作者：HALIASSOS, M; BERTAUT, CC
作者单位：Federal Reserve System - USA
摘要：We investigate why 75% of United States households do not hold stocks despite the equity premium and predictions of expected-utility models. The question is relevant for privatisation, asset pricing, and tax progressivity issues. We show that risk aversion Pcr se, heterogeneity of beliefs, habit persistence, time non-separability, and quantity constraints on borrowing do not account for the phenomenon. A wedge between borrowing and lending rates, and minimum-investment requirements are plausib...
作者：BERDELL, JF
摘要：Hume's monetary economics has remained a source of sustained controversy; rival interpretations situate his work at the fountainhead of the quantity theory of money, the monetary approach to the balance of payments, and the post-Keynesian analysis of inflation. Recent contributions to the literature have explicitly modelled several aspects of his monetary writings, but have not placed his controversial discussion of output and monetary dynamics within an open economy analysis. This paper does ...
