogeneity in stockholding. Households with a high house-to-net-worth ratio hold a lower proportion in stocks. The results support the hypothesis that overinvestment in housing affects financial portfolio of homeowners. {\textcopyright} 2003 Elsevier Science (USA). All rights reserved.}, - author = {Yamashita, Takashi}, - doi = {10.1016/S0094-1190(02)00514-4}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Yamashita/Owner-occupied housing and investment in stocks An empirical test.pdf:pdf}, - issn = 00941190, - journal = {Journal of Urban Economics}, - keywords = {Asset demand,Housing demand,Life-cycle model,Portfolio choice}, - month = {mar}, - number = 2, - pages = {220--237}, - publisher = {Elsevier}, - title = {{Owner-occupied housing and investment in stocks: An empirical test}}, - url = {https://linkinghub.elsevier.com/retrieve/pii/S0094119002005144}, - volume = 53, - year = 2003 -} - -@article{yao2005optimal, - abstract = {We examine the optimal dynamic portfolio decisions for investors who acquire housing services from either renting or owning a house. Our results show that when indifferent between owning and renting, investors owning a house hold a lower equity proportion in their net worth (bonds, stocks, and home equity), reflecting the substitution effect, yet hold a higher equity proportion in their liquid portfolios (bonds and stocks), reflecting the diversification effect. Furthermore, following the suboptimal policy of always renting leads investors to overweigh in stocks, while following the suboptimal policy of always owning a house causes investors to underweigh in stocks.}, - author = {Yao, Rui and Zhang, Harold H.}, - doi = {10.1093/rfs/hhh007}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Yao, Zhang/Optimal consumption and portfolio choices with risky housing and borrowing constraints.pdf:pdf}, - issn = 08939454, - journal = {Review of Financial Studies}, - month = {mar}, - number = 1, - pages = {197--239}, - publisher = {Oxford University Press}, - title = {{Optimal consumption and portfolio choices with risky housing and borrowing constraints}}, - url = {https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/hhh007 https://academic.oup.com/rfs/article-abstract/18/1/197/1592265}, - volume = 18, - year = 2005 -} - -@article{yogo2016portfolio, - abstract = {In a life-cycle model, a retiree faces stochastic health depreciation and chooses consumption, health expenditure, and the allocation of wealth between bonds, stocks, and housing. The model explains key facts about asset allocation and health expenditure across health status and age. The portfolio share in stocks is low overall and is positively related to health, especially for younger retirees. The portfolio share in housing is negatively related to health for younger retirees and falls significantly in age. Finally, out-of-pocket health expenditure as a share of income is negatively related to health and rises in age.}, - author = {Yogo, Motohiro}, - doi = {10.1016/j.jmoneco.2016.04.008}, - file = {:C$\backslash$:/Users/alujan/Mendeley/Yogo/Portfolio choice in retirement Health risk and the demand for annuities, housing, and risky assets.pdf:pdf}, - issn = 03043932, - journal = {Journal of Monetary Economics}, - keywords = {Aging,Asset allocation,Life-cycle model,Medical expenditure,Saving}, - month = {jun}, - pages = {17--34}, - publisher = {Elsevier}, - title = {{Portfolio choice in retirement: Health risk and the demand for annuities, housing, and risky assets}}, - url = {https://www.sciencedirect.com/science/article/pii/S0304393216300204?casa{\_}token=Hav2uPaMusoAAAAA:7UTj2bJNxmKbwkj4L5QBKV81zUSuu9GmyQN59IWcDJPtMhh2SH{\_}vJZv4KDh4yAlCxKFRteis https://linkinghub.elsevier.com/retrieve/pii/S0304393216300204}, - volume = 80, - year = 2016 -} - -@article{yaari1965uncertain, - title = {Uncertain lifetime, life insurance, and the theory of the consumer}, - author = {Yaari, Menahem E}, - journal = {The Review of Economic Studies}, - volume = 32, - number = 2, - pages = {137--150}, - year = 1965, - publisher = {JSTOR} -} - -@misc{violante_marginal_2021, - author = {Violante, Gianluca }, - title = {The {Marginal} {Propensity} to {Consume} in {Macroeconomics}}, - year = 2021, - howpublished = {JJ Laffont Lecture, EEA-ESEM Congress}, -} - -@article{harmenbergInvariant, - title = {Agg{\-}re{\-}gat{\-}ing hetero{\-}gen{\-}eous-agent mod{\-}els with per{\-}manent in{\-}come shocks}, - journal = {Journal of Economic Dynamics and Control}, - volume = 129, - pages = 104185, - year = 2021, - issn = {0165-1889}, - doi = {https://doi.org/10.1016/j.jedc.2021.104185}, - url = {https://www.sciencedirect.com/science/article/pii/S0165188921001202}, - author = {Karl Harmenberg}, - abstract = {I introduce a method for simulating aggregate dynamics of heterogeneous-agent models where log permanent income follows a random walk. The idea is to simulate the model using a counterfactual permanent-income-neutral measure which incorporates the effect that permanent income shocks have on macroeconomic aggregates. With the permanent-income-neutral measure, one does not need to keep track of the permanent-income distribution. The permanent-income-neutral measure is both useful for the analytical characterization of aggregate consumption-savings behavior and for simulating numerical models. Furthermore, it is trivial to implement with a few lines of code.} -} - -@article{dmHowMuch, - title = {How much consumption insurance in the US?}, - author = {Hryshko, Dmytro and Manovskii, Iourii}, - journal = {Manuscript, University of Alerta}, - year = 2020, - month = {August}, - url = {http://www.artsrn.ualberta.ca/econweb/hryshko/Papers/HryshkoManovskii-how-much-aug25-2020.pdf} -} - -@techreport{dhmImproving, - title = {Improving the measurement of earnings dynamics}, - author = {Daly, Moira and Hryshko, Dmytro and Manovskii, Iourii}, - year = 2016, - institution = {National Bureau of Economic Research} -} - -@article{Pandemic, - title = {Modeling the consumption response to the CARES Act}, - author = {Carroll, Christopher D and Crawley, Edmund and Sla{\-}calek, Jiri and White, Matthew N}, - year = 2021, - month = {March}, - journal = {International Journal of Central Banking}, - volume = 67, - url = {https://econ-ark.github.io/Pandemic/}, - note = {Available at \href{https://econ-ark.github.io/Pandemic/}{econ-ark.github.io/Pandemic}}, -} - -@article{Ameriks2020jbes, - author = {John Ameriks and Gabor Kezdi and Minjoon Lee and Matthew D. Shapiro}, - title = {Heterogeneity in Expectations, Risk Tolerance, and Household Stock Shares: The Attenuation Puzzle}, - journal = {Journal of Business \& Economic Statistics}, - volume = 38, - number = 3, - pages = {633-646}, - year = 2020, - publisher = {Taylor & Francis}, - doi = {10.1080/07350015.2018.1549560}, - note = {PMID: 32982033}, - URL = {https://doi.org/10.1080/07350015.2018.1549560}, - eprint = {https://doi.org/10.1080/07350015.2018.1549560} -} - -@article{Ameriks2020jpe, - author = {Ameriks, John and Briggs, Joseph and Caplin, Andrew and Shapiro, Matthew D. and Tonetti, Christopher}, - title = {Long-Term-Care Utility and Late-in-Life Saving}, - journal = {Journal of Political Economy}, - volume = 128, - number = 6, - pages = {2375-2451}, - year = 2020, - doi = {10.1086/706686}, - URL = { https://doi.org/10.1086/706686 }, - eprint = { https://doi.org/10.1086/706686 } -, - abstract = { Older wealth holders spend down assets much more slowly than predicted by classic life-cycle models. This paper introduces health-dependent utility into a model with incomplete markets in which preferences for bequests, expenditures when in need of long-term care, and ordinary consumption combine with health and longevity uncertainty to explain saving behavior. To sharply identify motives, it develops strategic survey questions (SSQs) that elicit stated preferences. The model is estimated using these SSQs and wealth data from the Vanguard Research Initiative. The desire to self-insure against long-term-care risk explains a substantial fraction of the wealth holding of many older Americans. } -} - -@article{Cocco2005rfs, - author = {Cocco, Joao F. and Gomes, Francisco J. and Maenhout, Pascal J.}, - title = "{Consumption and Portfolio Choice over the Life Cycle}", - journal = {The Review of Financial Studies}, - volume = 18, - number = 2, - pages = {491-533}, - year = 2005, - month = 02, - abstract = "{This article solves a realistically calibrated life cycle model of consumption and portfolio choice with non-tradable labor income and borrowing constraints. Since labor income substitutes for riskless asset holdings, the optimal share invested in equities is roughly decreasing over life. We compute a measure of the importance of human capital for investment behavior. We find that ignoring labor income generates large utility costs, while the cost of ignoring only its risk is an order of magnitude smaller, except when we allow for a disastrous labor income shock. Moreover, we study the implications of introducing endogenous borrowing constraints in this incomplete-markets setting.}", - issn = {0893-9454}, - doi = {10.1093/rfs/hhi017}, - url = {https://doi.org/10.1093/rfs/hhi017}, - eprint = {http://oup.prod.sis.lan/rfs/article-pdf/18/2/491/24421441/hhi017.pdf}, -} - -@article{Dominitz2007jeea, - author = {Dominitz, Jeff and Manski, Charles F.}, - title = {Expected Equity Returns and Portfolio Choice: Evidence from the Health and Retirement Study}, - journal = {Journal of the European Economic Association}, - volume = 5, - number = {2‐3}, - pages = {369-379}, - doi = {10.1162/jeea.2007.5.2-3.369}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1162/jeea.2007.5.2-3.369}, - eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1162/jeea.2007.5.2-3.369}, - abstract = {Abstract To provide an empirical basis for the study of expectations, we have undertaken survey research measuring in probabilistic terms the beliefs that Americans hold about equity returns in the year ahead. This paper presents new findings on the expected returns reported in the 2004 Health and Retirement Study. We find substantial heterogeneity of reported beliefs, but, strikingly, nearly two-thirds of respondents report no better than a 50–50 chance of a positive nominal return. As in our earlier work, expected returns decline with age and are higher for men than for women. We find here that the probability of holding stocks increases substantially as the perceived chance of a positive return increases. These findings are potentially of considerable importance for portfolio choice. (JEL: G1, D1, D8)}, - year = 2007 -} - -@article{Dominitz2011jae, - author = {Dominitz, Jeff and Manski, Charles F.}, - title = {Measuring and interpreting expectations of equity returns}, - journal = {Journal of Applied Econometrics}, - volume = 26, - number = 3, - pages = {352-370}, - doi = {10.1002/jae.1225}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/jae.1225}, - eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1002/jae.1225}, - abstract = {Abstract We analyze probabilistic expectations of equity returns elicited in the Survey of Economic Expectations in 1999–2001 and in the Michigan Survey of Consumers in 2002–2004. Our empirical findings suggest that individuals use interpersonally variable but intrapersonally stable processes to form their expectations. We therefore propose to think of the population as a mixture of expectations types, each forming expectations in a stable but different way. We use our expectations data to learn about the prevalence of several specific types suggested by research in finance. Copyright © 2010 John Wiley \& Sons, Ltd.}, - year = 2011 -} - -@article{Shleifer2014rfs, - author = {Greenwood, Robin and Shleifer, Andrei}, - title = "{Expectations of Returns and Expected Returns}", - journal = {The Review of Financial Studies}, - volume = 27, - number = 3, - pages = {714-746}, - year = 2014, - month = 01, - abstract = "{We analyze time series of investor expectations of future stock market returns from six data sources between 1963 and 2011. The six measures of expectations are highly positively correlated with each other, as well as with past stock returns and with the level of the stock market. However, investor expectations are strongly negatively correlated with model-based expected returns. The evidence is not consistent with rational expectations representative investor models of returns.}", - issn = {0893-9454}, - doi = {10.1093/rfs/hht082}, - url = {https://doi.org/10.1093/rfs/hht082}, - eprint = {https://academic.oup.com/rfs/article-pdf/27/3/714/24449380/hht082.pdf}, -} - -@article{Malmendier2011qje, - author = {Malmendier, Ulrike and Nagel, Stefan}, - title = "{Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?*}", - journal = {The Quarterly Journal of Economics}, - volume = 126, - number = 1, - pages = {373-416}, - year = 2011, - month = 02, - abstract = "{We investigate whether individual experiences of macroeconomic shocks affect financial risk taking, as often suggested for the generation that experienced the Great Depression. Using data from the Survey of Consumer Finances from 1960 to 2007, we find that individuals who have experienced low stock market returns throughout their lives so far report lower willingness to take financial risk, are less likely to participate in the stock market, invest a lower fraction of their liquid assets in stocks if they participate, and are more pessimistic about future stock returns. Those who have experienced low bond returns are less likely to own bonds. Results are estimated controlling for age, year effects, and household characteristics. More recent return experiences have stronger effects, particularly on younger people.}", - issn = {0033-5533}, - doi = {10.1093/qje/qjq004}, - url = {https://doi.org/10.1093/qje/qjq004}, - eprint = {http://oup.prod.sis.lan/qje/article-pdf/126/1/373/17088890/qjq004.pdf}, -} - -@article{Malmendier2015qje, - author = {Malmendier, Ulrike and Nagel, Stefan}, - title = "{ Learning from Inflation Experiences *}", - journal = {The Quarterly Journal of Economics}, - volume = 131, - number = 1, - pages = {53-87}, - year = 2015, - month = 10, - abstract = "{ How do individuals form expectations about future inflation? We propose that individuals overweight inflation experienced during their lifetimes. This approach modifies existing adaptive learning models to allow for age-dependent updating of expectations in response to inflation surprises. Young individuals update their expectations more strongly than older individuals since recent experiences account for a greater share of their accumulated lifetime history. We find support for these predictions using 57 years of microdata on inflation expectations from the Reuters/Michigan Survey of Consumers. Differences in experiences strongly predict differences in expectations, including the substantial disagreement between young and old individuals in periods of highly volatile inflation, such as the 1970s. It also explains household borrowing and lending behavior, including the choice of mortgages. }", - issn = {0033-5533}, - doi = {10.1093/qje/qjv037}, - url = {https://doi.org/10.1093/qje/qjv037}, - eprint = {https://academic.oup.com/qje/article-pdf/131/1/53/30636088/qjv037.pdf}, -} - -@article{Manski2004ecta, - author = {Manski, Charles F.}, - title = {Measuring Expectations}, - journal = {Econometrica}, - volume = 72, - number = 5, - pages = {1329-1376}, - keywords = {Choice analysis, beliefs, subjective probabilities, survey research}, - doi = {10.1111/j.1468-0262.2004.00537.x}, - url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1468-0262.2004.00537.x}, - eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1111/j.1468-0262.2004.00537.x}, - abstract = {To predict choice behavior, the standard practice of economists has been to infer decision processes from data on observed choices. When decision makers act with partial information, economists typically assume that persons form probabilistic expectations for unknown quantities and maximize expected utility. Observed choices may be consistent with many alternative specifications of preferences and expectations, so researchers commonly assume particular sorts of expectations. It would be better to measure expectations in the form called for by modern economic theory; that is, subjective probabilities. Data on expectations can be used to relax or validate assumptions about expectations. Since the early 1990's, economists have increasingly undertaken to elicit from survey respondents probabilistic expectations of significant personal events. This article discusses the history underlying the new literature, describes some of what has been learned thus far, and looks ahead towards making further progress.}, - year = 2004 -} - -@inbook{Manski2017nber, - 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", - pages = "411-471", - year = 2017, - month = "April", - doi = {10.1086/696061}, - URL = "http://www.nber.org/chapters/c13907", -} - -@article{Shiller1996res, - ISSN = {00346535, 15309142}, - URL = {http://www.jstor.org/stable/2109855}, - abstract = {Why did the Japanese stock market lose most of its value between 1989 and 1992? To help us answer this and related questions, we have collected parallel time series data from market participants in both Japan and the United States 1989-94 on their expectations, attitudes, and theories. Substantial variability within countries through time in these data and, notably, dramatic differences across countries in expectations were found. While no unambiguous explanation of the Japanese crash emerges from the results, we do find a clear relation of the crash to changes in Japanese price expectations and speculative strategies.}, - author = {Robert J. Shiller and Fumiko Kon-Ya and Yoshiro Tsutsui}, - journal = {The Review of Economics and Statistics}, - number = 1, - pages = {156--164}, - publisher = {The MIT Press}, - title = {Why Did the Nikkei Crash? Expanding the Scope of Expectations Data Collection}, - volume = 78, - year = 1996 -} - -@article{Shiller2000jpfm, - author = { Robert J. Shiller }, - title = {Measuring Bubble Expectations and Investor Confidence}, - journal = {Journal of Psychology and Financial Markets}, - volume = 1, - number = 1, - pages = {49-60}, - year = 2000, - publisher = {Routledge}, - doi = {10.1207/S15327760JPFM0101\_05}, - URL = { https://doi.org/10.1207/S15327760JPFM0101_05 }, - eprint = { https://doi.org/10.1207/S15327760JPFM0101_05 } -} - -@article{schmitt2003closing, - title = {Closing small open economy models}, - author = {Schmitt-Groh{\'e}, Stephanie and Uribe, Mart{\i}n}, - journal = {Journal of international Economics}, - volume = 61, - number = 1, - pages = {163--185}, - year = 2003, - publisher = {Elsevier} -} - -@misc{maTodaRich, - title = {A Theory of the Saving Rate of the Rich}, - author = {Qingyin Ma and Alexis Akira Toda}, - year = 2020, - eprint = {2005.02379}, - journal = {arXiv}, - primaryClass = {econ.TH} -} - -@book{hendricksBequests, - title = {Bequests and Retirement Wealth in the United States}, - author = {Hendricks, Lutz}, - journal = {Manuscript, University of Arizona}, - publisher = {University of Arizona}, - year = 2001, - url = {https://lhendricks.org/Research/wps/bequdata_paper.pdf} -} - -@book{riehl2017category, - title = {Category theory in context}, - author = {Riehl, Emily}, - year = 2017, - publisher = {Courier Dover Publications} -} - -@article{zwiebelLeisure, - author = {Zweibel, T.~Herman}, - url = {https://www.theonion.com/180-trillion-leisure-hours-lost-to-work-last-year-1819567706}, - title = {180 Trillion Leisure Hours Lost To Work Last Year}, - journal = {The Onion}, - volume = 41, - issue = 5, - year = 2005, - note = {Available \href{https://www.theonion.com/180-trillion-leisure-hours-lost-to-work-last-year-1819567706}{here}}, -} - -https://lhendricks.org/econ821/wealth/wealth_bequ_sl.pdf - -@article{hendricksSmallBequests, - title = {Wealth Distribution and Bequests}, - author = {Lutz Hendricks}, - journal = {Lecture Notes, Economics 821, University of North Carolina}, - year = 2016, - url = {https://lhendricks.org/econ821/wealth/wealth_bequ_sl.pdf} -} - -@article{brown2008don, - title = {Why don't people insure late-life consumption? A framing explanation of the under-annuitization puzzle}, - author = {Brown, Jeffrey R and Kling, Jeffrey R and Mullainathan, Sendhil and Wrobel, Marian V}, - journal = {American Economic Review}, - volume = 98, - number = 2, - pages = {304--09}, - year = 2008 -} - -@article{pashchenko2013accounting, - title = {Accounting for non-annuitization}, - author = {Pashchenko, Svetlana}, - journal = {Journal of Public Economics}, - volume = 98, - pages = {53--67}, - year = 2013, - publisher = {Elsevier} -} - -@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} -} - -@misc{matthew_n_white_2017_1001068, - author = {Christopher D Carroll and Matt{\-}hew N White and Team Econ-ARK}, - title = {econ-ark/HARK: 0.8.0}, - month = Oct, - year = 2017, - doi = {10.5281/zenodo.1001068}, - url = {https://doi.org/10.5281/zenodo.1001068}, - note = {Available at via doi:10.5281/zenodo.1001068 or at \url{https://doi.org/10.5281/zenodo.1001068}} -} - -@article{LiqConstr, - title = {Liquidity constraints and precautionary saving}, - author = {Carroll, Christopher D and Holm, Martin B and Kimball, Miles S}, - journal = {Journal of Economic Theory}, - volume = 195, - pages = 105276, - year = 2021, - url = {https://llorracc.github.io/LiqConstr}, - note = {Available at \href{https://llorracc.github.io/LiqConstr}{llorracc.github.io/LiqConstr}}, - doi = {10.5281/zenodo.4073652} -} - -@article{mstIncFluct, - title = {The income fluctuation problem and the evolution of wealth}, - author = {Ma, Qingyin and Stachurski, John and Toda, Alexis Akira}, - journal = {Journal of Economic Theory}, - volume = 187, - year = 2020, - publisher = {Elsevier} -} - -@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}, -} - -@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{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{crawleyMicroMacro, - title={Consumption heterogeneity: Micro drivers and macro implications}, - author={Crawley, Edmund and Kuchler, Andreas}, - year={2022}, - journal={American Economic Journal: Macro (forthcoming)} -} - -@article{carroll_sticky_2020, - author = {Carroll, Christopher D. and Crawley, Edmund and Sla{\-}ca{\-}lek, Jiri and To{\-}ku{\-}o{\-}ka, Ki{\-}ichi and White, Matt{\-}hew N.}, - journal = {American {Economic} {Journal:} {Macroeconomics}}, - title = {Sticky {Expectations} and {Consumption} {Dynamics}}, - year = 2020, - 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.}, - month = {July}, - pages = {40--76}, - volume = 12, - number = 3, - doi = {10.3386/w24377}, - url = {http://www.nber.org/papers/w24377}, -} - -% Update in /Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/economics.bib as well as here - -@article{cAndCwithStickyE, - author = {Carroll, Christopher D. and Crawley, Edmund and Sla{\-}calek, Jiri and Tokuoka, Kiichi and White, Matthew N.}, - journal = {American {Economic} {Journal:} {Macroeconomics}}, - title = {Sticky {Expectations} and {Consumption} {Dynamics}}, - year = 2020, - 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.}, - month = {July}, - pages = {40--76}, - volume = 12, - number = 3, - doi = {10.1257/mac.20180286}, - url = {https://llorracc.github.io/cAndCwithStickyE} -} - -@techreport{kmv_pandemics, - author = {Greg Kaplan and Benjamin Moll and Giovanni L. Violante}, - institution = {Princeton University}, - type = {mimeo}, - title = {The Great Lockdown and the Big Stimulus: Tracing the Pandemic Possibility Frontier for the U.S.}, - year = 2020, -} - -@Article{covidC_chase, - author = {Natalie Cox and Peter Ganong and Pascal Noel and Joseph Vavra and Arlene Wong and Diana Farrell and Fiona Greig}, - title = {Initial Impacts of the Pandemic on Consumer Behavior: Evidence from Linked Income, Spending, and Savings Data}, - journal = {Brookings Papers on Economic Activity}, - year = 2020, - note = {forthcoming}, -} - -@TechReport{chetty_covidC, - author = {Raj Chetty and John Friedman and Nathaniel Hendren and Michael Stepner and The~Opportunity~Insights~Team}, - title = {How Did COVID-19 and Stabilization Policies Affect Spending and Employment? A New Real-Time Economic Tracker Based on Private Sector Data}, - year = 2020, - institution = {Harvard University}, - type = {working paper}, -} - -@Article{hpv:cycleTrend, - author = {Jonathan Heathcote and Fabrizio Perri and Giovanni L. Violante}, - title = {The Rise of US Earnings Inequality: Does the Cycle Drive the Trend?}, - journal = {Review of Economic Dynamics}, - year = 2020, - note = {forthcoming}, -} - -@techreport{coibion_stimulus, - title = "How Did U.S. Consumers Use Their Stimulus Payments?", - author = "Coibion, Olivier and Gorodnichenko, Yuriy and Weber, Michael", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = 27693, - year = 2020, - month = "August", - doi = {10.3386/w27693}, - URL = "http://www.nber.org/papers/w27693", - abstract = {Using a large-scale survey of U.S. consumers, we study how the large one-time transfers to individuals from the CARES Act affected their consumption, saving and labor-supply decisions. Most respondents report that they primarily saved or paid down debts with their transfers, with only about 15 percent reporting that they mostly spent it. When providing a detailed breakdown of how they used their checks, individuals report having spent or planning to spend only around 40 percent of the total transfer on average. This relatively low rate of spending out of a one-time transfer is higher for those facing liquidity constraints, who are out of the labor force, who live in larger households, who are less educated and those who received smaller amounts. We find no meaningful effect on labor-supply decisions from these transfer payments, except for twenty percent of the unemployed who report that the stimulus payment made them search harder for a job.}, -} - -@techreport{casado_stimulus, - title = "The Effect of Fiscal Stimulus: Evidence from COVID-19", - author = "Casado, Miguel Garza and Glennon, Britta and Lane, Julia and McQuown, David and Rich, Daniel and Weinberg, Bruce A", - institution = "National Bureau of Economic Research", - type = "Working Paper", - series = "Working Paper Series", - number = 27576, - year = 2020, - month = "August", - doi = {10.3386/w27576}, - URL = "http://www.nber.org/papers/w27576", - abstract = {Policymakers, faced with different options for replacing lost earnings, have had limited evidence to inform their decisions. The current economic crisis has highlighted the need for data that are local and timely so that different fiscal policy options on local economies can be more immediately evaluated. This paper provides a framework for evaluating real-time effects of fiscal policy on local economic activity using two new sources of near real-time data. The first data source is administrative records that provide universal, weekly, information on unemployment claimants. The second data source is transaction level data on economic activity that are available on a daily basis. We use shift-share approaches, combined with these two data sources and the novel cross-county variation in the incidence of the COVID-19 supplement to Unemployment Insurance to estimate the local impact of unemployment, earnings replacement, and their interaction on economic activity. We find that higher replacement rates lead to significantly more consumer spending – even with increases in the unemployment rate – consistent with the goal of the fiscal stimulus. Our estimates suggest that, based on the latest data, eliminating the Federal Pandemic Unemployment Compensation (FPUC) supplement would lead to a 44% decline in local spending. If the FPUC supplement is reduced to $200, resulting in a reduction of the replacement rate by 44%, spending would fall by 28%. Even if the FPUC supplement is reduced to $400, the replacement rate would fall by 29% and spending would fall by 12%. Because these data are available in every state, the approach can be used to inform decision making not just in this current crisis, but also in future recessions.}, -} - -@article{garner_receipt, - Author = {Garner, Thesia I. and Safir, Adam and Schild, Jake}, - institution = "U.S. Bureau of Labor Statistics", - Title = {Receipt and use of stimulus payments in the time of the Covid-19 pandemic}, - Journal = {Beyond the Numbers: Prices and Spending}, - Volume = 9, - Number = 10, - Year = 2020, - Month = {August}, - URL = {"https://www.bls.gov/opub/btn/volume-9/receipt-and-use-of-stimulus-payments-in-the-time-of-the-covid-19-pandemic.htm"}, -} -n - -@article{wachter_scarring, - Author = {Oreopoulos, Philip and {von Wachter}, Till and Heisz, Andrew}, - Title = {The Short- and Long-Term Career Effects of Graduating in a Recession}, - Journal = {American Economic Journal: Applied Economics}, - Volume = 4, - Number = 1, - Year = 2012, - Month = {January}, - Pages = {1--29}, -} - -@article{yagan_hysteresis, - author = {Yagan, Danny}, - title = {Employment Hysteresis from the Great Recession}, - journal = {Journal of Political Economy}, - volume = 127, - number = 5, - pages = {2505--2558}, - year = 2019, -} - -@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{kmpHandbook, - author = {Krueger, Dirk and Mitman, Kurt and Perri, Fabrizio}, - journal = {Handbook of Macroeconomics}, - pages = {843--921}, - publisher = {Elsevier}, - title = {Macroeconomics and Household Heterogeneity}, - volume = 2, - year = 2016, - 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}, - url = {http://www.nber.org/papers/w22319}, -} - -@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}, -} - -@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}, - institution = {Cambridge University}, - journal = {Cambridge Working Papers in Economics CWPE2030)}, - title = {Tracking the COVID-19 Crisis with High-Resolution Transaction Data}, - year = 2020, -} - -@article{denmark_pandemics, - author = {Asger Lau Andersen and Emil Toft Hansen and Niels Johannesen and Adam Sheridan}, - journal = {Covid Economics}, - pages = {88--111}, - title = {Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data}, - volume = 7, - year = 2020, -} - -@techreport{krugman_corona, - author = {Paul Krugman}, - institution = {City University of New York}, - type = {mimeo}, - title = {Notes on Coronacoma Economics}, - year = 2020, -} - -@techreport{hkpMemory, - author = {Hai, Rong and Krueger, Dirk and Postlewaite, Andrew}, - institution = {National Bureau of Economic Research}, - number = 19386, - type = {working paper}, - title = {On the Welfare Cost of Consumption Fluctuations in the Presence of Memorable Goods}, - year = 2013, -} - -@techreport{ert_covid, - author = {Eichenbaum, Martin S. and Rebelo, Sergio and Trabandt, Mathias}, - institution = {National Bureau of Economic Research}, - number = 26882, - type = {working paper}, - title = {The Macroeconomics of Epidemics}, - year = 2020, -} - -@techreport{aal_covid, - author = {Fernando Alvarez and David Argente and Francesco Lippi}, - institution = {University of Chicago}, - number = 34, - type = {BFI working paper}, - title = {A Simple Planning Problem for {COVID}-19 Lockdown}, - year = 2020, -} - -@techreport{covidMacroImpl, - author = {Guerrieri, Veronica and Lorenzoni, Guido and Straub, Ludwig and Werning, Ivan}, - institution = {National Bureau of Economic Research}, - number = 26918, - type = {working paper}, - title = {Macroeconomic Implications of {COVID}-19: Can Negative Supply Shocks Cause Demand Shortages?}, - year = 2020, -} - -@article{healthWealth, - author = {Andrew Glover and Jonathan Heathcote and Dirk Krueger and Jos{\'e}-V{\'\i}ctor R{\'\i}os-Rull}, - journal = {Covid Economics}, - pages = {22--64}, - title = {Health versus Wealth: On the Distributional Effects of Controlling a Pandemic}, - volume = 6, - year = 2020, -} - -@article{faria_FPpandemic, - author = {Miguel {Faria-e-Castro}}, - journal = {Covid Economics}, - pages = {67--101}, - title = {Fiscal Policy during a Pandemic}, - volume = 2, - year = 2020, -} - -@techreport{bayer_corona, - author = {Christian Bayer and Benjamin Born and Ralph Luetticke and Gernot J. M\"{u}ller}, - institution = {CEPR}, - number = 14600, - type = {discussion paper}, - title = {The Coronavirus Stimulus Package: How Large Is the Transfer Multiplier?}, - year = 2020, -} - -@techreport{baker_Cpandemic, - author = {Baker, Scott R. and Farrokhnia, R. A. and Meyer, Steffen and Pagel, Michaela and Yannelis, Constantine}, - institution = {National Bureau of Economic Research}, - number = 26949, - type = {working paper}, - title = {How Does Household Spending Respond to an Epidemic? Consumption During the 2020 COVID-19 Pandemic}, - year = 2020, -} - -@article{jorda_pandemics, - author = {Jorda, Oscar and Singh, Sanjay R. and Taylor, Alan M.}, - journal = {Covid Economics}, - pages = {1--15}, - title = {Longer-run Economic Consequences of Pandemics}, - volume = 1, - year = 2020, -} - -@techreport{verner_pandemics, - author = {Sergio Correia and Stephan Luck and Emil Verner}, - institution = {MIT Sloan}, - type = {mimeo}, - title = {Pandemics Depress the Economy, Public Health Interventions Do Not: Evidence from the 1918 Flu}, - year = 2020, -} - -@article{cstwMPC, - author = {Christopher D. Carroll and Jiri Sla{\-}calek and Kiichi To{\-}ku{\-}o{\-}ka and Matt{\-}hew N. White}, - journal = {Quantitative Economics}, - month = {November}, - note = {At \url{https://www.econ2.jhu.edu/people/ccarroll/papers/cstwMPC}}, - pages = {977-1020}, - title = {The Dis{\-}tri{\-}bu{\-}tion of Wealth and the Mar{\-}gi{\-}nal Pro{\-}pen{\-}si{\-}ty to Con{\-}sume}, - volume = 8, - year = 2017, - doi = {10.3982/QE694}, - url = {http://onlinelibrary.wiley.com/doi/10.3982/QE694/pdf}, -} - -@techreport{JPMorganBlog2020, - author = {JPMorgan}, - institution = {JPMorgan}, - month = {March}, - 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}, - 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}, - 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{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{BickBlandin2020, - author = {Alexander Bick and Adam Blandin}, - institution = {Arizona State University}, - month = {April}, - type = {Working paper}, - 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{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}, -} - -@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{covid_USsurvey, - author = {Abi {Adams-Prassl} and Teodora Boneva and Marta Golin and Christopher Rauh}, - institution = {Oxford University}, - type = {mimeo}, - title = {Inequality in the Impact of the Coronavirus Shock: New Survey Evidence for the US}, - year = 2020, -} - -@article{cyranoski_we_2020, - author = {Cyranoski, David}, - journal = {Nature}, - month = mar, - title = {`{We} need to be alert': {Scientists} fear second coronavirus wave as {China}'s lockdowns ease}, - year = 2020, - abstract = {Other countries on lockdown will be watching for a resurgence of infections in Hubei province now that travel restrictions are lifting.}, - doi = {10.1038/d41586-020-00938-0}, - language = {en}, - url = {https://www.nature.com/articles/d41586-020-00938-0}, -} - -@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{carroll_sticky_2020, - author = {Carroll, Christopher D. and Crawley, Edmund and Sla{\-}calek, Jiri and Tokuoka, Kiichi and White, Matthew N.}, - journal = {American {Economic} {Journal:} {Macroeconomics}}, - title = {Sticky {Expectations} and {Consumption} {Dynamics}}, - volume = {Forthcoming}, - year = 2020, - 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.}, - doi = {10.3386/w24377}, - url = {http://www.nber.org/papers/w24377}, -} - -@article{psjmMPC2008, - author = {Parker, Jonathan A and Souleles, Nicholas S and Johnson, David S and McClelland, Robert}, - journal = {The American Economic Review}, - month = {October}, - number = 6, - pages = {2530--2553}, - publisher = {American Economic Association}, - title = {Consumer spending and the economic stimulus payments of 2008}, - volume = 103, - year = 2013, -} - -@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{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{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, -} - -@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, -} - -@incollection{BrownLiebmanPollet, - author = {Jeffrey Brown and Jeffrey B. Liebman and Joshua Pollett}, - booktitle = {The Distributional Aspects of Social Security and Social Security Reform}, - editor = {Martin Feldstein and Jeffrey B. Liebman}, - pages = {447--457}, - publisher = {University of Chicago Press}, - title = {Estimating Life Tables That Reflect Socioeconomic Differences in Mortality}, - year = 2002, -} - -@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{Cagetti, - author = {Marco Cagetti}, - journal = {Journal of Business and Economic Statistics}, - number = 3, - pages = {339--353}, - title = {Wealth Ac{\-}cumulation Over the Life Cycle and Pre{\-}cau{\-}tion{\-}ary Savings}, - volume = 21, - year = 2003, -} - -@article{carroll_EGM, - author = {Christopher D. Carroll}, - journal = {Economics Letters}, - number = 3, - pages = {312--320}, - title = {The Method of En{\-}do{\-}gen{\-}ous Grid{\-}points for Sol{\-}ving Dy{\-}nam{\-}ic Sto{\-}chas{\-}tic Optimization Problems}, - volume = 91, - year = 2006, -} - -@Article{covidC_chase, - author = {Natalie Cox and Peter Ganong and Pascal Noel and Joseph Vavra and Arlene Wong and Diana Farrell and Fiona Greig}, - title = {Initial Impacts of the Pandemic on Consumer Behavior: Evidence from Linked Income, Spending, and Savings Data}, - journal = {Brookings Papers on Economic Activity}, - year = 2020, - note = {forthcoming}, -} - -@TechReport{chetty_covidC, - author = {Raj Chetty and John Friedman and Nathaniel Hendren and Michael Stepner and The Opportunity Insights Team}, - title = {How Did COVID-19 and Stabilization Policies Affect Spending and Employment? A New Real-Time Economic Tracker Based on Private Sector Data}, - year = 2020, - institution = {Harvard University}, - type = {working paper}, -} - -@Article{hpv:cycleTrend, - author = {Jonathan Heathcote and Fabrizio Perri and Giovanni L. Violante}, - title = {The Rise of US Earnings Inequality: Does the Cycle Drive the Trend?}, - journal = {Review of Economic Dynamics}, - year = 2020, - note = {forthcoming}, -} - -@article{barroDoubleCounting, - title = {Double-Counting of Investment}, - author = {Robert J. Barro}, - year = 2019, - month = {September}, - journal = {Manuscript, Harvard University}, - note = {Presentation at Johns Hopkins University macroeconomics seminar}, - url = {https://www.econ2.jhu.edu/seminars/Fall2019/Double-countingpaper.pdf} -} - -@misc{DiamondOLGDemARK, - author = {Econ-ARK}, - title = {\href{https://github.com/econ-ark/DemARK/blob/master/notebooks/DiamondOLG.ipynb}{DiamondOLG}}, - url = {https://github.com/econ-ark/DemARK/blob/master/notebooks/DiamondOLG}, -} - -@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", -} - -@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 = {\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 -} - -@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 Con{\-}ca{\-}vity 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, -} - -@techreport{laibson2022simple, - title={A Simple Mapping from MPCs to MPXs}, - author={Laibson, David and Maxted, Peter and Moll, Benjamin}, - year={2022}, - institution={National Bureau of Economic Research} -} - -@article{olafsson2018liquid, - title={The liquid hand-to-mouth: Evidence from personal finance management software}, - author={Olafsson, Arna and Pagel, Michaela}, - journal={The Review of Financial Studies}, - volume={31}, - number={11}, - pages={4398--4446}, - year={2018}, - publisher={Oxford University Press} -} - -@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, -} - -@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{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 = {Mackowiak, 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)}, - 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, Chris{\-}to{\-}pher D. and Kim{\-}ball, Miles S.}, - journal = {Econometrica}, - note = {\url{https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}}, - number = 4, - pages = {981--992}, - title = {On the {C}on{\-}cav{\-}ity of the {C}on{\-}sumption {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{ckConsumptionWP, - 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}, - pages = {243--266}, - title = {Luncheon Address: Central Banking in Uncertain Times: Conviction and Responsibility}, - 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? Decomposing the Response of Consumption to House Prices}, - year = 2019, -} - -@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{kv_microMacro, - author = {Greg Kaplan and Giovanni L. Violante}, - journal = {Journal of Economic Perspectives}, - month = {Summer}, - number = 3, - pages = {167--194}, - title = {Microeconomic Heterogeneity and Macroeconomic Shocks}, - volume = 32, - year = 2018, -} - -@article{auerbachKotlikoffDemographicsAndSaving, - author = {Auerbach, Alan J. and Cai, Jinyong and Kotlikoff, Laurence J.}, - journal = {Carnegie--Rochester Conference Series on Public Policy}, - month = {January}, - number = 1, - pages = {135--156}, - title = {{U.S. Demographics and Saving: Predictions of Three Saving Models}}, - volume = 34, - year = 1991, -} - -@article{curtisEtAl, - author = {Chadwick C. Curtis and Steven Lugauer and Nelson C. Mark}, - journal = {American Economic Journal: Macroeconomics}, - month = {April}, - number = 2, - pages = {58--94}, - title = {Demographic Patterns and Household Saving in China}, - volume = 7, - year = 2015, -} - -@article{imrohroglu_China, - author = {Imrohoroglu, Ayse and Zhao, Kai}, - journal = {Journal of Monetary Economics}, - number = {C}, - pages = {33--52}, - title = {The Chinese Saving Rate: Long-Term Care Risks, Family Insurance, and Demographics}, - volume = 96, - year = 2018, -} - -@article{bloomEtAl_JME07, - author = {Bloom, David E. and Canning, David and Mansfield, Richard K. and Moore, Michael}, - journal = {Journal of Monetary Economics}, - pages = {92--114}, - title = {Demographic Change, Social Security Systems and Savings}, - volume = 54, - year = 2007, -} - -@techreport{bosworthChodorowReich07, - author = {Barry Bosworth and Gabriel Chodorow--Reich}, - institution = {Center for Retirement Research, Boston College}, - number = 2, - type = {working paper}, - title = {Saving and Demographic Change: The Global Dimension}, - year = 2007, -} - -@incollection{elmendorfMankiw, - author = {Elmendorf, Douglas and Mankiw, N. Gregory}, - booktitle = {Handbook of Macroeconomics}, - chapter = 25, - edition = 1, - editor = {Taylor, J. B. and Woodford, M.}, - pages = {1615--1669}, - publisher = {Elsevier}, - title = {Government Debt}, - volume = {1, Part C}, - year = 1999, -} - -@ARTICLE{kmitchSaving, - author = {Janet H. Kmitch}, - title = {Alternative Measures of Personal Saving}, - journal = {Survey of Current Business}, - year = 2010, - volume = 90, - pages = {10--13}, - month = {October} -} - -@article{prSaving, - author = {Perozek, Maria G. and Marshall B. Reinsdorf}, - journal = {Survey of Current Business 82}, - month = {April}, - pages = {13--24}, - title = {Alternative Measures of Personal Saving}, - year = 2002, -} - -@article{cam87, - author = {Campbell, John Y.}, - journal = {Econometrica}, - pages = {1249--1273}, - title = {Does Saving Anticipate Declining Labor Income? 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. Nowak}, - title = {On Discounted Dynamic Programming With Unbounded Returns}, - journal = {Economic Theory}, - year = 2011, - volume = 46, - pages = {455--474} -} - -@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{szeidlInvariant, - author = {Szeidl, Adam}, - title = {Sta{\-}ble In{\-}vari{\-}ant Distribution in Buffer-Stock Sav{\-}ing and Sto{\-}chastic Growth Models}, - journal = {Manuscript, Central European University}, - year = 2013, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/szeidlInvariant.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/szeidlInvariant.pdf:PDF}, - note = {Available at \url{http://www.personal.ceu.hu/staff/Adam_Szeidl/papers/invariant_revision.pdf}} -} - -@article{mstCapIncFluct, - author = {Ma, Qingyin and Stachurski, John and Toda, Alexis Akira}, - journal = {arXiv preprint arXiv:1812.01320}, - title = {The Income Fluctuation Problem with Capital Income Risk: Optimality and Stability}, - year = 2018, - url = {https://arxiv.org/abs/1812.01320}, -} - -@article{benhabibWealth, - author = {Benhabib, Jess and Bisin, Alberto and Zhu, Shenghao}, - journal = {Journal of Economic Theory}, - note = {Available at \url{https://www.nber.org/papers/w20157.pdf}}, - pages = {489--515}, - publisher = {Elsevier}, - title = {The wealth distribution in Bewley economies with capital income risk}, - volume = 159, - year = 2015, - url = {https://www.sciencedirect.com/science/article/pii/ S0022053115001362}, -} - -@article{rabaultBorrowing, - author = {Rabault, Guillaume}, - journal = {Journal of Economic Dynamics and Control}, - number = 2, - pages = {217--245}, - publisher = {Elsevier}, - title = {When do borrowing constraints bind? 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}, -} - -@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}, -} - -@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, -} - -@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}, - 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, - 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 Sla{\-}calek 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 = {Mackowiak, 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}, -} - -@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}, - 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}, - 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}, - 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}, - 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}, - 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}, - 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}, - 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}, - 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}, - 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}, - 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}, - 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}, - 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}, - keywords = {Inter-regional insurance; U.S.\ states; Consumption smoothing; Volume of output; Price indices}, - 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}, - 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}, - 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}, - 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}, - 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, - 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}, - 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}, - 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}, - 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}, - 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, - 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}, - 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}, - 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}, - 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}, - 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.}, -} - -@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}, -} - -@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} -} - -@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/} -} - -@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 = {https://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{https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.24.4.85}}, - doi = {10.1257/jep.24.4.85}, - url = {https://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}, -} - -@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} -} - -@inbook{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}, -} - -@inbook{WhyDoTheRich, - 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://llorracc.github.com/WhyDoTheRich/}, -} - -@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}, -} - -@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{diamondOLG, - 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{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}, - 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{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 = {\href{https://scholar.harvard.edu/files/campbell/files/bookapp.pdf}{https://scholar.harvard.edu/files/campbell/files/bookapp.pdf}}, - isbn = 0198296940, - url = {https://scholar.harvard.edu/files/campbell/files/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}, - url = {https://github.com/llorracc/EpidemiologyOfMacro/blob/main/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 = {Econ-ARK REMARK}, - Year = 2020, - Note = {Available at \url{https://econ-ark.github.io/BufferStockTheory}}, - Url = {https://econ-ark.github.io/BufferStockTheory.pdf}, - status = {Under Revision} -} - -% Updates here should sync with /Volumes/Data/Papers/BufferStockTheory/BufferStockTheory-Latest/LaTeX/BufferStockTheory-Self.bib and the corresponding public version - -@article{BufferStockTheory, - author = {Christopher D. Carroll}, - journal = {Revise and Resubmit, Quantitative Economics}, - title = {Theoretical Foundations of Buffer Stock Saving}, - year = 2023, - url = {https://econ-ark.github.io/BufferStockTheory}, - doi = {https://zenodo.org/badge/latestdoi/304124725} -} - -@article{BufferStockTheoryRR, - author = {Christopher D. Carroll and Akshay Shanker}, - journal = {Revise and Resubmit, Quantitative Economics}, - title = {Theoretical Foundations of Buffer Stock Saving}, - year = 2023, - url = {https://econ-ark.github.io/BufferStockTheory}, - doi = {https://zenodo.org/badge/latestdoi/304124725} -} - -@article{BufferStockTheoryQESubmit, - author = {Christopher D. Carroll}, - journal = {Quantitative Economics}, - title = {Theoretical Foundations of Buffer Stock Saving}, - year = {2019, Submitted}, - url = {https://econ-ark.github.io/BufferStockTheory}, - doi = {https://zenodo.org/badge/latestdoi/304124725} -} - -@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 = {Econ-ARK REMARK}, - year = 2023, - url = {https://llorracc.github.io/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, - doi = {10.2202/1534-6013.1003} -} - -@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 = {https://www.econ2.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, - Number = 5, - Pages = {1397-1408}, - Volume = 84, - Owner = {Nic Johnson}, - 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/papers/PalgravePrecautionary.pdf}}, - Url = {https://www.econ2.jhu.edu/people/ccarroll/papers/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{https://www.econ2.jhu.edu/pdf/papers/CarrollKimball2001.pdf}}, - bdsk-url-1 = {https://www.econ2.jhu.edu/pdf/papers/CarrollKimball2001.pdf}, - url = {https://www.econ2.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 Sla{\-}calek, 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 Sla{\-}calek}, - 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 Sla{\-}calek}, - title = {Sticky Expectations and Consumption Dynamics}, - institution = {Johns Hopkins University}, - year = 2006, - type = {mimeo} -} - -@ARTICLE{cosHousing, - author = {Carroll, Christopher D. and Sla{\-}calek, 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 Sla{\-}calek 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 Sla{\-}calek and Martin Sommer}, - title = {Dissecting Saving Dynamics: Measuring Wealth, Precautionary, and Credit Effects}, - journal = {\href{https://www.econ2.jhu.edu/people/ccarroll/papers/cssUSSaving/}{Manuscript, Johns Hopkins University}}, - year = 2019, -} - -@TECHREPORT{css:epid, - author = {Christopher D. Carroll and Jiri Sla{\-}calek 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 Sla{\-}calek, Jiri and Tokuoka, Kiichi}, - title = {Sticky Expectations and Consumption Dynamics}, - year = {in progress}, - journal = {Manuscript} -} - -@TECHREPORT{cstMPC, - author = {Christopher D. Carroll and Jiri Sla{\-}calek and Kiichi Tokuoka}, - title = {The Dis{\-}tri{\-}bu{\-}tion 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 Dis{\-}tri{\-}bu{\-}tion of Wealth and the MPC: Implications of New European Data}, - author = {Carroll, Christopher D. and Sla{\-}calek, 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:BSinKSmanuscript, - author = {Christopher D. Carroll and Jiri Sla{\-}calek 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 Sla{\-}calek, 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 Sla{\-}calek, 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. 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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, - 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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 Sla{\-}calek, 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 Sla{\-}calek, 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{https://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 = {https://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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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 Rate in Japan}, - 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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. Norman}, - title = {Rockets And Feathers In CO2-Power Markets? New Evidence From The Second Phase Of The EU ETS}, - journal = {Manuscript, Johns Hopkins University}, - year = 2011, - note = {\\ \url{http://www.webmeets.com/files/papers/EAERE/2011/201/AsymmetricPassthrough_May25-1.pdf}}, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/lnFeathers.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/lnFeathers.pdf:PDF}, - url = {http://www.webmeets.com/files/papers/EAERE/2011/201/AsymmetricPassthrough_May25-1.pdf} -} - -@INCOLLECTION{lucas:critique, - author = {Lucas, Robert E.}, - title = {Econometric Policy Evaluation: A Critique}, - booktitle = {The Phillips Curve and Labour Markets}, - publisher = {Journal of Monetary Economics (Supplement)}, - year = 1976, - editor = {Brunner, Karl and Meltzer, Allan H.}, - volume = 1, - pages = {19--46} -} - -@ARTICLE{lucasGrowth, - author = {Lucas, Robert E.}, - title = {On the Mechanics of Economic Development}, - journal = {Journal of Monetary Economics}, - year = 1988, - volume = 22, - pages = {3--42} -} - -@BOOK{lucasBusinessCycles, - title = {Models of Business Cycles, Yrjo Jahnsson Lectures}, - publisher = {Basil Blackwell}, - year = 1985, - author = {Robert E. Lucas}, - address = {Oxford} -} - -@Article{lucas:assetpricing, - Title = {Asset Prices in an Exchange Economy}, - Author = {Lucas, Robert E.}, - Journal = {Econometrica}, - Year = 1978, - Month = {December}, - Note = {Available at { \url{http://www.jstor.org/stable/1913837}}}, - Pages = {1429--1445}, - Volume = 46, - Owner = {Nic Johnson}, - Url = {http://www.jstor.org/stable/1913837} -} - -@ARTICLE{lucas&stokey:money, - author = {{Lucas, Robert E.} and {Stokey, Nancy L.}}, - title = {Optimal Fiscal and Monetary Policy in an Economy without Capital}, - journal = {Journal of Monetary Economics}, - year = 1983, - volume = 12, - pages = {55--93}, - number = {x} -} - -@ARTICLE{lud04, - author = {Ludvigson, Sydney}, - title = {Consumer Confidence and Consumer Spending}, - journal = {Journal of Economic Perspectives}, - year = 2004, - volume = 18, - pages = {29--50}, - number = 2 -} - -@ARTICLE{ludvigson:credit, - author = {Ludvigson, Sydney}, - title = {Consumption and Credit: A Model of Time-Varying Liquidity Constraints}, - journal = {The Review of Economics and Statistics}, - year = 1999, - volume = 81, - pages = {434--47}, - number = 3 -} - -@PHDTHESIS{ludvigson:creditthesis, - author = {Ludvigson, Sydney}, - title = {Consumption and Credit: A Model of Time-Varying Liquidity Constraints}, - school = {Princeton University}, - year = 1996 -} - -@ARTICLE{lettau&ludvigson:bullsandbearsold, - author = {Ludvigson, Sydney and Lettau, Martin}, - title = {Understanding Trend and Cycle in Asset Values: Bulls, Bears, and the Wealth Effect on Consumption}, - journal = {Manuscript, New York University}, - year = 2001 -} - -@ARTICLE{lettau&ludvigson:finance, - author = {Ludvigson, Sydney and Lettau, Martin}, - title = {Consumption, Aggregate Wealth, and Expected Stock Returns}, - journal = {Journal of Finance}, - year = 2001, - volume = 56, - pages = {815--49}, - number = 3, - month = {June} -} - -@ARTICLE{lmExcesses, - author = {Ludvigson, Sydney and Michaelides, Alexander}, - title = {Does Buffer Stock Saving Explain the Smoothness and Excess Sensitivity of Consumption?}, - journal = {American Economic Review}, - year = 2001, - volume = 91, - pages = {631--647}, - number = 3, - month = {June}, - note = {\\ \url{http://www.jstor.org/stable/2677884}}, - file = {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/lmExcesses.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/lmExcesses.pdf:PDF}, - url = {http://www.jstor.org/stable/2677884} -} - -@ARTICLE{ludvigson&paxson:approximation, - author = {Ludvigson, Sydney and Paxson, Christina}, - title = {Approximation Bias in Euler Equation Estimation}, - journal = {Manuscript, Federal Reserve Bank of New York}, - year = 1997 -} - -@ARTICLE{ludvigson&steindel:stockmarket, - author = {Ludvigson, Sydney and Steindel, Charles}, - title = {How Important is the Stock Market Effect on Consumption?}, - journal = {Federal Reserve Bank of New York Economic Policy Review}, - year = 1999 -} - -@ARTICLE{ls04, - author = {Ludwig, Alexander and {Sl{\o}k}, Torsten}, - title = {The Relationship between Stock Prices, House Prices and Consumption in OECD Countries}, - journal = {Topics in Macroeconomics}, - year = 2004, - volume = 4, - pages = {Article 4}, - number = 1 -} - -@UNPUBLISHED{LudwigSlok:2002, - author = {Ludwig, Alexander and Sl{\o}k, Torsten}, - title = {The Impact of Changes in Stock Prices and House Prices on Consumption in OECD Countries}, - note = {Working Paper 02/1 International Monetary Fund}, - year = 2002 -} - -@ARTICLE{Ludwig2004, - author = {Ludwig, Alexander and Slok, Torsten}, - title = {The Relationship between Stock Prices, House Prices and Consumption in OECD Countries}, - journal = {Topics in Macroeconomics}, - year = 2004, - volume = 4, - number = {1, Article 4}, - note = {available at http://ideas.repec.org/a/bep/mactop/v4y2004i1p1} -} - -@ARTICLE{ludwig&slok:assetpricesIMFwp, - author = {Ludwig, Alexander and Slok, Torsten}, - title = {The Impact of Changes in Stock Prices and House Prices on Consumption in OECD Countries}, - journal = {IMF Working Paper 02/01}, - year = 2002 -} - -@ARTICLE{luengoprado:excesses, - author = {Luengo-Prado, Maria Jos{\'}e}, - title = {Durables, Nondurables, Down Payments, and Consumption Excesses}, - journal = {Journal of Monetary Economics}, - year = 2006, - volume = 53, - pages = {1509--1539} -} - -@ARTICLE{lsStates, - author = {Luengo-Prado, Maria Jos{\'}e and S\/orensen, Bent}, - title = {What Can Explain the Excess Smoothness and Sensitivity of State-Level Consumption?}, - journal = {Review of Economics and Statistics}, - year = 1998, - volume = {Forthcoming} -} - -@ARTICLE{LPSorensen:2006, - author = {Luengo-Prado, Mar{\'}{\i}a Jos{\'}{e} and Sorensen, Bent}, - title = {What Can Explain Excess Smoothness and Sensitivity of State-Level Consumption?}, - journal = {Forthcoming in the Review of Economics and Statistics}, - year = 2006 -} - -@INCOLLECTION{lusardiBehavioral, - author = {Lusardi, Annamaria}, - title = {Information, Expectations, and Savings for Retirement}, - booktitle = {Behavioral Dimensions of Retirement Economics}, - publisher = {Russell Sage Foundation}, - year = 1999, - editor = {Aaron, Henry}, - pages = {81--115}, - address = {Washington, DC} -} - -@ARTICLE{lusardiPlanning, - author = {Lusardi, Annamaria}, - title = {Planning and Savings for Retirement}, - journal = {Dartmouth College Working Paper}, - year = 2003 -} - -@ARTICLE{lusardi:explaining, - author = {Lusardi, Annamaria}, - title = {Explaining Why So Many Households Do Not Save}, - journal = {Manuscript, Dartmouth College}, - year = 1999 -} - -@ARTICLE{lusardi:importance, - author = {Lusardi, Annamaria}, - title = {On the Importance of the Precautionary Saving Motive}, - journal = {American Economic Review Papers and Proceedings}, - year = 1998, - volume = 88, - pages = {449--453}, - number = 2 -} - -@ARTICLE{lusardi:subjective, - author = {Lusardi, Annamaria}, - title = {Precautionary Saving and Subjective Earnings Variance}, - journal = {Economics Letters}, - year = 1997, - volume = 57, - pages = {319--326} -} - -@ARTICLE{lusardi:panel, - author = {Lusardi, Annamaria}, - title = {Permanent Income, Current Income, and Consumption: Evidence from Panel Data}, - journal = {Manuscript, Dartmouth College}, - year = 1992 -} - -@ARTICLE{lusardiMitchellLiteracy, - author = {Lusardi, Annamaria and Mitchell, Olivia}, - title = {Financial Literacy and Planning: Implications for Retirement Wellbeing}, - journal = {Wharton School Working Paper}, - year = 2006 -} - -@ARTICLE{lusardiMitchellBoomers, - author = {Lusardi, Annamaria and Mitchell, Olivia S.}, - title = {Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth}, - journal = {Journal of Monetary Economics}, - year = 2007, - volume = {Forthcoming}, - bdsk-url-1 = {http://dx.doi.org/10.1016/j.moneco.2006.12.001}, - doi = {doi:10.1016/j.moneco.2006.12.001} -} - -@ARTICLE{lstFragile, - author = {Lusardi, Annamaria and Schneider, Daniel J. and Peter Tufano}, - title = {Financially Fragile Households: Evidence and Implications}, - journal = {NBER Working Paper Number 17072}, - year = 2011, - number = 17072, - note = {\url{http://www.nber.org/papers/w17072}}, - file = {lstFragile.pdf:lstFragile.pdf:PDF}, - publisher = {National Bureau of Economic Research, Inc}, - url = {http://www.nber.org/papers/w17072} -} - -@ARTICLE{lusardiSkinnerPolicy, - author = {Lusardi, Annamaria and Skinner, Jonathan and Venti, Steven}, - title = {Saving Puzzles and Saving Policies in the United States}, - journal = {Oxford Review of Economic Policy}, - year = 2001, - volume = 17, - pages = {95--115}, - number = 1 -} - -@ARTICLE{lv05, - author = {Lustig, Hanno N. and {Van Nieuwerburgh}, Stijn G.}, - title = {Housing Collateral, Consumption Insurance and Risk Premia: An Empirical Perspective}, - journal = {Journal of Finance}, - year = 2005, - volume = 60, - pages = {1167--1219}, - number = 3 -} - -@MISC{Melitz/Zumer:1999, - author = {M{\'}{e}litz, Jacques and Zumer, Fr{\'}{e}d{\'}{e}ric}, - title = {Interregional and international risk sharing and lessons for EMU}, - howpublished = {CEPR Discussion Paper No. 2154}, - month = {May}, - year = 1999, - file = {:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/#F#:Djvu} -} - -@ARTICLE{mullerelliott:initial, - author = {M{\"}uller, Ulirich K. and Elliott, Graham}, - title = {Tests for unit roots and the initial condition}, - journal = {Econometrica}, - year = 2003, - volume = 71, - pages = {1269--}, - number = 4, - month = {July} -} - -@ARTICLE{ms07, - author = {M{\"}unich, Daniel and Svejnar, Jan}, - title = {Unemployment in {E}ast and {W}est {E}urope}, - journal = {Labor Economics}, - year = 2007, - volume = 14, - pages = {681--694}, - number = 4 -} - -@ARTICLE{mst05a, - author = {M{\"}unich, Daniel and Svejnar, Jan and Terrell, Katherine}, - title = {Returns to Human Capital Under The {C}ommunist Wage Grid and During the Transition to a Market Economy}, - journal = {The Review of Economics and Statistics}, - year = 2005, - volume = 87, - pages = {100--123}, - number = 1 -} - -@ARTICLE{mst05, - author = {Daniel M{\"u}nich and Jan Svejnar and Catherine Terrell}, - title = {Is Women's Human Capital Valued More by Markets than by Planners?}, - journal = {Journal of Comparative Economics}, - year = 2005, - volume = 33, - pages = {278--299}, - number = 2 -} - -@TECHREPORT{mw07, - author = {Ma{\'}ckowiak, Bartosz and Wiederholt, Mirko}, - title = {Optimal Sticky Prices under Rational Inattention}, - institution = {Northwestern University}, - year = 2007, - type = {mimeo} -} - -@BOOK{macaulay, - title = {The Movements of Interest Rates, Bond Yields and Stock Prices in the United States Since 1856}, - publisher = {National Bureau of Economic Research}, - year = 1938, - author = {Macaulay, Frederick R.}, - address = {New York} -} - -@TECHREPORT{mr07, - author = {Machin, Stephen and {Van Reenen}, John}, - title = {Changes in Wage Inequality}, - institution = {Center for Economic Performance, London School of Economics and Political Science}, - year = 2007, - type = {Special Paper}, - number = 18 -} - -@ARTICLE{macklem:consumption, - author = {Macklem, R. 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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, - 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. 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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? 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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:reviewoecd, - journal = {Journal of Economic Literature}, - author = {OECD}, - year = 1997, - note = {Book Review}, - title = {Global Capital Shortages: Real Threat or Pure Fiction?} -} - -@BOOK{okunPandQ, - title = {Prices and Quantities: A Macroeconomic Analysis}, - publisher = {Brookings Institution Press}, - year = 1981, - author = {Okun, Arthur M.} -} - -@ARTICLE{ors:investment, - author = {Oliner, Stephen, Glenn D. Rudebusch and Sichel, Daniel}, - title = {New and Old Models of Business Investment: A Comparison of Forecasting Performance}, - journal = {Journal of Money, Credit, and Banking}, - year = 1995, - pages = {806--826}, - month = {August} -} - -@ARTICLE{ov97, - author = {Orazem, Peter F. and Vodopivec, Milan}, - title = {Value of Human Capital in transition to market: Evidence from {S}lovenia}, - journal = {European Economic Review}, - year = 1997, - volume = 41, - pages = {893--903}, - number = {3--5} -} - -@ARTICLE{orphanides:realtimeaer, - author = {Orphanides, Athanasios}, - title = {Monetary Policy Rules Based on Real-Time Data}, - journal = {American Economic Review}, - year = 2001, - volume = 91, - pages = {964--985}, - number = 4, - month = {September}, - note = {available at http://ideas.repec.org/a/aea/aecrev/v91y2001i4p964-985.html} -} - -@ARTICLE{orphanides:rationaladdictjpe, - author = {Orphanides, Athanasios and Zervos, David}, - title = {Rational Addiction with Learning and Regret}, - journal = {Journal of Political Economy}, - year = 1995, - volume = 103, - pages = {739--58}, - number = 4, - month = {August}, - note = {available at http://ideas.repec.org/a/ucp/jpolec/v103y1995i4p739-58.html} -} - -@ARTICLE{OSY:2002, - author = {Ostergaard, Charlotte and Sorensen, Bent E. and Yosha, Oved}, - title = {Consumption and Aggregate Constraints: Evidence from U.S. States And Canadian Provinces}, - journal = {Journal of Polictical Economics}, - year = 2002, - volume = 110, - pages = {634--645}, - number = 3 -} - -@ARTICLE{ol92, - author = {{Osterwald--Lenum}, Michael}, - title = {A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics}, - journal = {Oxford Bulletin of Economics and Statistics}, - year = 1992, - volume = 54, - pages = {461--472}, - number = 3 -} - -@TECHREPORT{Otsuka:2003, - author = {Ostuka, Misuzu}, - title = {Household Portfolio Choice with Illiquid Assets}, - institution = {Johns Hopkins University}, - year = 2003 -} - -@ARTICLE{oswald:happiness, - author = {Oswald, Andrew J.}, - title = {Happiness and Economic Performance}, - journal = {Economic Journal}, - year = 1997, - volume = 107, - pages = {1815--1831} -} - -@MISC{Otoo:1999, - author = {Otoo, Maria W.}, - title = {Consumer Sentiment and the Stock Market}, - howpublished = {Federal Reserve Board Finance and Discussion Series working paper no. 1999-60}, - year = 1999, - abstract = {This paper examines the relationship between movements in consumer sentiment and stock prices. 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.} -} - -@misc{carroll:reviewpoterba, - journal = {Journal of Economic Literature}, - author = {Poterba, James M.}, - year = 1996, - volume = 34, - number = 4, - note = {. Book Review}, - title = {International Comparisons of Household Saving} -} - -@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. 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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 = {Sla{\-}calek, 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 = {Sla{\-}calek, 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 = {Sla{\-}calek, Jiri}, - title = {International Evidence On Cointegration Between Consumption, Income, And Wealth}, - journal = {Manuscript, Johns Hopkins University}, - year = 2005, - bdsk-url-1 = {https://www.econ2.jhu.edu/people/slacalek/research/cointegration.pdf}, - url = {https://www.econ2.jhu.edu/people/slacalek/research/ cointegration.pdf} -} - -@TECHREPORT{slacalek:cwunstable, - author = {Sla{\-}calek, 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{https://www.econ2.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{https://www.econ2.jhu.edu/pdf/papers/wp458.pdf}{https://www.econ2.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}, - url = {http://minneapolisfed.org/research/QR/QR1043.pdf} -} - 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author = {Jan Svejnar}, - title = {Transition Economies: Performance and Challenges}, - journal = {Journal of Economic Perspectives}, - year = 2002, - volume = 16, - pages = {3--28}, - number = 1 -} - -@ARTICLE{szeidlInvariantOrig, - author = {Szeidl, Adam}, - title = {Invariant Distribution in Buffer-Stock Saving and Stochastic Growth Models}, - journal = {Manuscript, University of California at Berkeley}, - year = 2006, - month = {October} -} - -@ARTICLE{szeidl:ergodic, - author = {Szeidl, Adam}, - title = {On Ergodic Distributions and Buffer Stock Saving Models}, - journal = {Manuscript, Harvard University}, - year = 2002 -} - -@ARTICLE{tv03, - author = {Alvin Tan and Graham Voss}, - title = {Consumption and Wealth in Australia}, - journal = {Economic Record}, - year = 2003, - volume = 244, - pages = {39--56}, - number = 79 -} - -@ARTICLE{tauchen&hussey:quadrature, - author = {Tauchen, George and Hussey, R.}, - title = {Quadrature-Based Methods for Obtaining Approximate Solutions to the Integral Equations of Nonlinear Rational Expectations Models}, - journal = {Econometrica}, - year = 1991, - volume = 59, - pages = {371--96} -} - -@ARTICLE{taylorFiscal, - author = {Taylor, John B.}, - title = {The Lack of an Empirical Rationale for a Revival of Discretionary Fiscal Policy}, - journal = {The American Economic Review}, - year = 2009, - volume = 99, - pages = {550--555}, - number = 2, - publisher = {JSTOR} -} - -@ARTICLE{taylor&uhlig:solve, - author = {{Taylor, John B.} and {Harald Uhlig}}, - title = {Solving Nonlinear Stochastic Growth Models: A Comparison of Alternative Solution Methods}, - journal = {Journal of Business and Economic Statistics}, - year = 1990, - volume = 8, - pages = {35--36}, - number = 1 -} - -@ARTICLE{thalerFungibility, - author = {Thaler, Richard H.}, - title = {Anomalies: Saving, Fungibility, and Mental Accounts}, - journal = {Journal of Economic Perspectives}, - year = 1990, - volume = 4, - pages = {193--205}, - number = 1, - month = {January} -} - -@ARTICLE{thaler:psychology, - author = {Thaler, Richard H.}, - title = {Psychology and Savings Policies}, - journal = {American Economic Review, Papers and Proceedings}, - year = 1994, - volume = 84, - pages = {186--192}, - number = 2, - month = may -} - -@ARTICLE{thalerMental, - author = {Thaler, Richard H.}, - title = {Saving, Fungibility and Mental Accounts}, - journal = {Journal of Economic Perspectives}, - year = 1990, - volume = 4, - pages = {193--205} -} - -@ARTICLE{thaler&shefrin:selfcontrol, - author = {Thaler, Richard H. and Shefrin, Hersh M.}, - title = {An Economic Theory of Self-Control}, - journal = {Journal of Political Economy}, - year = 1981, - volume = 89, - pages = {392--406}, - number = 2, - month = {April} -} - -@ARTICLE{thomas:surveyinfl, - author = {Thomas Jr., Lloyd B.}, - title = {Survey Measures of Expected U.S. Inflation}, - journal = {Journal of Economic Perspectives}, - year = 1999, - volume = 13, - pages = {125--144}, - number = 4 -} - -@BOOK{thomsonGuide, - title = {A Guide for the Young Economist}, - publisher = {M.I.T. 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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. H. and Gauger, Jean}, - title = {Wealth Effects and Consumption: A Multivariate Evaluation}, - journal = {Mimeo, University of Tennessee}, - year = 2003 -} - -@ARTICLE{urich&wachtel:money, - author = {Urich, Thomas and Wachtel, Paul}, - title = {The Structure of Expectations of the Weekly Money Supply Announcement}, - journal = {Journal of Monetary Economics}, - year = 1984, - volume = 13, - pages = {183--194} -} - -@INCOLLECTION{uzawa:patientownall, - author = {Uzawa, Hirofumi}, - title = {Time Preference, the Consumption Function, and Optimum Asset Holdings}, - booktitle = {Value, Capital, and Growth: Papers in Honor of Sir John Hicks}, - publisher = {Edinborough University Press}, - year = 1968, - editor = {Wolfe, J. N.}, - pages = {485--504}, - address = {Chicago} -} - -@INBOOK{skg:impact, - pages = {35--64}, - title = {The Impact of Changes in Income and Family Composition on Subjective Well-Being}, - publisher = {University of Chicago Press}, - year = 1985, - author = {{v}an~de~Stadt, Huib and Kapteyn, Arie and van~de~Geer, Sara}, - booktitle = {Horizontal Equity, Uncertainty, and Economic Well-Being} -} - -@ARTICLE{skg:relativity, - author = {{v}an~de~Stadt, Huib and Kapteyn, Arie and van~de~Geer, Sara}, - title = {The Relativity of Utility: Evidence from Panel Data}, - journal = {Review of Economics and Statistics}, - year = 1985, - volume = 67, - pages = {179--187}, - number = 2, - month = May -} - -@PHDTHESIS{Valencia:2006, - author = {Valencia, Fabian}, - title = {Banks' Financial Structure and Business Cycles}, - school = {Johns Hopkins University}, - year = 2006, - month = {October}, - abstract = { } -} - -@BOOK{veblen:leisureclass, - title = {The Theory of the Leisure Class}, - publisher = {The Modern Library}, - year = 1899, - author = {Veblen, T.}, - address = {New York} -} - -@ARTICLE{velculescuHabits, - author = {Velculescu, Delia}, - title = {Consumption Habits In An Overlapping-Generations Model}, - journal = {Economics Letters}, - year = 2011, - note = {\url{http://dx.doi.org/10.1016/j.bbr.2011.03.031}}, - doi = {10.1016/j.bbr.2011.03.031}, - file = {velculescuHabits.pdf:velculescuHabits.pdf:PDF}, - publisher = {Elsevier}, - url = {http://dx.doi.org/10.1016/j.bbr.2011.03.031} -} - -@ARTICLE{viard:ptyslowdown, - author = {Viard, Alan}, - title = {The Productivity Slowdown and the Savings Shortfall: {A} Challenge to the Permanent Income Hypothesis}, - journal = {Economic Inquiry}, - year = 1993, - volume = 31, - pages = {549--564} -} - -@ARTICLE{vis02, - author = {Annette {Vissing-J\o rgensen}}, - title = {Limited Asset Market Participation and the Elasticity of Intertemporal Substitution}, - journal = {Journal of Political Economy}, - year = 2002, - volume = 110, - pages = {339--357}, - number = {825--53} -} - -@ARTICLE{wsmEarningsLosses, - author = {von Wachter, Till and Song, Jae and Manchester, Joyce}, - title = {Long-Term Earnings Losses due to Mass Layoffs During the 1982 Recession: An Analysis Using U.S. Administrative Data from 1974 to 2004}, - journal = {Manuscript, Columbia University}, - year = 2009 -} - -@ARTICLE{Marshall:1891, - author = {Wagner, Alfred}, - title = {Principles of Economics}, - journal = {History of Economic Thought Articles}, - year = 1891, - volume = 5, - pages = {319--338} -} - -@BOOK{watts:smallworld, - title = {Small Worlds}, - publisher = {Princeton Univ Press}, - year = 1999, - author = {Watts, Duncan J.} -} - -@ARTICLE{weber:ruleOfThumb, - author = {Weber, Christian E.}, - title = {Intertemporal Non-Separability and `Rule-Of-Thumb' Consumption}, - journal = {Journal of Monetary Economics}, - year = 2002, - volume = 49, - pages = {293--308} -} - -@BOOK{weber:capitalism, - title = {The Protestant Ethic and the Spirit of Capitalism}, - publisher = {Charles Scribner and Sons}, - year = 1905, - author = {Weber, Max M.}, - address = {New York} -} - -@BOOK{weibull:evolutionary, - title = {Evolutionary Game Theory}, - publisher = {MIT Press}, - year = 1995, - author = {Weibull, J{\"}orgen}, - address = {New York} -} - -@ARTICLE{weilSamuelson, - author = {Weil, Philippe}, - title = {Overlapping Generations: The First Jubilee}, - journal = {Journal of Economic Perspectives}, - year = 2008, - volume = 22, - pages = {115--34}, - number = 4, - month = {Fall}, - bdsk-url-1 = {http://ideas.repec.org/a/aea/jecper/v22y2008i4p115-34.html}, - url = {http://ideas.repec.org/a/aea/jecper/v22y2008i4p115-34.html} -} - -@ARTICLE{wkTaylor, - author = {Weise, Charles L. and Krisch, David}, - title = {The Monetary Response to Changes in Credit Spreads}, - journal = {Paper Presented at the Eastern Economic Meetings, March 1 2009}, - year = 2009, - note = {Corresponding Author: Charles Weise, \texttt{weise@gettysburg.edu}} -} - -@INCOLLECTION{weiss:survey, - author = {Weiss, Y.}, - title = {The Determinants of Lifecycle Earnings: A Survey}, - booktitle = {HandBOOK of Labor Economics}, - publisher = {Elsevier Science Publishers BV}, - year = 1986, - editor = {{Orley Ashenfelter} and {Richard Layard}}, - address = {New York} -} - -@ARTICLE{wenChinaSaving, - author = {Wen, Yi}, - title = {Saving and Growth Under Borrowing Constraints: Explaining the 'High Saving Rate'Puzzle}, - journal = {FRB of St. Louis Working Paper No 2009-45}, - year = 2009 -} - -@TECHREPORT{westlingSize, - author = {Westling, Tatu}, - title = {Male Organ And Economic Growth: Does Size Matter?}, - institution = {University Library of Munich, Germany}, - year = 2011, - type = {MPRA Paper}, - number = 32302, - month = Jul, - abstract = {No abstract is available for this item.}, - keywords = {Economic growth; 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. 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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. 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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. 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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} -} - -@BOOK{carroll:reviewworldbank, - 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, {\it Journal of Economic Literature}} -} - -@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 = {\textbf{\Large Published or Forthcoming}}, -} - -@MISCNOYEAR{unpublished, - note = {\textbf{\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 -} - -@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 Sla{\-}calek}, - 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{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. 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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 Pre{\-}cau{\-}tion{\-}ary Sav{\-}ing in Con{\-}tin{\-}uous Time}, - journal = {Economics Letters}, - year = 2005, - volume = 87, - number = 2, - pages = {267--272}, -} - -@Article{toche:urisk, - author = {Toche, Patrick}, - title = {A Tractable Model of Pre{\-}cau{\-}tion{\-}ary Sav{\-}ing in Con{\-}tin{\-}uous Time}, - journal = {Economics Letters}, - year = 2005, - volume = 87, - number = 2, - pages = {267--272}, -} - -@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, Christo{\-}pher D. and Kim{\-}ball, Miles S.}, - title = {On the {C}on{\-}cav{\-}ity 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, - title = {Buffer-stock saving in a Krusell--Smith world}, - author = {Carroll, Christopher D and Sla{\-}calek, Jiri and Tokuoka, Kiichi}, - journal = {Economics Letters}, - volume = 132, - pages = {97--100}, - year = 2015, - publisher = {Elsevier}, - note = {At \href{https://www.econ2.jhu.edu/people/ccarroll/papers/BSinKS.pdf}{https://www.econ2.jhu.edu/people/ccarroll/papers/BSinKS.pdf}}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/BSinKS.pdf}, -} - -@Article{BSinKmanuscriptS, - author = {Carroll, Christopher D. and Sla{\-}calek, 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/}, -} - -@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 Sla{\-}calek, 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 = {https://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 = {https://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, -} - -@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. 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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{https://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{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}, -} -@incollection{lee15, - author = "Lee, Donghoon and Mayer, Christopher and Tracy, Joseph", - title = "{A New Look at Second Liens}", - year = "2013", - booktitle={Housing and the Financial Crisis}, - editor={Glaeser, Edward L. and Sinai, Todd} -} - -@article{li12, - author = "Li, Wenli and Liu, Haiyong and Yang, Fang and Yao, Rui", - title = "{Housing Over Time and Over the Life Cycle: A Structural Estimation}", - journal = "International Economic Review", - year = "2015", - month = "Forthcoming" -} - -@article{bajari13, - author = "Bajari, Patrick and Chan, Phoebe and Krueger, Dirk and Miller, Daniel", - title = "{A Dynamic Model of Housing Demand: Estimation and Policy Implications}", - year = "2013", - journal = "International Economic Review", - volume = "54", - number = "2", - pages = "409--442" -} - -@article{bergervavra15, - author = "Berger, David and Vavra, Joseph", - title = "{Consumption Dynamics During Recessions}", - year = "2015", - journal = "Econometrica", - volume = "83", - number = "1", - pages = "101--154" -} - -@article{avery10, - author = "Avery, Robert B. and Bhutta, Neil and Brevoort, Kenneth P. and Canner, Glenn B. and Gibbs, Christa N.", - title = "{The 2008 HMDA Data: The Mortgage Market during a Turbulent Year}", - year = "2010", - journal = "Federal Reserve Bulletin" -} - -@article{rappaport14, - author = "Rappaport, Jordan and Willen, Paul", - title = "{Tight Credit Conditions Continue to Constrain the Housing Recovery}", - year = "2014", - journal = "Federal Reserve Bank of Kansas City Macro Bulletin" -} - -@article{garriga09b, - author = "Garriga, Carlos", - title = "{Lending Standards in Mortgage Markets}", - year = "2009", - journal = "Federal Reserve Bank of St.\ Louis Economic Synopses" -} - -@article{gerardi08, - author = "Gerardi, Kristopher and Lehnert, Andreas and Sherlund, Shane M. and Willen, Paul", - title = "{Making Sense of the Subprime Crisis}", - year = "2008", - journal = "Brookings Papers on Economic Activity" -} - -@article{miansufi09, - author = "Mian, Atif and Sufi, Amir", - title = "{The Consequences of Mortgage Credit Expansion: Evidence from the U.S.\ Mortgage Default Crisis}", - year = "2009", - journal = "Quarterly Journal of Economics", - volume = "124", - issue = "4", - pages = "1449--1496" -} - -@incollection{krueger16, - author = "Krueger, Dirk and Mitman, Kurt and Perri, Fabrizio", - title = "{On the Distribution of Welfare Losses of Large Recessions}", - year = "2016", - booktitle={Advances in Economics and Econometrics: Theory and Applications, Eleventh World Congress} -} - -@incollection{krueger16b, - author = "Krueger, Dirk and Mitman, Kurt and Perri, Fabrizio", - title = "{Macroeconomics and Heterogeneity, Including Inequality}", - year = "2016", - booktitle={Handbook of Macroeconomics, Volume 2} -} - -@unpublished{engen15, - author = "Engen, Eric N. and Laubach, Thomas and Reifschneider, David", - title = "{The Macroeconomic Effects of the Federal Reserve's Unconventional Monetary Policies}", - year = "2015", - note = "Working Paper" -} - -@article{hedlundgarriga16, - author = "Garriga, Carlos and Hedlund, Aaron", - title = "{Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession}", - journal = "American Economic Review", - year = "2020", - volume = "110", - number = "6" -} - -@unpublished{ghFragility, - author = "Garriga, Carlos and Hedlund, Aaron", - title = "{Housing Finance, Boom-Bust Episodes, and Macroeconomic Fragility}", - year = "2021", - note = "Working Paper" -} - -@unpublished{ghtwRural, - author = "Garriga, Carlos and Hedlund, Aaron and Tang, Yang and Wang, Ping", - title = "{Rural-Urban Migration, Structural Transformation, and Housing Markets in China}", - year = "2019", - note = "Working Paper" -} - -@article{hedlundFailure, - author = "Hedlund, Aaron", - title = "{Failure to Launch: Housing, Debt Overhang, and the Inflation Option During the Great Recession}", - year = "2019", - journal = "American Economic Journal: Macroeconomics", - volume = "11", - number = "2", - pages = "228--274" -} - -@article{hedlund18, - author = "Hedlund, Aaron", - title = "{Credit Constraints, House Prices, and the Impact of Life Cycle Dynamics}", - year = "2018", - journal = "Economics Letters", - volume = "171", - pages = "202--207" -} - -@unpublished{hedlund18b, - author = "Hedlund, Aaron", - title = "{Down Payments and the Homeownership Dream: Not Such a Barrier After All?}", - year = "2018", - note = "Working Paper" -} - -@article{hedlundtax, - author = "Hedlund, Aaron", - title = "{Estate Taxation and Human Capital with Information Externalities}", - year = "2018", - journal = "Macroeconomic Dynamics", - note = "Forthcoming" -} - -@unpublished{agarwaletal15, - author = "Agarwal, Sumit and Amromin, Gene and Chomsisengphet, Souphala and Piskorski, Tomasz and Seru, Amit and Yao, Vincent", - title = "{Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program}", - year = "2015", - note = "Working Paper" -} - -@article{adelino16, - author = "Adelino, Manuel and Schoar, Antoinette and Severino, Felipe", - title = "{Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class}", - year = "2016", - journal = "Review of Financial Studies", - volume = "29", - number = "7", - pages = "1635--1670" -} - -@unpublished{foote16, - author = "Foote, Christopher L. and Loewenstein, Lara and Willen, Paul S.", - title = "{Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications}", - year = "2016", - note = "Working Paper" -} - -@unpublished{albanesi16, - author = "Albanesi, Stefania and DeGiorgi, Giacomo and Nosal, Jaromir", - title = "{Credit Growth and the Financial Crisis: A New Narrative}", - year = "2017", - note = "Working Paper" -} - -@unpublished{leventis14, - author = "Leventis, Andrew", - title = "{The Relationship between Second Liens, First Mortgage Outcomes, and Borrower Credit: 1996 -- 2010}", - year = "2014", - note = "Working Paper" -} - -@unpublished{guren15, - author = "Guren, Adam M. and McQuade, Timothy J.", - title = "{How Do Foreclosures Exacerbate Housing Downturns?}", - year = "2015", - note = "Working Paper" -} - -@unpublished{guvenen16, - author = "Guvenen, Fatih and Karahan, Fatih and Ozkan, Serdar and Song, Jae", - title = "{What Do Data on Millions of U.S.\ Workers Reveal about Life-Cycle Earnings Dynamics?}", - year = "2019", - note = "Working Paper" -} - -@unpublished{veldkamp16, - author = "Kozeniauskas, Nicholas and Orlik, Anna and Veldkamp, Laura", - title = "{The Common Origin of Uncertainty Shocks}", - year = "2016", - note = "Working Paper" -} - -@unpublished{kozeniauskas18, - author = "Kozeniauskas, Nicholas and Orlik, Anna and Veldkamp, Laura", - title = "{What Are Uncertainty Shocks?}", - year = "2018", - note = "Working Paper" -} - -@article{bloom14, - author = "Bloom, Nicholas and Floetotto, Max and Jaimovich, Nir and Saporta-Eksten, Itay and Terry, Stephen J.", - title = "{Really Uncertain Business Cycles}", - year = "2018", - journal = "Econometrica", - volume = "86", - number = "3", - pages = "1031--1065" -} - -@unpublished{buschetal18, - author = "Busch, Christopher and Domeij, David and Guvenen, Fatih and Madera, Rocio", - title = "{Asymmetric Business-Cycle Risk and Social Insurance}", - year = "2018", - note = "Working Paper" -} - -@article{stockwatson12, - author = "Stock, James H. and Watson, Mark W.", - title = "{Disentangling the Channels of the 2007 -- 2009 Recession}", - year = "2012", - month = "Spring", - journal = "Brookings Papers on Economic Activity", -} - -@incollection{gertler11, - author={Gertler, Mark and Kiyotaki, Nobuhiro}, - year={2011}, - title={Financial Intermediation and Credit Policy in Business Cycle Analysis}, - booktitle={Handbook of Monetary Economics}, - editor={Friedman, Benjamin and Woodford, Michael} -} - -@incollection{glaeser13, - author={Glaeser, Edward L. and Gottlieb, Joshua D. and Gyourko, Joseph}, - year={2013}, - title={Can Cheap Credit Explain the Housing Boom?}, - booktitle={Housing and the Financial Crisis}, - editor={Glaeser, Edward L. and Sinai, Todd} -} - -@unpublished{wright16, - author = "Gaumont, Damien and Wright, Randall and Zhu, Yu", - title = "{Sticky House Prices?}", - year = "2016", - month = "Feb.", - note = "Working Paper" -} - -@article{hatchondo15, - author = "Hatchondo, Juan Carlos and Martinez, Leonardo and Sanchez, Juan M.", - title = "{Mortgage Defaults}", - year = "2015", - journal = "Journal of Monetary Economics", - volume = "76", - pages = "173--190" -} - -@article{attanasio09, - author = "Attanasio, Orazio P. and Blow, Laura and Hamilton, Robert and Leicester, Andrew", - title = "{Booms and Busts: Consumption, House Prices, and Expectations}", - year = "2009", - journal = "Economica", - issue = "76", - pages = "20--50" -} - -@article{chambers09, - author = "Chambers, Matthew S. and Garriga, Carlos and Schlagenhauf, Don E.", - title = "{The Loan Structure and Housing Tenure Decisions in an Equilibrium Model of Mortgage Choice}", - year = "2009", - journal = "Review of Economic Dynamics", - issue = "12", - pages = "444--468" -} - -@article{joyce14, - author = "Joyce, Michael and Miles, David and Scott, Andrew and Vayanos, Dimitri", - title = "{Quantitative Easing and Unconventional Monetary Policy -- An Introduction}", - year = "2012", - journal = "The Economic Journal", - month = "Nov.", - pages = "271--288" -} - -@article{guvenen14, - author = "Guvenen, Fatih and Ozkan, Serdar and Song, Jae", - title = "{The Nature of Countercyclical Income Risk}", - year = "2014", - journal = "Journal of Political Economy", - volume = "122", - number = "3", - pages = "621--660" -} - -@article{chen12, - author = "Chen, Han and C\'{u}rdia, Vasco and Ferrero, Andrea", - title = "{The Macroeconomic Effects of Large-Scale Asset Purchase Programmes}", - year = "2012", - journal = "The Economic Journal", - month = "Nov.", - pages = "289--315" -} - -@unpublished{cui15, - author = "Cui, Wei and Radde, Soren", - title = "{Search-Based Endogenous Asset Liquidity and the Macroeconomy}", - year = "2015", - month = "Dec.", - note = "Working Paper" -} - -@unpublished{chen15, - author = "Chen, Hui and Cui, Rui and He, Zhiguo and Milbradt, Konstantin", - title = "{Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle}", - year = "2015", - month = "July", - note = "Working Paper" -} - -@article{wright15, - author = "He, Chao and Wright, Randall and Zhu, Yu", - title = "{Housing and Liquidity}", - year = "2015", - journal = "Review of Economic Dynamics", - volume = "18", - pages = "435--455" -} - -@article{he14, - author = "He, Zhiguo and Milbradt, Konstantin", - title = "{Endogenous Liquidity and Defaultable Bonds}", - year = "2014", - journal = "Econometrica", - volume = "82", - number = "1", - pages = "1443--1508" -} - -@article{primiceri15, - author = "Justiniano, Alejandro and Primiceri, Giorgio and Tambalotti, Andrea", - title = "{Household Leveraging and Deleveraging}", - year = "2015", - journal = "Review of Economic Dynamics", - volume = "18", - number = "1", - pages = "3--20" -} - -@article{jones93, - author = "Jones, Lawrence D.", - title = "{Deficiency Judgments and the Exercise of the Default Option in Home Mortgage Loans}", - year = "1993", - month = "Apr.", - journal = "Journal of Law and Economics", - volume = "36", - number = "1", - pages = "115--138" -} - -@article{krugman98, - author = "Krugman, Paul", - title = "{It's Baaack: Japan's Slump and the Return of the Liquidity Trap}", - year = "1998", - journal = "Brookings Papers on Economic Activity", -} - -@article{svensson03, - author = "Svensson, Lars", - title = "{Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others}", - year = "2003", - journal = "Journal of Economic Perspectives", - volume = "17", - number = "4", - pages = "145--166" -} - -@article{krishnamurthy11, - author = "Krishnamurthy, Arvind and Vissing-Jorgensen, Annette", - title = "{The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy}", - year = "2011", - journal = "Brookings Papers on Economic Activity", - month = "Fall", - pages = "215--288" -} - -@article{wolman05, - author = "Wolman, Alexander L.", - title = "{Real Implications of the Zero Bound on Nominal Interest Rates}", - year = "2005", - journal = "Journal of Money, Credit and Banking", - volume = "37", - number = "2", - pages = "273--296" -} - -@article{gertler08, - author = "Gertler, Mark and Sala, Luca and Trigari, Antonella", - title = "{An Estimated Monetary DSGE Model with Unemployment and Staggered Nominal Wage Bargaining}", - year = "2008", - journal = "Journal of Money, Credit, and Banking", - volume = "40", - number = "8", - pages = "1713--1763" -} - -@unpublished{baker14, - author = "Baker, Scott", - title = "{Debt and the Consumption Response to Household Income Shocks}", - year = "2014", - note = "Working Paper" -} - -@unpublished{wen14, - author = "Wen, Yi", - title = "{QE: When and How Should the Fed Exit?