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@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 =	 {Forthcoming, 2022},
}

@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{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 =		 {http://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 =		 {http://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 =		 {http://pubs.aeaweb.org/doi/10.1257/aer.20110683 http://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{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},
}

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@article{brodaParker,
  author =	 {Broda, Christian and Parker, Jonathan A.},
  journal =	 {Journal of Monetary Economics},
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}

@article{parker25million,
  author =	 {Jonathan A. Parker},
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  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},
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  year =	 2010,
}

@article{Cagetti,
  author =	 {Marco Cagetti},
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  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},
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}

@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",
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  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,
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  edition =	 {reprint},
  title =	 {Inequalities},
  author =	 {Beckenbach, Edwin F and Bellman, Richard}
}

@article{druedahl2018precautionary,
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  author =	 {Druedahl, Jeppe and J{\o}rgensen, Casper Nordal},
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  year =	 2018,
  publisher =	 {Wiley Online Library}
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  publisher =	 {Elsevier}
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@article{nishiyama2012concavity,
  title =	 {On the Con{\-}ca{\-}vity of the Consumption Function with a Quadratic Utility under Liquidity Constraints},
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  pages =	 566,
  year =	 2012,
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@article{holm2018consumption,
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  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},
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  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},
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  number =	 1,
  pages =	 {77--86},
  year =	 2010,
  publisher =	 {Elsevier}
}

@article{fulford2015important,
  title =	 {How important is variability in consumer credit limits?},
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  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 â€“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},
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  year =	 1993,
  publisher =	 {Wiley Online Library}
}

@article{sims_beyondLQ,
  author =	 {Christopher A. Sims},
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  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},
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  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},
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  pages =	 {4398--4446},
  title =	 {The Liquid Hand-to-Mouth: Evidence from Personal Finance Management Software},
  volume =	 31,
  year =	 2018,
}

@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},
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  year =	 2018,
}

@article{cochrane_nearRational,
  author =	 {Cochrane, John H},
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}

@article{reis:inattentive,
  author =	 {Reis, Ricardo},
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  publisher =	 {Elsevier},
  title =	 {Inattentive Consumers},
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  year =	 2006,
}

@article{mw09:RI,
  author =	 {Ma\'{c}kowiak, Bartosz and Mirko Wiederholt},
  journal =	 {American Economic Review},
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  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,
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  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,
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@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,
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@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{ckConsumption,
  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,
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@article{asHomogeneous,
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@Article{jorgenson:ProductivityGrowthResurgence,
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@Article{fernald:disappointingRecovery,
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@article{edge2007learning,
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@ARTICLE{fnHousingHabits,
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  year =	 2017,
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@techreport{Kueng:Near-rationality,
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  type =	 {working paper},
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@misc{kmpIncomeExpectations,
  author =	 {Karahan, Fatih and Sean Mihaljevich and Laura Pilossoph},
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  journal =	 {Liberty Street Economics},
  number =	 {November 08},
  type =	 {Blog},
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@article{kalmanFilter,
  Author =	 {Kalman, Rudolph Emil},
  Title =	 {A New Approach to Linear Filtering and Prediction Problems},
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@Article{alvarezGuisoLippi:DurCons,
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@Article{gabaixSparsityQJE,
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  institution =	 {National Bureau of Economic Research},
  type =	 {NBER Working Papers},
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}

@Article{chettySzeidl:cCommitmentsEcta,
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  pages =	 {855--890},
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}

@ARTICLE{css10_stickyCgrowth_restat,
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  timestamp =	 {2010.06.10}
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@article{mackWiedREStud15,
  author =	 {Ma\'{c}kowiak, Bartosz and Wiederholt, Mirko},
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@Article{coibGor:AER15,
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@article{msInertiaAER,
  ISSN =	 00028282,
  URL =		 {http://www.jstor.org/stable/30034632},
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  pages =	 {152--157},
  publisher =	 {American Economic Association},
  title =	 {Inertia of Forward-Looking Expectations},
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  year =	 2006
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@article{ganong2017effect,
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  author =	 {Ganong, Peter and Noel, Pascal},
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  year =	 2017,
  url =		 {https://scholar.harvard.edu/files/ganong/files/ganong_noel_housing_draft_2016-11-09.pdf}
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@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},
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@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},
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  month =	 {April},
  abstract =	 {No abstract is available for this item.},
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@Article{JBES1996,
  author =	 {Ho, Mun S and Perraudin, William R M and Sorensen, Bent E},
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  year =	 1996,
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  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}},
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@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,
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  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,
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  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,
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  number =	 4,
  pages =	 {587-605},
  month =	 {June},
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}

@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 \&quot;wrong\&quot; 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 =		 {http://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{http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.24.4.85}},
  doi =		 {10.1257/jep.24.4.85},
  url =		 {http://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 â€˜liquidityâ€™ -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}
}

@inproceedings{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},
}

@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 â€“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 â€“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 \&quot;bang for the buck\&quot; 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.<P>(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},
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  pages =	 {233--297},
  year =	 2012,
  publisher =	 {JSTOR}
}

@Article{diamondOLG,
  Title =	 {National Debt in a Neoclassical Growth Model},
  Author =	 {Diamond, Peter A.},
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  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,
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  author =	 {Mullainathan, Sendhil and Shafir, Eldar},
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}

@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,
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@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. Wise},
  institution =	 {National Bureau of Economic Research},
  type =	 {Book},
  url =		 {http://www.nber.org/books/wise11-2}
}

@BOOK{Eminent,
  title =	 {{E}minent {E}conomists {II}},
  publisher =	 {Cambridge University Press},
  year =	 2014,
  author =	 {Michael Szenberg and Lall Ramrattan},
  address =	 {Cambridge}
}

@article{cartwrightRCTs,
  author =	 {Nancy Cartwright},
  title =	 {Are RCTs the Gold Standard?},
  journal =	 {BioSocieties},
  volume =	 2,
  number =	 1,
  pages =	 {11--20},
  year =	 2007
}

@article{onionLeisure,
  author =	 {Zweibel, Herbert},
  year =	 2005,
  title =	 {180 Trillion Leisure Hours Lost To Work Last Year},
  url =		 {http://www.theonion.com/articles/180-trillion-leisure-hours-lost-to-work-last-year,1282/},
  note =	 {\url{http://www.theonion.com/articles/180-trillion-leisure-hours-lost-to-work-last-year,1282/}},
  journal =	 {The Onion}
}

@article{stoneDemand,
  author =	 {Stone, J.~R.~N.},
  title =	 {Linear Expenditure Systems and Demand Analysis: An Application to the Pattern of British Demand},
  journal =	 {Economic Journal},
  year =	 1954,
  month =	 {Sep},
  pages =	 {511--27},
  volume =	 64
}

@article{theilDemand,
  author =	 {Theil, Henri},
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  year =	 1965,
  volume =	 33,
  pages =	 {67--87},
  month =	 {Jan}
}

@article{muellbauerAggregation,
  jstor_articletype ={research-article},
  title =	 {Aggregation, Income Distribution and Consumer Demand},
  author =	 {Muellbauer, John},
  journal =	 {The Review of Economic Studies},
  volume =	 42,
  number =	 4,
  jstor_formatteddate ={Oct., 1975},
  pages =	 {pp. 525-543},
  url =		 {http://www.jstor.org/stable/2296792},
  ISSN =	 00346527,
  language =	 {English},
  year =	 1975,
  publisher =	 {Oxford University Press},
  copyright =	 {Copyright © 1975 The Review of Economic Studies, Ltd.},
}

