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  • 1
    Electronic Resource
    Electronic Resource
    HOUSEHOLD SAVING IN THE '90s: EVIDENCE FROM CROSS-SECTION WEALTH SURVEYS (1999)
    Oxford, UK : Blackwell Publishing Ltd
    Review of income and wealth 45 (1999), S. 0 
    Details
    ISSN: 1475-4991
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper uses a series of cross-section surveys to measure how wealth accumulation and active saving rates varied across cohort-groups during the early and mid 1990s. Our estimated rates of saving and wealth change across cohorts show a somewhat more dramatic life-cycle pattern than found in previous studies, in part because we use a new technique, and in part because the cross-section wealth surveys we use oversample the wealthiest families whose behavior dominates aggregate changes. Adjusting the wealth-change rates for bequests and subtracting out the capital gains component of wealth change move the estimates in the direction of results from previous studies, but the biggest changes in that direction result from excluding the top of the wealth distribution in each year.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1475-4991.1999.tb00359.x
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    Paper (German National Licenses)
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  • 2
    Electronic Resource
    Electronic Resource
    The Role of Wealth Transformations: An Application to Estimating the Effect of Tax Incentives on Saving (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Contributions to economic analysis & policy 5.2006, 1, art20 
    Details
    ISSN: 1538-0645
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Researchers may want to estimate the percentage change of a variable, such as household wealth or corporate profits, that takes on economically significant nonpositive values. Using the logarithmic transformation, however, requires discarding observations with nonpositive values. This paper describes a possible solution to this problem-the inverse hyperbolic sine transformation-and shows how to implement this transformation optimally in the case of median regression. As an illustration of the usefulness of this transformation, I revisit a specification sometimes used to estimate the effect of tax incentives on household saving.
    Type of Medium: Electronic Resource
    URL: http://www.bepress.com/bejeap/contributions/vol5/iss1/art20
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  • 3
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    The Role of Wealth Transformations: An Application to Estimating the Effect of Tax Incentives on Saving (2006)
    De Gruyter
    Details
    Publication Date: 2006-07-16
    Description: Researchers may want to estimate the percentage change of a variable, such as household wealth or corporate profits, that takes on economically significant nonpositive values. Using the logarithmic transformation, however, requires discarding observations with nonpositive values. This paper describes a possible solution to this problem-the inverse hyperbolic sine transformation-and shows how to implement this transformation optimally in the case of median regression. As an illustration of the usefulness of this transformation, I revisit a specification sometimes used to estimate the effect of tax incentives on household saving.
    Electronic ISSN: 1935-1682
    Topics: Economics
    Published by De Gruyter
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  • 4
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    The Rise in Mortgage Defaults (2009)
    American Economic Association
    Details
    Publication Date: 2009-01-01
    Description: The first hints of trouble in the mortgage market surfaced in mid-2005, and conditions subsequently began to deteriorate rapidly. Mortgage defaults and delinquencies are particularly concentrated among borrowers whose mortgages are classified as “subprime” or “near-prime.” The main factors underlying the rise in mortgage defaults appear to be declines in house prices and deteriorated underwriting standards, in particular an increase in loan-to-value ratios and in the share of mortgages with little or no documentation of income. Contrary to popular perception, the growth in unconventional mortgages products, such as those with prepayment penalties, interest-only periods, and teaser interest rates, does not appear to be a significant factor in defaults through mid-2008 because borrowers who had problems with these products could refinance into different mortgages. However, as markets realized the extent of the poor underwriting, underwriting standards tightened and borrowers began to face difficulties refinancing; this dynamic suggests that these unconventional products could pose problems going forward.
    Print ISSN: 0895-3309
    Electronic ISSN: 1944-7965
    Topics: Economics
    Published by American Economic Association
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