Imperfect Annuities Markets with Asymmetric Information: Who Leaves Unplanned Bequests?
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Volatility of US Stock Prices
A number of recent papers have reported evidence that stock prices are more volatile than is consistent with efficient markets. We argue that the...
Intertemporal Substitution, Risk Aversion and the Euler Equation for Consumption: Evidence From Aggregate and Average Cohort Data
In this paper we investigate the empirical relevance of two theoretical issues concerning life cycle consumer optimizing behaviour: the possibility of...
Does the 1986 Insolvency Act Satisfy The Creditors' Bargain?
The creditors' bargain view of insolvency law argues that solvency state rights should be preserved in insolvency states. It argues that insolvency...
The Transactions Role of Financial Assets: a Survey
A critical survey of the literature examining the roles of various financial (and commodity) assets in the transactions process is undertaken. The...
Measuring the Cost of Capital When Taxes Are Changing with Foresight
The familiar Hall-Jorgenson (1967) approach to measuring the cost of capital considers a perturbation from the optimal path of the capital stock...
Credit Market Efficiency and Tax Policy in the Presence of Screening Costs
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Monetary Policy with Unregulated Banks
An analytical basis is provided for the conduct of monetary policy in an economy with a completely unregulated banking system. In particular, the...
Empirical Evidence on Wealth Accumulation and the Effects of Pension Wealth: An Application To Italian Cross-Section Data
This paper investigates the effects of pension wealth on households non-pension net worth for an Italian cross-section sample, by estimating a simple...