@ARTICLE{delongSage,
  author =	 {deLong, J.~Bradford},
  title =	 {This Time, It Is {\it Not} Different},
  journal =	 {Rethinking Finance: Perspectives on the Crisis},
  year =	 2012,
  note =	 {\url{http://www.russellsage.org/rethinking-finance}},
  file =	 {delongSage.pdf:delongSage.pdf:PDF},
  url =		 {http://www.russellsage.org/rethinking-finance}
}

@MISC{HMD,
  author =	 {\url{www.mortality.org}},
  title =	 {Human~Mortality~Database},
  howpublished = {University of California, Berkeley (USA), and Max Planck Institute for Demographic Research (Germany).},
  year =	 2008,
  note =	 {Available at {\url{www.mortality.org}}}
}

@ARTICLE{aafMinWage,
  author =	 {Aaronson, Daniel and Agarwal, Sumit and French, Eric},
  title =	 {The Spending and Debt Response to Minimum Wage Hikes},
  journal =	 {Federal Reserve Board of Chicago Working Paper},
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  pages =	 14
}

@INCOLLECTION{abm:parallel,
  author =	 {Abdelkhalek, Ahmed and Bilas, Angelos and Michaelides, Alexander},
  title =	 {Parallelization, Optimization, and Performance Analysis of Portfolio Choice Models},
  booktitle =	 {Proceedings of the 30th International Conference on Parallel Processing},
  year =	 2001,
  address =	 {Valencia, Spain},
  month =	 {September 3-7}
}

@ARTICLE{abel:habitsinGE,
  author =	 {Abel, Andrew B.},
  title =	 {Risk Premia and Term Premia in General Equilibrium},
  journal =	 {Journal of Monetary Economics},
  year =	 1999,
  volume =	 43,
  pages =	 {3--33},
  number =	 1,
  month =	 {February}
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@ARTICLE{abel:aerhabits,
  author =	 {Abel, Andrew B.},
  title =	 {Asset Prices under Habit Formation and Catching Up with the Joneses},
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  year =	 1990,
  volume =	 80,
  pages =	 {38--42},
  number =	 2,
  month =	 May
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@ARTICLE{abel:q,
  author =	 {Abel, Andrew B.},
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  pages =	 {379--403},
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@Article{acemogluCrisis,
  Title =	 {The Crisis of 2008: Structural Lessons For and From Economics},
  Author =	 {Acemoglu, Daron},
  Journal =	 {Manuscript, MIT},
  Year =	 2009,
  Note =	 {See also the discussion at \url{http://economistsview.typepad.com/economistsview/2009/01/acemoglu-the-mo.html}},
  Owner =	 {Nic Johnson},
  Url =		 {http://econ-www.mit.edu/files/3703}
}

@ARTICLE{as94,
  author =	 {Acemoglu, Daron and Scott, Andrew},
  title =	 {Consumer Confidence and Rational Expectations: Are Agents' Beliefs Consistent with the Theory?},
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}

@ARTICLE{ab03,
  author =	 {Vera A. Adamchik and Arjun S. Bedi},
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  volume =	 11,
  pages =	 {697--726},
  number =	 4
}

@ARTICLE{acScrapping,
  author =	 {Adda, Jerome and Cooper, Russell},
  title =	 {Balladurette and Juppette: A Discrete Analysis of Scrapping Subsidies},
  journal =	 {Manuscript, Department of Economics, Boston University},
  year =	 1997
}

@Article{aslCredit,
  author =	 {Sumit Agarwal and Chunlin Liu and Nicholas S. Souleles},
  title =	 {The Reaction of Consumer Spending and Debt to Tax Rebates--Evidence from Consumer Credit Data},
  journal =	 {Journal of Political Economy},
  year =	 2007,
  volume =	 115,
  number =	 6,
  pages =	 {986--1019},
  month =	 {December},
  url =		 {http://www.nber.org/papers/w13694}
}

@TECHREPORT{abC,
  author =	 {Aguiar, Mark A. and Mark Bils},
  title =	 {Has Consumption Inequality Mirrored Income Inequality?},
  institution =	 {National Bureau of Economic Research, Inc},
  year =	 2011,
  type =	 {NBER Working Paper},
  number =	 16807,
  month =	 Feb,
  bdsk-url-1 =	 {http://ideas.repec.org/p/nbr/nberwo/16807.html},
  file =	 {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/abC.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/abC.pdf:PDF},
  url =		 {http://ideas.repec.org/p/nbr/nberwo/16807.html}
}

@ARTICLE{AguiarAmador11,
  author =	 {Aguiar, M. and Amador, M.},
  title =	 {Growth in the Shadow of Expropriation},
  journal =	 {The Quarterly Journal of Economics},
  year =	 2011,
  volume =	 126,
  pages =	 {651--697},
  number =	 2
}

@TECHREPORT{ap05,
  author =	 {Henning Ahnert and Adrian Page},
  title =	 {Euro Area Residential Property Prices: The Aggregation of Non-Harmonised National Data},
  institution =	 {Bank for International Settlements},
  year =	 2005,
  type =	 {BIS papers},
  number =	 {21: Real Estate Indicators and Financial Stability}
}

@ARTICLE{aiyagari:ge,
  author =	 {Aiyagari, S. Rao},
  title =	 {Uninsured Idiosyncratic Risk and Aggregate Saving},
  journal =	 {Quarterly Journal of Economics},
  year =	 1994,
  volume =	 109,
  pages =	 {659--684}
}

@MISC{aiyagari:opttax,
  author =	 {Aiyagari, S. Rao},
  title =	 {Optimal Capital Income Taxation with Incomplete Markets and Borrowing Constraints},
  howpublished = {Federal Reserve Bank of Minneapolis Working Paper Number~508},
  year =	 1993
}

@ARTICLE{akerlofNobel,
  author =	 {Akerlof, George A.},
  title =	 {Behavioral Macroeconomics and Macroeconomic Behavior},
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  number =	 3,
  note =	 {\url{http://www.aeaweb.org/articles.php?doi=10.1257/00028280260136192}},
  doi =		 {10.1257/00028280260136192},
  file =	 {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/akerlofNobel.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/akerlofNobel.pdf:PDF},
  url =		 {http://www.aeaweb.org/articles.php?doi=10.1257/00028280260136192}
}

@ARTICLE{ayNearRational,
  author =	 {Akerlof, George A. and Janet L. Yellen},
  title =	 {A Near-rational Model of the Business Cycle, with Wage and Price Intertia},
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  year =	 1985,
  volume =	 100,
  pages =	 {823--38},
  number =	 5
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@ARTICLE{adp:two,
  author =	 {Akerlof, George and Dickens, William and Perry, George},
  title =	 {Near-Rational Wage and Price Setting and the Long-Run Phillips Curve},
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  year =	 2000,
  volume =	 {(2000:1)},
  pages =	 {1--60}
}

@ARTICLE{adp:one,
  author =	 {Akerlof, George and Dickens, William and Perry:, George},
  title =	 {The Macroeconomics of Low Inflation},
  journal =	 {Brookings Papers in Economic Activity},
  year =	 1996,
  volume =	 {(1996:1)},
  pages =	 {1--76}
}