}", - year = "2014", - note = "Working Paper" -} - -@unpublished{wen14b, - author = "Wen, Yi", - title = "{Evaluating Unconventional Monetary Policies--Why Aren't They More Effective?}", - year = "2014", - note = "Working Paper" -} - -@unpublished{bhattarai15, - author = "Bhattarai, Saroj and Eggertsson, Gauti B. and Gafarov, Bulat", - title = "{Time Consistency and the Duration of Government Debt: A Signalling Theory of Quantitative Easing}", - year = "2015", - note = "Working Paper" -} - -@unpublished{dimaggioetal16, - author = "Di Maggio, Marco and Kermani, Amir and Palmer, Christopher", - title = "{How Quantitative Easing Works: Evidence on the Refinancing Channel}", - year = "2018", - note = "Working Paper" -} - -@unpublished{doepke15, - author = "Doepke, Matthias and Schneider, Martin and Selezneva, Veronika", - title = "{Distributional Effects of Monetary Policy}", - year = "2015", - note = "Working Paper" -} - -@unpublished{miansufi15, - author = "Mian, Atif and Sufi, Amir", - title = "{Household Debt and Defaults from 2000 to 2010: Facts from Credit Bureau Data}", - year = "2015", - note = "Working Paper" -} - -@unpublished{miansufi, - author = "Mian, Atif and Sufi, Amir", - title = "{House Price Gains and U.S. Household Spending from 2002 to 2006}", - year = "2014", - note = "Working Paper" -} - -@unpublished{miansufi16, - author = "Mian, Atif and Sufi, Amir and Verner, Emil", - title = "{Household Debt and Business Cycles Worldwide}", - year = "2016", - note = "Working Paper" -} - -@article{berger15, - author = "Berger, David and Guerrieri, Veronica and Lorenzoni, Guido and Vavra, Joseph", - title = "{House Prices and Consumer Spending}", - year = "2018", - journal = "Review of Economic Studies", - volume = "85", - number = "3", - pages = "1502--1542" -} - -@unpublished{stroebel15, - author = "Stroebel, Johannes and Vavra, Joseph", - title = "{House Prices, Local Demand, and Retail Prices}", - year = "2015", - note = "Working Paper" -} - -@unpublished{kehoe14, - author = "Kehoe, Patrick and Midrigan, Virgiliu and Pastorino, Elena", - title = "{Debt Constraints and Employment}", - year = "2016", - note = "Working Paper" -} - -@unpublished{mitman15, - author = "Kaplan, Greg and Mitman, Kurt and Violante, Giovanni L.", - title = "{The Housing Boom and Bust: Model Meets Evidence}", - year = "2019", - note = "Working Paper" -} - -@unpublished{mitman15b, - author = "Kaplan, Greg and Mitman, Kurt and Violante, Giovanni L.", - title = "{Non-durable Consumption and Housing Net Worth in the Great Recession: Evidence from Easily Accessible Data}", - year = "2016", - note = "Working Paper" -} - -@unpublished{vojtech16, - author = "Driscoll, John C. and Kay, Benjamin S. and Vojtech, Cindy M.", - title = "{The Real Consequences of Bank Mortgage Lending Standards}", - year = "2016", - note = "Working Paper" -} - -@unpublished{midrigan16, - author = "Jones, Callum and Midrigan, Virgiliu and Philippon, Thomas", - title = "{Household Leverage and the Recession}", - year = "2018", - note = "Working Paper" -} - -@unpublished{gorea15, - author = "Gorea, Denis and Midrigan, Virgiliu", - title = "{Liquidity Constraints in the U.S. Housing Market}", - year = "2015", - note = "Working Paper" -} - -@unpublished{kaplan16, - author = "Kaplan, Greg and Moll, Benjamin and Violante, Giovanni L.", - 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title = "{The Macroeconomic Effects of Large‐scale Asset Purchase Programmes}", - year = "2012", - journal = "Economic Journal", - volume = "122", - number = "564", - pages = "F289--F315" -} - -@article{fieldhouse18, - author = "Fieldhouse, Andrew J. and Mertens, Karel and Ravn, Moren O.", - title = "{The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar U.S. Housing Credit Policy}", - year = "2018", - journal = "The Quarterly Journal of Economics", - volume = "133", - number = "3", - pages = "1503--1560" -} - -@article{hamilton18, - author = "Hamilton, James D.", - title = "{The Efficacy of Large-Scale Asset Purchases When the Short-Term Interest Rate is at its Effective Lower Bound}", - year = "2018", - month = "Fall", - journal = "Brookings Papers on Economic Activity", -} - -@article{gagnonsack18, - author = "Gagnon, Joseph E. and Sack, Brian", - title = "{QE: A User's Guide}", - year = "2018", - journal = "Peterson Institute for International Economics Policy Brief" -} - 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title = "{Discrete approximations of continuous distributions by maximum - entropy}", - author = "Tanaka, Ken'ichiro and Toda, Alexis Akira", - abstract = "PDF | On Mar 1, 2013, Ken'ichiro Tanaka and others published - Discrete approximations of continuous distributions by maximum - entropy | Find, read and cite all the research you need on - ResearchGate", - journal = "Economics letters", - publisher = "Elsevier", - volume = 118, - number = 3, - pages = "445--450", - month = mar, - year = 2013, - url = "https://www.researchgate.net/publication/256994855_Discrete_approximations_of_continuous_distributions_by_maximum_entropy", - file = "All Papers/Other/Tanaka and Toda2013-Discrete approximations of continuous distributions by maximum entropy.pdf", - issn = "0165-1765", - doi = "10.1016/j.econlet.2012.12.020" -} - -@book{scarrollHowRich, - title={How rich is too rich?: income and wealth in America}, - author={Inhaber, Herbert and Carroll, Sidney L}, - year={1992}, - publisher={Praeger Pub Text} -} \ No newline at end of file diff --git a/Resources/texmf-local/bibtex/bst/abbrvnat.bst b/Resources/texmf-local/bibtex/bst/abbrvnat.bst deleted file mode 100644 index 6109cb748..000000000 --- a/Resources/texmf-local/bibtex/bst/abbrvnat.bst +++ /dev/null @@ -1,1436 +0,0 @@ -%% File: `abbrvnat.bst' -%% A modification of `abbrv.bst' for use with natbib package -%% -%% Copyright 1993-2007 Patrick W Daly -%% Max-Planck-Institut f\"ur Sonnensystemforschung -%% Max-Planck-Str. 2 -%% D-37191 Katlenburg-Lindau -%% Germany -%% E-mail: daly@mps.mpg.de -%% -%% This program can be redistributed and/or modified under the terms -%% of the LaTeX Project Public License Distributed from CTAN -%% archives in directory macros/latex/base/lppl.txt; either -%% version 1 of the License, or any later version. -%% - % Version and source file information: - % \ProvidesFile{natbst.mbs}[2007/11/26 1.93 (PWD)] - % - % BibTeX `plainnat' family - % version 0.99b for BibTeX versions 0.99a or later, - % for LaTeX versions 2.09 and 2e. - % - % 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. - % - % For version 7.0 of `natbib.sty', the KEY field replaces missing - % authors/editors, and the date is left blank in \bibitem. - % - % Includes field EID for the sequence/citation number of electronic journals - % which is used instead of page numbers. - % - % Includes fields ISBN and ISSN. - % - % Includes field URL for Internet addresses. - % - % Includes field DOI for Digital Object Idenfifiers. - % - % Works best with the url.sty package of Donald Arseneau. - % - % Works with identical authors and year are further sorted by - % citation key, to preserve any natural sequence. - % -ENTRY - { address - author - booktitle - chapter - doi - eid - edition - editor - howpublished - institution - isbn - issn - journal - key - month - note - number - organization - pages - publisher - school - series - title - type - url - 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$ } - { 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$ "" } - { "\emph{" swap$ * "}" * } - if$ -} - -INTEGERS { nameptr namesleft numnames } - -FUNCTION {format.names} -{ 's := - #1 'nameptr := - s num.names$ 'numnames := - numnames 'namesleft := - { namesleft #0 > } - { s nameptr "{f.~}{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.key} -{ empty$ - { key field.or.null } - { "" } - if$ -} - -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.isbn} -{ isbn empty$ - { "" } - { new.block "ISBN " isbn * } - if$ -} - -FUNCTION {format.issn} -{ issn empty$ - { "" } - { new.block "ISSN " issn * } - if$ -} - -FUNCTION {format.url} -{ url empty$ - { "" } - { new.block "URL \url{" url * "}" * } - if$ -} - -FUNCTION {format.doi} -{ doi empty$ - { "" } - { new.block "\doi{" doi * "}" * } - if$ -} - -FUNCTION {format.title} -{ title empty$ - { "" } - { title "t" change.case$ } - if$ -} - -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.full} -{ author empty$ - { editor empty$ - { "" } - { editor format.full.names } - if$ - } - { author format.full.names } - if$ -} - -FUNCTION {author.full} -{ author empty$ - { "" } - { author format.full.names } - if$ -} - -FUNCTION {editor.full} -{ editor empty$ - { "" } - { editor format.full.names } - if$ -} - -FUNCTION {make.full.names} -{ type$ "book" = - type$ "inbook" = - or - 'author.editor.full - { type$ "proceedings" = - 'editor.full - 'author.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$ * 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.eid} -{ eid empty$ - { "" } - { "art." eid tie.or.space.connect } - 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.vol.num.eid} -{ volume field.or.null - number empty$ - 'skip$ - { "\penalty0 (" number * ")" * * - volume empty$ - { "there's a number but no volume in " cite$ * warning$ } - 'skip$ - if$ - } - if$ - eid empty$ - 'skip$ - { duplicate$ empty$ - { pop$ format.eid } - { ":\penalty0 " * eid * } - 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 \emph{" journal * "}" * } - if$ - } - { "In " } - if$ - " \citet{" * 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$ - "" * - } - { "\emph{" * series * "}" * } - if$ - } - 'skip$ - 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 \emph{" booktitle * "}" * } - if$ - } - { "In " } - if$ - } - { "In " } - if$ - " \citet{" * crossref * "}" * -} - -FUNCTION {article} -{ output.bibitem - format.authors "author" output.check - author format.key output - new.block - format.title "title" output.check - new.block - crossref missing$ - { journal emphasize "journal" output.check - eid empty$ - { format.vol.num.pages output } - { format.vol.num.eid output } - if$ - format.date "year" output.check - } - { format.article.crossref output.nonnull - eid empty$ - { format.pages output } - { format.eid output } - if$ - } - if$ - format.issn output - format.doi output - format.url output - new.block - 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$ - new.block - format.btitle "title" output.check - 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 - format.isbn output - format.doi output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {booklet} -{ output.bibitem - format.authors output - author format.key output - new.block - format.title "title" output.check - howpublished address new.block.checkb - howpublished output - address output - format.date output - format.isbn output - format.doi output - format.url output - new.block - 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$ - new.block - format.btitle "title" output.check - 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 - format.isbn output - format.doi output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {incollection} -{ output.bibitem - format.authors "author" output.check - author format.key output - new.block - format.title "title" 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$ - format.isbn output - format.doi output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {inproceedings} -{ output.bibitem - format.authors "author" output.check - author format.key output - new.block - format.title "title" 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$ - format.isbn output - format.doi output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {conference} { inproceedings } - -FUNCTION {manual} -{ output.bibitem - format.authors output - author format.key output - new.block - format.btitle "title" output.check - organization address new.block.checkb - organization output - address output - format.edition output - format.date output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {mastersthesis} -{ output.bibitem - format.authors "author" output.check - author format.key output - 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 - format.url output - new.block - note output - fin.entry -} - -FUNCTION {misc} -{ output.bibitem - format.authors output - author format.key output - title howpublished new.block.checkb - format.title output - howpublished new.block.checka - howpublished output - format.date output - format.issn output - format.url output - new.block - note output - fin.entry - empty.misc.check -} - -FUNCTION {phdthesis} -{ output.bibitem - format.authors "author" output.check - author format.key output - new.block - format.btitle "title" output.check - new.block - "PhD thesis" format.thesis.type output.nonnull - school "school" output.check - address output - format.date "year" output.check - format.url output - new.block - note output - fin.entry -} - -FUNCTION {proceedings} -{ output.bibitem - format.editors output - editor format.key output - new.block - format.btitle "title" output.check - format.bvolume output - format.number.series output - address output - format.date "year" output.check - new.sentence - organization output - publisher output - format.isbn output - format.doi output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {techreport} -{ output.bibitem - format.authors "author" output.check - author format.key output - 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 - format.url output - new.block - note output - fin.entry -} - -FUNCTION {unpublished} -{ output.bibitem - format.authors "author" output.check - author format.key output - new.block - format.title "title" output.check - new.block - note "note" output.check - format.date output - format.url output - fin.entry -} - -FUNCTION {default.type} { misc } - - -MACRO {jan} {"Jan."} - -MACRO {feb} {"Feb."} - -MACRO {mar} {"Mar."} - -MACRO {apr} {"Apr."} - -MACRO {may} {"May"} - -MACRO {jun} {"June"} - -MACRO {jul} {"July"} - -MACRO {aug} {"Aug."} - -MACRO {sep} {"Sept."} - -MACRO {oct} {"Oct."} - -MACRO {nov} {"Nov."} - -MACRO {dec} {"Dec."} - - - -MACRO {acmcs} {"ACM Comput. Surv."} - -MACRO {acta} {"Acta Inf."} - -MACRO {cacm} {"Commun. ACM"} - -MACRO {ibmjrd} {"IBM J. Res. Dev."} - -MACRO {ibmsj} {"IBM Syst.~J."} - -MACRO {ieeese} {"IEEE Trans. Softw. Eng."} - -MACRO {ieeetc} {"IEEE Trans. Comput."} - -MACRO {ieeetcad} - {"IEEE Trans. Comput.-Aided Design Integrated Circuits"} - -MACRO {ipl} {"Inf. Process. Lett."} - -MACRO {jacm} {"J.~ACM"} - -MACRO {jcss} {"J.~Comput. Syst. Sci."} - -MACRO {scp} {"Sci. Comput. Programming"} - -MACRO {sicomp} {"SIAM J. Comput."} - -MACRO {tocs} {"ACM Trans. Comput. Syst."} - -MACRO {tods} {"ACM Trans. Database Syst."} - -MACRO {tog} {"ACM Trans. Gr."} - -MACRO {toms} {"ACM Trans. Math. Softw."} - -MACRO {toois} {"ACM Trans. Office Inf. Syst."} - -MACRO {toplas} {"ACM Trans. Prog. Lang. Syst."} - -MACRO {tcs} {"Theoretical Comput. Sci."} - - -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 - 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 {author.key.organization.label} -{ author empty$ - { key empty$ - { organization empty$ - { cite$ #1 #3 substring$ } - { "The " #4 organization chop.word #3 text.prefix$ } - if$ - } - 'key - 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 - 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$ - short.list key field.or.null = or - { pop$ "" } - 'skip$ - if$ - * - 'label := -} - -FUNCTION {sort.format.names} -{ 's := - #1 'nameptr := - "" - s num.names$ 'numnames := - numnames 'namesleft := - { namesleft #0 > } - { - s nameptr "{vv{ } }{ll{ }}{ f{ }}{ jj{ }}" format.name$ 't := - nameptr #1 > - { - " " * - namesleft #1 = t "others" = and - { "zzzzz" * } - { numnames #2 > nameptr #2 = and - { "zz" * year field.or.null * " " * } - 'skip$ - if$ - t sortify * - } - if$ - } - { 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$ -} - - -FUNCTION {presort} -{ calc.label - label sortify - " " - * - type$ "book" = - type$ "inbook" = - or - 'author.editor.sort - { type$ "proceedings" = - 'editor.organization.sort - { type$ "manual" = - 'author.organization.sort - 'author.sort - if$ - } - if$ - } - if$ - " " - * - year field.or.null sortify - * - " " - * - cite$ - * - #1 entry.max$ substring$ - '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$ - "\providecommand{\natexlab}[1]{#1}" - write$ newline$ - "\providecommand{\url}[1]{\texttt{#1}}" - write$ newline$ - "\expandafter\ifx\csname urlstyle\endcsname\relax" - write$ newline$ - " \providecommand{\doi}[1]{doi: #1}\else" - write$ newline$ - " \providecommand{\doi}{doi: \begingroup \urlstyle{rm}\Url}\fi" - write$ newline$ -} - -EXECUTE {begin.bib} - -EXECUTE {init.state.consts} - -ITERATE {call.type$} - -FUNCTION {end.bib} -{ newline$ - "\end{thebibliography}" write$ newline$ -} - -EXECUTE {end.bib} diff --git a/Resources/texmf-local/bibtex/bst/econtex.bst b/Resources/texmf-local/bibtex/bst/econtex.bst deleted file mode 100644 index 2b949e48f..000000000 --- a/Resources/texmf-local/bibtex/bst/econtex.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/Resources/texmf-local/bibtex/bst/handout.bst b/Resources/texmf-local/bibtex/bst/handout.bst deleted file mode 100644 index d826b51ae..000000000 --- a/Resources/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/Resources/texmf-local/bibtex/bst/plainnat.bst b/Resources/texmf-local/bibtex/bst/plainnat.bst deleted file mode 100644 index 4746cf13f..000000000 --- a/Resources/texmf-local/bibtex/bst/plainnat.bst +++ /dev/null @@ -1,1436 +0,0 @@ -%% File: `plainnat.bst' -%% A modification of `plain.bst' for use with natbib package -%% -%% Copyright 1993-2007 Patrick W Daly -%% Max-Planck-Institut f\"ur Sonnensystemforschung -%% Max-Planck-Str. 2 -%% D-37191 Katlenburg-Lindau -%% Germany -%% E-mail: daly@mps.mpg.de -%% -%% This program can be redistributed and/or modified under the terms -%% of the LaTeX Project Public License Distributed from CTAN -%% archives in directory macros/latex/base/lppl.txt; either -%% version 1 of the License, or any later version. -%% - % Version and source file information: - % \ProvidesFile{natbst.mbs}[2007/11/26 1.93 (PWD)] - % - % BibTeX `plainnat' family - % version 0.99b for BibTeX versions 0.99a or later, - % for LaTeX versions 2.09 and 2e. - % - % 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. - % - % For version 7.0 of `natbib.sty', the KEY field replaces missing - % authors/editors, and the date is left blank in \bibitem. - % - % Includes field EID for the sequence/citation number of electronic journals - % which is used instead of page numbers. - % - % Includes fields ISBN and ISSN. - % - % Includes field URL for Internet addresses. - % - % Includes field DOI for Digital Object Idenfifiers. - % - % Works best with the url.sty package of Donald Arseneau. - % - % Works with identical authors and year are further sorted by - % citation key, to preserve any natural sequence. - % -ENTRY - { address - author - booktitle - chapter - doi - eid - edition - editor - howpublished - institution - isbn - issn - journal - key - month - note - number - organization - pages - publisher - school - series - title - type - url - 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$ } - { 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$ "" } - { "\emph{" 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.key} -{ empty$ - { key field.or.null } - { "" } - if$ -} - -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.isbn} -{ isbn empty$ - { "" } - { new.block "ISBN " isbn * } - if$ -} - -FUNCTION {format.issn} -{ issn empty$ - { "" } - { new.block "ISSN " issn * } - if$ -} - -FUNCTION {format.url} -{ url empty$ - { "" } - { new.block "URL \url{" url * "}" * } - if$ -} - -FUNCTION {format.doi} -{ doi empty$ - { "" } - { new.block "\doi{" doi * "}" * } - if$ -} - -FUNCTION {format.title} -{ title empty$ - { "" } - { title "t" change.case$ } - if$ -} - -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.full} -{ author empty$ - { editor empty$ - { "" } - { editor format.full.names } - if$ - } - { author format.full.names } - if$ -} - -FUNCTION {author.full} -{ author empty$ - { "" } - { author format.full.names } - if$ -} - -FUNCTION {editor.full} -{ editor empty$ - { "" } - { editor format.full.names } - if$ -} - -FUNCTION {make.full.names} -{ type$ "book" = - type$ "inbook" = - or - 'author.editor.full - { type$ "proceedings" = - 'editor.full - 'author.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$ * 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.eid} -{ eid empty$ - { "" } - { "art." eid tie.or.space.connect } - 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.vol.num.eid} -{ volume field.or.null - number empty$ - 'skip$ - { "\penalty0 (" number * ")" * * - volume empty$ - { "there's a number but no volume in " cite$ * warning$ } - 'skip$ - if$ - } - if$ - eid empty$ - 'skip$ - { duplicate$ empty$ - { pop$ format.eid } - { ":\penalty0 " * eid * } - 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 \emph{" journal * "}" * } - if$ - } - { "In " } - if$ - " \citet{" * 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$ - "" * - } - { "\emph{" * series * "}" * } - if$ - } - 'skip$ - 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 \emph{" booktitle * "}" * } - if$ - } - { "In " } - if$ - } - { "In " } - if$ - " \citet{" * crossref * "}" * -} - -FUNCTION {article} -{ output.bibitem - format.authors "author" output.check - author format.key output - new.block - format.title "title" output.check - new.block - crossref missing$ - { journal emphasize "journal" output.check - eid empty$ - { format.vol.num.pages output } - { format.vol.num.eid output } - if$ - format.date "year" output.check - } - { format.article.crossref output.nonnull - eid empty$ - { format.pages output } - { format.eid output } - if$ - } - if$ - format.issn output - format.doi output - format.url output - new.block - 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$ - new.block - format.btitle "title" output.check - 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 - format.isbn output - format.doi output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {booklet} -{ output.bibitem - format.authors output - author format.key output - new.block - format.title "title" output.check - howpublished address new.block.checkb - howpublished output - address output - format.date output - format.isbn output - format.doi output - format.url output - new.block - 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$ - new.block - format.btitle "title" output.check - 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 - format.isbn output - format.doi output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {incollection} -{ output.bibitem - format.authors "author" output.check - author format.key output - new.block - format.title "title" 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$ - format.isbn output - format.doi output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {inproceedings} -{ output.bibitem - format.authors "author" output.check - author format.key output - new.block - format.title "title" 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$ - format.isbn output - format.doi output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {conference} { inproceedings } - -FUNCTION {manual} -{ output.bibitem - format.authors output - author format.key output - new.block - format.btitle "title" output.check - organization address new.block.checkb - organization output - address output - format.edition output - format.date output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {mastersthesis} -{ output.bibitem - format.authors "author" output.check - author format.key output - 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 - format.url output - new.block - note output - fin.entry -} - -FUNCTION {misc} -{ output.bibitem - format.authors output - author format.key output - title howpublished new.block.checkb - format.title output - howpublished new.block.checka - howpublished output - format.date output - format.issn output - format.url output - new.block - note output - fin.entry - empty.misc.check -} - -FUNCTION {phdthesis} -{ output.bibitem - format.authors "author" output.check - author format.key output - new.block - format.btitle "title" output.check - new.block - "PhD thesis" format.thesis.type output.nonnull - school "school" output.check - address output - format.date "year" output.check - format.url output - new.block - note output - fin.entry -} - -FUNCTION {proceedings} -{ output.bibitem - format.editors output - editor format.key output - new.block - format.btitle "title" output.check - format.bvolume output - format.number.series output - address output - format.date "year" output.check - new.sentence - organization output - publisher output - format.isbn output - format.doi output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {techreport} -{ output.bibitem - format.authors "author" output.check - author format.key output - 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 - format.url output - new.block - note output - fin.entry -} - -FUNCTION {unpublished} -{ output.bibitem - format.authors "author" output.check - author format.key output - new.block - format.title "title" output.check - new.block - note "note" output.check - format.date output - format.url 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 - 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 {author.key.organization.label} -{ author empty$ - { key empty$ - { organization empty$ - { cite$ #1 #3 substring$ } - { "The " #4 organization chop.word #3 text.prefix$ } - if$ - } - 'key - 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 - 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$ - short.list key field.or.null = or - { pop$ "" } - 'skip$ - if$ - * - 'label := -} - -FUNCTION {sort.format.names} -{ 's := - #1 'nameptr := - "" - s num.names$ 'numnames := - numnames 'namesleft := - { namesleft #0 > } - { - s nameptr "{vv{ } }{ll{ }}{ ff{ }}{ jj{ }}" format.name$ 't := - nameptr #1 > - { - " " * - namesleft #1 = t "others" = and - { "zzzzz" * } - { numnames #2 > nameptr #2 = and - { "zz" * year field.or.null * " " * } - 'skip$ - if$ - t sortify * - } - if$ - } - { 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$ -} - - -FUNCTION {presort} -{ calc.label - label sortify - " " - * - type$ "book" = - type$ "inbook" = - or - 'author.editor.sort - { type$ "proceedings" = - 'editor.organization.sort - { type$ "manual" = - 'author.organization.sort - 'author.sort - if$ - } - if$ - } - if$ - " " - * - year field.or.null sortify - * - " " - * - cite$ - * - #1 entry.max$ substring$ - '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$ - "\providecommand{\natexlab}[1]{#1}" - write$ newline$ - "\providecommand{\url}[1]{\texttt{#1}}" - write$ newline$ - "\expandafter\ifx\csname urlstyle\endcsname\relax" - write$ newline$ - " \providecommand{\doi}[1]{doi: #1}\else" - write$ newline$ - " \providecommand{\doi}{doi: \begingroup \urlstyle{rm}\Url}\fi" - write$ newline$ -} - -EXECUTE {begin.bib} - -EXECUTE {init.state.consts} - -ITERATE {call.type$} - -FUNCTION {end.bib} -{ newline$ - "\end{thebibliography}" write$ newline$ -} - -EXECUTE {end.bib} diff --git a/Resources/texmf-local/bibtex/bst/unsrtnat.bst b/Resources/texmf-local/bibtex/bst/unsrtnat.bst deleted file mode 100644 index 5d82d41fc..000000000 --- a/Resources/texmf-local/bibtex/bst/unsrtnat.bst +++ /dev/null @@ -1,1322 +0,0 @@ -%% File: `unsrtnat.bst' -%% A modification of `unsrt.bst' for use with natbib package -%% -%% Copyright 1993-2007 Patrick W Daly -%% Max-Planck-Institut f\"ur Sonnensystemforschung -%% Max-Planck-Str. 2 -%% D-37191 Katlenburg-Lindau -%% Germany -%% E-mail: daly@mps.mpg.de -%% -%% This program can be redistributed and/or modified under the terms -%% of the LaTeX Project Public License Distributed from CTAN -%% archives in directory macros/latex/base/lppl.txt; either -%% version 1 of the License, or any later version. -%% - % Version and source file information: - % \ProvidesFile{natbst.mbs}[2007/11/26 1.93 (PWD)] - % - % BibTeX `plainnat' family - % version 0.99b for BibTeX versions 0.99a or later, - % for LaTeX versions 2.09 and 2e. - % - % 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. - % - % For version 7.0 of `natbib.sty', the KEY field replaces missing - % authors/editors, and the date is left blank in \bibitem. - % - % Includes field EID for the sequence/citation number of electronic journals - % which is used instead of page numbers. - % - % Includes fields ISBN and ISSN. - % - % Includes field URL for Internet addresses. - % - % Includes field DOI for Digital Object Idenfifiers. - % - % Works best with the url.sty package of Donald Arseneau. - % - % Works with identical authors and year are further sorted by - % title text, as in the standard plain.bst etc. - % -ENTRY - { address - author - booktitle - chapter - doi - eid - edition - editor - howpublished - institution - isbn - issn - journal - key - month - note - number - organization - pages - publisher - school - series - title - type - url - 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$ } - { 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$ "" } - { "\emph{" 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.key} -{ empty$ - { key field.or.null } - { "" } - if$ -} - -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.isbn} -{ isbn empty$ - { "" } - { new.block "ISBN " isbn * } - if$ -} - -FUNCTION {format.issn} -{ issn empty$ - { "" } - { new.block "ISSN " issn * } - if$ -} - -FUNCTION {format.url} -{ url empty$ - { "" } - { new.block "URL \url{" url * "}" * } - if$ -} - -FUNCTION {format.doi} -{ doi empty$ - { "" } - { new.block "\doi{" doi * "}" * } - if$ -} - -FUNCTION {format.title} -{ title empty$ - { "" } - { title "t" change.case$ } - if$ -} - -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.full} -{ author empty$ - { editor empty$ - { "" } - { editor format.full.names } - if$ - } - { author format.full.names } - if$ -} - -FUNCTION {author.full} -{ author empty$ - { "" } - { author format.full.names } - if$ -} - -FUNCTION {editor.full} -{ editor empty$ - { "" } - { editor format.full.names } - if$ -} - -FUNCTION {make.full.names} -{ type$ "book" = - type$ "inbook" = - or - 'author.editor.full - { type$ "proceedings" = - 'editor.full - 'author.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$ * 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.eid} -{ eid empty$ - { "" } - { "art." eid tie.or.space.connect } - 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.vol.num.eid} -{ volume field.or.null - number empty$ - 'skip$ - { "\penalty0 (" number * ")" * * - volume empty$ - { "there's a number but no volume in " cite$ * warning$ } - 'skip$ - if$ - } - if$ - eid empty$ - 'skip$ - { duplicate$ empty$ - { pop$ format.eid } - { ":\penalty0 " * eid * } - 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 \emph{" journal * "}" * } - if$ - } - { "In " } - if$ - " \citet{" * 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$ - "" * - } - { "\emph{" * series * "}" * } - if$ - } - 'skip$ - 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 \emph{" booktitle * "}" * } - if$ - } - { "In " } - if$ - } - { "In " } - if$ - " \citet{" * crossref * "}" * -} - -FUNCTION {article} -{ output.bibitem - format.authors "author" output.check - author format.key output - new.block - format.title "title" output.check - new.block - crossref missing$ - { journal emphasize "journal" output.check - eid empty$ - { format.vol.num.pages output } - { format.vol.num.eid output } - if$ - format.date "year" output.check - } - { format.article.crossref output.nonnull - eid empty$ - { format.pages output } - { format.eid output } - if$ - } - if$ - format.issn output - format.doi output - format.url output - new.block - 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$ - new.block - format.btitle "title" output.check - 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 - format.isbn output - format.doi output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {booklet} -{ output.bibitem - format.authors output - author format.key output - new.block - format.title "title" output.check - howpublished address new.block.checkb - howpublished output - address output - format.date output - format.isbn output - format.doi output - format.url output - new.block - 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$ - new.block - format.btitle "title" output.check - 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 - format.isbn output - format.doi output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {incollection} -{ output.bibitem - format.authors "author" output.check - author format.key output - new.block - format.title "title" 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$ - format.isbn output - format.doi output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {inproceedings} -{ output.bibitem - format.authors "author" output.check - author format.key output - new.block - format.title "title" 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$ - format.isbn output - format.doi output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {conference} { inproceedings } - -FUNCTION {manual} -{ output.bibitem - format.authors output - author format.key output - new.block - format.btitle "title" output.check - organization address new.block.checkb - organization output - address output - format.edition output - format.date output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {mastersthesis} -{ output.bibitem - format.authors "author" output.check - author format.key output - 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 - format.url output - new.block - note output - fin.entry -} - -FUNCTION {misc} -{ output.bibitem - format.authors output - author format.key output - title howpublished new.block.checkb - format.title output - howpublished new.block.checka - howpublished output - format.date output - format.issn output - format.url output - new.block - note output - fin.entry - empty.misc.check -} - -FUNCTION {phdthesis} -{ output.bibitem - format.authors "author" output.check - author format.key output - new.block - format.btitle "title" output.check - new.block - "PhD thesis" format.thesis.type output.nonnull - school "school" output.check - address output - format.date "year" output.check - format.url output - new.block - note output - fin.entry -} - -FUNCTION {proceedings} -{ output.bibitem - format.editors output - editor format.key output - new.block - format.btitle "title" output.check - format.bvolume output - format.number.series output - address output - format.date "year" output.check - new.sentence - organization output - publisher output - format.isbn output - format.doi output - format.url output - new.block - note output - fin.entry -} - -FUNCTION {techreport} -{ output.bibitem - format.authors "author" output.check - author format.key output - 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 - format.url output - new.block - note output - fin.entry -} - -FUNCTION {unpublished} -{ output.bibitem - format.authors "author" output.check - author format.key output - new.block - format.title "title" output.check - new.block - note "note" output.check - format.date output - format.url 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 - 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 {author.key.organization.label} -{ author empty$ - { key empty$ - { organization empty$ - { cite$ #1 #3 substring$ } - { "The " #4 organization chop.word #3 text.prefix$ } - if$ - } - 'key - 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 - 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$ - short.list key field.or.null = or - { pop$ "" } - 'skip$ - if$ - * - 'label := -} - -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$ - "\providecommand{\natexlab}[1]{#1}" - write$ newline$ - "\providecommand{\url}[1]{\texttt{#1}}" - write$ newline$ - "\expandafter\ifx\csname urlstyle\endcsname\relax" - write$ newline$ - " \providecommand{\doi}[1]{doi: #1}\else" - write$ newline$ - " \providecommand{\doi}{doi: \begingroup \urlstyle{rm}\Url}\fi" - write$ newline$ -} - -EXECUTE {begin.bib} - -EXECUTE {init.state.consts} - -ITERATE {call.type$} - -FUNCTION {end.bib} -{ newline$ - "\end{thebibliography}" write$ newline$ -} - -EXECUTE {end.bib} diff --git a/Resources/texmf-local/bibtex/bst/unsrtnatTitlesFirst.bst b/Resources/texmf-local/bibtex/bst/unsrtnatTitlesFirst.bst deleted file mode 100755 index 9c0acffd2..000000000 --- a/Resources/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/Resources/texmf-local/latexmkrc b/Resources/texmf-local/latexmkrc deleted file mode 100755 index a51d3004c..000000000 --- a/Resources/texmf-local/latexmkrc +++ /dev/null @@ -1,14 +0,0 @@ -# -*- mode: shell-script; coding: utf-8 -*- -# Google 'latexmk' for explanation of this config file -# latexmk at unix command line will compile the paper -$do_cd = 1; -#$clean_ext = "nav out snm dvi idv tmp xref 4tc out aux log fls fdb_latexmk synctex.gz toc svg png 4ct ps out.ps mk4 lg cfg css html yml upa upb"; -@generated_exts = (@generated_exts, 'blg','fdb_latexmk','fls', 'idv','md.tmp','mk4','lg','snm','synctex.gz', 'tex.cfg','nav','out','ps','ps_out','tex.mk4', 'tmp', 'upa','upb','toc','4ct'); -$bibtex_use=2; -$pdf_mode = 1; -$rc_report = 1; -$pdflatex="pdflatex -interaction=nonstopmode %O %S"; -@default_files = ('*.tex'); -$aux_out_dir_report = 0; -$silent = 1; -#warn "PATH = '$ENV{PATH}'\n"; diff --git a/Resources/texmf-local/ls-R b/Resources/texmf-local/ls-R deleted file mode 100644 index 041b2d403..000000000 --- a/Resources/texmf-local/ls-R +++ /dev/null @@ -1,89 +0,0 @@ -% ls-R -- filename database for kpathsea; do not change this line. -./: -LICENSE -README.md -bibtex -ls-R -tex -web2c - -./bibtex: -bib -bst - -./bibtex/bib: -auto -economics.bib -economics.bib~ -system.bib - -./bibtex/bib/auto: -economics.el - -./bibtex/bst: -econtex.bst -handout.bst -unsrtnatTitlesFirst.bst - - -./tex: -latex -plain - -./tex/latex: -.DS_Store -ReadMe.texmf -articleNoRefHead.cls -auto -bibMake.tex -cvBibMake.tex -econark.log -econark.sty -econtex.cls -econtex.log -econtex.sty -econtexBibMake.tex -econtexSetup.sty -econtexShortcuts.sty -handout.cls -handout.sty -handoutBibMake.tex -handoutSetup.sty -handoutShortcuts.sty -makePostHandoutsStart.tex -pdfsuppressruntime.sty -printvrb.sty -snapshot.sty -subfiles.4ht -tex4ht -tex4htMakeCFG.sh -titlesec.sty - -./tex/latex/auto: -econark.el -pdfsuppressruntime.el - -./tex/latex/tex4ht: -fix-domfilter-parsing-problems.cfg -fix-domfilter-parsing-problems_README.md -pictureenv.4ht -svg-math-and-subfigures-README.md -svg-math-and-subfigures.cfg -svg-math-and-subfigures_fix-dmofilter-parsing-problems.cfg -svg-math-and-subfigures_html5.cfg -svg-math-and-subfigures_tex4ht-and-table-of-contents-fix.cfg -svg-math-and-subfigures_xhtml.cfg -svg-set-size-to-1p0.mk4 -svg-set-size-to-1p1.mk4 -svg-set-size-to-1p1x1p0.mk4 -svg-set-size-to-1p2.mk4 -svg-set-size-to-1p2x1p0.mk4 -svg-set-size-to-1p3x1p0.mk4 -tex4ht_and_table_of_content_issues_fix.cfg - -./tex/plain: -.gitkeep - -./web2c: -texmf.cnf -texmf.cnf~ diff --git a/Resources/texmf-local/scripts/de-macro/de-macro b/Resources/texmf-local/scripts/de-macro/de-macro deleted file mode 100755 index ffd260f2d..000000000 --- a/Resources/texmf-local/scripts/de-macro/de-macro +++ /dev/null @@ -1,1097 +0,0 @@ -#!/Volumes/Sync/Sys/OSX/linked/root/usr/local/bin/miniconda/bin/python -O - -r""" -Copyright 2005-2020 Peter Gacs -Licensed under the Academic Free Licence version 2.1 - - DE-MACRO - -Version 1.4 - Luca Citi made it python2.7 and python3 compatible. - Peter Gacs improved the parsing of \input{}, - and made @ a letter in the style files. -Version 1.3 - this version is much more conservative about deleting - comments and inserting or deleting blank space: tries to - leave in all comments, adds space only when necessary, and - tries not to delete space in the main text. - The motivating comments came from Daniel Webb. -Version 1.2 - a syntactical bug corrected, thanks Brian de Alwis! - - -PURPOSE - -This program can eliminate most private macros from a LaTeX file. -Applications: - - your publisher has difficulty dealing with many private macros - - you cooperate with colleagues who do not understand your macros - - preprocessing before a system like latex2html, which is somewhat - unpredictable with private macros. - -It cannot be used to eliminate more complex macros that rely on -more programming-like constructs in style files. In particular, it will -not replace style files that have options. - -USAGE - -de-macro [--defs ] [.tex] [[.tex] ...] - -Simplest example: de-macro testament - -(As you see, the <> is used only in the notation of this documentation, -you should not type it.) - -If contains a command \usepackage{-private} -then the file -private.sty will be read, and its macros will be -replaced in with their definitions. -The result is in -clean.tex. - -Only newcommand, renewcommand, newenvironment, and renewenvironment are -understood (it does not matter, whether you write new or renew). -These can be nested but do not be too clever, since I do not -guarantee the same expansion order as in TeX. - -FILES - -.db --clean.tex --private.sty - -For speed, a macro database file called .db is created. -If such a file exists already then it is used. -If -private.sty is older than .db then it will not -be used. - -It is possible to specify another database filename via --defs . -Then .db will be used. - -For each , a file -clean.tex will be produced. -If -clean.tex is newer than .tex then it stays. - -INPUT COMMAND - -If a tex file contains a command \input{} or \input -then .tex is processed recursively, and -clean.tex -will be inserted into the final output. -For speed, if -clean.tex is newer than .tex -then .tex will not be reprocessed. - -The dependency checking is not sophisticated, so if you rewrite some macros -then remove all *-clean.tex files! - -""" - -import sys, os, re, shelve - -# Utilities - -class No_detail: - strerror = "" - -no_detail = No_detail() - - -class Error(Exception): - """Base class for exceptions in this module.""" - pass - -class Empty_text_error(Error): - """Exception raised for errors in the input. - - Attributes: - data -- data that was found empty - message - """ - - def __init__(self, data, message): - self.data = data - self.message = message - -def warn(error_message, detail = no_detail): - sys.stderr.write(error_message + "\n") - if no_detail != detail: - sys.stderr.write(detail.strerror + "\n") - -def die(error_message, detail = no_detail): - warn(error_message, detail = no_detail) - sys.exit(1) - -def getopt_map(one_letter_opts, long_optlist): - "Turns long options into an option map, using getopt." - import getopt - optlist, args = getopt.getopt(sys.argv[1:], - one_letter_opts, long_optlist) - opt_map = {} - for pair in optlist: opt_map[pair[0]] = pair[1] or 1 - return opt_map, args - -def newer(file1, file2): - - if not os.path.isfile(file1): - return False - - try: - stat_return = os.lstat(file1) - except OSError as detail: - die("lstat " + file1 + " failed:", detail) - time1 = stat_return.st_mtime - - try: - stat_return = os.lstat(file2) - except OSError as detail: - die("lstat " + file2 + " failed:", detail) - time2 = stat_return.st_mtime - - return time1 > time2 - -def cut_extension(filename, ext): - """ - If filename has extension ext (including the possible dot), - it will be cut off. - """ - file = filename - index = filename.rfind(ext) - if 0 <= index and len(file)-len(ext) == index: - file = file[:index] - return file - - -class Stream: - data = None - pos = None - item = None - - def legal(self): - return 0 <= self.pos and self.pos < len(self.data) - - def uplegal(self): - return self.pos < len(self.data) - - def __init__(self, data_v = None): - self.data = data_v - if self.data: - self.pos = 0 - self.item = self.data[self.pos] - - def next(self): - self.pos += 1 - if self.pos < len(self.data): - self.item = self.data[self.pos] - return self.item - - def reset(self): - if self.data and 0 < len(self.data): - self.pos = 0 - self.item = self.data[0] - return self.item - - -# Basic classes - -blank_re = re.compile(r"\s") -blanked_filename_re = re.compile(r"^\s+(\w*)\s+") -braced_filename_re = re.compile(r"^\s*{\s*(\w*)\s*}") -blank_or_rbrace_re = re.compile(r"[\s}]") -pos_digit_re = re.compile(r"[1-9]") - -def isletter(c, isatletter=False): - if "@" == c: - return isatletter - else: - return c.isalpha() - -class Token: - """Type 0 means ordinary character, types 1,2 mean escape sequence - (without the \ ), type 3 means comment. - """ - simple_ty = 0 - esc_symb_ty = 1 - esc_str_ty = 2 - comment_ty = 3 - - type = simple_ty - val = " " - - def __init__(self, type_v=simple_ty, val_v=" "): - self.type = type_v - self.val = val_v - - def show(self): - out = "" - if simple_ty == self.type or comment_ty == self.type: - out = self.val - else: - out = "\\" + self.val - return out - - -# Constants - -g_token = Token(0," ") # generic token -simple_ty = g_token.simple_ty -comment_ty = g_token.comment_ty -esc_symb_ty = g_token.esc_symb_ty -esc_str_ty = g_token.esc_str_ty - - -def detokenize(text, isatletter=False): - """ - Input is a list of tokens. - Output is a string. - """ - out = "" - if 0 == len(text): - return - pos = 0 - out += text[pos].show() - pos += 1 - while pos < len(text): - previtem = text[pos-1] - item = text[pos] - """Insert a separating space after an escape sequence if it is a - string and is followed by a letter.""" - if (esc_str_ty == previtem.type - and simple_ty == item.type and isletter(item.val[0], isatletter)): - out += " " - out += item.show() - pos += 1 - return out - - -def strip_comments(text): - """ - Input is a list of tokens. - Output is the same list except the comment tokens. - """ - out = [] - for token in text: - if not comment_ty == token.type: - out.append(token) - return out - -class Group: - """type 0 means a token, type 1 means contents of a group within {} - """ - token_ty = 0 - group_ty = 1 - type = token_ty - val = [] # Value is a token list. - - def __init__(self, type_v, val_v): - self.type = type_v - self.val = val_v - - def show(self): - if token_ty == self.type: - return self.val.show() - else: - return "{%s}" % detokenize(self.val) - -# Constants - -g_group = Group(0, []) -token_ty = g_group.token_ty -group_ty = g_group.group_ty - - -def tokenize(in_str, isatletter=False): - """Returns a list of tokens. - """ - text = [] - cs = Char_stream(in_str) - cs.reset() - if not cs.legal(): - raise Error("No string to tokenize.") - while cs.uplegal(): - if "%" == cs.item: - comment = cs.scan_comment_token() - text.append(Token(comment_ty, comment)) - elif "\\" != cs.item: - text.append(Token(simple_ty, cs.item)) - cs.next() - else: - cs.next() - name = cs.scan_escape_token(isatletter) - if isletter(name[0], isatletter): - token = Token(esc_str_ty, name) - else: - token = Token(esc_symb_ty, name) - text.append(token) - if "makeatletter" == name: - isatletter=True - elif "makeatother" == name: - isatletter=False - return text - - -class Command_def: - name = "1" - numargs = 0 - body= "" - - def __init__(self, name_v, numargs_v, body_v): - self.name = name_v - self.numargs = numargs_v - self.body = body_v - - def show(self): - out = "\\newcommand{\\%s}" % (self.name) - if 0 < self.numargs: - out += "[%d]" % self.numargs - out += "{%s}" % detokenize(self.body) - return out - - -class Env_def: - name = "1" - numargs = 0 - begin = "" - end = "" - - def __init__(self, name_v, numargs_v, begin_v, end_v): - self.name = name_v - self.numargs = numargs_v - self.begin = begin_v - self.end = end_v - - def show(self): - out = "\\newenvironment{%s}" % self.name - if 0 < self.numargs: - out += "[%d]" % self.numargs - out += "{%s}" % detokenize(self.begin) - out += "{%s}" % detokenize(self.end) - return out - - -class Command_instance: - name = "1" - args = [] - - def __init__(self, name_v, args_v): - self.name = name_v - self.args = args_v - - def show(self): - out = "\\"+self.name - for arg in self.args: - out += "{%s}" % detokenize(arg) - return out - - -class Env_instance: - name = "1" - args = [] - - def __init__(self, name_v, args_v, body_v): - self.name = name_v - self.args = args_v - self.body = body_v - - def show(self): - out = "\\begin{%s}" % self.name - for arg in self.args: - out += "{%s}" % detokenize(arg) - out += detokenize(self.body) - out += "\\end{%s}" % self.name - return out - -class Char_stream(Stream): - - def scan_escape_token(self, isatletter=False): - """ - Starts after the escape sign, assumes that it is scanning a symbol. - Returns a token-string. - """ - out = self.item # Continue only if this is a letter. - item = self.next() - if isletter(out, isatletter): - while self.uplegal() and isletter(item, isatletter): - out += item - item = self.next() - return out - - def scan_comment_token(self): - """ - Starts at the comment sign %, assumes that it is scanning a comment. - Returns the whole comment string, - including the % and all empty space after it. - """ - comment = "" - while self.uplegal() and "\n" != self .item: - comment += self.item - self.next() - while self.uplegal() and blank_re.match(self.item): - comment += self.item - self.next() - return comment - - def scan_input_filename(self): - """We have just read an \input token. The next group or word will be - interpreted as a filename (possibly without .tex). Filenames should not begin with spaces. - Return the filename. - """ - item = self.item - file = "" - while self.uplegal() and blank_re.match(self.item): - item = self.next() - if "{" == item: - item = self.next() - while self.uplegal() and not "}" == item: - file += item - item = self.next() - self.next() - else: - while self.uplegal() and not blank_re.match(item): - file += item - item = self.next() - return file - - def scan_package_filenames(self): - r"""We just read a \usepackage token. The next group will be - interpreted as a list of filenames (without .sty) separated by commas. - Return the list. - """ - item = self.item - while self.uplegal() and blank_re.match(item): - item = self.next() - file = "" - if not "{" == item: - raise Error("\\usepackage not followed by brace.") - item = self.next() - while self.uplegal() and not blank_or_rbrace_re.match(item): - file += item - item = self.next() - self.next() - return file.split(",") - - -class Tex_stream(Stream): - - defs = ({}, {}) - defs_db = "x" - defs_db_file = "x.db" - debug = False - - def smart_tokenize(self, in_str, handle_inputs=False, isatletter=False): - """Returns a list of tokens. - It may interpret and carry out all \input commands. - """ - self.data = [] - text = self.data - cs = Char_stream(in_str) - cs.reset() - if not cs.legal(): - raise Error("No string to tokenize.") - while cs.uplegal(): - if "%" == cs.item: - comment = cs.scan_comment_token() - text.append(Token(comment_ty, comment)) - elif "\\" != cs.item: - text.append(Token(simple_ty, cs.item)) - cs.next() - else: - cs.next() - name = cs.scan_escape_token(isatletter) - if "input" == name and handle_inputs: - file = cs.scan_input_filename() - to_add = self.process_if_newer(file) - text.extend(to_add) - elif "usepackage" == name: - while cs.uplegal() and blank_re.match(cs.item): - cs.next() - if "[" == cs.item: # Packages with options will not be processed. - text.extend([Token(esc_str_ty, "usepackage"), - Token(simple_ty, "[")]) - cs.next() - continue - files = cs.scan_package_filenames() - i = 0 - while i < len(files): # process private packages - file = files[i] - p = file.rfind("-private") - if p < 0 or not len(file) - len("-private") == p: - i += 1 - continue - defs_db_file = file+".db" - self.add_defs(file) - del files[i:(i+1)] - if files: # non-private packages left - group_content = ",".join(files) - to_add_str = "\\usepackage{%s}" % (group_content) - to_add = tokenize(to_add_str,isatletter) - text.extend(to_add) - else: - if isletter(name[0], isatletter): - token = Token(esc_str_ty, name) - else: - token = Token(esc_symb_ty, name) - text.append(token) - if "makeatletter" == name: - isatletter=True - elif "makeatother" == name: - isatletter=False - self.reset() - return self.data - - def smart_detokenize(self,isatletter=False): - """ - Output is a string. - If the list contains an \input{file} then the content of file - file-clean.tex replaces it in the output. - """ - self.reset() - if not self.legal(): - return "" - out = "" - previtem = None - while self.uplegal(): - item = self.item - """Insert a separating space after an escape sequence if it is a - string and is followed by a letter.""" - if (None != previtem and esc_str_ty == previtem.type - and simple_ty == item.type and isletter(item.val[0], isatletter)): - out += " " - previtem = item - if not (esc_str_ty == item.type and "input" == item.val): - out += item.show() - self.next() - else: - self.next() - group = self.scan_group() - file = detokenize(group.val) - clean_file = "%s-clean.tex" % (file) - print("Reading file %s" % (clean_file)) - fp = open(clean_file,"r") - content = fp.read() - fp.close() - out += content - return out - - # Basic tex scanning - - def skip_blank_tokens(self): # we also skip comment tokens. - item = self.item - while (self.uplegal() and - (comment_ty == item.type or - (simple_ty == item.type and blank_re.match(item.val)))): - item = self.next() - return item - - def scan_group(self): - """Returns group. - """ - if not self.legal(): - raise Error("No group to scan.") - item = self.item - if not (simple_ty == item.type and "{" == item.val): - return Group(token_ty, [self.item]) - count = 1 - group = [] - item = self.next() - while count and self.uplegal(): - if simple_ty == item.type: - if "{" == item.val: - count += 1 - elif "}" == item.val: - count -= 1 - if count != 0: - group.append(item) - item = self.next() - return Group(group_ty, group) - - # Command and environment definitions - - def scan_command_name(self): - """Returns name. - """ - if not self.legal(): - raise Error("No command name to scan.") - item = self.item - name = "" - if item.type in [esc_symb_ty, esc_str_ty]: - name = item.val - else: - if not "{" == item.val: - raise Error("Command definition misses first {.") - self.next() - item = self.skip_blank_tokens() - if not item.type in [esc_symb_ty, esc_str_ty]: - raise Error("Command definition does not begin with control sequence.") - name = item.val - self.next() - item = self.skip_blank_tokens() - if not "}" == item.val: - raise Error("Definition for commmand %s misses first }., %s" % - (name, item.val)) - self.next() - self.skip_blank_tokens() - return name - - def scan_numargs(self, name): - """ - name is the name of the command or environment definition being - scanned. - Starts on a nonblank token. - Returns numargs - where numargs is the number of arguments in a command or environment - definition, - """ - if not self.legal(): - raise Error("No numargs to scan.") - item = self.item - numargs = 0 - if not simple_ty == item.type: - raise Error("Illegal command or environment definition: "+name) - if "[" == item.val: - if not 4 < len(self.data): - raise Error("Command or environment definition is illegal: "+name) - item = self.next() - if not simple_ty == item.type: - raise Error("Illegal command or environment definition: "+name) - numargs = item.val - if not pos_digit_re.match(numargs): - raise Error("%s must be argument number after %s" % (numargs, name)) - numargs = int(numargs) - self.next() - item = self.skip_blank_tokens() - if not simple_ty == item.type: - raise Error("Illegal command definition: "+name) - if "]" != item.val: - raise Error("Illegal command definition: "+name) - self.next() - self.skip_blank_tokens() - return numargs - - def scan_command_def(self): - """Scan a command definition. - Return command_def. - Assumes that the number of arguments is at most 9. - """ - if not self.legal(): - raise Error("No command definition to scan.") - item = self.item - if not 2 < len(self.data): - raise Error("Command definition is illegal.") - # newcommand or renewcommand - if not item.type in [esc_symb_ty, esc_str_ty]: - raise Error("Command definition should begin with control sequence: "+item.val) - if item.val not in ["newcommand", "renewcommand"]: - raise Error("Command definition should begin with control sequence.") - self.next() - self.skip_blank_tokens() - - cmd_name = self.scan_command_name() - numargs = self.scan_numargs(cmd_name) - - body_group = self.scan_group() - if group_ty != body_group.type: - raise Error("Command body missing: "+cmd_name) - body_val = strip_comments(body_group.val) - return Command_def(cmd_name, numargs, body_val) - - def scan_env_name(self): - """Starts on a {. - Returns name. - """ - if not self.legal(): - raise Error("No environment name to scan.") - item = self.item - if not "{" == item.val: - raise Error("Env. definition begins with %s, not with {" % (item.val)) - self.next() - item = self.skip_blank_tokens() - name = "" - if not simple_ty == item.type: - raise Error("1. Env. def. begins with cont. seq. %s, not with env.name." - % (item.val)) - while self.uplegal() and not blank_or_rbrace_re.match(item.val): - name += item.val - item = self.next() - if not simple_ty == item.type: - raise Error("2. Env. def. begins with cont. seq. %s, not with env.name." - % (item.val)) - item = self.skip_blank_tokens() - if not "}" == item.val: - raise Error("Command definition does not begin with control sequence.") - self.next() - self.skip_blank_tokens() - return name - - def scan_env_def(self): - """Scan an environment definition. - Return env_def - Assumes that the number of arguments is at most 9. - """ - if not self.legal(): - raise Error("No environment definition to scan.") - item = self.item - if not 7 < len(self.data): - raise Error("Environment definition is illegal.") - pos = 0 - - if not item.type in [esc_symb_ty, esc_str_ty]: - raise Error("Env. definition does not begin with control sequence:"+ - item.val) - if item.val not in ["newenvironment", "renewenvironment"]: - raise Error("Env. definition does not begin with control sequence.") - self.next() - self.skip_blank_tokens() - - env_name = self.scan_env_name() - numargs = self.scan_numargs(env_name) - self.skip_blank_tokens() - - begin_group = self.scan_group() - if group_ty != begin_group.type: - raise Error("Begin body missing: "+env_name) - begin_val = strip_comments(begin_group.val) - - self.skip_blank_tokens() - - end_group = self.scan_group() - if group_ty != end_group.type: - raise Error("End body missing:"+env_name) - end_val = strip_comments(end_group.val) - - return Env_def(env_name, numargs, begin_val, end_val) - - def scan_defs(self): - if not self.legal(): - raise Error("No definitions to scan.") - self.reset() - command_defs, env_defs = self.defs - while self.uplegal(): - if (esc_str_ty == self.item.type - and self.item.val in ["newcommand", "renewcommand"]): - command_def = self.scan_command_def() - command_defs[command_def.name] = command_def - elif (esc_str_ty == self.item.type and self.item.val - in ["newenvironment", "renewenvironment"]): - env_def = self.scan_env_def() - env_defs[env_def.name] = env_def - else: - self.next() - - # Instances - - def scan_args(self, command_or_env_def): - """Scan the arguments of a command or environment. - Return [args]. - """ - if not self.legal(): - raise Error("No arguments to scan.") - numargs = command_or_env_def.numargs - name = command_or_env_def.name - - args = [] - for i in range(numargs): - arg = [] - if not (simple_ty == self.item.type and "{" == self.item.val): - arg = [self.item] - self.next() - else: - group = self.scan_group() - arg = group.val - args.append(arg) - return args - - def scan_command(self, command_def): - """Scan the arguments of a command. - Return command_instance - """ - if not self.legal(): - raise Error("No command to scan.") - if not self.item.type in [esc_symb_ty, esc_str_ty]: - raise Error("Command does not begin with control sequence.") - name = self.item.val - self.next() - if 0 < command_def.numargs: - self.skip_blank_tokens() - args = self.scan_args(command_def) - else: - args = [] - return Command_instance(name, args) - - def test_env_boundary(self, item): - """Check whether an environment begin or end follows. - Return 1 if \begin, -1 if \end, 0 otherwise. - """ - d = 0 - if esc_str_ty == item.type: - if "begin"==item.val: - d = 1 - elif "end"==item.val: - d = -1 - return d - - def scan_env_begin(self): - """Scan an environment name. - Return env_name. - """ - if not self.legal(): - raise Error("No environment begin to scan.") - item = self.item - if not (esc_str_ty == item.type and "begin" == item.val): - raise Error("Environment does not begin with begin.") - self.next() - name_group = self.scan_group() - name = detokenize(name_group.val) - return name - - def scan_env_end(self): - """Scan an environment end. - Return env_name. - """ - if not self.legal(): - raise Error("No environment end to scan.") - item = self.item - if not (esc_str_ty == item.type and "end" == item.val): - raise Error("Environment does not end with end.") - self.next() - name_group = self.scan_group() - name = detokenize(name_group.val) - return name - - def scan_env_rest(self, env_def): - """Scanning starts after \begin{envname}. - Returns env_instance. - """ - if not self.legal(): - raise Error("No environment rest to scan.") - count = 1 # We are already within a boundary. - args = self.scan_args(env_def) - body = [] - while count and self.uplegal(): - old_pos = self.pos - d = self.test_env_boundary(self.item) - count += d - if 1 == d: - self.scan_env_begin() - elif -1 == d: - self.scan_env_end() - else: - self.next() - if 0 < count: - body.extend(self.data[old_pos : self.pos]) - return Env_instance(env_def.name, args, body) - - # Definitions - - def restore_defs(self): - if os.path.isfile(self.defs_db_file): - print("Using defs db %s" % (self.defs_db_file)) - db_h = shelve.open(self.defs_db) - self.defs = db_h["defs"] - db_h.close() - - def save_defs(self): - db_h = shelve.open(self.defs_db) - if "defs" in db_h: - del db_h["defs"] - db_h["defs"] = self.defs - db_h.close() - - def add_defs(self, defs_file): - defs_file_compl = defs_file + ".sty" - if not os.path.isfile(defs_file_compl): - raise Error("%s does not exist" % (defs_file_compl)) - - defs_db_file = self.defs_db_file - if newer(defs_db_file, defs_file_compl): - print("Using defs db %s for %s" % (defs_db_file, defs_file)) - else: - defs_fp = open(defs_file_compl, "r") - defs_str = defs_fp.read() - defs_fp.close() - ds = Tex_stream() - ds.defs = self.defs - defs_text = ds.smart_tokenize(defs_str,isatletter=True) - # changing ds.defs will change self.defs - if self.debug: - defs_seen_file = "%s-seen.sty" % (defs_file) - defs_seen_fp = open(defs_seen_file, "w") - out = detokenize(defs_text,isatletter=True) - defs_seen_fp.write(out) - defs_seen_fp.close() - ds.scan_defs() - if self.debug: - out = "" - command_defs, env_defs = self.defs - for def_name in command_defs.keys(): - out += command_defs[def_name].show() + "\n" - for def_name in env_defs.keys(): - out += env_defs[def_name].show() +"\n" - print("Definitions after reading %s:" % (defs_file)) - print(out) - - # Applying definitions, recursively - # (maybe not quite in Knuth order, so avoid tricks!) - - def subst_args(self, body, args): - out = [] - pos = 0 - while pos < len(body): - item = body[pos] - if not (simple_ty == item.type and "#" == item.val): - out.append(item) - pos += 1 - continue - pos += 1 - token = body[pos] - argnum = token.val - if not pos_digit_re.match(argnum): - raise Error("# is not followed by number.") - argnum = int(argnum) - if argnum > len(args): - raise Error("Too large argument number.") - arg = args[argnum-1] - out += arg - pos += 1 - return out - - def apply_command_recur(self, command_instance): - command_defs, env_defs = self.defs - name = command_instance.name - command_def = command_defs[name] - - args = command_instance.args - body = command_def.body - result = self.subst_args(body, args) - try: - result = self.apply_all_recur(result) - except Empty_text_error as e: - raise Error("apply_all_recur fails on command instance %s: %s, %s" % \ - (command_instance.show(), detokenize(e.data), e.message)) - return result - - def apply_env_recur(self, env_instance): - command_defs, env_defs = self.defs - name = env_instance.name - env_def = env_defs[name] - - begin, end = env_def.begin, env_def.end - body, args = env_instance.body, env_instance.args - out = self.subst_args(begin, args) + body + self.subst_args(end, args) - return self.apply_all_recur(out) - - - def apply_all_recur(self, data, report=False): - ts = Tex_stream(data) - ts.defs = self.defs - command_defs, env_defs = self.defs - out = [] - progress_step = 10000 - progress = progress_step - if not ts.legal(): - raise Empty_text_error(data, "No text to process.") - while ts.uplegal(): - if self.pos > progress: - if report: - print(self.pos) - progress += progress_step - if not ts.item.type in [esc_symb_ty, esc_str_ty]: - out.append(ts.item) - ts.next() - continue - if 1 == ts.test_env_boundary(ts.item): - old_pos = ts.pos - env_name = ts.scan_env_begin() - if env_name not in env_defs: - out.extend(ts.data[old_pos : ts.pos]) - continue - else: - env_def = env_defs[env_name] - env_instance = ts.scan_env_rest(env_def) - result = ts.apply_env_recur(env_instance) - out.extend(result) - elif ts.item.val not in command_defs: - out.append(ts.item) - ts.next() - continue - else: - command_def = command_defs[ts.item.val] - command_inst = ts.scan_command(command_def) - result = ts.apply_command_recur(command_inst) - out.extend(result) - return out - - - # Processing files - - def process_file(self, file): - """Returns the new defs. - """ - file = cut_extension(file, ".tex") - source_file = "%s.tex" % (file) - print("File %s [" % (source_file)) - source_fp = open(source_file, "r") - text_str = source_fp.read() - source_fp.close() - - self.smart_tokenize(text_str, handle_inputs=True) - if not self.data: - raise Error("Empty tokenization result.") - self.reset() - - if self.debug: - source_seen_fname = "%s-seen.tex" % (file) - source_seen_fp = open(source_seen_fname, "w") - source_seen_fp.write(detokenize(self.data)) - source_seen_fp.close() - - self.data = self.apply_all_recur(self.data, report=True) - - result_fname = "%s-clean.tex" % (file) - print("Writing %s [" % (result_fname)) - result_fp = open(result_fname, "w") - result_fp.write(self.smart_detokenize()) - result_fp.close() - print("] file %s" % (result_fname)) - print("] file %s" % (source_file)) - - def process_if_newer(self, file): - """ - \input{file} is added to the token list. - If the input file is newer it is processed. - Returns tokenized \input{file}. - """ - file = cut_extension(file, ".tex") - tex_file = file+".tex" - clean_tex_file = file+"-clean.tex" - if newer(clean_tex_file, tex_file): - print("Using %s." % (clean_tex_file)) - else: - ts = Tex_stream() - ts.data = [] - ts.defs = self.defs - ts.process_file(file) - to_add = "\\input{%s}" % (file) - return tokenize(to_add) - -# Main - -long_optlist = ["debug","defs="] -options, restargs = getopt_map("x", long_optlist) - -debug = False -if "--debug" in options: - debug = True - -root = restargs[0] -root = cut_extension(root, ".tex") -if "--defs" in options: - defs_root = options["--defs"] -else: - defs_root = "%s" % (root) -defs_db = defs_root -defs_db_file = defs_root+".db" - -ts = Tex_stream() -ts.defs_db = defs_db -ts.defs_db_file = defs_db_file -ts.debug = debug - -ts.restore_defs() -for root in restargs: - ts.process_file(root) - -print("(Re)creating defs db %s" % (defs_db)) -ts.save_defs() diff --git a/Resources/texmf-local/tex/latex/ReadMe.texmf b/Resources/texmf-local/tex/latex/ReadMe.texmf deleted file mode 100644 index 85d44dc6a..000000000 --- a/Resources/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/Resources/texmf-local/tex/latex/articleNoRefHead.cls b/Resources/texmf-local/tex/latex/articleNoRefHead.cls deleted file mode 100755 index e418b9cc2..000000000 --- a/Resources/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 }% 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\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'. \ No newline at end of file diff --git a/Resources/texmf-local/tex/latex/bibMake.tex b/Resources/texmf-local/tex/latex/bibMake.tex deleted file mode 100755 index dd065bb4a..000000000 --- a/Resources/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/Resources/texmf-local/tex/latex/bibliography_blend.tex b/Resources/texmf-local/tex/latex/bibliography_blend.tex deleted file mode 100644 index b8472bd5a..000000000 --- a/Resources/texmf-local/tex/latex/bibliography_blend.tex +++ /dev/null @@ -1,55 +0,0 @@ -% Allows two (optional) supplements to hard-wired \texname.bib bibfile: -% system.bib is a default bibfile that supplies anything missing elsewhere -% Add-Refs.bib is an override bibfile that supplants anything in \texfile.bib or system.bib -\provideboolean{AddRefsExists} -\provideboolean{systemExists} -\provideboolean{BothExist} -\provideboolean{NeitherExists} -\setboolean{BothExist}{true} -\setboolean{NeitherExists}{true} - -\IfFileExists{\econtexRoot/Add-Refs.bib}{ - % then - \typeout{References in Add-Refs.bib will take precedence over those elsewhere} - \setboolean{AddRefsExists}{true} - \setboolean{NeitherExists}{false} % Default is true -}{ - % else - \setboolean{AddRefsExists}{false} % No added refs exist so defaults will be used - \setboolean{BothExist}{false} % Default is that Add-Refs and system.bib both exist -} - -% Deal with case where system.bib is found by kpsewhich -\IfFileExists{/usr/local/texlive/texmf-local/bibtex/bib/system.bib}{ - % then - \typeout{References in system.bib will be used for items not found elsewhere} - \setboolean{systemExists}{true} - \setboolean{NeitherExists}{false} -}{ - % else - \typeout{Found no system database file} - \setboolean{systemExists}{false} - \setboolean{BothExist}{false} -} - -\ifthenelse{\boolean{showPageHead}}{ %then - \clearpairofpagestyles % No header for references pages - }{} % No head has been set to clear - -\ifthenelse{\boolean{BothExist}}{ - % then use both - \typeout{bibliography{\econtexRoot/Add-Refs,\econtexRoot/\texname,system}} - \bibliography{\econtexRoot/Add-Refs,\econtexRoot/\texname,system} - % else both do not exist -}{ % maybe neither does? - \ifthenelse{\boolean{NeitherExists}}{ - \typeout{bibliography{\texname}} - \bibliography{\texname}}{ - % no -- at least one exists - \ifthenelse{\boolean{AddRefsExists}}{ - \typeout{bibliography{\econtexRoot/Add-Refs,\econtexRoot/\texname}} - \bibliography{\econtexRoot/Add-Refs,\econtexRoot/\texname}}{ - \typeout{bibliography{\econtexRoot/\texname,system}} - \bibliography{ \econtexRoot/\texname,system}} - } % end of picking the one that exists -} % end of testing whether neither exists diff --git a/Resources/texmf-local/tex/latex/cvBibMake.tex b/Resources/texmf-local/tex/latex/cvBibMake.tex deleted file mode 100644 index dc63a1623..000000000 --- a/Resources/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/Resources/texmf-local/tex/latex/econark-clean-clean.sty b/Resources/texmf-local/tex/latex/econark-clean-clean.sty deleted file mode 100644 index cec9e0e53..000000000 --- a/Resources/texmf-local/tex/latex/econark-clean-clean.sty +++ /dev/null @@ -1,367 +0,0 @@ -% Style file with stuff that should be available for any latex doc in Econ-ARK -% \renewcommand{[macroName]}{[value]} does not overwrite [macroName] -% so if used after macroName is already defined, it leaves the macro unchanged - -% Get references right whether compiled as subfile or main file -% https://tex.stackexchange.com/questions/463699/proper-reference-numbers-with-subfiles -\newcommand\labelprefix{} -\newcommand\localorexternallabel[1]{% Removing this comment breaks the command - \expandafter\ifx\csname r@#1\endcsname\relax - \labelprefix - \fi #1% Removing this comment breaks the command -} - -% Appendices and body are subfiles -\RequirePackage{subfiles} -\RequirePackage{xmpincl} % mathstat.dal..ca/~sellinger/pdfa - -% Get all the packages from the American Mathematical Society -\RequirePackage{amsmath,amsfonts,amsmath,amsthm,amssymb} - -% Command to define a label only if it does not yet exist (suppresses misleading -% warnings when material created in subfiles is read in while references already -% exist from master document) -\makeatletter -\renewcommand{\iflabelexists}[3]{\@ifundefined{r@#1}{\G@refundefinedtrue{#3}}{#2}} -\makeatother - -% Home of Econ-ARK -\renewcommand{\ARKurl}{\href{https://econ-ark.org}{{Econ-ARK}}} - -% Define various generically useful terms and items -\renewcommand{\avg}{\bar} -\renewcommand{\cov}{}\renewcommand{\cov}{\textup{cov}} -\renewcommand{\Abve}{\bar} -\renewcommand{\Belw}{\underline} -\renewcommand{\CDF}{\mathcal{F}} -\renewcommand{\GroFac}{\Omega} % Generic for growth factor -\renewcommand{\GroRte}{\omega} % Generic for growth rate -\renewcommand{\Lvl}{\mathbf} % Levels of variables are bold - -% Constrained -\renewcommand{\cnstr}[1]{\grave{#1}} - -\renewcommand{\BalGroFac}{\check} % Balanced growth factor -\renewcommand{\BalGroRte}{\tilde} % Balanced growth rate (log change) -\renewcommand{\TargetNrm}{\hat} % Target -\renewcommand{\ABalLvl}{\BalGroFac{\ALvl}} % m where ALvl grows by PermGroFac -\renewcommand{\MBalLvl}{\BalGroFac{\MNrm}} % m where MLvl grows by PermGroFac -\renewcommand{\mBalLog}{\BalGroRte{\mNrm}} % m where mLog grows by PermGroRte -\renewcommand{\mTrgNrm}{\TargetNrm{\mNrm}} % m where E[m_{t+1}]=m_{t} - -% Levels are boldface -\renewcommand{\aLvl}{\mathbf{a}} -\renewcommand{\bLvl}{\mathbf{b}} -\renewcommand{\cLvl}{\mathbf{c}} -\renewcommand{\dLvl}{\mathbf{d}} -\renewcommand{\eLvl}{\mathbf{e}} -\renewcommand{\fLvl}{\mathbf{f}} -\renewcommand{\gLvl}{\mathbf{g}} -\renewcommand{\hLvl}{\mathbf{h}} -\renewcommand{\iLvl}{\mathbf{i}} -\renewcommand{\jLvl}{\mathbf{j}} -\renewcommand{\kLvl}{\mathbf{k}} -\renewcommand{\mLvl}{\mathbf{m}} -\renewcommand{\nLvl}{\mathbf{n}} -\renewcommand{\pLvl}{\mathbf{p}} -\renewcommand{\qLvl}{\mathbf{q}} -\renewcommand{\rLvl}{\mathbf{r}} -\renewcommand{\sLvl}{\mathbf{s}} -\renewcommand{\tLvl}{\mathbf{t}} -\renewcommand{\uLvl}{\mathbf{u}} -\renewcommand{\vLvl}{\mathbf{v}} -\renewcommand{\wLvl}{\mathbf{w}} -\renewcommand{\xLvl}{\mathbf{x}} -\renewcommand{\yLvl}{\mathbf{y}} -\renewcommand{\zLvl}{\mathbf{z}} - -\renewcommand{\ALvl}{\mathbf{A}} -\renewcommand{\BLvl}{\mathbf{B}} -\renewcommand{\CLvl}{\mathbf{C}} -\renewcommand{\DLvl}{\mathbf{D}} -\renewcommand{\ELvl}{\mathbf{E}} -\renewcommand{\FLvl}{\mathbf{F}} -\renewcommand{\GLvl}{\mathbf{G}} -\renewcommand{\HLvl}{\mathbf{H}} -\renewcommand{\ILvl}{\mathbf{I}} -\renewcommand{\JLvl}{\mathbf{J}} -\renewcommand{\KLvl}{\mathbf{K}} -\renewcommand{\LLvl}{\mathbf{L}} -\renewcommand{\MLvl}{\mathbf{M}} -\renewcommand{\NLvl}{\mathbf{N}} -\renewcommand{\OLvl}{\mathbf{O}} -\renewcommand{\PLvl}{\mathbf{P}} -\renewcommand{\QLvl}{\mathbf{Q}} -\renewcommand{\RLvl}{\mathbf{R}} -\renewcommand{\SLvl}{\mathbf{S}} -\renewcommand{\TLvl}{\mathbf{T}} -\renewcommand{\ULvl}{\mathbf{U}} -\renewcommand{\VLvl}{\mathbf{V}} -\renewcommand{\WLvl}{\mathbf{W}} -\renewcommand{\XLvl}{\mathbf{X}} -\renewcommand{\YLvl}{\mathbf{Y}} -\renewcommand{\ZLvl}{\mathbf{Z}} - -% Functions are Roman not italicized -\renewcommand{\aFunc}{\mathrm{a}} -\renewcommand{\bFunc}{\mathrm{b}} -\renewcommand{\cFunc}{\mathrm{c}} -\renewcommand{\dFunc}{\mathrm{d}} -\renewcommand{\eFunc}{\mathrm{e}} -\renewcommand{\fFunc}{\mathrm{f}} -\renewcommand{\hFunc}{\mathrm{h}} -\renewcommand{\iFunc}{\mathrm{i}} -\renewcommand{\jFunc}{\mathrm{j}} -\renewcommand{\kFunc}{\mathrm{k}} -\renewcommand{\mFunc}{\mathrm{m}} -\renewcommand{\nFunc}{\mathrm{n}} -\renewcommand{\pFunc}{\mathrm{p}} -\renewcommand{\sFunc}{\mathrm{s}} -\renewcommand{\rFunc}{\mathrm{r}} -\renewcommand{\uFunc}{\mathrm{u}} -\renewcommand{\vFunc}{\mathrm{v}} -\renewcommand{\wFunc}{\mathrm{w}} -\renewcommand{\xFunc}{\mathrm{x}} -\renewcommand{\yFunc}{\mathrm{y}} -\renewcommand{\zFunc}{\mathrm{z}} - -\renewcommand{\AFunc}{\mathrm{A}} -\renewcommand{\BFunc}{\mathrm{B}} -\renewcommand{\CFunc}{\mathrm{C}} -\renewcommand{\DFunc}{\mathrm{D}} -\renewcommand{\EFunc}{\mathrm{E}} -\renewcommand{\FFunc}{\mathrm{F}} -\renewcommand{\GFunc}{\mathrm{G}} -\renewcommand{\HFunc}{\mathrm{H}} -\renewcommand{\IFunc}{\mathrm{I}} -\renewcommand{\JFunc}{\mathrm{J}} -\renewcommand{\KFunc}{\mathrm{K}} -\renewcommand{\LFunc}{\mathrm{L}} -\renewcommand{\MFunc}{\mathrm{M}} -\renewcommand{\NFunc}{\mathrm{N}} -\renewcommand{\OFunc}{\mathrm{O}} -\renewcommand{\PFunc}{\mathrm{P}} -\renewcommand{\QFunc}{\mathrm{Q}} -\renewcommand{\RFunc}{\mathrm{R}} -\renewcommand{\SFunc}{\mathrm{S}} -\renewcommand{\TFunc}{\mathrm{T}} -\renewcommand{\UFunc}{\mathrm{U}} -\renewcommand{\VFunc}{\mathrm{V}} -\renewcommand{\WFunc}{\mathrm{W}} -\renewcommand{\XFunc}{\mathrm{X}} -\renewcommand{\YFunc}{\mathrm{Y}} -\renewcommand{\ZFunc}{\mathrm{Z}} -% Ratios to permanent income are normal face -\renewcommand{\aNrm}{a} -\renewcommand{\bNrm}{b} -\renewcommand{\cNrm}{c} -\renewcommand{\dNrm}{d} -\renewcommand{\eNrm}{e} -\renewcommand{\fNrm}{f} -\renewcommand{\hNrm}{h} -\renewcommand{\iNrm}{i} -\renewcommand{\jNrm}{j} -\renewcommand{\kNrm}{k} -\renewcommand{\mNrm}{m} -\renewcommand{\pNrm}{p} -\renewcommand{\rNrm}{s} -\renewcommand{\sNrm}{s} -\renewcommand{\vNrm}{v} -\renewcommand{\yNrm}{y} -\renewcommand{\zNrm}{z} - -\renewcommand{\ANrm}{A} -\renewcommand{\BNrm}{B} -\renewcommand{\CNrm}{C} -\renewcommand{\DNrm}{D} -\renewcommand{\ENrm}{E} -\renewcommand{\FNrm}{F} -\renewcommand{\HNrm}{H} -\renewcommand{\INrm}{I} -\renewcommand{\JNrm}{J} -\renewcommand{\KNrm}{K} -\renewcommand{\MNrm}{M} -\renewcommand{\PNrm}{P} -\renewcommand{\SNrm}{S} -\renewcommand{\VNrm}{V} -\renewcommand{\YNrm}{Y} -\renewcommand{\ZNrm}{Z} - -\renewcommand{\RNrm}{\mathcal{R}} -% Ind and Agg varaibles begin with lower case -\renewcommand{\tranShkInd}{\theta} % -\renewcommand{\tranShk}{\tranShkInd} % -\renewcommand{\tranShkAgg}{\Theta} % -\renewcommand{\permShkInd}{\psi} % -\renewcommand{\permShk}{\permShkInd} % -\renewcommand{\PermShkAgg}{\Psi} % -\renewcommand{\tranShkAgg}{\Theta} % -\renewcommand{\std}{\sigma} -\renewcommand{\tranShkIndStd}{\std_{\tranShkInd}} % -\renewcommand{\tranShkIndVar}{\std^{2}_{\tranShkInd}} % -\renewcommand{\tranShkAggStd}{\std_{\tranShkAgg}} % -\renewcommand{\tranShkAggVar}{\std^{2}_{\tranShkAgg}} % - -% Combo variables (combining Ind and Agg) -\renewcommand{\PermShk}{\mathbf{\Psi}} -\renewcommand{\PermShkStd}{\std_{\PermShk}} -\renewcommand{\PermShkVar}{\std^{2}_{\PermShk}} -\renewcommand{\PermLvl}{\pLvl} -\renewcommand{\PermLvlAgg}{\PLvl} - -% More specialized variables -\renewcommand{\TranShkAll}{\pmb{\xi}} -\renewcommand{\TranShkMin}{\underline{\xi}} -\renewcommand{\TranShkMax}{\overline{\xi}} -\renewcommand{\TranShkStd}{\std_{\TranShk}} -\renewcommand{\TranShkVar}{\std^{2}_{\TranShk}} -\renewcommand{\TranShkEmp}{\pmb{\theta}} -\renewcommand{\TranShkEmpMin}{}\renewcommand{\TranShkEmpMin}{\underline{\TranShkEmp}} -\renewcommand{\TranShkEmpMax}{}\renewcommand{\TranShkEmpMax}{\overline{\TranShkEmp}} -\renewcommand{\IncUnemp}{\mu} % Income in unemployment - -\renewcommand{\permLvlAgg}{\mathrm{P}} % -\renewcommand{\permLvlInd}{\mathrm{p}} % - -\renewcommand{\MPCmin}{{\uline{\kappa}}} -\renewcommand{\MPCmax}{{\bar{\kappa}}} -\renewcommand{\MPCmaxmax}{{\bar{\bar{\kappa}}}} -\renewcommand{\MPCmaxmin}{{\hat{\underline{\kappa}}}} -\renewcommand{\MPCminmin}{{\underline{\kappa}}} -\renewcommand{\Opt}{\tilde} -\renewcommand{\permGroFacAgg}{\mathrm{G}} -\renewcommand{\permGroFacInd}{\mathsf{G}} -\renewcommand{\PermGroFac}{\mathcal{G}} -\renewcommand{\PermGroFacAdj}{\underline{\PermGroFac}} -\renewcommand{\PermGroFacuAdj}{\underline{\underline{\PermGroFac}}} -\renewcommand{\PermGroRte}{g} - -\renewcommand{\Alive}{\mathcal{L}}\renewcommand{\Alive}{\mathcal{L}} -\renewcommand{\RfreeAgg}{}\renewcommand{\RfreeAgg}{\Agg{\Rfree}} - -\renewcommand{\DeprFac}{\daleth} -\renewcommand{\deprRte}{\delta} % -\renewcommand{\DiscFac}{\beta} -\renewcommand{\DiscFacAlt}{\beth} -\renewcommand{\DiscAltuAdj}{{\underline{\underline{\beth}}}} -\renewcommand{\DiscAlt}{}\renewcommand{\DiscAlt}{\beth} -\renewcommand{\DiscFacRaw}{\beta} -\renewcommand{\DiscFacLiv}{\underline{\DiscFacRaw}} -\renewcommand{\discRte}{\vartheta} % - -\renewcommand{\APFac}{\text{\pmb{\Thorn}}} % Former \Pat -\renewcommand{\APFacDefn}{\hyperlink{APFacDefn}{\textrm{APF}}} - -\renewcommand{\GPFacRaw}{\APFac_{\PermGroFac}} -\renewcommand{\GPFacNrm}{\APFac_{\PermGroFacAdj}} -\renewcommand{\RPFac}{\APFac_{\Rfree}} - -\renewcommand{\RPRte}{\text{\thorn}_{\rfree}} -\renewcommand{\GPRte}{\text{\thorn}_{\PermGroRte}} -\renewcommand{\APRte}{\text{\thorn}} - - -\renewcommand{\EPermShkInv}{\Ex[\PermShk^{-1}]} % Formerly EpShkInv -\renewcommand{\InvEPermShkInv}{\underline{\PermShk}} % Formerly InvEpShkInv -\renewcommand{\uInvEuPermShk}{\underline{\underline{\PermShk}}} % Formerly {\uInvEpShkuInv} - -\renewcommand{\RfreeEff}{\bar{\Rfree}} % Blanchard-adjusted interest rate - -\renewcommand{\PopnGroFac}{\Xi} -\renewcommand{\PopnGroRte}{\xi} -\renewcommand{\PopnLvl}{\pmb{\mathrm{N}}} - -\renewcommand{\LivPrb}{\Alive} -\renewcommand{\livPrb}{\ell} - -\renewcommand{\cncl}{} -\renewcommand\cncl[1]{{\cancel{#1}}} - -\renewcommand{\pNotZero}{(1-\pZero)} - -\renewcommand{\CARA}{{\alpha}} -\renewcommand{\CRRA}{\rho} -\renewcommand{\diePrb}{{\mathsf{d}}} % Continuous time death rate -\renewcommand{\DiePrb}{{\mathsf{D}}} % Discrete-time one-period death rate -\renewcommand{\Ex}{{\mathbb{E}}} % Expectations operator defined in econtex.cls -\renewcommand{\Mean}{{\mathbb{M}}} % Mean -\renewcommand{\MPC}{{\kappa}} -\renewcommand{\MPCFunc}{\pmb{\kappa}} -\renewcommand{\pZero}{\wp} - -\renewcommand{\rfree}{\mathsf{r}} % The net return rate on the safe asset -\renewcommand{\Rfree}{\mathsf{R}} % The return factor on the safe asset -\renewcommand{\RSave}{{\underline{\Rfree}}} -\renewcommand{\rsave}{{\underline{\rfree}}} -\renewcommand{\RBoro}{{\bar{\Rfree}}} -\renewcommand{\rboro}{{\bar{\rfree}}} - -\renewcommand{\Risky}{{\mathbf{R}}} % The return factor on the risky asset -\renewcommand{\risky}{{\mathbf{r}}} % The arithmetic return rate E[\Risky] - 1 -\renewcommand{\riskyELog}{\risky} % The arithmetic return rate \Risky - 1 -\renewcommand{\riskyELev}{\boldsymbol{r}} % The geometric return rate \log \Risky -\renewcommand{\riskyshare}{{\varsigma}} -\renewcommand{\riskyvar}{\std^{2}_{\risky}} -\renewcommand{\Rport}{\mathfrak{R}} % Portfolio -weighted return -\renewcommand{\rport}{\mathfrak{r}} - -\renewcommand{\uPPP}{{{\mathrm{u}^{\prime\prime\prime}}}} -\renewcommand{\uPP}{{{\mathrm{u}^{\prime\prime}}}} -\renewcommand{\uP}{{{\mathrm{u}^{\prime}}}} -\renewcommand{\util}{u} - -\renewcommand{\Kap}{{K}} -\renewcommand{\kap}{k} - -\renewcommand{\leiShare}{\zeta} % - -\renewcommand{\MPSmin}{\pZero^{1/\CRRA} \RPFac} -\renewcommand{\MPSmax}{\RPFac} - -\renewcommand{\PDV}{{\mathbb{P}}} % -\renewcommand{\Wage}{{\mathsf{W}}} -\renewcommand{\wage}{{\mathsf{w}}} - -\renewcommand{\TaxLev}{T} -\renewcommand{\Tax}{} -\renewcommand{\TaxFree}{{\cancel{\Tax}}} - -\renewcommand{\Alt}{\grave} - -\renewcommand{\urate}{{\mho}} -\renewcommand{\erate}{{\cancel{\mho}}} -\renewcommand{\unins}{\upsilon} - -\renewcommand{\Labor}{}\renewcommand{\Labor}{\mathrm{L}} -\renewcommand{\labor}{}\renewcommand{\labor}{\ell} - -\renewcommand{\EEndMap}{{\mathsf{E}}} -\renewcommand{\TMap}{\mathscr{T}} - -\renewcommand{\CEndFunc}{{\mathfrak{C}}} -\renewcommand{\cEndFunc}{{\mathfrak{c}}} - -\renewcommand{\uFuncInv}{\rotatebox{180}{$\uFunc$}} -\renewcommand{\muFuncInv}{\rotatebox{180}{$\uFunc$}} - -\renewcommand{\Hi}{\overline} -\renewcommand{\Lo}{\underline} - -\renewcommand{\Rnorm}{{\mathcal{R}}} % Normalized version of riskless return factor -\renewcommand{\rnorm}{{\mathit{r}}} % Normalized version of riskless rate of return - -\renewcommand{\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}] -\renewcommand{\EPrem}{\pmb{\varphi}} % equity premium -\renewcommand{\eprem}{\phi} % log equity premium - -\renewcommand{\weight}{\omega} - -\renewcommand{\FDist}{{\mathcal{F}}} -\renewcommand{\fDist}{{\mathcal{f}}} - -\renewcommand{\aMin}{{\underline{\aNrm}}} - -\renewcommand{\FDist}{}\renewcommand{\FDist}{\mathcal{F}} -\renewcommand{\fDist}{}\renewcommand{\fDist}{\mathcal{f}} - -\renewcommand{\Nrml}{}\renewcommand{\Nrml}{\mathcal{N}} diff --git a/Resources/texmf-local/tex/latex/econark-clean.sty b/Resources/texmf-local/tex/latex/econark-clean.sty deleted file mode 100644 index 99d060ea6..000000000 --- a/Resources/texmf-local/tex/latex/econark-clean.sty +++ /dev/null @@ -1,71 +0,0 @@ -% Those things that can be replaced by regular letters (incl greek) -% Ratios to permanent income are normal face -\renewcommand{\aNrm}{a} -\renewcommand{\bNrm}{b} -\renewcommand{\cNrm}{c} -\renewcommand{\dNrm}{d} -\renewcommand{\eNrm}{e} -\renewcommand{\fNrm}{f} -\renewcommand{\hNrm}{h} -\renewcommand{\iNrm}{i} -\renewcommand{\jNrm}{j} -\renewcommand{\kNrm}{k} -\renewcommand{\mNrm}{m} -\renewcommand{\pNrm}{p} -\renewcommand{\rNrm}{s} -\renewcommand{\sNrm}{s} -\renewcommand{\vNrm}{v} -\renewcommand{\yNrm}{y} -\renewcommand{\zNrm}{z} - -\renewcommand{\ANrm}{A} -\renewcommand{\BNrm}{B} -\renewcommand{\CNrm}{C} -\renewcommand{\DNrm}{D} -\renewcommand{\ENrm}{E} -\renewcommand{\FNrm}{F} -\renewcommand{\HNrm}{H} -\renewcommand{\INrm}{I} -\renewcommand{\JNrm}{J} -\renewcommand{\KNrm}{K} -\renewcommand{\MNrm}{M} -\renewcommand{\PNrm}{P} -\renewcommand{\SNrm}{S} -\renewcommand{\VNrm}{V} -\renewcommand{\YNrm}{Y} -\renewcommand{\ZNrm}{Z} - -\renewcommand{\DiscFac}{\beta} -\renewcommand{\rfree}{r} % The net return rate on the safe asset -\renewcommand{\Rfree}{R} % The return factor on the safe asset -\renewcommand{\CDF}{F} -\renewcommand{\prd}{t} -\renewcommand{\prdT}{t} -\renewcommand{\prdt}{t} -\renewcommand{\trmT}{T} -\renewcommand{\CRRA}{\rho} -\renewcommand{\CARA}{\alpha} -\renewcommand{\MPC}{\kappa} -%\renewcommand{\Ex}{𝔼} -% \renewcommand{\aLvl}{𝐚} -% \renewcommand{\bLvl}{𝐛} -% \renewcommand{\cLvl}{𝐜} -% \renewcommand{\pLvl}{𝐩} -% \renewcommand{\kLvl}{𝐤} -% \renewcommand{\mLvl}{𝐦} -% \renewcommand{\vLvl}{𝐯} -% \renewcommand{\yLvl}{𝐲} -% \renewcommand{\PermGroFac}{𝒢} -% \renewcommand{\RNrm}{ℛ} - -\renewcommand{\vFunc}{v} -\renewcommand{\uFunc}{u} -\newcommand{\wlthAftr}{\acute{w}} -\newcommand{\wlthBefr}{w} - -\newcommand{\prdt}{t} -\newcommand{\prdT}{t} -\newcommand{\prd}{t} -\newcommand{\trmT}{T} -\newcommand{\prdLsT}{t-1} -\newcommand{\prdLst}{t-1} diff --git a/Resources/texmf-local/tex/latex/econark.sty b/Resources/texmf-local/tex/latex/econark.sty deleted file mode 100644 index 4f7f8bbde..000000000 --- a/Resources/texmf-local/tex/latex/econark.sty +++ /dev/null @@ -1,367 +0,0 @@ -% Style file with stuff that should be available for any latex doc in Econ-ARK -% \providecommand{[macroName]}{[value]} does not overwrite [macroName] -% so if used after macroName is already defined, it leaves the macro unchanged - -% Get references right whether compiled as subfile or main file -% https://tex.stackexchange.com/questions/463699/proper-reference-numbers-with-subfiles -\newcommand\labelprefix{} -\newcommand\localorexternallabel[1]{% Removing this comment breaks the command - \expandafter\ifx\csname r@#1\endcsname\relax - \labelprefix - \fi #1% Removing this comment breaks the command -} - -% Appendices and body are subfiles -\RequirePackage{subfiles} -\RequirePackage{xmpincl} % mathstat.dal..ca/~sellinger/pdfa - -% Get all the packages from the American Mathematical Society -\RequirePackage{amsmath,amsfonts,amsmath,amsthm,amssymb} - -% Command to define a label only if it does not yet exist (suppresses misleading -% warnings when material created in subfiles is read in while references already -% exist from master document) -\makeatletter -\providecommand{\iflabelexists}[3]{\@ifundefined{r@#1}{\G@refundefinedtrue{#3}}{#2}} -\makeatother - -% Home of Econ-ARK -\providecommand{\ARKurl}{\href{https://econ-ark.org}{{Econ-ARK}}} - -% Define various generically useful terms and items -\providecommand{\avg}{\bar} -\providecommand{\cov}{}\renewcommand{\cov}{\textup{cov}} -\providecommand{\Abve}{\bar} -\providecommand{\Belw}{\underline} -\providecommand{\CDF}{\mathcal{F}} -\providecommand{\GroFac}{\Omega} % Generic for growth factor -\providecommand{\GroRte}{\omega} % Generic for growth rate -\providecommand{\Lvl}{\mathbf} % Levels of variables are bold - -% Constrained -\providecommand{\cnstr}[1]{\grave{#1}} - -\providecommand{\BalGroFac}{\check} % Balanced growth factor -\providecommand{\BalGroRte}{\tilde} % Balanced growth rate (log change) -\providecommand{\TargetNrm}{\hat} % Target -\providecommand{\ABalLvl}{\BalGroFac{\ALvl}} % m where ALvl grows by PermGroFac -\providecommand{\MBalLvl}{\BalGroFac{\MNrm}} % m where MLvl grows by PermGroFac -\providecommand{\mBalLog}{\BalGroRte{\mNrm}} % m where mLog grows by PermGroRte -\providecommand{\mTrgNrm}{\TargetNrm{\mNrm}} % m where E[m_{t+1}]=m_{t} - -% Levels are boldface -\providecommand{\aLvl}{\mathbf{a}} -\providecommand{\bLvl}{\mathbf{b}} -\providecommand{\cLvl}{\mathbf{c}} -\providecommand{\dLvl}{\mathbf{d}} -\providecommand{\eLvl}{\mathbf{e}} -\providecommand{\fLvl}{\mathbf{f}} -\providecommand{\gLvl}{\mathbf{g}} -\providecommand{\hLvl}{\mathbf{h}} -\providecommand{\iLvl}{\mathbf{i}} -\providecommand{\jLvl}{\mathbf{j}} -\providecommand{\kLvl}{\mathbf{k}} -\providecommand{\mLvl}{\mathbf{m}} -\providecommand{\nLvl}{\mathbf{n}} -\providecommand{\pLvl}{\mathbf{p}} -\providecommand{\qLvl}{\mathbf{q}} -\providecommand{\rLvl}{\mathbf{r}} -\providecommand{\sLvl}{\mathbf{s}} -\providecommand{\tLvl}{\mathbf{t}} -\providecommand{\uLvl}{\mathbf{u}} -\providecommand{\vLvl}{\mathbf{v}} -\providecommand{\wLvl}{\mathbf{w}} -\providecommand{\xLvl}{\mathbf{x}} -\providecommand{\yLvl}{\mathbf{y}} -\providecommand{\zLvl}{\mathbf{z}} - -\providecommand{\ALvl}{\mathbf{A}} -\providecommand{\BLvl}{\mathbf{B}} -\providecommand{\CLvl}{\mathbf{C}} -\providecommand{\DLvl}{\mathbf{D}} -\providecommand{\ELvl}{\mathbf{E}} -\providecommand{\FLvl}{\mathbf{F}} -\providecommand{\GLvl}{\mathbf{G}} -\providecommand{\HLvl}{\mathbf{H}} -\providecommand{\ILvl}{\mathbf{I}} -\providecommand{\JLvl}{\mathbf{J}} -\providecommand{\KLvl}{\mathbf{K}} -\providecommand{\LLvl}{\mathbf{L}} -\providecommand{\MLvl}{\mathbf{M}} -\providecommand{\NLvl}{\mathbf{N}} -\providecommand{\OLvl}{\mathbf{O}} -\providecommand{\PLvl}{\mathbf{P}} -\providecommand{\QLvl}{\mathbf{Q}} -\providecommand{\RLvl}{\mathbf{R}} -\providecommand{\SLvl}{\mathbf{S}} -\providecommand{\TLvl}{\mathbf{T}} -\providecommand{\ULvl}{\mathbf{U}} -\providecommand{\VLvl}{\mathbf{V}} -\providecommand{\WLvl}{\mathbf{W}} -\providecommand{\XLvl}{\mathbf{X}} -\providecommand{\YLvl}{\mathbf{Y}} -\providecommand{\ZLvl}{\mathbf{Z}} - -% Functions are Roman not italicized -\providecommand{\aFunc}{\mathrm{a}} -\providecommand{\bFunc}{\mathrm{b}} -\providecommand{\cFunc}{\mathrm{c}} -\providecommand{\dFunc}{\mathrm{d}} -\providecommand{\eFunc}{\mathrm{e}} -\providecommand{\fFunc}{\mathrm{f}} -\providecommand{\hFunc}{\mathrm{h}} -\providecommand{\iFunc}{\mathrm{i}} -\providecommand{\jFunc}{\mathrm{j}} -\providecommand{\kFunc}{\mathrm{k}} -\providecommand{\mFunc}{\mathrm{m}} -\providecommand{\nFunc}{\mathrm{n}} -\providecommand{\pFunc}{\mathrm{p}} -\providecommand{\sFunc}{\mathrm{s}} -\providecommand{\rFunc}{\mathrm{r}} -\providecommand{\uFunc}{\mathrm{u}} -\providecommand{\vFunc}{\mathrm{v}} -\providecommand{\wFunc}{\mathrm{w}} -\providecommand{\xFunc}{\mathrm{x}} -\providecommand{\yFunc}{\mathrm{y}} -\providecommand{\zFunc}{\mathrm{z}} - -\providecommand{\AFunc}{\mathrm{A}} -\providecommand{\BFunc}{\mathrm{B}} -\providecommand{\CFunc}{\mathrm{C}} -\providecommand{\DFunc}{\mathrm{D}} -\providecommand{\EFunc}{\mathrm{E}} -\providecommand{\FFunc}{\mathrm{F}} -\providecommand{\GFunc}{\mathrm{G}} -\providecommand{\HFunc}{\mathrm{H}} -\providecommand{\IFunc}{\mathrm{I}} -\providecommand{\JFunc}{\mathrm{J}} -\providecommand{\KFunc}{\mathrm{K}} -\providecommand{\LFunc}{\mathrm{L}} -\providecommand{\MFunc}{\mathrm{M}} -\providecommand{\NFunc}{\mathrm{N}} -\providecommand{\OFunc}{\mathrm{O}} -\providecommand{\PFunc}{\mathrm{P}} -\providecommand{\QFunc}{\mathrm{Q}} -\providecommand{\RFunc}{\mathrm{R}} -\providecommand{\SFunc}{\mathrm{S}} -\providecommand{\TFunc}{\mathrm{T}} -\providecommand{\UFunc}{\mathrm{U}} -\providecommand{\VFunc}{\mathrm{V}} -\providecommand{\WFunc}{\mathrm{W}} -\providecommand{\XFunc}{\mathrm{X}} -\providecommand{\YFunc}{\mathrm{Y}} -\providecommand{\ZFunc}{\mathrm{Z}} -% Ratios to permanent income are normal face -\providecommand{\aNrm}{a} -\providecommand{\bNrm}{b} -\providecommand{\cNrm}{c} -\providecommand{\dNrm}{d} -\providecommand{\eNrm}{e} -\providecommand{\fNrm}{f} -\providecommand{\hNrm}{h} -\providecommand{\iNrm}{i} -\providecommand{\jNrm}{j} -\providecommand{\kNrm}{k} -\providecommand{\mNrm}{m} -\providecommand{\pNrm}{p} -\providecommand{\rNrm}{s} -\providecommand{\sNrm}{s} -\providecommand{\vNrm}{v} -\providecommand{\yNrm}{y} -\providecommand{\zNrm}{z} - -\providecommand{\ANrm}{A} -\providecommand{\BNrm}{B} -\providecommand{\CNrm}{C} -\providecommand{\DNrm}{D} -\providecommand{\ENrm}{E} -\providecommand{\FNrm}{F} -\providecommand{\HNrm}{H} -\providecommand{\INrm}{I} -\providecommand{\JNrm}{J} -\providecommand{\KNrm}{K} -\providecommand{\MNrm}{M} -\providecommand{\PNrm}{P} -\providecommand{\SNrm}{S} -\providecommand{\VNrm}{V} -\providecommand{\YNrm}{Y} -\providecommand{\ZNrm}{Z} - -\providecommand{\RNrm}{\mathcal{R}} -% Ind and Agg varaibles begin with lower case -\providecommand{\tranShkInd}{\theta} % -\providecommand{\tranShk}{\tranShkInd} % -\providecommand{\tranShkAgg}{\Theta} % -\providecommand{\permShkInd}{\psi} % -\providecommand{\permShk}{\permShkInd} % -\providecommand{\PermShkAgg}{\Psi} % -\providecommand{\tranShkAgg}{\Theta} % -\providecommand{\std}{\sigma} -\providecommand{\tranShkIndStd}{\std_{\tranShkInd}} % -\providecommand{\tranShkIndVar}{\std^{2}_{\tranShkInd}} % -\providecommand{\tranShkAggStd}{\std_{\tranShkAgg}} % -\providecommand{\tranShkAggVar}{\std^{2}_{\tranShkAgg}} % - -% Combo variables (combining Ind and Agg) -\providecommand{\PermShk}{\mathbf{\Psi}} -\providecommand{\PermShkStd}{\std_{\PermShk}} -\providecommand{\PermShkVar}{\std^{2}_{\PermShk}} -\providecommand{\PermLvl}{\pLvl} -\providecommand{\PermLvlAgg}{\PLvl} - -% More specialized variables -\providecommand{\TranShkAll}{\pmb{\xi}} -\providecommand{\TranShkMin}{\underline{\xi}} -\providecommand{\TranShkMax}{\overline{\xi}} -\providecommand{\TranShkStd}{\std_{\TranShk}} -\providecommand{\TranShkVar}{\std^{2}_{\TranShk}} -\providecommand{\TranShkEmp}{\pmb{\theta}} -\providecommand{\TranShkEmpMin}{}\renewcommand{\TranShkEmpMin}{\underline{\TranShkEmp}} -\providecommand{\TranShkEmpMax}{}\renewcommand{\TranShkEmpMax}{\overline{\TranShkEmp}} -\providecommand{\IncUnemp}{\mu} % Income in unemployment - -\providecommand{\permLvlAgg}{\mathrm{P}} % -\providecommand{\permLvlInd}{\mathrm{p}} % - -\providecommand{\MPCmin}{{\uline{\kappa}}} -\providecommand{\MPCmax}{{\bar{\kappa}}} -\providecommand{\MPCmaxmax}{{\bar{\bar{\kappa}}}} -\providecommand{\MPCmaxmin}{{\hat{\underline{\kappa}}}} -\providecommand{\MPCminmin}{{\underline{\kappa}}} -\providecommand{\Opt}{\tilde} -\providecommand{\permGroFacAgg}{\mathrm{G}} -\providecommand{\permGroFacInd}{\mathsf{G}} -\providecommand{\PermGroFac}{\mathcal{G}} -\providecommand{\PermGroFacAdj}{\underline{\PermGroFac}} -\providecommand{\PermGroFacuAdj}{\underline{\underline{\PermGroFac}}} -\providecommand{\PermGroRte}{g} - -\providecommand{\Alive}{\mathcal{L}}\renewcommand{\Alive}{\mathcal{L}} -\providecommand{\RfreeAgg}{}\renewcommand{\RfreeAgg}{\Agg{\Rfree}} - -\providecommand{\DeprFac}{\daleth} -\providecommand{\deprRte}{\delta} % -\providecommand{\DiscFac}{\beta} -\providecommand{\DiscFacAlt}{\beth} -\providecommand{\DiscAltuAdj}{{\underline{\underline{\beth}}}} -\providecommand{\DiscAlt}{}\renewcommand{\DiscAlt}{\beth} -\providecommand{\DiscFacRaw}{\beta} -\providecommand{\DiscFacLiv}{\underline{\DiscFacRaw}} -\providecommand{\discRte}{\vartheta} % - -\providecommand{\APFac}{\text{\pmb{\Thorn}}} % Former \Pat -\providecommand{\APFacDefn}{\hyperlink{APFacDefn}{\textrm{APF}}} - -\providecommand{\GPFacRaw}{\APFac_{\PermGroFac}} -\providecommand{\GPFacNrm}{\APFac_{\PermGroFacAdj}} -\providecommand{\RPFac}{\APFac_{\Rfree}} - -\providecommand{\RPRte}{\text{\thorn}_{\rfree}} -\providecommand{\GPRte}{\text{\thorn}_{\PermGroRte}} -\providecommand{\APRte}{\text{\thorn}} - - -\providecommand{\EPermShkInv}{\Ex[\PermShk^{-1}]} % Formerly EpShkInv -\providecommand{\InvEPermShkInv}{\underline{\PermShk}} % Formerly InvEpShkInv -\providecommand{\uInvEuPermShk}{\underline{\underline{\PermShk}}} % Formerly {\uInvEpShkuInv} - -\providecommand{\RfreeEff}{\bar{\Rfree}} % Blanchard-adjusted interest rate - -\providecommand{\PopnGroFac}{\Xi} -\providecommand{\PopnGroRte}{\xi} -\providecommand{\PopnLvl}{\pmb{\mathrm{N}}} - -\providecommand{\LivPrb}{\Alive} -\providecommand{\livPrb}{\ell} - -\providecommand{\cncl}{} -\renewcommand\cncl[1]{{\cancel{#1}}} - -\providecommand{\pNotZero}{(1-\pZero)} - -\providecommand{\CARA}{{\alpha}} -\providecommand{\CRRA}{\rho} -\providecommand{\diePrb}{{\mathsf{d}}} % Continuous time death rate -\providecommand{\DiePrb}{{\mathsf{D}}} % Discrete-time one-period death rate -\providecommand{\Ex}{}\renewcommand{\Ex}{{\mathbb{E}}} % Expectations operator defined in econtex.cls -\providecommand{\Mean}{{\mathbb{M}}} % Mean -\providecommand{\MPC}{{\kappa}} -\providecommand{\MPCFunc}{\pmb{\kappa}} -\providecommand{\pZero}{\wp} - -\providecommand{\rfree}{\mathsf{r}} % The net return rate on the safe asset -\providecommand{\Rfree}{\mathsf{R}} % The return factor on the safe asset -\providecommand{\RSave}{{\underline{\Rfree}}} -\providecommand{\rsave}{{\underline{\rfree}}} -\providecommand{\RBoro}{{\bar{\Rfree}}} -\providecommand{\rboro}{{\bar{\rfree}}} - -\providecommand{\Risky}{{\mathbf{R}}} % The return factor on the risky asset -\providecommand{\risky}{{\mathbf{r}}} % The arithmetic return rate E[\Risky] - 1 -\providecommand{\riskyELog}{\risky} % The arithmetic return rate \Risky - 1 -\providecommand{\riskyELev}{\boldsymbol{r}} % The geometric return rate \log \Risky -\providecommand{\riskyshare}{{\varsigma}} -\providecommand{\riskyvar}{\std^{2}_{\risky}} -\providecommand{\Rport}{\mathfrak{R}} % Portfolio -weighted return -\providecommand{\rport}{\mathfrak{r}} - -\providecommand{\uPPP}{{{\mathrm{u}^{\prime\prime\prime}}}} -\providecommand{\uPP}{{{\mathrm{u}^{\prime\prime}}}} -\providecommand{\uP}{{{\mathrm{u}^{\prime}}}} -\providecommand{\util}{u} - -\providecommand{\Kap}{{K}} -\providecommand{\kap}{k} - -\providecommand{\leiShare}{\zeta} % - -\providecommand{\MPSmin}{\pZero^{1/\CRRA} \RPFac} -\providecommand{\MPSmax}{\RPFac} - -\providecommand{\PDV}{{\mathbb{P}}} % -\providecommand{\Wage}{{\mathsf{W}}} -\providecommand{\wage}{{\mathsf{w}}} - -\providecommand{\TaxLev}{T} -\providecommand{\Tax}{} -\providecommand{\TaxFree}{{\cancel{\Tax}}} - -\providecommand{\Alt}{\grave} - -\providecommand{\urate}{{\mho}} -\providecommand{\erate}{{\cancel{\mho}}} -\providecommand{\unins}{\upsilon} - -\providecommand{\Labor}{}\renewcommand{\Labor}{\mathrm{L}} -\providecommand{\labor}{}\renewcommand{\labor}{\ell} - -\providecommand{\EEndMap}{{\mathsf{E}}} -\providecommand{\TMap}{\mathscr{T}} - -\providecommand{\CEndFunc}{{\mathfrak{C}}} -\providecommand{\cEndFunc}{{\mathfrak{c}}} - -\providecommand{\uFuncInv}{\rotatebox{180}{$\uFunc$}} -\providecommand{\muFuncInv}{\rotatebox{180}{$\uFunc$}} - -\providecommand{\Hi}{\overline} -\providecommand{\Lo}{\underline} - -\providecommand{\Rnorm}{{\mathcal{R}}} % Normalized version of riskless return factor -\providecommand{\rnorm}{{\mathit{r}}} % Normalized version of riskless rate of return - -\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}{\pmb{\varphi}} % equity premium -\providecommand{\eprem}{\phi} % log equity premium - -\providecommand{\weight}{\omega} - -\providecommand{\FDist}{{\mathcal{F}}} -\providecommand{\fDist}{{\mathcal{f}}} - -\providecommand{\aMin}{{\underline{\aNrm}}} - -\providecommand{\FDist}{}\renewcommand{\FDist}{\mathcal{F}} -\providecommand{\fDist}{}\renewcommand{\fDist}{\mathcal{f}} - -\providecommand{\Nrml}{}\renewcommand{\Nrml}{\mathcal{N}} diff --git a/Resources/texmf-local/tex/latex/econtex.cls b/Resources/texmf-local/tex/latex/econtex.cls deleted file mode 100644 index 3fb95da87..000000000 --- a/Resources/texmf-local/tex/latex/econtex.cls +++ /dev/null @@ -1,415 +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} -\RequirePackage{currfile} % define macros to produce the filename and path -% 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,headings=optiontocandhead]{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 - ,xcolor % Superceded color, which is WAY out of date - ,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 - \else - \providecommand{\ushort}{} - \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{\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 - \ifdvi - \else % horizontal rule works well for PDF, not for html -% \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \fi - \vspace*{4mm} - \abstractSizeDefault - \noindent \textbf{Abstract}\\ - \indent - }{% -% \noindent {\tiny \phantom{.