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Lower volatility, higher inequality: are they related?
(Oxford Univ Press, 2017-10)
We investigate the relationship between GDP volatility and income inequality to explain the changes in both variables in the last decades of 20(th) century. The theoretical results show that these variables are related to ...
Down Payment Saving in the United States: Evidence from the Panel Study of Income Dynamics
We present a model of household saving toward a mortgage loan under an exogenous down payment requirement and preference for owning over renting. Our model explains a set of empirical observations such as the dual effect ...