@ARTICLE{fa:lenin,
  author =	 {Alesina, Alberto and Fuchs-Schundeln, Nicola},
  title =	 {Good Bye Lenin (Or Not?) The Effect of Communism on People's Preferences},
  journal =	 {Manuscript, Harvard University},
  year =	 2006
}

@TECHREPORT{ai07,
  author =	 {Alberto Alesina and Andrea Ichino},
  title =	 {Gender-based Taxation},
  institution =	 {Harvard University},
  year =	 2007,
  type =	 {mimeo}
}

@ARTICLE{alesina&rodrik:inequality,
  author =	 {Alesina, Alberto and Rodrik, Dani},
  title =	 {Distributive Politics and Economic Growth},
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  year =	 1994,
  volume =	 109,
  pages =	 {465--90},
  number =	 2,
  month =	 {May}
}

@ARTICLE{aklCohorts,
  author =	 {Alessie, Rob and Kapteyn, Arie and Lusardi, Annamaria},
  title =	 {Explaining the Wealth Holdings of Different Cohorts: Productivity Growth and Social Security},
  journal =	 {European Economic Review},
  year =	 2005,
  volume =	 49,
  pages =	 {1361--1381},
  month =	 {July}
}

@ARTICLE{alessie&lusardi:habits,
  author =	 {Alessie, Rob and Lusardi, Annamaria},
  title =	 {Consumption, Saving, and Habit Formation},
  journal =	 {Economics Letters},
  year =	 1997,
  volume =	 55,
  pages =	 {103--108}
}

@TECHREPORT{at02,
  author =	 {Rob Alessie and Frederica Teppa},
  title =	 {Saving and Habit Formation: Evidence from the Dutch Panel Data},
  institution =	 {CentER, Tilburg University},
  year =	 2002,
  type =	 {discussion paper},
  number =	 62
}

@ARTICLE{algana,
  author =	 {Algan, Yann and Allais, Oliver and Den~Haan, Wouter J.},
  title =	 {Solving Heterogeneous-agent Models with Parameterized Cross-sectional Distributions},
  journal =	 {Journal of Economic Dynamics and Control},
  year =	 2008,
  volume =	 32,
  pages =	 {875--908},
  number =	 3,
  month =	 {March}
}

@ARTICLE{alganb,
  author =	 {Algan, Yann and Allais, Oliver and Haan, Wouter~J. Den},
  title =	 {Solving the Incomplete Markets Model with Aggregate Uncertainty Using Parameterized Cross-sectional Distributions},
  journal =	 {Manuscript},
  year =	 2008
}

@ARTICLE{allen&carroll:individual,
  author =	 {Allen, Todd M. and Carroll, Christopher D.},
  title =	 {Individual Learning About Consumption},
  journal =	 {Macroeconomic Dynamics},
  year =	 2001,
  volume =	 5,
  number =	 4,
  note =	 {\url{https://www.econ2.jhu.edu/people/ccarroll/IndivLearningAboutC.pdf}},
  bdsk-url-1 =	 {https://www.econ2.jhu.edu/people/ccarroll/IndivLearningAboutC.pdf},
  url =		 {https://www.econ2.jhu.edu/people/ccarroll/IndivLearningAboutC.pdf}
}

@TECHREPORT{ags05,
  author =	 {Filippo Altissimo and Evaggelia Georgiou and Teresa Sastre and Maria Teresa Valderrama and Gabriel Sterne and Marc Stocker and Mark Weth and Karl Whelan and Alpo Willman},
  title =	 {Wealth and Asset Price Effects on Economic Activity},
  institution =	 {European Central Bank},
  year =	 2005,
  type =	 {occasional paper series},
  number =	 29
}

@ARTICLE{ahk:altruism,
  author =	 {Altonji, Joseph G., Fumio Hayashi and Kotlikoff, Laurence J.},
  title =	 {Is the Extended Family Altruistically Linked?},
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  year =	 1992,
  volume =	 82,
  pages =	 {1177--98},
  number =	 5
}

@ARTICLE{aclvJoy,
  author =	 {Ameriks, John and Caplin, Andrew and Laufer, Steven and Van Nieuwerburgh, Stijn},
  title =	 {The Joy Of Giving Or Assisted Living? Using Strategic Surveys To Separate Public Care Aversion From Bequest Motives},
  journal =	 {The Journal of Finance},
  year =	 2011,
  volume =	 66,
  pages =	 {519--561},
  number =	 2,
  publisher =	 {Wiley Online Library}
}

@ARTICLE{as07,
  author =	 {Sungbae An and Frank Schorfheide},
  title =	 {Bayesian Analysis of DSGE Models},
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  year =	 2007,
  volume =	 {2--4},
  pages =	 {113--172},
  number =	 26
}

@ARTICLE{ahlrStateSpace,
  author =	 {Andersen, Steffen and Glenn W. Harrison and Morten I. Lau and Elisabet Rutstr{\"}{o}m},
  title =	 {Lost in State Space: Are Preferences Stable?},
  journal =	 {International Economic Review},
  year =	 2008,
  volume =	 49,
  pages =	 {1091--1112},
  number =	 3,
  note =	 {\url{http://dx.doi.org/10.1111/j.1468-2354.2008.00507.x}},
  abstract =	 {We use field experiments to examine the temporal stability of risk preferences. Over a 17-month period, we elicited risk preferences from subjects chosen to be representative of the adult Danish population.  During this period we revisited many of these subjects and repeated a risk aversion elicitation task. We find some variation in risk attitudes over time, but we do not detect a general tendency for risk attitudes to increase or decrease over a 17-month span. The results also suggest that risk preferences are state contingent with respect to personal finances.},
  doi =		 {10.1111/j.1468-2354.2008.00507.x},
  file =	 {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/ahlrStateSpace.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/ahlrStateSpace.pdf:PDF},
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  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},
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  year =	 1972,
  volume =	 4,
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  month =	 {June}
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@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},
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  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.},
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  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},
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  year =	 1996,
  volume =	 34,
  pages =	 {1797--855},
  number =	 4
}

@ARTICLE{browning&burbridge:captax,
  author =	 {{Browning, Martin} and {J. Burbridge}},
  title =	 {Consumption and Income Taxation},
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  volume =	 42,
  pages =	 {281--292},
  number =	 1
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@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.},
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  journal =	 {Journal of Money, Credit, and Banking},
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  month =	 {November}
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@ARTICLE{bg97,
  author =	 {Robert M. Buckley and Eugene N. Gurenko},
  title =	 {Housing and Income Distribution in Russia: Zhivago's Legacy},
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  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},
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  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},
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  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},
  note =	 {\href{https://www.econ2.jhu.edu/people/ccarroll/epidemiologySFI.pdf}{[PDF]},\href{https://www.econ2.jhu.edu/people/ccarroll/Epidemiology.zip}{[Code]}},
  url =		 {https://www.econ2.jhu.edu/people/ccarroll/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 \&quot;bottom up\&quot; 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 \&quot;bottom up\&quot; 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 =	 {Submitted},
  title =	 {Theoretical Foundations of Buffer Stock Saving},
  year =	 2022,
  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 =	 {Archive, Johns Hopkins University},
  year =	 2014,
  url =		 {https://www.econ2.jhu.edu/people/ccarroll/SolvingMicroDSOPs/},
  note =	 {\url{https://www.econ2.jhu.edu/people/ccarroll/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,
  note =	 {\url{https://www.econ2.jhu.edu/people/ccarroll/death.pdf}},
  bdsk-url-1 =	 {https://www.econ2.jhu.edu/people/ccarroll/death.pdf},
  url =		 {https://www.econ2.jhu.edu/people/ccarroll/death.pdf}
}