}} \\ % Trick to get proper spacing in html - \ifdvi - \else -% \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \fi - \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 - -% Add default link for html material at github llorracc -\newcommand{\llorraccio}[1]{\href{https://llorracc.github.io/#1}{\texttt{#1}}} diff --git a/Resources/texmf-local/tex/latex/econtex.sty b/Resources/texmf-local/tex/latex/econtex.sty deleted file mode 100644 index fcefb5736..000000000 --- a/Resources/texmf-local/tex/latex/econtex.sty +++ /dev/null @@ -1,34 +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/Resources/texmf-local/tex/latex/econtexBibMake.tex b/Resources/texmf-local/tex/latex/econtexBibMake.tex deleted file mode 100644 index ad524e192..000000000 --- a/Resources/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/Resources/texmf-local/tex/latex/econtexSetup.sty b/Resources/texmf-local/tex/latex/econtexSetup.sty deleted file mode 100644 index 11f3f94de..000000000 --- a/Resources/texmf-local/tex/latex/econtexSetup.sty +++ /dev/null @@ -1,244 +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 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\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{ \isundefined\@jelclass }{ - \ClassWarningNoLine{bejournal}{No JEL classification specified. - Please use the command 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\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}{0.1,0.094,0.3} -\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{http://www.econ2.jhu.edu/people/ccarroll/SolvingMicroDSOPs/}{SolvingMicroDSOPs}} - 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-\begin{quote} -#1 -\end{quote} -} -{#2}} - - - - - diff --git a/Resources/texmf-local/tex/latex/econtexShortcuts.sty b/Resources/texmf-local/tex/latex/econtexShortcuts.sty deleted file mode 100755 index 2d6715e00..000000000 --- a/Resources/texmf-local/tex/latex/econtexShortcuts.sty +++ /dev/null @@ -1,660 +0,0 @@ -% -*- mode: LaTeX; TeX-PDF-mode: t; -*- # Tell emacs the file type (for syntax coloring) -\usepackage{econark} - -\providecommand{\constr}[1]{\grave{#1}} % alternative to \cnstr from econark which is preferred - -\providecommand{\aAgg}{{\mathsf{A}}} -\providecommand{\aboveMin}{\blacktriangle} -\providecommand{\adjPar}{{\omega}} -\providecommand{\adj}{{\mathrm{j}}} -\providecommand{\aE}{\aRat^{e}} -\providecommand{\aFunc}{{\mathrm{a}}} -\providecommand{\Age}{{Z}} -\providecommand{\age}{{z}} -\providecommand{\Agg}{\bar} -\providecommand{\ALevBF}{{\mathbf{A}}} -\providecommand{\aLevBF}{{\mathbf{a}}} -\providecommand{\ALev}{{A}} -\providecommand{\aLev}{a} -\providecommand{\Alive}{{\aleph}} -\providecommand{\Alt}{\grave} -\providecommand{\aMin}{{\underline{\aRat}}} -\providecommand{\ARat}{{A}} -\providecommand{\aRat}{a} -\providecommand{\ARat}{{A}} -\providecommand{\aRat}{a} -%\providecommand{\aRatBF}{{\pmb{a}}} -\providecommand{\ASS}{{{A}}} -\providecommand{\aSS}{{a}} -\providecommand{\ATarg}{{\check{A}}} -\providecommand{\aTarg}{{\check{a}}} -\providecommand{\BE}{\BRat^{e}} -\providecommand{\bE}{\bRat^{e}} -\providecommand{\BLevBF}{{\mathbf{B}}} -\providecommand{\bLevBF}{{\mathbf{b}}} -\providecommand{\BLevE}{{\BLev^{e}}} -\providecommand{\bLevE}{{\bLev^{e}}} -\providecommand{\BLevU}{{\BLev^{u}}} -\providecommand{\bLevU}{{\bLev^{u}}} -\providecommand{\BLev}{{B}} -\providecommand{\bLev}{b} -\providecommand{\bMin}{{\underline{\bRat}}} -\providecommand{\bRatE}{{b}^{e}} -\providecommand{\BRatE}{{B}^{e}} -\providecommand{\bRatU}{{b}^{u}} -\providecommand{\BRat}{{B}} -\providecommand{\bRat}{b} -\providecommand{\bRatBF}{{\pmb{\mathrm{b}}}} -\providecommand{\bTargE}{{\check{b}^{e}}} -\providecommand{\BTargTarg}{\Target{\Target{\BRat}}} -\providecommand{\bTargTarg}{\Target{\Target{\bRat}}} -\providecommand{\BTarg}{{\check{B}}} -\providecommand{\bTarg}{{\check{b}}} -\providecommand{\BU}{{B}^{u}} -\providecommand{\bU}{{b}^{u}} -\providecommand{\cAgg}{{\pmb{C}}} -\providecommand{\CARA}{{\alpha}} -\providecommand{\ccRat}{{\mathsf{c}}} -\providecommand{\CDF}{{\mathcal{F}}} -\providecommand{\CEndFunc}{{\mathfrak{C}}} -\providecommand{\cEndFunc}{{\mathfrak{c}}} -\providecommand{\cEss}{{c}^{e}} -\providecommand{\CE}{\CRat^{e}} -\providecommand{\cE}{\cRat^{e}} -\providecommand{\cFuncAbove}{{\bar{\mathrm{c}}}} -\providecommand{\cFuncBelow}{{\uline{\mathrm{c}}}} -\providecommand{\cFuncMax}{{\bar{\bar{\mathrm{c}}}}} -\providecommand{\CFunc}{{\mathrm{C}}} -\providecommand{\cFunc}{{\mathrm{c}}} -\providecommand{\cFunc}{{\mathrm{c}}} -\providecommand{\CGroOverG}{{\Upsilon}} -\providecommand{\CGroOverR}{{\Phi}} -\providecommand{\CGroPF}{{\Lambda}} -\providecommand{\cGroPF}{{\lambda}} -\providecommand{\CGroPS}{{\chi}} % Precautionary Saving boost to consumption growth -\providecommand{\chiFunc}{\pmb{\chi}} -\providecommand{\Chi}{{\mathrm{X}}} % capital chi is sometimes useful, and not native to LaTeX -\providecommand{\CLevBF}{{\mathbf{C}}} -\providecommand{\cLevBF}{{\mathbf{c}}} -\providecommand{\CLevE}{\CLev^{e}} -\providecommand{\cLevE}{\cLev^{e}} -\providecommand{\cLevFunc}{{\pmb{\cFunc}}} -\providecommand{\CLevU}{\CLev^{u}} -\providecommand{\cLevU}{\cLev^{u}} -\providecommand{\cLev}{c} -\providecommand{\CLev}{{C}} -\providecommand{\Cons}{{C}} -\providecommand{\cons}{c} -\providecommand{\corr}{\varrho} -\providecommand{\cPDVFunc}{{\mathbb{C}}} -\providecommand{\CPDV}{{\text{PDV($C$)}}} -\providecommand{\cPPP}{\cons^{\prime\prime\prime}} -\providecommand{\cPP}{\cons^{\prime\prime}} -\providecommand{\cP}{\cons^{\prime}} -\providecommand{\cRatBF}{{\pmb{c}}} -\providecommand{\CRatE}{\CRat^{e}} -\providecommand{\cRatE}{\cRat^{e}} -\providecommand{\CRatU}{\CRat^{u}} -\providecommand{\cRatU}{\cRat^{u}} -\providecommand{\CRat}{{C}} -\providecommand{\cRat}{c} -\providecommand{\CRRA}{\rho} -\providecommand{\CTargE}{\CTarg^{\null}} -\providecommand{\cTargE}{{\Target{c}^{e}}} -\providecommand{\cTargTarg}{\Target{\Target{\cRat}}} -\providecommand{\CTarg}{{\Target{C}}} -\providecommand{\cTarg}{{\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}{d} -\providecommand{\debtLim}{\mathsf{d}} -\providecommand{\Debt}{{D}} -\providecommand{\debt}{d} -\providecommand{\DeprFac}{\daleth} -\providecommand{\Depr}{\daleth} -\providecommand{\depr}{\delta} -\providecommand{\deprRte}{\delta} % New -\providecommand{\DiscAltuAdj}{{\underline{\underline{\beth}}}} -\providecommand{\DiscAlt}{\beth} -\providecommand{\Discount}{\beta} -\providecommand{\DiscRate}{{\vartheta}} -\providecommand{\DiscRte}{{\vartheta}} % New -\providecommand{\discRte}{{\vartheta}} % New -\providecommand{\DiscFac}{\beta} % New -\providecommand{\DivGro}{{\mathrm{G}}} -\providecommand{\divGro}{{\mathsf{g}}} -\providecommand{\Div}{{D}} -% \providecommand{\div}{d} reserved for divide -\providecommand{\DLev}{{D}} -\providecommand{\Dvdnd}{{\mathbf{D}}} -\providecommand{\dvdnd}{d} -\providecommand{\edvdnd}{\grave{\dvdnd}} -\providecommand{\EEndMap}{{\mathsf{E}}} -\providecommand{\effUnits}{{X}} -\providecommand{\eFunc}{{\mathrm{e}}} -\providecommand{\ELev}{{E}} -\providecommand{\ek}{{\lambda}} -\providecommand{\EmpGro}{{\Xi}} -\providecommand{\empGro}{{\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}{\pmb{\varphi}} % equity premium -\providecommand{\eprem}{\phi} % log equity premium -\providecommand{\EpShkInv}{\Ex[\pShk^{-1}]} -\providecommand{\erate}{{\cancel{\mho}}} -\providecommand{\error}{{\epsilon}} -\providecommand{\Err}{{Z}} -\providecommand{\err}{{z}} -\providecommand{\err}{{z}} -\providecommand{\Estdr}{{\sigma_{\risky}}} % Standard deviation of log return on risky asset -\providecommand{\Evarr}{{\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}{{\xi}} -%\providecommand{\Ex}{{\mathbb{E}}} % Expectations operator defined in econtex.cls -\providecommand{\FDist}{{\mathcal{F}}} -\providecommand{\fDist}{{\mathcal{f}}} -\providecommand{\FFunc}{{\mathrm{F}}} -\providecommand{\fFunc}{{\mathrm{f}}} -\providecommand{\FLev}{{F}} -\providecommand{\fLev}{{f}} -\providecommand{\fPP}{{\mathrm{f}^{\prime\prime}}} -\providecommand{\FPP}{{\mathrm{F}^{\prime\prime}}} -\providecommand{\fP}{{\mathrm{f}^{\prime}}} -\providecommand{\FP}{{\mathrm{F}^{\prime}}} -\providecommand{\GLev}{{G}} -\providecommand{\GovNW}{{N}} -\providecommand{\govNW}{{n}} -\providecommand{\GovSpend}{{X}} -\providecommand{\govSpend}{{x}} -\providecommand{\Habit}{{H}} -\providecommand{\Habit}{{H}} -\providecommand{\habit}{{h}} -\providecommand{\Ham}{{\mathcal{H}}} % Hamiltonian -\providecommand{\HARKcore}{\texttt{HARKcore}} -\providecommand{\hEndMin}{{\underline{\mathfrak{h}}}} -\providecommand{\hEnd}{{\mathfrak{h}}} -\providecommand{\hFunc}{{\mathrm{h}}} -\providecommand{\Hi}{\hat} -\providecommand{\HLevBF}{{\mathbf{H}}} -\providecommand{\hLevBF}{{\mathbf{h}}} -\providecommand{\HLev}{{H}} -\providecommand{\hLev}{{h}} -\providecommand{\hMin}{{\underline{\h}}} -\providecommand{\HMin}{{\underline{H}}} -\providecommand{\hours}{{\mathfrak{h}}} -\providecommand{\Hours}{{\mathfrak{H}}} -\providecommand{\HRat}{{H}} -\providecommand{\hRat}{{h}} -%\providecommand{\h}{{h}} -\providecommand{\iFunc}{{\mathrm{i}}} -\providecommand{\IFunc}{{\mathrm{I}}} -\providecommand{\ILev}{{I}} -\providecommand{\iLev}{{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}{{I}} -\providecommand{\iRat}{{i}} -\providecommand{\itc}{{\zeta}} -\providecommand{\jFunc}{{\mathrm{j}}} -\providecommand{\JLev}{{J}} -\providecommand{\kapRent}{{\varkappa}} -\providecommand{\kapShare}{{\alpha}} -\providecommand{\Kap}{{K}} -\providecommand{\kap}{k} -\providecommand{\KFunc}{{\mathrm{K}}} -\providecommand{\kFunc}{{\mathrm{k}}} -\providecommand{\KLevBF}{{\mathbf{K}}} -\providecommand{\kLevBF}{{\mathbf{k}}} -\providecommand{\KLev}{{K}} -\providecommand{\kLev}{k} -\providecommand{\kPriceAfterITC}{{\mathscr{P}}} -\providecommand{\kPrice}{{\mathsf{P}}} -\providecommand{\KRat}{{K}} -\providecommand{\kRat}{k} -\providecommand{\kTargE}{{\Target{k}^{e}}} -\providecommand{\kTarg}{{\Target{k}}} -\providecommand{\labor}{{\ell}} % -\providecommand{\Labor}{{L}} -\providecommand{\labShare}{{\nu}} -\providecommand{\Leisure}{Z} % -\providecommand{\leisure}{z} % -\providecommand{\leiShare}{{\zeta}} % -\providecommand{\LGro}{{\Lambda}} -\providecommand{\lGro}{{\lambda}} -\providecommand{\LLevBF}{{\mathbf{L}}} -\providecommand{\lLevBF}{{\pmb{\ell}}} -\providecommand{\lLev}{{\ell}} -\providecommand{\LLev}{{L}} -\providecommand{\Lo}{\check} -\providecommand{\LRat}{{L}} -\providecommand{\MaxMaxMPC}{{\bar{\bar{\kappa}}}} -\providecommand{\MaxMinMPC}{{\hat{\underline{\kappa}}}} -\providecommand{\MaxMPC}{{\bar{\kappa}}} -\providecommand{\MaxMPS}{{\PatR}} -\providecommand{\Mean}{{\mathbb{M}}} % Mean -\providecommand{\mEss}{\check{m}^{e}} -\providecommand{\ME}{\MRat^{e}} -\providecommand{\mE}{\mRat^{e}} -\providecommand{\mFunc}{{\mathrm{m}}} -\providecommand{\MinMinMPC}{{\underline{\kappa}}} -\providecommand{\MinMPC}{{\uline{\kappa}}} -\providecommand{\MinMPS}{{\pZero^{1/\CRRA} \PatR}} -\providecommand{\MLevBF}{{\mathbf{M}}} -\providecommand{\mLevBF}{{\mathbf{m}}} -\providecommand{\mLevBF}{{\mathbf{m}}} -\providecommand{\mLevE}{\mLev^{e}} -\providecommand{\MLev}{{M}} -\providecommand{\mLev}{m} -\providecommand{\Mod}{\tilde} -\providecommand{\MPCE}{\MPC^{e}} -\providecommand{\MPCFunc}{{\pmb{\kappa}}} -\providecommand{\MPCPPF}{{\Pi}} -\providecommand{\MPCP}{{\pi}} -\providecommand{\MPCU}{\MPC^{u}} -\providecommand{\MPC}{{\kappa}} -\providecommand{\MPSFunc}{{\pmb{lambda}}} -\providecommand{\MPS}{{\lambda}} -\providecommand{\MRatE}{\MRat^{e}} -\providecommand{\mRatE}{\mRat^{e}} -\providecommand{\MRat}{{M}} -\providecommand{\mRat}{m} -%\providecommand{\mRatBF}{{\pmb{\mathrm{m}}}} -\providecommand{\MSS}{{\breve{M}}} -\providecommand{\mSS}{{\breve{m}}} -\providecommand{\mTarg}{\check{m}} -\providecommand{\MU}{{M}^{u}} -\providecommand{\mU}{{m}^{u}} -%\providecommand{\m}{m} -%\providecommand{\M}{{M}} -%\providecommand{\next}{2} % via search-and-replace -\providecommand{\Next}{t+1} % -\providecommand{\nFunc}{{\mathrm{n}}} -\providecommand{\NLev}{{N}} -\providecommand{\nLev}{{n}} -\providecommand{\NRat}{{N}} -\providecommand{\nRat}{{n}} -\providecommand{\Num}{{N}} -\providecommand{\nIter}{{n}} -\providecommand{\OLevBF}{{\mathbf{O}}} -\providecommand{\oLevBF}{{\mathbf{o}}} -\providecommand{\OLev}{{O}} -\providecommand{\oLev}{{\pmb{o}}} -\providecommand{\ORat}{{O}} -\providecommand{\oRat}{{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}{{\grave{\cancel{\mathsf{d}}}}} -\providecommand{\pDead}{{\mathfrak{D}}} -\providecommand{\pDieRate}{{\grave{\mathsf{d}}}} -\providecommand{\pDies}{{\mathsf{d}}} % Continuous time death rate -\providecommand{\PDies}{{\mathsf{D}}} % Discrete-time one-period death rate -\providecommand{\diePrb}{{\mathsf{d}}} % Continuous time death rate -\providecommand{\DiePrb}{{\mathsf{D}}} % Discrete-time one-period death rate -\providecommand{\PDV}{{\mathbb{P}}} % PDV -\providecommand{\PGroAdj}{{\underline{\PGro}}} -\providecommand{\pGroAdj}{{\underline{\pGro}}} -\providecommand{\PGrouAdj}{{\underline{\underline{\PGro}}}} -\providecommand{\pGrouAdj}{{\underline{\underline{{\pGro}}}}} -\providecommand{\PGro}{{\Gamma}} -\providecommand{\pGro}{{\gamma}} -\providecommand{\PermGroFac}{{\pmb{\Gamma}}} % Econ-ARK -\providecommand{\PermGroRte}{{\pmb{\gamma}}} % Econ-ARK -\providecommand{\permGroFac}{{\Gamma}} % Econ-ARK -\providecommand{\permGroRte}{{\gamma}} % Econ-ARK -%\providecommand{\phiFunc}{{\digamma}} -\providecommand{\PIHMPC}{{\varkappa}} -\providecommand{\PInc}{{P}} -\providecommand{\PLabor}{{P}} % Permanent labor income in levels -\providecommand{\Plabor}{P} % Permanent labor income in levels -\providecommand{\PLevBF}{{\mathbf{P}}} -\providecommand{\pLevBF}{{\mathbf{p}}} -\providecommand{\PLev}{{P}} -\providecommand{\pLog}{{p}} -\providecommand{\pLev}{{\pmb{p}}} -\providecommand{\PLev}{{P}} -\providecommand{\LivPrb}{{\cancel{\DiePrb}}} -\providecommand{\livPrb}{{\cancel{\diePrb}}} -\providecommand{\PLives}{{\cancel{\PDies}}} -\providecommand{\pLives}{{\cancel{\pDies}}} -%\providecommand{\pNotZero}{{\cancel{\wp}}} -\providecommand{\pNotZero}{(1-\pZero)} -\providecommand{\PopE}{\mathcal{E}} -\providecommand{\popE}{e} -\providecommand{\PopGro}{{\Xi}} -\providecommand{\popGro}{{\xi}} -\providecommand{\PopLev}{{\pmb{N}}} -\providecommand{\PopU}{\mathcal{U}} -\providecommand{\Pop}{{L}} -\providecommand{\PostITC}{{\cancel{\zeta}}} -\providecommand{\power}{{\eta}} -\providecommand{\pPDVFunc}{{\mathbb{P}}} -\providecommand{\PPDV}{{\text{PDV($P$)}}} -\providecommand{\pRat}{{p}} -\providecommand{\Price}{{\mathsf{P}}} -\providecommand{\ProdFunc}{{\mathrm{F}}} -\providecommand{\ProdFunc}{{\mathrm{F}}} -\providecommand{\prodFunc}{{\mathrm{f}}} -\providecommand{\prudEx}{{\omega}} -\providecommand{\prud}{{\eta}} -\providecommand{\pSav}{{\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}{{\Phi}} -\providecommand{\PtyGro}{{\Phi}} -\providecommand{\ptyGro}{{\phi}} -\providecommand{\PtyLab}{{\mathrm{Z}}} % Labor productivity -\providecommand{\ptyLab}{{z}} % usually, log of \PtyLab -\providecommand{\PtyLev}{{A}} % Multiplies overall production function -\providecommand{\ptyLev}{a} % Usually, log of \PtyLev -\providecommand{\pZero}{\wp} -\providecommand{\QLev}{{Q}} -\providecommand{\q}{{\koppa}} -\providecommand{\RCpnd}{{\mathbf{R}}} -\providecommand{\RevFunc}{{\pmb{\Pi}}} -\providecommand{\revFunc}{{\pmb{\pi}}} -\providecommand{\Rev}{{\Pi}} -\providecommand{\rev}{{\pi}} -\providecommand{\rfree}{{\mathsf{r}}} % The net return on the safe asset at an annual rate -\providecommand{\Rfree}{{\mathsf{R}}} % The return factor on the safe asset - unfortunately mathfrak fonts don't come through for tth -\providecommand{\RfreeAgg}{{\bar{\Rfree}}} -\providecommand{\RFunc}{{\mathrm{R}}} -\providecommand{\RGross}{{\breve{\mathsf{R}}}} -\providecommand{\rGross}{{\breve{\mathsf{r}}}} -%\providecommand{\RiskyAlt}{{\acute{\mathbf{R}}}} % The return on the risky asset -\providecommand{\RiskyAlt}{{\pmb{\mathfrak{R}}}} % The return on the risky asset -% \providecommand{\riskyAlt}{{\acute{\mathbf{r}}}} % The net return on the risky asset annual rate -\providecommand{\riskyAlt}{{\pmb{\mathfrak{r}}}} % The net return on the risky asset annual rate -\providecommand{\riskyshare}{{\varsigma}} -\providecommand{\Risky}{{\mathbf{R}}} % The return on the risky asset -\providecommand{\risky}{{\mathbf{r}}} % The net return on the risky asset annual rate -\providecommand{\RLev}{{R}} % Rate of return (but better to use \Rfree or \Risky or something else more specific -\providecommand{\RnormWGro}{{\mathcal{R}_{\WGro}}} % Normalized version of riskless return factor -\providecommand{\rnormwGro}{{\mathit{r}_{\wGro}}} % Normalized version of riskless rate of return -\providecommand{\Rnorm}{{\mathcal{R}}} % Normalized version of riskless return factor -\providecommand{\rnorm}{{\mathit{r}}} % Normalized version of riskless rate of return -\providecommand{\Rport}{{\tilde{R}}} % Portfolio -weighted return -\providecommand{\rport}{{\tilde{r}}} -\providecommand{\Rprod}{{\mathscr{R}}} -\providecommand{\rprod}{{\mathscr{r}}} -\providecommand{\rProd}{{\mathsf{r}}} -\providecommand{\RProd}{{\mathsf{R}}} -\providecommand{\RSave}{{\underline{\Rfree}}} -\providecommand{\rsave}{{\underline{\rfree}}} -\providecommand{\RBoro}{{\bar{\Rfree}}} -\providecommand{\rboro}{{\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}{{\mathsf{X}}} -\providecommand{\seniority}{{\mathsf{x}}} -\providecommand{\SeverancePayment}{{\mathcal{S}}} -\providecommand{\SeveranceRatio}{{\varsigma}} -%\providecommand{\Severance}{{\varsigma}} -\providecommand{\Severance}{\kappa} -\providecommand{\SE}{\SRat^{e}} -\providecommand{\sE}{\sRat^{e}} -\providecommand{\sFunc}{{\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}{{S}} -\providecommand{\sLev}{{s}} -\providecommand{\srate}{{\varsigma}} -\providecommand{\SRatE}{\SRat^{e}} -\providecommand{\sRatE}{\sRat^{e}} -\providecommand{\SRatU}{\SRat^{u}} -\providecommand{\sRatU}{\sRat^{u}} -\providecommand{\SRat}{{S}} -\providecommand{\sRat}{{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}{{Z}} -\providecommand{\surplus}{{z}} -\providecommand{\SU}{\SRat^{u}} -\providecommand{\sU}{\sRat^{u}} -\providecommand{\Target}{\check} -\providecommand{\TaxCombInv}{{\mathcal{T}^{-1}}} -\providecommand{\TaxComb}{{\mathcal{T}}} -\providecommand{\TaxCorp}{{\Large \tau}} -\providecommand{\taxCorp}{{\tau}} -\providecommand{\taxDep}{{\partial}} -\providecommand{\TaxFree}{{\cancel{\Tax}}} -\providecommand{\TaxLev}{T} -\providecommand{\TaxNetTrans}{{Z}} -\providecommand{\taxNetTrans}{{z}} -\providecommand{\TaxPaid}{T} -\providecommand{\TaxRate}{t} -\providecommand{\TaxUI}{{\tau}} -\providecommand{\Tax}{{\tau}} -\providecommand{\tax}{\tau} -\providecommand{\tBak}{{\pmb{n}}} -\providecommand{\TEatBak}{{\mathtt{q}}} -\providecommand{\TEat}{{\TEnd}} -\providecommand{\TEndBak}{{\mathsf{p}}} -\providecommand{\TEnd}{T} -\providecommand{\TermTime}{T} -\providecommand{\tFwd}{{n}} -\providecommand{\tHorOfm}{{\pmb{n}}} -\providecommand{\tHor}{{\mathsf{n}}} -\providecommand{\timeRate}{{\vartheta}} -\providecommand{\tinyAmount}{{\epsilon}} -\providecommand{\TLev}{T} -\providecommand{\TMap}{\mathscr{T}} -\providecommand{\tNow}{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}{t} -\providecommand{\tThen}{{\tau}} -\providecommand{\uFunc}{{{\mathrm{u}}}} -\providecommand{\uInvEpShkuInv}{\underline{\underline{\psi}}} -\providecommand{\ULev}{{U}} -\providecommand{\uLev}{{u}} -\providecommand{\unins}{{\zeta}} -\providecommand{\uPDVFunc}{{\mathbb{U}}} -\providecommand{\uPmt}{{\mu}} -\providecommand{\uPPP}{{{\mathrm{u}^{\prime\prime\prime}}}} -\providecommand{\uPP}{{{\mathrm{u}^{\prime\prime}}}} -\providecommand{\uP}{{{\mathrm{u}^{\prime}}}} -\providecommand{\urate}{{\mho}} -\providecommand{\utilFunc}{{\mathrm{u}}} -\providecommand{\util}{{u}} -\providecommand{\ValAlt}{{\mathcal{V}}} % middle-of-period Value function -\providecommand{\valfn}{{\mathrm{v}}} % middle-of-period value function -\providecommand{\Value}{{\mathrm{V}}} % middle-of-period Value function -\providecommand{\VEndFunc}{{\mathfrak{V}}} -\providecommand{\vEndFunc}{{\mathfrak{v}}} -\providecommand{\VEnd}{{\mathfrak{V}}} % end-of-period Value function -\providecommand{\vEnd}{{\mathfrak{v}}} % end-of-period value function -\providecommand{\vEss}{\check{v}^{e}} -\providecommand{\VE}{{V}^{e}} -\providecommand{\vE}{{v}^{e}} -\providecommand{\vFirm}{{\mathrm{e}}} -\providecommand{\VFunc}{{\mathrm{V}}} -\providecommand{\vFunc}{{\mathrm{v}}} -\providecommand{\VInv}{{\Lambda}} -\providecommand{\vInv}{{\scriptstyle \Lambda \displaystyle}} -\providecommand{\vk}{{\lambda}} -\providecommand{\vLevBF}{{\mathbf{v}}} -\providecommand{\VLevFunc}{{\pmb{\mathrm{V}}}} -\providecommand{\vLevFunc}{{\pmb{\mathrm{v}}}} -\providecommand{\VLev}{{V}} -\providecommand{\vLev}{v} -\providecommand{\vNorm}{{\mathrm{w}}} % end-of-period value function -\providecommand{\VNum}{{V}} -\providecommand{\vNum}{v} -\providecommand{\vOptAlt}{{\Alt{\Mod{\mathfrak{v}}}}} -\providecommand{\vOpt}{{\Mod{\mathfrak{v}}}} -\providecommand{\VRat}{{V}} -\providecommand{\vRat}{v} -\providecommand{\vTarg}{\Target{\vRat}} -\providecommand{\VU}{{V}^{u}} -\providecommand{\vU}{{v}^{u}} -\providecommand{\Wage}{{\mathsf{W}}} -\providecommand{\wage}{{\mathsf{w}}} -\providecommand{\WAllLev}{{\mathbf{O}}} -\providecommand{\wAllLev}{{\mathbf{o}}} -\providecommand{\WAllRat}{{O}} -\providecommand{\wAllRat}{{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}{{O}} -\providecommand{\wealth}{{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}{{\mathrm{G}}} -\providecommand{\WGro}{{\mathrm{G}}} -\providecommand{\wGro}{{\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}{{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}{{x}} % -\providecommand{\WNet}{{X}} % Total wealth -\providecommand{\WPre}{{K}} -\providecommand{\wPre}{k} -\providecommand{\wRat}{{o}} % -\providecommand{\WRat}{{O}} % Ratio to permanent income -\providecommand{\wTot}{{\mathbf{o}}} % -\providecommand{\WTot}{{\mathbf{O}}} % Total wealth -\providecommand{\wtot}{{o}} % -\providecommand{\Wtot}{{O}} % Total wealth -\providecommand{\xFer}{\chi} -\providecommand{\XFer}{X} -\providecommand{\xFunc}{\mathrm{x}} -\providecommand{\XLev}{{X}} -\providecommand{\xLev}{{x}} -\providecommand{\xpend}{{\xi}} -\providecommand{\XperGro}{{\mathsf{X}}} -\providecommand{\xperGro}{{\mathsf{x}}} -\providecommand{\XRat}{{X}} -\providecommand{\xRat}{{x}} -\providecommand{\yFunc}{\mathrm{y}} -\providecommand{\yLevBF}{{\mathbf{y}}} -\providecommand{\YLev}{{Y}} -\providecommand{\YLevBF}{{\mathbf{Y}}} -\providecommand{\yLev}{{y}} -\providecommand{\YRat}{{Y}} -\providecommand{\yRat}{{y}} -\providecommand{\yTargE}{{\check{y}^{e}}} -\providecommand{\yTarg}{{\check{y}}} -\providecommand{\zAgg}{{\pmb{Z}}} -\providecommand{\zFunc}{\mathrm{z}} -\providecommand{\ZLevBF}{{\mathbf{Z}}} -%\providecommand{\zLevBF}{{\mathbf{z}}} -\providecommand{\zLevBF}{{\pmb{z}}} -\providecommand{\ZLev}{{Z}} -\providecommand{\zLev}{{z}} -\providecommand{\ZRat}{{Z}} -\providecommand{\zRat}{{z}} - -\providecommand{\DieFac}{\pDead} -\providecommand{\LivFac}{\Alive} -\providecommand{\PopFac}{\PopGro} -\providecommand{\popRte}{\popGro} - - -\providecommand{\NFALev}{\NLev} -\providecommand{\NFARat}{\NRat} -\providecommand{\NI}{{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}} - - -% Ensure that you're in math mode when using the \cancel command (otherwise tex4ht produces bad output) -\providecommand{\cncl}{} -\renewcommand\cncl[1]{{\cancel{#1}}} - - diff --git a/Resources/texmf-local/tex/latex/handout-no-natbib-no-hyperref.cls b/Resources/texmf-local/tex/latex/handout-no-natbib-no-hyperref.cls deleted file mode 100755 index 2f835e089..000000000 --- a/Resources/texmf-local/tex/latex/handout-no-natbib-no-hyperref.cls +++ /dev/null @@ -1,419 +0,0 @@ -% 20231106: -% - Remove natbib because it does not work with citation-style-language -% - Remove headings from \LoadClass{scrartcl} because it generates an annoying warning -%%% 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}[2023/03/05 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} -\RequirePackage{currfile} % define macros to produce the filename and path -% 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 - ,xcolor % Superceded color, which is WAY out of date - ,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 - \else - \providecommand{\ushort}{} - \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{\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 - \ifdvi - \else % horizontal rule works well for PDF, not for html -% \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \fi - \vspace*{4mm} - \abstractSizeDefault - \noindent \textbf{Abstract}\\ - \indent - }{% -% \noindent {\tiny \phantom{.}} \\ % Trick to get proper spacing in html - \ifdvi - \else -% \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \fi - \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 - -% Add default link for html material at github llorracc -\newcommand{\llorraccio}[1]{\href{https://llorracc.github.io/#1}{\texttt{#1}}} diff --git a/Resources/texmf-local/tex/latex/handout-no-natbib.cls b/Resources/texmf-local/tex/latex/handout-no-natbib.cls deleted file mode 100755 index 2f835e089..000000000 --- a/Resources/texmf-local/tex/latex/handout-no-natbib.cls +++ /dev/null @@ -1,419 +0,0 @@ -% 20231106: -% - Remove natbib because it does not work with citation-style-language -% - Remove headings from \LoadClass{scrartcl} because it generates an annoying warning -%%% 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}[2023/03/05 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} -\RequirePackage{currfile} % define macros to produce the filename and path -% 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 - ,xcolor % Superceded color, which is WAY out of date - ,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 - \else - \providecommand{\ushort}{} - \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{\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 - \ifdvi - \else % horizontal rule works well for PDF, not for html -% \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \fi - \vspace*{4mm} - \abstractSizeDefault - \noindent \textbf{Abstract}\\ - \indent - }{% -% \noindent {\tiny \phantom{.}} \\ % Trick to get proper spacing in html - \ifdvi - \else -% \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \fi - \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 - -% Add default link for html material at github llorracc -\newcommand{\llorraccio}[1]{\href{https://llorracc.github.io/#1}{\texttt{#1}}} diff --git a/Resources/texmf-local/tex/latex/handout.cls b/Resources/texmf-local/tex/latex/handout.cls deleted file mode 100644 index 96893acbc..000000000 --- a/Resources/texmf-local/tex/latex/handout.cls +++ /dev/null @@ -1,416 +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}[2023/03/05 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} -\RequirePackage{currfile} % define macros to produce the filename and path -% 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,headings=optiontocandhead]{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 - ,xcolor % Superceded color, which is WAY out of date - ,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 - \else - \providecommand{\ushort}{} - \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{\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 - \ifdvi - \else % horizontal rule works well for PDF, not for html -% \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \fi - \vspace*{4mm} - \abstractSizeDefault - \noindent \textbf{Abstract}\\ - \indent - }{% -% \noindent {\tiny \phantom{.}} \\ % Trick to get proper spacing in html - \ifdvi - \else -% \noindent \hrule height 0.4pt depth 0.0pt width \textwidth \relax - \fi - \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 - -% Add default link for html material at github llorracc -\newcommand{\llorraccio}[1]{\href{https://llorracc.github.io/#1}{\texttt{#1}}} diff --git a/Resources/texmf-local/tex/latex/handout.sty b/Resources/texmf-local/tex/latex/handout.sty deleted file mode 100755 index fcefb5736..000000000 --- a/Resources/texmf-local/tex/latex/handout.sty +++ /dev/null @@ -1,34 +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/Resources/texmf-local/tex/latex/handoutBibMake.tex b/Resources/texmf-local/tex/latex/handoutBibMake.tex deleted file mode 100755 index 7d7077521..000000000 --- a/Resources/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/Resources/texmf-local/tex/latex/handoutSetup-no-hyperref.sty b/Resources/texmf-local/tex/latex/handoutSetup-no-hyperref.sty deleted file mode 100644 index a242b380d..000000000 --- a/Resources/texmf-local/tex/latex/handoutSetup-no-hyperref.sty +++ /dev/null @@ -1,251 +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; 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b/Resources/texmf-local/tex/latex/handoutShortcuts.sty deleted file mode 100644 index 5478b2aef..000000000 --- a/Resources/texmf-local/tex/latex/handoutShortcuts.sty +++ /dev/null @@ -1,661 +0,0 @@ -% Generated originally from CDCShortcuts.sty -% -*- mode: LaTeX; TeX-PDF-mode: t; -*- # Tell emacs the file type (for syntax coloring) -\usepackage{econark} - -\providecommand{\constr}[1]{\grave{#1}} % alternative to \cnstr from econark which is preferred - -\providecommand{\aAgg}{{\mathsf{A}}} -\providecommand{\aboveMin}{\blacktriangle} -\providecommand{\adjPar}{{\omega}} -\providecommand{\adj}{{\mathrm{j}}} -\providecommand{\aE}{\aRat^{e}} -\providecommand{\aFunc}{{\mathrm{a}}} -\providecommand{\Age}{{Z}} -\providecommand{\age}{{z}} -\providecommand{\Agg}{\bar} -\providecommand{\ALevBF}{{\mathbf{A}}} -\providecommand{\aLevBF}{{\mathbf{a}}} -\providecommand{\ALev}{{A}} -\providecommand{\aLev}{a} -\providecommand{\Alive}{{\aleph}} -\providecommand{\Alt}{\grave} -\providecommand{\aMin}{{\underline{\aRat}}} -\providecommand{\ARat}{{A}} -\providecommand{\aRat}{a} -\providecommand{\ARat}{{A}} -\providecommand{\aRat}{a} -%\providecommand{\aRatBF}{{\pmb{a}}} -\providecommand{\ASS}{{{A}}} -\providecommand{\aSS}{{a}} -\providecommand{\ATarg}{{\check{A}}} -\providecommand{\aTarg}{{\check{a}}} -\providecommand{\BE}{\BRat^{e}} -\providecommand{\bE}{\bRat^{e}} -\providecommand{\BLevBF}{{\mathbf{B}}} -\providecommand{\bLevBF}{{\mathbf{b}}} -\providecommand{\BLevE}{{\BLev^{e}}} -\providecommand{\bLevE}{{\bLev^{e}}} -\providecommand{\BLevU}{{\BLev^{u}}} -\providecommand{\bLevU}{{\bLev^{u}}} -\providecommand{\BLev}{{B}} -\providecommand{\bLev}{b} -\providecommand{\bMin}{{\underline{\bRat}}} -\providecommand{\bRatE}{{b}^{e}} -\providecommand{\BRatE}{{B}^{e}} -\providecommand{\bRatU}{{b}^{u}} -\providecommand{\BRat}{{B}} -\providecommand{\bRat}{b} -\providecommand{\bRatBF}{{\pmb{\mathrm{b}}}} -\providecommand{\bTargE}{{\check{b}^{e}}} -\providecommand{\BTargTarg}{\Target{\Target{\BRat}}} -\providecommand{\bTargTarg}{\Target{\Target{\bRat}}} -\providecommand{\BTarg}{{\check{B}}} -\providecommand{\bTarg}{{\check{b}}} -\providecommand{\BU}{{B}^{u}} -\providecommand{\bU}{{b}^{u}} -\providecommand{\cAgg}{{\pmb{C}}} -\providecommand{\CARA}{{\alpha}} -\providecommand{\ccRat}{{\mathsf{c}}} -\providecommand{\CDF}{{\mathcal{F}}} -\providecommand{\CEndFunc}{{\mathfrak{C}}} -\providecommand{\cEndFunc}{{\mathfrak{c}}} -\providecommand{\cEss}{{c}^{e}} -\providecommand{\CE}{\CRat^{e}} -\providecommand{\cE}{\cRat^{e}} -\providecommand{\cFuncAbove}{{\bar{\mathrm{c}}}} -\providecommand{\cFuncBelow}{{\uline{\mathrm{c}}}} -\providecommand{\cFuncMax}{{\bar{\bar{\mathrm{c}}}}} -\providecommand{\CFunc}{{\mathrm{C}}} -\providecommand{\cFunc}{{\mathrm{c}}} -\providecommand{\cFunc}{{\mathrm{c}}} -\providecommand{\CGroOverG}{{\Upsilon}} -\providecommand{\CGroOverR}{{\Phi}} -\providecommand{\CGroPF}{{\Lambda}} -\providecommand{\cGroPF}{{\lambda}} -\providecommand{\CGroPS}{{\chi}} % Precautionary Saving boost to consumption growth -\providecommand{\chiFunc}{\pmb{\chi}} -\providecommand{\Chi}{{\mathrm{X}}} % capital chi is sometimes useful, and not native to LaTeX -\providecommand{\CLevBF}{{\mathbf{C}}} -\providecommand{\cLevBF}{{\mathbf{c}}} -\providecommand{\CLevE}{\CLev^{e}} -\providecommand{\cLevE}{\cLev^{e}} -\providecommand{\cLevFunc}{{\pmb{\cFunc}}} -\providecommand{\CLevU}{\CLev^{u}} -\providecommand{\cLevU}{\cLev^{u}} -\providecommand{\cLev}{c} -\providecommand{\CLev}{{C}} -\providecommand{\Cons}{{C}} -\providecommand{\cons}{c} -\providecommand{\corr}{\varrho} -\providecommand{\cPDVFunc}{{\mathbb{C}}} -\providecommand{\CPDV}{{\text{PDV($C$)}}} -\providecommand{\cPPP}{\cons^{\prime\prime\prime}} -\providecommand{\cPP}{\cons^{\prime\prime}} -\providecommand{\cP}{\cons^{\prime}} -\providecommand{\cRatBF}{{\pmb{c}}} -\providecommand{\CRatE}{\CRat^{e}} -\providecommand{\cRatE}{\cRat^{e}} -\providecommand{\CRatU}{\CRat^{u}} -\providecommand{\cRatU}{\cRat^{u}} -\providecommand{\CRat}{{C}} -\providecommand{\cRat}{c} -\providecommand{\CRRA}{\rho} -\providecommand{\CTargE}{\CTarg^{\null}} -\providecommand{\cTargE}{{\Target{c}^{e}}} -\providecommand{\cTargTarg}{\Target{\Target{\cRat}}} -\providecommand{\CTarg}{{\Target{C}}} -\providecommand{\cTarg}{{\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}{d} -\providecommand{\debtLim}{\mathsf{d}} -\providecommand{\Debt}{{D}} -\providecommand{\debt}{d} -\providecommand{\DeprFac}{\daleth} -\providecommand{\Depr}{\daleth} -\providecommand{\depr}{\delta} -\providecommand{\deprRte}{\delta} % New -\providecommand{\DiscAltuAdj}{{\underline{\underline{\beth}}}} -\providecommand{\DiscAlt}{\beth} -\providecommand{\Discount}{\beta} -\providecommand{\DiscRate}{{\vartheta}} -\providecommand{\DiscRte}{{\vartheta}} % New -\providecommand{\discRte}{{\vartheta}} % New -\providecommand{\DiscFac}{\beta} % New -\providecommand{\DivGro}{{\mathrm{G}}} -\providecommand{\divGro}{{\mathsf{g}}} -\providecommand{\Div}{{D}} -% \providecommand{\div}{d} reserved for divide -\providecommand{\DLev}{{D}} -\providecommand{\Dvdnd}{{\mathbf{D}}} -\providecommand{\dvdnd}{d} -\providecommand{\edvdnd}{\grave{\dvdnd}} -\providecommand{\EEndMap}{{\mathsf{E}}} -\providecommand{\effUnits}{{X}} -\providecommand{\eFunc}{{\mathrm{e}}} -\providecommand{\ELev}{{E}} -\providecommand{\ek}{{\lambda}} -\providecommand{\EmpGro}{{\Xi}} -\providecommand{\empGro}{{\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}{\pmb{\varphi}} % equity premium -\providecommand{\eprem}{\phi} % log equity premium -\providecommand{\EpShkInv}{\Ex[\pShk^{-1}]} -\providecommand{\erate}{{\cancel{\mho}}} -\providecommand{\error}{{\epsilon}} -\providecommand{\Err}{{Z}} -\providecommand{\err}{{z}} -\providecommand{\err}{{z}} -\providecommand{\Estdr}{{\sigma_{\risky}}} % Standard deviation of log return on risky asset -\providecommand{\Evarr}{{\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}{{\xi}} -%\providecommand{\Ex}{{\mathbb{E}}} % Expectations operator defined in econtex.cls -\providecommand{\FDist}{{\mathcal{F}}} -\providecommand{\fDist}{{\mathcal{f}}} -\providecommand{\FFunc}{{\mathrm{F}}} -\providecommand{\fFunc}{{\mathrm{f}}} -\providecommand{\FLev}{{F}} -\providecommand{\fLev}{{f}} -\providecommand{\fPP}{{\mathrm{f}^{\prime\prime}}} -\providecommand{\FPP}{{\mathrm{F}^{\prime\prime}}} -\providecommand{\fP}{{\mathrm{f}^{\prime}}} -\providecommand{\FP}{{\mathrm{F}^{\prime}}} -\providecommand{\GLev}{{G}} -\providecommand{\GovNW}{{N}} -\providecommand{\govNW}{{n}} -\providecommand{\GovSpend}{{X}} -\providecommand{\govSpend}{{x}} -\providecommand{\Habit}{{H}} -\providecommand{\Habit}{{H}} -\providecommand{\habit}{{h}} -\providecommand{\Ham}{{\mathcal{H}}} % Hamiltonian -\providecommand{\HARKcore}{\texttt{HARKcore}} -\providecommand{\hEndMin}{{\underline{\mathfrak{h}}}} -\providecommand{\hEnd}{{\mathfrak{h}}} -\providecommand{\hFunc}{{\mathrm{h}}} -\providecommand{\Hi}{\hat} -\providecommand{\HLevBF}{{\mathbf{H}}} -\providecommand{\hLevBF}{{\mathbf{h}}} -\providecommand{\HLev}{{H}} -\providecommand{\hLev}{{h}} -\providecommand{\hMin}{{\underline{\h}}} -\providecommand{\HMin}{{\underline{H}}} -\providecommand{\hours}{{\mathfrak{h}}} -\providecommand{\Hours}{{\mathfrak{H}}} -\providecommand{\HRat}{{H}} -\providecommand{\hRat}{{h}} -%\providecommand{\h}{{h}} -\providecommand{\iFunc}{{\mathrm{i}}} -\providecommand{\IFunc}{{\mathrm{I}}} -\providecommand{\ILev}{{I}} -\providecommand{\iLev}{{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}{{I}} -\providecommand{\iRat}{{i}} -\providecommand{\itc}{{\zeta}} -\providecommand{\jFunc}{{\mathrm{j}}} -\providecommand{\JLev}{{J}} -\providecommand{\kapRent}{{\varkappa}} -\providecommand{\kapShare}{{\alpha}} -\providecommand{\Kap}{{K}} -\providecommand{\kap}{k} -\providecommand{\KFunc}{{\mathrm{K}}} -\providecommand{\kFunc}{{\mathrm{k}}} -\providecommand{\KLevBF}{{\mathbf{K}}} -\providecommand{\kLevBF}{{\mathbf{k}}} -\providecommand{\KLev}{{K}} -\providecommand{\kLev}{k} -\providecommand{\kPriceAfterITC}{{\mathscr{P}}} -\providecommand{\kPrice}{{\mathsf{P}}} -\providecommand{\KRat}{{K}} -\providecommand{\kRat}{k} -\providecommand{\kTargE}{{\Target{k}^{e}}} -\providecommand{\kTarg}{{\Target{k}}} -\providecommand{\labor}{{\ell}} % -\providecommand{\Labor}{{L}} -\providecommand{\labShare}{{\nu}} -\providecommand{\Leisure}{Z} % -\providecommand{\leisure}{z} % -\providecommand{\leiShare}{{\zeta}} % -\providecommand{\LGro}{{\Lambda}} -\providecommand{\lGro}{{\lambda}} -\providecommand{\LLevBF}{{\mathbf{L}}} -\providecommand{\lLevBF}{{\pmb{\ell}}} -\providecommand{\lLev}{{\ell}} -\providecommand{\LLev}{{L}} -\providecommand{\Lo}{\check} -\providecommand{\LRat}{{L}} -\providecommand{\MaxMaxMPC}{{\bar{\bar{\kappa}}}} -\providecommand{\MaxMinMPC}{{\hat{\underline{\kappa}}}} -\providecommand{\MaxMPC}{{\bar{\kappa}}} -\providecommand{\MaxMPS}{{\PatR}} -\providecommand{\Mean}{{\mathbb{M}}} % Mean -\providecommand{\mEss}{\check{m}^{e}} -\providecommand{\ME}{\MRat^{e}} -\providecommand{\mE}{\mRat^{e}} -\providecommand{\mFunc}{{\mathrm{m}}} -\providecommand{\MinMinMPC}{{\underline{\kappa}}} -\providecommand{\MinMPC}{{\uline{\kappa}}} -\providecommand{\MinMPS}{{\pZero^{1/\CRRA} \PatR}} -\providecommand{\MLevBF}{{\mathbf{M}}} -\providecommand{\mLevBF}{{\mathbf{m}}} -\providecommand{\mLevBF}{{\mathbf{m}}} -\providecommand{\mLevE}{\mLev^{e}} -\providecommand{\MLev}{{M}} -\providecommand{\mLev}{m} -\providecommand{\Mod}{\tilde} -\providecommand{\MPCE}{\MPC^{e}} -\providecommand{\MPCFunc}{{\pmb{\kappa}}} -\providecommand{\MPCPPF}{{\Pi}} -\providecommand{\MPCP}{{\pi}} -\providecommand{\MPCU}{\MPC^{u}} -\providecommand{\MPC}{{\kappa}} -\providecommand{\MPSFunc}{{\pmb{lambda}}} -\providecommand{\MPS}{{\lambda}} -\providecommand{\MRatE}{\MRat^{e}} -\providecommand{\mRatE}{\mRat^{e}} -\providecommand{\MRat}{{M}} -\providecommand{\mRat}{m} -%\providecommand{\mRatBF}{{\pmb{\mathrm{m}}}} -\providecommand{\MSS}{{\breve{M}}} -\providecommand{\mSS}{{\breve{m}}} -\providecommand{\mTarg}{\check{m}} -\providecommand{\MU}{{M}^{u}} -\providecommand{\mU}{{m}^{u}} -%\providecommand{\m}{m} -%\providecommand{\M}{{M}} -%\providecommand{\next}{2} % via search-and-replace -\providecommand{\Next}{t+1} % -\providecommand{\nFunc}{{\mathrm{n}}} -\providecommand{\NLev}{{N}} -\providecommand{\nLev}{{n}} -\providecommand{\NRat}{{N}} -\providecommand{\nRat}{{n}} -\providecommand{\Num}{{N}} -\providecommand{\nIter}{{n}} -\providecommand{\OLevBF}{{\mathbf{O}}} -\providecommand{\oLevBF}{{\mathbf{o}}} -\providecommand{\OLev}{{O}} -\providecommand{\oLev}{{\pmb{o}}} -\providecommand{\ORat}{{O}} -\providecommand{\oRat}{{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}{{\grave{\cancel{\mathsf{d}}}}} -\providecommand{\pDead}{{\mathfrak{D}}} -\providecommand{\pDieRate}{{\grave{\mathsf{d}}}} -\providecommand{\pDies}{{\mathsf{d}}} % Continuous time death rate -\providecommand{\PDies}{{\mathsf{D}}} % Discrete-time one-period death rate -\providecommand{\diePrb}{{\mathsf{d}}} % Continuous time death rate -\providecommand{\DiePrb}{{\mathsf{D}}} % Discrete-time one-period death rate -\providecommand{\PDV}{{\mathbb{P}}} % PDV -\providecommand{\PGroAdj}{{\underline{\PGro}}} -\providecommand{\pGroAdj}{{\underline{\pGro}}} -\providecommand{\PGrouAdj}{{\underline{\underline{\PGro}}}} -\providecommand{\pGrouAdj}{{\underline{\underline{{\pGro}}}}} -\providecommand{\PGro}{{\Gamma}} -\providecommand{\pGro}{{\gamma}} -\providecommand{\PermGroFac}{{\pmb{\Gamma}}} % Econ-ARK -\providecommand{\PermGroRte}{{\pmb{\gamma}}} % Econ-ARK -\providecommand{\permGroFac}{{\Gamma}} % Econ-ARK -\providecommand{\permGroRte}{{\gamma}} % Econ-ARK -%\providecommand{\phiFunc}{{\digamma}} -\providecommand{\PIHMPC}{{\varkappa}} -\providecommand{\PInc}{{P}} -\providecommand{\PLabor}{{P}} % Permanent labor income in levels -\providecommand{\Plabor}{P} % Permanent labor income in levels -\providecommand{\PLevBF}{{\mathbf{P}}} -\providecommand{\pLevBF}{{\mathbf{p}}} -\providecommand{\PLev}{{P}} -\providecommand{\pLog}{{p}} -\providecommand{\pLev}{{\pmb{p}}} -\providecommand{\PLev}{{P}} -\providecommand{\LivPrb}{{\cancel{\DiePrb}}} -\providecommand{\livPrb}{{\cancel{\diePrb}}} -\providecommand{\PLives}{{\cancel{\PDies}}} -\providecommand{\pLives}{{\cancel{\pDies}}} -%\providecommand{\pNotZero}{{\cancel{\wp}}} -\providecommand{\pNotZero}{(1-\pZero)} -\providecommand{\PopE}{\mathcal{E}} -\providecommand{\popE}{e} -\providecommand{\PopGro}{{\Xi}} -\providecommand{\popGro}{{\xi}} -\providecommand{\PopLev}{{\pmb{N}}} -\providecommand{\PopU}{\mathcal{U}} -\providecommand{\Pop}{{L}} -\providecommand{\PostITC}{{\cancel{\zeta}}} -\providecommand{\power}{{\eta}} -\providecommand{\pPDVFunc}{{\mathbb{P}}} -\providecommand{\PPDV}{{\text{PDV($P$)}}} -\providecommand{\pRat}{{p}} -\providecommand{\Price}{{\mathsf{P}}} -\providecommand{\ProdFunc}{{\mathrm{F}}} -\providecommand{\ProdFunc}{{\mathrm{F}}} -\providecommand{\prodFunc}{{\mathrm{f}}} -\providecommand{\prudEx}{{\omega}} -\providecommand{\prud}{{\eta}} -\providecommand{\pSav}{{\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}{{\Phi}} -\providecommand{\PtyGro}{{\Phi}} -\providecommand{\ptyGro}{{\phi}} -\providecommand{\PtyLab}{{\mathrm{Z}}} % Labor productivity -\providecommand{\ptyLab}{{z}} % usually, log of \PtyLab -\providecommand{\PtyLev}{{A}} % Multiplies overall production function -\providecommand{\ptyLev}{a} % Usually, log of \PtyLev -\providecommand{\pZero}{\wp} -\providecommand{\QLev}{{Q}} -\providecommand{\q}{{\koppa}} -\providecommand{\RCpnd}{{\mathbf{R}}} -\providecommand{\RevFunc}{{\pmb{\Pi}}} -\providecommand{\revFunc}{{\pmb{\pi}}} -\providecommand{\Rev}{{\Pi}} -\providecommand{\rev}{{\pi}} -\providecommand{\rfree}{{\mathsf{r}}} % The net return on the safe asset at an annual rate -\providecommand{\Rfree}{{\mathsf{R}}} % The return factor on the safe asset - unfortunately mathfrak fonts don't come through for tth -\providecommand{\RfreeAgg}{{\bar{\Rfree}}} -\providecommand{\RFunc}{{\mathrm{R}}} -\providecommand{\RGross}{{\breve{\mathsf{R}}}} -\providecommand{\rGross}{{\breve{\mathsf{r}}}} -%\providecommand{\RiskyAlt}{{\acute{\mathbf{R}}}} % The return on the risky asset -\providecommand{\RiskyAlt}{{\pmb{\mathfrak{R}}}} % The return on the risky asset -% \providecommand{\riskyAlt}{{\acute{\mathbf{r}}}} % The net return on the risky asset annual rate -\providecommand{\riskyAlt}{{\pmb{\mathfrak{r}}}} % The net return on the risky asset annual rate -\providecommand{\riskyshare}{{\varsigma}} -\providecommand{\Risky}{{\mathbf{R}}} % The return on the risky asset -\providecommand{\risky}{{\mathbf{r}}} % The net return on the risky asset annual rate -\providecommand{\RLev}{{R}} % Rate of return (but better to use \Rfree or \Risky or something else more specific -\providecommand{\RnormWGro}{{\mathcal{R}_{\WGro}}} % Normalized version of riskless return factor -\providecommand{\rnormwGro}{{\mathit{r}_{\wGro}}} % Normalized version of riskless rate of return -\providecommand{\Rnorm}{{\mathcal{R}}} % Normalized version of riskless return factor -\providecommand{\rnorm}{{\mathit{r}}} % Normalized version of riskless rate of return -\providecommand{\Rport}{{\tilde{R}}} % Portfolio -weighted return -\providecommand{\rport}{{\tilde{r}}} -\providecommand{\Rprod}{{\mathscr{R}}} -\providecommand{\rprod}{{\mathscr{r}}} -\providecommand{\rProd}{{\mathsf{r}}} -\providecommand{\RProd}{{\mathsf{R}}} -\providecommand{\RSave}{{\underline{\Rfree}}} -\providecommand{\rsave}{{\underline{\rfree}}} -\providecommand{\RBoro}{{\bar{\Rfree}}} -\providecommand{\rboro}{{\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}{{\mathsf{X}}} -\providecommand{\seniority}{{\mathsf{x}}} -\providecommand{\SeverancePayment}{{\mathcal{S}}} -\providecommand{\SeveranceRatio}{{\varsigma}} -%\providecommand{\Severance}{{\varsigma}} -\providecommand{\Severance}{\kappa} -\providecommand{\SE}{\SRat^{e}} -\providecommand{\sE}{\sRat^{e}} -\providecommand{\sFunc}{{\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}{{S}} -\providecommand{\sLev}{{s}} -\providecommand{\srate}{{\varsigma}} -\providecommand{\SRatE}{\SRat^{e}} -\providecommand{\sRatE}{\sRat^{e}} -\providecommand{\SRatU}{\SRat^{u}} -\providecommand{\sRatU}{\sRat^{u}} -\providecommand{\SRat}{{S}} -\providecommand{\sRat}{{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}{{Z}} -\providecommand{\surplus}{{z}} -\providecommand{\SU}{\SRat^{u}} -\providecommand{\sU}{\sRat^{u}} -\providecommand{\Target}{\check} -\providecommand{\TaxCombInv}{{\mathcal{T}^{-1}}} -\providecommand{\TaxComb}{{\mathcal{T}}} -\providecommand{\TaxCorp}{{\Large \tau}} -\providecommand{\taxCorp}{{\tau}} -\providecommand{\taxDep}{{\partial}} -\providecommand{\TaxFree}{{\cancel{\Tax}}} -\providecommand{\TaxLev}{T} -\providecommand{\TaxNetTrans}{{Z}} -\providecommand{\taxNetTrans}{{z}} -\providecommand{\TaxPaid}{T} -\providecommand{\TaxRate}{t} -\providecommand{\TaxUI}{{\tau}} -\providecommand{\Tax}{{\tau}} -\providecommand{\tax}{\tau} -\providecommand{\tBak}{{\pmb{n}}} -\providecommand{\TEatBak}{{\mathtt{q}}} -\providecommand{\TEat}{{\TEnd}} -\providecommand{\TEndBak}{{\mathsf{p}}} -\providecommand{\TEnd}{T} -\providecommand{\TermTime}{T} -\providecommand{\tFwd}{{n}} -\providecommand{\tHorOfm}{{\pmb{n}}} -\providecommand{\tHor}{{\mathsf{n}}} -\providecommand{\timeRate}{{\vartheta}} -\providecommand{\tinyAmount}{{\epsilon}} -\providecommand{\TLev}{T} -\providecommand{\TMap}{\mathscr{T}} -\providecommand{\tNow}{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}{t} -\providecommand{\tThen}{{\tau}} -\providecommand{\uFunc}{{{\mathrm{u}}}} -\providecommand{\uInvEpShkuInv}{\underline{\underline{\psi}}} -\providecommand{\ULev}{{U}} -\providecommand{\uLev}{{u}} -\providecommand{\unins}{{\zeta}} -\providecommand{\uPDVFunc}{{\mathbb{U}}} -\providecommand{\uPmt}{{\mu}} -\providecommand{\uPPP}{{{\mathrm{u}^{\prime\prime\prime}}}} -\providecommand{\uPP}{{{\mathrm{u}^{\prime\prime}}}} -\providecommand{\uP}{{{\mathrm{u}^{\prime}}}} -\providecommand{\urate}{{\mho}} -\providecommand{\utilFunc}{{\mathrm{u}}} -\providecommand{\util}{{u}} -\providecommand{\ValAlt}{{\mathcal{V}}} % middle-of-period Value function -\providecommand{\valfn}{{\mathrm{v}}} % middle-of-period value function -\providecommand{\Value}{{\mathrm{V}}} % middle-of-period Value function -\providecommand{\VEndFunc}{{\mathfrak{V}}} -\providecommand{\vEndFunc}{{\mathfrak{v}}} -\providecommand{\VEnd}{{\mathfrak{V}}} % end-of-period Value function -\providecommand{\vEnd}{{\mathfrak{v}}} % end-of-period value function -\providecommand{\vEss}{\check{v}^{e}} -\providecommand{\VE}{{V}^{e}} -\providecommand{\vE}{{v}^{e}} -\providecommand{\vFirm}{{\mathrm{e}}} -\providecommand{\VFunc}{{\mathrm{V}}} -\providecommand{\vFunc}{{\mathrm{v}}} -\providecommand{\VInv}{{\Lambda}} -\providecommand{\vInv}{{\scriptstyle \Lambda \displaystyle}} -\providecommand{\vk}{{\lambda}} -\providecommand{\vLevBF}{{\mathbf{v}}} -\providecommand{\VLevFunc}{{\pmb{\mathrm{V}}}} -\providecommand{\vLevFunc}{{\pmb{\mathrm{v}}}} -\providecommand{\VLev}{{V}} -\providecommand{\vLev}{v} -\providecommand{\vNorm}{{\mathrm{w}}} % end-of-period value function -\providecommand{\VNum}{{V}} -\providecommand{\vNum}{v} -\providecommand{\vOptAlt}{{\Alt{\Mod{\mathfrak{v}}}}} -\providecommand{\vOpt}{{\Mod{\mathfrak{v}}}} -\providecommand{\VRat}{{V}} -\providecommand{\vRat}{v} -\providecommand{\vTarg}{\Target{\vRat}} -\providecommand{\VU}{{V}^{u}} -\providecommand{\vU}{{v}^{u}} -\providecommand{\Wage}{{\mathsf{W}}} -\providecommand{\wage}{{\mathsf{w}}} -\providecommand{\WAllLev}{{\mathbf{O}}} -\providecommand{\wAllLev}{{\mathbf{o}}} -\providecommand{\WAllRat}{{O}} -\providecommand{\wAllRat}{{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}{{O}} -\providecommand{\wealth}{{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}{{\mathrm{G}}} -\providecommand{\WGro}{{\mathrm{G}}} -\providecommand{\wGro}{{\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}{{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}{{x}} % -\providecommand{\WNet}{{X}} % Total wealth -\providecommand{\WPre}{{K}} -\providecommand{\wPre}{k} -\providecommand{\wRat}{{o}} % -\providecommand{\WRat}{{O}} % Ratio to permanent income -\providecommand{\wTot}{{\mathbf{o}}} % -\providecommand{\WTot}{{\mathbf{O}}} % Total wealth -\providecommand{\wtot}{{o}} % -\providecommand{\Wtot}{{O}} % Total wealth -\providecommand{\xFer}{\chi} -\providecommand{\XFer}{X} -\providecommand{\xFunc}{\mathrm{x}} -\providecommand{\XLev}{{X}} -\providecommand{\xLev}{{x}} -\providecommand{\xpend}{{\xi}} -\providecommand{\XperGro}{{\mathsf{X}}} -\providecommand{\xperGro}{{\mathsf{x}}} -\providecommand{\XRat}{{X}} -\providecommand{\xRat}{{x}} -\providecommand{\yFunc}{\mathrm{y}} -\providecommand{\yLevBF}{{\mathbf{y}}} -\providecommand{\YLev}{{Y}} -\providecommand{\YLevBF}{{\mathbf{Y}}} -\providecommand{\yLev}{{y}} -\providecommand{\YRat}{{Y}} -\providecommand{\yRat}{{y}} -\providecommand{\yTargE}{{\check{y}^{e}}} -\providecommand{\yTarg}{{\check{y}}} -\providecommand{\zAgg}{{\pmb{Z}}} -\providecommand{\zFunc}{\mathrm{z}} -\providecommand{\ZLevBF}{{\mathbf{Z}}} -%\providecommand{\zLevBF}{{\mathbf{z}}} -\providecommand{\zLevBF}{{\pmb{z}}} -\providecommand{\ZLev}{{Z}} -\providecommand{\zLev}{{z}} -\providecommand{\ZRat}{{Z}} -\providecommand{\zRat}{{z}} - -\providecommand{\DieFac}{\pDead} -\providecommand{\LivFac}{\Alive} -\providecommand{\PopFac}{\PopGro} -\providecommand{\popRte}{\popGro} - - -\providecommand{\NFALev}{\NLev} -\providecommand{\NFARat}{\NRat} -\providecommand{\NI}{{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}} - - -% Ensure that you're in math mode when using the \cancel command (otherwise tex4ht produces bad output) -\providecommand{\cncl}{} -\renewcommand\cncl[1]{{\cancel{#1}}} - - diff --git a/Resources/texmf-local/tex/latex/llorracc-handouts.sty b/Resources/texmf-local/tex/latex/llorracc-handouts.sty deleted file mode 100644 index e109a4f4a..000000000 --- a/Resources/texmf-local/tex/latex/llorracc-handouts.sty +++ /dev/null @@ -1,55 +0,0 @@ -\providecommand{\SolvingMicroDSOPs}{\href{http://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}}} -\newcommand{\handoutM}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/MathFacts/#1.pdf}{\texttt{#1}}} -\renewcommand{\handoutM}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/MathFacts/MathFactsList/#1}{\texttt{#1}}} -\newcommand{\Aggregation}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/MathFacts/Aggregation.pdf}{\texttt{Aggregation}}} - - -% If doing a web version, renewcommands link to the html versions of handouts -\ifdvi -\renewcommand{\handoutC}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/consumption/#1}{\texttt{#1}}} -\renewcommand{\handoutA}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/AssetPricing/#1}{\texttt{#1}}} -\renewcommand{\handoutI}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/Investment/#1}{\texttt{#1}}} -\renewcommand{\handoutG}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/Growth/#1}{\texttt{#1}}} -\renewcommand{\handoutD}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/DSGEModels/#1}{\texttt{#1}}} -\renewcommand{\handoutM}[1]{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/MathFacts/MathFactsList/#1}{\texttt{#1}} -} -\fi -\renewcommand{\MathFactsList}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/MathFacts/MathFactsList/}{\texttt{MathFacts}}} -\renewcommand{\Aggregation}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/MathFacts/Aggregation/}{\texttt{Aggregation}}} - -% Generic starting text for MathFactsList generated file -\message{Including MathFactsList.defs} -\providecommand{\ELogNormMeanOne}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#ArithmeticVSGeometric}{\ensuremath{\mathtt{[ArithmeticVSGeometric]}}}} -\providecommand{\CRRALim}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#CRRALim}{\ensuremath{\mathtt{[CRRALim]}}}} -\providecommand{\ELogNorm}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#ELogNorm}{\ensuremath{\mathtt{[ELogNorm]}}}} -\providecommand{\ELogNormMeanOne}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#ELogNormMeanOne}{\ensuremath{\mathtt{[ELogNormMeanOne]}}}} -\providecommand{\ELogNormTimes}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#ELogNormTimes}{\ensuremath{\mathtt{[ELogNormTimes]}}}} -\providecommand{\EulersTheorem}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#EulersTheorem}{\ensuremath{\mathtt{[EulersTheorem]}}}} -\providecommand{\ExpEps}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#ExpEps}{\ensuremath{\mathtt{[ExpEps]}}}} -\providecommand{\ExpPlus}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#ExpPlus}{\ensuremath{\mathtt{[ExpPlus]}}}} -\providecommand{\FinSum}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#FinSum}{\ensuremath{\mathtt{[FinSum]}}}} -\providecommand{\FinSumMult}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#FinSumMult}{\ensuremath{\mathtt{[FinSumMult]}}}} -\providecommand{\InfSum}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#InfSum}{\ensuremath{\mathtt{[InfSum]}}}} -\providecommand{\InfSumMult}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#InfSumMult}{\ensuremath{\mathtt{[InfSumMult]}}}} -\providecommand{\LogELogNorm}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#LogELogNorm}{\ensuremath{\mathtt{[LogELogNorm]}}}} -\providecommand{\LogELogNormTimes}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#LogELogNormTimes}{\ensuremath{\mathtt{[LogELogNormTimes]}}}} -\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]}}}} -\providecommand{\SmallSmallZero}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#SmallSmallZero}{\ensuremath{\mathtt{[SmallSmallZero]}}}} -\providecommand{\SumNormsIsNorm}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#SumNormsIsNorm}{\ensuremath{\mathtt{[SumNormsIsNorm]}}}} -\providecommand{\TaylorOne}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#TaylorOne}{\ensuremath{\mathtt{[TaylorOne]}}}} -\providecommand{\TaylorTwo}{\href{https://www.econ2.jhu.edu/people/ccarroll/public/LectureNotes/MathFacts/MathFactsList\#TaylorTwo}{\ensuremath{\mathtt{[TaylorTwo]}}}} -\RequirePackage{ifthen} - diff --git a/Resources/texmf-local/tex/latex/makePostHandoutsStart.tex b/Resources/texmf-local/tex/latex/makePostHandoutsStart.tex deleted file mode 100644 index d3c19da71..000000000 --- a/Resources/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/Resources/texmf-local/tex/latex/pdfsuppressruntime.sty b/Resources/texmf-local/tex/latex/pdfsuppressruntime.sty deleted file mode 100644 index e54374908..000000000 --- a/Resources/texmf-local/tex/latex/pdfsuppressruntime.sty +++ /dev/null @@ -1,15 +0,0 @@ -% -*- mode: LaTeX; TeX-PDF-mode: t; -*- -% Suppress info that varies from one run to the next even with identical input -% Allows useful diff of PDF docs for git etc -\usepackage{ifxetex} % method is different for xetex than pdflatex or tex4ht -\ifxetex - \special{pdf:trailerid [ - <00112233445566778899aabbccddeeff> - <00112233445566778899aabbccddeeff> - ] -} -\else - \pdfinfoomitdate=1 % No date - \pdftrailerid{} % No trailer ID - \pdfsuppressptexinfo=-1 % Suppress all texinfo -\fi diff --git a/Resources/texmf-local/tex/latex/printvrb.sty b/Resources/texmf-local/tex/latex/printvrb.sty deleted file mode 100755 index de4fd564a..000000000 --- a/Resources/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/Resources/texmf-local/tex/latex/snapshot.sty b/Resources/texmf-local/tex/latex/snapshot.sty deleted file mode 100644 index 23d4a505a..000000000 --- a/Resources/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/Resources/texmf-local/tex/latex/subfiles.4ht b/Resources/texmf-local/tex/latex/subfiles.4ht deleted file mode 100644 index 3a69382c0..000000000 --- a/Resources/texmf-local/tex/latex/subfiles.4ht +++ /dev/null @@ -1,11 +0,0 @@ -% redefine \subfiles@renewEndDocument to prevent TeX4ht issues -\def\:tempa#1{% -\let\enddocument\begingroup% don't stop document processing in the included subfile -\o:subfiles@renewEndDocument:{#1}% call original macro -} -% Tex4ht's version of \let. it saves original command as \o:cmdname: -\HLet\subfiles@renewEndDocument\:tempa - -\Hinput{subfiles} -\endinput - diff --git a/Resources/texmf-local/tex/latex/tex4ht/fix-domfilter-parsing-problems.cfg b/Resources/texmf-local/tex/latex/tex4ht/fix-domfilter-parsing-problems.cfg deleted file mode 100644 index 0c438fd42..000000000 --- a/Resources/texmf-local/tex/latex/tex4ht/fix-domfilter-parsing-problems.cfg +++ /dev/null @@ -1,26 +0,0 @@ -\Preamble{xhtml} -\begin{document} -\makeatletter -\catcode`\:=11 -\ConfigureEnv{lstlisting} - {\ifvmode \IgnorePar\fi \EndP - \gHAdvance\listingN by 1 - \HCode{}% - \gdef\start:LstLn{% - \HCode{

}% - \gdef\start:LstLn{\:nbsp% -\HCode{
\Hnewline}}} - \bgroup -\pend:def\lst@DeInit{\ifvmode \IgnorePar\fi \EndP \HCode{
}} - \Configure{listings} - {{\everypar{}\leavevmode}} - {{\everypar{}\leavevmode}} - {\start:LstLn \HCode{}} - {\HCode{}}% - } - {\egroup\par - } - {} {} -\catcode`\:=12 -\makeatother -\EndPreamble diff --git a/Resources/texmf-local/tex/latex/tex4ht/fix-domfilter-parsing-problems_README.md b/Resources/texmf-local/tex/latex/tex4ht/fix-domfilter-parsing-problems_README.md deleted file mode 100644 index 4311aa255..000000000 --- a/Resources/texmf-local/tex/latex/tex4ht/fix-domfilter-parsing-problems_README.md +++ /dev/null @@ -1,4 +0,0 @@ -https://tex.stackexchange.com/questions/615656/float-placement-for-listings-causes-warnings-in-make4ht - -Although things compiled, there were worrisome domfilter errors. This code is a patch which seems to fix them. - diff --git a/Resources/texmf-local/tex/latex/tex4ht/pictureenv.4ht b/Resources/texmf-local/tex/latex/tex4ht/pictureenv.4ht deleted file mode 100644 index 1dcae3abc..000000000 --- a/Resources/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}{}{} \ No newline at end of file diff --git a/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures-README.md b/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures-README.md deleted file mode 100644 index 5bd1328d8..000000000 --- a/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures-README.md +++ /dev/null @@ -1,11 +0,0 @@ -20191212 - struggled for several hours to get svg figures to work properly - -The current version works - -There seem to be two options: - -1. If you never set a specified size of a figure (like \includegraphics[width=6in]) then the method discussed [here](https://tug.org/pipermail/tex4ht/2015q2/001166.html) works. But dies with a division by zero error whenever the size has been explicitly set. It can be resurrected by uncommenting the \Configure{graphics*}{svg} portion of the file -1. In cases where the size is set (as is frequently the case), the current version obtains the dimensions directly from the svg file - * This might have problems with an svg file without explicit dimensions - - diff --git a/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures.cfg b/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures.cfg deleted file mode 100644 index 1fabf3476..000000000 --- a/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures.cfg +++ /dev/null @@ -1,90 +0,0 @@ -% -*-latex-*- -\Preamble{charset="latin1",p-width,pic-align,pic-tabular} -\DeclareGraphicsExtensions{.svg,.png,.jpg} % change to %\DeclareGraphicsExtensions{.png,.svg,.jpg} to prefer png pix - -% \Configure{Picture}{.svg} - -\Configure{VERSION}{} - -\DeclareGraphicsRule{.png}{bmp}{.xbb}{} -% \DeclareGraphicsRule{.svg}{svg}{.xbb}{} % Uncomment if you want to use the commented-out method of configuring svg files to get the size from a boundingbox created by ebb -x *.png - -\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{.table div.caption{text-align: center;}} -\Css{.table div.pic-tabular{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -\Css{div.figure{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -\Css{div.table{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -\Css{div.float{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} - -% 20200910: Tried a bunch of ways to center the tabbing envt; all failed: -% \Css{div.tbody{text-align:center;}} -% \Css{.table div.tabbing{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -% \Css{div.tabbing{text-align:center;}} -% \Css{.tabbing div.tbody{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -% \Css{.table tabbing div.tbody{text-align:center;clear:both;overflow:auto;margin-bottom:1em;margin-left:auto;margin-right:auto}} - -\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 - -% The following is for figures in 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 -\Configure{graphics*} -{svg} -{ - {\Configure{Needs}{File: \Gin@base.svg}\Needs{}} - \Picture[\csname a:GraphicsAlt\endcsname]{\csname Gin@base\endcsname.svg - \csname a:Gin-dim\endcsname} -} - -\makeatother - -% add any custom \Css or HTML commands here as needed. - -% Fix tex4ht includegraphics to allow scaling relative to textwidth -% https://tex.stackexchange.com/questions/563276/graphics-scaling-in-tex4ht -\makeatletter -\ExplSyntaxOn -\Configure{Gin-dim}{style="width:\fp_eval:n{round(\Gin@req@width/\textwidth*100,2)}\%"} -\ExplSyntaxOff -\makeatother - -\Css{.equation td{text-align:center; }} -\Css{td.equation { margin-top:5em; margin-bottom:5em; }} - -% These tell tex4ht to make inline math images also -\begin{document} - -\Configure{$}{\PicMath}{\EndPicMath}{} -\Configure{PicMath}{}{}{}{class="math";align="absmiddle"} - -\EndPreamble - -% Local Variables: -% TeX-PDF-mode: t -% End: diff --git a/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures_fix-dmofilter-parsing-problems.cfg b/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures_fix-dmofilter-parsing-problems.cfg deleted file mode 100644 index cfed3c365..000000000 --- a/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures_fix-dmofilter-parsing-problems.cfg +++ /dev/null @@ -1,108 +0,0 @@ -% -*-latex-*- -\Preamble{xhtml,charset="latin1",p-width,pic-align,pic-tabular} -\DeclareGraphicsExtensions{.svg,.png,.jpg} % change to %\DeclareGraphicsExtensions{.png,.svg,.jpg} to prefer png pix - -\Configure{VERSION}{} - -\DeclareGraphicsRule{.png}{bmp}{.xbb}{} -%\DeclareGraphicsRule{.svg}{svg}{.xbb}{} % Uncomment if you want to use the commented-out method of configuring svg files to get the size from a boundingbox created by ebb -x *.png - -\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{.table div.caption{text-align: center;}} -\Css{.table div.pic-tabular{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -\Css{div.figure{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -\Css{div.table{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -\Css{div.float{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} - -% 20200910: Tried a bunch of ways to center the tabbing envt; all failed: -% \Css{div.tbody{text-align:center;}} -% \Css{.table div.tabbing{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -% \Css{div.tabbing{text-align:center;}} -% \Css{.tabbing div.tbody{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -% \Css{.table tabbing div.tbody{text-align:center;clear:both;overflow:auto;margin-bottom:1em;margin-left:auto;margin-right:auto}} - -\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 - -% The following is for figures in 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 -\Configure{graphics*} -{svg} -{ -{\Configure{Needs}{File: \Gin@base.svg}\Needs{}} -\Picture[\csname a:GraphicsAlt\endcsname]{\csname Gin@base\endcsname.svg -\csname a:Gin-dim\endcsname} -} -\makeatother - -%add any custom \Css or HTML commands here as needed. - -% Fix tex4ht includegraphics to allow scaling relative to textwidth -% https://tex.stackexchange.com/questions/563276/graphics-scaling-in-tex4ht -\makeatletter -\ExplSyntaxOn -\Configure{Gin-dim}{style="width:\fp_eval:n{round(\Gin@req@width/\textwidth*100,2)}\%"} -\ExplSyntaxOff -\makeatother - -\Css{.equation td{text-align:center; }} -\Css{td.equation { margin-top:5em; margin-bottom:5em; }} - -%These tell tex4ht to make inline math images also -\begin{document} - -\Configure{$}{\PicMath}{\EndPicMath}{} -\Configure{PicMath}{}{}{}{class="math";align="absmiddle"} - -% Begin content from fix-domfilter-parsing-problems.cfg -\makeatletter -\catcode`\:=11 -\ConfigureEnv{lstlisting} - {\ifvmode \IgnorePar\fi \EndP - \gHAdvance\listingN by 1 - \HCode{}% - \gdef\start:LstLn{% - \HCode{
}% - \gdef\start:LstLn{\:nbsp% -\HCode{
\Hnewline}}} - \bgroup -\pend:def\lst@DeInit{\ifvmode \IgnorePar\fi \EndP \HCode{
}} - \Configure{listings} - {{\everypar{}\leavevmode}} - {{\everypar{}\leavevmode}} - {\start:LstLn \HCode{}} - {\HCode{}}% - } - {\egroup\par - } - {} {} -\catcode`\:=12 -\makeatother - -\EndPreamble - diff --git a/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures_html5.cfg b/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures_html5.cfg deleted file mode 100644 index 9d5f278eb..000000000 --- a/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures_html5.cfg +++ /dev/null @@ -1,83 +0,0 @@ -% -*-latex-*- -\Preamble{html5,charset="latin1",p-width,pic-align,pic-tabular} -\DeclareGraphicsExtensions{.svg,.png,.jpg} % change to %\DeclareGraphicsExtensions{.png,.svg,.jpg} to prefer png pix - -\Configure{VERSION}{} - -\DeclareGraphicsRule{.png}{bmp}{.xbb}{} -%\DeclareGraphicsRule{.svg}{svg}{.xbb}{} % Uncomment if you want to use the commented-out method of configuring svg files to get the size from a boundingbox created by ebb -x *.png - -\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{.table div.caption{text-align: center;}} -\Css{.table div.pic-tabular{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -\Css{div.figure{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -\Css{div.table{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -\Css{div.float{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} - -% 20200910: Tried a bunch of ways to center the tabbing envt; all failed: -% \Css{div.tbody{text-align:center;}} -% \Css{.table div.tabbing{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -% \Css{div.tabbing{text-align:center;}} -% \Css{.tabbing div.tbody{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -% \Css{.table tabbing div.tbody{text-align:center;clear:both;overflow:auto;margin-bottom:1em;margin-left:auto;margin-right:auto}} - -\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 - -% The following is for figures in 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 -\Configure{graphics*} -{svg} -{ -{\Configure{Needs}{File: \Gin@base.svg}\Needs{}} -\Picture[\csname a:GraphicsAlt\endcsname]{\csname Gin@base\endcsname.svg -\csname a:Gin-dim\endcsname} -} -\makeatother - -%add any custom \Css or HTML commands here as needed. - -% Fix tex4ht includegraphics to allow scaling relative to textwidth -% https://tex.stackexchange.com/questions/563276/graphics-scaling-in-tex4ht -\makeatletter -\ExplSyntaxOn -\Configure{Gin-dim}{style="width:\fp_eval:n{round(\Gin@req@width/\textwidth*100,2)}\%"} -\ExplSyntaxOff -\makeatother - -\Css{.equation td{text-align:center; }} -\Css{td.equation { margin-top:5em; margin-bottom:5em; }} - -%These tell tex4ht to make inline math images also -\begin{document} - -\Configure{$}{\PicMath}{\EndPicMath}{} -\Configure{PicMath}{}{}{}{class="math";align="absmiddle"} - -\EndPreamble - diff --git a/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures_tex4ht-and-table-of-contents-fix.cfg b/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures_tex4ht-and-table-of-contents-fix.cfg deleted file mode 100644 index 0684e27fe..000000000 --- a/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures_tex4ht-and-table-of-contents-fix.cfg +++ /dev/null @@ -1,122 +0,0 @@ -% -*-latex-*- -\Preamble{charset="latin1",p-width,pic-align,pic-tabular} -\DeclareGraphicsExtensions{.svg,.png,.jpg} % change to %\DeclareGraphicsExtensions{.png,.svg,.jpg} to prefer png pix - -% \Configure{Picture}{.svg} - -\Configure{VERSION}{} - -\DeclareGraphicsRule{.png}{bmp}{.xbb}{} -% \DeclareGraphicsRule{.svg}{svg}{.xbb}{} % Uncomment if you want to use the commented-out method of configuring svg files to get the size from a boundingbox created by ebb -x *.png - -\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{.table div.caption{text-align: center;}} -\Css{.table div.pic-tabular{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -\Css{div.figure{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -\Css{div.table{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -\Css{div.float{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} - -% 20200910: Tried a bunch of ways to center the tabbing envt; all failed: -% \Css{div.tbody{text-align:center;}} -% \Css{.table div.tabbing{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -% \Css{div.tabbing{text-align:center;}} -% \Css{.tabbing div.tbody{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -% \Css{.table tabbing div.tbody{text-align:center;clear:both;overflow:auto;margin-bottom:1em;margin-left:auto;margin-right:auto}} - -\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 - -% The following is for figures in 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 -\Configure{graphics*} -{svg} -{ - {\Configure{Needs}{File: \Gin@base.svg}\Needs{}} - \Picture[\csname a:GraphicsAlt\endcsname]{\csname Gin@base\endcsname.svg - \csname a:Gin-dim\endcsname} -} - -\makeatother - -% add any custom \Css or HTML commands here as needed. - -% Fix tex4ht includegraphics to allow scaling relative to textwidth -% https://tex.stackexchange.com/questions/563276/graphics-scaling-in-tex4ht -\makeatletter -\ExplSyntaxOn -\Configure{Gin-dim}{style="width:\fp_eval:n{round(\Gin@req@width/\textwidth*100,2)}\%"} -\ExplSyntaxOff -\makeatother - -\Css{.equation td{text-align:center; }} -\Css{td.equation { margin-top:5em; margin-bottom:5em; }} - -% These tell tex4ht to make inline math images also -\begin{document} - -\Configure{$}{\PicMath}{\EndPicMath}{} -\Configure{PicMath}{}{}{}{class="math";align="absmiddle"} - -% https://12000.org/my_notes/faq/LATEX/htch4.htm -% https://tex.stackexchange.com/questions/44541/tex4ht-limit-toc - \ConfigureToc{section} - {\tocNesting{1}\HCode{
  • }}{ }{}{ } - \ConfigureToc{subsection} - {\tocNesting{2}\HCode{
  • }}{ }{}{ } - \ConfigureToc{subsubsection} - {\tocNesting{3}\HCode{
  • }}{ }{}{ } - \Configure{tableofcontents} - {} {\tocNesting{0}} {} {} {} - - \newcount\c - \def\tocNesting#1{% - \expandafter\ifx \csname level#1\endcsname\relax - \ifnum #1>0 \HCode{
      }\fi - \expandafter\def \csname level#1\endcsname{\HCode{
    }} - \fi - \c=#1 \advance\c by 1 - \loop - \csname level\the\c\endcsname - \expandafter\let \csname level\the\c\endcsname\relax - \advance\c by 1 - \ifnum \c<10 \repeat - } - - % allow textwidth in includegraphics -\makeatletter -\ExplSyntaxOn -\Configure{Gin-dim}{style="width:\fp_eval:n{round(\Gin@req@width/\textwidth*100,2)}\char_generate:nn { `\% } { 12 }"} -\ExplSyntaxOff -\makeatother - -\EndPreamble - -% Local Variables: -% TeX-PDF-mode: t -% End: diff --git a/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures_xhtml.cfg b/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures_xhtml.cfg deleted file mode 100644 index 2ed493d15..000000000 --- a/Resources/texmf-local/tex/latex/tex4ht/svg-math-and-subfigures_xhtml.cfg +++ /dev/null @@ -1,83 +0,0 @@ -% -*-latex-*- -\Preamble{xhtml,charset="latin1",p-width,pic-align,pic-tabular} -\DeclareGraphicsExtensions{.svg,.png,.jpg} % change to %\DeclareGraphicsExtensions{.png,.svg,.jpg} to prefer png pix - -\Configure{VERSION}{} - -\DeclareGraphicsRule{.png}{bmp}{.xbb}{} -%\DeclareGraphicsRule{.svg}{svg}{.xbb}{} % Uncomment if you want to use the commented-out method of configuring svg files to get the size from a boundingbox created by ebb -x *.png - -\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{.table div.caption{text-align: center;}} -\Css{.table div.pic-tabular{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -\Css{div.figure{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -\Css{div.table{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -\Css{div.float{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} - -% 20200910: Tried a bunch of ways to center the tabbing envt; all failed: -% \Css{div.tbody{text-align:center;}} -% \Css{.table div.tabbing{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -% \Css{div.tabbing{text-align:center;}} -% \Css{.tabbing div.tbody{text-align:center;clear:both;overflow:auto;width:100\%;margin-bottom:1em;margin-left:auto;margin-right:auto}} -% \Css{.table tabbing div.tbody{text-align:center;clear:both;overflow:auto;margin-bottom:1em;margin-left:auto;margin-right:auto}} - -\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 - -% The following is for figures in 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 -\Configure{graphics*} -{svg} -{ -{\Configure{Needs}{File: \Gin@base.svg}\Needs{}} -\Picture[\csname a:GraphicsAlt\endcsname]{\csname Gin@base\endcsname.svg -\csname a:Gin-dim\endcsname} -} -\makeatother - -%add any custom \Css or HTML commands here as needed. - -% Fix tex4ht includegraphics to allow scaling relative to textwidth -% https://tex.stackexchange.com/questions/563276/graphics-scaling-in-tex4ht -\makeatletter -\ExplSyntaxOn -\Configure{Gin-dim}{style="width:\fp_eval:n{round(\Gin@req@width/\textwidth*100,2)}\%"} -\ExplSyntaxOff -\makeatother - -\Css{.equation td{text-align:center; }} -\Css{td.equation { margin-top:5em; margin-bottom:5em; }} - -%These tell tex4ht to make inline math images also -\begin{document} - -\Configure{$}{\PicMath}{\EndPicMath}{} -\Configure{PicMath}{}{}{}{class="math";align="absmiddle"} - -\EndPreamble - diff --git a/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p0.mk4 b/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p0.mk4 deleted file mode 100644 index 795fa2e6c..000000000 --- a/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p0.mk4 +++ /dev/null @@ -1,2 +0,0 @@ -Make:image("svg$", -"dvisvgm -n -p ${page} --exact -c 1.0,1.0 -s ${source} > ${output}") diff --git a/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p1.mk4 b/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p1.mk4 deleted file mode 100644 index b9a47ff77..000000000 --- a/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p1.mk4 +++ /dev/null @@ -1,2 +0,0 @@ -Make:image("svg$", -"dvisvgm -n -p ${page} --exact -c 1.2,1.2 -s ${source} > ${output}") diff --git a/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p1x1p0.mk4 b/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p1x1p0.mk4 deleted file mode 100644 index 29f3724e7..000000000 --- a/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p1x1p0.mk4 +++ /dev/null @@ -1,2 +0,0 @@ -Make:image("svg$", -"dvisvgm -n -p ${page} --exact -c 1.2,1.0 -s ${source} > ${output}") diff --git a/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p2.mk4 b/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p2.mk4 deleted file mode 100644 index b9a47ff77..000000000 --- a/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p2.mk4 +++ /dev/null @@ -1,2 +0,0 @@ -Make:image("svg$", -"dvisvgm -n -p ${page} --exact -c 1.2,1.2 -s ${source} > ${output}") diff --git a/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p2x1p0.mk4 b/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p2x1p0.mk4 deleted file mode 100644 index 29f3724e7..000000000 --- a/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p2x1p0.mk4 +++ /dev/null @@ -1,2 +0,0 @@ -Make:image("svg$", -"dvisvgm -n -p ${page} --exact -c 1.2,1.0 -s ${source} > ${output}") diff --git a/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p3x1p0.mk4 b/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p3x1p0.mk4 deleted file mode 100644 index c7425ed51..000000000 --- a/Resources/texmf-local/tex/latex/tex4ht/svg-set-size-to-1p3x1p0.mk4 +++ /dev/null @@ -1,2 +0,0 @@ -Make:image("svg$", -"dvisvgm -n -p ${page} --exact -c 1.3,1.0 -s ${source} > ${output}") diff --git a/Resources/texmf-local/tex/latex/tex4ht/tex4ht_and_table_of_content_issues_fix.cfg b/Resources/texmf-local/tex/latex/tex4ht/tex4ht_and_table_of_content_issues_fix.cfg deleted file mode 100644 index 3c5a6439d..000000000 --- a/Resources/texmf-local/tex/latex/tex4ht/tex4ht_and_table_of_content_issues_fix.cfg +++ /dev/null @@ -1,28 +0,0 @@ -% -*-latex-*- - -\begin{document} -% https://12000.org/my_notes/faq/LATEX/htch4.htm -% https://tex.stackexchange.com/questions/44541/tex4ht-limit-toc - \ConfigureToc{section} - {\tocNesting{1}\HCode{
  • }}{ }{}{ } - \ConfigureToc{subsection} - {\tocNesting{2}\HCode{
  • }}{ }{}{ } - \ConfigureToc{subsubsection} - {\tocNesting{3}\HCode{
  • }}{ }{}{ } - \Configure{tableofcontents} - {} {\tocNesting{0}} {} {} {} - - \newcount\c - \def\tocNesting#1{% - \expandafter\ifx \csname level#1\endcsname\relax - \ifnum #1>0 \HCode{
      }\fi - \expandafter\def \csname level#1\endcsname{\HCode{
