Journal Article
Financial aid and college choice
Owyang, Michael T.; Chiodo, Abbigail J. (2003-08)
National Economic Trends , Issue Aug

Journal Article
For love or money: why married men make more
Owyang, Michael T.; Chiodo, Abbigail J. (2002-04)
Whether it's because of employer bias or their own hard work, men who've married are paid more than those who've never said "I do."
The Regional Economist , Issue Apr , Pages 10-11

Journal Article
A case study of a currency crisis: the Russian default of 1998
Owyang, Michael T.; Chiodo, Abbigail J. (2002-11)
This paper uses a currency crisis framework to analyze the currency devaluation and debt default of post-Soviet Russia in August 1998. The authors show that even though the Russian economy recorded positive growth immediately preceding the default, the atmosphere was reflective of an impending crisis. The authors then consider the symptoms of a currency crisis?specifically public and private debt responsibilities, devaluation expectations, and contractionary monetary policy?and show that they were present in Russia at that time. Three generations of currency crisis models are reviewed, ...
Review , Volume 84 , Issue Nov , Pages 7-18

Journal Article
Subject to revision
Owyang, Michael T.; Chiodo, Abbigail J. (2002-06)
National Economic Trends , Issue Jun

Journal Article
Monetary policy: the whole country gets the same treatment, but results vary
Owyang, Michael T.; Chiodo, Abbigail J. (2003-01)
The target set by the FOMC for the federal funds rate applies to the entire country. But that single policy has a different impact on different parts of the country, depending on their concentration of interest-sensitive industries.
The Regional Economist , Issue Jan , Pages 12-13

Working Paper
Subjective probabilities: psychological evidence and economic applications
Chiodo, Abbigail J.; Guidolin, Massimo; Owyang, Michael T.; Shimoji, Makoto (2003)
Real-life decision makers are often forced to estimate the likelihood of uncertain future events. Usually, economists assume that agents behave as though they are fully rational, employing statistical rules to assess probabilities, and that they maximize expected utility. Psychological studies, however, have shown that people tend not to adhere to these rationality postulates. We review three rules of thumb taken from the psychology literature that people have been shown to rely on when assessing the likelihood of uncertain events. We construct a simple model of belief formation that ...
Working Papers , Paper 2003-009

Journal Article
Marriage, motherhood and money: how do women's life decisions influence their wages?
Owyang, Michael T.; Chiodo, Abbigail J. (2003-04)
Becoming a wife. Becoming a mother. Read how these critical life decisions affect the salary women take home.
The Regional Economist , Issue Apr , Pages 4-9

Working Paper
Nonlinear hedonics and the search for school district quality
Owyang, Michael T.; Hernandez-Murillo, Ruben; Chiodo, Abbigail J. (2005)
A school?s quality is often inferred from the premium a parent must pay to buy a house associated with a better school. Isolating this effect, however, is difficult because better schools also tend to be located in nicer neighborhoods and, therefore, cost more for reasons other than school quality. Although recent work has been relatively successful in isolating this effect, it is limited to the extent that it assumes a linear effect of schools on housing prices. We examine this relationship and find that the premium for school quality is nonlinear: There is a premium for houses in better ...
Working Papers , Paper 2003-039

Journal Article
Subjective probabilities: psychological theories and economic applications
Owyang, Michael T.; Guidolin, Massimo; Shimoji, Makoto; Chiodo, Abbigail J. (2004-01)
Abbigail J. Chiodo, Massimo Guidolin, Michael T. Owyang, and Makoto Shimoji> Real-life decisionmakers are often forced to estimate the likelihood of uncertain future events. Usually, economists assume that these agents behave in a fully rational manner, employing statistical rules to assess probabilities, and that they maximize expected utility. Psychological studies, however, have shown that people do not tend to behave as rational models would predict. The authors review three rules of thumb taken from the psychology literature that people rely on when assessing the likelihood of uncertain ...
Review , Volume 86 , Issue Jan , Pages 33-48

Journal Article
Putting off retirement: the rise of the 401(k)
Owyang, Michael T.; Chiodo, Abbigail J. (2002-03)
National Economic Trends , Issue Mar