@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 =	 {Manuscript, Johns Hopkins University},
  year =	 2019,
  note =	 {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/cssUSSaving/}},
  url =		 {https://www.econ2.jhu.edu/people/ccarroll/papers/cssUSSaving/}
}

@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. Case and John M. Quigley and Robert J. Shiller},
  title =	 {Comparing Wealth Effects: The Stock Market Versus the Housing Market},
  journal =	 {Advances in Macroeconomics},
  year =	 2005,
  volume =	 5,
  pages =	 {1--32},
  number =	 1
}

@ARTICLE{cqs:housing,
  author =	 {Case, Karl E. and Quigley, John M. and Shiller, Robert J.},
  title =	 {Home-buyers, Housing and the Macroeconomy},
  journal =	 {Reserve Bank of Australia Conference on Asset Prices and Monetary Policy Papers},
  year =	 2003
}

@ARTICLE{cqs:wealtheffects,
  author =	 {Case, Karl E. and Quigley, John M. and Shiller, Robert J.},
  title =	 {Comparing Wealth Effects: The Stock Market Versus the Housing Market},
  journal =	 {Institute of Business and Economic Research Working Paper No. W01-004},
  year =	 2003,
  month =	 {May}
}

@TECHREPORT{cqs01,
  author =	 {Karl E. Case and John M. Quigley and Robert J. 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,
  author =	 {Castaneda, Ana and Diaz-Gimenez, Javier and Rios-Rull, Jose-Victor},
  title =	 {Accounting for the U.S.\ Earnings and Wealth Inequality},
  journal =	 {Journal of Political Economy},
  year =	 2003,
  volume =	 111,
  pages =	 {818--857},
  number =	 4,
  month =	 {August}
}

@TECHREPORT{cgp04,
  author =	 {Catte, Pietro and Girouard, Nathalie and Price, Robert and Andre, Christophe},
  title =	 {Housing Market, Wealth and the Business Cycle},
  institution =	 {OECD},
  year =	 2004,
  type =	 {working paper},
  number =	 17
}

@ARTICLE{ces:nearly,
  author =	 {Cavanagh, Christopher L. and Elliott, Graham and Stock, James H.},
  title =	 {Inference in Models with Nearly Integrated Regressors},
  journal =	 {Econometric Theory},
  year =	 1995,
  volume =	 11,
  pages =	 {1131--1147},
  number =	 5
}

@TECHREPORT{cd04,
  author =	 {Steven Cechetti and Guy Debelle},
  title =	 {Has the Inflation Process Changed?},
  institution =	 {Brandeis University},
  year =	 2004,
  type =	 {mimeo}
}

@TECHREPORT{challe&ragot:precautionaryS,
  author =	 {Edouard Challe and Xavier Ragot},
  title =	 {Precautionary Saving over the Business Cycle},
  institution =	 {Paris School of Economics},
  year =	 2012,
  type =	 {mimeo}
}

@INCOLLECTION{chamberlain:paneldata,
  author =	 {Chamberlain, Gary},
  title =	 {Panel Data},
  booktitle =	 {Handbook of Econometrics},
  publisher =	 {North-Holland},
  year =	 1984,
  editor =	 {Griliches, Zvi and Intriligator, Michael},
  address =	 {Amsterdam}
}

@ARTICLE{cwcUnderUncert,
  author =	 {Chamberlain, Gary and Wilson, Charles A.},
  title =	 {Optimal Intertemporal Consumption Under Uncertainty},
  journal =	 {Review of Economic Dynamics},
  year =	 2000,
  volume =	 3,
  pages =	 {365--395},
  number =	 3
}

@ARTICLE{cw:cUnderUncert,
  author =	 {Chamberlain, Gary and Wilson, Charles A.},
  title =	 {Optimal Intertemporal Consumption Under Uncertainty},
  journal =	 {Review of Economic Dynamics},
  year =	 2000,
  volume =	 3,
  pages =	 {365--395},
  number =	 3
}

@TECHREPORT{clpChinaSaving,
  author =	 {Chamon, Marcos and Liu, Kai and Prasad, Eswar S.},
  title =	 {Income Uncertainty and Household Savings in China},
  institution =	 {National Bureau of Economic Research},
  year =	 2010,
  journal =	 {NBER Working Paper No.\ 16565}
}

@ARTICLE{cpChina,
  author =	 {Chamon, Marcus D. and Prasad, Eswar S.},
  title =	 {Why Are Saving Rates of Urban Households in China Rising?},
  journal =	 {American Economic Journal: Macroeconomics},
  year =	 2010,
  volume =	 2,
  pages =	 {93--130},
  number =	 1,
  note =	 {Available at \url{http://www.aeaweb.org/articles.php?doi=10.1257/mac.2.1.93}},
  bdsk-file-1 =	 {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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. Christiano and Kehoe, Patrick J.},
  title =	 {Dynamic {R}amsey Taxation in a Stochastic Growth Model},
  howpublished = {Working Paper},
  year =	 1990
}

@ARTICLE{cckDevil,
  author =	 {Chari, V.~V. and Christiano, Lawrence and Kehoe, Patrick},
  title =	 {Facts and Myths About the Financial Crisis of 2008},
  journal =	 {Federal Reserve Bank of Minneapolis Working Paper Number 666},
  year =	 2008,
  month =	 {October}
}

@comment{chariKehoeMcGrattan:critiqueOld}

@TECHREPORT{ckmCritique,
  author =	 {V. V. Chari and Patrick J. Kehoe and Ellen R. McGrattan},
  title =	 {A Critique of Structural VARs Using Real Business Cycle Theory},
  institution =	 {Federal Reserve Bank of Minneapolis},
  year =	 2005,
  type =	 {working paper},
  number =	 631
}

@TECHREPORT{ch95,
  author =	 {Robert S. Chase},
  title =	 {Women's Labor Force Participation during and after {C}ommunism: {A} Study of the {C}zech {R}epublic and {S}lovakia},
  institution =	 {Economic Growth Center, Yale University},
  year =	 1995,
  type =	 {discussion paper},
  number =	 768
}

@ARTICLE{chen&white:nonparametric,
  author =	 {Chen, Xiaohong and White, Halbert},
  title =	 {Nonparametric Adaptive Learning with Feedback},
  journal =	 {Journal of Economic Theory},
  year =	 1998,
  volume =	 82,
  pages =	 {190--222}
}

@TECHREPORT{chetty:commit,
  author =	 {Chetty, Raj},
  title =	 {Consumption Commitments, Unemployment Durations, and Local Risk Aversion},
  institution =	 {National Bureau of Economic Research, Inc},
  year =	 2004,
  month =	 jan
}

@ARTICLE{cflnoCrowdout,
  author =	 {Raj Chetty and John N. Friedman and Soren Leth-Petersen and Torben Heien Nielsen and Tore Olsen},
  title =	 {Active Vs. Passive Decisions And Crowd-Out In Retirement Savings Accounts: Evidence From Denmark},
  journal =	 {Manuscript, Harvard University},
  year =	 2012,
  month =	 {December},
  note =	 {\url{http://obs.rc.fas.harvard.edu/chetty/crowdout.pdf}},
  file =	 {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/cflnoCrowdout.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/cflnoCrowdout.pdf:PDF},
  url =		 {http://obs.rc.fas.harvard.edu/chetty/crowdout.pdf}
}