    }} - \fi - \c=#1 \advance\c by 1 - \loop - \csname level\the\c\endcsname - \expandafter\let \csname level\the\c\endcsname\relax - \advance\c by 1 - \ifnum \c<10 \repeat - } - \ No newline at end of file diff --git a/Resources/texmf-local/tex/latex/tex4htMakeCFG.sh b/Resources/texmf-local/tex/latex/tex4htMakeCFG.sh deleted file mode 100755 index 88894aeea..000000000 --- a/Resources/texmf-local/tex/latex/tex4htMakeCFG.sh +++ /dev/null @@ -1,18 +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 - -cmd="cp `kpsewhich svg-math-and-subfigures_tex4ht-and-table-of-contents-fix.cfg` $handoutName.cfg" -echo "$cmd" ; eval "$cmd" -cmd="cp `kpsewhich svg-set-size-to-1p0.mk4` $handoutName.mk4" -echo "$cmd" ; eval "$cmd" - - diff --git a/Resources/texmf-local/tex/latex/titlesec.sty b/Resources/texmf-local/tex/latex/titlesec.sty deleted file mode 100644 index f588cad6a..000000000 --- a/Resources/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/Resources/texmf-local/web2c/latexmkrc b/Resources/texmf-local/web2c/latexmkrc deleted file mode 100755 index a51d3004c..000000000 --- a/Resources/texmf-local/web2c/latexmkrc +++ /dev/null @@ -1,14 +0,0 @@ -# -*- mode: shell-script; coding: utf-8 -*- -# Google 'latexmk' for explanation of this config file -# latexmk at unix command line will compile the paper -$do_cd = 1; -#$clean_ext = "nav out snm dvi idv tmp xref 4tc out aux log fls fdb_latexmk synctex.gz toc svg png 4ct ps out.ps mk4 lg cfg css html yml upa upb"; -@generated_exts = (@generated_exts, 'blg','fdb_latexmk','fls', 'idv','md.tmp','mk4','lg','snm','synctex.gz', 'tex.cfg','nav','out','ps','ps_out','tex.mk4', 'tmp', 'upa','upb','toc','4ct'); -$bibtex_use=2; -$pdf_mode = 1; -$rc_report = 1; -$pdflatex="pdflatex -interaction=nonstopmode %O %S"; -@default_files = ('*.tex'); -$aux_out_dir_report = 0; -$silent = 1; -#warn "PATH = '$ENV{PATH}'\n"; diff --git a/Resources/texmf-local/web2c/texmf.cnf b/Resources/texmf-local/web2c/texmf.cnf deleted file mode 100644 index 8ceb37734..000000000 --- a/Resources/texmf-local/web2c/texmf.cnf +++ /dev/null @@ -1,28 +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 - -% TEXMFHOME is for any user-specific customizations -% -- This is NOT the place for Methods customizations -% -- Customizations in the $TEXMFHOME directory are only for the specific user -% TEXMFHOME = ~/.texmf - -% The default is for each user to have a separate location for the junk variables that are created on-the-fly; this can result in a hard-to-find pileup of junk across multiple users, so let's have a common location for all users: -TEXMFVAR = /usr/local/texlive/texmf-var -TEXMFCONFIG = /usr/local/texlive/texmf-config -TEXMFDIST = /usr/local/texlive/texmf-dist -TEXMFSYSCONFIG=/usr/local/texlive/texmf-config -TEXMFSYSVAR=/usr/local/texlive/texmf-var - -%TEXMFMETHODS = /usr/local/texlive/texmf-local # Links should be created upon setup of TeXLive -%TEXMF = {$TEXMFMETHODS,$TEXMFCONFIG,$TEXMFVAR,$TEXMFHOME,!!$TEXMFSYSCONFIG,!!$TEXMFSYSVAR,!!$TEXMFMAIN,!!$TEXMFLOCAL,!!$TEXMFDIST} - -file_line_error_style = t diff --git a/SolvingMicroDSOPs-Slides-Add-Refs.readme b/SolvingMicroDSOPs-Slides-Add-Refs.readme new file mode 100644 index 000000000..ceb466fd2 --- /dev/null +++ b/SolvingMicroDSOPs-Slides-Add-Refs.readme @@ -0,0 +1 @@ +% Any new references that need to be ADDED to the bibliography database should go in [filename]-Add-Refs.bib diff --git a/SolvingMicroDSOPs-Slides-switches.sty b/SolvingMicroDSOPs-Slides-switches.sty deleted file mode 100644 index 3822029b7..000000000 --- a/SolvingMicroDSOPs-Slides-switches.sty +++ /dev/null @@ -1,23 +0,0 @@ -% MPCMatch -\provideboolean{MPCMatchVersion} -\setboolean{MPCMatchVersion}{true} -\setboolean{MPCMatchVersion}{false} -\newcommand{\MPCMatch}{\ifthenelse{\boolean{MPCMatchVersion}}} - -\newboolean{DiscountSubOn} -\setboolean{DiscountSubOn}{false} -\providecommand{\TimeFactor}{\Discount} -\ifthenelse{\boolean{DiscountSubOn}}{\Discount_{t+1}}{} -\newcommand{\ifTimeSubT}{} -\ifthenelse{\boolean{DiscountSubOn}}{\renewcommand{\ifTimeSubT}{_{T}}}{} -\newcommand{\ifTimeSubNext}{} -\ifthenelse{\boolean{DiscountSubOn}}{\renewcommand{\ifTimeSubNext}{_{t+1}}}{} - -\newboolean{RfreeSubOn} -\setboolean{RfreeSubOn}{false} -\providecommand{\R}{\Rfree} -\ifthenelse{\boolean{RfreeSubOn}}{\Rfree_{t+1}}{} - -\usepackage{ifthen} -\newboolean{WithOverlays} -\setboolean{WithOverlays}{true} diff --git a/SolvingMicroDSOPs-options.sty b/SolvingMicroDSOPs-options.sty deleted file mode 100644 index 649edb585..000000000 --- a/SolvingMicroDSOPs-options.sty +++ /dev/null @@ -1,73 +0,0 @@ -% Controls for which of various variant versions to create - -\provideboolean{ctwVersion}\setboolean{ctwVersion}{false}\newcommand{\ctw}{\ifthenelse{\boolean{ctwVersion}}} % {cctw} -\provideboolean{trpVersion}\setboolean{trpVersion}{false}\newcommand{\trp}{\ifthenelse{\boolean{trpVersion}}} % {trp} -% \setboolean{trpVersion}{true} % {trp} -\setboolean{trpVersion}{false} % {trp} - -% Draft mode puts \labels of figs, tables, eqns in margin -\provideboolean{draftmode}\setboolean{draftmode}{true} -% \setboolean{draftmode}{false} -\newcommand{\Draft}{\ifthenelse{\boolean{draftmode}}} -\Draft{\usepackage{showlabels} - \renewcommand{\showlabelsetlabel}[1]{\tiny #1} -}{} - -% Include or exclude Method of Moderation material -\provideboolean{MoMVersion}\setboolean{MoMVersion}{true} -%\setboolean{MoMVersion}{false} -\newcommand{\MoM}{\ifthenelse{\boolean{MoMVersion}}} - -% Get extra style stuff for cctwMoM -\MoM{ % {cctw} - \usepackage{\LaTeXInputs/cctwMoM} % {cctw} -}{} % {cctw} - -% Versions with or without permanent shocks -% Seems to be defunct - remove -\provideboolean{PermShkVersion}\setboolean{PermShkVersion}{true} -\setboolean{PermShkVersion}{false} -\newcommand{\PermShkOn}{\ifthenelse{\boolean{PermShkVersion}}} - -% MPCMatch version does Hermite polynomials for the interpolation -% that match both the slope and the intercept at the gridpoints -\provideboolean{MPCMatchVersion}\setboolean{MPCMatchVersion}{true} -\newcommand{\MPCMatch}{\ifthenelse{\boolean{MPCMatchVersion}}} - -% mynotes -\provideboolean{MyNotes}\setboolean{MyNotes}{true} -%\setboolean{MyNotes}{false} - -% margin notes -\provideboolean{Margnote}\setboolean{Margnote}{true} -% \setboolean{Margnote}{false} -\newcommand{\ifMarg}{\ifthenelse{\Margnote}} - -% margin notes -\provideboolean{Cleanmacros}\setboolean{Cleanmacros}{true} -\setboolean{Cleanmacros}{false} -\newcommand{\ifClean}{\ifthenelse{\boolean{Cleanmacros}}} - -% Show things that need fixing -\provideboolean{ToFix}\setboolean{ToFix}{true} -% \setboolean{ToFix}{false} -\newcommand{\Fix}{\ifthenelse{\boolean{ToFix}}} - -% Show or hide the time subscripts for -\provideboolean{hidetime}\setboolean{hidetime}{true} -% \setboolean{hidetime}{false} -\newcommand{\timehide}{\ifthenelse{\boolean{hidetime}}} - -\provideboolean{verbon}\setboolean{verbon}{true} -\newcommand{\onverb}{\ifthenelse{\boolean{verbon}}} - -\setboolean{showPageHead}{true} -% \econtexSetup sets boolean variable 'Web' to true if making html not pdf -\ifthenelse{\boolean{Web}}{ % then - \setboolean{showPageHead}{false} % no pages, so no page head, on web -}{ % else not for web - \usepackage{scrlayer-scrpage} % Package for page headers if PDF - \automark[section]{section} - \usepackage{caption} % allow suppression of appendix figures in NoAppendix PDF -} - diff --git a/SolvingMicroDSOPs.pdf b/SolvingMicroDSOPs.pdf index 462c14cd9..ffffc05e8 100644 Binary files a/SolvingMicroDSOPs.pdf and b/SolvingMicroDSOPs.pdf differ diff --git a/SolvingMicroDSOPs.tex b/SolvingMicroDSOPs.tex index 1f274fdd1..5583d5c0a 100644 --- a/SolvingMicroDSOPs.tex +++ b/SolvingMicroDSOPs.tex @@ -13,7 +13,7 @@ \usepackage{local-packages} % LaTeX config in ./resources/latex % booleans control whether certain features are on or off: -\input{SolvingMicroDSOPs-options} +\input{\texname-options} % replace macros with their referents using demacro % (only operative when processing doc with demacro script): @@ -34,19 +34,19 @@ \begin{document} % Sections = _sectn- -\input{_sectn-titlepage-input} -\input{_sectn-introduction-input} +\subfile{_sectn-titlepage} +\subfile{_sectn-introduction} %\input{./.resources/latex/bibliography-blend}\end{document}\endinput % \endinput prevents any processing of subsequent stuff -\input{_sectn-the-problem-input} -\input{_sectn-normalization-input} -\input{_sectn-notation-input} -\input{_sectn-the-usual-theory-input} -\input{_sectn-solving-the-next-input} -%\MoM{\input{_sectn-method-of-moderation-input}}{} -\input{_sectn-the-infinite-horizon-input} -\input{_sectn-multiple-control-variables-input} -\input{_sectn-structural-estimation-input} -\input{_sectn-conclusion-input} +\subfile{_sectn-the-problem} +\subfile{_sectn-normalization} +\subfile{_sectn-notation} +\subfile{_sectn-the-usual-theory} +\subfile{_sectn-solving-the-next} +%\MoM{\subfile{_sectn-method-of-moderation}}{} +\subfile{_sectn-the-infinite-horizon} +\subfile{_sectn-multiple-control-variables} +\subfile{_sectn-structural-estimation} +\subfile{_sectn-conclusion} \clearpage\vfill\eject @@ -55,7 +55,7 @@ \appendix % Appendices = _apndx- -\input{_apndx-scf-data-input} +\subfile{_apndx-scf-data} \vfill\clearpage \input{./.resources/latex/bibliography-blend}%\end{document}\endinput % \endinput prevents any processing of subsequent stuff diff --git a/_apndx-scf-data-input.tex b/_apndx-scf-data-input.tex deleted file mode 100644 index 7c16ccd22..000000000 --- a/_apndx-scf-data-input.tex +++ /dev/null @@ -1,10 +0,0 @@ - -\hypertarget{scf-data}{} -\section{SCF Data}\label{app:scf-data} - -Data used in the estimation is constructed using the SCF 1992, 1995, 1998, 2001 and 2004 waves. The definition of wealth is net worth including housing wealth, but excluding pensions and social securities. The data set contains only households whose heads are aged 26-60 and excludes singles, following Cagetti~\citeyearpar{cagettiWprofiles}.\footnote{Cagetti~\citeyearpar{cagettiWprofiles}\ argues that younger households should be dropped since educational choice is not modeled. Also, he drops singles, since they include a large number of single mothers whose saving behavior is influenced by welfare.} Furthermore, the data set contains only households whose heads are college graduates. The total sample size is 4,774. - -In the waves between 1995 and 2004 of the SCF, levels of \textit{normal} income are reported. The question in the questionnaire is "About what would your income have been if it had been a normal year?" We consider the level of normal income as corresponding to the model's theoretical object $P$, permanent noncapital income. Levels of normal income are not reported in the 1992 wave. Instead, in this wave there is a variable which reports whether the level of income is normal or not. Regarding the 1992 wave, only observations which report that the level of income is normal are used, and the levels of income of remaining observations in the 1992 wave are interpreted as the levels of permanent income. - -Normal income levels in the SCF are before-tax figures. These before-tax permanent income figures must be rescaled so that the median of the rescaled permanent income of each age group matches the median of each age group's income which is assumed in the simulation. This rescaled permanent income is interpreted as after-tax permanent income. Rescaling is crucial since in the estimation empirical profiles are matched with simulated ones which are generated using after-tax permanent income (remember the income process assumed in the main text). Wealth / permanent income ratio is computed by dividing the level of wealth by the level of (after-tax) permanent income, and this ratio is used for the estimation.\footnote{Please refer to the archive code for details of how these after-tax measures of $P$ are constructed.} - diff --git a/_sectn-conclusion-input.tex b/_sectn-conclusion-input.tex deleted file mode 100644 index 33bb9a8e9..000000000 --- a/_sectn-conclusion-input.tex +++ /dev/null @@ -1,5 +0,0 @@ -\hypertarget{conclusion}{} -\section{Conclusion} - -Many choices can be made for solving microeconomic dynamic stochastic optimization problems. The set of techniques, and associated code, described in these notes represents an approach that I have found to be powerful, flexible, and efficient, but other problems may require other techniques. For a much broader treatment of many of the issues considered here, see Judd~\citeyearpar{judd:book}. - diff --git a/_sectn-introduction-input.tex b/_sectn-introduction-input.tex deleted file mode 100644 index f6e990867..000000000 --- a/_sectn-introduction-input.tex +++ /dev/null @@ -1,5 +0,0 @@ -\thispagestyle{empty} % don't show the page number -\hypertarget{introduction}{} -\section{Introduction}\label{sec:introduction} - - These lecture notes provide a gentle introduction to a particular set of solution tools for the canonical consumption-saving/portfolio allocation problem. Specifically, the notes describe and solve optimization problems for a consumer facing uninsurable idiosyncratic risk to nonfinancial income (e.g., labor or transfer income), first without and then with optimal portfolio choice,\footnote{See \cite{merton:restat} and \cite{samuelson:portfolio} for a solution to the problem of a consumer whose only risk is rate-of-return risk on a financial asset; the combined case (both financial and nonfinancial risk) is solved below, and much more closely resembles the case with only nonfinancial risk than it does the case with only financial risk.} with detailed intuitive discussion of various mathematical and computational techniques that, together, speed the solution by many orders of magnitude. The problem is solved with and without liquidity constraints, and the infinite horizon solution is obtained as the limit of the finite horizon solution. After the basic consumption/saving problem with a deterministic interest rate is described and solved, an extension with portfolio choice between a riskless and a risky asset is also solved. Finally, a simple example shows how to use these methods (via the statistical `method of simulated moments' (MSM for short)) to estimate structural parameters like the coefficient of relative risk aversion (\textit{a la} Gourinchas and Parker~\citeyearpar{gpLifecycle} and Cagetti~\citeyearpar{cagettiWprofiles}). diff --git a/_sectn-method-of-moderation-input.tex b/_sectn-method-of-moderation-input.tex deleted file mode 100644 index b2810931a..000000000 --- a/_sectn-method-of-moderation-input.tex +++ /dev/null @@ -1,659 +0,0 @@ -\hypertarget{the-method-of-moderation}{} -\subsection{The Method of Moderation}\label{sec:method-of-moderation} - - Unfortunately, this endogenous gridpoints solution is not very - well-behaved outside the original range of gridpoints targeted by - the solution method. (Though other common solution methods are no - better outside their own predefined ranges). - Figure~\ref{fig:ExtrapProblem} demonstrates the point by plotting - the amount of precautionary saving implied by a linear extrapolation - of our approximated consumption rule (the consumption of the perfect - foresight consumer $\cFuncAbove_{\prd-1}$ minus our approximation to - optimal consumption under uncertainty, $\Aprx{\cFunc}_{\prd-1}$). - Although theory proves that precautionary saving is always positive, - the linearly extrapolated numerical approximation eventually - predicts negative precautionary saving (at the point in the figure - where the extrapolated locus crosses the horizontal axis). - - \hypertarget{ExtrapProblemPlot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/ExtrapProblemPlot} - \caption{For Large Enough $m_{\prd-1}$, Predicted Precautionary Saving is Negative (Oops!)} - \label{fig:ExtrapProblem} - \end{figure} - - This error cannot be fixed by extending the upper gridpoint; in the presence of serious uncertainty, the consumption rule will need to be evaluated outside of \textit{any} prespecified grid (because starting from the top gridpoint, a large enough realization of the uncertain variable will push next period's realization of assets above that top; a similar argument applies below the bottom gridpoint). While a judicious extrapolation technique can prevent this problem from being fatal (for example by carefully excluding negative precautionary saving), the problem is often dealt with using inelegant methods whose implications for the accuracy of the solution are difficult to gauge. - - -%\renewcommand{\prd}{t} % For the rest of the doc, use generic t vs t+1 - - As a preliminary to our solution, define $\hNrm_{\EndStg}$ as end-of-period human wealth (the present discounted value of future labor income) for a perfect foresight version of the problem of a `risk optimist:' a period-$t$ consumer who believes with perfect confidence that the shocks will always take their expected value of \PermShkOn{1, $\tranShkEmp_{t+n} = \Ex[\tranShkEmp]=1~\forall~n>0$ and $\permShk_{t+n} = \Ex[\permShk]=1~\forall~n>0$.} {1, $\tranShkEmp_{t+n} = \Ex[\tranShkEmp]=1~\forall~n>0$.} The solution to a perfect foresight problem of this kind takes the form\footnote{For a derivation, see \cite{BufferStockTheory}; $\MPCmin_{\prd}$ is defined therein as the MPC of the perfect foresight consumer with horizon $\trmT-t$.} - \begin{equation}\begin{gathered}\begin{aligned} - \cFuncAbove_{\prd}(\mNrm_{\prd}) & = (\mNrm_{\prd} + \hNrm_{\EndStg})\MPCmin_{\prd} \label{eq:cFuncAbove} - \end{aligned}\end{gathered}\end{equation} - for a constant minimal marginal propensity to consume $\MPCmin_{\prd}$ given below. - - We similarly define $\hEndMin_{\EndStg}$ as `minimal human wealth,' the - present discounted value of labor income if the shocks were to take on - their worst possible value in every future period \PermShkOn - {$\tranShkEmp_{t+n} = \tranShkEmpMin ~\forall~n>0$ and $\permShk_{t+n} = - \permShkMin ~\forall~n>0$} {$\tranShkEmp_{t+n} = \tranShkEmpMin - ~\forall~n>0$} (which we define as corresponding to the beliefs of a - `pessimist'). - - \ctw{}{We will call a `realist' the consumer who correctly perceives the true - probabilities of the future risks and optimizes accordingly.} - - A first useful point is that, for the realist, a lower bound for the - level of market resources is $\Lo{m}_{\prd} = -\hEndMin_{\EndStg}$, because - if $m_{\prd}$ equalled this value then there would be a positive finite - chance (however small) of receiving \PermShkOn - {$\tranShkEmp_{t+n}=\tranShkEmpMin$ and $\permShk_{t+n}=\permShkMin$} - {$\tranShkEmp_{t+n}=\tranShkEmpMin$} - in - every future period, which would require the consumer to set $c_{\prd}$ - to zero in order to guarantee that the intertemporal budget constraint - holds\ctw{.}{~(this is the multiperiod generalization of the discussion in - section \ref{subsec:LiqConstrSelfImposed} explaining the derivation of the `natural borrowing constraint' for period $\trmT-1$, - $\Lo{a}_{\prd-1}$).} Since consumption of zero yields negative - infinite utility, the solution to realist consumer's problem is not well - defined for values of $m_{\prd} < \Lo{m}_{\prd}$, and the limiting - value of the realist's $c_t$ is zero as $m_{\prd} \downarrow \Lo{m}_{\prd}$. - - Given this result, it will be convenient to define `excess' market - resources as the amount by which actual resources exceed the lower - bound, and `excess' human wealth as the amount by which mean expected human wealth - exceeds guaranteed minimum human wealth: - \begin{equation*}\begin{gathered}\begin{aligned} - \aboveMin \mNrm_{\prd} & = m_{\prd}+\overbrace{\hEndMin_{\EndStg}}^{=-\Lo{m}_{\prd}} - \\ \aboveMin \hNrm_{\EndStg} & = \hNrm_{\EndStg}-\hEndMin_{\EndStg}. - \end{aligned}\end{gathered}\end{equation*} - - We can now transparently define the optimal - consumption rules for the two perfect foresight problems, those of the - `optimist' and the `pessimist.' The `pessimist' perceives human - wealth to be equal to its minimum feasible value $\hEndMin_{\EndStg}$ with certainty, so - consumption is given by the perfect foresight solution - \begin{equation*}\begin{gathered}\begin{aligned} - \cFuncBelow_{\prd}(m_{\prd}) & = (m_{\prd}+\hEndMin_{\EndStg})\MPCmin_{\prd} - \\ & = \aboveMin \mNrm_{\prd}\MPCmin_{\prd} - . - \end{aligned}\end{gathered}\end{equation*} - - The `optimist,' on the other hand, pretends that there is no uncertainty - about future income, and therefore consumes - \begin{equation*}\begin{gathered}\begin{aligned} - \cFuncAbove_{\prd}(m_{\prd}) & = (m_{\prd} +\hEndMin_{\EndStg} - \hEndMin_{\EndStg} + \hNrm_{\EndStg} )\MPCmin_{\prd} - \\ & = (\aboveMin \mNrm_{\prd} + \aboveMin \hNrm_{\EndStg})\MPCmin_{\prd} - \\ & = \cFuncBelow_{\prd}(m_{\prd})+\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd} - . - \end{aligned}\end{gathered}\end{equation*} - - It seems obvious that the spending of the realist will be strictly greater - than that of the pessimist and strictly less than that of the - optimist. Figure~\ref{fig:IntExpFOCInvPesReaOptNeedHiPlot} illustrates the proposition for the consumption rule in period $\trmT-1$. - \hypertarget{IntExpFOCInvPesReaOptNeedHiPlot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/IntExpFOCInvPesReaOptNeedHiPlot} - \caption{Moderation Illustrated: $\Lo{\cFunc}_{\prd-1} < \Aprx{\cFunc}_{\prd-1} < \bar{\cFunc}_{\prd-1}$} - \label{fig:IntExpFOCInvPesReaOptNeedHiPlot} - \end{figure} - - \indent The proof is more difficult than might be imagined, but - the necessary work is done in \cite{BufferStockTheory} so we will take - the proposition as a fact and proceed by manipulating the inequality: - - - \begin{center} - \begin{tabular}{rcl} - $ \aboveMin \mNrm_{\prd} \MPCmin_{\prd} < $ & $ \cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ $< (\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd} $ - \\ $- \aboveMin \mNrm_{\prd} \MPCmin_{\prd} > $ & $ -\cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ & $> -(\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd} $ - \\ $ \aboveMin \hNrm_{\EndStg} \MPCmin_{\prd} > $ & $ \bar{\cFunc}_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd})-\cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ & $> 0$ - \\ $1 > $ & $ \underbrace{\left(\frac{\bar{\cFunc}_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd})-\cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd})}{\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd}}\right)}_{\equiv \Hi{\koppa}_{\prd}} $ & $> 0$ - \end{tabular} - \end{center} - - \noindent where the fraction in the middle of the last inequality is the ratio - of actual precautionary saving (the numerator is the difference - between perfect-foresight consumption and optimal consumption in the - presence of uncertainty) to the maximum conceivable amount of - precautionary saving (the amount that would be undertaken by the - pessimist who consumes nothing out of any future income beyond the perfectly certain component). - - Defining $\mu_{\prd} = - \log \aboveMin \mNrm_{\prd}$ (which can range from $-\infty$ to $\infty$), the object in the middle of the last inequality is - \begin{equation}\begin{gathered}\begin{aligned} - \Hi{\koppa}_{\prd}(\mu_{\prd}) & \equiv \left(\frac{\bar{\cFunc}_{\prd}(\Lo{m}_{\prd}+e^{\mu_{\prd}})-\cFunc_{\prd}(\Lo{m}_{\prd}+e^{\mu_{\prd}})}{\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd}}\right), \label{eq:koppa} - \end{aligned}\end{gathered}\end{equation} - and we now define - \begin{equation}\begin{gathered}\begin{aligned} - \Hi{\chiFunc}_{\prd}(\mu_{\prd}) & = \log \left(\frac{1-\Hi{\koppa}_{\prd}(\mu_{\prd})}{\Hi{\koppa}_{\prd}(\mu_{\prd})}\right) - \\ & = \log \left(1/\Hi{\koppa}_{\prd}(\mu_{\prd})-1\right) \label{eq:chi} - \end{aligned}\end{gathered}\end{equation} - which has the virtue that it is linear in the limit as $\mu_{\prd}$ approaches $+\infty$. - - Given $\Hi{\chiFunc}$, the consumption function can be recovered from - \begin{equation}\begin{gathered}\begin{aligned} - \Hi{\cFunc}_{\prd} & = \bar{\cFunc}_{\prd}-\overbrace{\left(\frac{1}{1+\exp(\Hi{\chiFunc}_{\prd})}\right)}^{=\Hi{\koppa}_{\prd}} \aboveMin \hNrm_{\EndStg} \MPCmin_{\prd}. \label{eq:cFuncHi} - \end{aligned}\end{gathered}\end{equation} - - Thus, the procedure is to calculate $\Hi{\chiFunc}_{\prd}$ at the points - $\vctr{\mu}_{\prd}$ corresponding to the log of the $\aboveMin - \vctr{m}_{\prd}$ points defined above, and then using these to construct an - interpolating approximation $\Aprx{\Hi{\chiFunc}}_{\prd}$ from which we indirectly obtain our - approximated consumption rule $\Aprx{\Hi{\cFunc}}_{\prd}$ by substituting $\Aprx{\Hi{\chiFunc}}_{\prd}$ for $\Hi{\chiFunc}$ in equation \eqref{eq:cFuncHi}. - - Because this method relies upon the fact that the problem is easy to - solve if the decision maker has unreasonable views (either in the - optimistic or the pessimistic direction), and because the correct - solution is always between these immoderate extremes, we call our - solution procedure the `method of moderation.' - - Results are shown in Figure~\ref{fig:ExtrapProblemSolved}; a reader - with very good eyesight might be able to detect the barest hint of a - discrepancy between the Truth and the Approximation at the far - righthand edge of the figure\ctw{.}{ -- a stark contrast with the calamitous - divergence evident in Figure~\ref{fig:ExtrapProblem}.}{} - \hypertarget{ExtrapProblemSolvedPlot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/ExtrapProblemSolvedPlot} - \caption{Extrapolated $\Aprx{\Hi{\cFunc}}_{\prd-1}$ Constructed Using the Method of Moderation} - \label{fig:ExtrapProblemSolved} - \end{figure} - -\hypertarget{approximating-the-slope-too}{} -\subsection{Approximating the Slope Too} - - -Until now, we have calculated the level of consumption at various different gridpoints and used linear interpolation\ctw{.}{ (either directly for $\cFunc_{\prd-1}$ or indirectly for, say, $\Hi{\chiFunc}_{\prd-1}$).} But the resulting piecewise linear approximations have the unattractive feature that they are not differentiable at the `kink points' that correspond to the gridpoints where the slope of the function changes discretely. - - - -\cite{BufferStockTheory} proves that the true consumption function for -this problem -is `smooth:' It -exhibits a well-defined unique marginal propensity to consume at every -positive value of $m$. This suggests that we should calculate, not -just the level of consumption, but also the marginal propensity to -consume (henceforth $\MPC$) at each gridpoint, and then find an -interpolating approximation that smoothly matches both the level and the slope -at those points. - -This requires us to differentiate \eqref{eq:koppa} and \eqref{eq:chi}, yielding -\begin{equation}\begin{gathered}\begin{aligned} - \Hi{\koppa}_{\prd}^{\mu}(\mu_{\prd}) & = (\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd})^{-1}e^{\mu_{\prd}}\left(\MPCmin_{\prd}-\overbrace{\cFunc^{\mNrm}_{\prd}(\Lo{m}_{\prd}+e^{\mu_{\prd}})}^{\equiv \MPCFunc_{\prd}(\mNrm_{\prd})}\right) \label{eq:koppaPrime} - \\ \Hi{\chiFunc}_{\prd}^{\mu}(\mu_{\prd}) & = \left(\frac{-\Hi{\koppa}_{\prd}^{\mu}(\mu_{\prd})/\Hi{\koppa}_{\prd}^{2}}{1/\Hi{\koppa}_{\prd}(\mu_{\prd})-1}\right) - \end{aligned}\end{gathered}\end{equation} -and (dropping arguments) with some algebra these can be combined to yield -\begin{equation}\begin{gathered}\begin{aligned} - \Hi{\chiFunc}_{\prd}^{\mu} & = \left(\frac{\MPCmin_{\prd} \aboveMin \mNrm_{\prd} \aboveMin \hNrm_{\EndStg} (\MPCmin_{\prd}-\MPC_{\prd})} - {(\cFuncAbove_{\prd}-\cFunc_{\prd})(\cFuncAbove_{\prd}-\cFunc_{\prd} - \MPCmin_{\prd} \aboveMin \hNrm_{\EndStg})}\right). - \end{aligned}\end{gathered}\end{equation} - -To compute the vector of values of \eqref{eq:koppaPrime} corresponding -to the points in $\vctr{\mu}_{\prd}$, we need the marginal propensities to -consume (designated $\MPC$) at each of the gridpoints, -$\cFunc^{\mNrm}_{\prd}$ (the vector of such values is -$\vctr{\MPC}_{\prd}$). These can be obtained by differentiating the -Euler equation \eqref{eq:upEqbetaOp} (where we define -$\mFunc_{\EndStg}(a) \equiv \cFunc_{\EndStg}(a)+{a}$, and drop the (a) arguments to reduce clutter): -\begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{c}(\cFunc_{\EndStg}) & = \hat{\vFunc}_{\EndStg}^{\aNrm}(\mFunc_{\EndStg}-\cFunc_{\EndStg}), - \end{aligned}\end{gathered}\end{equation} -yielding a marginal propensity to -\textit{have consumed} $\cFunc_{\EndStg}^{\aNrm}$ at each gridpoint: -\begin{equation}\begin{gathered}\begin{aligned} - \uPP(\cEndStg)\cEndStg^\aNrm & = \hat{\vFunc}_{\EndStg}^{\aNrm}(\mFunc_{\EndStg}-\cFunc_{\EndStg}) - \\ \cEndStg^\aNrm & = \hat{\vFunc}^{\aNrm}(\mFunc_{\EndStg}-\cFunc_{\EndStg})/\uPP(\cEndStg) - \end{aligned}\end{gathered}\end{equation} -and the marginal propensity to consume at the beginning of the period is obtained from the marginal propensity to have consumed by differentiating the identity with respect to $\aNrm$: -\begin{equation*}\begin{gathered}\begin{aligned} - \cEndStg & = \mFunc_{\EndStg} - \aNrm - \\ \cEndStg^{\aNrm}+1 & = \mFunc_{\EndStg}^{\aNrm} - \end{aligned}\end{gathered}\end{equation*} -which, together with the chain rule $\cEndStg^\aNrm = \cFunc^{\mNrm}_{\MidStg}\mFunc_{\EndStg}^{\aNrm}$, yields the MPC from -\begin{equation}\begin{gathered}\begin{aligned} - \cFunc^{\mNrm}(\overbrace{\cEndStg^{\aNrm}+1}^{=\mFunc_{\EndStg}^{\aNrm}}) & = \cEndStg^{\aNrm} - \\ \cFunc^\mNrm & = \cEndStg^{\aNrm}/(1+\cEndStg^{\aNrm}) \label{eq:MPCfromMPTHC}. - \end{aligned}\end{gathered}\end{equation} - - -Designating $\Aprx{\Hi{\cFunc}}_{\prd-1}$ as the approximated consumption rule obtained using an interpolating polynomial approximation to $\Hi{\chiFunc}$ that matches both the level and the first derivative at the gridpoints, Figure~\ref{fig:IntExpFOCInvPesReaOptGapPlot} plots the difference between this latest approximation and the true consumption rule for period $\trmT-1$ up to the same large value (far beyond the largest gridpoint) used in prior figures. Of course, at the gridpoints the approximation will exactly match the true function; but this figure illustrates that the approximation is quite accurate far beyond the last gridpoint (which is the last point at which the difference touches the horizontal axis). (We plot here the difference between the two functions rather than the level plotted in previous figures, because in levels the difference between the approximate and the exact function would not be detectable even to the most eagle-eyed reader.) - - - -\hypertarget{IntExpFOCInvPesReaOptGapPlot}{} -\begin{figure} - \includegraphics[width=6in]{./Figures/IntExpFOCInvPesReaOptGapPlot} - \caption{Difference Between True $\cFunc_{\prd-1}$ and $\Aprx{\Hi{\cFunc}}_{\prd-1}$ Is Minuscule} - \label{fig:IntExpFOCInvPesReaOptGapPlot} -\end{figure} - - - - -\hypertarget{value}{} -\subsection{Value} - - - Often it is useful to know the value function as well as the consumption rule. Fortunately, many of the tricks used when solving for the consumption rule have a direct analogue in approximation of the value function. - - Consider the perfect foresight (or ``optimist's'') problem in period $\trmT-1$. Using the fact that in a perfect foresight model the growth factor for consumption is $(\Rfree \DiscFac)^{1/\CRRA}$, we can use the fact that $\cNrm_{\prd} = (\Rfree \DiscFac)^{1/\CRRA} \cNrm_{\prd-1}$ to calculate the value function in period $\trmT-1$: - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vFunc}_{\prd-1}(m_{\prd-1}) & \equiv \uFunc(\cNrm_{\prd-1})+\DiscFac \uFunc(\cNrm_{\prd}) - \\ & = \uFunc(\cNrm_{\prd-1})\left(1+\DiscFac ((\DiscFac\Rfree)^{1/\CRRA})^{1-\CRRA}\right) - % \\ & = \uFunc(\cNrm_{\prd-1})\left(1+\DiscFac (\DiscFac\Rfree)^{1/\CRRA-1}\right) - \\ & = \uFunc(\cNrm_{\prd-1})\left(1+(\DiscFac\Rfree)^{1/\CRRA}/\Rfree\right) - \\ & = \uFunc(\cNrm_{\prd-1})\underbrace{\mbox{PDV}_{\prd}^{T}(\cNrm)/\cNrm_{\prd-1}}_{\equiv \PDVCoverc_{\prd-1}^{T}} - \end{aligned}\end{gathered}\end{equation*} - where $\PDVCoverc_{\prd}^{T}=\mbox{PDV}_{\prd}^{T}(\cNrm)$ is the present discounted value of consumption, normalized by current consumption. Using the fact demonstrated in \cite{BufferStockTheory} that $\PDVCoverc_{\prd}=\MPC^{-1}_{\prd}$, a similar function can be constructed recursively for earlier periods, yielding the general expression \hypertarget{vFuncPF}{} - \begin{equation}\begin{gathered}\begin{aligned} - \bar{\vFunc}_{\prd}(m_{\prd}) & = \uFunc(\bar{\cNrm}_{\prd})\PDVCoverc_{\prd}^{T}\label{eq:vFuncPF} - \\ & = \uFunc(\bar{c}_{\prd}) \MPCmin_{\prd}^{-1} % 20190820 - \\ & = \uFunc((\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd}) \MPCmin_{\prd}^{-1} % 20190820 - \\ & = \uFunc(\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd}^{1-\CRRA} \MPCmin_{\prd}^{-1} % 20190820 - \\ & = \uFunc(\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd}^{-\CRRA} % 20190820 - \end{aligned}\end{gathered}\end{equation} - - This can be transformed as - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vInv}_{\prd} & \equiv \left((1-\CRRA)\bar{\vFunc}_{\prd}\right)^{1/(1-\CRRA)} - \\ & = \cNrm_{\prd}(\PDVCoverc_{\prd}^{T})^{1/(1-\CRRA)} - \\ & = (\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd}^{-\CRRA/(1-\CRRA)} % 20190820 - \end{aligned}\end{gathered}\end{equation*} - \MPCMatch{with derivative - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vInv}_{\prd}^m & = (\mathbb{C}_{\prd}^{T})^{1/(1-\CRRA)}\MPCmin_{\prd}, - \\ & = \MPCmin_{\prd}^{-\CRRA/(1-\CRRA)} % 20190820 - \end{aligned}\end{gathered}\end{equation*}}{} - and since $\PDVCoverc_{\prd}^{T}$ is a constant while the consumption - function is linear, $\bar{\vInv}_{\prd}$ will also be linear. - - We apply the same transformation to the value function for the problem with uncertainty (the ``realist's'' problem)\MPCMatch{ and differentiate}: - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vInv}_{\prd} & = \left((1-\CRRA)\bar{\vFunc}_{\prd}(m_{\prd})\right)^{1/(1-\CRRA)} - \MPCMatch{\\ \bar{\vInv}^{m}_{\prd} & = \left((1-\CRRA)\bar{\vFunc}_{\prd}(m_{\prd})\right)^{-1+1/(1-\CRRA)}\bar{\vFunc}_{\prd}^{m}(m_{\prd})}{} - \end{aligned}\end{gathered}\end{equation*} - and an excellent approximation to the value function can be obtained by - calculating the values of $\bar{\vInv}$ at the same gridpoints used by the - consumption function approximation, and interpolating among those points. - - However, as with the consumption approximation, we can do even better if we - realize that the $\bar{\vInv}$ function for the optimist's problem is - an upper bound for the ${\vInv}$ function in the presence of uncertainty, and the value function - for the pessimist is a lower bound. Analogously to \eqref{eq:koppa}, define an upper-case - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\Koppa}_{\prd}(\mu_{\prd}) & = \left(\frac{\bar{\vInv}_{\prd}(\Lo{m}_{\prd}+e^{\mu_{\prd}})-\vInv_{\prd}(\Lo{m}_{\prd}+e^{\mu_{\prd}})}{\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd} (\PDVCoverc_{\prd}^{T})^{1/(1-\CRRA)}}\right) \label{eq:Koppa} - \end{aligned}\end{gathered}\end{equation} - \MPCMatch{with derivative (dropping arguments) - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\Koppa}_{\prd}^{\mu} & = (\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd} (\PDVCoverc_{\prd}^{T})^{1/(1-\CRRA)})^{-1}e^{\mu_{\prd}}\left(\bar{\vInv}^{m}_{\prd}-\vInv^{m}_{\prd}\right) \label{eq:KoppaPrime} - % \\ & = (\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd})^{-1}e^{\mu_{\prd}}\left((\PDVCoverc_{\prd}^{T})^{1/(1-\CRRA)}\MPCmin_{\prd}-\left((1-\CRRA)\vFunc_{\prd}(m_{\prd})\right)^{-1+1/(1-\CRRA)}\vFunc_{\prd}^{m}(m_{\prd})\right) \notag - \end{aligned}\end{gathered}\end{equation}}{} - and an upper-case version of the $\chiFunc$ equation in \eqref{eq:chi}: - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\Chi}_{\prd}(\mu_{\prd}) & = \log \left(\frac{1-\hat{\Koppa}_{\prd}(\mu_{\prd})}{\hat{\Koppa}_{\prd}(\mu_{\prd})}\right) - \\ & = \log \left(1/\hat{\Koppa}_{\prd}(\mu_{\prd})-1\right) \label{eq:Chi} - \end{aligned}\end{gathered}\end{equation} - \MPCMatch{with corresponding derivative - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\Chi}_{\prd}^{\mu} & = \left(\frac{-\hat{\Koppa}_{\prd}^{\mu}/\hat{\Koppa}_{\prd}^{2}}{1/\hat{\Koppa}_{\prd}-1}\right) - \end{aligned}\end{gathered}\end{equation}}{} - and if we approximate these objects then invert them (as above with - the $\Hi{\koppa}$ and $\Hi{\chiFunc}$ functions) we obtain a very high-quality - approximation to our inverted value function at the same points for - which we have our approximated value function: - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\vInv}_{\prd} & = \bar{\vInv}_{\prd}-\overbrace{\left(\frac{1}{1+\exp(\hat{\Chi}_{\prd})}\right)}^{=\hat{\Koppa}_{\prd}} \aboveMin \hNrm_{\EndStg} \MPCmin_{\prd} (\PDVCoverc_{\prd}^{T})^{1/(1-\CRRA) } - \end{aligned}\end{gathered}\end{equation} - from which we obtain our approximation to the value function\MPCMatch{ and its derivatives~}~as \hypertarget{vHatFunc}{} - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\vFunc}_{\prd} & = \uFunc(\hat{\vInv}_{\prd}) - \\ \hat{\vFunc}^{m}_{\prd} & = \uFunc^{c}(\hat{\vInv}_{\prd}) \hat{\vInv}^{m} - \MPCMatch{\\ \hat{\vFunc}^{mm}_{\prd} & = \uFunc^{c{c}}(\hat{\vInv}_{\prd}) (\hat{\vInv}^{m})^{2} + \uFunc^{c}(\hat{\vInv}_{\prd})\hat{\vInv}^{mm}}{} - . - \end{aligned}\end{gathered}\end{equation} - - Although a linear interpolation that matches the level of $\vInv$ at the gridpoints is simple, a Hermite interpolation that matches both the level and the derivative of the $\bar{\vInv}_{\prd}$ function at the gridpoints has the considerable virtue that the $\bar{\vFunc}_{\prd}$ derived from it numerically satisfies the envelope theorem at each of the gridpoints for which the problem has been solved. - - \MPCMatch{If we use the double-derivative calculated above to produce a higher-order Hermite polynomial, our approximation will also match - marginal propensity to consume at the gridpoints; this would - guarantee that the consumption function generated from the value - function would match both the level of consumption and the - marginal propensity to consume at the gridpoints; the numerical - differences between the newly constructed consumption function and - the highly accurate one constructed earlier would be negligible - within the grid.}{} - - -\hypertarget{refinement-a-tighter-upper-bound}{} -\subsection{Refinement: A Tighter Upper Bound} - \cite{BufferStockTheory} derives an upper limit $\MPCmax_{\prd}$ for the MPC as $m_{\prd}$ - approaches its lower bound. Using this - fact plus the strict concavity of the consumption function yields the - proposition that - \begin{equation}\begin{gathered}\begin{aligned} - \cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd}) & < \MPCmax_{\prd} \aboveMin \mNrm_{\prd}. - \end{aligned}\end{gathered}\end{equation} - - The solution method described above does not guarantee that - approximated consumption will respect this constraint between gridpoints, and a failure to - respect the constraint can occasionally cause computational problems in solving - or simulating the model. Here, we - describe a method for constructing an approximation that always - satisfies the constraint. - - \begin{comment} % Old text needs to be revised or eliminated - That is, the realist's consumption function is bounded from above by both - the \textit{unconstrained} optimist's problem already treated, as well as - by the \textit{constrained} optimist's problem, which is a 45 degree line - originating from $\Lo{m}_{\prd}$ on the $m$-axis, as shown in - Figure~\ref{fig:IntExpFOCInvPesReaOptNeed45Plot}. The same is true for - the value function, as illustrated in Figure - \ref{fig:IntExpFOCInvPesReaOptNeed45ValuePlot}. - - \hypertarget{IntExpFOCInvPesReaOptNeed45Plot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/IntExpFOCInvPesReaOptNeed45Plot} - \caption{45 Degree Line as Another Upper Bound} - \label{fig:IntExpFOCInvPesReaOptNeed45Plot} - \end{figure} - - \hypertarget{IntExpFOCInvPesReaOptNeed45ValuePlot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/IntExpFOCInvPesReaOptNeed45ValuePlot} - \caption{A Constrained Optimist's Value Function as Another Upper Bound} - \label{fig:IntExpFOCInvPesReaOptNeed45ValuePlot} - \end{figure} - - \end{comment} - - \newcommand{\mtCusp}{\ensuremath{\mNrm_{\prd}^{\#}}} - % \newcommand{\aboveMin \mtCusp}{\ensuremath{\aboveMin \mNrm_{\prd}^{\#}}} - - Defining $\mtCusp$ as the `cusp' point where the two upper bounds - intersect: - \begin{equation*}\begin{gathered}\begin{aligned} - \left(\aboveMin \mtCusp+\aboveMin \hNrm_{\EndStg}\right)\MPCmin_{\prd} & = \MPCmax_{\prd} \aboveMin \mtCusp \\ - \aboveMin \mtCusp & = \frac{\MPCmin_{\prd}\aboveMin \hNrm_{\EndStg}}{(1-\MPCmin_{\prd})\MPCmax_{\prd}} \\ - \mtCusp & = \frac{\MPCmin_{\prd}\hNrm_{\EndStg}-\hEndMin_{\EndStg}}{(1-\MPCmin_{\prd})\MPCmax_{\prd}}, - \end{aligned}\end{gathered}\end{equation*} - we want to construct a consumption function for $m_{\prd} \in (\Lo{m}_{\prd}, \mtCusp]$ that respects the - tighter upper bound: - \begin{center} - \begin{tabular}{rcl} - $ \aboveMin \mNrm_{\prd} \MPCmin_{\prd} < $ & $ \cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ $< \MPCmax_{\prd} \aboveMin \mNrm_{\prd} $ - % \\ $-\aboveMin \mNrm_{\prd} \MPCmin_{\prd} > $ & $ -\cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ & $> -\aboveMin \mNrm_{\prd} $ - \\ $ \aboveMin \mNrm_{\prd}(\MPCmax_{\prd}- \MPCmin_{\prd}) > $ & $ \MPCmax_{\prd} \aboveMin \mNrm_{\prd}-\cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ & $> 0$ - \\ $1 > $ & $ \left(\frac{\MPCmax_{\prd} \aboveMin \mNrm_{\prd}-\cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd})}{\aboveMin \mNrm_{\prd}(\MPCmax_{\prd}- \MPCmin_{\prd})}\right) $ & $> 0$. - \end{tabular} - \end{center} - - Again defining $\mu_{\prd} =\log \aboveMin \mNrm_{\prd}$, the object in the middle of the inequality is - \begin{equation*}\begin{gathered}\begin{aligned} - \Lo{\koppa}_{\prd}(\mu_{\prd}) & \equiv \frac{\MPCmax_{\prd}-\cFunc_{\prd}(\Lo{m}_{\prd}+e^{\mu_{\prd}})e^{-\mu_{\prd}}}{\MPCmax_{\prd}-\MPCmin_{\prd}} \label{eq:koppaL} - \MPCMatch{\\ \Lo{\koppa}^{\mu}_{\prd}(\mu_{\prd}) & = \frac{\cFunc_{\prd}(\Lo{m}_{\prd}+e^{\mu_{\prd}})e^{-\mu_{\prd}}-\MPCFunc_{\prd}^{m}(\Lo{m}_{\prd}+e^{\mu_{\prd}})}{\MPCmax_{\prd}-\MPCmin_{\prd}}}{} . - \end{aligned}\end{gathered}\end{equation*} - - As $m_{\prd}$ approaches - $-\Lo{m}_{\prd}$, $\Lo{\koppa}_{\prd}(\mu_{\prd})$ converges to zero, while as $m_{\prd}$ - approaches $+\infty$, $\Lo{\koppa}_{\prd}(\mu_{\prd})$ approaches $1$. - - As before, we can derive an approximated consumption function; call it $\Aprx{\Lo{\cFunc}}_{\prd}$. This function will clearly do a better job approximating the consumption function for low values of $\mNrm_{\prd}$ while the previous approximation will perform better for high values of $\mNrm_{\prd}$. - - For middling values of $\mNrm$ it is not clear which of these functions will perform better. However, an alternative is available which performs well. Define the highest gridpoint below $\mtCusp$ as $\bar{\check{\mNrm}}_{\prd}^{\#}$ and the lowest gridpoint above $\mtCusp$ as $\Lo{\hat{\mNrm}}_{\prd}^{\#}$. Then there will be a unique interpolating polynomial that matches the level and slope of the consumption function at these two points. Call this function $\tilde{\cFunc}_{\prd}(\mNrm)$. - - Using indicator functions that are zero everywhere except for specified intervals, - \begin{equation*}\begin{gathered}\begin{aligned} - \vctr{1}_{\text{Lo}}(\mNrm) & = 1 \text{~if $ \mNrm \leq \bar{\check{\mNrm}}_{\prd}^{\#} \phantom{< \mNrm < \Lo{\hat{\mNrm}}_{\prd}^{\#} \leq \mNrm}$} - \\ \vctr{1}_{\text{Mid}}(\mNrm) & = 1 \text{~if $\phantom{ \mNrm \leq}~ \bar{\check{\mNrm}}_{\prd}^{\#} < \mNrm < \Lo{\hat{\mNrm}}_{\prd}^{\#} \phantom{\leq \mNrm}$} - \\ \vctr{1}_{\text{Hi}}(\mNrm) & = 1 \text{~if $\phantom{ \mNrm \leq ~\bar{\check{\mNrm}}_{\prd}^{\#} < \mNrm < } \Lo{\hat{\mNrm}}_{\prd}^{\#} \leq \mNrm$} - \end{aligned}\end{gathered}\end{equation*} - we can define a well-behaved approximating consumption function - \begin{equation}\begin{gathered}\begin{aligned} - \Aprx{\cFunc}_{\prd} & = \vctr{1}_{\text{Lo}} \Aprx{\Lo{\cFunc}}_{\prd} + \vctr{1}_{\text{Mid}} \Aprx{\tilde{\cFunc}}_{\prd}+\vctr{1}_{\text{Hi}} \Aprx{\Hi{\cFunc}}_{\prd}. - \end{aligned}\end{gathered}\end{equation} - - This just says that, for each interval, we use the approximation that - is most appropriate. The function is continuous and - once-differentiable everywhere, and is therefore well behaved for - computational purposes. - \begin{comment} - In practice, in our problem the difference due to this refinement is displayed in Figure \ref{fig:IntExpFOCInvPesReaOpt45GapPlot}. - \hypertarget{IntExpFOCInvPesReaOpt45GapPlot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/IntExpFOCInvPesReaOpt45GapPlot} - \caption{Difference Between $\Aprx{\Hi{\cFunc}}_{L, T-1}$ and $\Aprx{\Hi{\cFunc}}_{H,T-1}$ is Small} - \label{fig:IntExpFOCInvPesReaOpt45GapPlot} - \end{figure} - \end{comment} - - We now construct an upper-bound value function implied for a consumer whose spending behavior is consistent with the refined upper-bound consumption rule. - - For $\mNrm_{\prd} \geq \mNrm_{\prd}^{\#}$, this consumption rule is the same as before, - so the constructed upper-bound value function is also the same. However, for - values $\mNrm_{\prd} < \mNrm_{\prd}^{\#}$ matters are slightly more complicated. - - Start with the fact that at the cusp point, - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vFunc}_{\prd}(\mtCusp) & = \uFunc(\bar{\cNrm}_{\prd}(\mtCusp))\PDVCoverc_{\prd}^T \\ - & = \uFunc(\aboveMin \mtCusp \MPCmax_{\prd})\PDVCoverc_{\prd}^{T} - . - \end{aligned}\end{gathered}\end{equation*} - - But for \textit{all} $\mNrm_{\prd}$, - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vFunc}_{\prd}(\mNrm) & = \uFunc(\bar{\cNrm}_{\prd}(\mNrm))+ \bar{\vEnd}(\mNrm-\bar{\cNrm}_{\prd}(\mNrm)), - \end{aligned}\end{gathered}\end{equation*} - and we assume that for the consumer below the cusp point consumption is given by $\MPCmax \aboveMin \mNrm_{\prd}$ so for $\mNrm_{\prd}< \mtCusp$ - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vFunc}_{\prd}(\mNrm) & = \uFunc( \MPCmax_{\prd} \aboveMin \mNrm)+ \bar{\vEnd}((1-\MPCmax_{\prd})\aboveMin \mNrm), - \end{aligned}\end{gathered}\end{equation*} - which is easy to compute because $\bar{\vEnd}(\aNrm_{\prd}) = \DiscFac \bar{\vFunc}_{\prd+1}(\aNrm_{\prd}\RNrm+1)$ where $\bar{\vFunc}_{\prd}$ is as defined above because a consumer who ends the current period with assets exceeding the lower bound will not expect to be constrained next period. (Recall again that we are merely constructing an object that is guaranteed to be an \textit{upper bound} for the value that the `realist' consumer will experience.) At the gridpoints defined by the solution of the consumption problem can then construct - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vInv}_{\prd}(\mNrm) & = ((1-\CRRA)\bar{\vFunc}_{\prd}(\mNrm))^{1/(1-\CRRA)} - \end{aligned}\end{gathered}\end{equation*} -\MPCMatch{and its derivatives}{} which yields the appropriate vector for constructing $\check{\Chi}$ and $\check{\Koppa}$. The rest of the procedure is analogous to that performed for the consumption rule and is thus omitted for brevity. - - -\hypertarget{extension-a-stochastic-interest-factor}{} -\subsection{Extension: A Stochastic Interest Factor} - - -Thus far we have assumed that the interest factor is constant at $\Rfree$. Extending the -previous derivations to allow for a perfectly forecastable time-varying interest factor $\Rfree_{\prd}$ -would be trivial. Allowing for a stochastic interest factor is less trivial. - - -The easiest case is where the interest factor is i.i.d., - \begin{equation}\begin{gathered}\begin{aligned} - \log \Risky_{t+n} & \sim & \Nrml(\rfree + \eprem - \sigma^{2}_{\risky}/2,\sigma^{2}_{\risky}) ~\forall~n>0 \label{eq:distRisky} - \end{aligned}\end{gathered}\end{equation} -where $\eprem$ is the risk premium and the $\sigma^{2}_{\risky}/2$ adjustment to the mean log return -guarantees that an increase in $\sigma^{2}_{\risky}$ constitutes a mean-preserving spread in the level of the return. - -This case is reasonably straightforward because \cite{merton:restat} and \cite{samuelson:portfolio} showed -that for a consumer without labor income (or with perfectly forecastable labor income) the consumption -function is linear, with an infinite-horizon MPC\footnote{See \handoutC{CRRA-RateRisk} for a derivation.} -\begin{equation}\begin{gathered}\begin{aligned} - \MPC & = 1- \left(\DiscFac \Ex_{\BegStg}[\Risky_{\prd+1}^{1-\CRRA}]\right)^{1/\CRRA} \label{eq:MPCExact} - \end{aligned}\end{gathered}\end{equation} -and in this case the previous analysis applies once we substitute this MPC for the one that characterizes -the perfect foresight problem without rate-of-return risk. - -The more realistic case where the interest factor has some serial correlation is more complex. We consider -the simplest case that captures the main features of empirical interest rate dynamics: An AR(1) process. Thus -the specification is -\begin{equation}\begin{gathered}\begin{aligned} - \risky_{\prd+1}-\risky & = (\risky_{\prd}-\risky) \gamma + \epsilon_{\prd+1} - \end{aligned}\end{gathered}\end{equation} -where $\risky$ is the long-run mean log interest factor, $0 < \gamma < 1$ is the AR(1) serial correlation -coefficient, and $\epsilon_{\prd+1}$ is the stochastic shock. - -The consumer's problem in this case now has two state variables, $\mNrm_{\prd}$ and $\risky_{\prd}$, and -is described by -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\prd}(m_{\prd},\risky_{\prd}) & = \max_{{c}_{\prd}} ~ \uFunc(c_{\prd})+ - \Ex_{\BegStg}[{\DiscFac}_{\prd+1}\PermGroFacAdjV{\vFunc}_{\prd+1}(m_{\prd+1},\risky_{\prd+1})] \label{vNormedRisky} - \\ & \text{s.t.} \nonumber \\ - a_{\prd} & = m_{\prd}-c_{\prd} \nonumber - \\ \risky_{\prd+1}-\risky & = (\risky_{\prd}-\risky)\gamma + \epsilon_{\prd+1} \notag - \\ \Risky_{\prd+1} & = \exp(\risky_{\prd+1}) \notag - \\ m_{\prd+1} & = \underbrace{\left(\Risky_{\prd+1}/\PermGroFac_{\prd+1}\right)}_{\equiv \Rprod_{\prd+1}}a_{\prd}+\tranShkEmp_{\prd+1} \nonumber. - \end{aligned}\end{gathered}\end{equation} - -% Kiichi: I will need you to read the literature and figure out how exactly we want to choose the Markov points and transition probabilities. -% When done, you will fill in the [how] text below. - -We approximate the AR(1) process by a Markov transition matrix using standard techniques. The stochastic interest factor is allowed to take -on 11 values centered around the steady-state value $\risky$. Given this Markov transition matrix, \textit{conditional} on the Markov AR(1) state the consumption functions for the `optimist' and the `pessimist' will still be linear, -with identical MPC's that are computed numerically. Given these MPC's, the (conditional) realist's consumption function can be computed for each Markov state, and the converged consumption rules constitute the solution contingent on the dynamics of the stochastic -interest rate process. - -In principle, this refinement should be combined with the previous one; -further exposition of this combination is omitted here because no new -insights spring from the combination of the two techniques. - - - -\hypertarget{imposing-artificial-borrowing-constraints}{} -\subsection{Imposing `Artificial' Borrowing Constraints} - -Optimization problems often come with additional constraints that must -be satisfied. Particularly common is an `artificial' liquidity constraint that -prevents the consumer's net worth from falling below some value, often -zero.\footnote{The word artificial is chosen only because of its clarity in distinguishing - this from the case of the `natural' borrowing constraint examined above; no derogation is - intended -- constraints of this kind certainly exist in the real world.} The problem then becomes -\begin{equation*}\begin{gathered}\begin{aligned} - \vFunc_{\prd-1}(m_{\prd-1}) & = \max_{\cNrm_{\prd-1}} ~~ \uFunc(c_{\prd-1}) + \Ex_{\prd-1} [\DiscFac \PermGroFacAdjV{\vFunc}_{\cntn(T)}(m_{\prd})] \label{eq:ConstrArt} - \\ & \mbox{s.t.} \nonumber - \\ a_{\prd-1} & = m_{\prd-1} - c_{\prd-1} - \\ m_{\prd} & = \RNrm_{\prd} a_{\prd-1} + \tranShkEmp_{\prd} - \\ a_{\prd-1} & \geq 0 . - \end{aligned}\end{gathered}\end{equation*} - - -By definition, the constraint will bind if the unconstrained consumer -would choose a level of spending that would violate the constraint. -Here, that means that the constraint binds if the $c_{\prd-1}$ -that satisfies the unconstrained FOC -\begin{equation}\begin{gathered}\begin{aligned} - c_{\prd-1}^{-\CRRA} & = \vFunc^{a}_{({\prd-1})_\cntn}(m_{\prd-1}-c_{\prd-1}) \label{eq:cUnc} - \end{aligned}\end{gathered}\end{equation} -is greater than $m_{\prd-1}$. Call $\grave{\cFunc}^{\ast}_{\prd-1}$ the approximated function -returning the level of $c_{\prd-1}$ that satisfies \eqref{eq:cUnc}. -Then the approximated constrained optimal consumption function will be - \begin{equation}\begin{gathered}\begin{aligned} - \grave{\cFunc}_{\prd-1}(m_{\prd-1}) & = \min[{m}_{\prd-1},\grave{\cFunc}^{\ast}_{\prd-1}(m_{\prd-1})] \label{eq:LiqCons}. - \end{aligned}\end{gathered}\end{equation} - - -The introduction of the constraint also introduces a sharp -nonlinearity in all of the functions at the point where the constraint -begins to bind. As a result, to get solutions that are anywhere close -to numerically accurate it is useful to augment the grid of values of -the state variable to include the exact value at which the constraint -ceases to bind. Fortunately, this is easy to calculate. We know that -when the constraint is binding the consumer is saving nothing, which -yields marginal value of $\vFunc^{a}_{({\prd-1})_\cntn}(0)$. Further, when the -constraint is binding, $c_{\prd-1} = m_{\prd-1}$. Thus, the largest -value of consumption for which the constraint is binding will be the -point for which the marginal utility of consumption is exactly equal -to the (expected, discounted) marginal value of saving 0. We know -this because the marginal utility of consumption is a downward-sloping -function and so if the consumer were to consume $\tinyAmount$ more, -the marginal utility of that extra consumption would be \textit{below} -the (discounted, expected) marginal utility of saving, and thus the -consumer would engage in positive saving and the constraint would no -longer be binding. Thus the level of $m_{\prd-1}$ at which the -constraint stops binding is:\footnote{The logic here repeats an insight from \cite{deatonLiqConstr}.} -\begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{c}(m_{\prd-1}) & = \vFunc^{a}_{({\prd-1})_\cntn}(0) \nonumber \\ - m_{\prd-1} & = (\vFunc^{a}_{({\prd-1})_\cntn}(0))^{(-1/\CRRA)} \nonumber - \\ & = \cFunc_{({\prd-1})_\cntn}(0). \label{eq:LCbindsTm1} - \end{aligned}\end{gathered}\end{equation} - -\hypertarget{cVScCon}{} -\begin{figure} - \includegraphics[width=6in]{./Figures/cVScCon} - \caption{Constrained (solid) and Unconstrained (dashed) Consumption} - \label{fig:cVScCon} -\end{figure} - -The constrained problem is solved in section ``Artifical Borrowing Constraint'' -of the notebook, where the variable -\texttt{constrained} is set to be a boolean type object. If the value of \texttt{constrained} -is true, then the constraint is binding and their consumption behavior is computed to match -\eqref{eq:LiqCons}. The resulting consumption rule is shown in Figure \ref{fig:cVScCon}. For comparison purposes, -the approximate consumption rule from Figure \ref{fig:cVScCon} is -reproduced here as the solid line; this is accomplished by setting the boolean value -of \texttt{constrained} to false. - -The presence of the liquidity -constraint requires three changes to the procedures outlined above: -\begin{enumerate} -\item We redefine - $\hEndMin_{\EndStg}$, which now is the PDV of receiving - $\tranShkEmp_{\prd+1}=\tranShkEmpMin$ next period and - $\tranShkEmp_{t+n}=0~\forall~n>1$ -- that is, the pessimist believes he - will receive nothing beyond period $t+1$ -\item We augment the end-of-period \code{aVec} with zero and with a point with a small positive value so that the generated - {\mVec} will the binding point $\mNrm^{\#}$ and a point just above it (so that we can better capture the curvature - around that point) -\item We redefine the optimal consumption rule as - in equation (\ref{eq:LiqCons}). This ensures that the - liquidity-constrained `realist' will consume more than the redefined - `pessimist,' so that we will have $\koppa$ still between $0$ and $1$ - and the `method of moderation' will proceed smoothly. -\end{enumerate} - -As expected, the liquidity constraint only causes a divergence between the two functions at the point where the optimal unconstrained consumption rule runs into the 45 degree line. - -\hypertarget{recursion}{} -\section{Recursion}\label{sec:recursion} - -\hypertarget{theory}{} -\subsection{Theory} -Before we solve for periods earlier than $\trmT-1$, we assume for -convenience that in each such period a liquidity constraint exists of -the kind discussed above, preventing $c$ from exceeding $m$. This -simplifies things a bit because now we can always consider an -\code{aVec} that starts with zero as its smallest element. - -Recall now equations~(\ref{eq:vEndPrimeTm1}) and (\ref{eq:upEqbetaOp}): -\begin{equation*}\begin{gathered}\begin{aligned} - \vPEndStg(a_{\prd}) & = \Ex_{\BegStg}[\DiscFac \Rfree \PermGroFac_{\prd+1}^{-\CRRA} - \uFunc^{c}(\cFunc_{\prd+1}(\RNrm_{\prd+1} a_{\prd}+{\tranShkEmp}_{\prd+1}))] - \\\uFunc^{c}(c_{\prd}) & = \vEndStg^{a}(m_{\prd}-c_{\prd}). - \end{aligned}\end{gathered}\end{equation*} -Assuming that the problem has been solved up to period $t+1$ (and thus assuming that we have an approximated $\Aprx{\cFunc}_{\prd+1}(m_{\prd+1})$), our solution method essentially involves using these two equations in succession to work back progressively from period $\trmT-1$ to the beginning of life. Stated generally, the method is as follows. (Here, we use the original, rather than the ``refined,'' method for constructing consumption functions; the generalization of the algorithm below to use the refined method presents no difficulties.) - -\begin{enumerate} - -\item For the grid of values $a_{t,i}$ in \texttt{aVec\_eee}, numerically calculate the values - of $\cFunc_{\Hi{t}}(a_{t,i})$ and $\cFunc_{\Hi{t}}^{a}(a_{t,i})$, - \begin{equation}\begin{gathered}\begin{aligned} - \cFunc_{\Hi{t},i} & = \left(\vEndStg^{a}(a_{t,i})\right)^{-1/\CRRA}, - \\ & = \left(\DiscFac \Ex_{\BegStg} \left[\Rfree \PermGroFac_{\prd+1}^{-\CRRA}(\grave{\cFunc}_{\prd+1}(\RNrm_{\prd+1} a_{t,i} + {\tranShkEmp}_{\prd+1}))^{-\CRRA}\right]\right)^{-1/\CRRA}, \label{eq:vEndeq} - \MPCMatch{\\ \cFunc^{a}_{\Hi{t},i} & = -(1/\CRRA)\left(\vEndStg^{a}(a_{t,i})\right)^{-1-1/\CRRA} \vEndStg^{a{a}}(\aNrm_{t,i}),}{} - \end{aligned}\end{gathered}\end{equation} -generating vectors of values $\vctr{\cFunc}_{\prd}$\MPCMatch{ and $\vctr{\cFunc}^{a}_{\Hi{t}}$.}{.} - -\item Construct a corresponding vector of values of $\vctr{m}_{\prd}=\vctr{\cNrm}_{\prd}+\vctr{\aNrm}_{\prd}$\MPCMatch{; similarly construct a corresponding list of MPC's $\vctr{\MPC}_{\prd}$ using equation \eqref{eq:MPCfromMPTHC}.}{.} - -\item Construct a corresponding vector $\vctr{\mu_{\prd}}$, the levels\MPCMatch{ and first derivatives}{} of $\vctr{\koppa}_{\prd}$, and the levels\MPCMatch{ and first derivatives}{} of $\vctr{\chi}_{\prd}$. - -\item Construct an interpolating approximation $\Aprx{\chi}_{\prd}$ that\MPCMatch{ smoothly matches both the level and the slope}{the level} at those points. - -\item If we are to approximate the value function, construct a corresponding list of values of $\vctr{v}_{\prd}$, the levels\MPCMatch{ and first derivatives of $\vctr{\Koppa}_{\prd}$,}{,} and the levels\MPCMatch{ and first derivatives}{} of $\hat{\vctr{\Chi}}_{\prd}$; and construct an interpolating approximation function $\hat{\Chi}_{\prd}$ that matches those points. -\end{enumerate} - -With $\Aprx{\chi}_{\prd}$ in hand, our approximate consumption function -is computed directly from the appropriate substitutions in \eqref{eq:cFuncHi} -and related equations. With this consumption -rule in hand, we can continue the backwards recursion to period $t-1$ -and so on back to the beginning of life. - -Note that this loop does not contain an item for constructing $\hat{\vFunc}_{\prd}^{a}(m_{\prd})$. This is because with $\Aprx{\Hi{\cFunc}}_{\prd}(m_{\prd})$ in hand, we simply \textit{define} $\hat{\vFunc}^{m}_{\prd}(m_{\prd}) = \uFunc^{c}(\Aprx{\Hi{\cFunc}}_{\prd}(m_{\prd}))$ so there is no need to construct interpolating approximations - the function arises `free' (or nearly so) from our constructed $\Aprx{\Hi{\cFunc}}_{\prd}(m_{\prd})$ via the usual envelope result (cf.\ \eqref{eq:envelope}). - diff --git a/_sectn-multiple-control-variables-input.tex b/_sectn-multiple-control-variables-input.tex deleted file mode 100644 index bd3fc436b..000000000 --- a/_sectn-multiple-control-variables-input.tex +++ /dev/null @@ -1,243 +0,0 @@ -\hypertarget{multiple-control-variables}{} -\section{Multiple Control Variables}\label{sec:multiple-control-variables} -We now consider how to solve problems with multiple control variables. - -\subsection{Theory}\label{subsec:MCTheory} - -The new portfolio-share control variable is captured by the archaic Greek character \href{https://en.wikipedia.org/wiki/Stigma_(ligature)}{`stigma'}; it represents the share $\Shr$ of their disposable assets the agent invests in the risky asset (conventionally, the stock market). Designating the return factor for the risky asset as $\Risky$ and the share of the portfolio invested in $\Risky$ as $\Shr$, the realized portfolio rate of return $\Rport$ as a function of the share $\Shr$ is: -\begin{equation}\begin{gathered}\begin{aligned} - \Rport(\Shr) &= \Rfree+(\Risky-\Rfree)\Shr \label{eq:Shr}. - \end{aligned}\end{gathered}\end{equation} -If we imagine the portfolio share decision as being made simultaneously with the $\cNrm$ decision, the traditional way of writing the problem is (substituting the budget constraint): -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\prd}(m) & = \max_{\{\cFunc,\Shr\}} ~~ \uFunc(c) + \ExMidStg[\DiscFac \vFunc_{\prd+1}((m-c)\Rport(\Shr) + {\tranShkEmp}_{\prd+1})] \label{eq:Bellmanundated} - \end{aligned}\end{gathered}\end{equation} -where we have deliberately omitted the {\interval}-designating subscripts for $\Shr$ and the return factors to highlight the point that, once the consumption and $\Shr$ decisions have been made, it makes no difference to this equation whether the risky return factor $\Risky$ is revealed a nanosecond before the end of the current {\interval} or a nanosecond after the beginning of the successor {\interval}. - - -\begin{comment} - Designating the return factor for the risky asset as $\Risky_{\prd+1}$, and using $\Shr_{\prd}$ to represent the proportion of the portfolio invested in this asset before the return is realized after the beginning of $\prd+1$, corresponding to an assumption that the consumer cannot be `net short' and cannot issue net equity), the overall return on the consumer's portfolio between $t$ and $t+1$ will be: - \begin{equation}\begin{gathered}\begin{aligned} - \Rport_{\prd+1} & = \Rfree(1-\Shr_{\prd}) + \Risky_{\prd+1}\Shr_{\prd} \label{eq:return1} - \\ & = \Rfree + (\Risky_{\prd+1}-\Rfree) \Shr_{\prd} %\label{eq:return2} - \end{aligned}\end{gathered}\end{equation} - and the maximization problem is - \begin{equation*}\begin{gathered}\begin{aligned} - \vFunc_{\prd}(m_{\prd}) & = \max_{\{{c}_{\prd},\Shr_{\prd}\}} ~~ \uFunc(c_{\prd}) + \DiscFac - \ExEndStg[{\vFunc}_{\prd+1}(m_{\prd+1})] - \\ & \text{s.t.} \nonumber - \\ \Rport_{\prd+1} & = \Rfree + (\Risky_{\prd+1}-\Rfree) \Shr_{\prd} - \\ m_{\prd+1} & = (m_{\prd}-c_{\prd})\Rport_{\prd+1} + \tranShkEmp_{\prd+1} - \\ 0 \leq & \Shr_{\prd} \leq 1, \label{eq:noshorts} - \end{aligned}\end{gathered}\end{equation*} - - The first order condition with respect to $c_{\prd}$ is almost identical to that in the single-control problem, equation (\ref{eq:upceqEvtp1}); the only difference is that the nonstochastic interest factor $\Rfree$ is now replaced by the portfolio return ${\Rport}_{\prd+1}$, - \begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{c}(c_{\prd}) & = \DiscFac \ExEndStg [{\Rport}_{\prd+1} \vFunc^{m}_{\prd+1}(m_{\prd+1})] \label{eq:valfuncFOCRtilde}, - \end{aligned}\end{gathered}\end{equation} - and the Envelope theorem derivation remains the same, yielding the Euler equation for consumption - \begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{c}(c_{\prd}) & = \ExEndStg[\DiscFac {\Rport}_{\prd+1} \uFunc^{c}(c_{\prd+1})]. \label{eq:EulercRiskyR} - \end{aligned}\end{gathered}\end{equation} - - The first order condition with respect to the risky portfolio share is - \begin{equation}\begin{gathered}\begin{aligned} - 0 & = \ExEndStg[{\vFunc}_{\MidStgNxt}^{m}(m_{\prd+1})(\Risky_{\prd+1}-\Rfree){a}_{\prd}] \notag - \\ & = \ExEndStg\left[\uFunc^{c}\left(\cFunc_{\prd+1}(m_{\prd+1})\right)(\Risky_{\prd+1}-\Rfree)\right]{a}_{\prd} - \\ & = \ExEndStg\left[\uFunc^{c}\left(\cFunc_{\prd+1}(m_{\prd+1})\right)(\Risky_{\prd+1}-\Rfree)\right], \label{eq:FOCw} - \end{aligned}\end{gathered}\end{equation} - where the last line follows because $0/a_{\prd}=0$. - - As before, we define $\vEnd$ as a function that yields the expected $t+1$ value of ending period $t$ with assets $a_{\prd}$. However, now that there are two control variables, the expectation must be defined as a function of the chosen values of both of those variables, because expected end-of-period value will depend not just on how much the agent saves, but also on how the saved assets are allocated between the risky and riskless assets. Thus we define - \begin{equation*}\begin{gathered}\begin{aligned} - \vMidStg(a_{\prd},\Shr_{\prd}) & = \DiscFac \vFunc_{\arvlStgShr}(m_{\prd+1}) - \end{aligned}\end{gathered}\end{equation*} - which has derivatives - \begin{equation}\begin{gathered}\begin{aligned} - \vMidStg^a & = \ExEndStg[\DiscFac {\Rport}_{\prd+1}\vFunc_{\prd+1}^{m}(m_{\prd+1})] = \ExEndStg[\DiscFac {\Rport}_{\prd+1}{\uFunc}_{\prd+1}^{c}(\cFunc_{\prd+1}(m_{\prd+1}))] - \end{aligned}\end{gathered}\end{equation} - \begin{equation}\begin{gathered}\begin{aligned} - \vMidStg^{\Shr} & = \ExEndStg[\DiscFac (\Risky_{\prd+1}-\Rfree){\vFunc}_{\prd+1}^{m}(m_{\prd+1}) ]a_{\prd} = \ExEndStg[\DiscFac (\Risky_{\prd+1}-\Rfree){\uFunc}_{\prd+1}^{c}(\cFunc_{\prd+1}(m_{\prd+1})) ]a_{\prd} \notag - \end{aligned}\end{gathered}\end{equation} - implying that the first order conditions (\ref{eq:EulercRiskyR}) and - (\ref{eq:FOCw}) can be rewritten - \begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{c}(c_{\prd}) & = \vMidStg^{a}(m_{\prd}-c_{\prd},\Shr_{\prd}) \label{eq:FOCc} - \end{aligned}\end{gathered}\end{equation} - and - \begin{equation}\begin{gathered}\begin{aligned} - 0 & = \vFunc^{\Shr}_{\vMidStgStgShr}(a_{\prd},\Shr_{\prd}). \label{eq:FOCShr} - \end{aligned}\end{gathered}\end{equation} -\end{comment} - -\hypertarget{stages-within-a-period}{} -\subsection{{\Stg}s Within a {\Interval}}\label{subsec:stageswithin} - -which we will call the `consumption {\stg} $\cFunc$' and the `portfolio {\stg} $\Shr$.' These could come in either order in the {\interval}: We designate the `portfolio choice first, then consumption' version by $[\Shr,\cFunc]$ and the `consumption choice first, then portfolio' as $[\cFunc,\Shr]$. - -In a problem with multiple {\stgs}, if we want to refer to a sub-{\move} of a particular {\stg} -- say, the {\Arrival} {\stg} of the portfolio {\stg} -- we simply add a {\stg}-indicator subscript (in square brackets) to the notation we have been using until now. That is, the {\Arrival} {\stg} of the portfolio problem would be $\vFunc_{_\arvl[\Shr]}$. - -\hypertarget{revised-consumers-problem}{} -\subsubsection{The (Revised) Consumer's Problem}\label{subsubsec:revised-consumers-problem} - -A slight modification to the consumer's problem specified earlier is necessary to make the {\stg}s of the problem completely modular. The difficulty with the earlier formulation is that it assumed that asset returns occurred in the middle {\move} of the consumption problem. Our revised version of the consumption problem takes as its input state the amount of bank balances that have resulted from any prior portfolio decision. The problem is therefore: - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{[\cFunc]}(\mNrm) & = \max_{\cNrm} ~~ \uFunc(\cNrm)+ \vFunc_{[\cFunc]_{_\cntn}}(\underbrace{\mNrm-\cNrm}_{\aNrm}) -\\ \vFunc_{_\arvl[\cFunc]}(\bNrm) & = \Ex_{_\arvl[\cFunc]}\left[\vFunc_{[\cNrm]}(\overbrace{\bNrm+\tranShkEmp}^{m})\right] \label{eq:vBalances} - \end{aligned}\end{gathered}\end{equation} - - -\hypertarget{subsubsec:investors-problem}{} -\subsubsection{The Investor's Problem}\label{subsubsec:investors-problem} - -Consider the standalone problem of an `investor' whose continuation-value function $\vFunc_{[\Shr]_\cntn}$ depends on how much wealth $\wlthAftr$ they end up after the realization of the stochastic $\Risky$ return. The expected value that the investor will obtain from any combination of initial $\wlthBefr$ and their optimal choice of the portfolio share $\Shr$ is the expectation of the continuation-value function over the wealth that results from the portfolio choice: -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{_\arvl[\Shr]}(\wlthBefr) = & \max_{\Shr}~ \Ex_{\BegStg[\Shr]}\left[\vFunc_{[\Shr]_{_\cntn}}\overbrace{\left(\Rport(\Shr){\wlthBefr}\right)}^{\wlthAftr}\right] \label{eq:vMidStgShr} - \end{aligned}\end{gathered}\end{equation} -where we have omitted any {\interval} designator like $\prd$ for the {\interval} in which this problem is solved because, with the continuation-value function defined already as $\vFunc_{[\Shr]_\cntn}(\wlthAftr)$, the problem is self-contained. The solution to this problem will yield an optimal $\Shr$ decision rule $\optml{\Shr}(\wlthBefr).$ Finally, we can specify the value of an investor `arriving' with $\wlthBefr$ as the expected value that will be obtained when the investor invests optimally, generating the \textit{ex ante} optimal stochastic portfolio return factor $\optml{\Rport}(\wlthBefr)=\Rport(\optml{\Shr}(\wlthBefr))$: -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{_\arvl[\Shr]}(\wlthBefr) = & \Ex_{_\arvl}[\vFunc_{[\Shr]_\cntn}](\overbrace{\optml{\Rport}(\wlthBefr)}^{\wlthAftr})]. -\end{aligned}\end{gathered}\end{equation} - -The reward for all this notational investment is that it is now clear that \emph{exactly the same code} for solving the portfolio share problem can be used in two distinct problems: a `beginning-of-period-returns' model and an `end-of-period-returns' model. - -\hypertarget{beginning-returns}{} -\subsubsection{The `beginning-of-period returns' Problem}\label{subsubsec:beginning-returns} -The beginning-returns problem effectively just inserts a portfolio choice that happens at a {\stg} immediately before the consumption {\stg} in the optimal consumption problem described in \eqref{eq:vBalances}, for which we had a beginning-of-{\stg} value function $\vFunc_{_\arvl[\cFunc]}(\bNrm)$. The agent makes their portfolio share decision within the {\stg} but (obviously) before the risky returns $\Risky$ for the {\interval} have been realized. So the problem's portfolio-choice {\stg} also takes $\kNrm$ as its initial state and solves the investor's problem outlined in section~\ref{subsubsec:investors-problem} above: -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{_\arvl[\Shr]}(\kNrm) & = \Ex_{_\arvl[\Shr]}[\vFunc_{[\Shr]_{_\cntn}}(\underbrace{\kNrm\optml{\Rport}}_{\bNrm})] -\\ \vFunc_{[\Shr]_\cntn}(\bNrm) & = \vFunc_{_\arvl[\cFunc]}(\bNrm) - \end{aligned}\end{gathered}\end{equation} - -Since in this setup bank balances have been determined before the consumption problems starts, we need to rewrite the consumption {\stg} as a function of bank balances that will have resulted from the portfolio investment $\bNrm$, combined with the income shocks $\tranShkEmp$: -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{_\arvl[\cFunc]}(\bNrm) = & \max_{\cFunc}~ \uFunc(\cNrm) + \Ex_{_\arvl[\cFunc]}[\vFunc_{[\cFunc]_\cntn}(\underbrace{\overbrace{\bNrm+\tranShkEmp}^{\mNrm}-\cNrm}_{\aNrm})] - \end{aligned}\end{gathered}\end{equation} -where, because the consumption {\stg} is the last {\stg} in the {\interval}, the continuatibon-value function for the $\cFunc$ {\stg} is just the continuation-value function for the period as a whole: -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{[\cFunc]_\cntn}(\aNrm) = & \vFunc_{\prd_\cntn}(\aNrm) - \end{aligned}\end{gathered}\end{equation} -(and recall that $\vFunc_{\prd_\cntn}(\aNrm)$ is exogenously provided as an input to the {\interval}'s problem via the transition equation assumed earlier: $\vFunc_{\prd_\cntn}(\aNrm)=\DiscFac \vFunc_{_\arvl(\prd+1)}(a)$). - -\subsubsection{The `end-of-period-returns' Problem} - -If the portfolio share and risky returns are realized at the end of the {\interval}, we need to move the portfolio choice {\stg} to immediately before the point at which returns are realized (and after the $\cFunc$ choice has been made). The problem is the same as the portfolio problem defined above, except that the input for the investment {\stg} is the assets remaining after the consumption choice: $\aNrm$. So, the portfolio {\stg} of the problem is -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{_\arvl[\Shr]}(\aNrm) = & \Ex_{_\arvl[\Shr]}[\vFunc_{[\Shr]_{_\cntn}}(\underbrace{\aNrm\optml{\Rport}}_{\kNrm})] %= \Ex_{[\cFunc]_\arvl}[\vFunc_{}(\kNrm)] - \end{aligned}\end{gathered}\end{equation} -where we are designating the post-realization result of the investment as $\kNrm$, and since the $\Shr$-{\stg} is the last {\stg} of the problem the end-of-{\stg} $\kNrm$ becomes the end-of-{\interval} $\kNrm_{\prd}.$ - -The `state transition' equation between $\prd$ and $\prd+1$ is simply $\bNrm_{t+1} = \kNrm_{\prd}$ and the continuation-value function transition is $\vFunc_{\prd_\cntn}(\kNrm) \sameas \DiscFac \vFunc_{_\arvl(\prd+1)}(\kNrm)$ which reflects the above-mentioned point that there is no substantive difference between the two problems (their $\vFunc_{[\cFunc]}(\mNrm)$ value functions and $\cFunc(\mNrm)$ functions will be identical). - -(Note that we are assuming that there will be only one consumption function in the period, so no {\stg} subscript is necessary to pick out `the consumption function'). - -\subsubsection{Numerical Solution} -we can solve it numerically for the optimal $\Shr$ at a vector of $\vctr{a}$ ({\aVecCode} in the code) and then construct an approximated optimal portfolio share function $\Aprx{\optml{\Shr}}(a)$ as the interpolating function among the members of the $\{\vctr{a},\vctr{\Shr}\}$ mapping. Having done this, we can now calculate a vector of values and marginal values that correspond to $\aVec$: -\begin{equation}\begin{gathered}\begin{aligned} - \vctr{v} & = \vFunc_{_\arvl[\Shr]}(\vctr{a}) \label{eq:vShrEnd} -\\ \vctr{v}^\aNrm & = \vFunc^{\aNrm}_{_\arvl[\Shr]}(\vctr{a}). - \end{aligned}\end{gathered}\end{equation} - -With the $\vctr{v}^{\aNrm}$ approximation described in hand, we can construct our approximation to the consumption function using \emph{exactly the same EGM procedure} that we used in solving the problem \emph{without} a portfolio choice (see \eqref{eq:cGoth}): -\begin{equation}\begin{gathered}\begin{aligned} - \vctr{c} & \equiv \left(\vctr{\vNrm}^{\aNrm}\right)^{-1/\CRRA} \label{eq:cVecPort}, - \end{aligned}\end{gathered}\end{equation} -which, following a procedure identical to that in the EGM subsection \ref{subsec:egm}, yields an approximated consumption function $\Aprx{\cFunc}_{\prd}(m)$. Thus, again, we can construct the consumption function at nearly zero cost (once we have calculated $\vctr{v}^{a}$). - -\hypertarget{the-point}{} - -\subsubsection{The Point}\label{subsubsec:the-point} - -The upshot is that all we need to do is change some of the transition equations and we can use the same solution code (both for the $\Shr$-stage and the $\cFunc$-stage) to solve the problem with either assumption (beginning-of-period or end-of-period) about the timing of portfolio choice. There is even an obvious notation for the two problems: $\vFunc_{_\arvl\prd[\Shr{c}]}$ can be the {\interval}-arrival value function for the version where the portfolio share is chosen at the beginning of the period, and $\vFunc_{_\arvl\prd[{c}\Shr]}$ is {\interval}-arrival value for the the problem where the share choice is at the end. - -What is the benefit of writing effectively the identical problem in two different ways? There are several: -\begin{itemize} -\item It demonstrates that, if they are carefully constructed, Bellman problems can be ``modular'' - \begin{itemize} - \item In a life cycle model one might want to assume that at at some ages agents have a portfolio choice and at other ages they do not. The consumption problem makes no assumption about whether there is a portfolio choice decision (before or after the consumption choice), so there would be zero cost of having an age-varying problem in which you drop in whatever choices are appropriate to the life cycle stage. - \end{itemize} -\item It emphasizes the flexibilty of choice a modeler has to date variables arbitrarily. In the specific example examined here, there is a strong case for preferring the beginning-returns specification because we typically think of productivity or other shocks at date $\prd$ affecting the agent's state variables before the agent makes that period's choices. It would be awkward and confusing to have a productivity shock dated $\prd-1$ effectively applying for the problem being solved at $\prd$ (as in the end-returns specification) -\item It may help to identify more efficient solution methods - \begin{itemize} - \item For example, under the traditional formulation in equation \eqref{eq:Bellmanundated} it might not occur to a modeler that the endogenous gridpoints solution method can be used, because when portfolio choice and consumption choice are considered simultaneously the EGM method breaks down because the portfolio choice part of the problem is not susceptible to EGM solution. But when the problem is broken into two simpler problems, it becomes clear that EGM can still be applied to the consumption problem even though it cannot be applied to the portfolio choice problem - \end{itemize} -\end{itemize} - -% % the problem needs to be altered to bring the {\move}s involving the realization of risky returns into {\interval} $\prd$; the variable with which the agent ends the period is now $\bNrm_{\prd}$ and to avoid confusion with the prior model in which we assumed $k_{\prd+1}={a}_{\prd}$ we will now define $\kappa_{\prd+1}={\bNrm}_{\prd}$. The continuation-value function for the $[\Shr]$ {\stg} now becomes -% % \begin{equation}\begin{gathered}\begin{aligned} - - - - -\subsection{Application}\label{subsec:MCApplication} - - -In specifying the stochastic process for $\Risky_{\prd+1}$, we follow the common practice of assuming that returns are lognormally distributed, $\log \Risky \sim \Nrml(\eprem+\rfree-\sigma^{2}_{\risky}/2,\sigma^{2}_{\risky})$ where $\eprem$ is the equity premium over the thin returns $\rfree$ available on the riskless asset.\footnote{This guarantees that $\Ex[\Risky] = \EPrem/\Rfree$ is invariant to the choice of $\sigma^{2}_{\eprem}$; see \handoutM{LogELogNorm}.} - -As with labor income uncertainty, it is necessary to discretize the rate-of-return risk in order to have a problem that is soluble in a reasonable amount of time. We follow the same procedure as for labor income uncertainty, generating a set of $n_{\risky}$ equiprobable shocks to the rate of return; in a slight abuse of notation, we will designate the portfolio-weighted return (contingent on the chosen portfolio share in equity, and potentially contingent on any other aspect of the consumer's problem) simply as $\Rport_{i,j}$ (where dependence on $i$ is allowed to permit the possibility of nonzero correlation between the return on the risky asset and the $\tranShkEmp$ shock to labor income (for example, in recessions the stock market falls and labor income also declines). - -The direct expressions for the derivatives of $\vEndStg$ are -\begin{equation}\begin{gathered}\begin{aligned} - \vEndStg^{a}(a_{\prd},\Shr_{\prd}) & = \DiscFac \left(\frac{1}{n_{\risky} n_{\tranShkEmp}}\right)\sum_{i=1}^{n_{\tranShkEmp}}\sum_{j=1}^{n_{\risky} }\Rport_{i,j} \left(\cFunc_{\prd+1}(\Rport_{i,j}a_{\prd}+\tranShkEmp_{i})\right)^{-\CRRA} - \\ \vEndStg^{\Shr}(a_{\prd},\Shr_{\prd}) & = \DiscFac \left(\frac{1}{n_{\risky} n_{\tranShkEmp}}\right)\sum_{i=1}^{n_{\tranShkEmp}}\sum_{j=1}^{n_{\risky} }(\Risky_{i,j}-\Rfree)\left(\cFunc_{\prd+1}(\Rport_{i,j}a_{\prd}+\tranShkEmp_{i})\right)^{-\CRRA}. - \end{aligned}\end{gathered}\end{equation} - -Writing these equations out explicitly makes a problem very apparent: For every different combination of $\{{a}_{\prd},\Shr_{\prd}\}$ that the routine wishes to consider, it must perform two double-summations of $n_{\risky} \times n_{\tranShkEmp}$ terms. Once again, there is an inefficiency if it must perform these same calculations many times for the same or nearby values of $\{{a}_{\prd},\Shr_{\prd}\}$, and again the solution is to construct an approximation to the (inverses of the) derivatives of the $\vEndStg$ function. - -Details of the construction of the interpolating approximations are given below; assume for the moment that we have the approximations $\Aprx{\vFunc}_{\EndStg}^{a}$ and $\Aprx{\vFunc}_{\EndStg}^{\Shr}$ in hand and we want to proceed. As noted above in the discussion of \eqref{eq:Bellmanundated}, nonlinear equation solvers can find the solution to a set of simultaneous equations. Thus we could ask one to solve -\begin{equation}\begin{gathered}\begin{aligned} - c_{\prd}^{-\CRRA} & = \Aprx{\vFunc}^{a}_{{\prd_\cntn}}(m_{\prd}-c_{\prd},\Shr_{\prd}) %\label{eq:FOCwrtcMultContr} - \\ 0 & = \Aprx{\vFunc}^{\Shr}_{{\prd_\cntn}}(m_{\prd}-c_{\prd},\Shr_{\prd}) \label{eq:FOCwrtw} - \end{aligned}\end{gathered}\end{equation} -simultaneously for $\cNrm$ and $\Shr$ at the set of potential $m_{\prd}$ values defined in {\mVec}. However, as noted above, multidimensional constrained -maximization problems are difficult and sometimes quite slow to -solve. - -There is a better way. Define the problem - -\begin{equation}\begin{gathered}\begin{aligned} - \Opt{\vFunc}_{{\prd_\cntn}}(a_{\prd}) & = \max_{\Shr_{\prd}} ~~ \vEndStg(a_{\prd},\Shr_{\prd}) - \\ & \text{s.t.} \nonumber - \\ 0 \leq & \Shr_{\prd} \leq 1 - \end{aligned}\end{gathered}\end{equation} -where the tilde over $\Opt{\vFunc}(a)$ indicates that this is the $\vFunc$ that has been optimized with respect to all of the arguments other than the one still present ($a_{\prd}$). We solve this problem for the set of gridpoints in \code{aVec} and use the results to construct the interpolating function $\Aprx{\Opt{\vFunc}}_{\prd}^{a}(a_{\prd})$.\footnote{A faster solution could be obtained by, for each element in \code{aVec}, computing $\vEndStg^{\Shr}(m_{\prd}-c_{\prd},\Shr)$ of a grid of values of $\Shr$, and then using an approximating interpolating function (rather than the full expectation) in the \texttt{FindRoot} command. The associated speed improvement is fairly modest, however, so this route was not pursued.} With this function in hand, we can use the first order condition from the single-control problem -\begin{equation*}\begin{gathered}\begin{aligned} - c_{\prd}^{-\CRRA} & = \Aprx{\Opt{\vFunc}}_{\prd}^{a}(m_{\prd}-c_{\prd}) - \end{aligned}\end{gathered}\end{equation*} -to solve for the optimal level of consumption as a function of $m_{\prd}$ using the endogenous gridpoints method described above. Thus we have transformed the multidimensional optimization problem into a sequence of two simple optimization problems. - -Note the parallel between this trick and the fundamental insight of dynamic programming: Dynamic programming techniques transform a multi-period (or infinite-period) optimization problem into a sequence of two-period optimization problems which are individually much easier to solve; we have done the same thing here, but with multiple dimensions of controls rather than multiple periods. - -\hypertarget{implementation}{} -\subsection{Implementation} - -Following the discussion from section \ref{subsec:MCTheory}, to provide a numerical solution to the problem -with multiple control variables, we must define expressions that capture the expected marginal value of end-of-period -assets with respect to the level of assets and the share invested in risky assets. This is addressed in ``Multiple Control Variables.'' - - - -% Having the \texttt{GothicMC} subclass available, we can proceed with implementing the steps laid out in section \ref{subsec:MCApplication} to solve the problem at hand. Initially, the two distributions that capture the uncertainty faced by consumers in this scenario are discretized. Subsequently, the \texttt{GothicMC} class is invoked with the requisite arguments to create an instance that includes the necessary functions to depict the first-order conditions of the consumer's problem. Following that, an improved grid of end-of-period assets is established. - -% Here is where we can see how the approach described in section \ref{subsec:MCApplication} is reflected in the code. For the terminal period, the optimal share of risky assets is determined for each point in \texttt{aVec\_eee}, and then the endogenous gridpoints method is employed to compute the optimal consumption level given that the share in the risky asset has been chosen optimally. It's worth noting that this solution takes into account the possibility of a binding artificial borrowing constraint. Lastly, the interpolation process is executed for both the optimal consumption function and the optimal share of the portfolio in risky assets. These values are stored in their respective dictionaries (\texttt{mGridPort\_life}, \texttt{cGridPort\_life}, and \texttt{ShrGrid\_life}) and utilized to conduct the recursive process outlined in the `Recursion' section, thus yielding the numerical solution for all earlier periods. - -\hypertarget{results-with-multiple-controls}{} -\subsection{Results With Multiple Controls}\label{subsec:results-with-multiple-controls} - -Figure~\ref{fig:PlotctMultContr} plots the $\prd-1$ consumption function generated by the program; qualitatively it does not look much different from the consumption functions generated by the program without portfolio choice. - -But Figure~\ref{fig:PlotRiskySharetOfat} which plots the optimal portfolio share as a function of the level of assets, exhibits several interesting features. First, even with a coefficient of relative risk aversion of 6, an equity premium of only 4 percent, and an annual standard deviation in equity returns of 15 percent, the optimal choice is for the agent to invest a proportion 1 (100 percent) of the portfolio in stocks (instead of the safe bank account with riskless return $\Rfree$) is at values of $a_{\prd}$ less than about 2. Second, the proportion of the portfolio kept in stocks is \textit{declining} in the level of wealth - i.e., the poor should hold all of their meager assets in stocks, while the rich should be cautious, holding more of their wealth in safe bank deposits and less in stocks. This seemingly bizarre (and highly counterfactual -- see \cite{carroll:richportfolios}) prediction reflects the nature of the risks the consumer faces. Those consumers who are poor in measured financial wealth will likely derive a high proportion of future consumption from their labor income. Since by assumption labor income risk is uncorrelated with rate-of-return risk, the covariance between their future consumption and future stock returns is relatively low. By contrast, persons with relatively large wealth will be paying for a large proportion of future consumption out of that wealth, and hence if they invest too much of it in stocks their consumption will have a high covariance with stock returns. Consequently, they reduce that correlation by holding some of their wealth in the riskless form. - -\hypertarget{PlotctMultContr}{} -\begin{figure} - \includegraphics[width=6in]{./Figures/PlotctMultContr} - \caption{$\cFunc(m_{1})$ With Portfolio Choice} - \label{fig:PlotctMultContr} -\end{figure} - -\hypertarget{PlotRiskySharetOfat}{} -\begin{figure} - \includegraphics[width=6in]{./Figures/PlotRiskySharetOfat} - \caption{Portfolio Share in Risky Assets in First Period $\Shr(a)$} - \label{fig:PlotRiskySharetOfat} -\end{figure} diff --git a/_sectn-multiple-control-variables.tex b/_sectn-multiple-control-variables.tex index fb685c007..644a58773 100644 --- a/_sectn-multiple-control-variables.tex +++ b/_sectn-multiple-control-variables.tex @@ -7,6 +7,7 @@ \section{Multiple Control Variables}\label{sec:multiple-control-variables} We now consider how to solve problems with multiple control variables. \subsection{Theory}\label{subsec:MCTheory} +%%% AL: This needs to be rewritten in light of the foregoing discussion. The new portfolio-share control variable is captured by the archaic Greek character \href{https://en.wikipedia.org/wiki/Stigma_(ligature)}{`stigma'}; it represents the share $\Shr$ of their disposable assets the agent invests in the risky asset (conventionally, the stock market). Designating the return factor for the risky asset as $\Risky$ and the share of the portfolio invested in $\Risky$ as $\Shr$, the realized portfolio rate of return $\Rport$ as a function of the share $\Shr$ is: \begin{equation}\begin{gathered}\begin{aligned} diff --git a/_sectn-normalization-input.tex b/_sectn-normalization-input.tex deleted file mode 100644 index cf6bd6c0c..000000000 --- a/_sectn-normalization-input.tex +++ /dev/null @@ -1,44 +0,0 @@ -\hypertarget{normalization}{} -\section{Normalization}\label{sec:normalization} - -The single most powerful method for speeding the solution of such models is to redefine the problem in a way that reduces the number of state variables (if at all possible). In the consumption context, the obvious idea is to see whether the problem can be rewritten in terms of the ratio of various variables to permanent noncapital (`labor') income $\pLvl_{\prd}$ (henceforth for brevity, `permanent income.') - -In the last {\interval} of life $\trmT$, there is no future value, $\vLvl_{\trmT+1} = 0$, so the optimal plan is to consume everything: -\begin{equation}\begin{gathered}\begin{aligned} - \vLvl_{\trmT}(\mLvl_{\trmT},\pLvl_{\trmT}) & = \frac{\mLvl_{\trmT}^{1-\CRRA}}{1-\CRRA}. \label{eq:levelTm1} - \end{aligned}\end{gathered}\end{equation} -Now define nonbold variables as the bold variable divided by the level of permanent income in the same period, so that, for example, $\mNrm_{\trmT}=\mLvl_{\trmT}/\pLvl_{\trmT}$; and define $\vFunc_{\trmT}(\mNrm_{\trmT}) = \uFunc(\mNrm_{\trmT})$.\footnote{Nonbold value is bold value divided by $\pLvl^{1-\CRRA}$ rather than $\pLvl$.} For our CRRA utility function, $\uFunc(xy)=x^{1-\CRRA}\uFunc(y)$, so (\ref{eq:levelTm1}) can be rewritten as -\begin{equation}\begin{gathered}\begin{aligned} - \vLvl_{\trmT}(\mLvl_{\trmT},\pLvl_{\trmT}) & = \pLvl_{\trmT}^{1-\CRRA}\frac{{\mNrm}_{\trmT}^{1-\CRRA}}{1-\CRRA} \\ -% & = (\pLvl_{\trmT-1}\PermGroFac_{\trmT})^{1-\CRRA}\frac{{\mNrm}_{\trmT}^{1-\CRRA}}{1-\CRRA} \\ - &= \pLvl_{\trmT-1}^{1-\CRRA}\PermGroFac_{\trmT}^{1-\CRRA}\vFunc_{\trmT}(\mNrm_{\trmT}). \label{eq:vT} - \end{aligned}\end{gathered}\end{equation} - -Now define a new optimization problem: - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\prd}(\mNrm_{\prd}) & = \max_{{\cNrm}_{\prd}} ~~ \uFunc(\cNrm_{\prd})+{\DiscFac}\Ex_{\prd}[ \PermGroFac_{\prd+1}^{1-\CRRA}\vFunc_{\prd+1}(\mNrm_{\prd+1})] \label{eq:vNormed} \\ - & \text{s.t.} \\ - \aNrm_{\prd} & = \mNrm_{\prd}-\cNrm_{\prd} \\ - \kNrm_{\prd+1} & = \aNrm_{\prd} \\ - \bNrm_{\prd+1} & = \underbrace{\left(\Rfree/\PermGroFac_{\prd+1}\right)}_{\equiv \RNrm_{\prd+1}}\kNrm_{\prd+1} \\ - \mNrm_{t+1} & = \bNrm_{t+1}+\tranShkEmp_{t+1}, - \end{aligned}\end{gathered}\end{equation} -where division by $\PermGroFac$ in second-to-last equation yields a normalized return factor $\RNrm$ which is the consequence of the fact that we have divided $\prd+1$ level variables by $\pLvl_{\prd+1}=\PermGroFac_{\prd+1}\pLvl_{\prd}$. - -Then it is easy to see that for $\prd=\trmT-1$, we can write boldface (nonnormalized) $\vLvl$ as a function of $\vFunc$ (normalized value) and permanent income: -\begin{equation}\begin{gathered}\begin{aligned} - \vLvl_{\prd}(\mLvl_{\prd},\pLvl_{\prd}) & = \pLvl_{\prd}^{1-\CRRA}\vFunc_{\prdt}(\mNrm_{\prdt}), \label{eq:vLvlFromvFunc} - \end{aligned}\end{gathered}\end{equation} -and so on back to all earlier periods. Hence, if we solve the problem \eqref{eq:vNormed} which has only a single state variable $\mNrm_{\prd}$, we can obtain the levels of the value function from \eqref{eq:vLvlFromvFunc}, and of consumption and all other variables from the corresponding permanent-income-normalized solution objects by multiplying each by $\pLvl_{\prd}$, e.g.\ -\begin{equation*}\begin{gathered}\begin{aligned} - \cFunc_{\prd}(\mLvl_{\prd},\pLvl_{\prd})=\pLvl_{\prd}\cFunc_{\prd}(\overbrace{\mLvl_{\prd}/\pLvl_{\prd}}^{\mNrm_{\prd}}). - \end{aligned}\end{gathered}\end{equation*} -%(or, for the value function, $\vLvl _{\prd}(\mLvl_{\prd},\pLvl_{\prd}) = \pLvl_{\prd}^{1-\CRRA}\vFunc_{\prd}(\mNrm_{\prd}))$. - -We have thus reduced the problem from two continuous state variables to one (and thereby enormously simplified its solution). - -For future reference it is useful to write \eqref{eq:vNormed} in the traditional way, by substituting $\bNrm_{\prdt+1},\kNrm_{\prdt+1},$ and $\aNrm_{\prdt}$ into $\mNrm_{t+1}$: -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\prdt}(\mNrm_{\prdt}) & = \max_{\cNrm} ~~ \uFunc(\cNrm)+ \DiscFac \Ex_{\prdt}[ \PermGroFac_{\prdt+1}^{1-\CRRA}\vFunc_{\prdt+1}(\overbrace{(\mNrm_{t}-\cNrm)(\Rfree/\PermGroFac_{t+1})+\tranShkEmp_{t+1}}^{m_{t+1}})] \label{eq:vusual}. - \end{aligned}\end{gathered}\end{equation} - diff --git a/_sectn-notation-input.tex b/_sectn-notation-input.tex deleted file mode 100644 index fc136dfff..000000000 --- a/_sectn-notation-input.tex +++ /dev/null @@ -1,73 +0,0 @@ - -\hypertarget{notation}{} -\section{Notation}\label{sec:notation} - -\subsection{\Intervals, \Stgs, \Moves} - -The problem so far assumes that the agent has only one decision problem to solve in any {\interval}. But it is increasingly common to model agents who have multiple choice {\stg}s per {\interval}; a problem might have, say, a consumption decision (call it the $\cFunc$ {\stg}), a labor supply {\stg} (call it $\labor$) and a choice of what proportion $\Shr$ of their assets to invest in a risky asset (the portfolio-choice {\stg}). - -The modeler might well want to explore whether the order in which the {\stg}s are solved makes any difference, either to the substantive results or to aspects of the computational solution like speed and accuracy. - -If, as in section \ref{sec:the-problem}, we hard-wire into the solution code for each {\stg} an assumption that its successor {\stg} will be something in particular (say, the consumption {\stg} assumes that the portfolio choice is next), then if we want to change the order of the {\stg}s (say, labor supply after consumption, followed by portfolio choice), we will need to re-hard-wire each of the stages to know particular things about its new successor (for example, the specifics of the distribution of the rate of return on the risky asset must be known by whatever {\stg} precedes the portfolio choice {\stg}). - -But one of the cardinal insights of Bellman's (1957, ``Dynamic Programming'') original work is that \emph{everything that matters} for the solution to the current problem is encoded in a `continuation-value function.' %that incorporates \texttt{everything about the future} that is important to solution of the present stage. %This point is important for a number of reasons, but here we will focus on one problem of ignoring it. Actual solution of the maximization problem as specified in \eqref{eq:vNormed} requires the current agent to have knowledge not only of the successor value function, but also of other aspects of the problem like the distributions of the future period's stochastic shocks. So any solution to the problem that directly uses in \eqref{eq:vNormed} will need to hard-wire into itself the specifics of the successor problem. -Using Bellman's insight, we describe here a framework for isolating the {\stg} problems within a {\interval} from each other, and the {\interval} from its successors in any future {\interval}; the advantage of this is that the isolated {\stg} and {\interval} problems will then be `modular': We can solve them in any order \textit{without changing any code} (only transitions need to be rewired). After considering the {\stg}-order $[\ell,\cFunc,\Shr]$, the modeler can costlessly reorder the {\stg}s to consider, say, the order $[\ell,\Shr,\cFunc]$.\footnote{As long as the beginning-of-{\stg} and end-of-{\stg} value functions for the {\stg}s all depend on the same state variables; see the discussion in section \ref{sec:multiple-control-variables}.