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Journal Article
1957 survey of consumer finances: the financial position of consumers

Federal Reserve Bulletin , Issue Aug

Journal Article
North Texas income dip may reflect decline in education

Southwest Economy , Issue Sep , Pages 10

Journal Article
The relationship of money and income: the breakdowns in the 70s and 80s

Includes the current FRB Chicago-Gittings model p. 10-13
Economic Perspectives , Volume 10 , Issue Jul , Pages 3-15

Working Paper
The effect of state fiscal reform on population heterogeneity

This paper tests whether state fiscal policy alters neighborhood income homogeneity. One implication of the Tiebout model is that within-community homogeneity declines as a result of an exogenous decrease in the ability of jurisdictions to set local tax and expenditure levels. The Property tax revolt and the school finance equalization reform of the 1970s and 1980s offer a test of the role of state fiscal reform on aggregate population sorting behavior. The results show that fiscal reform, especially tax and expenditure limitation laws and property tax reform, results in a small but ...
Working Paper Series, Macroeconomic Issues , Paper WP-96-29

Savings after Retirement: A Survey

Retired U.S. households, especially those with high income, decumulate their assets more slowly than implied by the basic life cycle model. The observed patterns of out-of-pocket medical expenses, which rise quickly with age and income during retirement, and longevity, which also rises with income, can explain a significant portion of U.S. retirement saving. However, more work is needed to disentangle these precautionary motives from other motives, such as the desire to leave bequests.
Chicago Fed Letter

Working Paper
An analytical approach to buffer-stock saving

The profession has been longing for closed-form solutions to consumption functions under uncertainty and borrowing constraints. This paper proposes an analytical approach to solving buffer-stock saving models with both idiosyncratic and aggregate uncertainties. It is shown analytically that an individual?s optimal consumption plan under uncertainty follows the rule of thumb: Consumption is proportional to a target wealth with the marginal propensity to consume depending on the state of the macroeconomy. The method is applied to addressing two long- standing puzzles: the "excess smoothness" ...
Working Papers , Paper 2009-026

Working Paper
Modeling U.S. households' demand for liquid wealth in an era of financial change

Money demand models overpredicted M2 growth in the United States from 1990 to 1993. We examine this overprediction using a model of household demand for liquid wealth. The model is a dynamic generalization of the almost-ideal demand model of Deaton and Muellbauer (1980). We find that the own-price elasticity of money demand rose substantially after 1990. We also find important cross-price elasticities of money with respect to other liquid financial assets, notably with respect to mutual funds. Incorporating these and other features helps explain nearly 50 percent of the shortfall in M2 growth ...
Working Papers , Paper 1997-014

Journal Article
Unequal incomes, unequal outcomes? Economic inequality and measures of well-being: proceedings of a conference sponsored by the Federal Reserve Bank of New York, May 7, 1999

These are the proceedings of a conference organized to focus on the evolution of more direct measures of the material well-being of Americans. Of particular concern was the impact of income inequality on trends in health, housing, and crime victimization. Conference participants also examined some of the changes in policymakers' responses to these trends, especially in the areas of education financing and local governance. Finally, the participants discussed efforts to evaluate the social consequences of policy reforms and offered some guidelines on the best direction for future research and ...
Economic Policy Review , Volume 5 , Issue Sep

Journal Article
Labor's share

National Economic Trends , Issue Aug

Journal Article
Noteworthy: household income: Texas posts gain in otherwise tough year

Texans' real median household income rose 1.3 percent in 2008, making the state one of only five with increases in the first calendar year of the U.S. recession. During better times, 33 states posted income gains in 2007 and only Michigan suffered a decline.
Southwest Economy , Issue Q4 , Pages 15



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