@TECHREPORT{chettySzeidlHabits,
  author =	 {Raj Chetty and Adam Szeidl},
  title =	 {Consumption Commitments: Neoclassical Foundations for Habit Formation},
  institution =	 {University of California, Berkeley},
  year =	 2005,
  type =	 {mimeo}
}

@ARTICLE{szeidl&chetty:commitments,
  author =	 {Chetty, Raj and Szeidl, Adam},
  title =	 {Consumption Commitments and Asset Prices},
  journal =	 {Manuscript, Harvard University},
  year =	 2003
}

@TECHREPORT{ceiForensic,
  author =	 {Menzie D. Chinn and Barry Eichengreen and Hiro Ito},
  title =	 {A Forensic Analysis of Global Imbalances},
  institution =	 {National Bureau of Economic Research},
  year =	 2011,
  type =	 {Working Paper},
  number =	 17513,
  month =	 {October},
  abstract =	 {We examine whether the behavior of current account balances changed in the years preceding the global crisis of 2008-09, and assess the prospects for global imbalances in the post-crisis period. Changes in the budget balance are an important factor affecting current account balances for deficit countries such as the U.S. and the U.K. The effect of the “saving glut variables” on current account balances has been relatively stable for emerging market countries, suggesting that those factors cannot explain the bulk of their recent current account movements. We also find the 2006-08 period to constitute a structural break for emerging market countries, and to a lesser extent, for industrialized countries. We attribute the anomalous behavior of pre-crisis current account balances to stock market performance and real housing appreciation; fiscal procyclicality and the stance of monetary policy do not matter as much. Household leverage also appears to explain some of the standard model’s prediction errors.  Looking forward, U.S., fiscal consolidation alone cannot induce significant deficit reduction. For China, financial development might help shrink its current account surplus, but only when it is coupled with financial liberalization. These findings suggest that unless countries implement substantially more policy change, global imbalances are unlikely to disappear.},
  file =	 {/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/ceiForensic.pdf:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/ceiForensic.pdf:PDF},
  series =	 {Working Paper Series},
  url =		 {http://www.nber.org/papers/w17513}
}

@ARTICLE{cpCAPI,
  author =	 {Cho, Moon J. and Carolyn M. Pickering},
  title =	 {Effect of Computer-Assisted Personal Interviews in the U.S.},
  journal =	 {Manuscript, Bureau of Labor Statistics},
  year =	 2006,
  note =	 {\url{http://www.bls.gov/osmr/pdf/st060200.pdf}},
  file =	 {cpCAPI.pdf:cpCAPI.pdf:PDF},
  url =		 {http://www.bls.gov/osmr/pdf/st060200.pdf}
}

@ARTICLE{christiano:lq,
  author =	 {Christiano, Lawrence~J.},
  title =	 {Solving the Stochastic Growth Model by Linear Quadratic Approximation and by Value-Function Iteration},
  journal =	 {Journal of Business and Economic Statistics},
  year =	 1990,
  volume =	 8,
  pages =	 {23--26},
  number =	 1
}

@ARTICLE{CEM,
  author =	 {Christiano, Lawrence J. and Eichenbaum, Martin and Marshall, David},
  title =	 {The permanent Income Hypothesis Revisited},
  journal =	 {Econometrica},
  year =	 1991,
  volume =	 59,
  pages =	 {397--423},
  number =	 2,
  month =	 {Mar.},
  file =	 {:/Volumes/Sync/Dropbox/Bib/Raw/ByCiteKey/#F#:Djvu}
}

@ARTICLE{cee:habits,
  author =	 {Christiano, Laurence J. and Eichenbaum, Martin and Evans, Charles L.},
  title =	 {Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy},
  journal =	 {Journal of Political Economy},
  year =	 2005,
  volume =	 113,
  pages =	 {1--45},
  number =	 1,
  month =	 {February}
}

@MISC{christiano&eichenbaum:rbc,
  author =	 {{Christiano, Lawrence J.} and {Martin Eichenbaum}},
  title =	 {Current Real Business Cycle Theories and Aggregate Labor Market Fluctuations},
  howpublished = {Institute for Empirical Economics Discussion Paper 24, Federal Reserve Bank of Minneapolis and University of Minnesota},
  year =	 1990
}

@ARTICLE{Ciccone:2002,
  author =	 {Ciccone, Antonio},
  title =	 {Agglomeration effects in Europe},
  journal =	 {European Economic Review},
  year =	 2002,
  volume =	 46,
  pages =	 {213--227},
  number =	 2,
  month =	 {February}
}

@ARTICLE{CicconeHall:1996,
  author =	 {Ciccone, Antonio and Hall, Robert E.},
  title =	 {Productivity and the Density of Economic Activity},
  journal =	 {The American Economic Review},
  year =	 1996,
  volume =	 86,
  pages =	 {54--70},
  number =	 1,
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}

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@TECHREPORT{csSavingGenes,
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  bdsk-url-1 =	 {http://econpapers.repec.org/RePEc:hhs:sifrwp:0073},
  keywords =	 {Savings; Consumption; Behavioral Genetics},
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@ARTICLE{cfInequality,
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@TECHREPORT{ddfs05,
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@TECHREPORT{dp01,
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@TECHREPORT{davis&heathcote:landprices,
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@MISC{DavisPalumbo:2001,
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  copyright =	 {Copyright (c) 2006 The Board of Regents of the University of Wisconsin System},
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  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},
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  volume =	 72,
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@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,
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  journal =	 {Bank of Spain conference on Household Finance and Macroeconomics, Madrid, 15-16 October, 2009}
}

@ARTICLE{flavinSmoothness,
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  url =		 {http://www.jstor.org/stable/2298129}
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@ARTICLE{flavinLCorMyopia,
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  url =		 {http://www.worldcat.org/title/excess-sensitivity-of-consumption-to-current-income-liquidity-constraints-or-myopia/oclc/72446615}
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@TECHREPORT{flavinRobust,
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  year =	 1991,
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  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},
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@Article{flavinSensitive,
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  Year =	 1981,
  Note =	 {\\ \url{http://www.jstor.org/stable/1830816}},
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@ARTICLE{fy00,
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@TECHREPORT{fn04,
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  institution =	 {National Bureau of Economic Research},
  year =	 2004,
  type =	 {working paper},
  number =	 10458
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@ARTICLE{fyHousingLC,
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  journal =	 {American Economic Review: Papers and Proceedings},
  year =	 2011,
  volume =	 101,
  pages =	 {609-–614},
  number =	 3,
  note =	 {\\ \url{http://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 =		 {http://www.aeaweb.org/articles.php?doi=10.1257/aer.101.3.609}
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@ARTICLE{fyPortfolio,
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@ARTICLE{fyHousingHHPortfolio,
  author =	 {Flavin, Marjorie and Yamashita, Takashi},
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  journal =	 {The American Economic Review},
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  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}
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  year =	 2001,
  editor =	 {Guiso, Luigi and Haliassos, Michael and Jappelli, Tullio}
}