} - -\subsection{\Moves} - -The key is to distinguish, within each {\stg}'s Bellman problem, three {\moves}: - -\begin{enumerate} -\item \textbf{\Arrival}: Incoming state variables (e.g., $\kNrm$) are known, but any shocks associated with the period have not been realized and decision(s) have not yet been made -\item \textbf{\Decision}: All exogenous variables (like income shocks, rate of return shocks, and predictable income growth $\PermGroFac$) have been realized (so that, e.g., $\mNrm$'s value is known) and the agent solves the optimization problem -\item \textbf{\Continuation}: After all decisions have been made, their consequences are measured by evaluation of the continuing-value function at the values of the `outgoing' state variables (sometimes called `post-state' variables). -\end{enumerate} - -%In the standard treatment in the literature, the (implicit) default assumption is that the {\move} where the agent is solving a decision problem is the unique {\move} at which the problem is defined. This is what was done above, when (for example) in \eqref{eq:vNormed} we related the value $\vFunc$ of the current decision to the expectation of the future value $\vFunc_{\prd+1}$. Here, instead, we want to encapsulate the current {\stg}'s problem as a standalone object, which is solved by taking as given an exogenously-provided continuation-value function (in our case, $\vEndStg(a)$). - -When we want to refer to a specific {\move} in the {\stg} we will do so by using an indicator which identifies that {\move}. Here we use the consumption {\stg} problem described above to exemplify the usage: -\begin{center} -% \mbox{% - \begin{tabular}{r|c|c|l|l} - {\Move} & Indicator & State & Usage & Explanation \\ \hline - {\Arrival} & $ \arvl $ & $\kNrm$ & $\vBegStg(\kNrm)$ & value at entry to {\stg} (before shocks) \\ - {\Decision}(s) & (blank) & $\mNrm$ & $\vMidStg(\mNrm)$ & value of {\stg}-decision (after shocks) \\ - {\Continuation} & $ \cntn $ & $\aNrm$ & $\vEndStg(\aNrm)$ & value at exit (after decision) \\ \hline - \end{tabular} -% } - \end{center} - - Notice that the value functions at different {\move}s of the {\stg} have distinct state variables. Only $\kNrm$ is known at the beginning of the {\stg}, and other variables take on their values with equations like $b = k \RNrm$ and $\mNrm = \bNrm+\tranShkEmp.$ We will refer to such within-the-{\stg} creation of variables as `{\evltns}.' So, the consumption stage problem has two {\evltns}: from $\kNrm$ to $\mNrm$ and from $\mNrm$ to $\aNrm$. - -\subsection{\Trnsns} - - \begin{equation}\begin{gathered}\begin{aligned} - \vEndPrd(\aNrm) & := \DiscFac \vBegPrdNxt(\overbrace{\aNrm}^{=\kNrm}), \label{eq:trns-single-prd} - \end{aligned}\end{gathered}\end{equation} -and we are not done solving the problem of {\interval} {\prd} until we have constructed a beginning-of-{\interval} value function $\vBegPrd(\kNrm)$. - - \begin{equation}\begin{gathered}\begin{aligned} - \vEndStg(\aNrm) \sameas \vEndPrd(\aNrm). - \end{aligned}\end{gathered}\end{equation} -\subsection{The Decision Problem in the New Notation}\label{subsec:decision-problem}\hypertarget{decision-problem}{} - -From `inside' the decision stage, the {\Decision} problem can now be written much more cleanly than in equation \eqref{eq:vNormed}: - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc(\mNrm) & = \max_{\cNrm}~ \uFunc(\cNrm) + \vFunc_{_\cntn}(\overbrace{\mNrm-\cFunc}^{\aNrm}) \label{eq:vMid} - \end{aligned}\end{gathered}\end{equation} - -%We are now ready to move to substance. - -\begin{comment} - - \subsection{Implementation in Python} - - The code implementing the tasks outlined each of the sections to come is available in the \texttt{\href{https://econ-ark.org/materials/SolvingMicroDSOPs}{SolvingMicroDSOPs}} jupyter notebook, written in \href{https://python.org}{Python}. The notebook imports various modules, including the standard \texttt{numpy} and \texttt{scipy} modules used for numerical methods in Python, as well as some user-defined modules designed to provide numerical solutions to the consumer's problem from the previous section. Before delving into the computational exercise, it is essential to touch on the practicality of these custom modules. - - \subsubsection{Useful auxilliary files} - - In this exercise, two primary user-defined modules are frequently imported and utilized. The first is the \texttt{gothic\_class} module, which contains functions describing the end-of-period value functions found in equations \eqref{eq:vBegStg} - \eqref{eq:vEnd} (and the corresponding first and second derivatives). %The advantage of defining functions in the code which decompose the consumer's optimal behavior in a given period will become evident in section \ref{subsec:transformation} - - The \texttt{resources} module is also used repeatedly throughout the notebook. This file has three primary objectives: (i) providing functions that discretize the continuous distributions from the theoretical model that describe the uncertainty a consumer faces, (ii) defining the utility function over consumption under a number of specifications, and (iii) enhancing the grid of end-of-period assets for which functions (such as those from the \texttt{gothic\_class} module) will be defined. These objectives will be discussed in greater detail and with respect to the numerical methods used to the problem in subsequent sections of this document. - -\end{comment} diff --git a/_sectn-notation.tex b/_sectn-notation.tex index 21e05ac95..0761d1a62 100644 --- a/_sectn-notation.tex +++ b/_sectn-notation.tex @@ -45,11 +45,13 @@ \subsection{\Moves} \subsection{\Trnsns} + In the backward-induction world of Bellman solutions, to solve the problem of a particular {\interval} we must start with an end-of-{\interval} (continuation) value function, which we designate by explicitly including the {\interval} indicator in the subscript:\marginpar{\tiny Should this be an equality or an assignment or what?} %%% AS: Notation help! \begin{equation}\begin{gathered}\begin{aligned} \vEndPrd(\aNrm) & := \DiscFac \vBegPrdNxt(\overbrace{\aNrm}^{=\kNrm}), \label{eq:trns-single-prd} \end{aligned}\end{gathered}\end{equation} and we are not done solving the problem of {\interval} {\prd} until we have constructed a beginning-of-{\interval} value function $\vBegPrd(\kNrm)$. +Similarly, in order to solve the problem of any {\stg}, we must endow it with an end-of-{\stg} continuation-value function. For the last {\stg} in a {\interval}, the end-of-{\stg} function is taken to be end-of-{\interval} value function; in our case where there is only one {\stg}, this can be written cleanly as:\marginpar{\tiny Does $\sameas$ capture the nature of this relationship?} %%% AS: Can you commment on the notation (\sameas is defined in ./resources/latex/local-macros) \begin{equation}\begin{gathered}\begin{aligned} \vEndStg(\aNrm) \sameas \vEndPrd(\aNrm). \end{aligned}\end{gathered}\end{equation} @@ -64,7 +66,9 @@ \subsection{The Decision Problem in the New Notation}\label{subsec:decision-prob \input{./Equations/vMid}\unskip %We are now ready to move to substance. +%%% DE: All references to the word "Gothic" or "Goth" in the notebook and the text should be replaced, probably usually with cntn (for continuation) or perhaps occasionally with arvl (for arrival) depending on the context. Note that if you change the figure name generated by the notebook you must also change the name in the \begin{figure} ... includegraphics argument +%%% DE: I've commented this stuff out because detailed comment on the code should be confined to the code/notebook. If anything you say below is not already said somewhere in the notebook but should be there, please move it. \begin{comment} \subsection{Implementation in Python} diff --git a/_sectn-solving-the-next-input.tex b/_sectn-solving-the-next-input.tex deleted file mode 100644 index 56f6edc0b..000000000 --- a/_sectn-solving-the-next-input.tex +++ /dev/null @@ -1,476 +0,0 @@ - -\hypertarget{solving-the-next-to-last-period}{} -\hypertarget{solving-the-next}{} -\section{Solving the Next-to-Last Period}\label{sec:solving-the-next} - -To reduce clutter, we now temporarily assume that $\PermGroFac_{\prd}=1$ for all $\prd$, so that the $\PermGroFac$ terms from the earlier derivations disappear, and setting $t=T$ the problem in the second-to-last period of life can now be expressed as -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\MidPrdLsT}(\mNrm) & = \max_{\cNrm} ~~ \uFunc(\cNrm) + - \vEndPrdLsT(\overbrace{\mNrm-\cNrm}^{\aNrm}) - \label{eq:vEndTm1} -\end{aligned}\end{gathered}\end{equation} -where -\begin{equation*}\begin{gathered}\begin{aligned} - \vFunc_{\EndPrdLsT}(\aNrm) & \sameas \DiscFac \vFunc_{\BegPrd}(\aNrm) - \equiv \DiscFac \Ex_{\BegPrd} \left[\PermGroFacAdjV \vFunc_{\MidPrd}(\underbrace{\aNrm \RNrm_{\prdT} + \tranShkEmp_{\prdT}}_{{m}_{\prdT}})\right] - \end{aligned}\end{gathered}\end{equation*} - -% \begin{equation*}\begin{gathered}\begin{aligned} -% \vFunc_{\prdLsT}(\mNrm) & = \max_{\cNrm} ~~ \uFunc(\cNrm) -% + \DiscFac \Ex_{\EndPrdLsT} \left[\PermGroFacAdjV \vFunc_{\MidPrd}(\underbrace{(\mNrm-\cNrm)\RNrm_{\prdT} + \tranShkEmp_{\prdT}}_{{m}_{\prdT}})\right]. -% \end{aligned}\end{gathered}\end{equation*} - - -Using (0) $\prd=\trmT$; (1) $\vFunc_{\prdT}(m)=\uFunc(m)$; (2) the definition of $\uFunc(m)$; and (3) the definition of the expectations operator, %\newcommand{\tranShkEmpDummy}{\vartheta} -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\BegPrd}(\aNrm) & = \PermGroFacAdjV\int_{0}^{\infty} \frac{\left(\aNrm \RNrm_{\prd}+ \tranShkEmpDummy\right)^{1-\CRRA}}{1-\CRRA} d\FDist(\tranShkEmpDummy) \label{eq:NumDefInt} - \end{aligned}\end{gathered}\end{equation} -where $\FDist(\tranShkEmp)$ is the cumulative distribution function for ${\tranShkEmp}$. - -\lstset{basicstyle=\ttfamily\footnotesize,breaklines=true,language=Python,frame=single} -\lstinputlisting{./Code/Python/snippets/rawsolution.py} - -This maximization problem implicitly defines a `local function' $\cFunc_{\prdT-1}(\mNrm)$ that yields optimal consumption in period $\prdt-1$ for any specific numerical level of resources like $m=1.7$.% (When we need to use this function from some context outside of the local context in which it was solved, we can reference by its absolute index, $\cFunc_{\prdT-1}$). - -But because there is no general analytical solution to this problem, for any given $m$ we must use numerical computational tools to find the $\cNrm$ that maximizes the expression. This is excruciatingly slow because for every potential $c$ to be considered, a definite integral over the interval $(0,\infty)$ must be calculated numerically, and numerical integration is \textit{very} slow (especially over an unbounded domain!). - -\hypertarget{discretizing-the-distribution}{} -\subsection{Discretizing the Distribution} -Our first speedup trick is therefore to construct a discrete approximation to the lognormal distribution that can be used in place of numerical integration. That is, we want to approximate the expectation over $\tranShkEmp$ of a function $g(\tranShkEmp)$ by calculating its value at set of $n_{\tranShkEmp}$ points $\tranShkEmp_{i}$, each of which has an associated probability weight $w_{i}$: -\begin{equation*}\begin{gathered}\begin{aligned} - \Ex[g(\tranShkEmp)] & = \int_{\tranShkEmpMin}^{\tranShkEmpMax}(\tranShkEmpDummy)d\FDist(\tranShkEmpDummy) \\ - & \approx \sum_{\tranShkEmp = 1}^{n}w_{i}g(\tranShkEmp_{i}) - \end{aligned}\end{gathered}\end{equation*} -(because adding $n$ weighted values to each other is enormously faster than general-purpose numerical integration). - -Such a procedure is called a `quadrature' method of integration; \cite{Tanaka2013-bc} survey a number of options, but for our purposes we choose the one which is easiest to understand: An `equiprobable' approximation (that is, one where each of the values of $\tranShkEmp_{i}$ has an equal probability, equal to $1/n_{\tranShkEmp}$). - -We calculate such an $n$-point approximation as follows. - -Define a set of points from $\sharp_{0}$ to $\sharp_{n_{\tranShkEmp}}$ on the $[0,1]$ interval -as the elements of the set $\sharp = \{0,1/n,2/n, \ldots,1\}$.\footnote{These points define intervals that constitute a partition of the domain of $\FDist$.} Call the inverse of the $\tranShkEmp$ distribution $\FDist^{-1}_{\phantom{\tranShkEmp}}$, and define the -points $\sharp^{-1}_{i} = \FDist^{-1}_{\phantom{\tranShkEmp}}(\sharp_{i})$. Then -the conditional mean of $\tranShkEmp$ in each of the intervals numbered 1 to $n$ is: -\begin{equation}\begin{gathered}\begin{aligned} - \tranShkEmp_{i} \equiv \Ex[\tranShkEmp | \sharp_{i-1}^{-1} \leq \tranShkEmp < \sharp_{i}^{-1}] & = \int_{\sharp^{-1}_{i-1}}^{\sharp^{-1}_{i}} \vartheta ~ d\FDist_{\phantom{\tranShkEmp}}(\vartheta) , - \end{aligned}\end{gathered}\end{equation} -and when the integral is evaluated numerically for each $i$ the result is a set of values of $\tranShkEmp$ that correspond to the mean value in each of the $n$ intervals. - -The method is illustrated in Figure~\ref{fig:discreteapprox}. The solid continuous curve represents -the ``true'' CDF $\FDist(\tranShkEmp)$ for a lognormal distribution such that $\Ex[\tranShkEmp] = 1$, $\sigma_{\tranShkEmp} = 0.1$. The short vertical line segments represent the $n_{\tranShkEmp}$ -equiprobable values of $\tranShkEmp_{i}$ which are used to approximate this -distribution.\footnote{More sophisticated approximation methods exist - (e.g.\ Gauss-Hermite quadrature; see \cite{kopecky2010finite} for a discussion of other alternatives), but the method described here is easy to understand, quick to calculate, and has additional advantages briefly described in the discussion of simulation below.} - \hypertarget{discreteApprox}{} - \begin{figure} - \includegraphics[width=0.8\textwidth]{./Figures/discreteApprox} - \caption{Equiprobable Discrete Approximation to Lognormal Distribution $\FDist$} - \label{fig:discreteapprox} - \end{figure} - - - -Because one of the purposes of these notes is to connect the math to the code that solves the math, we display here a brief snippet from the notebook that constructs these points. - - -\lstset{basicstyle=\ttfamily\footnotesize,breaklines=true,language=Python,frame=single} -\lstinputlisting{./Code/Python/snippets/equiprobable-make.py}\nopagebreak - - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{{\prdLst}_\cntn}(\aNrm) & = \DiscFac \PermGroFacAdjV\left(\frac{1}{n_{\tranShkEmp}}\right)\sum_{i=1}^{n_{\tranShkEmp}} \frac{\left(\RNrm_{\prd} \aNrm + \tranShkEmp_{i}\right)^{1-\CRRA}}{1-\CRRA} \label{eq:vDiscrete} - \end{aligned}\end{gathered}\end{equation} - -We now substitute our approximation \eqref{eq:vDiscrete} for $\vEndPrdLsT(a)$ in \eqref{eq:vEndTm1} which is simply the sum of $n_{\tranShkEmp}$ numbers and is therefore easy to calculate (compared to the full-fledged numerical integration \eqref{eq:NumDefInt} that it replaces). - -% so we can rewrite the maximization problem that defines the middle step of period {$\prdLst$} as -% \begin{equation}\begin{gathered}\begin{aligned} -% \vFunc_{\MidPrdLsT}(\mNrm) & = \max_{\cNrm} -% \left\{ -% \frac{\cNrm^{1-\CRRA}}{1-\CRRA} + -% \vFunc_{\MidPrd}(\mNrm-\cNrm) -% \right\}. -% \label{eq:vEndTm1} -% \end{aligned}\end{gathered}\end{equation} - -\lstinputlisting{./Code/Python/snippets/equiprobable-max-using.py} - -\begin{comment} - In the {\SMDSOPntbk} notebook, the section ``Discretization of the Income Shock Distribution'' provides code that instantiates the \texttt{DiscreteApproximation} class defined in the \texttt{resources} module. This class creates a 7-point discretization of the continuous log-normal distribution of transitory shocks to income by utilizing seven points, where the mean value is $-.5 \sigma^2$, and the standard deviation is $\sigma = .5$. - - A close look at the \texttt{DiscreteApproximation} class and its subclasses should convince you that the code is simply a computational implementation of the mathematical description of equiprobable discrete approximation in this section. Moreover, the Python code generates a graph of the discretized distribution depicted in \ref{fig:discreteapprox}. -\end{comment} - -\hypertarget{the-approximate-consumption-and-value-functions}{} -\subsection{The Approximate Consumption and Value Functions} - -Given any particular value of $\mNrm$, a numerical maximization tool can now find the $\cNrm$ that solves \eqref{eq:vEndTm1} in a reasonable amount of time. - -\begin{comment} - % The {\SMDSOPntbk} notebook follows a series of steps to achieve this. Initially, parameter values for the coefficient of relative risk aversion (CRRA, $\rho$), the discount factor ($\beta$), the permanent income growth factor ($\PermGroFac$), and the risk-free interest rate ($R$ are specified in ``Define Parameters, Grids, and the Utility Function.'') - - % After defining the utility function, the `natural borrowing constraint' is defined as $\Lo{a}_{\prdT-1}=-\Lo{\tranShkEmp}\RNrm_{\prdT}^{-1}$, which will be discussed in greater depth in section \ref{subsec:LiqConstrSelfImposed}. %Following the reformulation of the maximization problem, an instance of the \texttt{gothic\_class} is created using the specifications and the discretized distribution described in the prior lines of code; this is required to provide the numerical solution. -\end{comment} - -The notebook code responsible for computing an estimated consumption function begins in ``Solving the Model by Value Function Maximization,'' where a vector containing a set of possible values of market resources $m$ is created (in the code, various $m$ vectors have names beginning {\mVec}; in these notes we will use boldface italics to represent vectors, so we can refer to our collection of $m$ points as $\vctr{m}$ with values indexed by brackets: $\vctr{m}[1]$ is the first entry in the vector, up to a last entry $\vctr{m}[-1]$; we arbitrarily (and suboptimally) pick the first five integers as our five {\mVec} gridpoints (in the code, \code{mVec\_int}= $\{0.,1.,2.,3.,4.\}$)). - -% Finally, the previously computed values of optimal $c$ and the grid of market resources are combined to generate a graph of the approximated consumption function for this specific instance of the problem. To reduce the computational challenge of solving the problem, the process is evaluated only at a small number of gridpoints. - - -\hypertarget{an-interpolated-consumption-function}{} -\subsection{An Interpolated Consumption Function} \label{subsec:LinInterp} - - -This is accomplished in ``An Interpolated Consumption Function,'' which generates an interpolating function that we designate $\Aprx{\cFunc}_{\MidPrdLsT}(\mNrm)$. %When called with an $\mNrm$ that is equal to one of the points in $\code{{{\mVec}\_int}}$, $\Aprx{\cFunc}_{\prdT-1}$ returns the associated value of $\vctr{c}_{\code{\prdT-1}}$, and when called with a value of $\mNrm$ that is not exactly equal to one of the \texttt{mVec\_int}, returns the value of $c$ that reflects a linear interpolation between the $\vctr{c}_{\code{\prdT-1}}$ points associated with the two \texttt{mVec\_int} points immediately above and below $\mNrm$. - - -Figures \ref{fig:PlotcTm1Simple} and~\ref{fig:PlotVTm1Simple} show -plots of the constructed $\Aprx{\cFunc}_{\prdT-1}$ and $\Aprx{\vFunc}_{\prdT-1}$. While the $\Aprx{\cFunc}_{\prdT-1}$ function looks very smooth, the fact that the $\Aprx{\vFunc}_{\prdT-1}$ function is a set of line segments is very evident. This figure provides the beginning of the intuition for why trying to approximate the value function directly is a bad idea (in this context).\footnote{For some problems, especially ones with discrete choices, value function approximation is unavoidable; nevertheless, even in such problems, the techniques sketched below can be very useful across much of the range over which the problem is defined.} - -\hypertarget{PlotcTm1Simple}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{./Figures/PlotcTm1Simple}} - \caption{$\cFunc_{\trmT-1}(\mNrm)$ (solid) versus $\Aprx{\cFunc}_{\trmT-1}(\mNrm)$ (dashed)} - \label{fig:PlotcTm1Simple} -\end{figure} - -\hypertarget{PlotvTm1Simple}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{./Figures/PlotVTm1Simple}} - \caption{$\vFunc_{\trmT-1}$ (solid) versus $\Aprx{\vFunc}_{\trmT-1}(\mNrm)$ (dashed)} - \label{fig:PlotVTm1Simple} -\end{figure} - - - -\hypertarget{interpolating-expectations}{} -\subsection{Interpolating Expectations} - - -Piecewise linear `spline' interpolation as described above works well for generating a good approximation to the true optimal consumption function. However, there is a clear inefficiency in the program: Since it uses equation \eqref{eq:vEndTm1}, for every value of $\mNrm$ the program must calculate the utility consequences of various possible choices of $\cNrm$ (and therefore $\aNrm_{\prdT-1}$) as it searches for the best choice. - -For any given index $j$ in $\vctr{m}[j]$, as it searches for the corresponding optimal $a$, the algorithm will end up calculating $\vFunc_{\EndPrdLsT}(\tilde{a})$ for many $\tilde{a}$ values close to the optimal $a_{\prdT-1}$. Indeed, even when searching for the optimal $a$ for a \emph{different} $m$ (say $\vctr{m}[k]$ for $k \neq j$) the search process might compute $\vFunc_{\EndPrdLsT}(a)$ for an $a$ close to the correct optimal $a$ for $\vctr{m}[j]$. But if that difficult computation does not correspond to the exact solution to the $\vctr{m}[k]$ problem, it is discarded. - -% (These lists contain the points of the $\vctr{a}_{\prdT-1}$ and $\vctr{v}_{\prdT-1}$ vectors, respectively.) - -The notebook section ``Interpolating Expectations,'' now interpolates the expected value of \textit{ending} the period with a given amount of assets.\footnote{What we are doing here is closely related to `the method of parameterized expectations' of \cite{denHaanMarcet:parameterized}; the only difference is that our method is essentially a nonparametric version.} %The problem is solved in the same block with the remaining lines of code. - -Figure~\ref{fig:PlotOTm1RawVSInt} compares the true value function to the approximation produced by following the interpolation procedure; the approximated and exact functions are of course identical at the gridpoints of $\vctr{a}$ and they appear reasonably close except in the region below $\mNrm=1$. - -\hypertarget{PlotOTm1RawVSInt}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{./Figures/PlotOTm1RawVSInt}} - \caption{End-Of-Period Value $\vFunc_{(\prdT-1)_\cntn}(a_{\prdT-1})$ (solid) versus $\Aprx{\vFunc}_{({\trmT-1})_\cntn}(a_{\trmT-1})$ (dashed)} - \label{fig:PlotOTm1RawVSInt} -\end{figure} - -\hypertarget{PlotComparecTm1AB}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{./Figures/PlotComparecTm1AB}} - \caption{$\cFunc_{\trmT-1}(\mNrm)$ (solid) versus $\Aprx{\cFunc}_{\trmT-1}(\mNrm)$ (dashed)} - \label{fig:PlotComparecTm1AB} -\end{figure} - -\Fix{\marginpar{\tiny In all figs, replace gothic h with notation corresponding to the lecture notes.}} - -Nevertheless, the consumption rule obtained when the approximating $\Aprx{\vFunc}_{(\prdT-1)_\cntn}(a_{\prdT-1})$ is used instead of $\vFunc_{(\prdT-1)_\cntn}(a_{\prdT-1})$ is surprisingly bad, as shown in figure \ref{fig:PlotComparecTm1AB}. For example, when $\mNrm$ goes from 2 to 3, $\Aprx{\cFunc}_{\prdT-1}$ goes from about 1 to about 2, yet when $\mNrm$ goes from 3 to 4, $\Aprx\cNrm$ goes from about 2 to about 2.05. The function fails even to be concave, which is distressing because Carroll and Kimball~\citeyearpar{ckConcavity} prove that the correct consumption function is strictly concave in a wide class of problems that includes this one. - -\hypertarget{value-function-versus-first-order-condition}{} -\subsection{Value Function versus First Order Condition}\label{subsec:vVsuP} - -Loosely speaking, our difficulty reflects the fact that the -consumption choice is governed by the \textit{marginal} value function, -not by the \textit{level} of the value function (which is the object that -we approximated). To understand this point, recall that a quadratic -utility function -exhibits risk aversion because with a stochastic $c$, -\begin{equation} - \Ex[-(c - \cancel{c})^{2}] < - (\Ex[c] - \cancel{c})^{2} -\end{equation} -(where $\cancel{c}$ is the `bliss point' which is assumed always to exceed feasible $c$). However, unlike the CRRA utility function, -with quadratic utility the consumption/saving \textit{behavior} of consumers -is unaffected by risk since behavior is determined by the first order condition, which -depends on \textit{marginal} utility, and when utility is quadratic, marginal utility is unaffected -by risk: -\begin{equation} - \Ex[-2(c - \cancel{c})] = - 2(\Ex[c] - \cancel{c}). -\end{equation} - -Intuitively, if one's goal is to accurately capture choices -that are governed by marginal value, -numerical techniques that approximate the \textit{marginal} value -function will yield a more accurate approximation to -optimal behavior than techniques that approximate the \textit{level} -of the value function. - -The first order condition of the maximization problem in period $\trmT-1$ is: - \begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{c}(\cNrm) & = \DiscFac \Ex_{\cntn(T-1)} [\PermGroFacAdjMu\Rfree \uFunc^{c}(c_{\prdT})] %\label{eq:focraw} - \\ \cNrm^{-\CRRA} & = \Rfree \DiscFac \left(\frac{1}{n_{\tranShkEmp}}\right) \sum_{i=1}^{n_{\tranShkEmp}} \PermGroFacAdjMu\left(\Rfree (\mNrm-\cNrm) + \tranShkEmp_{i}\right)^{-\CRRA} \label{eq:FOCTm1}. - \end{aligned}\end{gathered}\end{equation} -\hypertarget{PlotuPrimeVSOPrime}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{./Figures/PlotuPrimeVSOPrime}} - \caption{$\uFunc^{c}(c)$ versus $\vFunc_{({\trmT-1})_\cntn}^{a}(3-c), \vFunc_{({\trmT-1})_\cntn}^{a}(4-c), \Aprx{\vFunc}_{({\trmT-1})_\cntn}^{a}(3-c), \Aprx{\vFunc}_{({\trmT-1})_\cntn}^{a}(4-c)$} - \label{fig:PlotuPrimeVSOPrime} -\end{figure} - - - -The downward-sloping curve in Figure \ref{fig:PlotuPrimeVSOPrime} -shows the value of $\cNrm^{-\CRRA}$ for our baseline parameter values -for $0 \leq \cNrm \leq 4$ (the horizontal axis). The solid -upward-sloping curve shows the value of the RHS of (\ref{eq:FOCTm1}) -as a function of $\cNrm$ under the assumption that $\mNrm=3$. -Constructing this figure is time-consuming, because for every -value of $\cNrm$ plotted we must calculate the RHS of -(\ref{eq:FOCTm1}). The value of $\cNrm$ for which the RHS and LHS -of (\ref{eq:FOCTm1}) are equal is the optimal level of consumption -given that $\mNrm=3$, so the intersection of the downward-sloping -and the upward-sloping curves gives the (approximated) optimal value of $\cNrm$. -As we can see, the two curves intersect just below $\cNrm=2$. -Similarly, the upward-sloping dashed curve shows the expected value -of the RHS of (\ref{eq:FOCTm1}) under the assumption that $\mNrm=4$, -and the intersection of this curve with $\uFunc^{c}(\cNrm)$ yields the -optimal level of consumption if $\mNrm=4$. These two curves -intersect slightly below $\cNrm=2.5$. Thus, increasing $\mNrm$ -from 3 to 4 increases optimal consumption by about 0.5. - -Now consider the derivative of our function $\Aprx{\vFunc}_{(\prdT-1)}(a_{\prdT-1})$. Because we have -constructed $\Aprx{\vFunc}_{(\prdT-1)}$ as a linear interpolation, the slope of -$\Aprx{\vFunc}_{(\prdT-1)}(a_{\prdT-1})$ between any two adjacent points -$\{\vctr{a}[i],\vctr{a}[{i+1}]\}$ is constant. The level of the slope immediately below any -particular gridpoint is different, of course, from the slope above that gridpoint, a fact which -implies that the derivative of $\Aprx{\vFunc}_{(\prdT-1)_\cntn}(a_{\prdT-1})$ follows a step function. - -The solid-line step function in Figure \ref{fig:PlotuPrimeVSOPrime} depicts the actual value of -$\Aprx{\vFunc}_{(\prdT-1)_\cntn}^{a}(3-\cNrm)$. When we attempt to find optimal values of -$\cNrm$ given $\mNrm$ using $\Aprx{\vFunc}_{(\prdT-1)_\cntn}(a_{\prdT-1})$, the numerical optimization routine will -return the $\cNrm$ for which -$\uFunc^{c}(\cNrm) = \Aprx{\vFunc}^{a}_{(\prdT-1)_\cntn}(\mNrm-\cNrm)$. Thus, for -$\mNrm=3$ the program will return the value of $\cNrm$ for which the downward-sloping -$\uFunc^{c}(\cNrm)$ curve intersects with the -$\Aprx{\vFunc}_{(\prdT-1)_\cntn}^{a}(3-\cNrm)$; as the diagram shows, this value is exactly equal to 2. -Similarly, if we ask the routine to find the optimal $\cNrm$ for $\mNrm=4$, it finds the point of -intersection of $\uFunc^{c}(\cNrm)$ with $\Aprx{\vFunc}_{(\prdT-1)_\cntn}^{a}(4-\cNrm)$; and as the diagram shows, this -intersection is only slightly above 2. Hence, this figure illustrates why the numerical consumption -function plotted earlier returned values very close to $\cNrm=2$ for both $\mNrm=3$ and $\mNrm=4$. - -We would obviously obtain much better estimates of the point of intersection between $\uFunc^{c}(\cNrm)$ and $\vFunc_{(\prdT-1)_\cntn}^{a}(\mNrm-\cNrm)$ if our estimate of $\Aprx{\vFunc}^{a}_{(\prdT-1)_\cntn}$ were not a step function. In fact, we already know how to construct linear interpolations to functions, so the obvious next step is to construct a linear interpolating approximation to the \textit{expected marginal value of end-of-period assets function} at the points in $\vctr{a}$: -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{(\prdT-1)_\cntn}^{a}(\vctr{a}) & = \DiscFac \Rfree \PermGroFacAdjMu \left(\frac{1}{n_{\tranShkEmp}}\right) \sum_{i=1}^{n_{\tranShkEmp}} \left(\RNrm_{\prdT} \vctr{a} + \tranShkEmp_{i}\right)^{-\CRRA} \label{eq:vEndPrimeTm1} - \end{aligned}\end{gathered}\end{equation} -yielding $\vctr{v}{^{a}_{(\prdT-1)_\cntn}}$ (the vector of expected end-of-period-$(T-1)$ marginal values of assets corresponding to \code{aVec}), %$\{\{\vctr{a}}\code{_{\prdT-1}},\vFunc_{(\prdT-1)_\cntn}^{a}(\vctr{{a}[1]}_{\prdT-1}\},\{\vctr{a}_{(T-1)},\vFunc_{(\prdT-1)_\cntn}^{a}\}\ldots\}$ -and construct -$\Aprx{\vFunc}_{(\prdT-1)_\cntn}^{a}(a_{\prdT-1})$ as the linear -interpolating function that fits this set of points. - -\hypertarget{PlotOPRawVSFOC}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{./Figures/PlotOPRawVSFOC}} - \caption{$\vFunc_{(\prdT-1)_\cntn}^{a}(a_{\prdT-1})$ versus $\Aprx{\vFunc}_{(\prdT-1)_\cntn}^{a}(a_{\prdT-1})$} - \label{fig:PlotOPRawVSFOC} -\end{figure} - -% This is done by making a call to the \texttt{InterpolatedUnivariateSpline} function, passing it \code{aVec} and \texttt{vpVec} as arguments. Note that in defining the list of values \texttt{vpVec}, we again make use of the predefined \texttt{gothic.VP\_Tminus1} function. These steps are the embodiment of equation~(\ref{eq:vEndPrimeTm1}), and construct the interpolation of the expected marginal value of end-of-period assets as described above. - -The results are shown in Figure \ref{fig:PlotOPRawVSFOC}. The linear interpolating approximation looks roughly as good (or bad) for the \textit{marginal} value function as it was for the level of the value function. However, Figure \ref{fig:PlotcTm1ABC} shows that the new consumption function (long dashes) is a considerably better approximation of the true consumption function (solid) than was the consumption function obtained by approximating the level of the value function (short dashes). - -\hypertarget{PlotcTm1ABC}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{./Figures/PlotcTm1ABC}} - \caption{$\cFunc_{\prdT-1}(\mNrm)$ (solid) Versus Two Methods for Constructing $\Aprx{\cFunc}_{\prdT-1}(\mNrm)$} - \label{fig:PlotcTm1ABC} -\end{figure} - -\hypertarget{transformation}{} -\subsection{Transformation}\label{subsec:transformation} - -Even the new-and-improved consumption function diverges notably from the true solution, especially at lower values of $m$. That is because the linear interpolation does an increasingly poor job of capturing the nonlinearity of $\vFunc_{(\prdT-1)_\cntn}^{a}$ at lower and lower levels of $a$. - -This is where we unveil our next trick. To understand the logic, start by considering the case where $\RNrm_{\prdT} = \DiscFac = \PermGroFac_{\prdT} = 1$ and there is no uncertainty (that is, we know for sure that income next period will be $\tranShkEmp_{\prdT} = 1$). The final Euler equation (recall that we are still assuming that $\prd=\trmT$) is then: -\begin{equation}\begin{gathered}\begin{aligned} - \cNrm_{\prdT-1}^{-\CRRA} & = c_{\prdT}^{-\CRRA}. - \end{aligned}\end{gathered}\end{equation} - -In the case we are now considering with no uncertainty and no liquidity constraints, the optimizing consumer does not care whether a unit of income is scheduled to be received in the future period $\prdT$ or the current period $\prdT-1$; there is perfect certainty that the income will be received, so the consumer treats its PDV as equivalent to a unit of current wealth. Total resources available at the point when the consumption decision is made is therefore comprised of two types: current market resources $\mNrm$ and `human wealth' (the PDV of future income) of $\hNrm_{\prdT-1}=1$ (because it is the value of human wealth as of the end of the period, there is only one more period of income of 1 left). - -\begin{equation} - \vFunc^{m}_{\MidPrdLsT}(\mNrm) = \left(\frac{\mNrm+1}{2}\right)^{-\CRRA} \label{eq:vPLin}. -\end{equation} -Of course, this is a highly nonlinear function. However, if we raise both sides of \eqref{eq:vPLin} to the power $(-1/\CRRA)$ the result is a linear function: -\begin{equation}\begin{gathered}\begin{aligned} - % \vInv^{m}_{\prdT-1}(\mNrm) \equiv - \left[\vFunc^{m}_{\MidPrdLsT}(\mNrm)\right]^{-1/\CRRA} & = \frac{\mNrm+1}{2} . - \end{aligned}\end{gathered}\end{equation} -This is a specific example of a general phenomenon: A theoretical literature discussed in~\cite{ckConcavity} establishes that under perfect certainty, if the period-by-period marginal utility function is of the form $\cNrm_{\prd}^{-\CRRA}$, the marginal value function will be of the form $(\gamma m_{\prd}+\zeta)^{-\CRRA}$ for some constants $\{\gamma,\zeta\}$. This means that if we were solving the perfect foresight problem numerically, we could always calculate a numerically exact (because linear) interpolation. - -To put the key insight in intuitive terms, the nonlinearity we are facing springs in large part from the fact that the marginal value function is highly nonlinear. But we have a compelling solution to that problem, because the nonlinearity springs largely from the fact that we are raising something to the power $-\CRRA$. In effect, we can `unwind' all of the nonlinearity owing to that operation and the remaining nonlinearity will not be nearly so great. Specifically, applying the foregoing insights to the end-of-period value function $\vFunc^{a}_{\MidPrdLsT}(\aNrm)$, we can define an `inverse marginal value' function -\begin{equation}\begin{gathered}\begin{aligned} - \vInv_{\prd_\cntn}^{a}(a) & \equiv \left(\vFunc^{a}_{\prd_\cntn}(a)\right)^{-1/\CRRA} \label{eq:cGoth} - \end{aligned}\end{gathered}\end{equation} -which would be linear in the perfect foresight case.\footnote{There is a corresponding inverse for the value function: $\vInv_{\prd_\cntn}(a_{\prd})=((1-\CRRA)\vFunc_{\prd_\cntn})^{1/(1-\CRRA)}$, and for the marginal marginal value function etc.} We then construct a piecewise-linear interpolating approximation to the $\vInv_{\prd}^{a}$ function, $\Aprx{\vInv}_{\prd_\cntn}^{a}(a_{\prd})$, and for any $a$ that falls in the range $\{\vctr{a}[1],\vctr{a}[-1]\}$ we obtain our approximation of marginal value from: -\begin{equation}\begin{gathered}\begin{aligned} - \Aprx{\vFunc}_{\prd}^{a}(a) & = - [\Aprx{\vInv}_{\prd}^{a}(a)]^{-\CRRA} - \end{aligned}\end{gathered}\end{equation} - -The most interesting thing about all of this, though, is that the $\vInv^{a}_{\prd}$ function has another interpretation. Recall our point in \eqref{eq:upEqbetaOp} that $\uFunc^{c}(c_{\prd}) = \vEndStg^{a}(m_{\prd}-c_{\prd})$. Since with CRRA utility $\uFunc^{c}(c)=c^{-\CRRA}$, this can be rewritten -and inverted -\begin{equation}\begin{gathered}\begin{aligned} - (c_{\prd})^{-\CRRA} & = \vEndStg^{a}(a_{\prd}) - \\ c_{\prd} & = \left(\vEndPrd^{a}(a)\right)^{-1/\CRRA}. - \end{aligned}\end{gathered}\end{equation} - -What this means is that for any given $a$, if we can calculate the marginal value associated with ending the period with that $a$, then we can learn the level of $c$ that the consumer must have chosen if they ended up with that $a$ as the result of an optimal unconstrained choice. This leads us to an alternative interpretation of $\vInv^{a}$. It is the function that reveals, for any ending $a$, how much the agent must have consumed to (optimally) get to that $a$. We will therefore henceforth refer to it as the `consumed function:' -\begin{equation}\begin{gathered}\begin{aligned} - \Aprx{\cFunc}_{\prd_\cntn}(a_{\prd}) & \equiv \Aprx{\vInv}^{a}_{\prd_\cntn}(a_{\prd}) \label{eq:consumedfn}. - \end{aligned}\end{gathered}\end{equation} - -%\renewcommand{\prd}{T} -Thus, for example, for period $\prdLsT$ our procedure is to calculate the vector of $\vctr{c}$ points on the consumed function: -\begin{equation}\begin{gathered}\begin{aligned} - \vctr{c} & = \cFunc_{(\prdLsT)_\cntn}(\vctr{a}) \label{eq:consumedfnvecs} - \end{aligned}\end{gathered}\end{equation} -with the idea that we will construct an approximation of the consumed function $\Aprx{\cFunc}_{(\prdLsT)_\cntn}(\aNrm)$ as the interpolating function connecting these $\{\vctr{a},\vctr{c}\}$ points. - -\hypertarget{the-natural-borrowing-constraint-and-the-a-lower-bound}{} -\subsection{The Natural Borrowing Constraint and the $a_{\prdLsT}$ Lower Bound} \label{subsec:LiqConstrSelfImposed} - -%\renewcommand{\prd}{T} -This is the appropriate moment to ask an awkward question: How should an interpolated, approximated `consumed' function like $\Aprx{\cFunc}_{(\prdLsT)_\cntn}(a_{\prdLsT})$ be extrapolated to return an estimated `consumed' amount when evaluated at an $a_{\prdLsT}$ outside the range spanned by $\{\vctr{a}[1],...,\vctr{a}[n]\}$? - - -For most canned piecewise-linear interpolation tools like \href{https://docs.scipy.org/doc/scipy/tutorial/interpolate.html}{scipy.interpolate}, when the `interpolating' function is evaluated at a point outside the provided range, the algorithm extrapolates under the assumption that the slope of the function remains constant beyond its measured boundaries (that is, the slope is assumed to be equal to the slope of nearest piecewise segment \emph{within} the interpolated range); for example, if the bottommost gridpoint is $\aVecMin = \vctratm[1]$ and the corresponding consumed level is $\cMin = \cFunc_{(\prdLsT)_\cntn}(a_1)$ we could calculate the `marginal propensity to have consumed' $\varkappa_{1}= -\Aprx{\cFunc}_{(\prdLsT)_\cntn}^{a}(\aVecMin)$ and construct the approximation as the linear extrapolation below $\vctratm[1]$ from: -\begin{equation}\begin{gathered}\begin{aligned} - \Aprx{\cFunc}_{(\prdLsT)_\cntn}(a) & \equiv \cMin + (a-\aVecMin)\varkappa_{1} \label{eq:ExtrapLin}. - \end{aligned}\end{gathered}\end{equation} - -To see that this will lead us into difficulties, consider what happens to the true (not approximated) $\vFunc^{a}_{(\prdLsT)_\cntn}(a_{\prdLsT})$ as $a_{\prdLsT}$ approaches a quantity we will call the `natural borrowing constraint': $\NatBoroCnstra_{\prdLsT}=-\Lo{\tranShkEmp}\RNrm_{\prdT}^{-1}$. From -\eqref{eq:vEndPrimeTm1} we have -\begin{equation}\begin{gathered}\begin{aligned} - \lim_{\aNrm \downarrow \NatBoroCnstra_{\prdLsT}} \vFunc^{a}_{(\prdLsT)_\cntn}(\aNrm) - & = \lim_{\aNrm \downarrow \NatBoroCnstra_{\prdLsT}} \DiscFac \Rfree \PermGroFacAdjMu \left(\frac{1}{n_{\tranShkEmp}}\right) \sum_{i=1}^{n_{\tranShkEmp}} \left( \aNrm \RNrm_{\prd}+ \tranShkEmp_{i}\right)^{-\CRRA}. - \end{aligned}\end{gathered}\end{equation} - -But since $\tranShkEmpMin=\tranShkEmp_{1}$, exactly at $\aNrm=\NatBoroCnstra_{\prdLsT}$ the first term in the summation would be $(-\tranShkEmpMin+\tranShkEmp_{1})^{-\CRRA}=1/0^{\CRRA}$ which is infinity. The reason is simple: $-\NatBoroCnstra_{\prdLsT}$ is the PDV, as of $\prdLsT$, of the \emph{minimum possible realization of income} in $\prdT$ ($\RNrm_{\prdT}\NatBoroCnstra_{\prdLsT} = -\tranShkEmp_{1}$). Thus, if the consumer borrows an amount greater than or equal to $\Lo{\tranShkEmp}\RNrm_{\prdT}^{-1}$ (that is, if the consumer ends $\prdLsT$ with $a_{\prdLsT} \leq -\Lo{\tranShkEmp}\RNrm_{\prdT}^{-1}$) and then draws the worst possible income shock in period $\prdT$, they will have to consume zero in period $\prdT$, which yields $-\infty$ utility and $+\infty$ marginal utility. - -As \cite{zeldesStochastic} first noticed, this means that the consumer faces a `self-imposed' (or, as above, `natural') borrowing constraint (which springs from the precautionary motive): They will never borrow an amount greater than or equal to $\Lo{\tranShkEmp}\RNrm_{\prdT}^{-1}$ (that is, assets will never reach the lower bound of $\NatBoroCnstra_{\prdLsT}$). The constraint is `self-imposed' in the precise sense that if the utility function were different (say, Constant Absolute Risk Aversion), the consumer might be willing to borrow more than $\Lo{\tranShkEmp}\RNrm_{\prdT}^{-1}$ because a choice of zero or negative consumption in period $\prdT$ would yield some finite amount of utility.\footnote{Though it is very unclear what a proper economic interpretation of negative consumption might be -- this is an important reason why CARA utility, like quadratic utility, is increasingly not used for serious quantitative work, though it is still useful for teaching purposes.} - -%\providecommand{\aMin}{\Lo{\aNrm}} -This self-imposed constraint cannot be captured well when the $\vFunc^{a}_{(\prdLsT)_\cntn}$ function is approximated by a piecewise linear function like $\Aprx{\vFunc}^{m}_{(\prdLsT)_\cntn}$, because it is impossible for the linear extrapolation below $\aMin$ to correctly predict $\vFunc^{a}_{(\prdLsT)_\cntn}(\NatBoroCnstra_{\prdLsT})=\infty.$ %To see what will happen instead, note first that if we are approximating $\vFunc^{a}_{(\prdLsT)_\cntn}$ the smallest value in \code{aVec} must be greater than $\NatBoroCnstra_{\prdLsT}$ (because the expectation for any $a_{\prdLsT} \leq \NatBoroCnstra_{\prdLsT}$ is undefined). - -% When the approximating $\vFunc^{a}_{(\prdLsT)_\cntn}$ function is evaluated at some value less than the first element in \code{aVec}, a piecewise linear approximating function will linearly extrapolate the slope that characterized the lowest segment of the piecewise linear approximation (between \texttt{aVec[1]} and \texttt{aVec[2]}), a procedure that will return a positive finite number, even if the requested $a_{\prdLsT}$ point is below $\NatBoroCnstra_{\prdLsT}$. This means that the precautionary saving motive is understated, and by an arbitrarily large amount as the level of assets approaches its true theoretical minimum $\NatBoroCnstra_{\prdLsT}$. - -%\renewcommand{\prd}{T} -So, the marginal value of saving approaches infinity as $\aNrm \downarrow \NatBoroCnstra_{\prdLsT}=-\Lo{\tranShkEmp}\RNrm_{\prdT}^{-1}$. But this implies that $\lim_{\aNrm \downarrow \NatBoroCnstra_{\prdLsT}} \cFunc_{(\prdLsT)_\cntn}(\aNrm) = (\vFunc^{a}_{(\prdLsT)_\cntn}(\aNrm))^{-1/\CRRA} = 0$; that is, as $a$ approaches its `natural borrowing constraint' minimum possible value, the corresponding amount of worst-case $c$ must approach \textit{its} lower bound: zero. - -The upshot is a realization that all we need to do to address these problems is to prepend each of the $\vctr{a}_{\code{\prdLsT}}$ and $\vctr{c}_{\code{\prdLsT}}$ from \eqref{eq:consumedfnvecs} with an extra point so that the first element in the mapping that produces our interpolation function is $\{\NatBoroCnstra_{\prdLsT},0.\}$. This is done in section ``The Self-Imposed `Natural' Borrowing Constraint and the $a_{\prdLsT}$ Lower Bound'' of the notebook.%which can be seen in the defined lists \texttt{aVecBot} and \texttt{cVec3Bot}. - -\Fix{\marginpar{\tiny The vertical axis should be relabeled - not gothic c anymore, instead $\vInv^{a}$}}{} - -\hypertarget{GothVInvVSGothC}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{./Figures/GothVInvVSGothC}} - \caption{True $\vInv^{a}_{(\prdLsT)_\cntn}(\aNrm)$ vs its approximation $\Aprx{\vInv}^{a}_{(\prdLsT)_\cntn}(\aNrm)$} - \label{fig:GothVInvVSGothC} -\end{figure} -% \caption{True $\cFunc_{(\prdLsT)_\cntn}(\aNrm)$ vs its approximation $\Aprx{\cFunc}_{(\prdLsT)_\cntn}(\aNrm)$} - -Figure \ref{fig:GothVInvVSGothC} shows the result. The solid line calculates the exact numerical value of the consumed function $\cFunc_{(\prdLsT)_\cntn}(\aNrm)$ while the dashed line is the linear interpolating approximation $\Aprx{\cFunc}_{(\prdLsT)_\cntn}(\aNrm).$ This figure illustrates the value of the transformation: The true function is close to linear, and so the linear approximation is almost indistinguishable from the true function except at the very lowest values of $\aNrm$. - -Figure~\ref{fig:GothVVSGothCInv} similarly shows that when we generate $\Aprx{\Aprx{\vFunc}}_{(\prdLsT)_\cntn}^{a}(a)$ using our augmented $[\Aprx{\cFunc}_{(\prdLsT)_\cntn}(a)]^{-\CRRA}$ (dashed line) we obtain a \textit{much} closer approximation to the true marginal value function $\vFunc^{a}_{(\prdLsT)_\cntn}(a)$ (solid line) than we obtained in the previous exercise which did not do the transformation (Figure~\ref{fig:PlotOPRawVSFOC}).\footnote{The vertical axis label uses $\mathfrak{v}^{\prime}$ as an alternative notation for what in these notes we designate as $\vFunc^{a}_{\EndPrdLsT}$). This will be fixed.} -\Fix{\marginpar{\tiny fix the problem articulated in the footnote}}{} - -\hypertarget{GothVVSGothCInv}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{./Figures/GothVVSGothCInv}} - \caption{True $\vFunc^{a}_{(\prdLsT)_\cntn}(\aNrm)$ vs. $\Aprx{\Aprx{\vFunc}}_{(\prdLsT)_\cntn}^{a}(\aNrm)$ Constructed Using $\Aprx{\cFunc}_{(\prdLsT)_\cntn}(\aNrm)$} - \label{fig:GothVVSGothCInv} -\end{figure} - -\hypertarget{the-method-of-endogenous-gridpoints}{} -\subsection{The Method of Endogenous Gridpoints (`EGM')}\label{subsec:egm} - -The solution procedure we articulated above for finding $\cFunc_{\prdLsT}(m)$ still requires us, for each point in $\vctr{m}\code{_{\prdLsT}}$, to use a numerical rootfinding algorithm to search for the value of $\cNrm$ that solves $\uFunc^{c}(\cNrm) = \vFunc^{a}_{(\prdLsT)_\cntn}(m-\cNrm)$. Though sections \ref{subsec:transformation} and \ref{subsec:LiqConstrSelfImposed} developed a highly efficient and accurate procedure to calculate $\Aprx{\vFunc}^{a}_{(\prdLsT)_\cntn}$, those approximations do nothing to eliminate the need for using a rootfinding operation for calculating, for an arbitrary $m$, the optimal $c$. And rootfinding is a notoriously computation-intensive (that is, slow!) operation. - -Fortunately, it turns out that there is a way to completely skip this slow rootfinding step. The method can be understood by noting that we have already calculated, for a set of arbitrary values of $\vctr{a}=\vctr{a}\code{_{\prdLsT}}$, the corresponding $\vctr{c}$ values for which this $\vctr{a}$ is optimal. - - -But with mutually consistent values of $\vctr{c}\code{_{\prdLsT}}$ and $\vctr{a}\code{_{\prdLsT}}$ (consistent, in the sense that they are the unique optimal values that correspond to the solution to the problem), we can obtain the $\vctr{m}\code{_{\prdLsT}}$ vector that corresponds to both of them from -\begin{equation}\begin{gathered}\begin{aligned} - \vctr{m}\code{_{\prdLsT}} & = {\vctr{\cNrm}\code{_{\prdLsT}}+\vctr{a}\code{_{\prdLsT}}}. - \end{aligned}\end{gathered}\end{equation} - -\ifthenelse{\boolean{ToFix}}{\marginpar{\tiny Rename gothic class, maybe to: EndPrd. Also, harmonize the notation in the notebook in the paper - for example, everwhere in the text we use cNrm for normalized consumption, but for some reason it is capital C in the gothic function.}}{} - -These $m$ gridpoints are ``endogenous'' in contrast to the usual solution method of specifying some \textit{ex-ante} (exogenous) grid of values of $\vctr{m}$ and then using a rootfinding routine to locate the corresponding optimal consumption vector $\vctr{c}$. - - -This routine is performed in the ``Endogenous Gridpoints'' section of the notebook. First, the \texttt{gothic.C\_Tminus1} function is called for each of the pre-specfied values of end-of-period assets stored in \code{aVec}. These values of consumption and assets are used to produce the list of endogenous gridpoints, stored in the object \texttt{mVec\_egm}. With the $\vctr{\cFunc}$ values in hand, the notebook can generate a set of $\vctr{m}\code{_{\prdLsT}}$ and ${\vctr{\cNrm}\code{_{\prdLsT}}}$ pairs that can be interpolated between in order to yield $\Aprx{\cFunc}_{\MidPrdLsT}(\mNrm)$ at virtually zero computational cost!\footnote{This is the essential point of \cite{carrollEGM}.} %This is done in the final line of code in this block, and the following code block produces the graph of the interpolated consumption function using this procedure. - -\hypertarget{PlotComparecTm1AD}{} -One might worry about whether the $\{{m},c\}$ points obtained in this way will provide a good representation of the consumption function as a whole, but in practice there are good reasons why they work well (basically, this procedure generates a set of gridpoints that is naturally dense right around the parts of the function with the greatest nonlinearity). -\begin{figure} - \centerline{\includegraphics[width=6in]{./Figures/PlotComparecTm1AD}} - \caption{$\cFunc_{\prdLsT}(m)$ (solid) versus $\Aprx{\cFunc}_{\prdLsT}(m)$ (dashed)} - \label{fig:ComparecTm1AD} -\end{figure} -Figure~\ref{fig:ComparecTm1AD} plots the actual consumption function $\cFunc_{\prdLsT}$ and the approximated consumption function $\Aprx{\cFunc}_{\prdLsT}$ derived by the method of endogenous grid points. Compared to the approximate consumption functions illustrated in Figure~\ref{fig:PlotcTm1ABC}, $\Aprx{\cFunc}_{\prdLsT}$ is quite close to the actual consumption function. - - - -\hypertarget{improving-the-a-grid}{} -\subsection{Improving the $\aNrm$ Grid}\label{subsec:improving-the-a-grid} - -Thus far, we have arbitrarily used $\aNrm$ gridpoints of $\{0.,1.,2.,3.,4.\}$ (augmented in the last subsection by $\NatBoroCnstra_{\prdLsT}$). But it has been obvious from the figures that the approximated $\Aprx{\cFunc}_{(\prdLsT)_\cntn}$ function tends to be farthest from its true value at low values of $a$. Combining this with our insight that $\NatBoroCnstra_{\prdLsT}$ is a lower bound, we are now in position to define a more deliberate method for constructing gridpoints for $\aNrm$ -- a method that yields values that are more densely spaced at low values of $a$ where the function is more nonlinear. - -A pragmatic choice that works well is to find the values such that (1) the last value \textit{exceeds the lower bound} by the same amount $\bar\aNrm$ as our original maximum gridpoint (in our case, 4.); (2) we have the same number of gridpoints as before; and (3) the \textit{multi-exponential growth rate} (that is, $e^{e^{e^{...}}}$ for some number of exponentiations $n$ -- our default is 3) from each point to the next point is constant (instead of, as previously, imposing constancy of the absolute gap between points). - -\hypertarget{GothVInvVSGothCEEE}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{./Figures/GothVInvVSGothCEEE}} - \caption{$\cFunc_{(\prdLsT)_\cntn}(\aNrm)$ versus - $\Aprx{\cFunc}_{(\prdLsT)_\cntn}(\aNrm)$, Multi-Exponential \code{aVec}} - \label{fig:GothVInvVSGothCEE} -\end{figure} - - -\hypertarget{GothVVSGothCInvEEE}{} -\begin{figure} - \includegraphics[width=6in]{./Figures/GothVVSGothCInvEEE} - \caption{$\vFunc^{a}_{(\prdLsT)_\cntn}(\aNrm)$ vs. - $\Aprx{\Aprx{\vFunc}}_{(\prdLsT)_\cntn}^{a}(\aNrm)$, Multi-Exponential \code{aVec}} - \label{fig:GothVVSGothCInvEE} -\end{figure} - -Section ``Improve the $\mathbb{A}_{grid}$'' begins by defining a function which takes as arguments the specifications of an initial grid of assets and returns the new grid incorporating the multi-exponential approach outlined above. - - -Notice that the graphs depicted in Figures~\ref{fig:GothVInvVSGothCEE} and \ref{fig:GothVVSGothCInvEE} are notably closer to their respective truths than the corresponding figures that used the original grid. - -\subsection{Program Structure} - -In section ``Solve for $c_t(\mNrm)$ in Multiple Periods,'' the natural and artificial borrowing constraints are combined with the endogenous gridpoints method to approximate the optimal consumption function for a specific period. Then, this function is used to compute the approximated consumption in the previous period, and this process is repeated for some specified number of periods. - -The essential structure of the program is a loop that iteratively solves for consumption functions by working backward from an assumed final period, using the dictionary \texttt{cFunc\_life} to store the interpolated consumption functions up to the beginning period. Consumption in a given period is utilized to determine the endogenous gridpoints for the preceding period. This is the sense in which the computation of optimal consumption is done recursively. - -For a realistic life cycle problem, it would also be necessary at a -minimum to calibrate a nonconstant path of expected income growth over the -lifetime that matches the empirical profile; allowing for such -a calibration is the reason we have included the $\{\PermGroFac\}_{\prd}^{T}$ -vector in our computational specification of the problem. - -\hypertarget{results}{} -\subsection{Results} - -The code creates the relevant $\Aprx{\cFunc}_{\prd}(\mNrm)$ functions for any period in the horizon, at the given values of $\mNrm$. Figure \ref{fig:PlotCFuncsConverge} shows $\Aprx{\cFunc}_{T-n}(m)$ for $n=\{20,15,10,5,1\}$. At least one feature of this figure is encouraging: the consumption functions converge as the horizon extends, something that \cite{BufferStockTheory} shows must be true under certain parametric conditions that are satisfied by the baseline parameter values being used here. - -\hypertarget{PlotCFuncsConverge}{} -\begin{figure} - \includegraphics[width=6in]{./Figures/PlotCFuncsConverge} - \caption{Converging $\Aprx{\cFunc}_{T-n}(\mNrm)$ Functions as $n$ Increases} - \label{fig:PlotCFuncsConverge} -\end{figure} - - diff --git a/_sectn-solving-the-next.tex b/_sectn-solving-the-next.tex index 452e54d6b..6ffb3761c 100644 --- a/_sectn-solving-the-next.tex +++ b/_sectn-solving-the-next.tex @@ -79,6 +79,7 @@ \subsection{Discretizing the Distribution} \end{verbatimwrite} \input{./Figures/discreteApprox.tex}\unskip +%%% DE: the arguments of the functions being plotted should not have a T-1 subscript, i.e. the horizontal axis of figure 2 should be labled m not m_{T-1}; same with figures 3 etc Because one of the purposes of these notes is to connect the math to the code that solves the math, we display here a brief snippet from the notebook that constructs these points. @@ -139,6 +140,7 @@ \subsection{An Interpolated Consumption Function} \label{subsec:LinInterp} This is accomplished in ``An Interpolated Consumption Function,'' which generates an interpolating function that we designate $\Aprx{\cFunc}_{\MidPrdLsT}(\mNrm)$. %When called with an $\mNrm$ that is equal to one of the points in $\code{{{\mVec}\_int}}$, $\Aprx{\cFunc}_{\prdT-1}$ returns the associated value of $\vctr{c}_{\code{\prdT-1}}$, and when called with a value of $\mNrm$ that is not exactly equal to one of the \texttt{mVec\_int}, returns the value of $c$ that reflects a linear interpolation between the $\vctr{c}_{\code{\prdT-1}}$ points associated with the two \texttt{mVec\_int} points immediately above and below $\mNrm$. +%%% AL: Please provide href for your interpolation package and add to global bib Figures \ref{fig:PlotcTm1Simple} and~\ref{fig:PlotVTm1Simple} show plots of the constructed $\Aprx{\cFunc}_{\prdT-1}$ and $\Aprx{\vFunc}_{\prdT-1}$. While the $\Aprx{\cFunc}_{\prdT-1}$ function looks very smooth, the fact that the $\Aprx{\vFunc}_{\prdT-1}$ function is a set of line segments is very evident. This figure provides the beginning of the intuition for why trying to approximate the value function directly is a bad idea (in this context).\footnote{For some problems, especially ones with discrete choices, value function approximation is unavoidable; nevertheless, even in such problems, the techniques sketched below can be very useful across much of the range over which the problem is defined.} @@ -149,6 +151,7 @@ \subsection{An Interpolated Consumption Function} \label{subsec:LinInterp} \caption{$\cFunc_{\trmT-1}(\mNrm)$ (solid) versus $\Aprx{\cFunc}_{\trmT-1}(\mNrm)$ (dashed)} \label{fig:PlotcTm1Simple} \end{figure} +%%% DE: In this figure, the argument to v' should be (m-c) and of u' should be c, and the horizontal axis should be labeled c not c_{T-1} \hypertarget{PlotvTm1Simple}{} \begin{figure} @@ -157,7 +160,9 @@ \subsection{An Interpolated Consumption Function} \label{subsec:LinInterp} \label{fig:PlotVTm1Simple} \end{figure} +%%% DE: same kinds of comments as before +%%% DE: Also, make the functions math roman rather than gothic font \hypertarget{interpolating-expectations}{} \subsection{Interpolating Expectations} @@ -359,6 +364,7 @@ \subsection{The Natural Borrowing Constraint and the $a_{\prdLsT}$ Lower Bound} %\renewcommand{\prd}{T} This is the appropriate moment to ask an awkward question: How should an interpolated, approximated `consumed' function like $\Aprx{\cFunc}_{(\prdLsT)_\cntn}(a_{\prdLsT})$ be extrapolated to return an estimated `consumed' amount when evaluated at an $a_{\prdLsT}$ outside the range spanned by $\{\vctr{a}[1],...,\vctr{a}[n]\}$? +%%% DE: Please always include a link rather than just using \texttt (I've replaced your \texttt{scipy.interpolate} below with what should have been there) For most canned piecewise-linear interpolation tools like \href{https://docs.scipy.org/doc/scipy/tutorial/interpolate.html}{scipy.interpolate}, when the `interpolating' function is evaluated at a point outside the provided range, the algorithm extrapolates under the assumption that the slope of the function remains constant beyond its measured boundaries (that is, the slope is assumed to be equal to the slope of nearest piecewise segment \emph{within} the interpolated range); for example, if the bottommost gridpoint is $\aVecMin = \vctratm[1]$ and the corresponding consumed level is $\cMin = \cFunc_{(\prdLsT)_\cntn}(a_1)$ we could calculate the `marginal propensity to have consumed' $\varkappa_{1}= \Aprx{\cFunc}_{(\prdLsT)_\cntn}^{a}(\aVecMin)$ and construct the approximation as the linear extrapolation below $\vctratm[1]$ from: diff --git a/_sectn-structural-estimation-input.tex b/_sectn-structural-estimation-input.tex deleted file mode 100644 index 24270cdc4..000000000 --- a/_sectn-structural-estimation-input.tex +++ /dev/null @@ -1,298 +0,0 @@ -\hypertarget{structural-estimation}{} -\section{Structural Estimation}\label{sec:structural-estimation} - - -This section describes how to use the methods developed above to -structurally estimate a life-cycle consumption model, following -closely the work of -\cite{cagettiWprofiles}.\footnote{Similar structural - estimation exercises have been also performed by - \cite{palumbo:medical} and \cite{gpLifecycle}.} The key idea of -structural estimation is to look for the parameter values (for the -time preference rate, relative risk aversion, or other parameters) -which lead to the best possible match between simulated and empirical -moments. %(The code for the structural estimation is in the self-containedsubfolder \texttt{StructuralEstimation} in the Matlab and {\Mma} directories.) - -\hypertarget{life-cycle-model}{} -\subsection{Life Cycle Model}\label{subsec:life-cycle-model} -\newcommand{\byage}{\hat} - -Realistic calibration of a life cycle model needs to take into account a few things that we omitted from the bare-bones model described above. For example, the whole point of the life cycle model is that life is finite, so we need to include a realistic treatment of life expectancy; this is done easily enough, by assuming that utility accrues only if you live, so effectively the rising mortality rate with age is treated as an extra reason for discounting the future. Similarly, we may want to capture the demographic evolution of the household (e.g., arrival and departure of kids). A common way to handle that, too, is by modifying the discount factor (arrival of a kid might increase the total utility of the household by, say, 0.2, so if the `pure' rate of time preference were $1.0$ the `household-size-adjusted' discount factor might be 1.2. We therefore modify the model presented above to allow age-varying discount factors that capture both mortality and family-size changes (we just adopt the factors used by \cite{cagettiWprofiles} directly), with the probability of remaining alive between $t$ and $t+n$ captured by $\Alive$ and with $\hat{\DiscFac}$ now reflecting all the age-varying discount factor adjustments (mortality, family-size, etc). Using $\beth$ (the Hebrew cognate of $\beta$) for the `pure' time preference factor, the value function for the revised problem is - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\prd}(\pLvl_{\prd},\mLvl_{\prd}) & = \max_{\{\cFunc\}_{\prd}^{T}}~~ \uFunc(\cLvl_{\prd})+\ExEndPrd\left[\sum_{n=1}^{T-t}\beth^{n} \Alive_{\prd}^{t+n}\hat{\DiscFac}_{\prd}^{t+n} \uFunc(\cLvl_{t+n}) \right] \label{eq:lifecyclemax} - \end{aligned}\end{gathered} \end{equation} -subject to the constraints - \begin{equation*}\begin{gathered}\begin{aligned} - \aLvl_{\prd} & = \mLvl_{\prd}-\cLvl_{\prd} - \\ \pLvl_{\prd+1} & = \PermGroFac_{\prd+1}\pLvl_{\prd}\permShk_{\prd+1} - \\ \yLvl_{\prd+1} & = \pLvl_{\prd+1}\tranShkEmp _{\prd+1} - \\ \mLvl_{\prd+1} & = \Rfree \aLvl_{\prd}+\yLvl_{\prd+1} - \end{aligned}\end{gathered}\end{equation*} -where - \begin{equation*}\begin{gathered}\begin{aligned} - \Alive _{\prd}^{t+n} &:\text{probability to }\Alive\text{ive until age $t+n$ given alive at age $t$} - \\ \hat{\DiscFac}_{\prd}^{t+n} &:\text{age-varying discount factor between ages $t$ and $t+n$} - \\ \permShk_{\prd} &:\text{mean-one shock to permanent income} - \\ \beth &:\text{time-invariant `pure' discount factor} - \end{aligned}\end{gathered}\end{equation*} -and all the other variables are defined as in section \ref{sec:the-problem}. - -Households start life at age $s=25$ and live with probability 1 until retirement -($s=65$). Thereafter the survival probability shrinks every year and -agents are dead by $s=91$ as assumed by Cagetti. % Note that in addition to a typical time-invariant discount factor $\beth$, there is a time-varying discount factor $\hat{\DiscFac}_{s}$ in (\ref{eq:lifecyclemax}) which can be used to capture the effect of age-varying demographic variables (e.g.\ changes in family size). - - Transitory and permanent shocks are distributed as follows: - \begin{equation}\begin{gathered}\begin{aligned} - \Xi_{s} & = - \begin{cases} - 0\phantom{/\pZero} & \text{with probability $\pZero>0$} \\ - \tranShkEmp_{s}/\pZero & \text{with probability $(1-\pZero)$, where $\log \tranShkEmp_{s}\thicksim \Nrml(-\sigma_{\tranShkEmp}^{2}/2,\sigma_{\tranShkEmp}^{2})$}\\ - \end{cases}\\ - \log \permShk_{s} &\thicksim \Nrml(-\sigma_{\permShk}^{2}/2,\sigma_{\permShk}^{2}) - \end{aligned}\end{gathered}\end{equation} - where $\pZero$ is the probability of unemployment (and unemployment shocks are turned off after retirement). - -The parameter values for the shocks are taken from Carroll~\citeyearpar{carroll:brookings}, $\pZero=0.5/100$, $\sigma _{\tranShkEmp }=0.1$, and $\sigma_{\permShk}=0.1$.\footnote{Note that $\sigma _{\tranShkEmp}=0.1$ is smaller than the estimate for college graduates estimated in - Carroll and Samwick~\citeyearpar{carroll&samwick:nature} ($=0.197=\sqrt{0.039}$) which is used by Cagetti~\citeyearpar{cagettiWprofiles}. The reason for this choice is that Carroll and Samwick~\citeyearpar{carroll&samwick:nature} themselves argue that their estimate of $\sigma_{\tranShkEmp }$ is almost certainly increased by measurement error.} The income growth profile $\PermGroFac_{\prd}$ is from Carroll~\citeyearpar{carrollBSLCPIH} and the values of $\Alive_{\prd}$ and $\hat{\DiscFac}_{\prd}$ are obtained from Cagetti~\citeyearpar{cagettiWprofiles} (Figure \ref{fig:TimeVaryingParam}).\footnote{The income growth profile is the one used by Caroll for operatives. Cagetti computes the time-varying discount factor by educational groups using the methodology proposed by Attanasio et al.~\citeyearpar{AttanasioBanksMeghirWeber} and the survival probabilities from the 1995 Life Tables (National Center for Health Statistics 1998).} The interest rate is assumed to equal $1.03$. The model parameters are included in Table \ref{table:StrEstParams}. - -\hypertarget{PlotTimeVaryingParam}{} -\begin{figure}[h] - \includegraphics[width=6in]{./Figures/PlotTimeVaryingParam} - \caption{Time Varying Parameters} - \label{fig:TimeVaryingParam} -\end{figure} - -\begin{table}[h] - \caption{Parameter Values}\label{table:StrEstParams} - \begin{center} - \begin{tabular}{ccl} - \hline\hline - $\sigma _{\tranShkEmp}$ & $0.1$ & Carroll~\citeyearpar{carroll:brookings} - \\ $\sigma _{\permShk}$ & $0.1$ & Carroll~\citeyearpar{carroll:brookings} - \\ $\pZero$ & $0.005$ & Carroll~\citeyearpar{carroll:brookings} - \\ $\PermGroFac_{s}$ & figure \ref{fig:TimeVaryingParam} & Carroll~\citeyearpar{carrollBSLCPIH} - \\ $\hat{\DiscFac}_{s},\Alive_{s}$ & figure \ref{fig:TimeVaryingParam} & Cagetti~\citeyearpar{cagettiWprofiles} - \\$\Rfree$ & $1.03$ & Cagetti~\citeyearpar{cagettiWprofiles}\\ - \hline - \end{tabular} - \end{center} -\end{table} - -The structural estimation of the parameters $\beth$ and $\CRRA$ is carried out using -the procedure specified in the following section, which is then implemented in -the \texttt{StructEstimation.py} file. This file consists of two main components. The -first section defines the objects required to execute the structural estimation procedure, -while the second section executes the procedure and various optional -experiments with their corresponding commands. The next section elaborates on the procedure -and its accompanying code implementation in greater detail. - -\subsection{Estimation} - -When economists say that they are performing ``structural estimation'' -of a model like this, they mean that they have devised a -formal procedure for searching for values for the parameters $\beth$ -and $\CRRA$ at which some measure of the model's outcome (like -``median wealth by age'') is as close as possible to an empirical measure -of the same thing. Here, we choose to match the median of the -wealth to permanent income ratio across 7 age groups, from age $26-30$ -up to $56-60$.\footnote{\cite{cagettiWprofiles} - matches wealth levels rather than wealth to income ratios. We - believe it is more appropriate to match ratios both because the - ratios are the state variable in the theory and because empirical - moments for ratios of wealth to income are not influenced by the - method used to remove the effects of inflation and productivity - growth.} The choice of matching the medians rather the means is -motivated by the fact that the wealth distribution is much more -concentrated at the top than the model is capable of explaining using a single -set of parameter values. This means that in practice one must pick -some portion of the population who one wants to match well; since the -model has little hope of capturing the behavior of Bill Gates, but -might conceivably match the behavior of Homer Simpson, we choose to -match medians rather than means. - -As explained in section \ref{sec:normalization}, it is convenient to work with the normalized version of the model which can be written in Bellman form as: - \begin{equation*}\begin{gathered}\begin{aligned} - \vFunc_{\prd}(m_{\prd}) & = \max_{{c}_{\prd}}~~~ \uFunc(c_{\prd})+\beth\Alive_{\prd+1}\hat{\DiscFac}_{\prd+1} - \Ex_{\prd}[(\permShk_{\prd+1}\PermGroFac_{\prd+1})^{1-\CRRA}\vFunc_{\prd+1}(m_{\prd+1})] \\ - & \text{s.t.} \nonumber \\ - a_{\prd} & = m_{\prd}-c_{\prd} \nonumber - \\ m_{\prd+1} & = a_{\prd}\underbrace{\left(\frac{\Rfree}{\permShk_{\prd+1}\PermGroFac_{\prd+1}}\right)}_{\equiv \RNrm_{\prd+1}}+ ~\tranShkEmp_{\prd+1} - \end{aligned}\end{gathered}\end{equation*} -with the first order condition: - \begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{c}(c_{\prd}) & = \beth\Alive_{\prd+1}\hat{\DiscFac}_{\prd+1}\Rfree \Ex_{\prd}\left[\uFunc^{c}\left(\permShk_{\prd+1}\PermGroFac_{\prd+1}\cFunc_{\prd+1}\left(a_{\prd}\RNrm_{\prd+1}+\tranShkEmp_{\prd+1}\right)\right)\right]\label{eq:FOCLifeCycle} - . - \end{aligned}\end{gathered}\end{equation} - -The first substantive {\move} in this estimation procedure is -to solve for the consumption functions at each age. We need to -discretize the shock distribution and solve for the policy -functions by backward induction using equation (\ref{eq:FOCLifeCycle}) -following the procedure in sections \ref{sec:solving-the-next} and -`Recursion.' The latter routine -is slightly complicated by the fact that we are considering a -life-cycle model and therefore the growth rate of permanent income, -the probability of death, the time-varying discount factor and the -distribution of shocks will be different across the years. We thus -must ensure that at each backward iteration the right parameter -values are used. - -Correspondingly, the first part of the \texttt{StructEstimation.py} file begins by defining the agent type by inheriting from the baseline agent type \texttt{IndShockConsumerType}, with the modification to include time-varying discount factors. Next, an instance of this ``life-cycle'' consumer is created for the estimation procedure. The number of periods for the life cycle of a given agent is set and, following Cagetti, ~\citeyearpar{cagettiWprofiles}, we initialize the wealth to income ratio of agents at age $25$ by randomly assigning the equal probability values to $0.17$, $0.50$ and $0.83$. In particular, we consider a population of agents at age 25 and follow their consumption and wealth accumulation dynamics as they reach the age of $60$, using the appropriate age-specific consumption functions and the age-varying parameters. The simulated medians are obtained by taking the medians of the wealth to income ratio of the $7$ age groups. - -To complete the creation of the consumer type needed for the simulation, a history of shocks is drawn for each agent across all periods by invoking the \texttt{make\_shock\_history} function. This involves discretizing the shock distribution for as many points as the number of agents we want to simulate and then randomly permuting this shock vector as many times as we need to simulate the model for. In this way, we obtain a time varying shock for each agent. This is much more time efficient than drawing at each time from the shock distribution a shock for each agent, and also ensures a stable distribution of shocks across the simulation periods even for a small number of agents. (Similarly, in order to speed up the process, at each backward iteration we compute the consumption function and other variables as a vector at once.) - -With the age-varying consumption functions derived from the life-cycle agent, we can proceed to generate simulated data and compute the corresponding medians. Estimating the model involves comparing these simulated medians with empirical medians, measuring the model's success by calculating the difference between the two. However, before performing the necessary steps of solving and simulating the model to generate simulated moments, it's important to note a difficulty in producing the target moments using the available data. - -Specifically, defining $\xi$ as the set of parameters -to be estimated (in the current case $\xi =\{\CRRA ,\beth\}$), we could search for -the parameter values which solve - \begin{equation} - \begin{gathered} - \begin{aligned} - \min_{\xi} \sum_{\tau=1}^{7} |\Shr^{\tau} -\mathbf{s}^{\tau}(\xi)| \label{eq:naivePowell} - \end{aligned} - \end{gathered} - \end{equation} -where $\Shr^{\tau }$ and $\mathbf{s}^{\tau}$ are respectively the empirical -and simulated medians of the wealth to permanent income ratio for age group $\tau$. -A drawback of proceeding in this way is that it treats the empirically -estimated medians as though they reflected perfect measurements of the -truth. Imagine, however, that one of the age groups happened to have -(in the consumer survey) four times as many data observations as -another age group; then we would expect the median to be more -precisely estimated for the age group with more observations; yet -\eqref{eq:naivePowell} assigns equal importance to a deviation between -the model and the data for all age groups. - -We can get around this problem (and a variety of others) by instead minimizing a slightly more complex object: - \begin{equation} - \min_{\xi}\sum_{i}^{N}\weight _{i}\left|\Shr_{i}^{\tau }-\mathbf{s}^{\tau}(\xi )\right|\label{eq:StructEstim} - \end{equation} -where $\weight_{i}$ is the weight of household $i$ in the entire -population,\footnote{The Survey of Consumer Finances includes many - more high-wealth households than exist in the population as a whole; - therefore if one wants to produce population-representative - statistics, one must be careful to weight each observation by the - factor that reflects its ``true'' weight in the population.} and -$\Shr_{i}^{\tau }$ is the empirical wealth to permanent income -ratio of household $i$ whose head belongs to age group -$\tau$. $\weight _{i}$ is needed because unequal weight is assigned to -each observation in the Survey of Consumer Finances (SCF). The -absolute value is used since the formula is based on the fact that the -median is the value that minimizes the sum of the absolute deviations -from itself. - -% In the absence of observation specific weights, equation (\ref{eq:MinStructEstim}) can be simplified to require the minimization of the distance between the empirical and simulated medians. - -With this in mind, we turn our attention to the computation -of the weighted median wealth target moments for each age cohort -using this data from the 2004 Survery of Consumer Finances on household -wealth. The objects necessary to accomplish this task are \texttt{weighted\_median} and -\texttt{get\_targeted\_moments}. The actual data are taken from several waves of the SCF and the medians -and means for each age category are plotted in figure \ref{fig:MeanMedianSCF}. -More details on the SCF data are included in appendix \ref{app:scf-data}. - -\hypertarget{PlotMeanMedianSCFcollegeGrads}{} -\begin{figure} - % \includegraphics[width=6in]{./Figures/PlotMeanMedianSCF}} % weird mean value - \includegraphics[width=6in]{./Figures/PlotMeanMedianSCFcollegeGrads} - \caption{Wealth to Permanent Income Ratios from SCF (means (dashed) and medians (solid))} - \label{fig:MeanMedianSCF} -\end{figure} - -We now turn our attention to the the two key functions in this section of the code file. The first, \texttt{simulate\_moments}, executes the solving (\texttt{solve}) and simulation (\texttt{simulation}) steps for the defined life-cycle agent. Subsequently, the function uses the agents' tracked levels of wealth based on their optimal consumption behavior to compute and store the simulated median wealth to income ratio for each age cohort. The second function, \texttt{smmObjectiveFxn}, calls the \texttt{simulate\_moments} function to create the objective function described in (\ref{eq:StructEstim}), which is necessary to perform the SMM estimation. - - -% \begin{equation}\begin{gathered}\begin{aligned} -% \lefteqn{ \texttt{GapEmpiricalSimulatedMedians$[\CRRA,\beth]$:=}} \nonumber \\ -% &[&\texttt{ConstructcFuncLife$[\CRRA,\beth]$;}\nonumber\\ -% &\texttt{Simulate;}\nonumber\\ -% &\sum\limits_{i}^{N}\weight _{i}\left|\Shr_{i}^{\tau }-\mathbf{s}^{\tau}(\xi )\right| \nonumber\\ -% &];&\nonumber -% \end{aligned}\end{gathered}\end{equation} - -Thus, for a given pair of the parameters to be estimated, the single -call to the function \texttt{smmObjectiveFxn} executes the following: -\begin{enumerate} -\item solves for the consumption functions for the life-cycle agent -\item simulates the data and computes the simulated medians -\item returns the value of equation (\ref{eq:StructEstim}) -\end{enumerate} - -We delegate the task of finding the coefficients that minimize the \texttt{smmObjectiveFxn} function to the \texttt{minimize\_nelder\_mead} function, which is defined elsewhere and called in the second part of this file. This task can be quite slow and rather problematic if the \texttt{smmObjectiveFxn} function has very flat regions or sharp features. It is thus wise to verify the accuracy of the solution, for example by experimenting with a variety of alternative starting values for the parameter search. - -The final object defined in this first part of the \texttt{StructEstimation.py} -file is \texttt{calculateStandardErrorsByBootstrap}. As the name suggsts, the -purpose of this function is to compute the standard errors by bootstrap.\footnote{For a - treatment of the advantages of the bootstrap see - Horowitz~\citeyearpar{horowitzBootstrap}} This involves: -\begin{enumerate} -\item drawing new shocks for the simulation -\item drawing a random sample (with replacement) of actual data from the SCF -\item obtaining new estimates for $\CRRA$ and $\beth$ -\end{enumerate} -We repeat the above procedure several times (\texttt{Bootstrap}) and -take the standard deviation for each of the estimated parameters across the various bootstrap iterations. - -\subsubsection{An Aside to Computing Sensitivity Measures}\label{subsubsec:sensmeas} - - -A common drawback in commonly used structural estimation procedures is a lack of transparency in its estimates. As \cite{andrews2017measuring} notes, a researcher employing such structural empirical methods may be interested in how alternative assumptions (such as misspecification or measurement bias in the data) would ``change the moments of the data that the estimator uses as inputs, and how changes in these moments affect the estimates.'' The authors provide a measure of sensitivity for given estimator that makes it easy to map the effects of different assumptions on the moments into predictable bias in the estimates for non-linear models. - -In the language of \cite{andrews2017measuring}, section \ref{sec:structural-estimation} is aimed at providing an estimator $\xi =\{\CRRA ,\beth\}$ that has some true value $\xi_0 $ by assumption. Under the assumption $a_0$ of the researcher, the empirical targets computed from the SCF is measured accurately. These moments of the data are precisely what determine our estimate $\hat{\xi}$, which minimizes (\ref{eq:StructEstim}). Under alternative assumptions $a$, such that a given cohort is mismeasured in the survey, a different estimate is computed. Using the plug-in estimate provided by the authors, we can see quantitatively how our estimate changes under these alternative assumptions $a$ which correspond to mismeasurement in the median wealth to income ratio for a given age cohort. - -\subsection{Results} -The second part of the file \texttt{StructEstimation.py} -defines a function \texttt{main} which produces our $\CRRA$ and -$\beth$ estimates with standard errors using 10,000 simulated -agents by setting the positional arguments \texttt{estimate\_model} and -\texttt{compute\_standard\_errors} to true.\footnote{The procedure is: First we calculate the $\CRRA$ and - $\beth$ estimates as the minimizer of equation - (\ref{eq:StructEstim}) using the actual SCF data. Then, we apply the - \texttt{Bootstrap} function several times to obtain the standard - error of our estimates.} Results are reported in Table -\ref{tab:EstResults}.\footnote{Differently from Cagetti - ~\citeyearpar{cagettiWprofiles} who estimates a different set of - parameters for college graduates, high school graduates and high - school dropouts graduates, we perform the structural estimation on - the full population.} - - - \begin{table}[h] - \caption{Estimation Results}\label{tab:EstResults} - \center - \begin{tabular}{cc} - \hline - $\CRRA $ & $\beth$\\ - \hline - $3.69$ & $0.88$\\ - $(0.047)$ & $(0.002)$\\ - \hline - \end{tabular} - \end{table} - -The literature on consumption and saving behavior over the lifecycle in the presenece of labor income uncertainty\footnote{For example, see \cite{gpLifecycle} for an exposition of this.} warns us to be careful in disentangling the effect of time preference and risk aversion when describing the optimal behavior of households in this setting. Since the precautionary saving motive dominates in the early stages of life, the coefficient of relative risk aversion (as well as expected labor income growth) has a larger effect on optimal consumption and saving behavior through their magnitude relative to the interest rate. Over time, life-cycle considerations (such as saving for retirement) become more important and the time preference factor plays a larger role in determining optimal behavior for this cohort. - -Using the positional argument \texttt{compute\_sensitivity}, Figure \ref{fig:PlotSensitivityMeasure} provides a plot of the plug-in estimate of the sensitivity measure described in \ref{subsubsec:sensmeas}. As you can see from the figure the inverse relationship between $\rho$ and $\beth$ over the life-cycle is retained by the sensitivity measure. Specifically, under the alternative assumption that \textit{a particular cohort is mismeasured in the SCF dataset}, we see that the y-axis suggests that our estimate of $\rho$ and $\beth$ change in a predictable way. - -Suppose that there are not enough observations of the oldest cohort of households in the sample. Suppose further that the researcher predicts that adding more observations of these households to correct this mismeasurement would correspond to a higher median wealth to income ratio for this cohort. In this case, our estimate of the time preference factor should increase: the behavior of these older households is driven by their time preference, so a higher value of $\beth$ is required to match the affected wealth to income targets under this alternative assumption. Since risk aversion is less important in explaining the behavior of this cohort, a lower value of $\rho$ is required to match the affected empirical moments. - -To recap, the sensitivity measure not only matches our intuition about the inverse relationship between $\rho$ and $\beth$ over the life-cycle, but provides a quantitative estimate of what would happen to our estimates of these parameters under the alternative assumption that the data is mismeasured in some way. - -\hypertarget{PlotSensitivityMeasure}{} -\begin{figure} - \includegraphics[width=6in]{./Figures/Sensitivity.pdf} - \caption{Sensitivty of Estimates $\{\CRRA,\beth\}$ regarding Alternative Mismeasurement Assumptions.} - \label{fig:PlotSensitivityMeasure} -\end{figure} - -By setting the positional argument \texttt{make\_contour\_plot} to true, Figure \ref{fig:PlotContourMedianStrEst} shows the contour plot of the \texttt{smmObjectiveFxn} function and the parameter estimates. The contour plot shows equally spaced isoquants of the \texttt{smmObjectiveFxn} function, i.e.\ the pairs of $\CRRA$ and $\beth$ which lead to the same deviations between simulated and empirical medians (equivalent values of equation (\ref{eq:StructEstim})). Interestingly, there is a large rather flat region; or, more formally speaking, there exists a broad set of parameter pairs which leads to similar simulated wealth to income ratios. Intuitively, the flatter and larger is this region, the harder it is for the structural estimation procedure to precisely identify the parameters. - - -\hypertarget{PlotContourMedianStrEst}{} -\begin{figure} - \includegraphics[width=6in]{./Figures/SMMcontour.pdf} - \caption{Contour Plot (larger values are shown lighter) with $\{\CRRA,\beth\}$ Estimates (red dot).} - \label{fig:PlotContourMedianStrEst} -\end{figure} - diff --git a/_sectn-structural-estimation.tex b/_sectn-structural-estimation.tex index 7bea271b1..a5de45dd4 100644 --- a/_sectn-structural-estimation.tex +++ b/_sectn-structural-estimation.tex @@ -6,6 +6,7 @@ \hypertarget{structural-estimation}{} \section{Structural Estimation}\label{sec:structural-estimation} +%%% AL: This needs to be reviewed (1) to ensure consistency with the foregoing (ince it is a one-stage-per-period problem, the notation probably will not need to change much if at all); and (2) to be sure it correctly describes what we do in the structural estimation HARK tool now. This section describes how to use the methods developed above to structurally estimate a life-cycle consumption model, following @@ -268,6 +269,7 @@ \subsection{Estimation} \subsubsection{An Aside to Computing Sensitivity Measures}\label{subsubsec:sensmeas} +%%% DE: Need reference for andrews2017measuring. Put in SolvingMicroDSOPs-Add-Refs.bib A common drawback in commonly used structural estimation procedures is a lack of transparency in its estimates. As \cite{andrews2017measuring} notes, a researcher employing such structural empirical methods may be interested in how alternative assumptions (such as misspecification or measurement bias in the data) would ``change the moments of the data that the estimator uses as inputs, and how changes in these moments affect the estimates.'' The authors provide a measure of sensitivity for given estimator that makes it easy to map the effects of different assumptions on the moments into predictable bias in the estimates for non-linear models. diff --git a/_sectn-the-infinite-horizon-input.tex b/_sectn-the-infinite-horizon-input.tex deleted file mode 100644 index 1990876f6..000000000 --- a/_sectn-the-infinite-horizon-input.tex +++ /dev/null @@ -1,97 +0,0 @@ -\hypertarget{the-infinite-horizon}{} -\section{The Infinite Horizon}\label{sec:the-infinite-horizon} - -All of the solution methods presented so far have involved period-by-period iteration from an assumed last period of life, as is appropriate for life cycle problems. However, if the parameter values for the problem satisfy certain conditions (detailed in \cite{BufferStockTheory}), the consumption rules (and the rest of the problem) will converge to a fixed rule as the horizon (remaining lifetime) gets large, as illustrated in Figure~\ref{fig:PlotCFuncsConverge}. Furthermore, Deaton~\citeyearpar{deatonLiqConstr}, Carroll~\citeyearpar{carroll:brookings,carrollBSLCPIH} and others have argued that the `buffer-stock' saving behavior that emerges under some further restrictions on parameter values is a good approximation of the behavior of typical consumers over much of the lifetime. Methods for finding the converged functions are therefore of interest, and are dealt with in this section. - -Of course, the simplest such method is to solve the problem as -specified above for a large number of periods. This is feasible, but -there are much faster methods. - -\subsection{Convergence} - -In solving an infinite-horizon problem, it is necessary to have some -metric that determines when to stop because a solution that is `good -enough' has been found. - -A natural metric is defined by the unique `target' level of wealth that \cite{BufferStockTheory} proves -will exist in problems of this kind \href{https://llorracc.github.io/BufferStockTheory#GICNrm}{under certain conditions}: The $\mTrgNrm$ such that -\begin{equation} - \Ex_t [{\mNrm}_{\prd+1}/\mNrm_t] = 1 \mbox{~if~} \mNrm_t = \mTrgNrm \label{eq:mTrgNrmet} -\end{equation} -where the accent is meant to signify that this is the value -that other $\mNrm$'s `point to.' - -Given a consumption rule $\cFunc(\mNrm)$ it is straightforward to find -the corresponding $\mTrgNrm$. So for our problem, a solution is declared -to have converged if the following criterion is met: -$\left|\mTrgNrm_{\prd+1}-\mTrgNrm_{\prd}\right| < \epsilon$, where $\epsilon$ is -a very small number and defines our degree of convergence tolerance. - -Similar criteria can obviously be specified for other problems. -However, it is always wise to plot successive function differences and -to experiment a bit with convergence criteria to verify that the -function has converged for all practical purposes. - -\begin{comment} % at suggestion of WW, this section was removed as unnecessary for the current model, which solves for the converged rule very fast - \subsection{The Last Period} - - For the last period of a finite-horizon lifetime, in the absence of a - bequest motive it is obvious that the optimal policy is to spend - everything. However, in an infinite-horizon problem there is no last - period, and the policy of spending everything is obviously very far - from optimal. Generally speaking, it is much better to start off with - a `last-period' consumption rule and value function equal to those - corresponding to the infinite-horizon solution to the perfect - foresight problem (assuming such a solution is known). - - For the perfect foresight infinite horizon consumption problem, - the solution is - \begin{equation}\begin{gathered}\begin{aligned} - \bar{\cFunc}(m_{\prd}) & = \overbrace{(1-\Rfree^{-1}(\Rfree - \DiscFac)^{1/\CRRA})}^{\equiv - \Lo{\MPC}}\left[{m}_{\prd}-1+\left(\frac{1}{1-1/\Rfree}\right)\right] - \label{eq:pfinfhorc} - \end{aligned}\end{gathered}\end{equation} - where $\Lo{\MPC}$ is the MPC in the - infinite-horizon perfect foresight problem. In our baseline problem, - we set $\PermGroFac = \pLvl_{\prd} = 1$. It is straightforward to show that the - infinite-horizon perfect-foresight value function and marginal value - function are given by - \begin{equation}\begin{gathered}\begin{aligned} - \bar{\vFunc}(m_{\prd}) - & = \left(\frac{\bar{\cFunc}(m_{\prd})^{1-\CRRA}}{ - (1-\CRRA)\Lo{\MPC} }\right) - \\ \bar{\vFunc}^{m}(m_{\prd}) & = (\bar{\cFunc}(m_{\prd}))^{-\CRRA} - \\ \Opt{\vFunc}^{m}(a_{\prd}) & = \DiscFac \Rfree \PermGroFac_{\prd+1}^{-\CRRA} \bar{\vFunc}^{m}(\RNrm_{\prd+1} a_{\prd}+1). - \end{aligned}\end{gathered}\end{equation} - -\end{comment} - -\begin{comment}% At suggestion of WW this section was deleted because the technique is obvious and can be captured by the footnote that has been added - \subsection{Coarse Then Fine \code{aVec} } - - The speed of each iteration is directly proportional to the number - of gridpoints at which the problem must be solved. Therefore - reducing the number of points in \code{aVec} can increase - the speed of solution greatly. Of course, this also decreases the - accuracy of the solution. However, once the converged solution is - obtained for a coarse \code{aVec}, the density of the grid - can be increased and iteration can continue until a converged - solution is found for the finer \code{aVec}. - - \subsection{Coarse then Fine \texttt{$\tranShkEmp$Vec}} - - The speed of solution is roughly proportionate\footnote{It is also - true that the speed of each iteration is directly proportional to - the number of gridpoints in \code{aVec}, at which the problem must - be solved. However given our method of moderation, now the problem - could be solved very precisely based on five gridpoints only. Hence - we do not pursue the process of ``Coarse then Fine \code{aVec}.''} - to the number of points used in approximating the distribution of - shocks. At least 3 gridpoints should probably be used as an initial - minimum, and my experience is that increasing the number of gridpoints - beyond 7 generally yields only very small changes in the solution. The program - \texttt{multiperiodCon\_infhor.m} - begins with three gridpoints, and then solves for successively finer - \texttt{$\tranShkEmp$Vec}. -\end{comment} diff --git a/_sectn-the-problem-input.tex b/_sectn-the-problem-input.tex deleted file mode 100644 index 0c685c60c..000000000 --- a/_sectn-the-problem-input.tex +++ /dev/null @@ -1,48 +0,0 @@ - -\hypertarget{the-problem}{} -\section{The Problem}\label{sec:the-problem} - -The usual analysis of dynamic stochastic programming problems packs a great many events (intertemporal choice, stochastic shocks, intertemporal returns, income growth, the taking of expectations, time discounting, and more) into a complex decision in which the agent makes an optimal choice simultaneously taking all these elements into account. For the dissection here, we will be careful to break down everything that happens into distinct operations so that each element can be scrutinized and understood in isolation. - -We are interested in the behavior a consumer who begins {\interval} $\prd$ with a certain amount of `capital' $\kLvl_{\prd}$, which is immediately rewarded by a return factor $\Rfree_{\prd}$ with the proceeds deposited in a \textbf{b}ank \textbf{b}alance: -\begin{equation}\begin{gathered}\begin{aligned}\label{eq:bLvl} - \bLvl_{\prd} & = \kLvl_{\prd}\Rfree_{\prd}. - \end{aligned}\end{gathered}\end{equation} - -Simultaneously with the realization of the capital return, the consumer also receives noncapital income $\yLvl_{\prd}$, which is determined by multiplying the consumer's `permanent income' $\pLvl_{\prd}$ by a transitory shock $\tranShkEmp_{\prd}$: -\begin{equation}\begin{gathered}\begin{aligned} - \yLvl_{\prd} & = \pLvl_{\prd}\tranShkEmp_{\prd} \label{eq:yLvl} - \end{aligned}\end{gathered}\end{equation} -whose whose expectation is 1 (that is, before realization of the transitory shock, the consumer's expectation is that actual income will on average be equal to permanent income $\pLvl_{\prd}$). - -The combination of bank balances $\bLvl$ and income $\yLvl$ define's the consumer's `market resources' (sometimes called `cash-on-hand,' following~\cite{deatonUnderstandingC}): -\begin{equation}\begin{gathered}\begin{aligned} - \mLvl_{\prd} & = \bLvl_{\prd}+\yLvl_{\prd} \label{eq:mLvl}, - \end{aligned}\end{gathered}\end{equation} -available to be spent on consumption $\cLvl_{\prd}$ for a consumer subject to a liquidity constraint that requires $\cLvl \leq \mLvl$ (though we are not imposing such a constraint yet - see subsection~\ref{subsec:LiqConstrSelfImposed}). - -The consumer's goal is to maximize discounted utility from consumption over the rest of a lifetime ending at date $\trmT$: - - -% chktex-file 36 - \begin{equation}\label{eq:MaxProb} - \max~\Ex_{\prd}\left[\sum_{n=0}^{\trmT-\prd}\DiscFac^{n} \uFunc(\cLvl_{\prd+n})\right]. - \end{equation} -Income evolves according to: - \begin{equation}\begin{gathered}\begin{aligned} - \pLvl_{\prd+1} = \PermGroFac_{\prd+1}\pLvl_{\prd} & \text{~~ -- permanent labor income dynamics} \label{eq:permincgrow} - \\ \log ~ \tranShkEmp_{t+n} \sim ~\Nrml(-\std_{\tranShkEmp}^{2}/2,\std_{\tranShkEmp}^{2}) & \text{~~ -- lognormal transitory shocks}~\forall~n>0 . - \end{aligned}\end{gathered}\end{equation} - -Equation \eqref{eq:permincgrow} indicates that we are allowing for a predictable average profile of income growth over the lifetime $\{\PermGroFac\}_{0}^{T}$ (to capture typical career wage paths, pension arrangements, etc).