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作者：Hryshko, Dmytro; Luengo-Prado, Maria Jose; Sorensen, Bent E.
作者单位：University of Alberta; Northeastern University; University of Houston System; University of Houston
摘要：We study the determinants of individual attitudes toward risk and, in particular, why some individuals exhibit extremely high risk aversion. Using data from the Panel Study of Income Dynamics, we find that policy induced increases in high school graduation rates lead to significantly fewer individuals being highly risk averse in the next generation. Other significant determinants of risk aversion are age, sex, and parents' risk aversion. We verify that risk aversion matters for economic behavi...
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作者：Canova, Fabio; Ferroni, Filippo
摘要：We propose a method to estimate time invariant cyclical dynamic stochastic general equilibrium models using the information provided by a variety of filters. We treat data filtered with alternative procedures as contaminated proxies of the relevant model-based quantities and estimate structural and nonstructural parameters jointly using a signal extraction approach. We employ simulated data to illustrate the properties of the procedure and compare our conclusions with those obtained when just ...
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作者：DeJong, David N.; Espino, Emilio
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We measure the extent to which the cyclical behavior of the turnover of equity shares generated by individual investors on the New York Stock Exchange can be accounted for by a single source of trade embedded in a neoclassical growth economy with dynamically complete markets. The source of trade is heterogeneity in agents' financial wealth. In the post-war United States, turnover has been more than seven times as volatile as output and has exhibited asynchronous cyclical characteristics: lagge...
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作者：Mehra, Rajnish; Piguillem, Facundo; Prescott, Edward C.
作者单位：Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research; Arizona State University; Arizona State University-Tempe
摘要：The neoclassical growth model is extended to include costly intermediated borrowing and lending between households. This is an important extension as substantial resources are used to intermediate the large amount of borrowing and lending between households. In 2007, in the United States, the amount intermediated was 1.7 times gross national product (GNP), and the resources used in this intermediation amounted to at least 3.4 percent of GNP. The theory implies that financial intermediation ser...
