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Recursos bibliográficos en papel y digitales -
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» Resultado: 2 registros
| Registro 1 de 2 | |
| Autor: | Mulligan, Casey B. - Sala-i-Martin, Xavier - |
| Título: | Extensive margins and the demand for money at low interest rates |
| Fuente: | Journal of Political Economy. v.108, n.5. The University of Chicago Press |
| Páginas: | pp. 961-991 |
| Año: | Oct. 2000 |
| Resumen: | We argue that the relevant monetary decision for the majority of U.S. households is not the fraction of assets to be held in interest-bearing form, but whether to hold any such assets at all (we call this "the decision to adopt" the financial technology). We show that the key variable governing the adoption decision is the product of the interest rate times the total amount of assets. This implies that the interest elasticity of household money demand at low interest rates can be estimated from the variation in asset holdings in a cross section of households rather than historical interest rate variations. We do so with the 1989 Survey of Consumer Finances. We find that (a) the elasticity of money demand is very small when the interest rate is small, (b) the probability that a household holds any amount of interest-bearing assets is positively related to the level of financial assets, and (c) the cost of adopting financial technologies is negatively related to participation in a pension program. At interest rates of 5 percent, roughly one-half of the elasticity can be attributed to the Allais-Baumol-Tobin or intensive margin and half to the new adopters or extensive margin. The intensive margin is less important at lower interest rates and more important at higher interest rates. Finally, we argue that ignoring extensive margins may lead to an empirically important overestimation of the cost of inflation at low interest rates |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
| Registro 2 de 2 | |
| Autor: | Mulligan, Casey B. - |
| Título: | Galton versus the human capital approach to inheritance |
| Fuente: | Journal of Political Economy. v.107, n.6, pt.2. The University of Chicago Press |
| Páginas: | pp. 184-224 |
| Año: | Dec. 1999 |
| Resumen: | A century ago, Francis Galton proposed a simple yet powerful model of inheritance. Gary Becker’s human capital model is often used to analyze important empirical and policy questions, but does it dominate Galton’s from a positive point of view? I derive nine implications of the human capital approach that are distinct from Galton’s, Evidence from the PSID, SCF, and NLSY micro data sets as well as results reported in previous literatures suggest that four of the unique implications are refuted. Two implications are verified and mixed results are obtained for three others. Some extensions of economics recently developed by Becker and others, when applied to inheritance, may improve economics’ predictions |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
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