\footnote{For expositional and pedagogical purposes, this equation assumes that there are no shocks to permanent income (though they are trivial to add). A large literature finds that, in reality, permanent (or at least extremely highly persistent) shocks exist and are quite large; such shocks therefore need to be incorporated into any `serious' model (that is, one that hopes to match and explain empirical data), but the treatment of permanent shocks clutters the exposition without adding much to the intuition, so permanent shocks are omitted from the analysis until the last section of the notes, which shows how to match the model with empirical micro data. For a full treatment of the theory including permanent shocks, see \cite{BufferStockTheory}.} Finally, the utility function is of the Constant Relative Risk Aversion (CRRA), form, $\uFunc(\bullet) = \bullet^{1-\CRRA}/(1-\CRRA)$. - -It is well known that this problem can be rewritten in recursive (Bellman) form: - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\prd}(\mLvl_{\prd},\pLvl_{\prd}) & = \max_{\cLvl}~ \uFunc(\cLvl) + \DiscFac \Ex_{\prd}[ \vFunc_{\prd+1}(\mLvl_{\prd+1},\pLvl_{\prd+1})]\label{eq:vrecurse} - \end{aligned}\end{gathered}\end{equation} -subject to the Dynamic Budget Constraint (DBC) implicitly defined by equations~\eqref{eq:bLvl}-\eqref{eq:mLvl} and to the transition equation that defines next period's initial capital as this period's end-of-period assets: -\begin{equation}\begin{gathered}\begin{aligned} - \kLvl_{\prd+1} & = \aLvl_{\prd}. \label{eq:transitionstate} - \end{aligned}\end{gathered}\end{equation} - -\onlyinsubfile{\input{.resources/latex/bibliography-blend}} diff --git a/_sectn-the-usual-theory-input.tex b/_sectn-the-usual-theory-input.tex deleted file mode 100644 index 22fe5c9bb..000000000 --- a/_sectn-the-usual-theory-input.tex +++ /dev/null @@ -1,126 +0,0 @@ - -\hypertarget{the-usual-theory}{} -\section{The Usual Theory, and a Bit More Notation}\label{sec:the-usual-theory} - -%\renewcommand{\prd}{t} - -% \subsection{\Intervals, \Stgs, \Moves} - -% For the problem specified in \eqref{eq:vNormed}, the agent has only one decision to make in each {\interval} (how much to consume). %Many problems (including the portfolio choice example elaborated below) may have several distinct decision {\stgs} within the {\interval}, which requires a notation that permits the handoff of the solution to one {\stg} to its successor. Here, we have -% This simplifies matters because there is no need to distinguish betwen the next {\stg} and the problem of the following {\interval}, so we can conflate the two. (See the portfolio choice example below for the notation and analysis of multi-{\stg} problems.) - -% \subsection{\Moves} - -% Generically, we want to think of the Bellman solution as having three {\moves}: -% \begin{enumerate} -% \item \textbf{\Arrival}: Incoming state variables (e.g., $\kNrm$) are known, but any shocks associated with the period have not been realized and decision(s) have not yet been made -% \item \textbf{\Decision}: All exogenous variables (like income shocks, rate of return shocks, and predictable income growth $\PermGroFac$) have been realized (so that, e.g., $\mNrm$'s value is known) and the agent solves the optimization problem -% \item \textbf{\Continuation}: After all decisions have been made, their consequences are measured by evaluation of the continuing-value function at the values of the `outgoing' state variables (sometimes called `post-state' variables). -% \end{enumerate} - -% In the standard treatment in the literature, the (implicit) default assumption is that the {\move} where the agent is solving a decision problem is the unique {\move} at which the problem is defined. This is what was done above, when (for example) in \eqref{eq:vNormed} we related the value $\vFunc$ of the current decision to the expectation of the future value $\vFunc_{\prd+1}$. Here, instead, we want to encapsulate the current {\stg}'s problem as a standalone object, which is solved by taking as given an exogenously-provided continuation-value function (in our case, $\vEndStg(a)$). - -% When we want to refer to a specific {\move} in the one {\stg} of $\prd$ we will do so by supplementing the {\move} with an indicator which tracks the {\move} (and we need not denote the {\stg} within the {\interval} because we have assumed there is only one {\stg} in the {\interval}): -% \begin{center} -% % \mbox{% -% \begin{tabular}{r|c|c|l|l} -% Step of Stage & Indicator & State & Usage & Explanation \\ \hline -% {\Arrival} & $\arvl$ prefix & $\kNrm$ & $\vBegStg(\kNrm)$ & value at entry to $\prd$ (before shocks) \\ -% {\Decision} & (blank/none) & $\mNrm$ & $\vMidStg(\mNrm)$ & value of $t$-decision (after shocks) \\ -% {\Continuation} & $\cntn$ suffix & $\aNrm$ & $\vEndStg(\aNrm)$ & value at exit (after decision) -% \end{tabular} -% % } -% \end{center} - -% Notice that different {\move}s of the {\stg} have distinct state variables. $\kNrm$ is the state at the beginning of the {\stg/\interval} because the shocks that yield $\mNrm$ from $\kNrm$ have not yet been realized. The state variable for the continuation {\move} is $\aNrm$ because after the consumption decision has been made the model assumes that all that matters is where you have ended up, not how you got there. - -For reference and to illustrate our new notation, we will now derive the Euler equation and other standard results for the problem described above. -% We begin by noting that the simple formulation of the problem in \eqref{eq:vMid} results in a simple first order condition: -% whose first order condition with respect to $\cNrm$ is -% \begin{equation}\begin{gathered}\begin{aligned} -% \uFunc^{\cNrm}(\cNrm) &= \vEndStg^{\aNrm}(\mNrm-\cNrm) \label{eq:upEqbetaOp} -% \end{aligned}\end{gathered}\end{equation} -% (We will reuse this formulation when we turn to section~\ref{subsec:egm}.) -Since -\begin{equation}\begin{gathered}\begin{aligned} - \vEndStg(\aNrm) & \sameas \vFunc_{\prd_\cntn}(\aNrm) = \DiscFac \vBegPrdNxt(\aNrm) = \DiscFac \Ex_{\BegPrdNxt}[\PermGroFac_{\prd+1}^{1-\CRRA}\vFunc_{\prd+1}(\overbrace{a (\Rfree / \PermGroFac_{\prd+1})+\tranShk_{\prd+1}}^{\mNrm_{\prd+1}})], -\end{aligned}\end{gathered}\end{equation} -given $\mNrm_{\prd}$, the first order condition for \eqref{eq:vusual} with respect to $\aNrm$ is -\begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{\cNrm}(\mNrm_{\prd}-\aNrm) = \vEndPrd^{\aNrm}(a) & = \Ex_{\BegPrdNxt}[\DiscFac \RNrm_{\prd+1}\PermGroFac_{\prd+1}^{1-\CRRA}{\vFunc}^\mNrm_{\prd+1}(\mNrm_{\prd+1})] \label{eq:upceqEvtp1} - \\ & = \Ex_{\BegPrdNxt}[\DiscFac\Rfree\phantom{._{\prd+1}}\PermGroFac_{\prd+1}^{\phantom{1}-\CRRA}{\vFunc}^{\mNrm}_{\prd+1}(\mNrm_{\prd+1})] - \end{aligned}\end{gathered}\end{equation} -and because the \handoutC{Envelope} theorem tells us that -\begin{equation}\begin{gathered}\begin{aligned} - {\vFunc}^{\mNrm}_{\prd}(\mNrm_{\prd}) & = \Ex_{\BegPrdNxt} [\DiscFac \Rfree \PermGroFac_{\prd+1}^{-\CRRA}{\vFunc}^{\mNrm}_{\prd+1}(\mNrm_{\prd+1})] \label{eq:envelope} - \end{aligned}\end{gathered}\end{equation} -we can substitute the LHS of \eqref{eq:envelope} for the RHS of -(\ref{eq:upceqEvtp1}) to get - \begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{\cNrm}(\cNrm_{\prd}) & = {\vFunc}^{\mNrm}_{\prd}(\mNrm_{\prd})\label{eq:upcteqvtp} - \end{aligned}\end{gathered}\end{equation} -and rolling forward one {\interval}, -\begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{\cNrm}(\cNrm_{\prd+1}) & = \vFunc^{\mNrm}_{\prd+1}({a}_{\prd}\RNrm_{\prd+1}+\tranShkEmp_{\prd+1}) \label{eq:upctp1EqVpxtp1} - \end{aligned}\end{gathered}\end{equation} -so that substituting the LHS in equation (\ref{eq:upceqEvtp1}) finally gives us the Euler equation for consumption: - \begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{\cNrm}(\cNrm_{\prd}) & = \ExEndPrd[\DiscFac \Rfree \PermGroFac_{\prd+1}^{-\CRRA}\uFunc^{\cNrm}(\cNrm_{\prd+1})] \label{eq:cEuler}. - \end{aligned}\end{gathered}\end{equation} - -% From the perspective of the beginning of {\interval} $\prd+1$ we can write the `arrival value' function and its first derivative as -% \begin{equation}\begin{gathered}\begin{aligned} -% \vBegPrdNxt({k}_{\prd+1}) & = \Ex_{\BegPrdNxt}[\phantom{\Rfree}\PermGroFac\AdjVNxt {\vFunc}_{\MidPrdNxt}(\overbrace{\RNrm_{\prd+1}{k}_{\prd+1}+{\tranShkEmp}_{\prd+1}}^{\mNrm_{\prd+1}})] \label{eq:vFuncBegtpdefn} \\ -% \vPBegPrdNxt({k}_{\prd+1}) & = \Ex_{\BegPrdNxt}[\Rfree \PermGroFac^{\phantom{1}-\CRRA} {\vFunc}_{\MidPrdNxt}^{\mNrm}(\mNrm_{\prd+1})] -% \end{aligned}\end{gathered}\end{equation} -% because they return the expected $t+1$ value and marginal value associated with arriving in {\interval} $\prd+1$ with any given amount of \textit{k}apital. - -% Finally, recalling that we obtain $\vEndPrd({a}_{\prd}) = \DiscFac \vBegPrdNxt({k}_{\prd+1})$ using ${k}_{\prd+1}={a}_{\prd}$, note for future use that we can write the Euler equation \eqref{eq:cEuler} more compactly as -% \begin{equation}\begin{gathered}\begin{aligned} -% \uFunc^{\cNrm}(\cNrm_{\prd}) & = \vEndPrd^{\aNrm}(\mNrm_{\prd}-\cNrm_{\prd}). -% \label{eq:upEqbetaOp} -% \end{aligned}\end{gathered}\end{equation} - -We can now restate the problem \eqref{eq:vusual} with our new within-stage notation: -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc(m) & = \max_{\cNrm} ~~ \uFunc(\cNrm)+ \vEndStg(\mNrm-\cNrm) -\end{aligned}\end{gathered}\end{equation} -whose first order condition with respect to $\cNrm$ is -\begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{\cNrm}(\cNrm) &= \vEndStg^{\aNrm}(\mNrm-\cNrm) \label{eq:upEqbetaOp} % \label{eq:FOCnew} -\end{aligned}\end{gathered}\end{equation} -which is mathematically equivalent to the usual Euler equation for consumption. - -We will revert to this formulation when we reach section~\ref{subsec:egm}. - -% \hypertarget{summing-up}{} -% \subsection{Summing Up}\label{subsec:summing-up} -% For future reference, it will be useful here to write the full expressions for the distinct value functions at the {\Arrival} ($\BegMark$) and {\Decision} {\moves}. % this is said two par ahead: (Recalling that the continuation-value function $\vEndStg(a)$ is provided to the solution algorithm as an input). - -% There is no need to use our {\interval}-identifying notation for the model's variables; $\kNrm$, for example, will have only one unique value over the course of the {\interval} and therefore a notation like $\kNrm_{\EndStg}$ would be pointless; the same is true of all other variables. - -% Recall again that the continuation value function $\vFunc_{\prd_\cntn}(\aNrm) := \DiscFac \vFunc_{\BegPrdNxt}(\aNrm)$ is provided as an input to the current {\stg} Bellman problem. Since within the scope of the solution of the current {\stg} there is only one such continuation value function, in the solution context there is no point in keeping the {\interval} subscript when we write this function. The same point applies to all variables and functions in the {\stg} (and the {\interval}). Given the continuation value function $\vEndStg$, the problem within the {\stg} can be written with only the {\move} indicators: -% \begin{equation}\begin{gathered}\begin{aligned} -% \vFunc_{\arvl}(\kNrm) & = \Ex_{\arvl}[\vFunc(\overbrace{\kNrm \RNrm + \tranShkEmp}^{\mNrm})] \label{eq:vBegStg} -% \end{aligned}\end{gathered}\end{equation} -% \begin{equation}\begin{gathered}\begin{aligned} -% \vFunc(\mNrm) & = \max_{\{{\cNrm}\}}~~\uFunc(\cNrm) +\Ex[ \vFunc_{\cntn}(\overbrace{\mNrm-\cFunc}^{\aNrm})] \label{eq:vMid} -% \end{aligned}\end{gathered}\end{equation} - -\begin{comment} - \subsection{Implementation in Python} - - The code implementing the tasks outlined each of the sections to come is available in the \texttt{\href{https://econ-ark.org/materials/SolvingMicroDSOPs}{SolvingMicroDSOPs}} jupyter notebook, written in \href{https://python.org}{Python}. The notebook imports various modules, including the standard \texttt{numpy} and \texttt{scipy} modules used for numerical methods in Python, as well as some user-defined modules designed to provide numerical solutions to the consumer's problem from the previous section. Before delving into the computational exercise, it is essential to touch on the practicality of these custom modules. - - \subsubsection{Useful auxilliary files} - - In this exercise, two primary user-defined modules are frequently imported and utilized. The first is the \texttt{gothic\_class} module, which contains functions describing the end-of-period value functions found in equations \eqref{eq:vBegStg} - \eqref{eq:vEnd} (and the corresponding first and second derivatives). %The advantage of defining functions in the code which decompose the consumer's optimal behavior in a given period will become evident in section \ref{subsec:transformation} - - The \texttt{resources} module is also used repeatedly throughout the notebook. This file has three primary objectives: (i) providing functions that discretize the continuous distributions from the theoretical model that describe the uncertainty a consumer faces, (ii) defining the utility function over consumption under a number of specifications, and (iii) enhancing the grid of end-of-period assets for which functions (such as those from the \texttt{gothic\_class} module) will be defined. These objectives will be discussed in greater detail and with respect to the numerical methods used to the problem in subsequent sections of this document. -\end{comment} - - -% Local Variables: -% eval: (setq global-prettify-symbols-mode t) -% eval: (setq prettify-symbols-unprettify-at-point 'right-edge) -% End: diff --git a/_sectn-titlepage-input.tex b/_sectn-titlepage-input.tex deleted file mode 100644 index 3b08e2626..000000000 --- a/_sectn-titlepage-input.tex +++ /dev/null @@ -1,54 +0,0 @@ - -\pagenumbering{roman} - -\title{Solution Methods for Microeconomic \\ Dynamic Stochastic Optimization Problems} - -\author{Christopher D. Carroll\authNum} - -\keywords{Dynamic Stochastic Optimization, Method of Simulated Moments, Structural Estimation, Indirect Inference} -\jelclass{E21, F41 \par - \href{https://econ-ark.org}{\includegraphics{.resources/econ-ark/PoweredByEconARK}} -} - -\date{2024-05-23} -\maketitle -\footnotesize - - -\noindent Note: The GitHub repo {\SMDSOPrepo} associated with this document contains python code that produces all results, from scratch, except for the last section on indirect inference. The numerical results have been confirmed by showing that the answers that the raw python produces correspond to the answers produced by tools available in the {\ARKurl} toolkit, more specifically those in the {\HARKrepo} which has full {\HARKdocs}. The MSM results at the end have have been superseded by tools in the {\EMDSOPrepo}. - -\normalsize - -\hypertarget{abstract}{} -\begin{abstract} - These notes describe tools for solving microeconomic dynamic stochastic optimization problems, and show how to use those tools for efficiently estimating a standard life cycle consumption/saving model using microeconomic data. No attempt is made at a systematic overview of the many possible technical choices; instead, I present a specific set of methods that have proven useful in my own work (and explain why other popular methods, such as value function iteration, are a bad idea). Paired with these notes is Python code that solves the problems described in the text. -\end{abstract} - -% \ifthenelse{\boolean{Web}}{}{ -\begin{footnotesize} - \begin{center} - \begin{tabbing} - \texttt{~~~~PDF:~} \= \= {\urlPDF} \\ - \texttt{~Slides:~} \> \> {\urlSlides} \\ - \texttt{~~~~Web:~} \> \> {\urlHTML} \\ - \texttt{~~~Code:~} \> \> {\urlCode} \\ - \texttt{Archive:~} \> \> {\urlRepo} \\ - \texttt{~~~~~~~~~} \> \> \textit{(Contains LaTeX code for this document and software producing figures and results)} - \end{tabbing} - \end{center} -\end{footnotesize} -% } -\begin{authorsinfo} - \name{Carroll: Department of Economics, Johns Hopkins University, Baltimore, MD, \\ - \href{mailto:ccarroll@jhu.edu}{\texttt{ccarroll@jhu.edu}}} -\end{authorsinfo} - -\thanksFooter{The notes were originally written for my Advanced Topics in Macroeconomic Theory class at Johns Hopkins University; instructors elsewhere are welcome to use them for teaching purposes. Relative to earlier drafts, this version incorporates several improvements related to new results in the paper \href{http://econ-ark.github.io/BufferStockTheory}{``Theoretical Foundations of Buffer Stock Saving''} (especially tools for approximating the consumption and value functions). Like the last major draft, it also builds on material in ``The Method of Endogenous Gridpoints for Solving Dynamic Stochastic Optimization Problems'' published in \textit{Economics Letters}, available at \url{http://www.econ2.jhu.edu/people/ccarroll/EndogenousArchive.zip}, and by including sample code for a method of simulated moments estimation of the life cycle model \textit{a la} \cite{gpLifecycle} and Cagetti~\citeyearpar{cagettiWprofiles}. Background derivations, notation, and related subjects are treated in my class notes for first year macro, available at \url{http://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/consumption}. I am grateful to several generations of graduate students in helping me to refine these notes, to Marc Chan for help in updating the text and software to be consistent with \cite{carrollEGM}, to Kiichi Tokuoka for drafting the section on structural estimation, to Damiano Sandri for exceptionally insightful help in revising and updating the method of simulated moments estimation section, and to Weifeng Wu and Metin Uyanik for revising to be consistent with the `method of moderation' and other improvements. All errors are my own. This document can be cited as \cite{SolvingMicroDSOPs} in the references.} - -\titlepagefinish - -\thispagestyle{empty} % don't show the page number -\ifpdf % The table of contents does not work if not in pdf mode -\tableofcontents \addtocontents{toc}{\vspace{1em}}\newpage -\fi -\newpage\pagenumbering{arabic} % start arabic numbering anew after titlepage diff --git a/add_search_paths.tex b/add_search_paths.tex deleted file mode 100644 index da33ae98e..000000000 --- a/add_search_paths.tex +++ /dev/null @@ -1,6 +0,0 @@ -% Add the listed directories to the search path -% (allows easy moving around later) -% warning: these paths are searched AFTER local config kpsewhich -\makeatletter -\def\input@path{{./.resources/latex/}{./.resources/texmf-local/tex/latex}{./resources/texmf-local/tex/bibtex}{./.resources/econ-ark}} -\makeatother diff --git a/apndx_scf-data.tex b/apndx_scf-data.tex deleted file mode 100644 index 973521d20..000000000 --- a/apndx_scf-data.tex +++ /dev/null @@ -1,15 +0,0 @@ -\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} -\input{subfile-start} - -\begin{document} - -\hypertarget{scf-data}{} -\section{SCF Data}\label{app:scf-data} - -Data used in the estimation is constructed using the SCF 1992, 1995, 1998, 2001 and 2004 waves. The definition of wealth is net worth including housing wealth, but excluding pensions and social securities. The data set contains only households whose heads are aged 26-60 and excludes singles, following Cagetti~\citeyearpar{cagettiWprofiles}.\footnote{Cagetti~\citeyearpar{cagettiWprofiles}\ argues that younger households should be dropped since educational choice is not modeled. Also, he drops singles, since they include a large number of single mothers whose saving behavior is influenced by welfare.} Furthermore, the data set contains only households whose heads are college graduates. The total sample size is 4,774. - -In the waves between 1995 and 2004 of the SCF, levels of \textit{normal} income are reported. The question in the questionnaire is "About what would your income have been if it had been a normal year?" We consider the level of normal income as corresponding to the model's theoretical object $P$, permanent noncapital income. Levels of normal income are not reported in the 1992 wave. Instead, in this wave there is a variable which reports whether the level of income is normal or not. Regarding the 1992 wave, only observations which report that the level of income is normal are used, and the levels of income of remaining observations in the 1992 wave are interpreted as the levels of permanent income. - -Normal income levels in the SCF are before-tax figures. These before-tax permanent income figures must be rescaled so that the median of the rescaled permanent income of each age group matches the median of each age group's income which is assumed in the simulation. This rescaled permanent income is interpreted as after-tax permanent income. Rescaling is crucial since in the estimation empirical profiles are matched with simulated ones which are generated using after-tax permanent income (remember the income process assumed in the main text). Wealth / permanent income ratio is computed by dividing the level of wealth by the level of (after-tax) permanent income, and this ratio is used for the estimation.\footnote{Please refer to the archive code for details of how these after-tax measures of $P$ are constructed.} - -\end{document} diff --git a/apndx_template.pdf b/apndx_template.pdf deleted file mode 100644 index e69de29bb..000000000 diff --git a/apndx_template.tex b/apndx_template.tex deleted file mode 100644 index 02efca522..000000000 --- a/apndx_template.tex +++ /dev/null @@ -1,7 +0,0 @@ -\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} -\input{subfile-start} - -\begin{document} -\hypertarget{appendix-name}{} -\section*{\phantom{Appendix Name}}\label{sec:appendix-name} -\end{document} diff --git a/cctwMoM-options.sty b/cctwMoM-options.sty deleted file mode 100644 index 0fa74908f..000000000 --- a/cctwMoM-options.sty +++ /dev/null @@ -1,54 +0,0 @@ -% Switches -% Controls for which of various variant versions to create - -\provideboolean{ctwVersion}\setboolean{ctwVersion}{false}\newcommand{\ctw}{\ifthenelse{\boolean{ctwVersion}}} % {cctw} -\provideboolean{trpVersion}\setboolean{trpVersion}{false}\newcommand{\trp}{\ifthenelse{\boolean{trpVersion}}} % {trp} -% \setboolean{trpVersion}{true} % {trp} -\setboolean{trpVersion}{false} % {trp} - -% Draft mode puts \labels of figs, tables, eqns in margin -\provideboolean{draftmode}\setboolean{draftmode}{true} -% \setboolean{draftmode}{false} -\newcommand{\Draft}{\ifthenelse{\boolean{draftmode}}} - -\Draft{\usepackage{showlabels} - \renewcommand{\showlabelsetlabel}[1]{\tiny #1} -}{} - -% RiskyR -\provideboolean{RiskyR} -\setboolean{RiskyR}{true} -\setboolean{RiskyR}{false} -\newcommand{\IfRiskyR}{\ifthenelse{\boolean{RiskyR}}} - -% Include or exclude Method of Moderation material -\provideboolean{MoMVersion}\setboolean{MoMVersion}{true} -%\setboolean{MoMVersion}{false} -\newcommand{\MoM}{\ifthenelse{\boolean{MoMVersion}}} - -% Get extra style stuff for cctwMoM -\MoM{ % {cctw} - \usepackage{\LaTeXInputs/cctwMoM} % {cctw} -}{} % {cctw} - -% Versions with or without permanent shocks -% Seems to be defunct - remove -\provideboolean{PermShkVersion}\setboolean{PermShkVersion}{true} -\setboolean{PermShkVersion}{false} -\newcommand{\PermShkOn}{\ifthenelse{\boolean{PermShkVersion}}} - -% MPCMatch version does Hermite polynomials for the interpolation -% that match both the slope and the intercept at the gridpoints -\provideboolean{MPCMatchVersion} -\setboolean{MPCMatchVersion}{true} -\newcommand{\MPCMatch}{\ifthenelse{\boolean{MPCMatchVersion}}} - -% margin notes -- to be deleted -\provideboolean{MyNotes}\setboolean{MyNotes}{true} -\setboolean{MyNotes}{false} - -% Show things that need fixing -\provideboolean{ToFix}\setboolean{ToFix}{true} -% \setboolean{ToFix}{false} -\newcommand{\Fix}{\ifthenelse{\boolean{ToFix}}} - diff --git a/cctwMoM.tex b/cctwMoM.tex index b08a31d60..4935fe4e7 100755 --- a/cctwMoM.tex +++ b/cctwMoM.tex @@ -9,7 +9,7 @@ \usepackage{local-packages} % LaTeX config in .resources/LaTeXInputs \usepackage{cctwMoM} % LaTeX config in .resources/LaTeXInputs -\input{cctwMoM-options} % booleans that control whether certain features are on or off +\input{\texname-options} % booleans that control whether certain features are on or off \hypersetup{colorlinks=true, pdfauthor={Christopher D. Carroll , Kiichi Tokuoka , Weifeng Wu }, diff --git a/cctwMoM/EndogGptsProbs-clean.tex b/cctwMoM/EndogGptsProbs-clean.tex deleted file mode 100644 index 30d7ca046..000000000 --- a/cctwMoM/EndogGptsProbs-clean.tex +++ /dev/null @@ -1,22 +0,0 @@ - Unfortunately, this endogenous gridpoints solution is not very - well-behaved outside the original range of gridpoints targeted by - the solution method. (Though other common solution methods are no - better outside their own predefined ranges). - Figure~\ref{fig:ExtrapProblem} demonstrates the point by plotting - the amount of precautionary saving implied by a linear extrapolation - of our approximated consumption rule (the consumption of the perfect - foresight consumer $\cFuncAbove_{\prd-1}$ minus our approximation to - optimal consumption under uncertainty, $\Aprx{\cFunc}_{\prd-1}$). - Although theory proves that precautionary saving is always positive, - the linearly extrapolated numerical approximation eventually - predicts negative precautionary saving (at the point in the figure - where the extrapolated locus crosses the horizontal axis). - - \hypertarget{ExtrapProblemPlot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/ExtrapProblemPlot} - \caption{For Large Enough $m_{\prd-1}$, Predicted Precautionary Saving is Negative (Oops!)} - \label{fig:ExtrapProblem} - \end{figure} - - This error cannot be fixed by extending the upper gridpoint; in the presence of serious uncertainty, the consumption rule will need to be evaluated outside of \textit{any} prespecified grid (because starting from the top gridpoint, a large enough realization of the uncertain variable will push next period's realization of assets above that top; a similar argument applies below the bottom gridpoint). While a judicious extrapolation technique can prevent this problem from being fatal (for example by carefully excluding negative precautionary saving), the problem is often dealt with using inelegant methods whose implications for the accuracy of the solution are difficult to gauge. diff --git a/cctwMoM/MoM-End-clean.tex b/cctwMoM/MoM-End-clean.tex deleted file mode 100644 index 89ab77bcf..000000000 --- a/cctwMoM/MoM-End-clean.tex +++ /dev/null @@ -1,23 +0,0 @@ - Thus, the procedure is to calculate $\Hi{\chiFunc}_{\prd}$ at the points - $\vctr{\mu}_{\prd}$ corresponding to the log of the $\aboveMin - \vctr{m}_{\prd}$ points defined above, and then using these to construct an - interpolating approximation $\Aprx{\Hi{\chiFunc}}_{\prd}$ from which we indirectly obtain our - approximated consumption rule $\Aprx{\Hi{\cFunc}}_{\prd}$ by substituting $\Aprx{\Hi{\chiFunc}}_{\prd}$ for $\Hi{\chiFunc}$ in equation \eqref{eq:cFuncHi}. - - Because this method relies upon the fact that the problem is easy to - solve if the decision maker has unreasonable views (either in the - optimistic or the pessimistic direction), and because the correct - solution is always between these immoderate extremes, we call our - solution procedure the `method of moderation.' - - Results are shown in Figure~\ref{fig:ExtrapProblemSolved}; a reader - with very good eyesight might be able to detect the barest hint of a - discrepancy between the Truth and the Approximation at the far - righthand edge of the figure\ctw{.}{ -- a stark contrast with the calamitous - divergence evident in Figure~\ref{fig:ExtrapProblem}.}{} - \hypertarget{ExtrapProblemSolvedPlot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/ExtrapProblemSolvedPlot} - \caption{Extrapolated $\Aprx{\Hi{\cFunc}}_{\prd-1}$ Constructed Using the Method of Moderation} - \label{fig:ExtrapProblemSolved} - \end{figure} diff --git a/cctwMoM/MoM-Inequalities-Describe-clean.tex b/cctwMoM/MoM-Inequalities-Describe-clean.tex deleted file mode 100644 index 6c10837c8..000000000 --- a/cctwMoM/MoM-Inequalities-Describe-clean.tex +++ /dev/null @@ -1,6 +0,0 @@ - \noindent where the fraction in the middle of the last inequality is the ratio - of actual precautionary saving (the numerator is the difference - between perfect-foresight consumption and optimal consumption in the - presence of uncertainty) to the maximum conceivable amount of - precautionary saving (the amount that would be undertaken by the - pessimist who consumes nothing out of any future income beyond the perfectly certain component). diff --git a/cctwMoM/MoM-KoppaOfMu-Describe-clean.tex b/cctwMoM/MoM-KoppaOfMu-Describe-clean.tex deleted file mode 100644 index 3ff3cb883..000000000 --- a/cctwMoM/MoM-KoppaOfMu-Describe-clean.tex +++ /dev/null @@ -1,3 +0,0 @@ - which has the virtue that it is linear in the limit as $\mu_{\prd}$ approaches $+\infty$. - - Given $\Hi{\chiFunc}$, the consumption function can be recovered from diff --git a/cctwMoM/MoM-Prelims-clean.tex b/cctwMoM/MoM-Prelims-clean.tex deleted file mode 100644 index 801cb5675..000000000 --- a/cctwMoM/MoM-Prelims-clean.tex +++ /dev/null @@ -1 +0,0 @@ - As a preliminary to our solution, define $\hNrm_{\EndStg}$ as end-of-period human wealth (the present discounted value of future labor income) for a perfect foresight version of the problem of a `risk optimist:' a period-$t$ consumer who believes with perfect confidence that the shocks will always take their expected value of \PermShkOn{1, $\tranShkEmp_{t+n} = \Ex[\tranShkEmp]=1~\forall~n>0$ and $\permShk_{t+n} = \Ex[\permShk]=1~\forall~n>0$.}{1, $\tranShkEmp_{t+n} = \Ex[\tranShkEmp]=1~\forall~n>0$.} The solution to a perfect foresight problem of this kind takes the form\footnote{For a derivation, see \cite{BufferStockTheory}; $\MPCmin_{t}$ is defined therein as the MPC of the perfect foresight consumer with horizon $T-t$.} diff --git a/cctwMoM/MoM-Words-Rest-clean.tex b/cctwMoM/MoM-Words-Rest-clean.tex deleted file mode 100644 index a42270f00..000000000 --- a/cctwMoM/MoM-Words-Rest-clean.tex +++ /dev/null @@ -1,4 +0,0 @@ - - \indent The proof is more difficult than might be imagined, but - the necessary work is done in \cite{BufferStockTheory} so we will take - the proposition as a fact and proceed by manipulating the inequality: diff --git a/cctwMoM/MoM-Words-clean.tex b/cctwMoM/MoM-Words-clean.tex deleted file mode 100644 index f9e555a8b..000000000 --- a/cctwMoM/MoM-Words-clean.tex +++ /dev/null @@ -1,59 +0,0 @@ - We similarly define $\hEndMin_{\EndStg}$ as `minimal human wealth,' the - present discounted value of labor income if the shocks were to take on - their worst possible value in every future period \PermShkOn - {$\tranShkEmp_{t+n} = \tranShkEmpMin ~\forall~n>0$ and $\permShk_{t+n} = - \permShkMin ~\forall~n>0$} {$\tranShkEmp_{t+n} = \tranShkEmpMin - ~\forall~n>0$} (which we define as corresponding to the beliefs of a - `pessimist'). - - \ctw{}{We will call a `realist' the consumer who correctly perceives the true - probabilities of the future risks and optimizes accordingly.} - - A first useful point is that, for the realist, a lower bound for the - level of market resources is $\Lo{m}_{\prd} = -\hEndMin_{\EndStg}$, because - if $m_{\prd}$ equalled this value then there would be a positive finite - chance (however small) of receiving \PermShkOn - {$\tranShkEmp_{t+n}=\tranShkEmpMin$ and $\permShk_{t+n}=\permShkMin$} - {$\tranShkEmp_{t+n}=\tranShkEmpMin$} - in - every future period, which would require the consumer to set $c_{\prd}$ - to zero in order to guarantee that the intertemporal budget constraint - holds\ctw{.}{~(this is the multiperiod generalization of the discussion in - section \ref{subsec:LiqConstrSelfImposed} explaining the derivation of the `natural borrowing constraint' for period $\trmT-1$, - $\Lo{a}_{\prd-1}$).} Since consumption of zero yields negative - infinite utility, the solution to realist consumer's problem is not well - defined for values of $m_{\prd} < \Lo{m}_{\prd}$, and the limiting - value of the realist's $c_t$ is zero as $m_{\prd} \downarrow \Lo{m}_{\prd}$. - - Given this result, it will be convenient to define `excess' market - resources as the amount by which actual resources exceed the lower - bound, and `excess' human wealth as the amount by which mean expected human wealth - exceeds guaranteed minimum human wealth: - \begin{equation*}\begin{gathered}\begin{aligned} - \aboveMin \mNrm_{\prd} & = m_{\prd}+\overbrace{\hEndMin_{\EndStg}}^{=-\Lo{m}_{\prd}} - \\ \aboveMin \hNrm_{\EndStg} & = \hNrm_{\EndStg}-\hEndMin_{\EndStg}. - \end{aligned}\end{gathered}\end{equation*} - - We can now transparently define the optimal - consumption rules for the two perfect foresight problems, those of the - `optimist' and the `pessimist.' The `pessimist' perceives human - wealth to be equal to its minimum feasible value $\hEndMin_{\EndStg}$ with certainty, so - consumption is given by the perfect foresight solution - \begin{equation*}\begin{gathered}\begin{aligned} - \cFuncBelow_{\prd}(m_{\prd}) & = (m_{\prd}+\hEndMin_{\EndStg})\MPCmin_{\prd} - \\ & = \aboveMin \mNrm_{\prd}\MPCmin_{\prd} - . - \end{aligned}\end{gathered}\end{equation*} - - The `optimist,' on the other hand, pretends that there is no uncertainty - about future income, and therefore consumes - \begin{equation*}\begin{gathered}\begin{aligned} - \cFuncAbove_{\prd}(m_{\prd}) & = (m_{\prd} +\hEndMin_{\EndStg} - \hEndMin_{\EndStg} + \hNrm_{\EndStg} )\MPCmin_{\prd} - \\ & = (\aboveMin \mNrm_{\prd} + \aboveMin \hNrm_{\EndStg})\MPCmin_{\prd} - \\ & = \cFuncBelow_{\prd}(m_{\prd})+\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd} - . - \end{aligned}\end{gathered}\end{equation*} - - It seems obvious that the spending of the realist will be strictly greater - than that of the pessimist and strictly less than that of the - optimist. Figure~\ref{fig:IntExpFOCInvPesReaOptNeedHiPlot} illustrates the proposition for the consumption rule in period $\trmT-1$. diff --git a/cctwMoM/R-AR1-clean.tex b/cctwMoM/R-AR1-clean.tex deleted file mode 100644 index 442a337b5..000000000 --- a/cctwMoM/R-AR1-clean.tex +++ /dev/null @@ -1,34 +0,0 @@ -The more realistic case where the interest factor has some serial correlation is more complex. We consider -the simplest case that captures the main features of empirical interest rate dynamics: An AR(1) process. Thus -the specification is -\begin{equation}\begin{gathered}\begin{aligned} - \risky_{t+1}-\risky & = (\risky_{t}-\risky) \gamma + \epsilon_{t+1} -\end{aligned}\end{gathered}\end{equation} -where $\risky$ is the long-run mean log interest factor, $0 < \gamma < 1$ is the AR(1) serial correlation -coefficient, and $\epsilon_{t+1}$ is the stochastic shock. - -The consumer's problem in this case now has two state variables, $\mRat_{t}$ and $\risky_{t}$, and -is described by -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{t}(m_{t},\risky_{t}) & = \max_{{c}_{t}} ~ \util(c_{t})+ - \Ex_{t}[{\Discount}_{t+1}\PGro_{t+1}^{1-\CRRA}\vFunc_{t+1}(m_{t+1},\risky_{t+1})] \label{vtNormRisky} -\\ & \text{s.t.} \nonumber \\ - a_{t} & = m_{t}-c_{t} \nonumber -\\ \risky_{t+1}-\risky & = (\risky_{t}-\risky)\gamma + \epsilon_{t+1} \notag -\\ \Risky_{t+1} & = \exp(\risky_{t+1}) \notag -\\ m_{t+1} & = \underbrace{\left(\Risky_{t+1}/\PGro_{t+1}\right)}_{\equiv \Rprod_{t+1}}a_{t}+\tShkEmp_{t+1} \nonumber. -\end{aligned}\end{gathered}\end{equation} - -% Kiichi: I will need you to read the literature and figure out how exactly we want to choose the Markov points and transition probabilities. -% When done, you will fill in the [how] text below. - -We approximate the AR(1) process by a Markov transition matrix using standard techniques. The stochastic interest factor is allowed to take -on 11 values centered around the steady-state value $\risky$ and chosen [how?]. Given this Markov transition matrix, -{\it conditional} on the Markov AR(1) state the consumption functions for the `optimist' and the `pessimist' will still be linear, -with identical MPC's that are computed numerically. Given these MPC's, the (conditional) realist's consumption function can be computed for each Markov state, and the converged consumption rules constitute the solution contingent on the dynamics of the stochastic -interest rate process. - -In principle, this refinement should be combined with the previous one; -further exposition of this combination is omitted here because no new -insights spring from the combination of the two techniques. - diff --git a/cctwMoM/R-IID-MertonSamuelson-clean.tex b/cctwMoM/R-IID-MertonSamuelson-clean.tex deleted file mode 100644 index 7ba0655a1..000000000 --- a/cctwMoM/R-IID-MertonSamuelson-clean.tex +++ /dev/null @@ -1,5 +0,0 @@ -\begin{equation}\begin{gathered}\begin{aligned} - \MPC & = 1- \left(\Discount \Ex_{t}[\Risky_{t+1}^{1-\CRRA}]\right)^{1/\CRRA} \label{eq:MPCExact} -\end{aligned}\end{gathered}\end{equation} -and in this case the previous analysis applies once we substitute this MPC for the one that characterizes -the perfect foresight problem without rate-of-return risk. diff --git a/cctwMoM/StochasticR-Intro-clean.tex b/cctwMoM/StochasticR-Intro-clean.tex deleted file mode 100644 index 9d8f42ee1..000000000 --- a/cctwMoM/StochasticR-Intro-clean.tex +++ /dev/null @@ -1,3 +0,0 @@ -Thus far we have assumed that the interest factor is constant at $\Rfree$. Extending the -previous derivations to allow for a perfectly forecastable time-varying interest factor $\Rfree_{t}$ -would be trivial. Allowing for a stochastic interest factor is less trivial. diff --git a/cctwMoM/Tighter-clean.tex b/cctwMoM/Tighter-clean.tex deleted file mode 100644 index 098b79062..000000000 --- a/cctwMoM/Tighter-clean.tex +++ /dev/null @@ -1,42 +0,0 @@ - \cite{BufferStockTheory} derives an upper limit $\MPCmax_{\prd}$ for the MPC as $m_{\prd}$ - approaches its lower bound. Using this - fact plus the strict concavity of the consumption function yields the - proposition that - \begin{equation}\begin{gathered}\begin{aligned} - \cFunc_{\prd}(\Lo{m}_{\prd}+\aboveMin \mNrm_{\prd}) & < \MPCmax_{\prd} \aboveMin \mNrm_{\prd}. - \end{aligned}\end{gathered}\end{equation} - - The solution method described above does not guarantee that - approximated consumption will respect this constraint between gridpoints, and a failure to - respect the constraint can occasionally cause computational problems in solving - or simulating the model. Here, we - describe a method for constructing an approximation that always - satisfies the constraint. - - \begin{comment} % Old text needs to be revised or eliminated - That is, the realist's consumption function is bounded from above by both - the \textit{unconstrained} optimist's problem already treated, as well as - by the \textit{constrained} optimist's problem, which is a 45 degree line - originating from $\Lo{m}_{\prd}$ on the $m$-axis, as shown in - Figure~\ref{fig:IntExpFOCInvPesReaOptNeed45Plot}. The same is true for - the value function, as illustrated in Figure - \ref{fig:IntExpFOCInvPesReaOptNeed45ValuePlot}. - - \hypertarget{IntExpFOCInvPesReaOptNeed45Plot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/IntExpFOCInvPesReaOptNeed45Plot} - \caption{45 Degree Line as Another Upper Bound} - \label{fig:IntExpFOCInvPesReaOptNeed45Plot} - \end{figure} - - \hypertarget{IntExpFOCInvPesReaOptNeed45ValuePlot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/IntExpFOCInvPesReaOptNeed45ValuePlot} - \caption{A Constrained Optimist's Value Function as Another Upper Bound} - \label{fig:IntExpFOCInvPesReaOptNeed45ValuePlot} - \end{figure} - - \end{comment} - - \newcommand{\mtCusp}{\ensuremath{\mNrm_{\prd}^{\#}}} - % \newcommand{\aboveMin \mtCusp}{\ensuremath{\aboveMin \mNrm_{\prd}^{\#}}} diff --git a/cctwMoM/TighterThreeFuncs-clean.tex b/cctwMoM/TighterThreeFuncs-clean.tex deleted file mode 100644 index 47cc7dfb6..000000000 --- a/cctwMoM/TighterThreeFuncs-clean.tex +++ /dev/null @@ -1,9 +0,0 @@ - As $m_{\prd}$ approaches - $-\Lo{m}_{\prd}$, $\Lo{\koppa}_{\prd}(\mu_{\prd})$ converges to zero, while as $m_{\prd}$ - approaches $+\infty$, $\Lo{\koppa}_{\prd}(\mu_{\prd})$ approaches $1$. - - As before, we can derive an approximated consumption function; call it $\Aprx{\Lo{\cFunc}}_{\prd}$. This function will clearly do a better job approximating the consumption function for low values of $\mNrm_{\prd}$ while the previous approximation will perform better for high values of $\mNrm_{\prd}$. - - For middling values of $\mNrm$ it is not clear which of these functions will perform better. However, an alternative is available which performs well. Define the highest gridpoint below $\mtCusp$ as $\bar{\check{\mNrm}}_{\prd}^{\#}$ and the lowest gridpoint above $\mtCusp$ as $\Lo{\hat{\mNrm}}_{\prd}^{\#}$. Then there will be a unique interpolating polynomial that matches the level and slope of the consumption function at these two points. Call this function $\tilde{\cFunc}_{\prd}(\mNrm)$. - - Using indicator functions that are zero everywhere except for specified intervals, diff --git a/cctwMoM/TighterThreeFuncsExplain-clean.tex b/cctwMoM/TighterThreeFuncsExplain-clean.tex deleted file mode 100644 index 215280444..000000000 --- a/cctwMoM/TighterThreeFuncsExplain-clean.tex +++ /dev/null @@ -1,41 +0,0 @@ - This just says that, for each interval, we use the approximation that - is most appropriate. The function is continuous and - once-differentiable everywhere, and is therefore well behaved for - computational purposes. - \begin{comment} - In practice, in our problem the difference due to this refinement is displayed in Figure \ref{fig:IntExpFOCInvPesReaOpt45GapPlot}. - \hypertarget{IntExpFOCInvPesReaOpt45GapPlot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/IntExpFOCInvPesReaOpt45GapPlot} - \caption{Difference Between $\Aprx{\Hi{\cFunc}}_{L, T-1}$ and $\Aprx{\Hi{\cFunc}}_{H,T-1}$ is Small} - \label{fig:IntExpFOCInvPesReaOpt45GapPlot} - \end{figure} - \end{comment} - - We now construct an upper-bound value function implied for a consumer whose spending behavior is consistent with the refined upper-bound consumption rule. - - For $\mNrm_{\prd} \geq \mNrm_{\prd}^{\#}$, this consumption rule is the same as before, - so the constructed upper-bound value function is also the same. However, for - values $\mNrm_{\prd} < \mNrm_{\prd}^{\#}$ matters are slightly more complicated. - - Start with the fact that at the cusp point, - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vFunc}_{\prd}(\mtCusp) & = \uFunc(\bar{\cNrm}_{\prd}(\mtCusp))\PDVCoverc_{\prd}^T \\ - & = \uFunc(\aboveMin \mtCusp \MPCmax_{\prd})\PDVCoverc_{\prd}^{T} - . - \end{aligned}\end{gathered}\end{equation*} - - But for \textit{all} $\mNrm_{\prd}$, - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vFunc}_{\prd}(\mNrm) & = \uFunc(\bar{\cNrm}_{\prd}(\mNrm))+ \bar{\vEnd}(\mNrm-\bar{\cNrm}_{\prd}(\mNrm)), - \end{aligned}\end{gathered}\end{equation*} - and we assume that for the consumer below the cusp point consumption is given by $\MPCmax \aboveMin \mNrm_{\prd}$ so for $\mNrm_{\prd}< \mtCusp$ - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vFunc}_{\prd}(\mNrm) & = \uFunc( \MPCmax_{\prd} \aboveMin \mNrm)+ \bar{\vEnd}((1-\MPCmax_{\prd})\aboveMin \mNrm), - \end{aligned}\end{gathered}\end{equation*} - which is easy to compute because $\bar{\vEnd}(\aNrm_{\prd}) = \DiscFac \bar{\vFunc}_{\prd+1}(\aNrm_{\prd}\RNrm+1)$ where $\bar{\vFunc}_{\prd}$ is as defined above because a consumer who ends the current period with assets exceeding the lower bound will not expect to be constrained next period. (Recall again that we are merely constructing an object that is guaranteed to be an \textit{upper bound} for the value that the `realist' consumer will experience.) At the gridpoints defined by the solution of the consumption problem can then construct - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vInv}_{\prd}(\mNrm) & = ((1-\CRRA)\bar{\vFunc}_{\prd}(\mNrm))^{1/(1-\CRRA)} - \end{aligned}\end{gathered}\end{equation*} -\MPCMatch{and its derivatives}{} which yields the appropriate vector for constructing $\check{\Chi}$ and $\check{\Koppa}$. The rest of the procedure is analogous to that performed for the consumption rule and is thus omitted for brevity. - diff --git a/cctwMoM/value-Intro-clean.tex b/cctwMoM/value-Intro-clean.tex deleted file mode 100644 index adcf56545..000000000 --- a/cctwMoM/value-Intro-clean.tex +++ /dev/null @@ -1,12 +0,0 @@ - - Often it is useful to know the value function as well as the consumption rule. Fortunately, many of the tricks used when solving for the consumption rule have a direct analogue in approximation of the value function. - - Consider the perfect foresight (or ``optimist's'') problem in period $\trmT-1$. Using the fact that in a perfect foresight model the growth factor for consumption is $(\Rfree \DiscFac)^{1/\CRRA}$, we can use the fact that $\cNrm_{\prd} = (\Rfree \DiscFac)^{1/\CRRA} \cNrm_{\prd-1}$ to calculate the value function in period $\trmT-1$: - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vFunc}_{\prd-1}(m_{\prd-1}) & \equiv \uFunc(\cNrm_{\prd-1})+\DiscFac \uFunc(\cNrm_{\prd}) - \\ & = \uFunc(\cNrm_{\prd-1})\left(1+\DiscFac ((\DiscFac\Rfree)^{1/\CRRA})^{1-\CRRA}\right) - % \\ & = \uFunc(\cNrm_{\prd-1})\left(1+\DiscFac (\DiscFac\Rfree)^{1/\CRRA-1}\right) - \\ & = \uFunc(\cNrm_{\prd-1})\left(1+(\DiscFac\Rfree)^{1/\CRRA}/\Rfree\right) - \\ & = \uFunc(\cNrm_{\prd-1})\underbrace{\mbox{PDV}_{\prd}^{T}(\cNrm)/\cNrm_{\prd-1}}_{\equiv \PDVCoverc_{\prd-1}^{T}} - \end{aligned}\end{gathered}\end{equation*} - where $\PDVCoverc_{\prd}^{T}=\mbox{PDV}_{\prd}^{T}(\cNrm)$ is the present discounted value of consumption, normalized by current consumption. Using the fact demonstrated in \cite{BufferStockTheory} that $\PDVCoverc_{\prd}=\MPC^{-1}_{\prd}$, a similar function can be constructed recursively for earlier periods, yielding the general expression \hypertarget{vFuncPF}{} diff --git a/cctwMoM/value-Rest-clean.tex b/cctwMoM/value-Rest-clean.tex deleted file mode 100644 index 4dcc776f6..000000000 --- a/cctwMoM/value-Rest-clean.tex +++ /dev/null @@ -1,64 +0,0 @@ - \MPCMatch{with derivative - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vInv}_{\prd}^m & = (\mathbb{C}_{\prd}^{T})^{1/(1-\CRRA)}\MPCmin_{\prd}, - \\ & = \MPCmin_{\prd}^{-\CRRA/(1-\CRRA)} % 20190820 - \end{aligned}\end{gathered}\end{equation*}}{} - and since $\PDVCoverc_{\prd}^{T}$ is a constant while the consumption - function is linear, $\bar{\vInv}_{\prd}$ will also be linear. - - We apply the same transformation to the value function for the problem with uncertainty (the ``realist's'' problem)\MPCMatch{ and differentiate}: - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vInv}_{\prd} & = \left((1-\CRRA)\bar{\vFunc}_{\prd}(m_{\prd})\right)^{1/(1-\CRRA)} - \MPCMatch{\\ \bar{\vInv}^{m}_{\prd} & = \left((1-\CRRA)\bar{\vFunc}_{\prd}(m_{\prd})\right)^{-1+1/(1-\CRRA)}\bar{\vFunc}_{\prd}^{m}(m_{\prd})}{} - \end{aligned}\end{gathered}\end{equation*} - and an excellent approximation to the value function can be obtained by - calculating the values of $\bar{\vInv}$ at the same gridpoints used by the - consumption function approximation, and interpolating among those points. - - However, as with the consumption approximation, we can do even better if we - realize that the $\bar{\vInv}$ function for the optimist's problem is - an upper bound for the ${\vInv}$ function in the presence of uncertainty, and the value function - for the pessimist is a lower bound. Analogously to \eqref{eq:koppa}, define an upper-case - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\Koppa}_{\prd}(\mu_{\prd}) & = \left(\frac{\bar{\vInv}_{\prd}(\Lo{m}_{\prd}+e^{\mu_{\prd}})-\vInv_{\prd}(\Lo{m}_{\prd}+e^{\mu_{\prd}})}{\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd} (\PDVCoverc_{\prd}^{T})^{1/(1-\CRRA)}}\right) \label{eq:Koppa} - \end{aligned}\end{gathered}\end{equation} - \MPCMatch{with derivative (dropping arguments) - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\Koppa}_{\prd}^{\mu} & = (\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd} (\PDVCoverc_{\prd}^{T})^{1/(1-\CRRA)})^{-1}e^{\mu_{\prd}}\left(\bar{\vInv}^{m}_{\prd}-\vInv^{m}_{\prd}\right) \label{eq:KoppaPrime} - % \\ & = (\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd})^{-1}e^{\mu_{\prd}}\left((\PDVCoverc_{\prd}^{T})^{1/(1-\CRRA)}\MPCmin_{\prd}-\left((1-\CRRA)\vFunc_{\prd}(m_{\prd})\right)^{-1+1/(1-\CRRA)}\vFunc_{\prd}^{m}(m_{\prd})\right) \notag - \end{aligned}\end{gathered}\end{equation}}{} - and an upper-case version of the $\chiFunc$ equation in \eqref{eq:chi}: - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\Chi}_{\prd}(\mu_{\prd}) & = \log \left(\frac{1-\hat{\Koppa}_{\prd}(\mu_{\prd})}{\hat{\Koppa}_{\prd}(\mu_{\prd})}\right) - \\ & = \log \left(1/\hat{\Koppa}_{\prd}(\mu_{\prd})-1\right) \label{eq:Chi} - \end{aligned}\end{gathered}\end{equation} - \MPCMatch{with corresponding derivative - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\Chi}_{\prd}^{\mu} & = \left(\frac{-\hat{\Koppa}_{\prd}^{\mu}/\hat{\Koppa}_{\prd}^{2}}{1/\hat{\Koppa}_{\prd}-1}\right) - \end{aligned}\end{gathered}\end{equation}}{} - and if we approximate these objects then invert them (as above with - the $\Hi{\koppa}$ and $\Hi{\chiFunc}$ functions) we obtain a very high-quality - approximation to our inverted value function at the same points for - which we have our approximated value function: - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\vInv}_{\prd} & = \bar{\vInv}_{\prd}-\overbrace{\left(\frac{1}{1+\exp(\hat{\Chi}_{\prd})}\right)}^{=\hat{\Koppa}_{\prd}} \aboveMin \hNrm_{\EndStg} \MPCmin_{\prd} (\PDVCoverc_{\prd}^{T})^{1/(1-\CRRA) } - \end{aligned}\end{gathered}\end{equation} - from which we obtain our approximation to the value function\MPCMatch{ and its derivatives~}~as \hypertarget{vHatFunc}{} - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\vFunc}_{\prd} & = \uFunc(\hat{\vInv}_{\prd}) - \\ \hat{\vFunc}^{m}_{\prd} & = \uFunc^{c}(\hat{\vInv}_{\prd}) \hat{\vInv}^{m} - \MPCMatch{\\ \hat{\vFunc}^{mm}_{\prd} & = \uFunc^{c{c}}(\hat{\vInv}_{\prd}) (\hat{\vInv}^{m})^{2} + \uFunc^{c}(\hat{\vInv}_{\prd})\hat{\vInv}^{mm}}{} - . - \end{aligned}\end{gathered}\end{equation} - - Although a linear interpolation that matches the level of $\vInv$ at the gridpoints is simple, a Hermite interpolation that matches both the level and the derivative of the $\bar{\vInv}_{\prd}$ function at the gridpoints has the considerable virtue that the $\bar{\vFunc}_{\prd}$ derived from it numerically satisfies the envelope theorem at each of the gridpoints for which the problem has been solved. - - \MPCMatch{If we use the double-derivative calculated above to produce a higher-order Hermite polynomial, our approximation will also match - marginal propensity to consume at the gridpoints; this would - guarantee that the consumption function generated from the value - function would match both the level of consumption and the - marginal propensity to consume at the gridpoints; the numerical - differences between the newly constructed consumption function and - the highly accurate one constructed earlier would be negligible - within the grid.}{} - diff --git a/de-macro-python3.py b/de-macro-python3.py deleted file mode 100755 index e81f7ecad..000000000 --- a/de-macro-python3.py +++ /dev/null @@ -1,1109 +0,0 @@ -#!/usr/bin/env python3 -# coding:utf-8 - -# de-macro-python3.py - -# MIT License - -# Copyright (c) 2017 Ash Suzuki - -# Permission is hereby granted, free of charge, to any person obtaining a copy -# of this software and associated documentation files (the "Software"), to deal -# in the Software without restriction, including without limitation the rights -# to use, copy, modify, merge, publish, distribute, sublicense, and/or sell -# copies of the Software, and to permit persons to whom the Software is -# furnished to do so, subject to the following conditions: - -# The above copyright notice and this permission notice shall be included in all -# copies or substantial portions of the Software. - -# THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR -# IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, -# FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE -# AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER -# LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, -# OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE -# SOFTWARE. - -# PURPOSE - -# This program can eliminate most private macros from a LaTeX file. -# Applications: -# - your publisher has difficulty dealing with many private macros -# - you cooperate with colleagues who do not understand your macros -# - preprocessing before a system like latex2html, which is somewhat -# unpredictable with private macros. - -# DIFFERENCE FROM THE ORIGINAL - -# This program is compatible with Python 3, though the original is not. -# This program is applicable to multibyte characters if encoded with UTF-8. - -# USAGE - -# de-macro-python3 [--defs ] [.tex] [[.tex] ...] - -# Simplest example: de-macro-python3 testament - -# (As you see, the <> is used only in the notation of this documentation, -# you should not type it.) - -# If contains a command \usepackage{-private} -# then the file -private.sty will be read, and its macros will be -# replaced in with their definitions. -# The result is in -clean.tex. - -# Only newcommand, renewcommand, newenvironment, and renewenvironment are -# understood (it does not matter, whether you write new or renew). -# These can be nested but do not be too clever, since I do not -# guarantee the same expansion order as in TeX. - -# FILES - -# .db -# -clean.tex -# -private.sty - -# For speed, a macro database file called .db is created. -# If such a file exists already then it is used. -# If -private.sty is older than .db then it will not -# be used. - -# It is possible to specify another database filename via --defs . -# Then .db will be used. - -# For each , a file -clean.tex will be produced. -# If -clean.tex is newer than .tex then it stays. - -# INPUT COMMAND - -# If a tex file contains a command \input{} or \input -# then .tex is processed recursively, and -clean.tex -# will be inserted into the final output. -# For speed, if -clean.tex is newer than .tex -# then .tex will not be reprocessed. - -# The dependency checking is not sophisticated, so if you rewrite some macros -# then remove all *-clean.tex files! - -import sys, os, re, shelve - -# Utilities - -class No_detail: - strerror = "" - -no_detail = No_detail() - - -class Error(Exception): - # """Base class for exceptions in this module.""" - pass - -class Empty_text_error(Error): - # """Exception raised for errors in the input. - - # Attributes: - # data -- data that was found empty - # message - # """ - - def __init__(self, data, message): - self.data = data - self.message = message - -def warn(error_message, detail = no_detail): - sys.stderr.write(error_message + "\n") - if no_detail != detail: - sys.stderr.write(detail.strerror + "\n") - -def die(error_message, detail = no_detail): - warn(error_message, detail = no_detail) - sys.exit(1) - -def getopt_map(one_letter_opts, long_optlist): - "Turns long options into an option map, using getopt." - import getopt - optlist, args = getopt.getopt(sys.argv[1:], - one_letter_opts, long_optlist) - opt_map = {} - for pair in optlist: opt_map[pair[0]] = pair[1] or 1 - return opt_map, args - -def newer(file1, file2): - - if not os.path.isfile(file1): - return False - - try: - stat_return = os.lstat(file1) - except (OSError, detail): - die("lstat " + file1 + " failed:", detail) - time1 = stat_return.st_mtime - - try: - stat_return = os.lstat(file2) - except (OSError, detail): - die("lstat " + file2 + " failed:", detail) - time2 = stat_return.st_mtime - - return time1 > time2 - -def cut_extension(filename, ext): - # """ - # If filename has extension ext (including the possible dot), - # it will be cut off. - # """ - file = filename - index = filename.rfind(ext) - if 0 <= index and len(file)-len(ext) == index: - file = file[:index] - return file - - -class Stream: - data = None - pos = None - item = None - -def legal(self): - print(f"self.pos: {self.pos}") - print(f"len(self.data): {len(self.data)}") - return 0 <= self.pos and self.pos < len(self.data) - -# def legal(self): -# return 0 <= self.pos and self.pos < len(self.data) - - def uplegal(self): - return self.pos < len(self.data) - - def __init__(self, data_v = None): - self.data = data_v - if self.data: - self.pos = 0 - self.item = self.data[self.pos] - - def next(self): - self.pos += 1 - if self.pos < len(self.data): - self.item = self.data[self.pos] - return self.item - - def reset(self): - if self.data and 0 < len(self.data): - self.pos = 0 - self.item = self.data[0] - return self.item - - -# Basic classes - -blank_re = re.compile(r"\s") -blanked_filename_re = re.compile(r"^\s+(\w*)\s+") -braced_filename_re = re.compile(r"^\s*{\s*(\w*)\s*}") -blank_or_rbrace_re = re.compile(r"[\s}]") -pos_digit_re = re.compile(r"[1-9]") - -def isletter(c, isatletter=False): - if "@" == c: - return isatletter - else: - return c.isalpha() - -class Token: - # """Type 0 means ordinary character, type 1 means escape sequence - # (without the \ ), type 2 means comment. - # """ - simple_ty = 0 - esc_symb_ty = 1 - esc_str_ty = 2 - comment_ty = 3 - - type = simple_ty - val = " " - - def __init__(self, type_v=simple_ty, val_v=" "): - self.type = type_v - self.val = val_v - - def show(self, isatletter=False): - out = "" - if simple_ty == self.type or comment_ty == self.type: - out = self.val - else: - out = "\\" + self.val - return out - - -# Constants - -g_token = Token(0," ") # generic token -simple_ty = g_token.simple_ty -comment_ty = g_token.comment_ty -esc_symb_ty = g_token.esc_symb_ty -esc_str_ty = g_token.esc_str_ty - - - -def detokenize(text): - # """ - # Input is a list of tokens. - # Output is a string. - # """ - out = "" - if 0 == len(text): - return - pos = 0 - out += text[pos].show() - pos += 1 - while pos < len(text): - previtem = text[pos-1] - item = text[pos] - # """Insert a separating space after an escape sequence if it is a - # string and is followed by a letter.""" - if (esc_str_ty == previtem.type - and simple_ty == item.type and isletter(item.val[0], False)): - out += " " - out += item.show() - pos += 1 - return out - -def strip_comments(text): - # """ - # Input is a list of tokens. - # Output is the same list except the comment tokens. - # """ - out = [] - for token in text: - if not comment_ty == token.type: - out.append(token) - return out - -class Group: - # """type 0 means a token, type 1 means contents of a group within {} - # """ - token_ty = 0 - group_ty = 1 - type = token_ty - val = [] # Value is a token list. - - def __init__(self, type_v, val_v): - self.type = type_v - self.val = val_v - - def show(self): - if token_ty == self.type: - return self.val.show() - else: - return "{%s}" % detokenize(self.val) - -# Constants - -g_group = Group(0, []) -token_ty = g_group.token_ty -group_ty = g_group.group_ty - - -def tokenize(in_str): - # """Returns a list of tokens. - # """ - text = [] - isatletter=False - cs = Char_stream(in_str) - cs.reset() - if not cs.legal(): - raise Error("No string to tokenize.") - while cs.uplegal(): - if "%" == cs.item: - comment = cs.scan_comment_token() - text.append(Token(comment_ty, comment)) - elif "\\" != cs.item: - text.append(Token(simple_ty, cs.item)) - cs.next() - else: - cs.next() - name = cs.scan_escape_token(isatletter) - if isletter(name[0], isatletter): - token = Token(esc_str_ty, name) - else: - token = Token(esc_symb_ty, name) - text.append(token) - if "makeatletter" == name: - isatletter=True - elif "makeatother" == name: - isatletter=False - return text - - - -class Command_def: - name = "1" - numargs = 0 - body= "" - - def __init__(self, name_v, numargs_v, body_v): - self.name = name_v - self.numargs = numargs_v - self.body = body_v - - def show(self): - out = "\\newcommand{\\%s}" % (self.name) - if 0 < self.numargs: - out += "[%d]" % self.numargs - out += "{%s}" % detokenize(self.body) - return out - - -class Env_def: - name = "1" - numargs = 0 - begin = "" - end = "" - - def __init__(self, name_v, numargs_v, begin_v, end_v): - self.name = name_v - self.numargs = numargs_v - self.begin = begin_v - self.end = end_v - - def show(self): - out = "\\newenvironment{%s}" % self.name - if 0 < self.numargs: - out += "[%d]" % self.numargs - out += "{%s}" % detokenize(self.begin) - out += "{%s}" % detokenize(self.end) - return out - - -class Command_instance: - name = "1" - args = [] - - def __init__(self, name_v, args_v): - self.name = name_v - self.args = args_v - - def show(self): - out = "\\"+self.name - for arg in self.args: - out += "{%s}" % detokenize(arg) - return out - - -class Env_instance: - name = "1" - args = [] - - def __init__(self, name_v, args_v, body_v): - self.name = name_v - self.args = args_v - self.body = body_v - - def show(self): - out = "\\begin{%s}" % self.name - for arg in self.args: - out += "{%s}" % detokenize(arg) - out += detokenize(self.body) - out += "\\end{%s}" % self.name - return out - -class Char_stream(Stream): - - def scan_escape_token(self, isatletter=False): - # """ - # Starts after the escape sign, assumes that it is scanning a symbol. - # Returns a token-string. - # """ - out = self.item # Continue only if this is a letter. - item = self.next() - if isletter(out, isatletter): - while self.uplegal() and isletter(item, isatletter): - out += item - item = self.next() - return out - - def scan_comment_token(self): - # """ - # Starts at the comment sign %, assumes that it is scanning a comment. - # Returns the whole comment string, - # including the % and all empty space after it. - # """ - comment = "" - while "\n" != self .item: - comment += self.item - self.next() - while self.uplegal() and blank_re.match(self.item): - comment += self.item - self.next() - return comment - - def scan_input_filename(self): - # """We just read an \input token. The next group or word will be - # interpreted as a filename (possibly without .tex). - # Return the filename. - # """ - item = self.item - while self.uplegal() and blank_re.match(self.item): - item = self.next() - if "{" == item: - item = self.next() - file = "" - while self.uplegal() and not blank_or_rbrace_re.match(item): - file += item - item = self.next() - self.next() - return file - - def scan_package_filenames(self): - # """We just read a \usepackage token. The next group will be - # interpreted as a list of filenames (without .sty) separated by commas. - # Return the list. - # """ - item = self.item - while self.uplegal() and blank_re.match(item): - item = self.next() - file = "" - if not "{" == item: - raise Error("\\usepackage not followed by brace.") - item = self.next() - while self.uplegal() and not blank_or_rbrace_re.match(item): - file += item - item = self.next() - self.next() - return file.split(",") - - -class Tex_stream(Stream): - - defs = ({}, {}) - defs_db = "x" - defs_db_file = "x.db" - debug = False - - def smart_tokenize(self, in_str, handle_inputs=False): - # """Returns a list of tokens. - # It may interpret and carry out all \input commands. - # """ - self.data = [] - text = self.data - isatletter=False - cs = Char_stream(in_str) - cs.reset() - if not cs.legal(): - raise Error("No string to tokenize.") - while cs.uplegal(): - if "%" == cs.item: - comment = cs.scan_comment_token() - text.append(Token(comment_ty, comment)) - elif "\\" != cs.item: - text.append(Token(simple_ty, cs.item)) - cs.next() - else: - cs.next() - name = cs.scan_escape_token(isatletter) - if "input" == name and handle_inputs: - file = cs.scan_input_filename() - to_add = self.process_if_newer(file) - text.extend(to_add) - elif "usepackage" == name: - while cs.uplegal() and blank_re.match(cs.item): - cs.next() - if "[" == cs.item: # private packages have no options - text.extend([Token(esc_str_ty, "usepackage"), - Token(simple_ty, "[")]) - cs.next() - continue - files = cs.scan_package_filenames() - i = 0 - while i < len(files): # process private packages - file = files[i] - p = file.rfind("-private") - if p < 0 or not len(file) - len("-private") == p: - i += 1 - continue - defs_db_file = file+".db" - self.add_defs(file) - del files[i:(i+1)] - if files: # non-private packages left - group_content = ",".join(files) - to_add_str = "\\usepackage{%s}" % (group_content) - to_add = tokenize(to_add_str) - text.extend(to_add) - else: - if isletter(name[0], isatletter): - token = Token(esc_str_ty, name) - else: - token = Token(esc_symb_ty, name) - text.append(token) - if "makeatletter" == name: - isatletter=True - elif "makeatother" == name: - isatletter=False - self.reset() - return self.data - - def smart_detokenize(self): - # """ - # Output is a string. - # If the list contains an \input{file} then the content of file - # file-clean.tex replaces it in the output. - # """ - self.reset() - if not self.legal(): - return "" - out = "" - previtem = None - while self.uplegal(): - item = self.item - # """Insert a separating space after an escape sequence if it is a - # string and is followed by a letter.""" - if (None != previtem and esc_str_ty == previtem.type - and simple_ty == item.type and isletter(item.val[0], False)): - out += " " - previtem = item - if not (esc_str_ty == item.type and "input" == item.val): - out += item.show() - self.next() - else: - self.next() - group = self.scan_group() - file = detokenize(group.val) - clean_file = "%s-clean.tex" % (file) - print("Reading file %s" % (clean_file)) - fp = open(clean_file,"r", encoding="utf-8") - content = fp.read() - fp.close() - out += content - return out - - # Basic tex scanning - - def skip_blank_tokens(self): # we also skip comment tokens. - item = self.item - while (self.uplegal() and - (comment_ty == item.type or - (simple_ty == item.type and blank_re.match(item.val)))): - item = self.next() - return item - - def scan_group(self): - """Returns group. - """ - if not self.legal(): - raise Error("No group to scan.") - item = self.item - if not (simple_ty == item.type and "{" == item.val): - return Group(token_ty, [self.item]) - count = 1 - group = [] - item = self.next() - while count and self.uplegal(): - if simple_ty == item.type: - if "{" == item.val: - count += 1 - elif "}" == item.val: - count -= 1 - if count != 0: - group.append(item) - item = self.next() - return Group(group_ty, group) - - # Command and environment definitions - - def scan_command_name(self): - # """Returns name. - # """ - if not self.legal(): - raise Error("No command name to scan.") - item = self.item - name = "" - if item.type in [esc_symb_ty, esc_str_ty]: - name = item.val - else: - if not "{" == item.val: - raise Error("Command definition misses first {.") - self.next() - item = self.skip_blank_tokens() - if not item.type in [esc_symb_ty, esc_str_ty]: - raise Error("Command definition does not begin with control sequence.") - name = item.val - self.next() - item = self.skip_blank_tokens() - if not "}" == item.val: - raise ("Definition for commmand %s misses first }., %s" % - (name, item.val)) - self.next() - self.skip_blank_tokens() - return name - - def scan_numargs(self, name): - # """ - # name is the name of the command or environment definition being - # scanned. - # Starts on a nonblank token. - # Returns numargs - # where numargs is the number of arguments in a command or environment - # definition, - # """ - if not self.legal(): - raise Error("No numargs to scan.") - item = self.item - numargs = 0 - if not simple_ty == item.type: - raise Error("Illegal command or environment definition: ")+name - if "[" == item.val: - if not 4 < len(self.data): - raise Error("Command or environment definition is illegal: ")+name - item = self.next() - if not simple_ty == item.type: - raise Error("Illegal command or environment definition: ")+name - numargs = item.val - if not pos_digit_re.match(numargs): - raise Error("%s must be argument number after %s") % (numargs, name) - numargs = int(numargs) - self.next() - item = self.skip_blank_tokens() - if not simple_ty == item.type: - raise Error("Illegal command definition: ")+name - if "]" != item.val: - raise Error("Illegal command definition: ")+name - self.next() - self.skip_blank_tokens() - return numargs - - def scan_command_def(self): - # """Scan a command definition. - # Return command_def. - # Assumes that the number of arguments is at most 9. - # """ - if not self.legal(): - raise Error("No command definition to scan.") - item = self.item - if not 2 < len(self.data): - raise Error("Command definition is illegal.") - # newcommand or renewcommand - if not item.type in [esc_symb_ty, esc_str_ty]: - raise Error("Command definition should begin with control sequence: ")+item.val - if item.val not in ["newcommand", "renewcommand"]: - raise Error("Command definition should begin with control sequence.") - self.next() - self.skip_blank_tokens() - - cmd_name = self.scan_command_name() - numargs = self.scan_numargs(cmd_name) - - body_group = self.scan_group() - if group_ty != body_group.type: - raise Error("Command body missing: ")+cmd_name - body_val = strip_comments(body_group.val) - return Command_def(cmd_name, numargs, body_val) - - def scan_env_name(self): - # """Starts on a {. - # Returns name. - # """ - if not self.legal(): - raise Error("No environment name to scan.") - item = self.item - if not "{" == item.val: - raise Error("Env. definition begins with %s, not with {") % (item.val) - self.next() - item = self.skip_blank_tokens() - name = "" - if not simple_ty == item.type: - raise ("1. Env. def. begins with cont. seq. %s, not with env.name." - % (item.val)) - while self.uplegal() and not blank_or_rbrace_re.match(item.val): - name += item.val - item = self.next() - if not simple_ty == item.type: - raise ("2. Env. def. begins with cont. seq. %s, not with env.name." - % (item.val)) - item = self.skip_blank_tokens() - if not "}" == item.val: - raise Error("Command definition does not begin with control sequence.") - self.next() - self.skip_blank_tokens() - return name - - def scan_env_def(self): - # """Scan an environment definition. - # Return env_def - # Assumes that the number of arguments is at most 9. - # """ - if not self.legal(): - raise Error("No environment definition to scan.") - item = self.item - if not 7 < len(self.data): - raise Error("Environment definition is illegal.") - pos = 0 - - if not item.type in [esc_symb_ty, esc_str_ty]: - raise ("Env. definition does not begin with control sequence:"+ - item.val) - if item.val not in ["newenvironment", "renewenvironment"]: - raise Error("Env. definition does not begin with control sequence.") - self.next() - self.skip_blank_tokens() - - env_name = self.scan_env_name() - numargs = self.scan_numargs(env_name) - self.skip_blank_tokens() - - begin_group = self.scan_group() - if group_ty != begin_group.type: - raise Error("Begin body missing: ")+env_name - begin_val = strip_comments(begin_group.val) - - self.skip_blank_tokens() - - end_group = self.scan_group() - if group_ty != end_group.type: - raise Error("End body missing:")+env_name - end_val = strip_comments(end_group.val) - - return Env_def(env_name, numargs, begin_val, end_val) - - def scan_defs(self): - if not self.legal(): - raise Error("No definitions to scan.") - self.reset() - command_defs, env_defs = self.defs - while self.uplegal(): - if (esc_str_ty == self.item.type - and self.item.val in ["newcommand", "renewcommand"]): - command_def = self.scan_command_def() - command_defs[command_def.name] = command_def - elif (esc_str_ty == self.item.type and self.item.val - in ["newenvironment", "renewenvironment"]): - env_def = self.scan_env_def() - env_defs[env_def.name] = env_def - else: - self.next() - - # Instances - - def scan_args(self, command_or_env_def): - # """Scan the arguments of a command or environment. - # Return [args]. - # """ - if not self.legal(): - raise Error("No arguments to scan.") - numargs = command_or_env_def.numargs - name = command_or_env_def.name - - args = [] - for i in range(numargs): - arg = [] - if not (simple_ty == self.item.type and "{" == self.item.val): - arg = [self.item] - self.next() - else: - group = self.scan_group() - arg = group.val - args.append(arg) - return args - - def scan_command(self, command_def): - # """Scan the arguments of a command. - # Return command_instance - # """ - if not self.legal(): - raise Error("No command to scan.") - if not self.item.type in [esc_symb_ty, esc_str_ty]: - raise Error("Command does not begin with control sequence.") - name = self.item.val - self.next() - if 0 < command_def.numargs: - self.skip_blank_tokens() - args = self.scan_args(command_def) - else: - args = [] - return Command_instance(name, args) - - def test_env_boundary(self, item): - # """Check whether an environment begin or end follows. - # Return 1 if \begin, -1 if \end, 0 otherwise. - # """ - d = 0 - if esc_str_ty == item.type: - if "begin"==item.val: - d = 1 - elif "end"==item.val: - d = -1 - return d - - def scan_env_begin(self): - # """Scan an environment name. - # Return env_name. - # """ - if not self.legal(): - raise Error("No environment begin to scan.") - item = self.item - if not (esc_str_ty == item.type and "begin" == item.val): - raise Error("Environment does not begin with begin.") - self.next() - name_group = self.scan_group() - name = detokenize(name_group.val) - return name - - def scan_env_end(self): - # """Scan an environment end. - # Return env_name. - # """ - if not self.legal(): - raise Error("No environment end to scan.") - item = self.item - if not (esc_str_ty == item.type and "end" == item.val): - raise Error("Environment does not end with end.") - self.next() - name_group = self.scan_group() - name = detokenize(name_group.val) - return name - - def scan_env_rest(self, env_def): - # """Scanning starts after \begin{envname}. - # Returns env_instance. - # """ - if not self.legal(): - raise Error("No environment rest to scan.") - count = 1 # We are already within a boundary. - args = self.scan_args(env_def) - body = [] - while count and self.uplegal(): - old_pos = self.pos - d = self.test_env_boundary(self.item) - count += d - if 1 == d: - self.scan_env_begin() - elif -1 == d: - self.scan_env_end() - else: - self.next() - if 0 < count: - body.extend(self.data[old_pos : self.pos]) - return Env_instance(env_def.name, args, body) - - # Definitions - - def restore_defs(self): - if os.path.isfile(self.defs_db_file): - print("Using defs db %s" % (self.defs_db_file)) - db_h = shelve.open(self.defs_db) - self.defs = db_h["defs"] - db_h.close() - - def save_defs(self): - db_h = shelve.open(self.defs_db) - if "defs" in db_h: - del db_h["defs"] - db_h["defs"] = self.defs - db_h.close() - - def add_defs(self, defs_file): - defs_file_compl = defs_file + ".sty" - if not os.path.isfile(defs_file_compl): - raise Error("%s does not exist") % (defs_file_compl) - - defs_db_file = self.defs_db_file - if newer(defs_db_file, defs_file_compl): - print("Using defs db %s for %s" % (defs_db_file, defs_file)) - else: - defs_fp = open(defs_file_compl, "r", encoding="utf-8") - defs_str = defs_fp.read() - defs_fp.close() - ds = Tex_stream() - ds.defs = self.defs - defs_text = ds.smart_tokenize(defs_str) - # changing ds.defs will change self.defs - if self.debug: - defs_seen_file = "%s-seen.sty" % (defs_file) - defs_seen_fp = open(defs_seen_file, "w", encoding="utf-8") - out = detokenize(defs_text) - defs_seen_fp.write(out) - defs_seen_fp.close() - ds.scan_defs() - if self.debug: - out = "" - command_defs, env_defs = self.defs - for def_name in command_defs.keys(): - out += command_defs[def_name].show() + "\n" - for def_name in env_defs.keys(): - out += env_defs[def_name].show() +"\n" - print("Definitions after reading %s:" % (defs_file)) - print(out) - - # Applying definitions, recursively - # (maybe not quite in Knuth order, so avoid tricks!) - - def subst_args(self, body, args): - out = [] - pos = 0 - while pos < len(body): - item = body[pos] - if not (simple_ty == item.type and "#" == item.val): - out.append(item) - pos += 1 - continue - pos += 1 - token = body[pos] - argnum = token.val - if not pos_digit_re.match(argnum): - raise Error("# is not followed by number.") - argnum = int(argnum) - if argnum > len(args): - raise Error("Too large argument number.") - arg = args[argnum-1] - out += arg - pos += 1 - return out - - def apply_command_recur(self, command_instance): - command_defs, env_defs = self.defs - name = command_instance.name - command_def = command_defs[name] - - args = command_instance.args - body = command_def.body - result = self.subst_args(body, args) - try: - result = self.apply_all_recur(result) - except (Empty_text_error, e): - raise Error("apply_all_recur fails on command instance %s: %s, %s") % \ - (command_instance.show(), detokenize(e.data), e.message) - return result - - def apply_env_recur(self, env_instance): - command_defs, env_defs = self.defs - name = env_instance.name - env_def = env_defs[name] - - begin, end = env_def.begin, env_def.end - body, args = env_instance.body, env_instance.args - out = self.subst_args(begin, args) + body + self.subst_args(end, args) - return self.apply_all_recur(out) - - - def apply_all_recur(self, data, report=False): - ts = Tex_stream(data) - ts.defs = self.defs - command_defs, env_defs = self.defs - out = [] - progress_step = 10000 - progress = progress_step - if not ts.legal(): - raise Empty_text_error(data, "No text to process.") - while ts.uplegal(): - if self.pos > progress: - if report: - print(self.pos) - progress += progress_step - if not ts.item.type in [esc_symb_ty, esc_str_ty]: - out.append(ts.item) - ts.next() - continue - if 1 == ts.test_env_boundary(ts.item): - old_pos = ts.pos - env_name = ts.scan_env_begin() - if not env_name in env_defs: - out.extend(ts.data[old_pos : ts.pos]) - continue - else: - env_def = env_defs[env_name] - env_instance = ts.scan_env_rest(env_def) - result = ts.apply_env_recur(env_instance) - out.extend(result) - elif not ts.item.val in command_defs: - out.append(ts.item) - ts.next() - continue - else: - command_def = command_defs[ts.item.val] - command_inst = ts.scan_command(command_def) - result = ts.apply_command_recur(command_inst) - out.extend(result) - return out - - - # Processing files - - def process_file(self, file): - # """Returns the new defs. - # """ - file = cut_extension(file, ".tex") - source_file = "%s.tex" % (file) - print("File %s [" % (source_file)) - source_fp = open(source_file, "r", encoding="utf-8") - text_str = source_fp.read() - source_fp.close() - - self.smart_tokenize(text_str, handle_inputs=True) - if not self.data: - raise Error("Empty tokenization result.") - self.reset() - - if self.debug: - source_seen_fname = "%s-seen.tex" % (file) - source_seen_fp = open(source_seen_fname, "w", encoding="utf-8") - source_seen_fp.write(detokenize(self.data)) - source_seen_fp.close() - - self.data = self.apply_all_recur(self.data, report=True) - - result_fname = "%s-clean.tex" % (file) - print("Writing %s [" % (result_fname)) - result_fp = open(result_fname, "w", encoding="utf-8") - result_fp.write(self.smart_detokenize()) - result_fp.close() - print("] file %s" % (result_fname)) - print("] file %s" % (source_file)) - - def process_if_newer(self, file): - # """ - # \input{file} is be added to the token list. - # If the input file is newer it is processed. - # Returns tokenized \input{file}. - # """ - file = cut_extension(file, ".tex") - tex_file = file+".tex" - clean_tex_file = file+"-clean.tex" - if newer(clean_tex_file, tex_file): - print("Using %s." % (clean_tex_file)) - else: - ts = Tex_stream() - ts.data = [] - ts.defs = self.defs - ts.process_file(file) - to_add = "\\input{%s}" % (file) - return tokenize(to_add) - - -# Main - -long_optlist = ["debug","defs="] -options, restargs = getopt_map("x", long_optlist) - -debug = False -if "--debug" in options: - debug = True - -root = restargs[0] -root = cut_extension(root, ".tex") -if "--defs" in options: - defs_root = options["--defs"] -else: - defs_root = "%s" % (root) -defs_db = defs_root -defs_db_file = defs_root+".db" - -ts = Tex_stream() -ts.defs_db = defs_db -ts.defs_db_file = defs_db_file -ts.debug = debug - -ts.restore_defs() -for root in restargs: - ts.process_file(root) - -print("(Re)creating defs db %s" % (defs_db)) -ts.save_defs() diff --git a/Resources/LaTeXInputs/unicode-subs-declare.tex b/economics.bib similarity index 100% rename from Resources/LaTeXInputs/unicode-subs-declare.tex rename to economics.bib diff --git a/sec_conclusion.tex b/sec_conclusion.tex deleted file mode 100644 index f2fcc85ad..000000000 --- a/sec_conclusion.tex +++ /dev/null @@ -1,10 +0,0 @@ -\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} -\input{subfile-start} - -\begin{document} -\hypertarget{conclusion}{} -\section{Conclusion} - -Many choices can be made for solving microeconomic dynamic stochastic optimization problems. The set of techniques, and associated code, described in these notes represents an approach that I have found to be powerful, flexible, and efficient, but other problems may require other techniques. For a much broader treatment of many of the issues considered here, see Judd~\citeyearpar{judd:book}. - -\end{document} diff --git a/sec_introduction.tex b/sec_introduction.tex deleted file mode 100644 index 7116492e6..000000000 --- a/sec_introduction.tex +++ /dev/null @@ -1,9 +0,0 @@ -\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} -\input{subfile-start} - -\begin{document} -\hypertarget{introduction}{} -\section{Introduction}\label{sec:introduction} - - These lecture notes provide a gentle introduction to a particular set of solution tools for the canonical consumption-saving/portfolio allocation problem. Specifically, the notes describe and solve optimization problems for a consumer facing uninsurable idiosyncratic risk to nonfinancial income (e.g., labor or transfer income), first without and then with optimal portfolio choice,\footnote{See \cite{merton:restat} and \cite{samuelson:portfolio} for a solution to the problem of a consumer whose only risk is rate-of-return risk on a financial asset; the combined case (both financial and nonfinancial risk) is solved below, and much more closely resembles the case with only nonfinancial risk than it does the case with only financial risk.} with detailed intuitive discussion of various mathematical and computational techniques that, together, speed the solution by many orders of magnitude. The problem is solved with and without liquidity constraints, and the infinite horizon solution is obtained as the limit of the finite horizon solution. After the basic consumption/saving problem with a deterministic interest rate is described and solved, an extension with portfolio choice between a riskless and a risky asset is also solved. Finally, a simple example shows how to use these methods (via the statistical `method of simulated moments' (MSM for short)) to estimate structural parameters like the coefficient of relative risk aversion (\textit{a la} Gourinchas and Parker~\citeyearpar{gpLifecycle} and Cagetti~\citeyearpar{cagettiWprofiles}). -\end{document} diff --git a/sec_method-of-moderation.pdf b/sec_method-of-moderation.pdf deleted file mode 100644 index e78b6288b..000000000 Binary files a/sec_method-of-moderation.pdf and /dev/null differ diff --git a/sec_method-of-moderation.tex b/sec_method-of-moderation.tex deleted file mode 100644 index 1df19cc38..000000000 --- a/sec_method-of-moderation.tex +++ /dev/null @@ -1,740 +0,0 @@ -\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} -\input{subfile-start} - -\begin{document} -\hypertarget{the-method-of-moderation}{} -\subsection{The Method of Moderation}\label{sec:method-of-moderation} - -\begin{verbatimwrite}{./cctwMoM/EndogGptsProbs.tex} - Unfortunately, this endogenous gridpoints solution is not very - well-behaved outside the original range of gridpoints targeted by - the solution method. (Though other common solution methods are no - better outside their own predefined ranges). - Figure~\ref{fig:ExtrapProblem} demonstrates the point by plotting - the amount of precautionary saving implied by a linear extrapolation - of our approximated consumption rule (the consumption of the perfect - foresight consumer $\cFuncAbove_{\prd-1}$ minus our approximation to - optimal consumption under uncertainty, $\Aprx{\cFunc}_{\prd-1}$). - Although theory proves that precautionary saving is always positive, - the linearly extrapolated numerical approximation eventually - predicts negative precautionary saving (at the point in the figure - where the extrapolated locus crosses the horizontal axis). - - \hypertarget{ExtrapProblemPlot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/ExtrapProblemPlot} - \caption{For Large Enough $m_{\prd-1}$, Predicted Precautionary Saving is Negative (Oops!)} - \label{fig:ExtrapProblem} - \end{figure} - - This error cannot be fixed by extending the upper gridpoint; in the presence of serious uncertainty, the consumption rule will need to be evaluated outside of \textit{any} prespecified grid (because starting from the top gridpoint, a large enough realization of the uncertain variable will push next period's realization of assets above that top; a similar argument applies below the bottom gridpoint). While a judicious extrapolation technique can prevent this problem from being fatal (for example by carefully excluding negative precautionary saving), the problem is often dealt with using inelegant methods whose implications for the accuracy of the solution are difficult to gauge. -\end{verbatimwrite} -\input{./cctwMoM/EndogGptsProbs.tex}\unskip - - -%\renewcommand{\prd}{t} % For the rest of the doc, use generic t vs t+1 - -\begin{verbatimwrite}{./cctwMoM/MoM-Prelims.tex} - As a preliminary to our solution, define $\hNrm_{\EndStg}$ as end-of-period human wealth (the present discounted value of future labor income) for a perfect foresight version of the problem of a `risk optimist:' a period-$t$ consumer who believes with perfect confidence that the shocks will always take their expected value of \permShkOn {1, $\TranShkEmp_{t+n} = \Ex[\TranShkEmp]=1~\forall~n>0$ and $\permShk_{t+n} = \Ex[\permShk]=1~\forall~n>0$.} {1, $\TranShkEmp_{t+n} = \Ex[\TranShkEmp]=1~\forall~n>0$.} The solution to a perfect foresight problem of this kind takes the form\footnote{For a derivation, see \cite{BufferStockTheory}; $\MPCmin_{\prd}$ is defined therein as the MPC of the perfect foresight consumer with horizon $\trmT-t$.} -\end{verbatimwrite} -\input{./cctwMoM/MoM-Prelims.tex}\unskip -\begin{verbatimwrite}{./Equations/cFuncAbove.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \cFuncAbove_{\prd}(\mNrm_{\prd}) & = (\mNrm_{\prd} + \hNrm_{\EndStg})\MPCmin_{\prd} \label{eq:cFuncAbove} - \end{aligned}\end{gathered}\end{equation} - for a constant minimal marginal propensity to consume $\MPCmin_{\prd}$ given below. -\end{verbatimwrite} -\input{./Equations/cFuncAbove.tex}\unskip - -\begin{verbatimwrite}{./cctwMoM/MoM-Words.tex} - We similarly define $\hEndMin_{\EndStg}$ as `minimal human wealth,' the - present discounted value of labor income if the shocks were to take on - their worst possible value in every future period \permShkOn - {$\TranShkEmp_{t+n} = \TranShkEmpMin ~\forall~n>0$ and $\permShk_{t+n} = - \permShkMin ~\forall~n>0$} {$\TranShkEmp_{t+n} = \TranShkEmpMin - ~\forall~n>0$} (which we define as corresponding to the beliefs of a - `pessimist'). - - \ctw{}{We will call a `realist' the consumer who correctly perceives the true - probabilities of the future risks and optimizes accordingly.} - - A first useful point is that, for the realist, a lower bound for the - level of market resources is $\ushort{m}_{\prd} = -\hEndMin_{\EndStg}$, because - if $m_{\prd}$ equalled this value then there would be a positive finite - chance (however small) of receiving \permShkOn - {$\TranShkEmp_{t+n}=\TranShkEmpMin$ and $\permShk_{t+n}=\permShkMin$} - {$\TranShkEmp_{t+n}=\TranShkEmpMin$} - in - every future period, which would require the consumer to set $c_{\prd}$ - to zero in order to guarantee that the intertemporal budget constraint - holds\ctw{.}{~(this is the multiperiod generalization of the discussion in - section \ref{subsec:LiqConstrSelfImposed} explaining the derivation of the `natural borrowing constraint' for period $\trmT-1$, - $\ushort{a}_{\prd-1}$).