@ARTICLE{GomesMichaelides:optimal,
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  number =	 2,
  month =	 {April}
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@ARTICLE{GomesMichaelides:intl,
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  year =	 2003,
  volume =	 28,
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  month =	 {December}
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  date-added =	 {2013-04-07T23:23:14GMT+00:00},
  date-modified ={2013-04-07T23:27:49GMT+00:00},
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  rating =	 0,
  uri =		 {\url{papers2://publication/uuid/03D7B199-CBA8-442F-9ACF-E36D895B959D}},
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@ARTICLE{gmEJvarTrends,
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  year =	 1999
}

@article{gourinchasJeannePuzzle,
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@ARTICLE{gourinchasJeannePuzzleNBERWP,
  author =	 {Gourinchas, Pierre-Olivier and Jeanne, Olivier},
  title =	 {Capital Flows to Developing Countries: The Allocation Puzzle},
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  year =	 2007
}

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  month =	 {January}
}

@MISC{bog:flow,
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  title =	 {Flow of Funds Accounts Financial Assets and Liabilities, Year-End},
  year =	 {periodic}
}

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@INCOLLECTION{grantKeynes,
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  title =	 {Chapter 3. The Key Skills of an Economists},
  booktitle =	 {Teaching and Assessing Skills in Economics},
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}

@INPROCEEDINGS{gw07,
  author =	 {Green, Richard K. and Wachter, Susan M.},
  title =	 {The Housing Finance Revolution},
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  year =	 2007,
  pages =	 {21--67},
  publisher =	 {Jackson Hole Symposium, Federal Reserve Bank of Kansas City}
}

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  title =	 {Econometric Analysis},
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  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,
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@ARTICLE{greenspan&cohen:scrappage,
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  title =	 {Motor Vehicle Stocks, Scrappage, and Sales},
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  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}
}

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  title =	 {Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior? Evidence from Credit Card Data*},
  author =	 {Gross, David B and Souleles, Nicholas S},
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@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.},
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  number =	 7
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@ARTICLE{grHabits,
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@ARTICLE{gjt:smallPS,
  author =	 {Guiso, Luigi and Jappelli, Tullio and Terlizzese, Daniele},
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  year =	 2001,
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@ARTICLE{gsz:culture,
  author =	 {Guiso, Luigi and Sapienza, Paola and Zingales, Luigi},
  title =	 {Does Culture Affect Economic Outcomes?},
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  year =	 2006,
  note =	 {available at http://ideas.repec.org/p/cpr/ceprdp/5505.html}
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  author =	 {Guvenen, Fatih},
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  number =	 3
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@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,
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}

@ARTICLE{hl:interpreting,
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  year =	 2001
}

@TECHREPORT{hl01,
  author =	 {Jaehoon Hahn and Hangyong Lee},
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  institution =	 {Columbia University},
  year =	 2001,
  type =	 {mimeo}
}

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@INCOLLECTION{HaliassosMichaelides:computation,
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  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,
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  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.},
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  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,
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@ARTICLE{hall&mishkin:transitory,
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@ARTICLE{hst99,
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@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
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  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},
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  year =	 2001,
  volume =	 15,
  pages =	 {117--28},
  number =	 4
}

@MISC{hansen:hours,
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  title =	 {Fluctuations in Total Hours Worked: A Study Using Efficiency Units},
  howpublished = {Working Paper, University of Minnesota},
  year =	 1984
}

@ARTICLE{hansen&wright,
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  title =	 {The Labor Market in Real Business Cycle Theory},
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  volume =	 16
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@ARTICLE{hansen:gmm,
  author =	 {Hansen, Lars M.},
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  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}
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@ARTICLE{laibsonHarrisInstant,
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  title =	 {Instantaneous Gratification},
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  year =	 2004
}

@ARTICLE{hjmrTemporal,
  author =	 {Harrison, G.W. and Johnson, E. and McInnes, M.M. and Rutstr{\"}om, E.E.},
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  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},
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  volume =	 48,
  pages =	 {1013--1029},
  number =	 4
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@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}
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  title =	 {Federal Taxation of Inheritance and Wealth Transfers},
  booktitle =	 {Turing Administrative Systems into Information Systems 1996-1997},
  publisher =	 {Internal Revenue Service},
  year =	 1998,
  address =	 {Washington, DC}
}

@ARTICLE{jpsTax,
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  pages =	 {1589--1610},
  number =	 5,
  month =	 {December},
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}

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}

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@ARTICLE{jh07,
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@TECHREPORT{jz05,
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  type =	 {mimeo}
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@TECHREPORT{Juster2001,
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  type =	 {mimeo}
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@ARTICLE{juststaff91,
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  abstract =	 {Review of Economic Dynamics, 10.1016/j.red.2012.08.001},
  date-added =	 {2013-04-07T22:40:13GMT+00:00},
  date-modified ={2013-04-07T23:27:49GMT+00:00},
  doi =		 {10.1016/j.red.2012.08.001},
  file =	 {{Review_of_Economic_Dynamics_2012_Karahan.pdf:/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2012/Karahan/Review_of_Economic_Dynamics_2012_Karahan.pdf:application/pdf}},
  keywords =	 {Idiosyncratic earnings risk, Incomplete markets models, Earnings persistence, Consumption insurance},
  local-url =	 {file://localhost/Volumes/Sync/Dropbox/Bib/Papers2/Special-Projects/BPEA-Inequality/Papers2/Articles/2012/Karahan/Review_of_Economic_Dynamics_2012_Karahan.pdf},
  rating =	 0,
  uri =		 {\url{papers2://publication/doi/10.1016/j.red.2012.08.001}},
  url =		 {http://dx.doi.org/10.1016/j.red.2012.08.001}
}

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@TECHREPORT{keen05,
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  type =	 {mimeo}
}

@ARTICLE{KennickellLusardiDisentangling,
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}

@TECHREPORT{kennickellCurrents,
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  month =	 {June}
}

@TECHREPORT{Kennickell:1998,
  author =	 {Kennickell, Arthur B.},
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}

@TECHREPORT{KennickellB:2006,
  author =	 {Kennickell, Arthur B.},
  title =	 {How Do We Know If We Aren't Looking? 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},
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  year =	 2000
}

@TECHREPORT{Kennickell:1999,
  author =	 {Kennickell, Arthur B.},
  title =	 {Revisions to the SCF Weighting Methodology: Accounting for Race/Ethnicity and Homeownership},
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  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,
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}

@ARTICLE{kermack&mckendrick:disease,
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  author =	 {Keynes, John Maynard}
}

@ARTICLE{wealthLit,
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  note =	 {Available at { \url{https://www.econ2.jhu.edu/people/ccarroll/wealthLit.html}}},
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}

@ARTICLE{kz06,
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  number =	 1
}

@TECHREPORT{kz02,
  author =	 {Hashmat Khan and Z. Zhu},
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  type =	 {working paper},
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}

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  author =	 {Khwaja, Asim Ijaz and Mian, Atif},
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  year =	 2008
}

@TECHREPORT{kiley05,
  author =	 {Michael T. Kiley},
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  type =	 {mimeo}
}

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  author =	 {Killingsworth, Mark R.}
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@ARTICLE{kimball:smallandlarge,
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@ARTICLE{kssImputing,
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  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},
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}

