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Keywords:Wealth 

Report
The differential impact on stockholder wealth of various antitakeover provisions

This paper examines the relationship between the passage of six types of corporate antitakeover provisions (supermajority, classified boards, fair-price, reduction in cumulative voting, anti-greenmail and poison pills) and stockholder wealth. Our event study from a sample of 38l firms that adopted 486 antitakeover provisions in the 1984-1988 period indicates a strongly negative effect on stockholder wealth, supporting the management entrenchment view of antitakeover provisions. Moreover, the empirical results of this paper indicate that the market reacts equally negatively to both ...
Research Paper , Paper 9512

Report
How important is the stock market effect on consumption?

The 1990s have seen astonishing growth in the stock market portfolios of Americans, which many have argued has been a major force behind the growth of consumer spending. This paper reviews the relationship between the stock market and the consumer. Using a variety of econometric techniques and specifications, we fail to find evidence of a stable relationship between aggregate consumer spending and changes in aggregate household wealth. While stock market gains have surely provided some support for consumer spending, our hard knowledge is too limited to feel comfortable relying on estimates of ...
Research Paper , Paper 9821

Report
Endogenous productivity and development accounting

Cross-country data reveal that the per capita incomes of the richest countries exceed those of the poorest countries by a factor of thirty-five. We formalize a model with embodied technical change in which newer, more productive vintages of capital coexist with older, less productive vintages. A reduction in the cost of investment raises both the quantity and productivity of capital simultaneously. The model induces a simple relationship between the relative price of investment goods and per capita income. Using cross-country data on the prices of investment goods, we find that the model does ...
Staff Reports , Paper 258

Report
Wealth inequality and intergenerational links

Previous work has had difficulty generating household saving behavior that makes the distribution of wealth much more concentrated than that of labor earnings, and that makes the richest households hold onto large amounts of wealth, even during very old age. I construct a quantitative, general equilibrium, overlapping-generations model in which parents and children are linked by accidental and voluntary bequests and by earnings ability. I show that voluntary bequests can explain the emergence of large estates, while accidental bequests alone cannot, and that adding earnings persistence within ...
Staff Report , Paper 314

Working Paper
The distribution of wealth, 1983-1992: secular growth, cyclical stability

This article describes the changes in the concentration of wealth among U.S. households between 1983 and 1992, a period which nearly coincides with the most recent business cycle. The distribution of wealth has received popular attention recently, based on reports that it became markedly more unequal during the economic expansion of the 1980s. New data for 1992 indicates that the distribution was about the same in 1992 as in 1983, or for that matter as in 1962. A modest, insignificant increase in concentration between 1983 and 1989 was completely reversed by 1992. While the distribution was ...
Working Papers , Paper 1996-012

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

Working Paper
Costly technology adoption and capital accumulation

The authors develop a model of costly technology adoption where the cost is irrecoverable and fixed. Households must decide when to switch from an existing technology to a new, more productive technology. Using a recursive approach, the authors show that there is a unique threshold level of wealth above which households will adopt the new technology and below which they will not. This threshold is independent of preference parameters and depends only on technology parameters. Prior to adoption, households invest at increasing rates, but consumption growth is constant. The authors also show ...
Working Papers , Paper 00-7

Working Paper
Minimum consumptions requirements: theoretical and quantitative implications for growth and distribution

The authors study the impact of a minimum consumption requirement on the rate of economic growth and the evolution of wealth distribution. The requirement introduces a positive dependence between the intertemporal elasticity of substitution and household wealth. This dependence implies a transition phase during which the growth rate of per-capita quantities rise toward their steady-state values and the distributions of wealth, consumption, and permanent income become more unequal. The authors calibrate the minimum consumption requirement to match estimates available for a sample of Indian ...
Working Papers , Paper 97-15

Working Paper
Optimal wealth taxes with risky human capital

We study the structure of optimal wealth and labor income taxes in a Mirrlees economy in which the productivity of labor (i.e., skill) is private, stochastic, and endogenous. Individual agents' skills are determined by their level of human capital. Human capital is not publicly observable and the returns to human capital investment are subject to idiosyncratic shocks. Preferences are not assumed to be additively separable in consumption and human capital investment and, thus, the intertemporal marginal rates of substitution of consumption are private information. We characterize the optimal ...
Working Paper , Paper 05-13

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De Nardi, Mariacristina 11 items

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Wealth 127 items

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