} Since consumption of zero yields negative - infinite utility, the solution to realist consumer's problem is not well - defined for values of $m_{\prd} < \ushort{m}_{\prd}$, and the limiting - value of the realist's $c_t$ is zero as $m_{\prd} \downarrow \ushort{m}_{\prd}$. - - Given this result, it will be convenient to define `excess' market - resources as the amount by which actual resources exceed the lower - bound, and `excess' human wealth as the amount by which mean expected human wealth - exceeds guaranteed minimum human wealth: - \begin{equation*}\begin{gathered}\begin{aligned} - \aboveMin \mNrm_{\prd} & = m_{\prd}+\overbrace{\hEndMin_{\EndStg}}^{=-\ushort{m}_{\prd}} - \\ \aboveMin \hNrm_{\EndStg} & = \hNrm_{\EndStg}-\hEndMin_{\EndStg}. - \end{aligned}\end{gathered}\end{equation*} - - We can now transparently define the optimal - consumption rules for the two perfect foresight problems, those of the - `optimist' and the `pessimist.' The `pessimist' perceives human - wealth to be equal to its minimum feasible value $\hEndMin_{\EndStg}$ with certainty, so - consumption is given by the perfect foresight solution - \begin{equation*}\begin{gathered}\begin{aligned} - \cFuncBelow_{\prd}(m_{\prd}) & = (m_{\prd}+\hEndMin_{\EndStg})\MPCmin_{\prd} - \\ & = \aboveMin \mNrm_{\prd}\MPCmin_{\prd} - . - \end{aligned}\end{gathered}\end{equation*} - - The `optimist,' on the other hand, pretends that there is no uncertainty - about future income, and therefore consumes - \begin{equation*}\begin{gathered}\begin{aligned} - \cFuncAbove_{\prd}(m_{\prd}) & = (m_{\prd} +\hEndMin_{\EndStg} - \hEndMin_{\EndStg} + \hNrm_{\EndStg} )\MPCmin_{\prd} - \\ & = (\aboveMin \mNrm_{\prd} + \aboveMin \hNrm_{\EndStg})\MPCmin_{\prd} - \\ & = \cFuncBelow_{\prd}(m_{\prd})+\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd} - . - \end{aligned}\end{gathered}\end{equation*} - - It seems obvious that the spending of the realist will be strictly greater - than that of the pessimist and strictly less than that of the - optimist. Figure~\ref{fig:IntExpFOCInvPesReaOptNeedHiPlot} illustrates the proposition for the consumption rule in period $\trmT-1$. -\end{verbatimwrite} -\input{./cctwMoM/MoM-Words.tex}\unskip -\begin{verbatimwrite}{\econtexRoot/Figures/IntExpFOCInvPesReaOptNeedHiPlot.tex} - \hypertarget{IntExpFOCInvPesReaOptNeedHiPlot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/IntExpFOCInvPesReaOptNeedHiPlot} - \caption{Moderation Illustrated: $\underline{\cFunc}_{\prd-1} < \Aprx{\cFunc}_{\prd-1} < \bar{\cFunc}_{\prd-1}$} - \label{fig:IntExpFOCInvPesReaOptNeedHiPlot} - \end{figure} -\end{verbatimwrite} -\input{./Figures//IntExpFOCInvPesReaOptNeedHiPlot.tex}\unskip -\begin{verbatimwrite}{./cctwMoM/MoM-Words-Rest.tex} - - \indent The proof is more difficult than might be imagined, but - the necessary work is done in \cite{BufferStockTheory} so we will take - the proposition as a fact and proceed by manipulating the inequality: -\end{verbatimwrite} -\input{./cctwMoM/MoM-Words-Rest.tex}\unskip - -\begin{verbatimwrite}{./Equations/MoM-Inequalities.tex} - - \begin{center} - \begin{tabular}{rcl} - $ \aboveMin \mNrm_{\prd} \MPCmin_{\prd} < $ & $ \cFunc_{\prd}(\ushort{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ $< (\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd} $ - \\ $- \aboveMin \mNrm_{\prd} \MPCmin_{\prd} > $ & $ -\cFunc_{\prd}(\ushort{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ & $> -(\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd} $ - \\ $ \aboveMin \hNrm_{\EndStg} \MPCmin_{\prd} > $ & $ \bar{\cFunc}_{\prd}(\ushort{m}_{\prd}+\aboveMin \mNrm_{\prd})-\cFunc_{\prd}(\ushort{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ & $> 0$ - \\ $1 > $ & $ \underbrace{\left(\frac{\bar{\cFunc}_{\prd}(\ushort{m}_{\prd}+\aboveMin \mNrm_{\prd})-\cFunc_{\prd}(\ushort{m}_{\prd}+\aboveMin \mNrm_{\prd})}{\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd}}\right)}_{\equiv \Hi{\koppa}_{\prd}} $ & $> 0$ - \end{tabular} - \end{center} -\end{verbatimwrite} -\input{./Equations/MoM-Inequalities.tex}\unskip - -\begin{verbatimwrite}{./cctwMoM/MoM-Inequalities-Describe.tex} - \noindent where the fraction in the middle of the last inequality is the ratio - of actual precautionary saving (the numerator is the difference - between perfect-foresight consumption and optimal consumption in the - presence of uncertainty) to the maximum conceivable amount of - precautionary saving (the amount that would be undertaken by the - pessimist who consumes nothing out of any future income beyond the perfectly certain component). -\end{verbatimwrite} -\input{./cctwMoM/MoM-Inequalities-Describe.tex}\unskip - -\begin{verbatimwrite}{./Equations/MoM-KoppaOfMu.tex} - Defining $\mu_{\prd} = - \log \aboveMin \mNrm_{\prd}$ (which can range from $-\infty$ to $\infty$), the object in the middle of the last inequality is - \begin{equation}\begin{gathered}\begin{aligned} - \Hi{\koppa}_{\prd}(\mu_{\prd}) & \equiv \left(\frac{\bar{\cFunc}_{\prd}(\ushort{m}_{\prd}+e^{\mu_{\prd}})-\cFunc_{\prd}(\ushort{m}_{\prd}+e^{\mu_{\prd}})}{\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd}}\right), \label{eq:koppa} - \end{aligned}\end{gathered}\end{equation} - and we now define - \begin{equation}\begin{gathered}\begin{aligned} - \Hi{\chiFunc}_{\prd}(\mu_{\prd}) & = \log \left(\frac{1-\Hi{\koppa}_{\prd}(\mu_{\prd})}{\Hi{\koppa}_{\prd}(\mu_{\prd})}\right) - \\ & = \log \left(1/\Hi{\koppa}_{\prd}(\mu_{\prd})-1\right) \label{eq:chi} - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/MoM-KoppaOfMu.tex}\unskip -\begin{verbatimwrite}{./cctwMoM/MoM-KoppaOfMu-Describe.tex} - which has the virtue that it is linear in the limit as $\mu_{\prd}$ approaches $+\infty$. - - Given $\Hi{\chiFunc}$, the consumption function can be recovered from -\end{verbatimwrite} -\input{./cctwMoM/MoM-KoppaOfMu-Describe.tex}\unskip -\begin{verbatimwrite}{./Equations/cFuncHi.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \Hi{\cFunc}_{\prd} & = \bar{\cFunc}_{\prd}-\overbrace{\left(\frac{1}{1+\exp(\Hi{\chiFunc}_{\prd})}\right)}^{=\Hi{\koppa}_{\prd}} \aboveMin \hNrm_{\EndStg} \MPCmin_{\prd}. \label{eq:cFuncHi} - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/cFuncHi.tex}\unskip - -\mu -\begin{verbatimwrite}{./cctwMoM/MoM-End.tex} - Thus, the procedure is to calculate $\Hi{\chiFunc}_{\prd}$ at the points - $\vctr{\mu}_{\prd}$ corresponding to the log of the $\aboveMin - \vctr{m}_{\prd}$ points defined above, and then using these to construct an - interpolating approximation $\Aprx{\Hi{\chiFunc}}_{\prd}$ from which we indirectly obtain our - approximated consumption rule $\Aprx{\Hi{\cFunc}}_{\prd}$ by substituting $\Aprx{\Hi{\chiFunc}}_{\prd}$ for $\Hi{\chiFunc}$ in equation \eqref{eq:cFuncHi}. - - Because this method relies upon the fact that the problem is easy to - solve if the decision maker has unreasonable views (either in the - optimistic or the pessimistic direction), and because the correct - solution is always between these immoderate extremes, we call our - solution procedure the `method of moderation.' - - Results are shown in Figure~\ref{fig:ExtrapProblemSolved}; a reader - with very good eyesight might be able to detect the barest hint of a - discrepancy between the Truth and the Approximation at the far - righthand edge of the figure\ctw{.}{ -- a stark contrast with the calamitous - divergence evident in Figure~\ref{fig:ExtrapProblem}.}{} - \hypertarget{ExtrapProblemSolvedPlot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/ExtrapProblemSolvedPlot} - \caption{Extrapolated $\Aprx{\Hi{\cFunc}}_{\prd-1}$ Constructed Using the Method of Moderation} - \label{fig:ExtrapProblemSolved} - \end{figure} -\end{verbatimwrite} -\input{./cctwMoM/MoM-End.tex}\unskip - -\hypertarget{approximating-the-slope-too}{} -\subsection{Approximating the Slope Too} - - -Until now, we have calculated the level of consumption at various different gridpoints and used linear interpolation\ctw{.}{ (either directly for $\cFunc_{\prd-1}$ or indirectly for, say, $\Hi{\chiFunc}_{\prd-1}$).} But the resulting piecewise linear approximations have the unattractive feature that they are not differentiable at the `kink points' that correspond to the gridpoints where the slope of the function changes discretely. - - - -\cite{BufferStockTheory} proves that the true consumption function for -this problem -is `smooth:' It -exhibits a well-defined unique marginal propensity to consume at every -positive value of $m$. This suggests that we should calculate, not -just the level of consumption, but also the marginal propensity to -consume (henceforth $\MPC$) at each gridpoint, and then find an -interpolating approximation that smoothly matches both the level and the slope -at those points. - -This requires us to differentiate \eqref{eq:koppa} and \eqref{eq:chi}, yielding -\begin{equation}\begin{gathered}\begin{aligned} - \Hi{\koppa}_{\prd}^{\mu}(\mu_{\prd}) & = (\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd})^{-1}e^{\mu_{\prd}}\left(\MPCmin_{\prd}-\overbrace{\cFunc^{\mNrm}_{\prd}(\ushort{m}_{\prd}+e^{\mu_{\prd}})}^{\equiv \MPCFunc_{\prd}(\mNrm_{\prd})}\right) \label{eq:koppaPrime} - \\ \Hi{\chiFunc}_{\prd}^{\mu}(\mu_{\prd}) & = \left(\frac{-\Hi{\koppa}_{\prd}^{\mu}(\mu_{\prd})/\Hi{\koppa}_{\prd}^{2}}{1/\Hi{\koppa}_{\prd}(\mu_{\prd})-1}\right) - \end{aligned}\end{gathered}\end{equation} -and (dropping arguments) with some algebra these can be combined to yield -\begin{equation}\begin{gathered}\begin{aligned} - \Hi{\chiFunc}_{\prd}^{\mu} & = \left(\frac{\MPCmin_{\prd} \aboveMin \mNrm_{\prd} \aboveMin \hNrm_{\EndStg} (\MPCmin_{\prd}-\MPC_{\prd})} - {(\cFuncAbove_{\prd}-\cFunc_{\prd})(\cFuncAbove_{\prd}-\cFunc_{\prd} - \MPCmin_{\prd} \aboveMin \hNrm_{\EndStg})}\right). - \end{aligned}\end{gathered}\end{equation} - -To compute the vector of values of \eqref{eq:koppaPrime} corresponding -to the points in $\vctr{\mu}_{\prd}$, we need the marginal propensities to -consume (designated $\MPC$) at each of the gridpoints, -$\cFunc^{\mNrm}_{\prd}$ (the vector of such values is -$\vctr{\MPC}_{\prd}$). These can be obtained by differentiating the -Euler equation \eqref{eq:upEqbetaOp} (where we define -$\mFunc_{\EndStg}(a) \equiv \cFunc_{\EndStg}(a)+{a}$, and drop the (a) arguments to reduce clutter): -\begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{c}(\cFunc_{\EndStg}) & = \hat{\vFunc}_{\EndStg}^{\aNrm}(\mFunc_{\EndStg}-\cFunc_{\EndStg}), - \end{aligned}\end{gathered}\end{equation} -yielding a marginal propensity to -\textit{have consumed} $\cFunc_{\EndStg}^{\aNrm}$ at each gridpoint: -\begin{equation}\begin{gathered}\begin{aligned} - \uPP(\cEndStg)\cEndStg^\aNrm & = \hat{\vFunc}_{\EndStg}^{\aNrm}(\mFunc_{\EndStg}-\cFunc_{\EndStg}) - \\ \cEndStg^\aNrm & = \hat{\vFunc}^{\aNrm}(\mFunc_{\EndStg}-\cFunc_{\EndStg})/\uPP(\cEndStg) - \end{aligned}\end{gathered}\end{equation} -and the marginal propensity to consume at the beginning of the period is obtained from the marginal propensity to have consumed by differentiating the identity with respect to $\aNrm$: -\begin{equation*}\begin{gathered}\begin{aligned} - \cEndStg & = \mFunc_{\EndStg} - \aNrm - \\ \cEndStg^{\aNrm}+1 & = \mFunc_{\EndStg}^{\aNrm} - \end{aligned}\end{gathered}\end{equation*} -which, together with the chain rule $\cEndStg^\aNrm = \cFunc^{\mNrm}_{\MidStg}\mFunc_{\EndStg}^{\aNrm}$, yields the MPC from -\begin{equation}\begin{gathered}\begin{aligned} - \cFunc^{\mNrm}(\overbrace{\cEndStg^{\aNrm}+1}^{=\mFunc_{\EndStg}^{\aNrm}}) & = \cEndStg^{\aNrm} - \\ \cFunc^\mNrm & = \cEndStg^{\aNrm}/(1+\cEndStg^{\aNrm}) \label{eq:MPCfromMPTHC}. - \end{aligned}\end{gathered}\end{equation} - - -Designating $\Aprx{\Hi{\cFunc}}_{\prd-1}$ as the approximated consumption rule obtained using an interpolating polynomial approximation to $\Hi{\chiFunc}$ that matches both the level and the first derivative at the gridpoints, Figure~\ref{fig:IntExpFOCInvPesReaOptGapPlot} plots the difference between this latest approximation and the true consumption rule for period $\trmT-1$ up to the same large value (far beyond the largest gridpoint) used in prior figures. Of course, at the gridpoints the approximation will exactly match the true function; but this figure illustrates that the approximation is quite accurate far beyond the last gridpoint (which is the last point at which the difference touches the horizontal axis). (We plot here the difference between the two functions rather than the level plotted in previous figures, because in levels the difference between the approximate and the exact function would not be detectable even to the most eagle-eyed reader.) - - - -\hypertarget{IntExpFOCInvPesReaOptGapPlot}{} -\begin{figure} - \includegraphics[width=6in]{./Figures/IntExpFOCInvPesReaOptGapPlot} - \caption{Difference Between True $\cFunc_{\prd-1}$ and $\Aprx{\Hi{\cFunc}}_{\prd-1}$ Is Minuscule} - \label{fig:IntExpFOCInvPesReaOptGapPlot} -\end{figure} - - - - -\hypertarget{value}{} -\subsection{Value} - -\begin{verbatimwrite}{./cctwMoM/value-Intro.tex} - - Often it is useful to know the value function as well as the consumption rule. Fortunately, many of the tricks used when solving for the consumption rule have a direct analogue in approximation of the value function. - - Consider the perfect foresight (or ``optimist's'') problem in period $\trmT-1$. Using the fact that in a perfect foresight model the growth factor for consumption is $(\Rfree \DiscFac)^{1/\CRRA}$, we can use the fact that $\cNrm_{\prd} = (\Rfree \DiscFac)^{1/\CRRA} \cNrm_{\prd-1}$ to calculate the value function in period $\trmT-1$: - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vFunc}_{\prd-1}(m_{\prd-1}) & \equiv \uFunc(\cNrm_{\prd-1})+\DiscFac \uFunc(\cNrm_{\prd}) - \\ & = \uFunc(\cNrm_{\prd-1})\left(1+\DiscFac ((\DiscFac\Rfree)^{1/\CRRA})^{1-\CRRA}\right) - % \\ & = \uFunc(\cNrm_{\prd-1})\left(1+\DiscFac (\DiscFac\Rfree)^{1/\CRRA-1}\right) - \\ & = \uFunc(\cNrm_{\prd-1})\left(1+(\DiscFac\Rfree)^{1/\CRRA}/\Rfree\right) - \\ & = \uFunc(\cNrm_{\prd-1})\underbrace{\mbox{PDV}_{\prd}^{T}(\cNrm)/\cNrm_{\prd-1}}_{\equiv \PDVCoverc_{\prd-1}^{T}} - \end{aligned}\end{gathered}\end{equation*} - where $\PDVCoverc_{\prd}^{T}=\mbox{PDV}_{\prd}^{T}(\cNrm)$ is the present discounted value of consumption, normalized by current consumption. Using the fact demonstrated in \cite{BufferStockTheory} that $\PDVCoverc_{\prd}=\MPC^{-1}_{\prd}$, a similar function can be constructed recursively for earlier periods, yielding the general expression \hypertarget{vFuncPF}{} -\end{verbatimwrite} -\input{./cctwMoM/value-Intro.tex}\unskip -\begin{verbatimwrite}{./Equations/vFuncPF.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \bar{\vFunc}_{\prd}(m_{\prd}) & = \uFunc(\bar{\cNrm}_{\prd})\PDVCoverc_{\prd}^{T}\label{eq:vFuncPF} - \\ & = \uFunc(\bar{c}_{\prd}) \MPCmin_{\prd}^{-1} % 20190820 - \\ & = \uFunc((\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd}) \MPCmin_{\prd}^{-1} % 20190820 - \\ & = \uFunc(\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd}^{1-\CRRA} \MPCmin_{\prd}^{-1} % 20190820 - \\ & = \uFunc(\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd}^{-\CRRA} % 20190820 - \end{aligned}\end{gathered}\end{equation} - - This can be transformed as - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vInv}_{\prd} & \equiv \left((1-\CRRA)\bar{\vFunc}_{\prd}\right)^{1/(1-\CRRA)} - \\ & = \cNrm_{\prd}(\PDVCoverc_{\prd}^{T})^{1/(1-\CRRA)} - \\ & = (\aboveMin \mNrm_{\prd}+\aboveMin \hNrm_{\EndStg})\MPCmin_{\prd}^{-\CRRA/(1-\CRRA)} % 20190820 - \end{aligned}\end{gathered}\end{equation*} -\end{verbatimwrite} -\input{./Equations/vFuncPF.tex}\unskip -\begin{verbatimwrite}{./cctwMoM/value-Rest.tex} - \MPCMatch{with derivative - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vInv}_{\prd}^m & = (\mathbb{C}_{\prd}^{T})^{1/(1-\CRRA)}\MPCmin_{\prd}, - \\ & = \MPCmin_{\prd}^{-\CRRA/(1-\CRRA)} % 20190820 - \end{aligned}\end{gathered}\end{equation*}}{} - and since $\PDVCoverc_{\prd}^{T}$ is a constant while the consumption - function is linear, $\bar{\vInv}_{\prd}$ will also be linear. - - We apply the same transformation to the value function for the problem with uncertainty (the ``realist's'' problem)\MPCMatch{ and differentiate}: - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vInv}_{\prd} & = \left((1-\CRRA)\bar{\vFunc}_{\prd}(m_{\prd})\right)^{1/(1-\CRRA)} - \MPCMatch{\\ \bar{\vInv}^{m}_{\prd} & = \left((1-\CRRA)\bar{\vFunc}_{\prd}(m_{\prd})\right)^{-1+1/(1-\CRRA)}\bar{\vFunc}_{\prd}^{m}(m_{\prd})}{} - \end{aligned}\end{gathered}\end{equation*} - and an excellent approximation to the value function can be obtained by - calculating the values of $\bar{\vInv}$ at the same gridpoints used by the - consumption function approximation, and interpolating among those points. - - However, as with the consumption approximation, we can do even better if we - realize that the $\bar{\vInv}$ function for the optimist's problem is - an upper bound for the ${\vInv}$ function in the presence of uncertainty, and the value function - for the pessimist is a lower bound. Analogously to \eqref{eq:koppa}, define an upper-case - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\Koppa}_{\prd}(\mu_{\prd}) & = \left(\frac{\bar{\vInv}_{\prd}(\ushort{m}_{\prd}+e^{\mu_{\prd}})-\vInv_{\prd}(\ushort{m}_{\prd}+e^{\mu_{\prd}})}{\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd} (\PDVCoverc_{\prd}^{T})^{1/(1-\CRRA)}}\right) \label{eq:Koppa} - \end{aligned}\end{gathered}\end{equation} - \MPCMatch{with derivative (dropping arguments) - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\Koppa}_{\prd}^{\mu} & = (\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd} (\PDVCoverc_{\prd}^{T})^{1/(1-\CRRA)})^{-1}e^{\mu_{\prd}}\left(\bar{\vInv}^{m}_{\prd}-\vInv^{m}_{\prd}\right) \label{eq:KoppaPrime} - % \\ & = (\aboveMin \hNrm_{\EndStg} \MPCmin_{\prd})^{-1}e^{\mu_{\prd}}\left((\PDVCoverc_{\prd}^{T})^{1/(1-\CRRA)}\MPCmin_{\prd}-\left((1-\CRRA)\vFunc_{\prd}(m_{\prd})\right)^{-1+1/(1-\CRRA)}\vFunc_{\prd}^{m}(m_{\prd})\right) \notag - \end{aligned}\end{gathered}\end{equation}}{} - and an upper-case version of the $\chiFunc$ equation in \eqref{eq:chi}: - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\Chi}_{\prd}(\mu_{\prd}) & = \log \left(\frac{1-\hat{\Koppa}_{\prd}(\mu_{\prd})}{\hat{\Koppa}_{\prd}(\mu_{\prd})}\right) - \\ & = \log \left(1/\hat{\Koppa}_{\prd}(\mu_{\prd})-1\right) \label{eq:Chi} - \end{aligned}\end{gathered}\end{equation} - \MPCMatch{with corresponding derivative - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\Chi}_{\prd}^{\mu} & = \left(\frac{-\hat{\Koppa}_{\prd}^{\mu}/\hat{\Koppa}_{\prd}^{2}}{1/\hat{\Koppa}_{\prd}-1}\right) - \end{aligned}\end{gathered}\end{equation}}{} - and if we approximate these objects then invert them (as above with - the $\Hi{\koppa}$ and $\Hi{\chiFunc}$ functions) we obtain a very high-quality - approximation to our inverted value function at the same points for - which we have our approximated value function: - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\vInv}_{\prd} & = \bar{\vInv}_{\prd}-\overbrace{\left(\frac{1}{1+\exp(\hat{\Chi}_{\prd})}\right)}^{=\hat{\Koppa}_{\prd}} \aboveMin \hNrm_{\EndStg} \MPCmin_{\prd} (\PDVCoverc_{\prd}^{T})^{1/(1-\CRRA) } - \end{aligned}\end{gathered}\end{equation} - from which we obtain our approximation to the value function\MPCMatch{ and its derivatives~}~as \hypertarget{vHatFunc}{} - \begin{equation}\begin{gathered}\begin{aligned} - \hat{\vFunc}_{\prd} & = \uFunc(\hat{\vInv}_{\prd}) - \\ \hat{\vFunc}^{m}_{\prd} & = \uFunc^{c}(\hat{\vInv}_{\prd}) \hat{\vInv}^{m} - \MPCMatch{\\ \hat{\vFunc}^{mm}_{\prd} & = \uFunc^{c{c}}(\hat{\vInv}_{\prd}) (\hat{\vInv}^{m})^{2} + \uFunc^{c}(\hat{\vInv}_{\prd})\hat{\vInv}^{mm}}{} - . - \end{aligned}\end{gathered}\end{equation} - - Although a linear interpolation that matches the level of $\vInv$ at the gridpoints is simple, a Hermite interpolation that matches both the level and the derivative of the $\bar{\vInv}_{\prd}$ function at the gridpoints has the considerable virtue that the $\bar{\vFunc}_{\prd}$ derived from it numerically satisfies the envelope theorem at each of the gridpoints for which the problem has been solved. - - \MPCMatch{If we use the double-derivative calculated above to produce a higher-order Hermite polynomial, our approximation will also match - marginal propensity to consume at the gridpoints; this would - guarantee that the consumption function generated from the value - function would match both the level of consumption and the - marginal propensity to consume at the gridpoints; the numerical - differences between the newly constructed consumption function and - the highly accurate one constructed earlier would be negligible - within the grid.}{} - -\end{verbatimwrite} -\input{./cctwMoM/value-Rest.tex}\unskip - -\hypertarget{refinement-a-tighter-upper-bound}{} -\subsection{Refinement: A Tighter Upper Bound} -\begin{verbatimwrite}{./cctwMoM/Tighter.tex} - \cite{BufferStockTheory} derives an upper limit $\MPCmax_{\prd}$ for the MPC as $m_{\prd}$ - approaches its lower bound. Using this - fact plus the strict concavity of the consumption function yields the - proposition that - \begin{equation}\begin{gathered}\begin{aligned} - \cFunc_{\prd}(\ushort{m}_{\prd}+\aboveMin \mNrm_{\prd}) & < \MPCmax_{\prd} \aboveMin \mNrm_{\prd}. - \end{aligned}\end{gathered}\end{equation} - - The solution method described above does not guarantee that - approximated consumption will respect this constraint between gridpoints, and a failure to - respect the constraint can occasionally cause computational problems in solving - or simulating the model. Here, we - describe a method for constructing an approximation that always - satisfies the constraint. - - \begin{comment} % Old text needs to be revised or eliminated - That is, the realist's consumption function is bounded from above by both - the \textit{unconstrained} optimist's problem already treated, as well as - by the \textit{constrained} optimist's problem, which is a 45 degree line - originating from $\ushort{m}_{\prd}$ on the $m$-axis, as shown in - Figure~\ref{fig:IntExpFOCInvPesReaOptNeed45Plot}. The same is true for - the value function, as illustrated in Figure - \ref{fig:IntExpFOCInvPesReaOptNeed45ValuePlot}. - - \hypertarget{IntExpFOCInvPesReaOptNeed45Plot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/IntExpFOCInvPesReaOptNeed45Plot} - \caption{45 Degree Line as Another Upper Bound} - \label{fig:IntExpFOCInvPesReaOptNeed45Plot} - \end{figure} - - \hypertarget{IntExpFOCInvPesReaOptNeed45ValuePlot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/IntExpFOCInvPesReaOptNeed45ValuePlot} - \caption{A Constrained Optimist's Value Function as Another Upper Bound} - \label{fig:IntExpFOCInvPesReaOptNeed45ValuePlot} - \end{figure} - - \end{comment} - - \newcommand{\mtCusp}{\ensuremath{\mNrm_{\prd}^{\#}}} - % \newcommand{\aboveMin \mtCusp}{\ensuremath{\aboveMin \mNrm_{\prd}^{\#}}} -\end{verbatimwrite} -\input{./cctwMoM/Tighter.tex}\unskip - -\begin{verbatimwrite}{./Equations/mtCusp.tex} - Defining $\mtCusp$ as the `cusp' point where the two upper bounds - intersect: - \begin{equation*}\begin{gathered}\begin{aligned} - \left(\aboveMin \mtCusp+\aboveMin \hNrm_{\EndStg}\right)\MPCmin_{\prd} & = \MPCmax_{\prd} \aboveMin \mtCusp \\ - \aboveMin \mtCusp & = \frac{\MPCmin_{\prd}\aboveMin \hNrm_{\EndStg}}{(1-\MPCmin_{\prd})\MPCmax_{\prd}} \\ - \mtCusp & = \frac{\MPCmin_{\prd}\hNrm_{\EndStg}-\hEndMin_{\EndStg}}{(1-\MPCmin_{\prd})\MPCmax_{\prd}}, - \end{aligned}\end{gathered}\end{equation*} -\end{verbatimwrite} -\input{./Equations/mtCusp.tex}\unskip -\begin{verbatimwrite}{./Equations/TighterUpperBound.tex} - we want to construct a consumption function for $m_{\prd} \in (\ushort{m}_{\prd}, \mtCusp]$ that respects the - tighter upper bound: - \begin{center} - \begin{tabular}{rcl} - $ \aboveMin \mNrm_{\prd} \MPCmin_{\prd} < $ & $ \cFunc_{\prd}(\ushort{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ $< \MPCmax_{\prd} \aboveMin \mNrm_{\prd} $ - % \\ $-\aboveMin \mNrm_{\prd} \MPCmin_{\prd} > $ & $ -\cFunc_{\prd}(\ushort{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ & $> -\aboveMin \mNrm_{\prd} $ - \\ $ \aboveMin \mNrm_{\prd}(\MPCmax_{\prd}- \MPCmin_{\prd}) > $ & $ \MPCmax_{\prd} \aboveMin \mNrm_{\prd}-\cFunc_{\prd}(\ushort{m}_{\prd}+\aboveMin \mNrm_{\prd}) $ & $> 0$ - \\ $1 > $ & $ \left(\frac{\MPCmax_{\prd} \aboveMin \mNrm_{\prd}-\cFunc_{\prd}(\ushort{m}_{\prd}+\aboveMin \mNrm_{\prd})}{\aboveMin \mNrm_{\prd}(\MPCmax_{\prd}- \MPCmin_{\prd})}\right) $ & $> 0$. - \end{tabular} - \end{center} -\end{verbatimwrite} -\input{./Equations/TighterUpperBound.tex}\unskip - -\begin{verbatimwrite}{./Equations/koppaLo.tex} - Again defining $\mu_{\prd} =\log \aboveMin \mNrm_{\prd}$, the object in the middle of the inequality is - \begin{equation*}\begin{gathered}\begin{aligned} - \Lo{\koppa}_{\prd}(\mu_{\prd}) & \equiv \frac{\MPCmax_{\prd}-\cFunc_{\prd}(\ushort{m}_{\prd}+e^{\mu_{\prd}})e^{-\mu_{\prd}}}{\MPCmax_{\prd}-\MPCmin_{\prd}} \label{eq:koppaL} - \MPCMatch{\\ \Lo{\koppa}^{\mu}_{\prd}(\mu_{\prd}) & = \frac{\cFunc_{\prd}(\ushort{m}_{\prd}+e^{\mu_{\prd}})e^{-\mu_{\prd}}-\MPCFunc_{\prd}^{m}(\ushort{m}_{\prd}+e^{\mu_{\prd}})}{\MPCmax_{\prd}-\MPCmin_{\prd}}}{} . - \end{aligned}\end{gathered}\end{equation*} -\end{verbatimwrite} -\input{./Equations/koppaLo.tex}\unskip - -\begin{verbatimwrite}{./cctwMoM/TighterThreeFuncs.tex} - As $m_{\prd}$ approaches - $-\ushort{m}_{\prd}$, $\Lo{\koppa}_{\prd}(\mu_{\prd})$ converges to zero, while as $m_{\prd}$ - approaches $+\infty$, $\Lo{\koppa}_{\prd}(\mu_{\prd})$ approaches $1$. - - As before, we can derive an approximated consumption function; call it $\Aprx{\Lo{\cFunc}}_{\prd}$. This function will clearly do a better job approximating the consumption function for low values of $\mNrm_{\prd}$ while the previous approximation will perform better for high values of $\mNrm_{\prd}$. - - For middling values of $\mNrm$ it is not clear which of these functions will perform better. However, an alternative is available which performs well. Define the highest gridpoint below $\mtCusp$ as $\bar{\check{\mNrm}}_{\prd}^{\#}$ and the lowest gridpoint above $\mtCusp$ as $\ushort{\hat{\mNrm}}_{\prd}^{\#}$. Then there will be a unique interpolating polynomial that matches the level and slope of the consumption function at these two points. Call this function $\tilde{\cFunc}_{\prd}(\mNrm)$. - - Using indicator functions that are zero everywhere except for specified intervals, -\end{verbatimwrite} -\input{./cctwMoM/TighterThreeFuncs.tex}\unskip -\begin{verbatimwrite}{./Equations/TighterThreeEqns.tex} - \begin{equation*}\begin{gathered}\begin{aligned} - \vctr{1}_{\text{Lo}}(\mNrm) & = 1 \text{~if $ \mNrm \leq \bar{\check{\mNrm}}_{\prd}^{\#} \phantom{< \mNrm < \ushort{\hat{\mNrm}}_{\prd}^{\#} \leq \mNrm}$} - \\ \vctr{1}_{\text{Mid}}(\mNrm) & = 1 \text{~if $\phantom{ \mNrm \leq}~ \bar{\check{\mNrm}}_{\prd}^{\#} < \mNrm < \ushort{\hat{\mNrm}}_{\prd}^{\#} \phantom{\leq \mNrm}$} - \\ \vctr{1}_{\text{Hi}}(\mNrm) & = 1 \text{~if $\phantom{ \mNrm \leq ~\bar{\check{\mNrm}}_{\prd}^{\#} < \mNrm < } \ushort{\hat{\mNrm}}_{\prd}^{\#} \leq \mNrm$} - \end{aligned}\end{gathered}\end{equation*} - we can define a well-behaved approximating consumption function - \begin{equation}\begin{gathered}\begin{aligned} - \Aprx{\cFunc}_{\prd} & = \vctr{1}_{\text{Lo}} \Aprx{\Lo{\cFunc}}_{\prd} + \vctr{1}_{\text{Mid}} \Aprx{\tilde{\cFunc}}_{\prd}+\vctr{1}_{\text{Hi}} \Aprx{\Hi{\cFunc}}_{\prd}. - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/TighterThreeEqns.tex}\unskip - -\begin{verbatimwrite}{./cctwMoM/TighterThreeFuncsExplain.tex} - This just says that, for each interval, we use the approximation that - is most appropriate. The function is continuous and - once-differentiable everywhere, and is therefore well behaved for - computational purposes. - \begin{comment} - In practice, in our problem the difference due to this refinement is displayed in Figure \ref{fig:IntExpFOCInvPesReaOpt45GapPlot}. - \hypertarget{IntExpFOCInvPesReaOpt45GapPlot}{} - \begin{figure} - \includegraphics[width=6in]{./Figures/IntExpFOCInvPesReaOpt45GapPlot} - \caption{Difference Between $\Aprx{\Hi{\cFunc}}_{L, T-1}$ and $\Aprx{\Hi{\cFunc}}_{H,T-1}$ is Small} - \label{fig:IntExpFOCInvPesReaOpt45GapPlot} - \end{figure} - \end{comment} - - We now construct an upper-bound value function implied for a consumer whose spending behavior is consistent with the refined upper-bound consumption rule. - - For $\mNrm_{\prd} \geq \mNrm_{\prd}^{\#}$, this consumption rule is the same as before, - so the constructed upper-bound value function is also the same. However, for - values $\mNrm_{\prd} < \mNrm_{\prd}^{\#}$ matters are slightly more complicated. - - Start with the fact that at the cusp point, - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vFunc}_{\prd}(\mtCusp) & = \uFunc(\bar{\cNrm}_{\prd}(\mtCusp))\PDVCoverc_{\prd}^T \\ - & = \uFunc(\aboveMin \mtCusp \MPCmax_{\prd})\PDVCoverc_{\prd}^{T} - . - \end{aligned}\end{gathered}\end{equation*} - - But for \textit{all} $\mNrm_{\prd}$, - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vFunc}_{\prd}(\mNrm) & = \uFunc(\bar{\cNrm}_{\prd}(\mNrm))+ \bar{\vEnd}(\mNrm-\bar{\cNrm}_{\prd}(\mNrm)), - \end{aligned}\end{gathered}\end{equation*} - and we assume that for the consumer below the cusp point consumption is given by $\MPCmax \aboveMin \mNrm_{\prd}$ so for $\mNrm_{\prd}< \mtCusp$ - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vFunc}_{\prd}(\mNrm) & = \uFunc( \MPCmax_{\prd} \aboveMin \mNrm)+ \bar{\vEnd}((1-\MPCmax_{\prd})\aboveMin \mNrm), - \end{aligned}\end{gathered}\end{equation*} - which is easy to compute because $\bar{\vEnd}(\aNrm_{\prd}) = \DiscFac \bar{\vFunc}_{\prd+1}(\aNrm_{\prd}\RNrm+1)$ where $\bar{\vFunc}_{\prd}$ is as defined above because a consumer who ends the current period with assets exceeding the lower bound will not expect to be constrained next period. (Recall again that we are merely constructing an object that is guaranteed to be an \textit{upper bound} for the value that the `realist' consumer will experience.) At the gridpoints defined by the solution of the consumption problem can then construct - \begin{equation*}\begin{gathered}\begin{aligned} - \bar{\vInv}_{\prd}(\mNrm) & = ((1-\CRRA)\bar{\vFunc}_{\prd}(\mNrm))^{1/(1-\CRRA)} - \end{aligned}\end{gathered}\end{equation*} -\MPCMatch{and its derivatives}{} which yields the appropriate vector for constructing $\check{\Chi}$ and $\check{\Koppa}$. The rest of the procedure is analogous to that performed for the consumption rule and is thus omitted for brevity. - -\end{verbatimwrite} -\input{./cctwMoM/TighterThreeFuncsExplain.tex}\unskip - -\hypertarget{extension-a-stochastic-interest-factor}{} -\subsection{Extension: A Stochastic Interest Factor} - - -Thus far we have assumed that the interest factor is constant at $\Rfree$. Extending the -previous derivations to allow for a perfectly forecastable time-varying interest factor $\Rfree_{\prd}$ -would be trivial. Allowing for a stochastic interest factor is less trivial. - - -The easiest case is where the interest factor is i.i.d., -\begin{verbatimwrite}{./Equations/distRisky.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \log \Risky_{t+n} & \sim & \Nrml(\rfree + \eprem - \sigma^{2}_{\risky}/2,\sigma^{2}_{\risky}) ~\forall~n>0 \label{eq:distRisky} - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/distRisky.tex}\unskip -where $\eprem$ is the risk premium and the $\sigma^{2}_{\risky}/2$ adjustment to the mean log return -guarantees that an increase in $\sigma^{2}_{\risky}$ constitutes a mean-preserving spread in the level of the return. - -This case is reasonably straightforward because \cite{merton:restat} and \cite{samuelson:portfolio} showed -that for a consumer without labor income (or with perfectly forecastable labor income) the consumption -function is linear, with an infinite-horizon MPC\footnote{See \handoutC{CRRA-RateRisk} for a derivation.} -\begin{equation}\begin{gathered}\begin{aligned} - \MPC & = 1- \left(\DiscFac \Ex_{\BegStg}[\Risky_{\prd+1}^{1-\CRRA}]\right)^{1/\CRRA} \label{eq:MPCExact} - \end{aligned}\end{gathered}\end{equation} -and in this case the previous analysis applies once we substitute this MPC for the one that characterizes -the perfect foresight problem without rate-of-return risk. - -The more realistic case where the interest factor has some serial correlation is more complex. We consider -the simplest case that captures the main features of empirical interest rate dynamics: An AR(1) process. Thus -the specification is -\begin{equation}\begin{gathered}\begin{aligned} - \risky_{\prd+1}-\risky & = (\risky_{\prd}-\risky) \gamma + \epsilon_{\prd+1} - \end{aligned}\end{gathered}\end{equation} -where $\risky$ is the long-run mean log interest factor, $0 < \gamma < 1$ is the AR(1) serial correlation -coefficient, and $\epsilon_{\prd+1}$ is the stochastic shock. - -The consumer's problem in this case now has two state variables, $\mNrm_{\prd}$ and $\risky_{\prd}$, and -is described by -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\prd}(m_{\prd},\risky_{\prd}) & = \max_{{c}_{\prd}} ~ \uFunc(c_{\prd})+ - \Ex_{\BegStg}[{\DiscFac}_{\prd+1}\PermGroFacAdjV{\vFunc}_{\prd+1}(m_{\prd+1},\risky_{\prd+1})] \label{vNormedRisky} - \\ & \text{s.t.} \nonumber \\ - a_{\prd} & = m_{\prd}-c_{\prd} \nonumber - \\ \risky_{\prd+1}-\risky & = (\risky_{\prd}-\risky)\gamma + \epsilon_{\prd+1} \notag - \\ \Risky_{\prd+1} & = \exp(\risky_{\prd+1}) \notag - \\ m_{\prd+1} & = \underbrace{\left(\Risky_{\prd+1}/\PermGroFac_{\prd+1}\right)}_{\equiv \Rprod_{\prd+1}}a_{\prd}+\TranShkEmp_{\prd+1} \nonumber. - \end{aligned}\end{gathered}\end{equation} - -% Kiichi: I will need you to read the literature and figure out how exactly we want to choose the Markov points and transition probabilities. -% When done, you will fill in the [how] text below. - -We approximate the AR(1) process by a Markov transition matrix using standard techniques. The stochastic interest factor is allowed to take -on 11 values centered around the steady-state value $\risky$. Given this Markov transition matrix, \textit{conditional} on the Markov AR(1) state the consumption functions for the `optimist' and the `pessimist' will still be linear, -with identical MPC's that are computed numerically. Given these MPC's, the (conditional) realist's consumption function can be computed for each Markov state, and the converged consumption rules constitute the solution contingent on the dynamics of the stochastic -interest rate process. - -In principle, this refinement should be combined with the previous one; -further exposition of this combination is omitted here because no new -insights spring from the combination of the two techniques. - - - -\hypertarget{imposing-artificial-borrowing-constraints}{} -\subsection{Imposing `Artificial' Borrowing Constraints} - -Optimization problems often come with additional constraints that must -be satisfied. Particularly common is an `artificial' liquidity constraint that -prevents the consumer's net worth from falling below some value, often -zero.\footnote{The word artificial is chosen only because of its clarity in distinguishing - this from the case of the `natural' borrowing constraint examined above; no derogation is - intended -- constraints of this kind certainly exist in the real world.} The problem then becomes -\begin{equation*}\begin{gathered}\begin{aligned} - \vFunc_{\prd-1}(m_{\prd-1}) & = \max_{\cNrm_{\prd-1}} ~~ \uFunc(c_{\prd-1}) + \Ex_{\prd-1} [\DiscFac \PermGroFacAdjV{\vFunc}_{\cntn(T)}(m_{\prd})] \label{eq:ConstrArt} - \\ & \mbox{s.t.} \nonumber - \\ a_{\prd-1} & = m_{\prd-1} - c_{\prd-1} - \\ m_{\prd} & = \RNrm_{\prd} a_{\prd-1} + \TranShkEmp_{\prd} - \\ a_{\prd-1} & \geq 0 . - \end{aligned}\end{gathered}\end{equation*} - - -By definition, the constraint will bind if the unconstrained consumer -would choose a level of spending that would violate the constraint. -Here, that means that the constraint binds if the $c_{\prd-1}$ -that satisfies the unconstrained FOC -\begin{equation}\begin{gathered}\begin{aligned} - c_{\prd-1}^{-\CRRA} & = \vFunc^{a}_{({\prd-1})_\cntn}(m_{\prd-1}-c_{\prd-1}) \label{eq:cUnc} - \end{aligned}\end{gathered}\end{equation} -is greater than $m_{\prd-1}$. Call $\grave{\cFunc}^{\ast}_{\prd-1}$ the approximated function -returning the level of $c_{\prd-1}$ that satisfies \eqref{eq:cUnc}. -Then the approximated constrained optimal consumption function will be -\begin{verbatimwrite}{./Equations/LiqCons.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \grave{\cFunc}_{\prd-1}(m_{\prd-1}) & = \min[{m}_{\prd-1},\grave{\cFunc}^{\ast}_{\prd-1}(m_{\prd-1})] \label{eq:LiqCons}. - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/LiqCons.tex}\unskip - - -The introduction of the constraint also introduces a sharp -nonlinearity in all of the functions at the point where the constraint -begins to bind. As a result, to get solutions that are anywhere close -to numerically accurate it is useful to augment the grid of values of -the state variable to include the exact value at which the constraint -ceases to bind. Fortunately, this is easy to calculate. We know that -when the constraint is binding the consumer is saving nothing, which -yields marginal value of $\vFunc^{a}_{({\prd-1})_\cntn}(0)$. Further, when the -constraint is binding, $c_{\prd-1} = m_{\prd-1}$. Thus, the largest -value of consumption for which the constraint is binding will be the -point for which the marginal utility of consumption is exactly equal -to the (expected, discounted) marginal value of saving 0. We know -this because the marginal utility of consumption is a downward-sloping -function and so if the consumer were to consume $\tinyAmount$ more, -the marginal utility of that extra consumption would be \textit{below} -the (discounted, expected) marginal utility of saving, and thus the -consumer would engage in positive saving and the constraint would no -longer be binding. Thus the level of $m_{\prd-1}$ at which the -constraint stops binding is:\footnote{The logic here repeats an insight from \cite{deatonLiqConstr}.} -\begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{c}(m_{\prd-1}) & = \vFunc^{a}_{({\prd-1})_\cntn}(0) \nonumber \\ - m_{\prd-1} & = (\vFunc^{a}_{({\prd-1})_\cntn}(0))^{(-1/\CRRA)} \nonumber - \\ & = \cFunc_{({\prd-1})_\cntn}(0). \label{eq:LCbindsTm1} - \end{aligned}\end{gathered}\end{equation} - -\hypertarget{cVScCon}{} -\begin{figure} - \includegraphics[width=6in]{./Figures/cVScCon} - \caption{Constrained (solid) and Unconstrained (dashed) Consumption} - \label{fig:cVScCon} -\end{figure} - -The constrained problem is solved in section ``Artifical Borrowing Constraint'' -of the notebook, where the variable -\texttt{constrained} is set to be a boolean type object. If the value of \texttt{constrained} -is true, then the constraint is binding and their consumption behavior is computed to match -\eqref{eq:LiqCons}. The resulting consumption rule is shown in Figure \ref{fig:cVScCon}. For comparison purposes, -the approximate consumption rule from Figure \ref{fig:cVScCon} is -reproduced here as the solid line; this is accomplished by setting the boolean value -of \texttt{constrained} to false. - -The presence of the liquidity -constraint requires three changes to the procedures outlined above: -\begin{enumerate} -\item We redefine - $\hEndMin_{\EndStg}$, which now is the PDV of receiving - $\TranShkEmp_{\prd+1}=\TranShkEmpMin$ next period and - $\TranShkEmp_{t+n}=0~\forall~n>1$ -- that is, the pessimist believes he - will receive nothing beyond period $t+1$ -\item We augment the end-of-period \code{aVec} with zero and with a point with a small positive value so that the generated - {\mVec} will the binding point $\mNrm^{\#}$ and a point just above it (so that we can better capture the curvature - around that point) -\item We redefine the optimal consumption rule as - in equation (\ref{eq:LiqCons}). This ensures that the - liquidity-constrained `realist' will consume more than the redefined - `pessimist,' so that we will have $\koppa$ still between $0$ and $1$ - and the `method of moderation' will proceed smoothly. -\end{enumerate} - -As expected, the liquidity constraint only causes a divergence between the two functions at the point where the optimal unconstrained consumption rule runs into the 45 degree line. - -\hypertarget{recursion}{} -\section{Recursion}\label{sec:recursion} - -\hypertarget{theory}{} -\subsection{Theory} -Before we solve for periods earlier than $\trmT-1$, we assume for -convenience that in each such period a liquidity constraint exists of -the kind discussed above, preventing $c$ from exceeding $m$. This -simplifies things a bit because now we can always consider an -\code{aVec} that starts with zero as its smallest element. - -Recall now equations~(\ref{eq:vEndPrimeTm1}) and (\ref{eq:upEqbetaOp}): -\begin{equation*}\begin{gathered}\begin{aligned} - \vPEndStg(a_{\prd}) & = \Ex_{\BegStg}[\DiscFac \Rfree \PermGroFac_{\prd+1}^{-\CRRA} - \uFunc^{c}(\cFunc_{\prd+1}(\RNrm_{\prd+1} a_{\prd}+{\TranShkEmp}_{\prd+1}))] - \\\uFunc^{c}(c_{\prd}) & = \vEndStg^{a}(m_{\prd}-c_{\prd}). - \end{aligned}\end{gathered}\end{equation*} -Assuming that the problem has been solved up to period $t+1$ (and thus assuming that we have an approximated $\Aprx{\cFunc}_{\prd+1}(m_{\prd+1})$), our solution method essentially involves using these two equations in succession to work back progressively from period $\trmT-1$ to the beginning of life. Stated generally, the method is as follows. (Here, we use the original, rather than the ``refined,'' method for constructing consumption functions; the generalization of the algorithm below to use the refined method presents no difficulties.) - -\begin{enumerate} - -\item For the grid of values $a_{t,i}$ in \texttt{aVec\_eee}, numerically calculate the values - of $\cFunc_{\overline{t}}(a_{t,i})$ and $\cFunc_{\overline{t}}^{a}(a_{t,i})$, - \begin{verbatimwrite}{./Equations/vEndeq.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \cFunc_{\overline{t},i} & = \left(\vEndStg^{a}(a_{t,i})\right)^{-1/\CRRA}, - \\ & = \left(\DiscFac \Ex_{\BegStg} \left[\Rfree \PermGroFac_{\prd+1}^{-\CRRA}(\grave{\cFunc}_{\prd+1}(\RNrm_{\prd+1} a_{t,i} + {\TranShkEmp}_{\prd+1}))^{-\CRRA}\right]\right)^{-1/\CRRA}, \label{eq:vEndeq} - \MPCMatch{\\ \cFunc^{a}_{\overline{t},i} & = -(1/\CRRA)\left(\vEndStg^{a}(a_{t,i})\right)^{-1-1/\CRRA} \vEndStg^{a{a}}(\aNrm_{t,i}),}{} - \end{aligned}\end{gathered}\end{equation} - \end{verbatimwrite} - \input{./Equations/vEndeq.tex} \unskip -generating vectors of values $\vctr{\cFunc}_{\prd}$\MPCMatch{ and $\vctr{\cFunc}^{a}_{\overline{t}}$.}{.} - -\item Construct a corresponding vector of values of $\vctr{m}_{\prd}=\vctr{\cNrm}_{\prd}+\vctr{\aNrm}_{\prd}$\MPCMatch{; similarly construct a corresponding list of MPC's $\vctr{\MPC}_{\prd}$ using equation \eqref{eq:MPCfromMPTHC}.}{.} - -\item Construct a corresponding vector $\vctr{\mu_{\prd}}$, the levels\MPCMatch{ and first derivatives}{} of $\vctr{\koppa}_{\prd}$, and the levels\MPCMatch{ and first derivatives}{} of $\vctr{\chi}_{\prd}$. - -\item Construct an interpolating approximation $\Aprx{\chi}_{\prd}$ that\MPCMatch{ smoothly matches both the level and the slope}{the level} at those points. - -\item If we are to approximate the value function, construct a corresponding list of values of $\vctr{v}_{\prd}$, the levels\MPCMatch{ and first derivatives of $\vctr{\Koppa}_{\prd}$,}{,} and the levels\MPCMatch{ and first derivatives}{} of $\hat{\vctr{\Chi}}_{\prd}$; and construct an interpolating approximation function $\hat{\Chi}_{\prd}$ that matches those points. -\end{enumerate} - -With $\Aprx{\chi}_{\prd}$ in hand, our approximate consumption function -is computed directly from the appropriate substitutions in \eqref{eq:cFuncHi} -and related equations. With this consumption -rule in hand, we can continue the backwards recursion to period $t-1$ -and so on back to the beginning of life. - -Note that this loop does not contain an item for constructing $\hat{\vFunc}_{\prd}^{a}(m_{\prd})$. This is because with $\Aprx{\Hi{\cFunc}}_{\prd}(m_{\prd})$ in hand, we simply \textit{define} $\hat{\vFunc}^{m}_{\prd}(m_{\prd}) = \uFunc^{c}(\Aprx{\Hi{\cFunc}}_{\prd}(m_{\prd}))$ so there is no need to construct interpolating approximations - the function arises `free' (or nearly so) from our constructed $\Aprx{\Hi{\cFunc}}_{\prd}(m_{\prd})$ via the usual envelope result (cf.\ \eqref{eq:envelope}). - -\end{document} diff --git a/sec_multiple-control-variables.pdf b/sec_multiple-control-variables.pdf deleted file mode 100644 index ecd166d8e..000000000 Binary files a/sec_multiple-control-variables.pdf and /dev/null differ diff --git a/sec_multiple-control-variables.tex b/sec_multiple-control-variables.tex deleted file mode 100644 index 6197729b0..000000000 --- a/sec_multiple-control-variables.tex +++ /dev/null @@ -1,266 +0,0 @@ -\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} -\input{subfile-start} - -\begin{document} -\hypertarget{multiple-control-variables}{} -\section{Multiple Control Variables}\label{sec:multiple-control-variables} -We now consider how to solve problems with multiple control variables. - -\subsection{Theory}\label{subsec:MCTheory} - -The new portfolio-share control variable is captured by the archaic Greek character \href{https://en.wikipedia.org/wiki/Stigma_(ligature)}{`stigma'}; it represents the share $\Shr$ of their disposable assets the agent invests in the risky asset (conventionally, the stock market). Designating the return factor for the risky asset as $\Risky$ and the share of the portfolio invested in $\Risky$ as $\Shr$, the realized portfolio rate of return $\Rport$ as a function of the share $\Shr$ is: -\begin{equation}\begin{gathered}\begin{aligned} - \Rport(\Shr) &= \Rfree+(\Risky-\Rfree)\Shr \label{eq:Shr}. - \end{aligned}\end{gathered}\end{equation} -If we imagine the portfolio share decision as being made simultaneously with the $\cNrm$ decision, the traditional way of writing the problem is (substituting the budget constraint): -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\prd}(m) & = \max_{\{\cFunc,\Shr\}} ~~ \uFunc(c) + \ExMidStg[\DiscFac \vFunc_{\prd+1}((m-c)\Rport(\Shr) + {\TranShkEmp}_{\prd+1})] \label{eq:Bellmanundated} - \end{aligned}\end{gathered}\end{equation} -where we have deliberately omitted the {\interval}-designating subscripts for $\Shr$ and the return factors to highlight the point that, once the consumption and $\Shr$ decisions have been made, it makes no difference to this equation whether the risky return factor $\Risky$ is revealed a nanosecond before the end of the current {\interval} or a nanosecond after the beginning of the successor {\interval}. - - -\begin{comment} - Designating the return factor for the risky asset as $\Risky_{\prd+1}$, and using $\Shr_{\prd}$ to represent the proportion of the portfolio invested in this asset before the return is realized after the beginning of $\prd+1$, corresponding to an assumption that the consumer cannot be `net short' and cannot issue net equity), the overall return on the consumer's portfolio between $t$ and $t+1$ will be: - \begin{verbatimwrite}{./Equations/Rport.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \Rport_{\prd+1} & = \Rfree(1-\Shr_{\prd}) + \Risky_{\prd+1}\Shr_{\prd} \label{eq:return1} - \\ & = \Rfree + (\Risky_{\prd+1}-\Rfree) \Shr_{\prd} %\label{eq:return2} - \end{aligned}\end{gathered}\end{equation} - \end{verbatimwrite} - \input{./Equations/Rport.tex}\unskip - and the maximization problem is - \begin{verbatimwrite}{./Equations/PortProb.tex} - \begin{equation*}\begin{gathered}\begin{aligned} - \vFunc_{\prd}(m_{\prd}) & = \max_{\{{c}_{\prd},\Shr_{\prd}\}} ~~ \uFunc(c_{\prd}) + \DiscFac - \ExEndStg[{\vFunc}_{\prd+1}(m_{\prd+1})] - \\ & \text{s.t.} \nonumber - \\ \Rport_{\prd+1} & = \Rfree + (\Risky_{\prd+1}-\Rfree) \Shr_{\prd} - \\ m_{\prd+1} & = (m_{\prd}-c_{\prd})\Rport_{\prd+1} + \TranShkEmp_{\prd+1} - \\ 0 \leq & \Shr_{\prd} \leq 1, \label{eq:noshorts} - \end{aligned}\end{gathered}\end{equation*} - \end{verbatimwrite} - \input{./Equations/PortProb.tex}\unskip - - The first order condition with respect to $c_{\prd}$ is almost identical to that in the single-control problem, equation (\ref{eq:upceqEvtp1}); the only difference is that the nonstochastic interest factor $\Rfree$ is now replaced by the portfolio return ${\Rport}_{\prd+1}$, - \begin{verbatimwrite}{./Equations/valfuncFOCRtilde.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{c}(c_{\prd}) & = \DiscFac \ExEndStg [{\Rport}_{\prd+1} \vFunc^{m}_{\prd+1}(m_{\prd+1})] \label{eq:valfuncFOCRtilde}, - \end{aligned}\end{gathered}\end{equation} - \end{verbatimwrite} - \input{./Equations/valfuncFOCRtilde.tex}\unskip - and the Envelope theorem derivation remains the same, yielding the Euler equation for consumption - \begin{verbatimwrite}{./Equations/EulercRiskyR.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{c}(c_{\prd}) & = \ExEndStg[\DiscFac {\Rport}_{\prd+1} \uFunc^{c}(c_{\prd+1})]. \label{eq:EulercRiskyR} - \end{aligned}\end{gathered}\end{equation} - \end{verbatimwrite} - \input{./Equations/EulercRiskyR.tex}\unskip - - The first order condition with respect to the risky portfolio share is - \begin{verbatimwrite}{./Equations/FOCw.tex} - \begin{equation}\begin{gathered}\begin{aligned} - 0 & = \ExEndStg[{\vFunc}_{\MidStgNxt}^{m}(m_{\prd+1})(\Risky_{\prd+1}-\Rfree){a}_{\prd}] \notag - \\ & = \ExEndStg\left[\uFunc^{c}\left(\cFunc_{\prd+1}(m_{\prd+1})\right)(\Risky_{\prd+1}-\Rfree)\right]{a}_{\prd} - \\ & = \ExEndStg\left[\uFunc^{c}\left(\cFunc_{\prd+1}(m_{\prd+1})\right)(\Risky_{\prd+1}-\Rfree)\right], \label{eq:FOCw} - \end{aligned}\end{gathered}\end{equation} - \end{verbatimwrite} - \input{./Equations/FOCw.tex}\unskip - where the last line follows because $0/a_{\prd}=0$. - - As before, we define $\vEnd$ as a function that yields the expected $t+1$ value of ending period $t$ with assets $a_{\prd}$. However, now that there are two control variables, the expectation must be defined as a function of the chosen values of both of those variables, because expected end-of-period value will depend not just on how much the agent saves, but also on how the saved assets are allocated between the risky and riskless assets. Thus we define - \begin{equation*}\begin{gathered}\begin{aligned} - \vMidStg(a_{\prd},\Shr_{\prd}) & = \DiscFac \vFunc_{\arvlStgShr}(m_{\prd+1}) - \end{aligned}\end{gathered}\end{equation*} - which has derivatives - \begin{equation}\begin{gathered}\begin{aligned} - \vMidStg^a & = \ExEndStg[\DiscFac {\Rport}_{\prd+1}\vFunc_{\prd+1}^{m}(m_{\prd+1})] = \ExEndStg[\DiscFac {\Rport}_{\prd+1}{\uFunc}_{\prd+1}^{c}(\cFunc_{\prd+1}(m_{\prd+1}))] - \end{aligned}\end{gathered}\end{equation} - \begin{equation}\begin{gathered}\begin{aligned} - \vMidStg^{\Shr} & = \ExEndStg[\DiscFac (\Risky_{\prd+1}-\Rfree){\vFunc}_{\prd+1}^{m}(m_{\prd+1}) ]a_{\prd} = \ExEndStg[\DiscFac (\Risky_{\prd+1}-\Rfree){\uFunc}_{\prd+1}^{c}(\cFunc_{\prd+1}(m_{\prd+1})) ]a_{\prd} \notag - \end{aligned}\end{gathered}\end{equation} - implying that the first order conditions (\ref{eq:EulercRiskyR}) and - (\ref{eq:FOCw}) can be rewritten - \begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{c}(c_{\prd}) & = \vMidStg^{a}(m_{\prd}-c_{\prd},\Shr_{\prd}) \label{eq:FOCc} - \end{aligned}\end{gathered}\end{equation} - and - \begin{equation}\begin{gathered}\begin{aligned} - 0 & = \vFunc^{\Shr}_{\vMidStgStgShr}(a_{\prd},\Shr_{\prd}). \label{eq:FOCShr} - \end{aligned}\end{gathered}\end{equation} -\end{comment} - -\hypertarget{stages-within-a-period}{} -\subsection{{\Stg}s Within a {\Interval}}\label{subsec:stageswithin} - -which we will call the `consumption {\stg} $\cFunc$' and the `portfolio {\stg} $\Shr$.' These could come in either order in the {\interval}: We designate the `portfolio choice first, then consumption' version by $[\Shr,\cFunc]$ and the `consumption choice first, then portfolio' as $[\cFunc,\Shr]$. - -In a problem with multiple {\stgs}, if we want to refer to a sub-{\move} of a particular {\stg} -- say, the {\Arrival} {\stg} of the portfolio {\stg} -- we simply add a {\stg}-indicator subscript (in square brackets) to the notation we have been using until now. That is, the {\Arrival} {\stg} of the portfolio problem would be $\vFunc_{_\arvl[\Shr]}$. - -\hypertarget{revised-consumers-problem}{} -\subsubsection{The (Revised) Consumer's Problem}\label{subsubsec:revised-consumers-problem} - -A slight modification to the consumer's problem specified earlier is necessary to make the {\stg}s of the problem completely modular. The difficulty with the earlier formulation is that it assumed that asset returns occurred in the middle {\move} of the consumption problem. Our revised version of the consumption problem takes as its input state the amount of bank balances that have resulted from any prior portfolio decision. The problem is therefore: -\begin{verbatimwrite}{./Equations/vBalances.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{[\cFunc]}(\mNrm) & = \max_{\cNrm} ~~ \uFunc(\cNrm)+ \vFunc_{[\cFunc]_{_\cntn}}(\underbrace{\mNrm-\cNrm}_{\aNrm}) -\\ \vFunc_{_\arvl[\cFunc]}(\bNrm) & = \Ex_{_\arvl[\cFunc]}\left[\vFunc_{[\cNrm]}(\overbrace{\bNrm+\TranShkEmp}^{m})\right] \label{eq:vBalances} - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/vBalances.tex}\unskip - - -\hypertarget{subsubsec:investors-problem}{} -\subsubsection{The Investor's Problem}\label{subsubsec:investors-problem} - -Consider the standalone problem of an `investor' whose continuation-value function $\vFunc_{[\Shr]_\cntn}$ depends on how much wealth $\wlthAftr$ they end up after the realization of the stochastic $\Risky$ return. The expected value that the investor will obtain from any combination of initial $\wlthBefr$ and their optimal choice of the portfolio share $\Shr$ is the expectation of the continuation-value function over the wealth that results from the portfolio choice: -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{_\arvl[\Shr]}(\wlthBefr) = & \max_{\Shr}~ \Ex_{\BegStg[\Shr]}\left[\vFunc_{[\Shr]_{_\cntn}}\overbrace{\left(\Rport(\Shr){\wlthBefr}\right)}^{\wlthAftr}\right] \label{eq:vMidStgShr} - \end{aligned}\end{gathered}\end{equation} -where we have omitted any {\interval} designator like $\prd$ for the {\interval} in which this problem is solved because, with the continuation-value function defined already as $\vFunc_{[\Shr]_\cntn}(\wlthAftr)$, the problem is self-contained. The solution to this problem will yield an optimal $\Shr$ decision rule $\optml{\Shr}(\wlthBefr).$ Finally, we can specify the value of an investor `arriving' with $\wlthBefr$ as the expected value that will be obtained when the investor invests optimally, generating the \textit{ex ante} optimal stochastic portfolio return factor $\optml{\Rport}(\wlthBefr)=\Rport(\optml{\Shr}(\wlthBefr))$: -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{_\arvl[\Shr]}(\wlthBefr) = & \Ex_{_\arvl}[\vFunc_{[\Shr]_\cntn}](\overbrace{\optml{\Rport}(\wlthBefr)}^{\wlthAftr})]. -\end{aligned}\end{gathered}\end{equation} - -The reward for all this notational investment is that it is now clear that \emph{exactly the same code} for solving the portfolio share problem can be used in two distinct problems: a `beginning-of-period-returns' model and an `end-of-period-returns' model. - -\hypertarget{beginning-returns}{} -\subsubsection{The `beginning-of-period returns' Problem}\label{subsubsec:beginning-returns} -The beginning-returns problem effectively just inserts a portfolio choice that happens at a {\stg} immediately before the consumption {\stg} in the optimal consumption problem described in \eqref{eq:vBalances}, for which we had a beginning-of-{\stg} value function $\vFunc_{_\arvl[\cFunc]}(\bNrm)$. The agent makes their portfolio share decision within the {\stg} but (obviously) before the risky returns $\Risky$ for the {\interval} have been realized. So the problem's portfolio-choice {\stg} also takes $\kNrm$ as its initial state and solves the investor's problem outlined in section~\ref{subsubsec:investors-problem} above: -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{_\arvl[\Shr]}(\kNrm) & = \Ex_{[_\arvl\Shr]}[\vFunc_{[\Shr]_{_\cntn}}(\underbrace{\kNrm\optml{\Rport}}_{\bNrm})] -\\\vFunc_{[\Shr]_\cntn}(\bNrm) & = \vFunc_{_\arvl[\cFunc]}(\bNrm) - \end{aligned}\end{gathered}\end{equation} - -Since in this setup bank balances have been determined before the consumption problems starts, we need to rewrite the consumption {\stg} as a function of bank balances that will have resulted from the portfolio investment $\bNrm$, combined with the income shocks $\TranShkEmp$: -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{_\arvl[\cFunc]}(\bNrm) = & \max_{\cFunc}~ \uFunc(\cNrm) + \Ex_{_\arvl[\cFunc]}[\vFunc_{[\cFunc]_\cntn}(\underbrace{\overbrace{\bNrm+\TranShkEmp}^{\mNrm}-\cNrm}_{\aNrm})] - \end{aligned}\end{gathered}\end{equation} -where, because the consumption {\stg} is the last {\stg} in the {\interval}, the continuatibon-value function for the $\cFunc$ {\stg} is just the continuation-value function for the period as a whole: -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{[\cFunc]_\cntn}(\aNrm) = & \vFunc_{\prd_\cntn}(\aNrm) - \end{aligned}\end{gathered}\end{equation} -(and recall that $\vFunc_{\prd_\cntn}(\aNrm)$ is exogenously provided as an input to the {\interval}'s problem via the transition equation assumed earlier: $\vFunc_{\prd_\cntn}(\aNrm)=\DiscFac \vFunc_{_\arvl(\prd+1)}(a)$). - -\subsubsection{The `end-of-period-returns' Problem} - -If the portfolio share and risky returns are realized at the end of the {\interval}, we need to move the portfolio choice {\stg} to immediately before the point at which returns are realized (and after the $\cFunc$ choice has been made). The problem is the same as the portfolio problem defined above, except that the input for the investment {\stg} is the assets remaining after the consumption choice: $\aNrm$. So, the portfolio {\stg} of the problem is -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{_\arvl[\Shr]}(\aNrm) = & \Ex_{_\arvl[\Shr]}[\vFunc_{[\Shr]_{_\cntn}}(\underbrace{\aNrm\optml{\Rport}}_{\kNrm})] %= \Ex_{[\cFunc]_\arvl}[\vFunc_{}(\kNrm)] - \end{aligned}\end{gathered}\end{equation} -where we are designating the post-realization result of the investment as $\kNrm$, and since the $\Shr$-{\stg} is the last {\stg} of the problem the end-of-{\stg} $\kNrm$ becomes the end-of-{\interval} $\kNrm_{\prd}.$ - -The `state transition' equation between $\prd$ and $\prd+1$ is simply $\bNrm_{t+1} = \kNrm_{\prd}$ and the continuation-value function transition is $\vFunc_{\prd_\cntn}(\kNrm) \mapsto \DiscFac \vFunc_{_\arvl(\prd+1)}(\kNrm)$ which reflects the above-mentioned point that there is no substantive difference between the two problems (their $\vFunc_{[\cFunc]}(\mNrm)$ value functions and $\cFunc(\mNrm)$ functions will be identical). - -(Note that we are assuming that there will be only one consumption function in the period, so no {\stg} subscript is necessary to pick out `the consumption function'). - -\subsubsection{Numerical Solution} -we can solve it numerically for the optimal $\Shr$ at a vector of $\vctr{a}$ ({\aVecCode} in the code) and then construct an approximated optimal portfolio share function $\Aprx{\optml{\Shr}}(a)$ as the interpolating function among the members of the $\{\vctr{a},\vctr{\Shr}\}$ mapping. Having done this, we can now calculate a vector of values and marginal values that correspond to $\aVec$: -\begin{equation}\begin{gathered}\begin{aligned} - \vctr{v} & = \vFunc_{_\arvl[\Shr]}(\vctr{a}) \label{eq:vShrEnd} -\\ \vctr{v}^\aNrm & = \vFunc^{\aNrm}_{_\arvl[\Shr]}(\vctr{a}). - \end{aligned}\end{gathered}\end{equation} - -With the $\vctr{v}^{\aNrm}$ approximation described in hand, we can construct our approximation to the consumption function using \emph{exactly the same EGM procedure} that we used in solving the problem \emph{without} a portfolio choice (see \eqref{eq:cGoth}): -\begin{equation}\begin{gathered}\begin{aligned} - \vctr{c} & \equiv \left(\vctr{\vNrm}^{\aNrm}\right)^{-1/\CRRA} \label{eq:cVecPort}, - \end{aligned}\end{gathered}\end{equation} -which, following a procedure identical to that in the EGM subsection \ref{subsec:egm}, yields an approximated consumption function $\Aprx{\cFunc}_{\prd}(m)$. Thus, again, we can construct the consumption function at nearly zero cost (once we have calculated $\vctr{v}^{a}$). - -\hypertarget{the-point}{} - -\subsubsection{The Point}\label{subsubsec:the-point} - -The upshot is that all we need to do is change some of the transition equations and we can use the same solution code (both for the $\Shr$-stage and the $\cFunc$-stage) to solve the problem with either assumption (beginning-of-period or end-of-period) about the timing of portfolio choice. There is even an obvious notation for the two problems: $\vFunc_{_\arvl\prd[\Shr{c}]}$ can be the {\interval}-arrival value function for the version where the portfolio share is chosen at the beginning of the period, and $\vFunc_{_\arvl\prd[{c}\Shr]}$ is {\interval}-arrival value for the the problem where the share choice is at the end. - -What is the benefit of writing effectively the identical problem in two different ways? There are several: -\begin{itemize} -\item It demonstrates that, if they are carefully constructed, Bellman problems can be ``modular'' - \begin{itemize} - \item In a life cycle model one might want to assume that at at some ages agents have a portfolio choice and at other ages they do not. The consumption problem makes no assumption about whether there is a portfolio choice decision (before or after the consumption choice), so there would be zero cost of having an age-varying problem in which you drop in whatever choices are appropriate to the life cycle stage. - \end{itemize} -\item It emphasizes the flexibilty of choice a modeler has to date variables arbitrarily. In the specific example examined here, there is a strong case for preferring the beginning-returns specification because we typically think of productivity or other shocks at date $\prd$ affecting the agent's state variables before the agent makes that period's choices. It would be awkward and confusing to have a productivity shock dated $\prd-1$ effectively applying for the problem being solved at $\prd$ (as in the end-returns specification) -\item It may help to identify more efficient solution methods - \begin{itemize} - \item For example, under the traditional formulation in equation \eqref{eq:Bellmanundated} it might not occur to a modeler that the endogenous gridpoints solution method can be used, because when portfolio choice and consumption choice are considered simultaneously the EGM method breaks down because the portfolio choice part of the problem is not susceptible to EGM solution. But when the problem is broken into two simpler problems, it becomes clear that EGM can still be applied to the consumption problem even though it cannot be applied to the portfolio choice problem - \end{itemize} -\end{itemize} - -% % the problem needs to be altered to bring the {\move}s involving the realization of risky returns into {\interval} $\prd$; the variable with which the agent ends the period is now $\bNrm_{\prd}$ and to avoid confusion with the prior model in which we assumed $k_{\prd+1}={a}_{\prd}$ we will now define $\kappa_{\prd+1}={\bNrm}_{\prd}$. The continuation-value function for the $[\Shr]$ {\stg} now becomes -% % \begin{equation}\begin{gathered}\begin{aligned} - - - - -\subsection{Application}\label{subsec:MCApplication} - - -In specifying the stochastic process for $\Risky_{\prd+1}$, we follow the common practice of assuming that returns are lognormally distributed, $\log \Risky \sim \Nrml(\eprem+\rfree-\sigma^{2}_{\risky}/2,\sigma^{2}_{\risky})$ where $\eprem$ is the equity premium over the thin returns $\rfree$ available on the riskless asset.\footnote{This guarantees that $\Ex[\Risky] = \EPrem/\Rfree$ is invariant to the choice of $\sigma^{2}_{\eprem}$; see \handoutM{LogELogNorm}.} - -As with labor income uncertainty, it is necessary to discretize the rate-of-return risk in order to have a problem that is soluble in a reasonable amount of time. We follow the same procedure as for labor income uncertainty, generating a set of $n_{\risky}$ equiprobable shocks to the rate of return; in a slight abuse of notation, we will designate the portfolio-weighted return (contingent on the chosen portfolio share in equity, and potentially contingent on any other aspect of the consumer's problem) simply as $\Rport_{i,j}$ (where dependence on $i$ is allowed to permit the possibility of nonzero correlation between the return on the risky asset and the $\TranShkEmp$ shock to labor income (for example, in recessions the stock market falls and labor income also declines). - -The direct expressions for the derivatives of $\vEndStg$ are -\begin{equation}\begin{gathered}\begin{aligned} - \vEndStg^{a}(a_{\prd},\Shr_{\prd}) & = \DiscFac \left(\frac{1}{n_{\risky} n_{\TranShkEmp}}\right)\sum_{i=1}^{n_{\TranShkEmp}}\sum_{j=1}^{n_{\risky} }\Rport_{i,j} \left(\cFunc_{\prd+1}(\Rport_{i,j}a_{\prd}+\TranShkEmp_{i})\right)^{-\CRRA} - \\ \vEndStg^{\Shr}(a_{\prd},\Shr_{\prd}) & = \DiscFac \left(\frac{1}{n_{\risky} n_{\TranShkEmp}}\right)\sum_{i=1}^{n_{\TranShkEmp}}\sum_{j=1}^{n_{\risky} }(\Risky_{i,j}-\Rfree)\left(\cFunc_{\prd+1}(\Rport_{i,j}a_{\prd}+\TranShkEmp_{i})\right)^{-\CRRA}. - \end{aligned}\end{gathered}\end{equation} - -Writing these equations out explicitly makes a problem very apparent: For every different combination of $\{{a}_{\prd},\Shr_{\prd}\}$ that the routine wishes to consider, it must perform two double-summations of $n_{\risky} \times n_{\TranShkEmp}$ terms. Once again, there is an inefficiency if it must perform these same calculations many times for the same or nearby values of $\{{a}_{\prd},\Shr_{\prd}\}$, and again the solution is to construct an approximation to the (inverses of the) derivatives of the $\vEndStg$ function. - -Details of the construction of the interpolating approximations are given below; assume for the moment that we have the approximations $\Aprx{\vFunc}_{\EndStg}^{a}$ and $\Aprx{\vFunc}_{\EndStg}^{\Shr}$ in hand and we want to proceed. As noted above in the discussion of \eqref{eq:Bellmanundated}, nonlinear equation solvers can find the solution to a set of simultaneous equations. Thus we could ask one to solve -\begin{equation}\begin{gathered}\begin{aligned} - c_{\prd}^{-\CRRA} & = \Aprx{\vFunc}^{a}_{{\prd_\cntn}}(m_{\prd}-c_{\prd},\Shr_{\prd}) %\label{eq:FOCwrtcMultContr} - \\ 0 & = \Aprx{\vFunc}^{\Shr}_{{\prd_\cntn}}(m_{\prd}-c_{\prd},\Shr_{\prd}) \label{eq:FOCwrtw} - \end{aligned}\end{gathered}\end{equation} -simultaneously for $\cNrm$ and $\Shr$ at the set of potential $m_{\prd}$ values defined in {\mVec}. However, as noted above, multidimensional constrained -maximization problems are difficult and sometimes quite slow to -solve. - -There is a better way. Define the problem - -\begin{equation}\begin{gathered}\begin{aligned} - \Opt{\vFunc}_{{\prd_\cntn}}(a_{\prd}) & = \max_{\Shr_{\prd}} ~~ \vEndStg(a_{\prd},\Shr_{\prd}) - \\ & \text{s.t.} \nonumber - \\ 0 \leq & \Shr_{\prd} \leq 1 - \end{aligned}\end{gathered}\end{equation} -where the tilde over $\Opt{\vFunc}(a)$ indicates that this is the $\vFunc$ that has been optimized with respect to all of the arguments other than the one still present ($a_{\prd}$). We solve this problem for the set of gridpoints in \code{aVec} and use the results to construct the interpolating function $\Aprx{\Opt{\vFunc}}_{\prd}^{a}(a_{\prd})$.\footnote{A faster solution could be obtained by, for each element in \code{aVec}, computing $\vEndStg^{\Shr}(m_{\prd}-c_{\prd},\Shr)$ of a grid of values of $\Shr$, and then using an approximating interpolating function (rather than the full expectation) in the \texttt{FindRoot} command. The associated speed improvement is fairly modest, however, so this route was not pursued.} With this function in hand, we can use the first order condition from the single-control problem -\begin{equation*}\begin{gathered}\begin{aligned} - c_{\prd}^{-\CRRA} & = \Aprx{\Opt{\vFunc}}_{\prd}^{a}(m_{\prd}-c_{\prd}) - \end{aligned}\end{gathered}\end{equation*} -to solve for the optimal level of consumption as a function of $m_{\prd}$ using the endogenous gridpoints method described above. Thus we have transformed the multidimensional optimization problem into a sequence of two simple optimization problems. - -Note the parallel between this trick and the fundamental insight of dynamic programming: Dynamic programming techniques transform a multi-period (or infinite-period) optimization problem into a sequence of two-period optimization problems which are individually much easier to solve; we have done the same thing here, but with multiple dimensions of controls rather than multiple periods. - -\hypertarget{implementation}{} -\subsection{Implementation} - -Following the discussion from section \ref{subsec:MCTheory}, to provide a numerical solution to the problem -with multiple control variables, we must define expressions that capture the expected marginal value of end-of-period -assets with respect to the level of assets and the share invested in risky assets. This is addressed in ``Multiple Control Variables.'' - - - -% Having the \texttt{GothicMC} subclass available, we can proceed with implementing the steps laid out in section \ref{subsec:MCApplication} to solve the problem at hand. Initially, the two distributions that capture the uncertainty faced by consumers in this scenario are discretized. Subsequently, the \texttt{GothicMC} class is invoked with the requisite arguments to create an instance that includes the necessary functions to depict the first-order conditions of the consumer's problem. Following that, an improved grid of end-of-period assets is established. - -% Here is where we can see how the approach described in section \ref{subsec:MCApplication} is reflected in the code. For the terminal period, the optimal share of risky assets is determined for each point in \texttt{aVec\_eee}, and then the endogenous gridpoints method is employed to compute the optimal consumption level given that the share in the risky asset has been chosen optimally. It's worth noting that this solution takes into account the possibility of a binding artificial borrowing constraint. Lastly, the interpolation process is executed for both the optimal consumption function and the optimal share of the portfolio in risky assets. These values are stored in their respective dictionaries (\texttt{mGridPort\_life}, \texttt{cGridPort\_life}, and \texttt{ShrGrid\_life}) and utilized to conduct the recursive process outlined in the `Recursion' section, thus yielding the numerical solution for all earlier periods. - -\hypertarget{results-with-multiple-controls}{} -\subsection{Results With Multiple Controls}\label{subsec:results-with-multiple-controls} - -Figure~\ref{fig:PlotctMultContr} plots the $\prd-1$ consumption function generated by the program; qualitatively it does not look much different from the consumption functions generated by the program without portfolio choice. - -But Figure~\ref{fig:PlotRiskySharetOfat} which plots the optimal portfolio share as a function of the level of assets, exhibits several interesting features. First, even with a coefficient of relative risk aversion of 6, an equity premium of only 4 percent, and an annual standard deviation in equity returns of 15 percent, the optimal choice is for the agent to invest a proportion 1 (100 percent) of the portfolio in stocks (instead of the safe bank account with riskless return $\Rfree$) is at values of $a_{\prd}$ less than about 2. Second, the proportion of the portfolio kept in stocks is \textit{declining} in the level of wealth - i.e., the poor should hold all of their meager assets in stocks, while the rich should be cautious, holding more of their wealth in safe bank deposits and less in stocks. This seemingly bizarre (and highly counterfactual -- see \cite{carroll:richportfolios}) prediction reflects the nature of the risks the consumer faces. Those consumers who are poor in measured financial wealth will likely derive a high proportion of future consumption from their labor income. Since by assumption labor income risk is uncorrelated with rate-of-return risk, the covariance between their future consumption and future stock returns is relatively low. By contrast, persons with relatively large wealth will be paying for a large proportion of future consumption out of that wealth, and hence if they invest too much of it in stocks their consumption will have a high covariance with stock returns. Consequently, they reduce that correlation by holding some of their wealth in the riskless form. - -\hypertarget{PlotctMultContr}{} -\begin{figure} - \includegraphics[width=6in]{./Figures/PlotctMultContr} - \caption{$\cFunc(m_{1})$ With Portfolio Choice} - \label{fig:PlotctMultContr} -\end{figure} - -\hypertarget{PlotRiskySharetOfat}{} -\begin{figure} - \includegraphics[width=6in]{./Figures/PlotRiskySharetOfat} - \caption{Portfolio Share in Risky Assets in First Period $\Shr(a)$} - \label{fig:PlotRiskySharetOfat} -\end{figure} -\end{document} diff --git a/sec_normalization.pdf b/sec_normalization.pdf deleted file mode 100644 index dac724f4f..000000000 Binary files a/sec_normalization.pdf and /dev/null differ diff --git a/sec_normalization.tex b/sec_normalization.tex deleted file mode 100644 index 56c4179ee..000000000 --- a/sec_normalization.tex +++ /dev/null @@ -1,52 +0,0 @@ -\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} -\input{subfile-start} - -\begin{document} -\hypertarget{normalization}{} -\section{Normalization}\label{sec:normalization} - -The single most powerful method for speeding the solution of such models is to redefine the problem in a way that reduces the number of state variables (if at all possible). In the consumption context, the obvious idea is to see whether the problem can be rewritten in terms of the ratio of various variables to permanent noncapital (`labor') income $\pLvl_{\prd}$ (henceforth for brevity, `permanent income.') - -In the last {\interval} of life $\trmT$, there is no future value, $\vLvl_{\trmT+1} = 0$, so the optimal plan is to consume everything: -\begin{equation}\begin{gathered}\begin{aligned} - \vLvl_{\trmT}(\mLvl_{\trmT},\pLvl_{\trmT}) & = \frac{\mLvl_{\trmT}^{1-\CRRA}}{1-\CRRA}. \label{eq:levelTm1} - \end{aligned}\end{gathered}\end{equation} -Now define nonbold variables as the bold variable divided by the level of permanent income in the same period, so that, for example, $\mNrm_{\trmT}=\mLvl_{\trmT}/\pLvl_{\trmT}$; and define $\vFunc_{\trmT}(\mNrm_{\trmT}) = \uFunc(\mNrm_{\trmT})$.\footnote{Nonbold value is bold value divided by $\pLvl^{1-\CRRA}$ rather than $\pLvl$.} For our CRRA utility function, $\uFunc(xy)=x^{1-\CRRA}\uFunc(y)$, so (\ref{eq:levelTm1}) can be rewritten as -\begin{equation}\begin{gathered}\begin{aligned} - \vLvl_{\trmT}(\mLvl_{\trmT},\pLvl_{\trmT}) & = \pLvl_{\trmT}^{1-\CRRA}\frac{{\mNrm}_{\trmT}^{1-\CRRA}}{1-\CRRA} \\ -% & = (\pLvl_{\trmT-1}\PermGroFac_{\trmT})^{1-\CRRA}\frac{{\mNrm}_{\trmT}^{1-\CRRA}}{1-\CRRA} \\ - &= \pLvl_{\trmT-1}^{1-\CRRA}\PermGroFac_{\trmT}^{1-\CRRA}\vFunc_{\trmT}(\mNrm_{\trmT}). \label{eq:vT} - \end{aligned}\end{gathered}\end{equation} - -Now define a new optimization problem: -\begin{verbatimwrite}{./Equations/vNormed.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\prd}(\mNrm_{\prd}) & = \max_{{\cNrm}_{\prd}} ~~ \uFunc(\cNrm_{\prd})+{\DiscFac}\Ex_{\prd}[ \PermGroFac_{\prd+1}^{1-\CRRA}\vFunc_{\prd+1}(\mNrm_{\prd+1})] \label{eq:vNormed} \\ - & \text{s.t.} \\ - \aNrm_{\prd} & = \mNrm_{\prd}-\cNrm_{\prd} \\ - \kNrm_{\prd+1} & = \aNrm_{\prd} \\ - \bNrm_{\prd+1} & = \underbrace{\left(\Rfree/\PermGroFac_{\prd+1}\right)}_{\equiv \RNrm_{\prd+1}}\kNrm_{\prd+1} \\ - \mNrm_{t+1} & = \bNrm_{t+1}+\TranShkEmp_{t+1}, - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/vNormed.tex}\unskip -where division by $\PermGroFac$ in second-to-last equation yields a normalized return factor $\RNrm$ which is the consequence of the fact that we have divided $\prd+1$ level variables by $\pLvl_{\prd+1}=\PermGroFac_{\prd+1}\pLvl_{\prd}$. - -Then it is easy to see that for $\prd=\trmT-1$, we can write boldface (nonnormalized) $\vLvl$ as a function of $\vFunc$ (normalized value) and permanent income: -\begin{equation}\begin{gathered}\begin{aligned} - \vLvl_{\prd}(\mLvl_{\prd},\pLvl_{\prd}) & = \pLvl_{\prd}^{1-\CRRA}\vFunc_{\prdt}(\mNrm_{\prdt}), \label{eq:vLvlFromvFunc} - \end{aligned}\end{gathered}\end{equation} -and so on back to all earlier periods. Hence, if we solve the problem \eqref{eq:vNormed} which has only a single state variable $\mNrm_{\prd}$, we can obtain the levels of the value function from \eqref{eq:vLvlFromvFunc}, and of consumption and all other variables from the corresponding permanent-income-normalized solution objects by multiplying each by $\pLvl_{\prd}$, e.g.\ -\begin{equation*}\begin{gathered}\begin{aligned} - \cFunc_{\prd}(\mLvl_{\prd},\pLvl_{\prd})=\pLvl_{\prd}\cFunc_{\prd}(\overbrace{\mLvl_{\prd}/\pLvl_{\prd}}^{\mNrm_{\prd}}). - \end{aligned}\end{gathered}\end{equation*} -%(or, for the value function, $\vLvl _{\prd}(\mLvl_{\prd},\pLvl_{\prd}) = \pLvl_{\prd}^{1-\CRRA}\vFunc_{\prd}(\mNrm_{\prd}))$. - -We have thus reduced the problem from two continuous state variables to one (and thereby enormously simplified its solution). - -For future reference it will also be useful to write the problem \eqref{eq:vNormed} in the traditional way, by substituting $\bNrm_{\prdt+1},\kNrm_{\prdt+1},$ and $\aNrm_{\prdt}$ into $\mNrm_{t+1}$: -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\prdt}(\mNrm_{\prdt}) & = \max_{\cNrm} ~~ \uFunc(\cNrm)+ \DiscFac \Ex_{\prdt}[ \PermGroFac_{\prdt+1}^{1-\CRRA}\vFunc_{\prdt+1}(\overbrace{(\mNrm_{t}-\cNrm)(\Rfree/\PermGroFac_{t+1})+\TranShkEmp_{t+1}}^{m_{t+1}})] \label{eq:vusual}. - \end{aligned}\end{gathered}\end{equation} - -\end{document} diff --git a/sec_notation.pdf b/sec_notation.pdf deleted file mode 100644 index 683fd438f..000000000 Binary files a/sec_notation.pdf and /dev/null differ diff --git a/sec_notation.tex b/sec_notation.tex deleted file mode 100644 index 327eeeddd..000000000 --- a/sec_notation.tex +++ /dev/null @@ -1,92 +0,0 @@ -\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} - -\begin{document} - -\hypertarget{notation}{} -\section{Notation}\label{sec:notation} - -\subsection{\Intervals, \Stgs, \Moves} - -The problem specified above assumes that the agent has only one decision problem to solve in any {\interval}. In practice, it is increasingly common to model agents who have multiple choice {\stg}s per {\interval}; an agent's problem might have, say, a consumption decision (call it the $\cFunc$ {\stg}), a labor supply {\stg} (call it $\labor$) and a choice of what proportion $\Shr$ of their assets to invest in a risky asset (the portfolio-choice {\stg}). - -The modeler might well want to explore whether the order in which the {\stg}s are solved makes any difference, either to the substantive results or to aspects of the computational solution like speed and accuracy. - -If, as in section \ref{sec:the-problem}, we hard-wire into the solution code for each {\stg} an assumption that its successor {\stg} will be something in particular (say, the consumption {\stg} assumes that the portfolio choice is next), then if we want to change the order of the {\stg}s (say, labor supply after consumption, followed by portfolio choice), we will need to re-hard-wire each of the stages to know particular things about its new successor (for example, the specifics of the distribution of the rate of return on the risky asset would need to be known by whatever {\stg} precedes the portfolio choice {\stg}). - -But one of the cardinal insights of Bellman's (1957, ``Dynamic Programming'') original work is that \emph{everything that matters} for the solution to the current problem is encoded in a `continuation-value function.' %that incorporates \texttt{everything about the future} that is important to solution of the present stage. %This point is important for a number of reasons, but here we will focus on one problem of ignoring it. Actual solution of the maximization problem as specified in \eqref{eq:vNormed} requires the current agent to have knowledge not only of the successor value function, but also of other aspects of the problem like the distributions of the future period's stochastic shocks. So any solution to the problem that directly uses in \eqref{eq:vNormed} will need to hard-wire into itself the specifics of the successor problem. - -Using Bellman's insight, we describe here a framework for isolating the {\stg} problems within a {\interval} from each other, and the {\interval} from its successors in any future {\interval}; the advantage of this is that the isolated {\stg} and {\interval} problems will then be `modular': We can solve them in any order \textit{without changing any code}. After considering the {\stg}-order $[\ell,\cFunc,\Shr]$, the modeler can costlessly reorder the {\stg}s to consider, say, the order $[\ell,\Shr,\cFunc]$.\footnote{As long as the beginning-of-{\stg} and end-of-{\stg} value functions for the {\stg}s all depend on the same state variables; see the discussion in section \ref{sec:multiple-control-variables}.} - -\subsection{\Moves} - -The key is to distinguish, within each {\stg}'s Bellman problem, three {\moves}: - -\begin{enumerate} -\item \textbf{\Arrival}: Incoming state variables (e.g., $\kNrm$) are known, but any shocks associated with the period have not been realized and decision(s) have not yet been made -\item \textbf{\Decision}: All exogenous variables (like income shocks, rate of return shocks, and predictable income growth $\PermGroFac$) have been realized (so that, e.g., $\mNrm$'s value is known) and the agent solves the optimization problem -\item \textbf{\Continuation}: After all decisions have been made, their consequences are measured by evaluation of the continuing-value function at the values of the `outgoing' state variables (sometimes called `post-state' variables). -\end{enumerate} - -%In the standard treatment in the literature, the (implicit) default assumption is that the {\move} where the agent is solving a decision problem is the unique {\move} at which the problem is defined. This is what was done above, when (for example) in \eqref{eq:vNormed} we related the value $\vFunc$ of the current decision to the expectation of the future value $\vFunc_{\prd+1}$. Here, instead, we want to encapsulate the current {\stg}'s problem as a standalone object, which is solved by taking as given an exogenously-provided continuation-value function (in our case, $\vEndStg(a)$). - -When we want to refer to a specific {\move} in the {\stg} we will do so by using an indicator which identifies that {\move}. Here we use the consumption {\stg} problem described above to exemplify the usage: -\begin{center} -% \mbox{% - \begin{tabular}{r|c|c|l|l} - {\Move} & Indicator & State & Usage & Explanation \\ \hline - {\Arrival} & $ \arvl $ & $\kNrm$ & $\vBegStg(\kNrm)$ & value at entry to {\stg} (before shocks) \\ - {\Decision}(s) & (blank) & $\mNrm$ & $\vMidStg(\mNrm)$ & value of {\stg}-decision (after shocks) \\ - {\Continuation} & $ \cntn $ & $\aNrm$ & $\vEndStg(\aNrm)$ & value at exit (after decision) \\ \hline - \end{tabular} -% } - \end{center} - - Notice that the value functions at different {\move}s of the {\stg} have distinct state variables. Only $\kNrm$ is known at the beginning of the {\stg}, and other variables take on their values with equations like $b = k \RNrm$ and $\mNrm = \bNrm+\TranShkEmp.$ We will refer to such within-the-{\stg} creation of variables as {\evltns}.% Thus, the consumption problem has two {\evltns}: from $\kNrm$ to $\mNrm$ and from $\mNrm$ to $\aNrm$. - -\subsection{\Trnsns} - - In the backward-induction world of Bellman solutions, to solve the problem of a particular {\interval} we must start with an end-of-{\interval} (continuation) value function, which we designate by explicitly including the {\interval} indicator in the subscript: - \begin{equation}\begin{gathered}\begin{aligned} - \vEndPrd(\aNrm) & \mapsto \DiscFac \vBegPrdNxt(\overbrace{\aNrm}^{=\kNrm}), \label{eq:trns-single-prd} - \end{aligned}\end{gathered}\end{equation} -and we are not done solving the problem of the entire {\interval} until we have constructed a beginning-of-{\interval} value function $\vBegPrd(\kNrm)$. - -Similarly, in order to solve the problem of any {\stg}, we must endow it with an end-of-{\stg} continuation-value function. For the last {\stg} in a {\interval} the end-of-{\stg} function is taken to be end-of-{\interval} value function: - \begin{equation}\begin{gathered}\begin{aligned} - \vEndStg(\aNrm) \mapsto \vEndPrd(\aNrm). - \end{aligned}\end{gathered}\end{equation} - -%One way to describe this is that when we are considering the solution to the current {\stg}, we will be working with what, in computer programming, is called a `local function' $\vEndStg(a)$ whose value at the beginning of the {\stg}-solution algorithm has been initialized to the value of a previously-computed `global function' $\vEndPrd(a)$ that had already been constructed by mapping itself to $\DiscFac \vBegPrdNxt$ (equation \eqref{eq:trns-single-prd}). -\hypertarget{decision-problem}{} - -\subsection{The Decision Problem in the New Notation}\label{subsec:decision-problem} - -The {\Decision} problem can now be written much more cleanly than in equation \eqref{eq:vNormed}: -\begin{verbatimwrite}{./Equations/vMid} - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc(\mNrm) & = \max_{\cNrm}~ \uFunc(\cNrm) + \vFunc_{_\cntn}(\overbrace{\mNrm-\cFunc}^{\aNrm}) \label{eq:vMid} - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/vMid}\unskip -whose first order condition with respect to $\cNrm$ is -\begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{\cNrm}(\cNrm) &= \vEndStg^{\aNrm}(\mNrm-\cNrm) \label{eq:upEqbetaOp} -\end{aligned}\end{gathered}\end{equation} -which is mathematically equivalent to the usual Euler equation for consumption. (We will reuse this formulation when we turn to section~\ref{subsec:egm}.) - -Having defined these notational conventions, we are now ready to move to substance. - -\begin{comment} - - \subsection{Implementation in Python} - - The code implementing the tasks outlined each of the sections to come is available in the \texttt{\href{https://econ-ark.org/materials/SolvingMicroDSOPs}{SolvingMicroDSOPs}} jupyter notebook, written in \href{https://python.org}{Python}. The notebook imports various modules, including the standard \texttt{numpy} and \texttt{scipy} modules used for numerical methods in Python, as well as some user-defined modules designed to provide numerical solutions to the consumer's problem from the previous section. Before delving into the computational exercise, it is essential to touch on the practicality of these custom modules. - - \subsubsection{Useful auxilliary files} - - In this exercise, two primary user-defined modules are frequently imported and utilized. The first is the \texttt{gothic\_class} module, which contains functions describing the end-of-period value functions found in equations \eqref{eq:vBegStg} - \eqref{eq:vEnd} (and the corresponding first and second derivatives). %The advantage of defining functions in the code which decompose the consumer's optimal behavior in a given period will become evident in section \ref{subsec:transformation} - - The \texttt{resources} module is also used repeatedly throughout the notebook. This file has three primary objectives: (i) providing functions that discretize the continuous distributions from the theoretical model that describe the uncertainty a consumer faces, (ii) defining the utility function over consumption under a number of specifications, and (iii) enhancing the grid of end-of-period assets for which functions (such as those from the \texttt{gothic\_class} module) will be defined. These objectives will be discussed in greater detail and with respect to the numerical methods used to the problem in subsequent sections of this document. - -\end{comment} -\end{document} diff --git a/sec_solving-the-next.pdf b/sec_solving-the-next.pdf deleted file mode 100644 index c40a38343..000000000 Binary files a/sec_solving-the-next.pdf and /dev/null differ diff --git a/sec_solving-the-next.tex b/sec_solving-the-next.tex deleted file mode 100644 index fa34db257..000000000 --- a/sec_solving-the-next.tex +++ /dev/null @@ -1,504 +0,0 @@ -\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} -\input{subfile-start} - -\begin{document} - -\hypertarget{solving-the-next-to-last-period}{} -\hypertarget{solving-the-next}{} -\section{Solving the Next-to-Last Period}\label{sec:solving-the-next} - -To reduce clutter, we now temporarily assume that $\PermGroFac_{\prd}=1$ for all $\prd$, so that the $\PermGroFac$ terms from the earlier derivations disappear, and setting $t=T$ the problem in the second-to-last period of life can now be expressed as -\begin{verbatimwrite}{./Equations/vEndTm1.tex} -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\MidPrdLsT}(\mNrm) & = \max_{\cNrm} ~~ \uFunc(\cNrm) + - \vEndPrdLsT(\overbrace{\mNrm-\cNrm}^{\aNrm}) - \label{eq:vEndTm1} -\end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{\econtexRoot/Equations/vEndTm1.tex}\unskip -where -\begin{equation*}\begin{gathered}\begin{aligned} - \vFunc_{\EndPrdLsT}(\aNrm) & = \DiscFac \vFunc_{\BegPrd}(\aNrm) -\\ & = \DiscFac \Ex_{\BegPrd} \left[\PermGroFacAdjV \vFunc_{\MidPrd}(\underbrace{\aNrm \RNrm_{\prdT} + \TranShkEmp_{\prdT}}_{{m}_{\prdT}})\right] - \end{aligned}\end{gathered}\end{equation*} - -% \begin{equation*}\begin{gathered}\begin{aligned} -% \vFunc_{\prdLsT}(\mNrm) & = \max_{\cNrm} ~~ \uFunc(\cNrm) -% + \DiscFac \Ex_{\EndPrdLsT} \left[\PermGroFacAdjV \vFunc_{\MidPrd}(\underbrace{(\mNrm-\cNrm)\RNrm_{\prdT} + \TranShkEmp_{\prdT}}_{{m}_{\prdT}})\right]. -% \end{aligned}\end{gathered}\end{equation*} - - -Using (0) $\prd=\trmT$; (1) $\vFunc_{\prdT}(m)=\uFunc(m)$; (2) the definition of $\uFunc(m)$; and (3) the definition of the expectations operator, %\newcommand{\TranShkEmpDummy}{\vartheta} -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\BegPrd}(\aNrm) & = \PermGroFacAdjV\int_{0}^{\infty} \frac{\left(\aNrm \RNrm_{\prd}+ \TranShkEmpDummy\right)^{1-\CRRA}}{1-\CRRA} d\FDist(\TranShkEmpDummy) \label{eq:NumDefInt} - \end{aligned}\end{gathered}\end{equation} -where $\FDist(\TranShkEmp)$ is the cumulative distribution function for ${\TranShkEmp}$. - -\lstset{basicstyle=\ttfamily\footnotesize,breaklines=true,language=Python,frame=single} -\lstinputlisting{./Code/Python/snippets/rawsolution.py} - -This maximization problem implicitly defines a `local function' $\cFunc_{\prdT-1}(\mNrm)$ that yields optimal consumption in period $\prdt-1$ for any specific numerical level of resources like $m=1.7$.% (When we need to use this function from some context outside of the local context in which it was solved, we can reference by its absolute index, $\cFunc_{\prdT-1}$). - -But because there is no general analytical solution to this problem, for any given $m$ we must use numerical computational tools to find the $\cNrm$ that maximizes the expression. This is excruciatingly slow because for every potential $c$ to be considered, a definite integral over the interval $(0,\infty)$ must be calculated numerically, and numerical integration is \textit{very} slow (especially over an unbounded domain!). - -\hypertarget{discretizing-the-distribution}{} -\subsection{Discretizing the Distribution} -Our first speedup trick is therefore to construct a discrete approximation to the lognormal distribution that can be used in place of numerical integration. That is, we want to approximate the expectation over $\TranShkEmp$ of a function $g(\TranShkEmp)$ by calculating its value at set of $n_{\TranShkEmp}$ points $\TranShkEmp_{i}$, each of which has an associated probability weight $w_{i}$: -\begin{equation*}\begin{gathered}\begin{aligned} - \Ex[g(\TranShkEmp)] & = \int_{\TranShkEmpMin}^{\TranShkEmpMax}(\TranShkEmpDummy)d\FDist(\TranShkEmpDummy) \\ - & \approx \sum_{\TranShkEmp = 1}^{n}w_{i}g(\TranShkEmp_{i}) - \end{aligned}\end{gathered}\end{equation*} -(because adding $n$ weighted values to each other is enormously faster than general-purpose numerical integration). - -Such a procedure is called a `quadrature' method of integration; \cite{Tanaka2013-bc} survey a number of options, but for our purposes we choose the one which is easiest to understand: An `equiprobable' approximation (that is, one where each of the values of $\TranShkEmp_{i}$ has an equal probability, equal to $1/n_{\TranShkEmp}$). - -We calculate such an $n$-point approximation as follows. - -Define a set of points from $\sharp_{0}$ to $\sharp_{n_{\TranShkEmp}}$ on the $[0,1]$ interval -as the elements of the set $\sharp = \{0,1/n,2/n, \ldots,1\}$.\footnote{These points define intervals that constitute a partition of the domain of $\FDist$.} Call the inverse of the $\TranShkEmp$ distribution $\FDist^{-1}_{\phantom{\TranShkEmp}}$, and define the -points $\sharp^{-1}_{i} = \FDist^{-1}_{\phantom{\TranShkEmp}}(\sharp_{i})$. Then -the conditional mean of $\TranShkEmp$ in each of the intervals numbered 1 to $n$ is: -\begin{equation}\begin{gathered}\begin{aligned} - \TranShkEmp_{i} \equiv \Ex[\TranShkEmp | \sharp_{i-1}^{-1} \leq \TranShkEmp < \sharp_{i}^{-1}] & = \int_{\sharp^{-1}_{i-1}}^{\sharp^{-1}_{i}} \vartheta ~ d\FDist_{\phantom{\TranShkEmp}}(\vartheta) , - \end{aligned}\end{gathered}\end{equation} -and when the integral is evaluated numerically for each $i$ the result is a set of values of $\TranShkEmp$ that correspond to the mean value in each of the $n$ intervals. - -The method is illustrated in Figure~\ref{fig:discreteapprox}. The solid continuous curve represents -the ``true'' CDF $\FDist(\TranShkEmp)$ for a lognormal distribution such that $\Ex[\TranShkEmp] = 1$, $\sigma_{\TranShkEmp} = 0.1$. The short vertical line segments represent the $n_{\TranShkEmp}$ -equiprobable values of $\TranShkEmp_{i}$ which are used to approximate this -distribution.\footnote{More sophisticated approximation methods exist - (e.g.\ Gauss-Hermite quadrature; see \cite{kopecky2010finite} for a discussion of other alternatives), but the method described here is easy to understand, quick to calculate, and has additional advantages briefly described in the discussion of simulation below.} -\begin{verbatimwrite}{\econtexRoot/Figures/discreteApprox.tex} - \hypertarget{discreteApprox}{} - \begin{figure} - \includegraphics[width=0.8\textwidth]{\econtexRoot/Figures/discreteApprox} - \caption{Equiprobable Discrete Approximation to Lognormal Distribution $\FDist$} - \label{fig:discreteapprox} - \end{figure} -\end{verbatimwrite} -\input{\econtexRoot/Figures/discreteApprox.tex}\unskip - - - -Because one of the purposes of these notes is to connect the math to the code that solves the math, we display here a brief snippet from the notebook that constructs these points. - - -\lstset{basicstyle=\ttfamily\footnotesize,breaklines=true,language=Python,frame=single} -\lstinputlisting{./Code/Python/snippets/equiprobable-make.py}\nopagebreak - -\begin{verbatimwrite}{./Equations/vDiscrete.