@ARTICLE{king&levine:crcs,
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@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.},
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  chapter =	 4,
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@ARTICLE{kssInequalitySince1937,
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  number =	 1,
  publisher =	 {MIT Press}
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@ARTICLE{kopecky2010finite,
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  volume =	 13,
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  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?},
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  author =	 {Costas Meghir and Luigi Pistaferri},
  title =	 {Earnings, Consumption and Life Cycle Choices},
  booktitle =	 {Handbook of Labor Economics},
  publisher =	 {Elsevier},
  year =	 2011,
  editor =	 {O. Ashenfelter and D. Card},
  volume =	 4,
  chapter =	 9,
  pages =	 {773--854}
}

@ARTICLE{meghir&pistaferri,
  author =	 {Meghir, Costas and Pistaferri, Luigi},
  title =	 {Income Variance Dynamics and Heterogeneity},
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  year =	 2004,
  volume =	 72,
  pages =	 {1--32},
  number =	 1
}

@comment{meghir&weber:habitsOld}

@ARTICLE{mwHabits,
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  volume =	 64,
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  number =	 5
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@Article{mehraPrescottPuzzle,
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  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&prescott:puzzle,
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  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,
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  title =	 {The Wealth Effect in Empirical Life Cycle Aggregate Consumption Equations},
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  year =	 2001
}

@ARTICLE{mehra:surveyinfl,
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  title =	 {Survey Measures of Expected Inflation: Revisiting the Issues of Predictive Content and Rationality},
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  year =	 2002
}

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@ARTICLE{mqrImbal-NBERWP,
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@ARTICLE{msWinning,
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  title =	 {Winning the War: Poverty from the Great Society to the Great Recession},
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  month =	 {Fall},
  url =		 {http://www.brookings.edu/~/media/Projects/BPEA/Fall2012/2012fallmeyer.pdf}
}

@ARTICLE{msDecades,
  author =	 {Meyer, Bruce D. and Sullivan, James X.},
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@ARTICLE{MianSufi:2011,
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}

@TECHREPORT{msClunkers,
  author =	 {Mian, Atif and Sufi, Amir},
  title =	 {The Effects of Fiscal Stimulus: Evidence from the 2009 `Cash for Clunkers' Program'},
  institution =	 {National Bureau of Economic Research},
  year =	 2010,
  type =	 {Working Paper},
  number =	 16351,
  month =	 {September},
  abstract =	 {A key rationale for fiscal stimulus is to boost consumption when aggregate demand is perceived to be inefficiently low. 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},
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  number =	 4,
  month =	 {November}
}

@ARTICLE{mianSufiQJE,
  author =	 {Mian, Atif and Sufi, Amir},
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  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},
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  year =	 2005
}

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  volume =	 79,
  pages =	 {137--143},
  number =	 1,
  month =	 {April}
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@ARTICLE{michaelidesBufHab,
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  year =	 2002
}

@ARTICLE{GomesMichaelides:PortHabits,
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@ARTICLE{KalyvitisMichaelides:exchrates,
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@ARTICLE{michaelidesNg:speculative,
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  volume =	 96,
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  number =	 2,
  month =	 {June}
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@ARTICLE{ng:estbysim,
  author =	 {Michaelides, Alexander and Ng, Serena},
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  journal =	 {Manuscript, Department of Economics, Boston University},
  year =	 1997
}

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  author =	 {Micklethwait, John and Wooldridge, Adrian}
}

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  year =	 1993
}

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  year =	 2011,
  type =	 {discussion paper},
  number =	 8306
}

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  Note =	 {Available at { \url{http://www.jstor.org/stable/1813352}}},
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  Pages =	 {297--313},
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  Owner =	 {Nic Johnson},
  Url =		 {http://www.jstor.org/stable/1813352}
}

@ARTICLE{ma63,
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  series =	 {Handbook of Public Economics},
  chapter =	 34,
  pages =	 {2393--2430}
}

@ARTICLE{moffittID,
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  title =	 {Identification And Estimation Of Dynamic Models With A Time Series Of Repeated Cross-Sections},
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  number =	 {1-2},
  publisher =	 {Elsevier}
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@ARTICLE{moffitt&gottschalk08,
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  title =	 {Trends in Transitory Variance of Male Earnings in the U.S., 1970-2004},
  journal =	 {Manuscript},
  year =	 2008
}

@ARTICLE{moffitt&gottschalk02,
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  title =	 {Trends in the Transitory Variance of Earnings in the United States},
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}

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  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},
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  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},
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  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},
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  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},
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  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},
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  year =	 1993,
  volume =	 {CVIII},
  pages =	 {739--773},
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  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,
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  volume =	 29,
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  number =	 3,
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  title =	 {Optimal Properties of Exponentially Weighted Forecasts},
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}

@ARTICLE{naik&moore:habits,
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  year =	 1996,
  volume =	 78,
  pages =	 {321--328},
  number =	 2
}

@BOOK{cnstatMeasuring,
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  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}
}

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  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,
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@comment{parkerSocSec:socialsecurityOld}

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%  Crossref =	 "NBERcarr11-1",

@article{ParkerSoulelesCarroll-0-NBER,
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}

%  type =	 "Book",

@book{NBERcarr11-1,
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@TECHREPORT{pt03,
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  year =	 2003
}

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  year =	 2003,
  type =	 {Federal Reserve Bank of St. Louis working paper.},
  number =	 23
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  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.}
}

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  author =	 {Reis, Ricardo},
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@ARTICLE{reiter:backward,
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@ARTICLE{reiter06,
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@ARTICLE{reiter:recursive,
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  copyright =	 {Copyright © 2003 The Econometric Society},
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  issn =	 00129682,
  jstor_articletype ={research-article},
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  year =	 2005,
  type =	 {mimeo}
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@TECHREPORT{rw05,
  author =	 {Jeremy Rudd and Karl Whelan},
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  institution =	 {Federal Reserve Bank of Boston},
  year =	 2005,
  type =	 {mimeo}
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@article{szWIneq_MS,
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}

@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",
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  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},
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  year =	 2015,
  month =	 {April},
}

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  author =	 {Marco Cozzi},
  title =	 {Risk Aversion Heterogeneity, Risky Jobs and Wealth Inequality},
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  month =	 Dec,
  institution =	 {Queen's University, Department of Economics},
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@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},
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}

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  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},
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@ARTICLE{sssMail,
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@ARTICLE{Sahmetal:2008TaxRebates,
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@ARTICLE{Sahm2009,
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@ARTICLE{salaimartin:lecnotes,
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@ARTICLE{shapiro&slemrod:timing,
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}

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  type =	 {working paper}
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  school =	 {Dalhousie University, Department of Mathematics, Statistics, \& Computing Science},
  year =	 1994
}

@UNPUBLISHED{Sim91,
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  number =	 34
}

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}

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}

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  pages =	 {article 37},
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  institution =	 {German Institute for Economic Research, DIW Berlin},
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  year =	 2006,
  type =	 {discussion paper},
  number =	 647
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@ARTICLE{slacalek:coint,
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  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},
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  year =	 2004,
  type =	 {mimeo}
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  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},
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  year =	 2010
}

@ARTICLE{souleles:sentiment,
  author =	 {Souleles, Nicholas},
  title =	 {Consumer Sentiment: Its Rationality and Usefulness in Forecasting Expenditure; Evidence from the Michigan Micro Data},
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  year =	 {forthcoming}
}

@ARTICLE{souleles:finance,
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  title =	 {Household Securities Purchases, Transactions Costs, and Hedging Motives},
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  year =	 2000
}

