Habit Persistence And Keeping Up With The Joneses
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Habit Persistence And Keeping Up With The Joneses
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Author : Enrichetta Ravina
language : en
Publisher:
Release Date : 2019
Habit Persistence And Keeping Up With The Joneses written by Enrichetta Ravina and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This paper provides evidence that habit persistence is an important determinant of household consumption choices, in a setting that allows for heterogeneity and household-specific interest rates. By estimating Euler equations for a representative sample of U.S. credit-card account holders, I find that the strength of external habit, captured by the fraction of the consumption of the reference group that enters the utility function, is 0.290, and that the strength of internal habit, represented by household past consumption, is 0.503. My results are robust to the inclusion of various measures of economic activity in the regression, tests for the presence of aggregate shocks, liquidity constraints, precautionary saving motives, and learning. Aggregation of the Euler equations as a weighted average of individual marginal rates of substitution accounts for heterogeneity and market incompleteness and preserves the results.
Habit Formation And Keeping Up With The Joneses
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Author : Enrichetta Ravina
language : en
Publisher:
Release Date : 2019
Habit Formation And Keeping Up With The Joneses written by Enrichetta Ravina and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This paper provides evidence of habit persistence in household consumption choices. I find that the strength of external habit, captured by the fraction of the consumption of the reference group that enters the utility function, is 0.290, and the strength of internal habit, represented by household past consumption, is 0.503. The results are robust to controlling for various measures of economic activity, tests for the presence of aggregate shocks, liquidity constraints, precautionary saving motives, and learning. Aggregation of the Euler equations as a weighted average of individual marginal rates of substitution accounts for heterogeneity and market incompleteness and preserves the results.
Financial Markets Theory
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Author : Emilio Barucci
language : en
Publisher: Springer
Release Date : 2017-06-08
Financial Markets Theory written by Emilio Barucci and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-08 with Mathematics categories.
This work, now in a thoroughly revised second edition, presents the economic foundations of financial markets theory from a mathematically rigorous standpoint and offers a self-contained critical discussion based on empirical results. It is the only textbook on the subject to include more than two hundred exercises, with detailed solutions to selected exercises. Financial Markets Theory covers classical asset pricing theory in great detail, including utility theory, equilibrium theory, portfolio selection, mean-variance portfolio theory, CAPM, CCAPM, APT, and the Modigliani-Miller theorem. Starting from an analysis of the empirical evidence on the theory, the authors provide a discussion of the relevant literature, pointing out the main advances in classical asset pricing theory and the new approaches designed to address asset pricing puzzles and open problems (e.g., behavioral finance). Later chapters in the book contain more advanced material, including on the role of information in financial markets, non-classical preferences, noise traders and market microstructure. This textbook is aimed at graduate students in mathematical finance and financial economics, but also serves as a useful reference for practitioners working in insurance, banking, investment funds and financial consultancy. Introducing necessary tools from microeconomic theory, this book is highly accessible and completely self-contained. Advance praise for the second edition: "Financial Markets Theory is comprehensive, rigorous, and yet highly accessible. With their second edition, Barucci and Fontana have set an even higher standard!"Darrell Duffie, Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford University "This comprehensive book is a great self-contained source for studying most major theoretical aspects of financial economics. What makes the book particularly useful is that it provides a lot of intuition, detailed discussions of empirical implications, a very thorough survey of the related literature, and many completely solved exercises. The second edition covers more ground and provides many more proofs, and it will be a handy addition to the library of every student or researcher in the field."Jaksa Cvitanic, Richard N. Merkin Professor of Mathematical Finance, Caltech "The second edition of Financial Markets Theory by Barucci and Fontana is a superb achievement that knits together all aspects of modern finance theory, including financial markets microstructure, in a consistent and self-contained framework. Many exercises, together with their detailed solutions, make this book indispensable for serious students in finance."Michel Crouhy, Head of Research and Development, NATIXIS
Thorstein Veblen
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Author : John Cunningham Wood
language : en
Publisher: Psychology Press
Release Date : 1993
Thorstein Veblen written by John Cunningham Wood and has been published by Psychology Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
138 articles are arranged thematically to give easy access to the intellectual processes of this influencial economist. Volume 1 deals with his life and perspectives, volume 2 with "political economy" and volume 3 on "Specialized topics
Financial Asset Pricing Theory
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Author : Claus Munk
language : en
Publisher: Oxford University Press, USA
Release Date : 2013-04-18
Financial Asset Pricing Theory written by Claus Munk and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-18 with Business & Economics categories.
The book presents models for the pricing of financial assets such as stocks, bonds, and options. The models are formulated and analyzed using concepts and techniques from mathematics and probability theory. It presents important classic models and some recent 'state-of-the-art' models that outperform the classics.
Asset Pricing For Dynamic Economies
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Author : Sumru Altug
language : en
Publisher: Cambridge University Press
Release Date : 2008-09-11
Asset Pricing For Dynamic Economies written by Sumru Altug and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-09-11 with Business & Economics categories.