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{{\prdLst}_\cntn}(\aNrm) & = \DiscFac \PermGroFacAdjV\left(\frac{1}{n_{\TranShkEmp}}\right)\sum_{i=1}^{n_{\TranShkEmp}} \frac{\left(\RNrm_{\prd} \aNrm + \TranShkEmp_{i}\right)^{1-\CRRA}}{1-\CRRA} \label{eq:vDiscrete} - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} - -We now substitute our approximation \eqref{eq:vDiscrete} for $\vEndPrdLsT(a)$ in \eqref{eq:vEndTm1} which is simply the sum of $n_{\TranShkEmp}$ numbers and is therefore easy to calculate (compared to the full-fledged numerical integration \eqref{eq:NumDefInt} that it replaces). - -\input{./Equations/vDiscrete}\unskip -% so we can rewrite the maximization problem that defines the middle step of period {$\prdLst$} as -% \begin{verbatimwrite}{./Equations/vEndTm1.tex} -% \begin{equation}\begin{gathered}\begin{aligned} -% \vFunc_{\MidPrdLsT}(\mNrm) & = \max_{\cNrm} -% \left\{ -% \frac{\cNrm^{1-\CRRA}}{1-\CRRA} + -% \vFunc_{\MidPrd}(\mNrm-\cNrm) -% \right\}. -% \label{eq:vEndTm1} -% \end{aligned}\end{gathered}\end{equation} -% \end{verbatimwrite} -% \input{./Equations/vEndTm1.tex}\unskip - -\lstinputlisting{./Code/Python/snippets/equiprobable-max-using.py} - -\begin{comment} - In the {\SMDSOPntbk} notebook, the section ``Discretization of the Income Shock Distribution'' provides code that instantiates the \texttt{DiscreteApproximation} class defined in the \texttt{resources} module. This class creates a 7-point discretization of the continuous log-normal distribution of transitory shocks to income by utilizing seven points, where the mean value is $-.5 \sigma^2$, and the standard deviation is $\sigma = .5$. - - A close look at the \texttt{DiscreteApproximation} class and its subclasses should convince you that the code is simply a computational implementation of the mathematical description of equiprobable discrete approximation in this section. Moreover, the Python code generates a graph of the discretized distribution depicted in \ref{fig:discreteapprox}. -\end{comment} - -\hypertarget{the-approximate-consumption-and-value-functions}{} -\subsection{The Approximate Consumption and Value Functions} - -Given any particular value of $\mNrm$, a numerical maximization tool can now find the $\cNrm$ that solves \eqref{eq:vEndTm1} in a reasonable amount of time. - -\begin{comment} - % The {\SMDSOPntbk} notebook follows a series of steps to achieve this. Initially, parameter values for the coefficient of relative risk aversion (CRRA, $\rho$), the discount factor ($\beta$), the permanent income growth factor ($\PermGroFac$), and the risk-free interest rate ($R$ are specified in ``Define Parameters, Grids, and the Utility Function.'') - - % After defining the utility function, the `natural borrowing constraint' is defined as $\underline{a}_{\prdT-1}=-\underline{\TranShkEmp}\RNrm_{\prdT}^{-1}$, which will be discussed in greater depth in section \ref{subsec:LiqConstrSelfImposed}. %Following the reformulation of the maximization problem, an instance of the \texttt{gothic\_class} is created using the specifications and the discretized distribution described in the prior lines of code; this is required to provide the numerical solution. -\end{comment} - -The notebook code responsible for computing an estimated consumption function begins in ``Solving the Model by Value Function Maximization,'' where a vector containing a set of possible values of market resources $m$ is created (in the code, various $m$ vectors have names beginning {\mVec}; in these notes we will use boldface italics to represent vectors, so we can refer to our collection of $m$ points as $\vctr{m}$ with values indexed by brackets: $\vctr{m}[1]$ is the first entry in the vector, up to a last entry $\vctr{m}[-1]$; we arbitrarily (and suboptimally) pick the first five integers as our five {\mVec} gridpoints (in the code, \code{mVec\_int}= $\{0.,1.,2.,3.,4.\}$)). - -% Finally, the previously computed values of optimal $c$ and the grid of market resources are combined to generate a graph of the approximated consumption function for this specific instance of the problem. To reduce the computational challenge of solving the problem, the process is evaluated only at a small number of gridpoints. - - -\hypertarget{an-interpolated-consumption-function}{} -\subsection{An Interpolated Consumption Function} \label{subsec:LinInterp} - - -This is accomplished in ``An Interpolated Consumption Function,'' which generates an interpolating function that we designate $\Aprx{\cFunc}_{\MidPrdLsT}(\mNrm)$. %When called with an $\mNrm$ that is equal to one of the points in $\code{{{\mVec}\_int}}$, $\Aprx{\cFunc}_{\prdT-1}$ returns the associated value of $\vctr{c}_{\code{\prdT-1}}$, and when called with a value of $\mNrm$ that is not exactly equal to one of the \texttt{mVec\_int}, returns the value of $c$ that reflects a linear interpolation between the $\vctr{c}_{\code{\prdT-1}}$ points associated with the two \texttt{mVec\_int} points immediately above and below $\mNrm$. - - -Figures \ref{fig:PlotcTm1Simple} and~\ref{fig:PlotVTm1Simple} show -plots of the constructed $\Aprx{\cFunc}_{\prdT-1}$ and $\Aprx{\vFunc}_{\prdT-1}$. While the $\Aprx{\cFunc}_{\prdT-1}$ function looks very smooth, the fact that the $\Aprx{\vFunc}_{\prdT-1}$ function is a set of line segments is very evident. This figure provides the beginning of the intuition for why trying to approximate the value function directly is a bad idea (in this context).\footnote{For some problems, especially ones with discrete choices, value function approximation is unavoidable; nevertheless, even in such problems, the techniques sketched below can be very useful across much of the range over which the problem is defined.} - -\hypertarget{PlotcTm1Simple}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{\FigDir/PlotcTm1Simple}} - \caption{$\cFunc_{\trmT-1}(\mNrm)$ (solid) versus $\Aprx{\cFunc}_{\trmT-1}(\mNrm)$ (dashed)} - \label{fig:PlotcTm1Simple} -\end{figure} - -\hypertarget{PlotvTm1Simple}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{\FigDir/PlotVTm1Simple}} - \caption{$\vFunc_{\trmT-1}$ (solid) versus $\Aprx{\vFunc}_{\trmT-1}(\mNrm)$ (dashed)} - \label{fig:PlotVTm1Simple} -\end{figure} - - - -\hypertarget{interpolating-expectations}{} -\subsection{Interpolating Expectations} - - -Piecewise linear `spline' interpolation as described above works well for generating a good approximation to the true optimal consumption function. However, there is a clear inefficiency in the program: Since it uses equation \eqref{eq:vEndTm1}, for every value of $\mNrm$ the program must calculate the utility consequences of various possible choices of $\cNrm$ (and therefore $\aNrm_{\prdT-1}$) as it searches for the best choice. - -For any given index $j$ in $\vctr{m}[j]$, the algorithm, as it searches for the corresponding optimal $a$, the algorithm will end up calculating $\vFunc_{\EndPrdLsT}(\tilde{a})$ for many $\tilde{a}$ values close to the optimal $a_{\prdT-1}$. Indeed, even when searching for the optimal $a$ for a \emph{different} $m$ (say $\vctr{m}[k]$ for $k \neq j$) the search process might compute $\vFunc_{\EndPrdLsT}(a)$ for an $a$ close to the correct optimal $a$ for $\vctr{m}[j]$. But if that difficult computation does not correspond to the exact solution to the $\vctr{m}[k]$ problem, it is discarded. - -% (These lists contain the points of the $\vctr{a}_{\prdT-1}$ and $\vctr{v}_{\prdT-1}$ vectors, respectively.) - -The notebook section ``Interpolating Expectations,'' now interpolates the expected value of \textit{ending} the period with a given amount of assets.\footnote{What we are doing here is closely related to `the method of parameterized expectations' of \cite{denHaanMarcet:parameterized}; the only difference is that our method is essentially a nonparametric version.} %The problem is solved in the same block with the remaining lines of code. - -Figure~\ref{fig:PlotOTm1RawVSInt} compares the true value function to the approximation produced by following the interpolation procedure; the approximated and exact functions are of course identical at the gridpoints of $\vctr{a}$ and they appear reasonably close except in the region below $\mNrm=1$. - -\hypertarget{PlotOTm1RawVSInt}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{\FigDir/PlotOTm1RawVSInt}} - \caption{End-Of-Period Value $\vFunc_{(\prdT-1)_\cntn}(a_{\prdT-1})$ (solid) versus $\Aprx{\vFunc}_{({\trmT-1})_\cntn}(a_{\trmT-1})$ (dashed)} - \label{fig:PlotOTm1RawVSInt} -\end{figure} - -\hypertarget{PlotComparecTm1AB}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{\FigDir/PlotComparecTm1AB}} - \caption{$\cFunc_{\trmT-1}(\mNrm)$ (solid) versus $\Aprx{\cFunc}_{\trmT-1}(\mNrm)$ (dashed)} - \label{fig:PlotComparecTm1AB} -\end{figure} - -\Fix{\marginpar{\tiny In all figs, replace gothic h with notation corresponding to the lecture notes.}} - -Nevertheless, the consumption rule obtained when the approximating $\Aprx{\vFunc}_{(\prdT-1)_\cntn}(a_{\prdT-1})$ is used instead of $\vFunc_{(\prdT-1)_\cntn}(a_{\prdT-1})$ is surprisingly bad, as shown in figure \ref{fig:PlotComparecTm1AB}. For example, when $\mNrm$ goes from 2 to 3, $\Aprx{\cFunc}_{\prdT-1}$ goes from about 1 to about 2, yet when $\mNrm$ goes from 3 to 4, $\Aprx\cNrm$ goes from about 2 to about 2.05. The function fails even to be concave, which is distressing because Carroll and Kimball~\citeyearpar{ckConcavity} prove that the correct consumption function is strictly concave in a wide class of problems that includes this one. - -\hypertarget{value-function-versus-first-order-condition}{} -\subsection{Value Function versus First Order Condition}\label{subsec:vVsuP} - -Loosely speaking, our difficulty reflects the fact that the -consumption choice is governed by the \textit{marginal} value function, -not by the \textit{level} of the value function (which is the object that -we approximated). To understand this point, recall that a quadratic -utility function -exhibits risk aversion because with a stochastic $c$, -\begin{equation} - \Ex[-(c - \cancel{c})^{2}] < - (\Ex[c] - \cancel{c})^{2} -\end{equation} -(where $\cancel{c}$ is the `bliss point' which is assumed always to exceed feasible $c$). However, unlike the CRRA utility function, -with quadratic utility the consumption/saving \textit{behavior} of consumers -is unaffected by risk since behavior is determined by the first order condition, which -depends on \textit{marginal} utility, and when utility is quadratic, marginal utility is unaffected -by risk: -\begin{equation} - \Ex[-2(c - \cancel{c})] = - 2(\Ex[c] - \cancel{c}). -\end{equation} - -Intuitively, if one's goal is to accurately capture choices -that are governed by marginal value, -numerical techniques that approximate the \textit{marginal} value -function will yield a more accurate approximation to -optimal behavior than techniques that approximate the \textit{level} -of the value function. - -The first order condition of the maximization problem in period $\trmT-1$ is: -\begin{verbatimwrite}{./Equations/FOCTm1.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{c}(\cNrm) & = \DiscFac \Ex_{\cntn(T-1)} [\PermGroFacAdjMu\Rfree \uFunc^{c}(c_{\prdT})] %\label{eq:focraw} - \\ \cNrm^{-\CRRA} & = \Rfree \DiscFac \left(\frac{1}{n_{\TranShkEmp}}\right) \sum_{i=1}^{n_{\TranShkEmp}} \PermGroFacAdjMu\left(\Rfree (\mNrm-\cNrm) + \TranShkEmp_{i}\right)^{-\CRRA} \label{eq:FOCTm1}. - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/FOCTm1.tex}\unskip -\hypertarget{PlotuPrimeVSOPrime}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{\FigDir/PlotuPrimeVSOPrime}} - \caption{$\uFunc^{c}(c)$ versus $\vFunc_{({\trmT-1})_\cntn}^{a}(3-c), \vFunc_{({\trmT-1})_\cntn}^{a}(4-c), \Aprx{\vFunc}_{({\trmT-1})_\cntn}^{a}(3-c), \Aprx{\vFunc}_{({\trmT-1})_\cntn}^{a}(4-c)$} - \label{fig:PlotuPrimeVSOPrime} -\end{figure} - - - -The downward-sloping curve in Figure \ref{fig:PlotuPrimeVSOPrime} -shows the value of $\cNrm^{-\CRRA}$ for our baseline parameter values -for $0 \leq \cNrm \leq 4$ (the horizontal axis). The solid -upward-sloping curve shows the value of the RHS of (\ref{eq:FOCTm1}) -as a function of $\cNrm$ under the assumption that $\mNrm=3$. -Constructing this figure is time-consuming, because for every -value of $\cNrm$ plotted we must calculate the RHS of -(\ref{eq:FOCTm1}). The value of $\cNrm$ for which the RHS and LHS -of (\ref{eq:FOCTm1}) are equal is the optimal level of consumption -given that $\mNrm=3$, so the intersection of the downward-sloping -and the upward-sloping curves gives the (approximated) optimal value of $\cNrm$. -As we can see, the two curves intersect just below $\cNrm=2$. -Similarly, the upward-sloping dashed curve shows the expected value -of the RHS of (\ref{eq:FOCTm1}) under the assumption that $\mNrm=4$, -and the intersection of this curve with $\uFunc^{c}(\cNrm)$ yields the -optimal level of consumption if $\mNrm=4$. These two curves -intersect slightly below $\cNrm=2.5$. Thus, increasing $\mNrm$ -from 3 to 4 increases optimal consumption by about 0.5. - -Now consider the derivative of our function $\Aprx{\vFunc}_{(\prdT-1)}(a_{\prdT-1})$. Because we have -constructed $\Aprx{\vFunc}_{(\prdT-1)}$ as a linear interpolation, the slope of -$\Aprx{\vFunc}_{(\prdT-1)}(a_{\prdT-1})$ between any two adjacent points -$\{\vctr{a}[i],\vctr{},\vctr{a}[{i+1}]\}$ is constant. The level of the slope immediately below any -particular gridpoint is different, of course, from the slope above that gridpoint, a fact which -implies that the derivative of $\Aprx{\vFunc}_{(\prdT-1)_\cntn}(a_{\prdT-1})$ follows a step function. - -The solid-line step function in Figure \ref{fig:PlotuPrimeVSOPrime} depicts the actual value of -$\Aprx{\vFunc}_{(\prdT-1)_\cntn}^{a}(3-\cNrm)$. When we attempt to find optimal values of -$\cNrm$ given $\mNrm$ using $\Aprx{\vFunc}_{(\prdT-1)_\cntn}(a_{\prdT-1})$, the numerical optimization routine will -return the $\cNrm$ for which -$\uFunc^{c}(\cNrm) = \Aprx{\vFunc}^{a}_{(\prdT-1)_\cntn}(\mNrm-\cNrm)$. Thus, for -$\mNrm=3$ the program will return the value of $\cNrm$ for which the downward-sloping -$\uFunc^{c}(\cNrm)$ curve intersects with the -$\Aprx{\vFunc}_{(\prdT-1)_\cntn}^{a}(3-\cNrm)$; as the diagram shows, this value is exactly equal to 2. -Similarly, if we ask the routine to find the optimal $\cNrm$ for $\mNrm=4$, it finds the point of -intersection of $\uFunc^{c}(\cNrm)$ with $\Aprx{\vFunc}_{(\prdT-1)_\cntn}^{a}(4-\cNrm)$; and as the diagram shows, this -intersection is only slightly above 2. Hence, this figure illustrates why the numerical consumption -function plotted earlier returned values very close to $\cNrm=2$ for both $\mNrm=3$ and $\mNrm=4$. - -We would obviously obtain much better estimates of the point of intersection between $\uFunc^{c}(\cNrm)$ and $\vFunc_{(\prdT-1)_\cntn}^{a}(\mNrm-\cNrm)$ if our estimate of $\Aprx{\vFunc}^{a}_{(\prdT-1)_\cntn}$ were not a step function. In fact, we already know how to construct linear interpolations to functions, so the obvious next step is to construct a linear interpolating approximation to the \textit{expected marginal value of end-of-period assets function} at the points in $\vctr{a}$: -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{(\prdT-1)_\cntn}^{a}(\vctr{a}) & = \DiscFac \Rfree \PermGroFacAdjMu \left(\frac{1}{n_{\TranShkEmp}}\right) \sum_{i=1}^{n_{\TranShkEmp}} \left(\RNrm_{\prdT} \vctr{a} + \TranShkEmp_{i}\right)^{-\CRRA} \label{eq:vEndPrimeTm1} - \end{aligned}\end{gathered}\end{equation} -yielding $\vctr{v}{^{a}_{(\prdT-1)_\cntn}}$ (the vector of expected end-of-period-$(T-1)$ marginal values of assets corresponding to \code{aVec}), %$\{\{\vctr{a}}\code{_{\prdT-1}},\vFunc_{(\prdT-1)_\cntn}^{a}(\vctr{{a}[1]}_{\prdT-1}\},\{\vctr{a}_{(T-1)},\vFunc_{(\prdT-1)_\cntn}^{a}\}\ldots\}$ -and construct -$\Aprx{\vFunc}_{(\prdT-1)_\cntn}^{a}(a_{\prdT-1})$ as the linear -interpolating function that fits this set of points. - -\hypertarget{PlotOPRawVSFOC}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{\FigDir/PlotOPRawVSFOC}} - \caption{$\vFunc_{(\prdT-1)_\cntn}^{a}(a_{\prdT-1})$ versus $\Aprx{\vFunc}_{(\prdT-1)_\cntn}^{a}(a_{\prdT-1})$} - \label{fig:PlotOPRawVSFOC} -\end{figure} - -% This is done by making a call to the \texttt{InterpolatedUnivariateSpline} function, passing it \code{aVec} and \texttt{vpVec} as arguments. Note that in defining the list of values \texttt{vpVec}, we again make use of the predefined \texttt{gothic.VP\_Tminus1} function. These steps are the embodiment of equation~(\ref{eq:vEndPrimeTm1}), and construct the interpolation of the expected marginal value of end-of-period assets as described above. - -The results are shown in Figure \ref{fig:PlotOPRawVSFOC}. The linear interpolating approximation looks roughly as good (or bad) for the \textit{marginal} value function as it was for the level of the value function. However, Figure \ref{fig:PlotcTm1ABC} shows that the new consumption function (long dashes) is a considerably better approximation of the true consumption function (solid) than was the consumption function obtained by approximating the level of the value function (short dashes). - -\hypertarget{PlotcTm1ABC}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{\FigDir/PlotcTm1ABC}} - \caption{$\cFunc_{\prdT-1}(\mNrm)$ (solid) Versus Two Methods for Constructing $\Aprx{\cFunc}_{\prdT-1}(\mNrm)$} - \label{fig:PlotcTm1ABC} -\end{figure} - -\hypertarget{transformation}{} -\subsection{Transformation}\label{subsec:transformation} - -Even the new-and-improved consumption function diverges notably from the true -solution, especially at lower values of $m$. That is because the -linear interpolation does an increasingly poor job of capturing the -nonlinearity of $\vFunc_{(\prdT-1)_\cntn}^{a}(a_{\prdT-1})$ at -lower and lower levels of $a$. - -This is where we unveil our next trick. To understand the logic, -start by considering the case where $\RNrm_{\prdT} = \DiscFac = -\PermGroFac_{\prdT} = 1$ and there is no uncertainty -(that is, we know for sure that income next period -will be $\TranShkEmp_{\prdT} = 1$). The final Euler equation (recall that we are still assuming that $\prd=\trmT$) is then: -\begin{equation}\begin{gathered}\begin{aligned} - \cNrm_{\prdT-1}^{-\CRRA} & = c_{\prdT}^{-\CRRA}. - \end{aligned}\end{gathered}\end{equation} - -In the case we are now considering with no uncertainty and no liquidity constraints, the optimizing consumer does not care whether a unit of income is scheduled to be received in the future period $\prdT$ or the current period $\prdT-1$; there is perfect certainty that the income will be received, so the consumer treats its PDV as equivalent to a unit of current wealth. Total resources available at the point when the consumption decision is made is therefore are comprised of two types: current market resources $\mNrm$ and `human wealth' (the PDV of future income) of $\hNrm_{\prdT-1}=1$ (because it is the value of human wealth as of the end of the period, there is only one more period of income of 1 left). - -\begin{equation} - \vFunc^{m}_{\MidPrdLsT}(\mNrm) = \left(\frac{\mNrm+1}{2}\right)^{-\CRRA} \label{eq:vPLin}. -\end{equation} -Of course, this is a highly nonlinear function. However, if we raise both sides of \eqref{eq:vPLin} to the power $(-1/\CRRA)$ the result is a linear function: -\begin{equation}\begin{gathered}\begin{aligned} - % \vInv^{m}_{\prdT-1}(\mNrm) \equiv - \left[\vFunc^{m}_{\MidPrdLsT}(\mNrm)\right]^{-1/\CRRA} & = \frac{\mNrm+1}{2} . - \end{aligned}\end{gathered}\end{equation} -This is a specific example of a general phenomenon: A theoretical literature discussed in~\cite{ckConcavity} establishes that under perfect certainty, if the period-by-period marginal utility function is of the form $\cNrm_{\prd}^{-\CRRA}$, the marginal value function will be of the form $(\gamma m_{\prd}+\zeta)^{-\CRRA}$ for some constants $\{\gamma,\zeta\}$. This means that if we were solving the perfect foresight problem numerically, we could always calculate a numerically exact (because linear) interpolation. - -To put the key insight in intuitive terms, the nonlinearity we are facing springs in large part from the fact that the marginal value function is highly nonlinear. But we have a compelling solution to that problem, because the nonlinearity springs largely from the fact that we are raising something to the power $-\CRRA$. In effect, we can `unwind' all of the nonlinearity owing to that operation and the remaining nonlinearity will not be nearly so great. Specifically, applying the foregoing insights to the end-of-period value function $\vFunc^{a}_{\MidPrdLsT}(\aNrm)$, we can define an `inverse marginal value' function -\begin{equation}\begin{gathered}\begin{aligned} - \vInv_{\prd_\cntn}^{a}(a) & \equiv \left(\vFunc^{a}_{\prd_\cntn}(a)\right)^{-1/\CRRA} \label{eq:cGoth} - \end{aligned}\end{gathered}\end{equation} -which would be linear in the perfect foresight case.\footnote{There is a corresponding inverse for the value function: $\vInv_{\prd_\cntn}(a_{\prd})=((1-\CRRA)\vFunc_{\prd_\cntn})^{1/(1-\CRRA)}$, and for the marginal marginal value function etc.} We then construct a piecewise-linear interpolating approximation to the $\vInv_{\prd}^{a}$ function, $\Aprx{\vInv}_{\prd_\cntn}^{a}(a_{\prd})$, and for any $a$ that falls in the range $\{\vctr{a}[1],\vctr{a}[-1]\}$ we obtain our approximation of marginal value from: -\begin{equation}\begin{gathered}\begin{aligned} - \Aprx{\vFunc}_{\prd}^{a}(a) & = - [\Aprx{\vInv}_{\prd}^{a}(a)]^{-\CRRA} - \end{aligned}\end{gathered}\end{equation} - -The most interesting thing about all of this, though, is that the $\vInv^{a}_{\prd}$ function has another interpretation. Recall our point in \eqref{eq:upEqbetaOp} that $\uFunc^{c}(c_{\prd}) = \vEndStg^{a}(m_{\prd}-c_{\prd})$. Since with CRRA utility $\uFunc^{c}(c)=c^{-\CRRA}$, this can be rewritten -and inverted -\begin{equation}\begin{gathered}\begin{aligned} - (c_{\prd})^{-\CRRA} & = \vEndStg^{a}(a_{\prd}) - \\ c_{\prd} & = \left(\vEndPrd^{a}(a)\right)^{-1/\CRRA}. - \end{aligned}\end{gathered}\end{equation} - -What this means is that for any given $a$, if we can calculate the marginal value associated with ending the period with that $a$, then we can learn the level of $c$ that the consumer must have chosen if they ended up with that $a$ as the result of an optimal unconstrained choice. This leads us to an alternative interpretation of $\vInv^{a}$. It is the function that reveals, for any ending $a$, how much the agent must have consumed to (optimally) get to that $a$. We will therefore henceforth refer to it as the `consumed function:' -\begin{equation}\begin{gathered}\begin{aligned} - \Aprx{\cFunc}_{\prd_\cntn}(a_{\prd}) & \equiv \Aprx{\vInv}^{a}_{\prd_\cntn}(a_{\prd}) \label{eq:consumedfn}. - \end{aligned}\end{gathered}\end{equation} - -%\renewcommand{\prd}{T} -Thus, for example, for period $\prdLsT$ our procedure is to calculate the vector of $\vctr{c}$ points on the consumed function: -\begin{equation}\begin{gathered}\begin{aligned} - \vctr{c} & = \cFunc_{(\prdLsT)_\cntn}(\vctr{a}) \label{eq:consumedfnvecs} - \end{aligned}\end{gathered}\end{equation} -with the idea that we will construct an approximation of the consumed function $\Aprx{\cFunc}_{(\prdLsT)_\cntn}(\aNrm)$ as the interpolating function connecting these $\{\vctr{a},\vctr{c}\}$ points. - -\hypertarget{the-natural-borrowing-constraint-and-the-a-lower-bound}{} -\subsection{The Natural Borrowing Constraint and the $a_{\prdLsT}$ Lower Bound} \label{subsec:LiqConstrSelfImposed} - -%\renewcommand{\prd}{T} -This is the appropriate moment to ask an awkward question: How should an interpolated, approximated `consumed' function like $\Aprx{\cFunc}_{(\prdLsT)_\cntn}(a_{\prdLsT})$ be extrapolated to return an estimated `consumed' amount when evaluated at an $a_{\prdLsT}$ outside the range spanned by $\{\vctr{a}[1],...,\vctr{a}[n]\}$? - - -For most canned piecewise-linear interpolation tools like \href{https://docs.scipy.org/doc/scipy/tutorial/interpolate.html}{scipy.interpolate}, when the `interpolating' function is evaluated at a point outside the provided range, the algorithm extrapolates under the assumption that the slope of the function remains constant beyond its measured boundaries (that is, the slope is assumed to be equal to the slope of nearest piecewise segment \emph{within} the interpolated range); for example, if the bottommost gridpoint is $\aVecMin = \vctratm[1]$ and the corresponding consumed level is $\cMin = \cFunc_{(\prdLsT)_\cntn}(a_1)$ we could calculate the `marginal propensity to have consumed' $\varkappa_{1}= -\Aprx{\cFunc}_{(\prdLsT)_\cntn}^{a}(\aVecMin)$ and construct the approximation as the linear extrapolation below $\vctratm[1]$ from: -\begin{equation}\begin{gathered}\begin{aligned} - \Aprx{\cFunc}_{(\prdLsT)_\cntn}(a) & \equiv \cMin + (a-\aVecMin)\varkappa_{1} \label{eq:ExtrapLin}. - \end{aligned}\end{gathered}\end{equation} - -To see that this will lead us into difficulties, consider what happens to the true (not approximated) $\vFunc^{a}_{(\prdLsT)_\cntn}(a_{\prdLsT})$ as $a_{\prdLsT}$ approaches a quantity we will call the `natural borrowing constraint': $\NatBoroCnstra_{\prdLsT}=-\underline{\TranShkEmp}\RNrm_{\prdT}^{-1}$. From -\eqref{eq:vEndPrimeTm1} we have -\begin{equation}\begin{gathered}\begin{aligned} - \lim_{\aNrm \downarrow \NatBoroCnstra_{\prdLsT}} \vFunc^{a}_{(\prdLsT)_\cntn}(\aNrm) - & = \lim_{\aNrm \downarrow \NatBoroCnstra_{\prdLsT}} \DiscFac \Rfree \PermGroFacAdjMu \left(\frac{1}{n_{\TranShkEmp}}\right) \sum_{i=1}^{n_{\TranShkEmp}} \left( \aNrm \RNrm_{\prd}+ \TranShkEmp_{i}\right)^{-\CRRA}. - \end{aligned}\end{gathered}\end{equation} - -But since $\TranShkEmpMin=\TranShkEmp_{1}$, exactly at $\aNrm=\NatBoroCnstra_{\prdLsT}$ the first term in the summation would be $(-\TranShkEmpMin+\TranShkEmp_{1})^{-\CRRA}=1/0^{\CRRA}$ which is infinity. The reason is simple: $-\NatBoroCnstra_{\prdLsT}$ is the PDV, as of $\prdLsT$, of the \emph{minimum possible realization of income} in $\prdT$ ($\RNrm_{\prdT}\NatBoroCnstra_{\prdLsT} = -\TranShkEmp_{1}$). Thus, if the consumer borrows an amount greater than or equal to $\underline{\TranShkEmp}\RNrm_{\prdT}^{-1}$ (that is, if the consumer ends $\prdLsT$ with $a_{\prdLsT} \leq -\underline{\TranShkEmp}\RNrm_{\prdT}^{-1}$) and then draws the worst possible income shock in period $\prdT$, they will have to consume zero in period $\prdT$, which yields $-\infty$ utility and $+\infty$ marginal utility. - -As \cite{zeldesStochastic} first noticed, this means that the consumer faces a `self-imposed' (or, as above, `natural') borrowing constraint (which springs from the precautionary motive): They will never borrow an amount greater than or equal to $\underline{\TranShkEmp}\RNrm_{\prdT}^{-1}$ (that is, assets will never reach the lower bound of $\NatBoroCnstra_{\prdLsT}$). The constraint is `self-imposed' in the precise sense that if the utility function were different (say, Constant Absolute Risk Aversion), the consumer might be willing to borrow more than $\underline{\TranShkEmp}\RNrm_{\prdT}^{-1}$ because a choice of zero or negative consumption in period $\prdT$ would yield some finite amount of utility.\footnote{Though it is very unclear what a proper economic interpretation of negative consumption might be -- this is an important reason why CARA utility, like quadratic utility, is increasingly not used for serious quantitative work, though it is still useful for teaching purposes.} - -%\providecommand{\aMin}{\underline{\aNrm}} -This self-imposed constraint cannot be captured well when the $\vFunc^{a}_{(\prdLsT)_\cntn}$ function is approximated by a piecewise linear function like $\Aprx{\vFunc}^{m}_{(\prdLsT)_\cntn}$, because it is impossible for the linear extrapolation below $\aMin$ to correctly predict $\vFunc^{a}_{(\prdLsT)_\cntn}(\NatBoroCnstra_{\prdLsT})=\infty.$ %To see what will happen instead, note first that if we are approximating $\vFunc^{a}_{(\prdLsT)_\cntn}$ the smallest value in \code{aVec} must be greater than $\NatBoroCnstra_{\prdLsT}$ (because the expectation for any $a_{\prdLsT} \leq \NatBoroCnstra_{\prdLsT}$ is undefined). - -% When the approximating $\vFunc^{a}_{(\prdLsT)_\cntn}$ function is evaluated at some value less than the first element in \code{aVec}, a piecewise linear approximating function will linearly extrapolate the slope that characterized the lowest segment of the piecewise linear approximation (between \texttt{aVec[1]} and \texttt{aVec[2]}), a procedure that will return a positive finite number, even if the requested $a_{\prdLsT}$ point is below $\NatBoroCnstra_{\prdLsT}$. This means that the precautionary saving motive is understated, and by an arbitrarily large amount as the level of assets approaches its true theoretical minimum $\NatBoroCnstra_{\prdLsT}$. - -%\renewcommand{\prd}{T} -So, the marginal value of saving approaches infinity as $\aNrm \downarrow \NatBoroCnstra_{\prdLsT}=-\underline{\TranShkEmp}\RNrm_{\prdT}^{-1}$. But this implies that $\lim_{\aNrm \downarrow \NatBoroCnstra_{\prdLsT}} \cFunc_{(\prdLsT)_\cntn}(\aNrm) = (\vFunc^{a}_{(\prdLsT)_\cntn}(\aNrm))^{-1/\CRRA} = 0$; that is, as $a$ approaches its `natural borrowing constraint' minimum possible value, the corresponding amount of worst-case $c$ must approach \textit{its} lower bound: zero. - -The upshot is a realization that all we need to do to address these problems is to prepend each of the $\vctr{a}_{\code{\prdLsT}}$ and $\vctr{c}_{\code{\prdLsT}}$ from \eqref{eq:consumedfnvecs} with an extra point so that the first element in the mapping that produces our interpolation function is $\{\NatBoroCnstra_{\prdLsT},0.\}$. This is done in section ``The Self-Imposed `Natural' Borrowing Constraint and the $a_{\prdLsT}$ Lower Bound'' of the notebook.%which can be seen in the defined lists \texttt{aVecBot} and \texttt{cVec3Bot}. - -\Fix{\marginpar{\tiny The vertical axis should be relabeled - not gothic c anymore, instead $\vInv^{a}$}}{} - -\hypertarget{GothVInvVSGothC}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{\FigDir/GothVInvVSGothC}} - \caption{True $\vInv^{a}_{(\prdLsT)_\cntn}(\aNrm)$ vs its approximation $\Aprx{\vInv}^{a}_{(\prdLsT)_\cntn}(\aNrm)$} - \label{fig:GothVInvVSGothC} -\end{figure} -% \caption{True $\cFunc_{(\prdLsT)_\cntn}(\aNrm)$ vs its approximation $\Aprx{\cFunc}_{(\prdLsT)_\cntn}(\aNrm)$} - -Figure \ref{fig:GothVInvVSGothC} shows the result. The solid line calculates the exact numerical value of the consumed function $\cFunc_{(\prdLsT)_\cntn}(\aNrm)$ while the dashed line is the linear interpolating approximation $\Aprx{\cFunc}_{(\prdLsT)_\cntn}(\aNrm).$ This figure illustrates the value of the transformation: The true function is close to linear, and so the linear approximation is almost indistinguishable from the true function except at the very lowest values of $\aNrm$. - -Figure~\ref{fig:GothVVSGothCInv} similarly shows that when we generate $\Aprx{\Aprx{\vFunc}}_{(\prdLsT)_\cntn}^{a}(a)$ using our augmented $[\Aprx{\cFunc}_{(\prdLsT)_\cntn}(a)]^{-\CRRA}$ (dashed line) we obtain a \textit{much} closer approximation to the true marginal value function $\vFunc^{a}_{(\prdLsT)_\cntn}(a)$ (solid line) than we obtained in the previous exercise which did not do the transformation (Figure~\ref{fig:PlotOPRawVSFOC}).\footnote{The vertical axis label uses $\mathfrak{v}^{\prime}$ as an alternative notation for what in these notes we designate as $\vFunc^{a}_{\EndPrdLsT}$). This will be fixed.} -\Fix{\marginpar{\tiny fix the problem articulated in the footnote}}{} - -\hypertarget{GothVVSGothCInv}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{\FigDir/GothVVSGothCInv}} - \caption{True $\vFunc^{a}_{(\prdLsT)_\cntn}(\aNrm)$ vs. $\Aprx{\Aprx{\vFunc}}_{(\prdLsT)_\cntn}^{a}(\aNrm)$ Constructed Using $\Aprx{\cFunc}_{(\prdLsT)_\cntn}(\aNrm)$} - \label{fig:GothVVSGothCInv} -\end{figure} - -\hypertarget{the-method-of-endogenous-gridpoints}{} -\subsection{The Method of Endogenous Gridpoints (`EGM')}\label{subsec:egm} - -The solution procedure we articulated above for finding $\cFunc_{\prdLsT}(m)$ still requires us, for each point in $\vctr{m}\code{_{\prdLsT}}$, to use a numerical rootfinding algorithm to search for the value of $\cNrm$ that solves $\uFunc^{c}(\cNrm) = \vFunc^{a}_{(\prdLsT)_\cntn}(m-\cNrm)$. Though sections \ref{subsec:transformation} and \ref{subsec:LiqConstrSelfImposed} developed a highly efficient and accurate procedure to calculate $\Aprx{\vFunc}^{a}_{(\prdLsT)_\cntn}$, those approximations do nothing to eliminate the need for using a rootfinding operation for calculating, for an arbitrary $m$, the optimal $c$. And rootfinding is a notoriously computation-intensive (that is, slow!) operation. - -Fortunately, it turns out that there is a way to completely skip this slow rootfinding step. The method can be understood by noting that we have already calculated, for a set of arbitrary values of $\vctr{a}=\vctr{a}\code{_{\prdLsT}}$, the corresponding $\vctr{c}$ values for which this $\vctr{a}$ is optimal. - - -But with mutually consistent values of $\vctr{c}\code{_{\prdLsT}}$ and $\vctr{a}\code{_{\prdLsT}}$ (consistent, in the sense that they are the unique optimal values that correspond to the solution to the problem), we can obtain the $\vctr{m}\code{_{\prdLsT}}$ vector that corresponds to both of them from -\begin{equation}\begin{gathered}\begin{aligned} - \vctr{m}\code{_{\prdLsT}} & = {\vctr{\cNrm}\code{_{\prdLsT}}+\vctr{a}\code{_{\prdLsT}}}. - \end{aligned}\end{gathered}\end{equation} - -\ifthenelse{\boolean{ToFix}}{\marginpar{\tiny Rename gothic class, maybe to: EndPrd. Also, harmonize the notation in the notebook in the paper - for example, everwhere in the text we use cNrm for normalized consumption, but for some reason it is capital C in the gothic function.}}{} - -These $m$ gridpoints are ``endogenous'' in contrast to the usual solution method of specifying some \textit{ex-ante} (exogenous) grid of values of $\vctr{m}$ and then using a rootfinding routine to locate the corresponding optimal consumption vector $\vctr{c}$. - - -This routine is performed in the ``Endogenous Gridpoints'' section of the notebook. First, the \texttt{gothic.C\_Tminus1} function is called for each of the pre-specfied values of end-of-period assets stored in \code{aVec}. These values of consumption and assets are used to produce the list of endogenous gridpoints, stored in the object \texttt{mVec\_egm}. With the $\vctr{\cFunc}$ values in hand, the notebook can generate a set of $\vctr{m}\code{_{\prdLsT}}$ and ${\vctr{\cNrm}\code{_{\prdLsT}}}$ pairs that can be interpolated between in order to yield $\Aprx{\cFunc}_{\MidPrdLsT}(\mNrm)$ at virtually zero computational cost!\footnote{This is the essential point of \cite{carrollEGM}.} %This is done in the final line of code in this block, and the following code block produces the graph of the interpolated consumption function using this procedure. - -\hypertarget{PlotComparecTm1AD}{} -One might worry about whether the $\{{m},c\}$ points obtained in this way will provide a good representation of the consumption function as a whole, but in practice there are good reasons why they work well (basically, this procedure generates a set of gridpoints that is naturally dense right around the parts of the function with the greatest nonlinearity). -\begin{figure} - \centerline{\includegraphics[width=6in]{\FigDir/PlotComparecTm1AD}} - \caption{$\cFunc_{\prdLsT}(m)$ (solid) versus $\Aprx{\cFunc}_{\prdLsT}(m)$ (dashed)} - \label{fig:ComparecTm1AD} -\end{figure} -Figure~\ref{fig:ComparecTm1AD} plots the actual consumption function $\cFunc_{\prdLsT}$ and the approximated consumption function $\Aprx{\cFunc}_{\prdLsT}$ derived by the method of endogenous grid points. Compared to the approximate consumption functions illustrated in Figure~\ref{fig:PlotcTm1ABC}, $\Aprx{\cFunc}_{\prdLsT}$ is quite close to the actual consumption function. - - - -\hypertarget{improving-the-a-grid}{} -\subsection{Improving the $\aNrm$ Grid}\label{subsec:improving-the-a-grid} - -Thus far, we have arbitrarily used $\aNrm$ gridpoints of $\{0.,1.,2.,3.,4.\}$ (augmented in the last subsection by $\NatBoroCnstra_{\prdLsT}$). But it has been obvious from the figures that the approximated $\Aprx{\cFunc}_{(\prdLsT)_\cntn}$ function tends to be farthest from its true value at low values of $a$. Combining this with our insight that $\NatBoroCnstra_{\prdLsT}$ is a lower bound, we are now in position to define a more deliberate method for constructing gridpoints for $\aNrm$ -- a method that yields values that are more densely spaced at low values of $a$ where the function is more nonlinear. - -A pragmatic choice that works well is to find the values such that (1) the last value \textit{exceeds the lower bound} by the same amount $\bar\aNrm$ as our original maximum gridpoint (in our case, 4.); (2) we have the same number of gridpoints as before; and (3) the \textit{multi-exponential growth rate} (that is, $e^{e^{e^{...}}}$ for some number of exponentiations $n$ -- our default is 3) from each point to the next point is constant (instead of, as previously, imposing constancy of the absolute gap between points). - -\hypertarget{GothVInvVSGothCEEE}{} -\begin{figure} - \centerline{\includegraphics[width=6in]{\FigDir/GothVInvVSGothCEEE}} - \caption{$\cFunc_{(\prdLsT)_\cntn}(\aNrm)$ versus - $\Aprx{\cFunc}_{(\prdLsT)_\cntn}(\aNrm)$, Multi-Exponential \code{aVec}} - \label{fig:GothVInvVSGothCEE} -\end{figure} - - -\hypertarget{GothVVSGothCInvEEE}{} -\begin{figure} - \includegraphics[width=6in]{\FigDir/GothVVSGothCInvEEE} - \caption{$\vFunc^{a}_{(\prdLsT)_\cntn}(\aNrm)$ vs. - $\Aprx{\Aprx{\vFunc}}_{(\prdLsT)_\cntn}^{a}(\aNrm)$, Multi-Exponential \code{aVec}} - \label{fig:GothVVSGothCInvEE} -\end{figure} - -Section ``Improve the $\mathbb{A}_{grid}$'' begins by defining a function which takes as arguments the specifications of an initial grid of assets and returns the new grid incorporating the multi-exponential approach outlined above. - - -Notice that the graphs depicted in Figures~\ref{fig:GothVInvVSGothCEE} and \ref{fig:GothVVSGothCInvEE} are notably closer to their respective truths than the corresponding figures that used the original grid. - -\subsection{Program Structure} - -In section ``Solve for $c_t(\mNrm)$ in Multiple Periods,'' the natural and artificial borrowing constraints are combined with the endogenous gridpoints method to approximate the optimal consumption function for a specific period. Then, this function is used to compute the approximated consumption in the previous period, and this process is repeated for some specified number of periods. - -The essential structure of the program is a loop that iteratively solves for consumption functions by working backward from an assumed final period, using the dictionary \texttt{cFunc\_life} to store the interpolated consumption functions up to the beginning period. Consumption in a given period is utilized to determine the endogenous gridpoints for the preceding period. This is the sense in which the computation of optimal consumption is done recursively. - -For a realistic life cycle problem, it would also be necessary at a -minimum to calibrate a nonconstant path of expected income growth over the -lifetime that matches the empirical profile; allowing for such -a calibration is the reason we have included the $\{\PermGroFac\}_{\prd}^{T}$ -vector in our computational specification of the problem. - -\hypertarget{results}{} -\subsection{Results} - -The code creates the relevant $\Aprx{\cFunc}_{\prd}(\mNrm)$ functions for any period in the horizon, at the given values of $\mNrm$. Figure \ref{fig:PlotCFuncsConverge} shows $\Aprx{\cFunc}_{T-n}(m)$ for $n=\{20,15,10,5,1\}$. At least one feature of this figure is encouraging: the consumption functions converge as the horizon extends, something that \cite{BufferStockTheory} shows must be true under certain parametric conditions that are satisfied by the baseline parameter values being used here. - -\hypertarget{PlotCFuncsConverge}{} -\begin{figure} - \includegraphics[width=6in]{\FigDir/PlotCFuncsConverge} - \caption{Converging $\Aprx{\cFunc}_{T-n}(\mNrm)$ Functions as $n$ Increases} - \label{fig:PlotCFuncsConverge} -\end{figure} - - -\end{document} diff --git a/sec_structural-estimation.pdf b/sec_structural-estimation.pdf deleted file mode 100644 index 9645c8a32..000000000 Binary files a/sec_structural-estimation.pdf and /dev/null differ diff --git a/sec_structural-estimation.tex b/sec_structural-estimation.tex deleted file mode 100644 index 08bad428f..000000000 --- a/sec_structural-estimation.tex +++ /dev/null @@ -1,334 +0,0 @@ -\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} -\input{subfile-start} - - -\begin{document} -\hypertarget{structural-estimation}{} -\section{Structural Estimation}\label{sec:structural-estimation} - - -This section describes how to use the methods developed above to -structurally estimate a life-cycle consumption model, following -closely the work of -\cite{cagettiWprofiles}.\footnote{Similar structural - estimation exercises have been also performed by - \cite{palumbo:medical} and \cite{gpLifecycle}.} The key idea of -structural estimation is to look for the parameter values (for the -time preference rate, relative risk aversion, or other parameters) -which lead to the best possible match between simulated and empirical -moments. %(The code for the structural estimation is in the self-containedsubfolder \texttt{StructuralEstimation} in the Matlab and {\Mma} directories.) - -\hypertarget{life-cycle-model}{} -\subsection{Life Cycle Model}\label{subsec:life-cycle-model} -\newcommand{\byage}{\hat} - -Realistic calibration of a life cycle model needs to take into account a few things that we omitted from the bare-bones model described above. For example, the whole point of the life cycle model is that life is finite, so we need to include a realistic treatment of life expectancy; this is done easily enough, by assuming that utility accrues only if you live, so effectively the rising mortality rate with age is treated as an extra reason for discounting the future. Similarly, we may want to capture the demographic evolution of the household (e.g., arrival and departure of kids). A common way to handle that, too, is by modifying the discount factor (arrival of a kid might increase the total utility of the household by, say, 0.2, so if the `pure' rate of time preference were $1.0$ the `household-size-adjusted' discount factor might be 1.2. We therefore modify the model presented above to allow age-varying discount factors that capture both mortality and family-size changes (we just adopt the factors used by \cite{cagettiWprofiles} directly), with the probability of remaining alive between $t$ and $t+n$ captured by $\Alive$ and with $\hat{\DiscFac}$ now reflecting all the age-varying discount factor adjustments (mortality, family-size, etc). Using $\beth$ (the Hebrew cognate of $\beta$) for the `pure' time preference factor, the value function for the revised problem is -\begin{verbatimwrite}{./Equations/lifecyclemax.tex} - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\prd}(\pLvl_{\prd},\mLvl_{\prd}) & = \max_{\{\cFunc\}_{\prd}^{T}}~~ \uFunc(\cLvl_{\prd})+\ExEndPrd\left[\sum_{n=1}^{T-t}\beth^{n} \Alive_{\prd}^{t+n}\hat{\DiscFac}_{\prd}^{t+n} \uFunc(\cLvl_{t+n}) \right] \label{eq:lifecyclemax} - \end{aligned}\end{gathered} \end{equation} -\end{verbatimwrite} -\input{./Equations/lifecyclemax.tex}\unskip -subject to the constraints -\begin{verbatimwrite}{./Equations/dbc-with-permshk} - \begin{equation*}\begin{gathered}\begin{aligned} - \aLvl_{\prd} & = \mLvl_{\prd}-\cLvl_{\prd} - \\ \pLvl_{\prd+1} & = \PermGroFac_{\prd+1}\pLvl_{\prd}\permShk_{\prd+1} - \\ \yLvl_{\prd+1} & = \pLvl_{\prd+1}\TranShkEmp _{\prd+1} - \\ \mLvl_{\prd+1} & = \Rfree \aLvl_{\prd}+\yLvl_{\prd+1} - \end{aligned}\end{gathered}\end{equation*} -\end{verbatimwrite} -\input{./Equations/dbc-with-permshk} \unskip -where -\begin{verbatimwrite}{./Equations/subjectTo.tex} - \begin{equation*}\begin{gathered}\begin{aligned} - \Alive _{\prd}^{t+n} &:\text{probability to }\Alive\text{ive until age $t+n$ given alive at age $t$} - \\ \hat{\DiscFac}_{\prd}^{t+n} &:\text{age-varying discount factor between ages $t$ and $t+n$} - \\ \permShk_{\prd} &:\text{mean-one shock to permanent income} - \\ \beth &:\text{time-invariant `pure' discount factor} - \end{aligned}\end{gathered}\end{equation*} -\end{verbatimwrite} -\input{./Equations/subjectTo.tex}\unskip -and all the other variables are defined as in section \ref{sec:the-problem}. - -Households start life at age $s=25$ and live with probability 1 until retirement -($s=65$). Thereafter the survival probability shrinks every year and -agents are dead by $s=91$ as assumed by Cagetti. % Note that in addition to a typical time-invariant discount factor $\beth$, there is a time-varying discount factor $\hat{\DiscFac}_{s}$ in (\ref{eq:lifecyclemax}) which can be used to capture the effect of age-varying demographic variables (e.g.\ changes in family size). - -\begin{verbatimwrite}{./Equations/shocks-for-lifecycle} - Transitory and permanent shocks are distributed as follows: - \begin{equation}\begin{gathered}\begin{aligned} - \Xi_{s} & = - \begin{cases} - 0\phantom{/\pZero} & \text{with probability $\pZero>0$} \\ - \TranShkEmp_{s}/\pZero & \text{with probability $(1-\pZero)$, where $\log \TranShkEmp_{s}\thicksim \Nrml(-\sigma_{\TranShkEmp}^{2}/2,\sigma_{\TranShkEmp}^{2})$}\\ - \end{cases}\\ - \log \permShk_{s} &\thicksim \Nrml(-\sigma_{\permShk}^{2}/2,\sigma_{\permShk}^{2}) - \end{aligned}\end{gathered}\end{equation} - where $\pZero$ is the probability of unemployment (and unemployment shocks are turned off after retirement). -\end{verbatimwrite} -\input{./Equations/shocks-for-lifecycle} \unskip - -The parameter values for the shocks are taken from Carroll~\citeyearpar{carroll:brookings}, $\pZero=0.5/100$, $\sigma _{\TranShkEmp }=0.1$, and $\sigma_{\permShk}=0.1$.\footnote{Note that $\sigma _{\TranShkEmp}=0.1$ is smaller than the estimate for college graduates estimated in - Carroll and Samwick~\citeyearpar{carroll&samwick:nature} ($=0.197=\sqrt{0.039}$) which is used by Cagetti~\citeyearpar{cagettiWprofiles}. The reason for this choice is that Carroll and Samwick~\citeyearpar{carroll&samwick:nature} themselves argue that their estimate of $\sigma_{\TranShkEmp }$ is almost certainly increased by measurement error.} The income growth profile $\PermGroFac_{\prd}$ is from Carroll~\citeyearpar{carrollBSLCPIH} and the values of $\Alive_{\prd}$ and $\hat{\DiscFac}_{\prd}$ are obtained from Cagetti~\citeyearpar{cagettiWprofiles} (Figure \ref{fig:TimeVaryingParam}).\footnote{The income growth profile is the one used by Caroll for operatives. Cagetti computes the time-varying discount factor by educational groups using the methodology proposed by Attanasio et al.~\citeyearpar{AttanasioBanksMeghirWeber} and the survival probabilities from the 1995 Life Tables (National Center for Health Statistics 1998).} The interest rate is assumed to equal $1.03$. The model parameters are included in Table \ref{table:StrEstParams}. - -\hypertarget{PlotTimeVaryingParam}{} -\begin{figure}[h] - \includegraphics[width=6in]{./Figures/PlotTimeVaryingParam} - \caption{Time Varying Parameters} - \label{fig:TimeVaryingParam} -\end{figure} - -\begin{table}[h] - \caption{Parameter Values}\label{table:StrEstParams} - \begin{center} - \begin{tabular}{ccl} - \hline\hline - $\sigma _{\TranShkEmp}$ & $0.1$ & Carroll~\citeyearpar{carroll:brookings} - \\ $\sigma _{\permShk}$ & $0.1$ & Carroll~\citeyearpar{carroll:brookings} - \\ $\pZero$ & $0.005$ & Carroll~\citeyearpar{carroll:brookings} - \\ $\PermGroFac_{s}$ & figure \ref{fig:TimeVaryingParam} & Carroll~\citeyearpar{carrollBSLCPIH} - \\ $\hat{\DiscFac}_{s},\Alive_{s}$ & figure \ref{fig:TimeVaryingParam} & Cagetti~\citeyearpar{cagettiWprofiles} - \\$\Rfree$ & $1.03$ & Cagetti~\citeyearpar{cagettiWprofiles}\\ - \hline - \end{tabular} - \end{center} -\end{table} - -The structural estimation of the parameters $\beth$ and $\CRRA$ is carried out using -the procedure specified in the following section, which is then implemented in -the \texttt{StructEstimation.py} file. This file consists of two main components. The -first section defines the objects required to execute the structural estimation procedure, -while the second section executes the procedure and various optional -experiments with their corresponding commands. The next section elaborates on the procedure -and its accompanying code implementation in greater detail. - -\subsection{Estimation} - -When economists say that they are performing ``structural estimation'' -of a model like this, they mean that they have devised a -formal procedure for searching for values for the parameters $\beth$ -and $\CRRA$ at which some measure of the model's outcome (like -``median wealth by age'') is as close as possible to an empirical measure -of the same thing. Here, we choose to match the median of the -wealth to permanent income ratio across 7 age groups, from age $26-30$ -up to $56-60$.\footnote{\cite{cagettiWprofiles} - matches wealth levels rather than wealth to income ratios. We - believe it is more appropriate to match ratios both because the - ratios are the state variable in the theory and because empirical - moments for ratios of wealth to income are not influenced by the - method used to remove the effects of inflation and productivity - growth.} The choice of matching the medians rather the means is -motivated by the fact that the wealth distribution is much more -concentrated at the top than the model is capable of explaining using a single -set of parameter values. This means that in practice one must pick -some portion of the population who one wants to match well; since the -model has little hope of capturing the behavior of Bill Gates, but -might conceivably match the behavior of Homer Simpson, we choose to -match medians rather than means. - -As explained in section \ref{sec:normalization}, it is convenient to work with the normalized version of the model which can be written in Bellman form as: -\begin{verbatimwrite}{./Equations/LifeCycleMaxNormed.tex} - \begin{equation*}\begin{gathered}\begin{aligned} - \vFunc_{\prd}(m_{\prd}) & = \max_{{c}_{\prd}}~~~ \uFunc(c_{\prd})+\beth\Alive_{\prd+1}\hat{\DiscFac}_{\prd+1} - \Ex_{\prd}[(\permShk_{\prd+1}\PermGroFac_{\prd+1})^{1-\CRRA}\vFunc_{\prd+1}(m_{\prd+1})] \\ - & \text{s.t.} \nonumber \\ - a_{\prd} & = m_{\prd}-c_{\prd} \nonumber - \\ m_{\prd+1} & = a_{\prd}\underbrace{\left(\frac{\Rfree}{\permShk_{\prd+1}\PermGroFac_{\prd+1}}\right)}_{\equiv \RNrm_{\prd+1}}+ ~\TranShkEmp_{\prd+1} - \end{aligned}\end{gathered}\end{equation*} -\end{verbatimwrite} -\input{./Equations/LifeCycleMaxNormed.tex}\unskip -with the first order condition: -\begin{verbatimwrite}{./Equations/FOCLifeCycle} - \begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{c}(c_{\prd}) & = \beth\Alive_{\prd+1}\hat{\DiscFac}_{\prd+1}\Rfree \Ex_{\prd}\left[\uFunc^{c}\left(\permShk_{\prd+1}\PermGroFac_{\prd+1}\cFunc_{\prd+1}\left(a_{\prd}\RNrm_{\prd+1}+\TranShkEmp_{\prd+1}\right)\right)\right]\label{eq:FOCLifeCycle} - . - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/FOCLifeCycle} \unskip - -The first substantive {\move} in this estimation procedure is -to solve for the consumption functions at each age. We need to -discretize the shock distribution and solve for the policy -functions by backward induction using equation (\ref{eq:FOCLifeCycle}) -following the procedure in sections \ref{sec:solving-the-next} and -`Recursion.' The latter routine -is slightly complicated by the fact that we are considering a -life-cycle model and therefore the growth rate of permanent income, -the probability of death, the time-varying discount factor and the -distribution of shocks will be different across the years. We thus -must ensure that at each backward iteration the right parameter -values are used. - -Correspondingly, the first part of the \texttt{StructEstimation.py} file begins by defining the agent type by inheriting from the baseline agent type \texttt{IndShockConsumerType}, with the modification to include time-varying discount factors. Next, an instance of this ``life-cycle'' consumer is created for the estimation procedure. The number of periods for the life cycle of a given agent is set and, following Cagetti, ~\citeyearpar{cagettiWprofiles}, we initialize the wealth to income ratio of agents at age $25$ by randomly assigning the equal probability values to $0.17$, $0.50$ and $0.83$. In particular, we consider a population of agents at age 25 and follow their consumption and wealth accumulation dynamics as they reach the age of $60$, using the appropriate age-specific consumption functions and the age-varying parameters. The simulated medians are obtained by taking the medians of the wealth to income ratio of the $7$ age groups. - -To complete the creation of the consumer type needed for the simulation, a history of shocks is drawn for each agent across all periods by invoking the \texttt{make\_shock\_history} function. This involves discretizing the shock distribution for as many points as the number of agents we want to simulate and then randomly permuting this shock vector as many times as we need to simulate the model for. In this way, we obtain a time varying shock for each agent. This is much more time efficient than drawing at each time from the shock distribution a shock for each agent, and also ensures a stable distribution of shocks across the simulation periods even for a small number of agents. (Similarly, in order to speed up the process, at each backward iteration we compute the consumption function and other variables as a vector at once.) - -With the age-varying consumption functions derived from the life-cycle agent, we can proceed to generate simulated data and compute the corresponding medians. Estimating the model involves comparing these simulated medians with empirical medians, measuring the model's success by calculating the difference between the two. However, before performing the necessary steps of solving and simulating the model to generate simulated moments, it's important to note a difficulty in producing the target moments using the available data. - -Specifically, defining $\xi$ as the set of parameters -to be estimated (in the current case $\xi =\{\CRRA ,\beth\}$), we could search for -the parameter values which solve -\begin{verbatimwrite}{./Equations/naivePowell.tex} - \begin{equation} - \begin{gathered} - \begin{aligned} - \min_{\xi} \sum_{\tau=1}^{7} |\Shr^{\tau} -\mathbf{s}^{\tau}(\xi)| \label{eq:naivePowell} - \end{aligned} - \end{gathered} - \end{equation} -\end{verbatimwrite} -\input{./Equations/naivePowell.tex}\unskip -where $\Shr^{\tau }$ and $\mathbf{s}^{\tau}$ are respectively the empirical -and simulated medians of the wealth to permanent income ratio for age group $\tau$. -A drawback of proceeding in this way is that it treats the empirically -estimated medians as though they reflected perfect measurements of the -truth. Imagine, however, that one of the age groups happened to have -(in the consumer survey) four times as many data observations as -another age group; then we would expect the median to be more -precisely estimated for the age group with more observations; yet -\eqref{eq:naivePowell} assigns equal importance to a deviation between -the model and the data for all age groups. - -We can get around this problem (and a variety of others) by instead minimizing a slightly more complex object: -\begin{verbatimwrite}{./Equations/StructEstim.tex} - \begin{equation} - \min_{\xi}\sum_{i}^{N}\weight _{i}\left|\Shr_{i}^{\tau }-\mathbf{s}^{\tau}(\xi )\right|\label{eq:StructEstim} - \end{equation} -\end{verbatimwrite} -\input{./Equations/StructEstim.tex}\unskip -where $\weight_{i}$ is the weight of household $i$ in the entire -population,\footnote{The Survey of Consumer Finances includes many - more high-wealth households than exist in the population as a whole; - therefore if one wants to produce population-representative - statistics, one must be careful to weight each observation by the - factor that reflects its ``true'' weight in the population.} and -$\Shr_{i}^{\tau }$ is the empirical wealth to permanent income -ratio of household $i$ whose head belongs to age group -$\tau$. $\weight _{i}$ is needed because unequal weight is assigned to -each observation in the Survey of Consumer Finances (SCF). The -absolute value is used since the formula is based on the fact that the -median is the value that minimizes the sum of the absolute deviations -from itself. - -% In the absence of observation specific weights, equation (\ref{eq:MinStructEstim}) can be simplified to require the minimization of the distance between the empirical and simulated medians. - -With this in mind, we turn our attention to the computation -of the weighted median wealth target moments for each age cohort -using this data from the 2004 Survery of Consumer Finances on household -wealth. The objects necessary to accomplish this task are \texttt{weighted\_median} and -\texttt{get\_targeted\_moments}. The actual data are taken from several waves of the SCF and the medians -and means for each age category are plotted in figure \ref{fig:MeanMedianSCF}. -More details on the SCF data are included in appendix \ref{app:scf-data}. - -\hypertarget{PlotMeanMedianSCFcollegeGrads}{} -\begin{figure} - % \includegraphics[width=6in]{./Figures/PlotMeanMedianSCF}} % weird mean value - \includegraphics[width=6in]{./Figures/PlotMeanMedianSCFcollegeGrads} - \caption{Wealth to Permanent Income Ratios from SCF (means (dashed) and medians (solid))} - \label{fig:MeanMedianSCF} -\end{figure} - -We now turn our attention to the the two key functions in this section of the code file. The first, \texttt{simulate\_moments}, executes the solving (\texttt{solve}) and simulation (\texttt{simulation}) steps for the defined life-cycle agent. Subsequently, the function uses the agents' tracked levels of wealth based on their optimal consumption behavior to compute and store the simulated median wealth to income ratio for each age cohort. The second function, \texttt{smmObjectiveFxn}, calls the \texttt{simulate\_moments} function to create the objective function described in (\ref{eq:StructEstim}), which is necessary to perform the SMM estimation. - - -% \begin{verbatimwrite}{./Equations/GapEmpiricalSimulatedMedians.tex} -% \begin{equation}\begin{gathered}\begin{aligned} -% \lefteqn{ \texttt{GapEmpiricalSimulatedMedians$[\CRRA,\beth]$:=}} \nonumber \\ -% &[&\texttt{ConstructcFuncLife$[\CRRA,\beth]$;}\nonumber\\ -% &\texttt{Simulate;}\nonumber\\ -% &\sum\limits_{i}^{N}\weight _{i}\left|\Shr_{i}^{\tau }-\mathbf{s}^{\tau}(\xi )\right| \nonumber\\ -% &];&\nonumber -% \end{aligned}\end{gathered}\end{equation} -% \end{verbatimwrite} -% \input{./Equations/GapEmpiricalSimulatedMedians.tex}\unskip - -Thus, for a given pair of the parameters to be estimated, the single -call to the function \texttt{smmObjectiveFxn} executes the following: -\begin{enumerate} -\item solves for the consumption functions for the life-cycle agent -\item simulates the data and computes the simulated medians -\item returns the value of equation (\ref{eq:StructEstim}) -\end{enumerate} - -We delegate the task of finding the coefficients that minimize the \texttt{smmObjectiveFxn} function to the \texttt{minimize\_nelder\_mead} function, which is defined elsewhere and called in the second part of this file. This task can be quite slow and rather problematic if the \texttt{smmObjectiveFxn} function has very flat regions or sharp features. It is thus wise to verify the accuracy of the solution, for example by experimenting with a variety of alternative starting values for the parameter search. - -The final object defined in this first part of the \texttt{StructEstimation.py} -file is \texttt{calculateStandardErrorsByBootstrap}. As the name suggsts, the -purpose of this function is to compute the standard errors by bootstrap.\footnote{For a - treatment of the advantages of the bootstrap see - Horowitz~\citeyearpar{horowitzBootstrap}} This involves: -\begin{enumerate} -\item drawing new shocks for the simulation -\item drawing a random sample (with replacement) of actual data from the SCF -\item obtaining new estimates for $\CRRA$ and $\beth$ -\end{enumerate} -We repeat the above procedure several times (\texttt{Bootstrap}) and -take the standard deviation for each of the estimated parameters across the various bootstrap iterations. - -\subsubsection{An Aside to Computing Sensitivity Measures}\label{subsubsec:sensmeas} - - -A common drawback in commonly used structural estimation procedures is a lack of transparency in its estimates. As \cite{andrews2017measuring} notes, a researcher employing such structural empirical methods may be interested in how alternative assumptions (such as misspecification or measurement bias in the data) would ``change the moments of the data that the estimator uses as inputs, and how changes in these moments affect the estimates.'' The authors provide a measure of sensitivity for given estimator that makes it easy to map the effects of different assumptions on the moments into predictable bias in the estimates for non-linear models. - -In the language of \cite{andrews2017measuring}, section \ref{sec:structural-estimation} is aimed at providing an estimator $\xi =\{\CRRA ,\beth\}$ that has some true value $\xi_0 $ by assumption. Under the assumption $a_0$ of the researcher, the empirical targets computed from the SCF is measured accurately. These moments of the data are precisely what determine our estimate $\hat{\xi}$, which minimizes (\ref{eq:StructEstim}). Under alternative assumptions $a$, such that a given cohort is mismeasured in the survey, a different estimate is computed. Using the plug-in estimate provided by the authors, we can see quantitatively how our estimate changes under these alternative assumptions $a$ which correspond to mismeasurement in the median wealth to income ratio for a given age cohort. - -\subsection{Results} -The second part of the file \texttt{StructEstimation.py} -defines a function \texttt{main} which produces our $\CRRA$ and -$\beth$ estimates with standard errors using 10,000 simulated -agents by setting the positional arguments \texttt{estimate\_model} and -\texttt{compute\_standard\_errors} to true.\footnote{The procedure is: First we calculate the $\CRRA$ and - $\beth$ estimates as the minimizer of equation - (\ref{eq:StructEstim}) using the actual SCF data. Then, we apply the - \texttt{Bootstrap} function several times to obtain the standard - error of our estimates.} Results are reported in Table -\ref{tab:EstResults}.\footnote{Differently from Cagetti - ~\citeyearpar{cagettiWprofiles} who estimates a different set of - parameters for college graduates, high school graduates and high - school dropouts graduates, we perform the structural estimation on - the full population.} - - -\begin{verbatimwrite}{./Tables/EstResults.tex} - \begin{table}[h] - \caption{Estimation Results}\label{tab:EstResults} - \center - \begin{tabular}{cc} - \hline - $\CRRA $ & $\beth$\\ - \hline - $3.69$ & $0.88$\\ - $(0.047)$ & $(0.002)$\\ - \hline - \end{tabular} - \end{table} -\end{verbatimwrite} \unskip -\input{./Tables/EstResults.tex}\unskip - -The literature on consumption and saving behavior over the lifecycle in the presenece of labor income uncertainty\footnote{For example, see \cite{gpLifecycle} for an exposition of this.} warns us to be careful in disentangling the effect of time preference and risk aversion when describing the optimal behavior of households in this setting. Since the precautionary saving motive dominates in the early stages of life, the coefficient of relative risk aversion (as well as expected labor income growth) has a larger effect on optimal consumption and saving behavior through their magnitude relative to the interest rate. Over time, life-cycle considerations (such as saving for retirement) become more important and the time preference factor plays a larger role in determining optimal behavior for this cohort. - -Using the positional argument \texttt{compute\_sensitivity}, Figure \ref{fig:PlotSensitivityMeasure} provides a plot of the plug-in estimate of the sensitivity measure described in \ref{subsubsec:sensmeas}. As you can see from the figure the inverse relationship between $\rho$ and $\beth$ over the life-cycle is retained by the sensitivity measure. Specifically, under the alternative assumption that \textit{a particular cohort is mismeasured in the SCF dataset}, we see that the y-axis suggests that our estimate of $\rho$ and $\beth$ change in a predictable way. - -Suppose that there are not enough observations of the oldest cohort of households in the sample. Suppose further that the researcher predicts that adding more observations of these households to correct this mismeasurement would correspond to a higher median wealth to income ratio for this cohort. In this case, our estimate of the time preference factor should increase: the behavior of these older households is driven by their time preference, so a higher value of $\beth$ is required to match the affected wealth to income targets under this alternative assumption. Since risk aversion is less important in explaining the behavior of this cohort, a lower value of $\rho$ is required to match the affected empirical moments. - -To recap, the sensitivity measure not only matches our intuition about the inverse relationship between $\rho$ and $\beth$ over the life-cycle, but provides a quantitative estimate of what would happen to our estimates of these parameters under the alternative assumption that the data is mismeasured in some way. - -\hypertarget{PlotSensitivityMeasure}{} -\begin{figure} - \includegraphics[width=6in]{./Figures/Sensitivity.pdf} - \caption{Sensitivty of Estimates $\{\CRRA,\beth\}$ regarding Alternative Mismeasurement Assumptions.} - \label{fig:PlotSensitivityMeasure} -\end{figure} - -By setting the positional argument \texttt{make\_contour\_plot} to true, Figure \ref{fig:PlotContourMedianStrEst} shows the contour plot of the \texttt{smmObjectiveFxn} function and the parameter estimates. The contour plot shows equally spaced isoquants of the \texttt{smmObjectiveFxn} function, i.e.\ the pairs of $\CRRA$ and $\beth$ which lead to the same deviations between simulated and empirical medians (equivalent values of equation (\ref{eq:StructEstim})). Interestingly, there is a large rather flat region; or, more formally speaking, there exists a broad set of parameter pairs which leads to similar simulated wealth to income ratios. Intuitively, the flatter and larger is this region, the harder it is for the structural estimation procedure to precisely identify the parameters. - - -\hypertarget{PlotContourMedianStrEst}{} -\begin{figure} - \includegraphics[width=6in]{./Figures/SMMcontour.pdf} - \caption{Contour Plot (larger values are shown lighter) with $\{\CRRA,\beth\}$ Estimates (red dot).} - \label{fig:PlotContourMedianStrEst} -\end{figure} - -\end{document} diff --git a/sec_template.tex b/sec_template.tex deleted file mode 100644 index b2b6afdb1..000000000 --- a/sec_template.tex +++ /dev/null @@ -1,5 +0,0 @@ -\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} -\input{subfile-start} - -\begin{document} -\end{document} diff --git a/sec_the-infinite-horizon.tex b/sec_the-infinite-horizon.tex deleted file mode 100644 index 0025185c2..000000000 --- a/sec_the-infinite-horizon.tex +++ /dev/null @@ -1,102 +0,0 @@ -\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} -\input{subfile-start} - -\begin{document} -\hypertarget{the-infinite-horizon}{} -\section{The Infinite Horizon}\label{sec:the-infinite-horizon} - -All of the solution methods presented so far have involved period-by-period iteration from an assumed last period of life, as is appropriate for life cycle problems. However, if the parameter values for the problem satisfy certain conditions (detailed in \cite{BufferStockTheory}), the consumption rules (and the rest of the problem) will converge to a fixed rule as the horizon (remaining lifetime) gets large, as illustrated in Figure~\ref{fig:PlotCFuncsConverge}. Furthermore, Deaton~\citeyearpar{deatonLiqConstr}, Carroll~\citeyearpar{carroll:brookings,carrollBSLCPIH} and others have argued that the `buffer-stock' saving behavior that emerges under some further restrictions on parameter values is a good approximation of the behavior of typical consumers over much of the lifetime. Methods for finding the converged functions are therefore of interest, and are dealt with in this section. - -Of course, the simplest such method is to solve the problem as -specified above for a large number of periods. This is feasible, but -there are much faster methods. - -\subsection{Convergence} - -In solving an infinite-horizon problem, it is necessary to have some -metric that determines when to stop because a solution that is `good -enough' has been found. - -A natural metric is defined by the unique `target' level of wealth that \cite{BufferStockTheory} proves -will exist in problems of this kind \href{https://llorracc.github.io/BufferStockTheory#GICNrm}{under certain conditions}: The $\mTrgNrm$ such that -\begin{equation} - \Ex_t [{\mNrm}_{\prd+1}/\mNrm_t] = 1 \mbox{~if~} \mNrm_t = \mTrgNrm \label{eq:mTrgNrmet} -\end{equation} -where the accent is meant to signify that this is the value -that other $\mNrm$'s `point to.' - -Given a consumption rule $\cFunc(\mNrm)$ it is straightforward to find -the corresponding $\mTrgNrm$. So for our problem, a solution is declared -to have converged if the following criterion is met: -$\left|\mTrgNrm_{\prd+1}-\mTrgNrm_{\prd}\right| < \epsilon$, where $\epsilon$ is -a very small number and defines our degree of convergence tolerance. - -Similar criteria can obviously be specified for other problems. -However, it is always wise to plot successive function differences and -to experiment a bit with convergence criteria to verify that the -function has converged for all practical purposes. - -\begin{comment} % at suggestion of WW, this section was removed as unnecessary for the current model, which solves for the converged rule very fast - \subsection{The Last Period} - - For the last period of a finite-horizon lifetime, in the absence of a - bequest motive it is obvious that the optimal policy is to spend - everything. However, in an infinite-horizon problem there is no last - period, and the policy of spending everything is obviously very far - from optimal. Generally speaking, it is much better to start off with - a `last-period' consumption rule and value function equal to those - corresponding to the infinite-horizon solution to the perfect - foresight problem (assuming such a solution is known). - - For the perfect foresight infinite horizon consumption problem, - the solution is - \begin{equation}\begin{gathered}\begin{aligned} - \bar{\cFunc}(m_{\prd}) & = \overbrace{(1-\Rfree^{-1}(\Rfree - \DiscFac)^{1/\CRRA})}^{\equiv - \underline{\MPC}}\left[{m}_{\prd}-1+\left(\frac{1}{1-1/\Rfree}\right)\right] - \label{eq:pfinfhorc} - \end{aligned}\end{gathered}\end{equation} - where $\underline{\MPC}$ is the MPC in the - infinite-horizon perfect foresight problem. In our baseline problem, - we set $\PermGroFac = \pLvl_{\prd} = 1$. It is straightforward to show that the - infinite-horizon perfect-foresight value function and marginal value - function are given by - \begin{equation}\begin{gathered}\begin{aligned} - \bar{\vFunc}(m_{\prd}) - & = \left(\frac{\bar{\cFunc}(m_{\prd})^{1-\CRRA}}{ - (1-\CRRA)\underline{\MPC} }\right) - \\ \bar{\vFunc}^{m}(m_{\prd}) & = (\bar{\cFunc}(m_{\prd}))^{-\CRRA} - \\ \Opt{\vFunc}^{m}(a_{\prd}) & = \DiscFac \Rfree \PermGroFac_{\prd+1}^{-\CRRA} \bar{\vFunc}^{m}(\RNrm_{\prd+1} a_{\prd}+1). - \end{aligned}\end{gathered}\end{equation} - -\end{comment} - -\begin{comment}% At suggestion of WW this section was deleted because the technique is obvious and can be captured by the footnote that has been added - \subsection{Coarse Then Fine \code{aVec} } - - The speed of each iteration is directly proportional to the number - of gridpoints at which the problem must be solved. Therefore - reducing the number of points in \code{aVec} can increase - the speed of solution greatly. Of course, this also decreases the - accuracy of the solution. However, once the converged solution is - obtained for a coarse \code{aVec}, the density of the grid - can be increased and iteration can continue until a converged - solution is found for the finer \code{aVec}. - - \subsection{Coarse then Fine \texttt{$\TranShkEmp$Vec}} - - The speed of solution is roughly proportionate\footnote{It is also - true that the speed of each iteration is directly proportional to - the number of gridpoints in \code{aVec}, at which the problem must - be solved. However given our method of moderation, now the problem - could be solved very precisely based on five gridpoints only. Hence - we do not pursue the process of ``Coarse then Fine \code{aVec}.''} - to the number of points used in approximating the distribution of - shocks. At least 3 gridpoints should probably be used as an initial - minimum, and my experience is that increasing the number of gridpoints - beyond 7 generally yields only very small changes in the solution. The program - \texttt{multiperiodCon\_infhor.m} - begins with three gridpoints, and then solves for successively finer - \texttt{$\TranShkEmp$Vec}. -\end{comment} -\end{document} diff --git a/sec_the-problem.pdf b/sec_the-problem.pdf deleted file mode 100644 index 1812c12c0..000000000 Binary files a/sec_the-problem.pdf and /dev/null differ diff --git a/sec_the-problem.tex b/sec_the-problem.tex deleted file mode 100644 index 0586ba418..000000000 --- a/sec_the-problem.tex +++ /dev/null @@ -1,60 +0,0 @@ -\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} -\input{subfile-start} - -\begin{document} - -\hypertarget{the-problem}{} -\section{The Problem}\label{sec:the-problem} - -The usual analysis of dynamic stochastic programming problems packs a great many events (intertemporal choice, stochastic shocks, intertemporal returns, income growth, the taking of expectations, time discounting, and more) into a complex decision in which the agent makes an optimal choice simultaneously taking all these elements into account. For the dissection here, we will be careful to break down everything that happens into distinct operations so that each element can be scrutinized and understood in isolation. - -We are interested in the behavior a consumer who begins {\interval} $\prd$ with a certain amount of `capital' $\kLvl_{\prd}$, which is immediately rewarded by a return factor $\Rfree_{\prd}$ with the proceeds deposited in a \textbf{b}ank \textbf{b}alance: -\begin{equation}\begin{gathered}\begin{aligned}\label{eq:bLvl} - \bLvl_{\prd} & = \kLvl_{\prd}\Rfree_{\prd}. - \end{aligned}\end{gathered}\end{equation} - -Simultaneously with the realization of the capital return, the consumer also receives noncapital income $\yLvl_{\prd}$, which is determined by multiplying the consumer's `permanent income' $\pLvl_{\prd}$ by a transitory shock $\TranShkEmp_{\prd}$: -\begin{equation}\begin{gathered}\begin{aligned} - \yLvl_{\prd} & = \pLvl_{\prd}\TranShkEmp_{\prd} \label{eq:yLvl} - \end{aligned}\end{gathered}\end{equation} -whose whose expectation is 1 (that is, before realization of the transitory shock, the consumer's expectation is that actual income will on average be equal to permanent income $\pLvl_{\prd}$). - -The combination of bank balances $\bLvl$ and income $\yLvl$ define's the consumer's `market resources' (sometimes called `cash-on-hand,' following~\cite{deatonUnderstandingC}): -\begin{equation}\begin{gathered}\begin{aligned} - \mLvl_{\prd} & = \bLvl_{\prd}+\yLvl_{\prd} \label{eq:mLvl}, - \end{aligned}\end{gathered}\end{equation} -available to be spent on consumption $\cLvl_{\prd}$ for a consumer subject to a liquidity constraint that requires $\cLvl \leq \mLvl$ (though we are not imposing such a constraint yet - see subsection~\ref{subsec:LiqConstrSelfImposed} for further discussion). - -The consumer's goal is to maximize discounted utility from consumption over the rest of a lifetime ending at date $\trmT$: -% chktex-file 36 -\begin{verbatimwrite}{./Equations/MaxProb} - \begin{equation}\label{eq:MaxProb} - \max~\Ex_{\prd}\left[\sum_{n=0}^{\trmT-\prd}\DiscFac^{n} \uFunc(\cLvl_{\prd+n})\right]. - \end{equation} -\end{verbatimwrite} -\input{./Equations/MaxProb}\unskip -Income evolves according to: -\begin{verbatimwrite}{./Equations/ExogVars} - \begin{equation}\begin{gathered}\begin{aligned} - \pLvl_{\prd+1} = \PermGroFac_{\prd+1}\pLvl_{\prd} & \text{~~ -- permanent labor income dynamics} \label{eq:permincgrow} - \\ \log ~ \TranShkEmp_{t+n} \sim ~\Nrml(-\std_{\TranShkEmp}^{2}/2,\std_{\TranShkEmp}^{2}) & \text{~~ -- lognormal transitory shocks}~\forall~n>0 . - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/ExogVars}\unskip - -Equation \eqref{eq:permincgrow} indicates that we are allowing for a predictable average profile of income growth over the lifetime $\{\PermGroFac\}_{0}^{T}$ (to capture typical career wage paths, pension arrangements, etc).\footnote{For expositional and pedagogical purposes, this equation assumes that there are no shocks to permanent income (though they are trivial to add). A large literature finds that, in reality, permanent (or at least extremely highly persistent) shocks exist and are quite large; such shocks therefore need to be incorporated into any `serious' model (that is, one that hopes to match and explain empirical data), but the treatment of permanent shocks clutters the exposition without adding much to the intuition, so permanent shocks are omitted from the analysis until the last section of the notes, which shows how to match the model with empirical micro data. For a full treatment of the theory including permanent shocks, see \cite{BufferStockTheory}.} Finally, the utility function is of the Constant Relative Risk Aversion (CRRA), form, $\uFunc(\bullet) = \bullet^{1-\CRRA}/(1-\CRRA)$. - -It is well known that this problem can be rewritten in recursive (Bellman) form: -\begin{verbatimwrite}{./Equations/vrecurse} - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\prd}(\mLvl_{\prd},\pLvl_{\prd}) & = \max_{\cLvl}~ \uFunc(\cLvl) + \DiscFac \Ex_{\prd}[ \vFunc_{\prd+1}(\mLvl_{\prd+1},\pLvl_{\prd+1})]\label{eq:vrecurse} - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/vrecurse}\unskip -subject to the Dynamic Budget Constraint (DBC) implicitly defined by equations~\eqref{eq:bLvl}-\eqref{eq:mLvl} and to the transition equation that defines next period's initial capital as this period's end-of-period assets: -\begin{equation}\begin{gathered}\begin{aligned} - \kLvl_{\prd+1} & = \aLvl_{\prd}. \label{eq:transitionstate} - \end{aligned}\end{gathered}\end{equation} - -\end{document}\endinput - diff --git a/sec_the-usual-theory.pdf b/sec_the-usual-theory.pdf deleted file mode 100644 index 879d025e4..000000000 Binary files a/sec_the-usual-theory.pdf and /dev/null differ diff --git a/sec_the-usual-theory.tex b/sec_the-usual-theory.tex deleted file mode 100644 index 398b739fb..000000000 --- a/sec_the-usual-theory.tex +++ /dev/null @@ -1,84 +0,0 @@ -\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} - -\begin{document} - -\hypertarget{the-usual-theory}{} -\section{The Usual Theory, and a Bit More Notation}\label{sec:the-usual-theory} - -%\renewcommand{\prd}{t} - -% \subsection{\Intervals, \Stgs, \Moves} - -% For the problem specified in \eqref{eq:vNormed}, the agent has only one decision to make in each {\interval} (how much to consume). %Many problems (including the portfolio choice example elaborated below) may have several distinct decision {\stgs} within the {\interval}, which requires a notation that permits the handoff of the solution to one {\stg} to its successor. Here, we have -% This simplifies matters because there is no need to distinguish betwen the next {\stg} and the problem of the following {\interval}, so we can conflate the two. (See the portfolio choice example below for the notation and analysis of multi-{\stg} problems.) - -% \subsection{\Moves} - -% Generically, we want to think of the Bellman solution as having three {\moves}: -% \begin{enumerate} -% \item \textbf{\Arrival}: Incoming state variables (e.g., $\kNrm$) are known, but any shocks associated with the period have not been realized and decision(s) have not yet been made -% \item \textbf{\Decision}: All exogenous variables (like income shocks, rate of return shocks, and predictable income growth $\PermGroFac$) have been realized (so that, e.g., $\mNrm$'s value is known) and the agent solves the optimization problem -% \item \textbf{\Continuation}: After all decisions have been made, their consequences are measured by evaluation of the continuing-value function at the values of the `outgoing' state variables (sometimes called `post-state' variables). -% \end{enumerate} - -% In the standard treatment in the literature, the (implicit) default assumption is that the {\move} where the agent is solving a decision problem is the unique {\move} at which the problem is defined. This is what was done above, when (for example) in \eqref{eq:vNormed} we related the value $\vFunc$ of the current decision to the expectation of the future value $\vFunc_{\prd+1}$. Here, instead, we want to encapsulate the current {\stg}'s problem as a standalone object, which is solved by taking as given an exogenously-provided continuation-value function (in our case, $\vEndStg(a)$). - -% When we want to refer to a specific {\move} in the one {\stg} of $\prd$ we will do so by supplementing the {\move} with an indicator which tracks the {\move} (and we need not denote the {\stg} within the {\interval} because we have assumed there is only one {\stg} in the {\interval}): -% \begin{center} -% % \mbox{% -% \begin{tabular}{r|c|c|l|l} -% Step of Stage & Indicator & State & Usage & Explanation \\ \hline -% {\Arrival} & $\arvl$ prefix & $\kNrm$ & $\vBegStg(\kNrm)$ & value at entry to $\prd$ (before shocks) \\ -% {\Decision} & (blank/none) & $\mNrm$ & $\vMidStg(\mNrm)$ & value of $t$-decision (after shocks) \\ -% {\Continuation} & $\cntn$ suffix & $\aNrm$ & $\vEndStg(\aNrm)$ & value at exit (after decision) -% \end{tabular} -% % } -% \end{center} - -% Notice that different {\move}s of the {\stg} have distinct state variables. $\kNrm$ is the state at the beginning of the {\stg/\interval} because the shocks that yield $\mNrm$ from $\kNrm$ have not yet been realized. The state variable for the continuation {\move} is $\aNrm$ because after the consumption decision has been made the model assumes that all that matters is where you have ended up, not how you got there. - -We can now restate the problem \eqref{eq:vNormed} with our new notation: -\begin{equation}\begin{gathered}\begin{aligned} - \vFunc(m) & = \max_{\cNrm} ~~ \uFunc(\cNrm)+ \vEndStg(\mNrm-\cNrm) -\end{aligned}\end{gathered}\end{equation} -whose first order condition with respect to $\cNrm$ is -\begin{equation}\begin{gathered}\begin{aligned} - \uFunc^{c}(\cNrm) &= \vEndStg^{\kNrm}(\mNrm-\cNrm) \label{eq:FOCnew} -\end{aligned}\end{gathered}\end{equation} -which is mathematically equivalent to the usual Euler equation for consumption. - -We will revert to this formulation when we turn to section~\ref{subsec:egm}. - -\hypertarget{summing-up}{} -\subsection{Summing Up}\label{subsec:summing-up} -For future reference, it will be useful here to write the full expressions for the distinct value functions at the {\Arrival} ($\BegMark$) and {\Decision} {\moves}. % this is said two par ahead: (Recalling that the continuation-value function $\vEndStg(a)$ is provided to the solution algorithm as an input). - -There is no need to use our {\interval}-identifying notation for the model's variables; $\kNrm$, for example, will have only one unique value over the course of the {\interval} and therefore a notation like $\kNrm_{\EndStg}$ would be pointless; the same is true of all other variables. - -Recall that the continuation value function $\vFunc_{\EndStg}(\aNrm)=\DiscFac \vFunc_{\BegStgNxt}(\aNrm)$ is provided as an input to the current {\stg} Bellman problem. Since within the scope of the solution of the current {\stg} there is only one such continuation value function, in the solution context there is no point in keeping the {\interval} subscript when we write this function. The same point applies to all variables and functions in the {\stg}. Given the continuation value function $\vEndStg$, the problem within the {\stg} can be written with only the {\move} indicators: -\begin{verbatimwrite}{./Equations/vBegStg} - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc_{\arvl}(\kNrm) & = \Ex_{\arvl}[\vFunc(\overbrace{\kNrm \RNrm + \TranShkEmp}^{\mNrm})] \label{eq:vBegStg} - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/vBegStg}\unskip -\begin{verbatimwrite}{./Equations/vMid} - \begin{equation}\begin{gathered}\begin{aligned} - \vFunc(\mNrm) & = \max_{\{{\cNrm}\}}~~\uFunc(\cNrm) +\Ex[ \vFunc_{\cntn}(\overbrace{\mNrm-\cFunc}^{\aNrm})] \label{eq:vMid} - \end{aligned}\end{gathered}\end{equation} -\end{verbatimwrite} -\input{./Equations/vMid}\unskip - -\begin{comment} - \subsection{Implementation in Python} - - The code implementing the tasks outlined each of the sections to come is available in the \texttt{\href{https://econ-ark.org/materials/SolvingMicroDSOPs}{SolvingMicroDSOPs}} jupyter notebook, written in \href{https://python.org}{Python}. The notebook imports various modules, including the standard \texttt{numpy} and \texttt{scipy} modules used for numerical methods in Python, as well as some user-defined modules designed to provide numerical solutions to the consumer's problem from the previous section. Before delving into the computational exercise, it is essential to touch on the practicality of these custom modules. - - \subsubsection{Useful auxilliary files} - - In this exercise, two primary user-defined modules are frequently imported and utilized. The first is the \texttt{gothic\_class} module, which contains functions describing the end-of-period value functions found in equations \eqref{eq:vBegStg} - \eqref{eq:vEnd} (and the corresponding first and second derivatives). %The advantage of defining functions in the code which decompose the consumer's optimal behavior in a given period will become evident in section \ref{subsec:transformation} - - The \texttt{resources} module is also used repeatedly throughout the notebook. This file has three primary objectives: (i) providing functions that discretize the continuous distributions from the theoretical model that describe the uncertainty a consumer faces, (ii) defining the utility function over consumption under a number of specifications, and (iii) enhancing the grid of end-of-period assets for which functions (such as those from the \texttt{gothic\_class} module) will be defined. These objectives will be discussed in greater detail and with respect to the numerical methods used to the problem in subsequent sections of this document. -\end{comment} - -\end{document} diff --git a/sec_titlepage.pdf b/sec_titlepage.pdf deleted file mode 100644 index d138f7abf..000000000 Binary files a/sec_titlepage.pdf and /dev/null differ diff --git a/sec_titlepage.tex b/sec_titlepage.tex deleted file mode 100644 index 0ffcf2c4f..000000000 --- a/sec_titlepage.tex +++ /dev/null @@ -1,64 +0,0 @@ -% -*- mode: LaTeX; TeX-PDF-mode: t; -*- # Tell emacs the file type (for syntax) -\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} -\input{subfile-start} - -\begin{document} -% Redefine \onlyinsubfile command defined in local.sty file: -% This lets any submaterial called from this doc know that it is not standalone -%\renewcommand{\onlyinsubfile}[1]{}\renewcommand{\notinsubfile}[1]{#1} - -\pagenumbering{roman} - -\title{Solution Methods for Microeconomic \\ Dynamic Stochastic Optimization Problems} - -\author{Christopher D. Carroll\authNum} - -\keywords{Dynamic Stochastic Optimization, Method of Simulated Moments, Structural Estimation, Indirect Inference} -\jelclass{E21, F41 \par - \href{https://econ-ark.org}{\includegraphics{\ResourcesDir/PoweredByEconARK}} -} - -\date{2024-05-19} -\maketitle -\footnotesize - - -\noindent Note: The GitHub repo {\SMDSOPrepo} associated with this document contains python code that produces all results, from scratch, except for the last section on indirect inference. The numerical results have been confirmed by showing that the answers that the raw python produces correspond to the answers produced by tools available in the {\ARKurl} toolkit, more specifically those in the {\HARKrepo} which has full {\HARKdocs}. The MSM results at the end have have been superseded by tools in the {\EMDSOPrepo}. - -\normalsize - -\hypertarget{abstract}{} -\begin{abstract} - These notes describe tools for solving microeconomic dynamic stochastic optimization problems, and show how to use those tools for efficiently estimating a standard life cycle consumption/saving model using microeconomic data. No attempt is made at a systematic overview of the many possible technical choices; instead, I present a specific set of methods that have proven useful in my own work (and explain why other popular methods, such as value function iteration, are a bad idea). Paired with these notes is Python code that solves the problems described in the text. -\end{abstract} - -% \ifthenelse{\boolean{Web}}{}{ -\begin{footnotesize} - \begin{center} - \begin{tabbing} - \texttt{~~~~PDF:~} \= \= {\urlPDF} \\ - \texttt{~Slides:~} \> \> {\urlSlides} \\ - \texttt{~~~~Web:~} \> \> {\urlHTML} \\ - \texttt{~~~Code:~} \> \> {\urlCode} \\ - \texttt{Archive:~} \> \> {\urlRepo} \\ - \texttt{~~~~~~~~~} \> \> \textit{(Contains LaTeX code for this document and software producing figures and results)} - \end{tabbing} - \end{center} -\end{footnotesize} -% } -\begin{authorsinfo} - \name{Carroll: Department of Economics, Johns Hopkins University, Baltimore, MD, \\ - \href{mailto:ccarroll@jhu.edu}{\texttt{ccarroll@jhu.edu}}} -\end{authorsinfo} - -\thanksFooter{The notes were originally written for my Advanced Topics in Macroeconomic Theory class at Johns Hopkins University; instructors elsewhere are welcome to use them for teaching purposes. Relative to earlier drafts, this version incorporates several improvements related to new results in the paper \href{http://econ-ark.github.io/BufferStockTheory}{``Theoretical Foundations of Buffer Stock Saving''} (especially tools for approximating the consumption and value functions). Like the last major draft, it also builds on material in ``The Method of Endogenous Gridpoints for Solving Dynamic Stochastic Optimization Problems'' published in \textit{Economics Letters}, available at \url{http://www.econ2.jhu.edu/people/ccarroll/EndogenousArchive.zip}, and by including sample code for a method of simulated moments estimation of the life cycle model \textit{a la} \cite{gpLifecycle} and Cagetti~\citeyearpar{cagettiWprofiles}. Background derivations, notation, and related subjects are treated in my class notes for first year macro, available at \url{http://www.econ2.jhu.edu/people/ccarroll/public/lecturenotes/consumption}. I am grateful to several generations of graduate students in helping me to refine these notes, to Marc Chan for help in updating the text and software to be consistent with \cite{carrollEGM}, to Kiichi Tokuoka for drafting the section on structural estimation, to Damiano Sandri for exceptionally insightful help in revising and updating the method of simulated moments estimation section, and to Weifeng Wu and Metin Uyanik for revising to be consistent with the `method of moderation' and other improvements. All errors are my own. This document can be cited as \cite{SolvingMicroDSOPs} in the references.} - -\titlepagefinish -%\setcounter{page}{1} - -\thispagestyle{empty} -\ifpdf % The table of contents does not work if not in pdf mode -\tableofcontents \addtocontents{toc}{\vspace{1em}}\newpage -\fi -\newpage\pagenumbering{arabic} -\end{document} diff --git a/subfile-start.tex b/subfile-start.tex deleted file mode 100644 index 18b2dd65b..000000000 --- a/subfile-start.tex +++ /dev/null @@ -1,7 +0,0 @@ -% econtexRoot gets obliterated by the documentclass command -%\input{./.econtexRoot}\documentclass[\econtexRoot/SolvingMicroDSOPs]{subfiles} -\input{./.econtexRoot}\input{.resources/latex/econtex_onlyinsubfile} - -% Get xrefs; only works properly if main file has already been successfully compiled -\onlyinsubfile{\externaldocument{SolvingMicroDSOPs}} -