@ARTICLE{souleles:taxrefunds,
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  year =	 2003
}

@ARTICLE{Splinter:2010vd,
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  title =	 {{Income Volatility and Mobility: U.S. Income Tax Data, 1999--2007}},
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  date-modified ={2013-04-07T23:27:49GMT+00:00},
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  rating =	 0,
  uri =		 {\url{papers2://publication/uuid/1986B22E-9258-492A-8A7D-71082007A882}},
  url =		 {http://www.bakerinstitute.org/publications/TEPP-pub-SplinterBryantDiamondIncomeVolatility-012010.pdf}
}

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  year =	 2001
}

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  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,
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  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}
}

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  institution =	 {Harvard University},
  year =	 2005,
  type =	 {mimeo}
}

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  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 \&quot;problem\&quot; 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}
}

@Article{summersCapTax,
  Title =	 {Capital Taxation and Accumulation in a Life Cycle Growth Model},
  Author =	 {Summers, Lawrence H.},
  Journal =	 {American Economic Review},
  Year =	 1981,
  Note =	 {\url{http://www.jstor.org/stable/1806179}},
  Number =	 4,
  Pages =	 {533--544},
  Volume =	 71,
  Owner =	 {Nic Johnson},
  Url =		 {http://www.jstor.org/stable/1806179}
}

@ARTICLE{summers&heston:article,
  author =	 {Summers, Robert and Heston, Alan},
  title =	 {A New Set of International Comparisons of Real Product and Price Level Estimates for 130 Countries, 1950-1985},
  journal =	 {Review of Income and Wealth},
  year =	 1988,
  volume =	 {XXXIV},
  pages =	 {1--25}
}

@TECHREPORT{scf04Charts,
  author =	 {{Survey of Consumer Finances}},
  title =	 {2004 SCF Chartbook},
  institution =	 {Board of Governors of the Federal Reserve System},
  year =	 2007,
  type =	 {electronic document},
  note =	 {Available at \url{http://www.federalreserve.gov/pubs/oss/oss2/2004/scf2004home.html}}
}

@ARTICLE{sve02,
  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},
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  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. Press},
  year =	 2001,
  author =	 {Thomson, William L.},
  address =	 {Cambridge}
}

@TECHREPORT{tlu05,
  author =	 {Vlastimil Tlusty},
  title =	 {Modern Tax, Pension and Social System (Moderni danovy, duchodovy a socialni system)},
  year =	 2005,
  type =	 {presentation},
  note =	 {{X}VI. Congress of Czech Civic Democratic Party (ODS), November 27, 2005 Available at \url{http://www.tlusty.cz/}, In Czech}
}

@INCOLLECTION{tobin:sandg,
  author =	 {Tobin, James},
  title =	 {Life Cycle Saving and Balanced Growth},
  booktitle =	 {Ten Economic Studies in the Tradition of Irving Fisher},
  publisher =	 {Wiley},
  year =	 1967,
  editor =	 {Fellner, William},
  address =	 {New York}
}

@INPROCEEDINGS{tobinSaving,
  author =	 {Tobin, James},
  title =	 {Life Cycle Saving and Balanced Growth},
  booktitle =	 {Ten Economic Studies in the Tradition of Irving Fisher},
  year =	 1967,
  editor =	 {Fellner, William},
  pages =	 {231--256},
  publisher =	 {J. 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. Wilcox},
  title =	 {The Construction of the U.S. Consumption Data: Some Facts and Their Implications for Empirical Research},
  journal =	 {American Economic Review},
  year =	 1992,
  volume =	 82,
  pages =	 {922--941},
  number =	 4
}

@ARTICLE{wilhelm:bequest,
  author =	 {Wilhelm, Mark O.},
  title =	 {Bequest Behavior and the Effect of Heirs' Earnings: Testing the Altruistic Model of Bequests},
  journal =	 {American Economic Review},
  year =	 1996,
  volume =	 86,
  pages =	 {874--982},
  number =	 4
}

@INCOLLECTION{willis:survey,
  author =	 {Willis, ~R.~J.},
  title =	 {Wage Determinants: A Survey and Reinterpretation of Human Capital Earnings Functions},
  booktitle =	 {Handbook of Labor Economics},
  publisher =	 {Elsevier Science Publishers BV},
  year =	 1986,
  editor =	 {{Orley Ashenfelter} and {Richard Layard}},
  address =	 {New York}
}

@INCOLLECTION{woodfordImperfect,
  title =	 {Imperfect Common Knowledge and the Effects of Monetary Policy},
  author =	 {Woodford, Michael},
  abstract =	 {This paper reconsiders the Phelps-Lucas hypothesis, according to which temporary real effects of purely nominal disturbances result from imperfect information, but departs from the assumptions of Lucas (1973) in two crucial respects. 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},
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  year =	 2002,
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}

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@comment{working:timeaggOld}

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@HEADER{bibpub,
  note = {\centerline{\Large Published}}
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@HEADER{bibspace,
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@HEADER{bibunpub,
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MISCNOYEAR{publishedAndForthcoming,
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MISCNOYEAR{unpublished,
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@MISC{noBookChapters20090701to20110630,
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@Article{ctDiscrete,
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@Article{sty:consumption,
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}

@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 =		 {http://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 <I>all</I> 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 =		 {http://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},
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@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},
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@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},
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  volume =	 55,
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@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?},
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  volume =	 ...,
  pages =	 {...},
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@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}},
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  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,
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@Article{bd03,
  author =	 {Joseph P. Byrne and E. Phillip Davis},
  title =	 {Disaggregate Wealth and Aggregate Consumption: An Investigation of Empirical Relationships for the G7},
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  year =	 2003,
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  number =	 2,
  pages =	 {197--220},
  month =	 05,
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@Article{cc07_microWealthE,
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  title =	 {How Do House Prices Affect Consumption? Evidence from Micro Data},
  journal =	 {Journal of Monetary Economics},
  year =	 2007,
  volume =	 54,
  number =	 3,
  pages =	 {591--621},
  note =	 {forthcoming},
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@Article{2PeriodLCModel,
  author =	 {Carroll, Christopher D.},
  title =	 {The Random Walk Model of Consumption},
  journal =	 {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/2PeriodLCModel% .pdf},
  year =	 2006,
  bdsk-url-1 =	 {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/2PeriodLCModel.pdf},
  url =		 {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ consumption/2PeriodLCModel.pdf},
}

@Article{BufferStockAgeProfiles,
  author =	 {Carroll, Christopher D.},
  title =	 {BufferStockAgeProfiles},
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  year =	 2006,
  bdsk-url-1 =	 {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/consumption/BufferStockAgeProfiles.pdf},
  url =		 {https://www.econ2.jhu.edu/people/ccarroll/lecturenotes/ consumption/BufferStockAgeProfiles.pdf},
}

@Article{EpiOfC,
  author =	 {Carroll, Christopher D.},
  title =	 {Sticky Expectations and Consumption Dynamics},
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@Article{carroll:epidemicInflQJE,
  author =	 {Carroll, Christopher D.},
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@Article{carroll:epidemicinfljhu,
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@Article{carrollRequiem,
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@article{carroll2011large,
  title =	 {How large are housing and financial wealth effects? A new approach},
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@TechReport{cosHowLargeWP,
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  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 \&quot;Great Moderation.\&quot; 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},
}