This introduction to general equilibrium modelling takes an integrated approach to the analysis of macroeconomics and finance. It provides students, practitioners, and policymakers with an easily accessible set of tools that can be used to analyze a wide range of economic phenomena. Key features: • Provides a consistent framework for understanding dynamic economic models • Introduces key concepts in finance in a discrete time setting • Develops simple recursive approach for analyzing a variety of problems in a dynamic, stochastic environment • Sequentially builds up the analysis of consumption, production, and investment models to study their implications for allocations and asset prices • Reviews business cycle analysis and the business cycle implications of monetary and international models • Covers latest research on asset pricing in overlapping generations models and on models with borrowing constraints and transaction costs • Includes end-of-chapter exercises allowing readers to monitor their understanding of each topic Online resources are available at www.cambridge.org/altug_labadie
Household Finance
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Author : Sumit Agarwal
language : en
Publisher: Springer Nature
Release Date : 2020-10-07
Household Finance written by Sumit Agarwal and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-07 with Business & Economics categories.
Household finance studies is a relatively recent field, exploring a growing understanding of how households make financial decisions relating to the functions of consumption, payment, risk management, borrowing and investing; how institutions provide goods and services to satisfy these financial functions of households; and how interventions by firms, governments and other parties affect the provision of financial services. This timely book analyses existing findings about household behavior as well as findings related to policy interventions. With international case studies, this book reviews a topic of global importance and brings a crucial up-to-date survey of the field for researchers and postgraduate students.
International Trade And Economic Dynamics
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Author : Takashi Kamihigashi
language : en
Publisher: Springer Science & Business Media
Release Date : 2008-10-16
International Trade And Economic Dynamics written by Takashi Kamihigashi and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-10-16 with Business & Economics categories.
Renowned trade theorist Koji Shimomura passed away in February 2007 at the age of 54. He published nearly 100 articles in international academic journals. The loss of this extremely productive economist has been an enormous shock to the economic profession. This volume has emerged from the great desire on the part of the profession to honor his contributions to economic research. Contributors include authoritative figures in trade theory such as Murray Kemp, Ronald Jones, Henry Wan, and Wilfred Ethier, world-renowned macroeconomists such as Stephen Turnovski and Costas Azariadis, and leading Japanese economists such as Kazuo Nishimura, Makoto Yano, Ryuzo Sato, and Koichi Hamada. This broad range of contributors reflects Koji Shimomura’s many connections as well as the respect he earned in the economic profession. This volume offers the reader a rare opportunity to learn the views of so many renowned economists from different schools of thought.
The Macroeconomics Of Finance Dominated Capitalism And Its Crisis
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Author : Eckhard Hein
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
The Macroeconomics Of Finance Dominated Capitalism And Its Crisis written by Eckhard Hein and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
'The rise to dominance of finance in the past three decades has had many profound effects on economic performance. In this book Eckhard Hein provides us with detailed, well-grounded and highly insightful analyses of the macroeconomic impacts on investment, employment, global imbalances, income distribution and much more. This is "must read" for those wanting to comprehend the macroeconomics of the era of financialization, and for those seeking macro-economic policies to address the financial crisis and bring economic prosperity.' – Malcolm Sawyer, University of Leeds, UK 'Eckhard Hein examines the causes and consequences of financialisation. His book is economics as it should always be: it combines reflections, data gathering, empirical analysis, theoretical formalization, and policy recommendations. Hein goes beyond the exuberant behaviour of the banking industry to analyse the global financial crisis and the eurozone crisis, showing, through various variants of a Kaleckian growth model, the macroeconomic consequences of the rising dominance of finance over modern capitalism during the last three decades.' – Marc Lavoie, University of Ottawa, Canada In this timely and thought-provoking book, Eckhard Hein illustrates that the Great Recession, which hit the world economy in 2008/09, is rooted in the contradictions of finance-dominated capitalism. the author provides an in-depth exploration of the macroeconomics of finance-dominated capitalism, its problems and its crisis, and presents economic policy lessons and alternatives. In particular, he shows that since the early 1980s, finance-dominated capitalism has affected long-run economic developments via three distinct channels: • the re-distribution of income at the expense of low labour incomes, • the dampening of investment in real capital stock, • and an increasing potential for wealth-based and debt-financed consumption. the author concludes that against the background of these basic macroeconomic tendencies, increasing instability potentials at the national economy levels and rising current account imbalances at both global and European levels have developed and have contributed to the severity of the Great Recession. This systematic study of finance-dominated capitalism presented from a macroeconomic perspective will prove a thought-provoking read for academics, researchers, graduate students and economic policy consultants with an interest in macroeconomics, financial economics, economic policies, and distribution and growth.
Building The Financial Foundations Of The Euro Experiences And Challenges
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Author : Lars Jonung
language : en
Publisher: Taylor & Francis
Release Date :
Building The Financial Foundations Of The Euro Experiences And Challenges written by Lars Jonung and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Examines the effect of the introduction of the Euro and the establishment of economic and monetary union on the financial landscape of Europe.
