My Citations
Scholar Home
  Advanced Scholar Search



Scholar      Create email alertResults 1 - 18 of 18. (0.07 sec) 

A multiplier approach to understanding the macro implications of household finance

[PDF] from econbiz.de
Full text - MIT Libraries
YL Chien, H Cole… - The Review of Economic …, 2011 - restud.oxfordjournals.org
Abstract Our paper examines the impact of heterogeneous trading technologies for
households on asset prices and the distribution of wealth. We distinguish between passive
traders who hold fixed portfolios of stocks and bonds, and active traders who adjust their ...
Cited by 33 - Related articles - Library Search - BL Direct - All 82 versions

The market price of aggregate risk and the wealth distribution

Full text - MIT Libraries
YL Chien… - Review of Financial Studies, 2010 - Soc Financial Studies
Abstract We introduce limited liability in a model with a continuum of ex ante identical agents
who face aggregate and idiosyncratic income risk. These agents can trade a complete menu
of contingent claims, but they cannot commit to honor their promises, and their shares in a ...
Cited by 32 - Related articles - All 8 versions

[PDF] Why Tax Capital

[PDF] from anu.edu.au
Y Chien… - 2008 - cama.anu.edu.au
Abstract We study optimal capital income taxation with a Ramsey problem and relate this
optimal taxation problem to the question that has been asked in the asset pricing literature,
which is why the risk free interest rate is too low. We show that the Ramsey planner ...
Cited by 6 - Related articles - View as HTML - All 12 versions

[PDF] Optimal capital taxation under limited commitment

[PDF] from unsw.edu.au
Y Chien… - 2008 - wwwdocs.fce.unsw.edu.au
Abstract We study optimal capital taxation under limited commitment. We prove that the
optimal tax rate on capital income should be positive in steady state and should be
increasing over time provided that full risk# sharing is not feasible. In a limited commitment ...
Cited by 4 - Related articles - View as HTML - Get it from MIT Libraries - All 18 versions

[CITATION] nA Multiplier Approach to Under% standing the Macro Implications of Household Finance, oworking paper

YL Chien, H Cole… - Purdue University, 2008
Cited by 2 - Related articles

[PDF] Externality cost of capital investment in limited commitment

[PDF] from purdue.edu
Y Chien… - 2010 - krannert.purdue.edu
Abstract We study externality costs of capital investment under limited commitment. We
characterize the constrained efficient allocations with a limited commitment environment and
find positive externality costs of capital investment provided that full risksharing is not ...
Cited by 1 - Related articles - View as HTML

The Risk Premium and Long-Run Global Imbalances

[PDF] from purdue.edu
YL Chien… - 2011 - papers.ssrn.com
Abstract: Our paper investigates whether the valuation effect caused by a large risk premium
and a low risk-free rate can help to explain the enormous US current account and trade
deficit observed in the past decade. To answer this question, we set up an endowment ...
Related articles - All 10 versions

[PDF] WORKING PAPERS IN ECONOMICS & ECONOMETRICS WHY TAX CAPITAL?

[PDF] from anu.edu.au
J Lee… - 2008 - ecocomm.anu.edu.au
Abstract We study optimal capital income taxation with a Ramsey problem and relate this
optimal taxation problem to the question that has been asked in the asset pricing literature,
which is why the risk free interest rate is too low. We show that the Ramsey planner ...
Related articles - View as HTML - All 13 versions

[PDF] Perks in Long-term Contracts

[PDF] from purdue.edu
YL Chien… - 2009 - krannert.purdue.edu
Abstract Perks are a commodity bundle offered by an employer to an employee. We provide
two models where perks arise and evolve in dynamic contracts. In the first model, we
assume non-separable utility function between effort and both of perks good and money. ...
Related articles - View as HTML

[PDF] MACRO IMPLICATIONS OF HOUSEHOLD FINANCE Preliminary and Incomplete

[PDF] from upenn.edu
YL Chien, H Cole… - 2007 - economics.sas.upenn.edu
Abstract Our paper examines the impact of heterogeneous trading opportunities on the
distribution of asset shares and wealth in an equilibrium model. We distinguish between
“passive” traders who hold fixed portfolios of equity and bonds, and “active” traders who ...
Related articles - View as HTML - All 5 versions

[PDF] Modeling Monetary Economies: an Equivalence Result

[PDF] from uni-bonn.de
G Camera… - iiw.uni-bonn.de
Abstract This paper offers a methodological contribution to monetary theory. First, it presents
a typical cash-in-advance model based on Lucas (1984) and then specializes it to
preferences and shocks assumed in the model of Lagos and Wright (2005). Second, it ...
View as HTML

[PDF] Cost of Business Cycle with Heterogeneous Trading Technology (Preliminary Do Not Circulate)

[PDF] from illinois.edu
YL Chien - 2011 - saet.illinois.edu
Abstract Our paper investigates the welfare cost of business cycle in an economy where
households have heterogeneous trading technologies. In the economy with aggregate risk,
the difference portfolio choices induced by heterogeneous trading technologies lead to a ...
Related articles - View as HTML

Optimal Capital Taxation Under Limited Commitment

J Lee… - ANUCBE School of Economics Working Papers, 2008 - ideas.repec.org
We study optimal capital taxation under limited commitment. We prove that the optimal tax
rate on capital income should be positive in steady state provided that full risk-sharing is not
feasible. In a limited commitment environment, a one unit increase of capital investment by ...
Cached - Library Search - All 4 versions

The Cost of Business Cycles with Heterogeneous Trading Technologies

[PDF] from purdue.edu
YL Chien - 2012 - papers.ssrn.com
Abstract: This paper investigates the welfare cost of business cycles in an economy where
households have heterogeneous trading technologies. In an economy with aggregate risk,
the different portfolio choices induced by heterogeneous trading technologies lead to a ...
Related articles - All 2 versions

Excessive Perks to Restrain the Hidden Saving Problem

[PDF] from sogang.ac.kr
YL Chien… - 2012 - papers.ssrn.com
Abstract: We o er an explanation to why perks are over-provided to high profile CEOs.
Hidden saving of an agent makes it difficult for a principal to control the agent's moral hazard
problem, eg Rogerson (1985). However, an agent typically cannot save perks, for ...
Related articles - All 3 versions

[PDF] WORKING PAPERS IN ECONOMICS & ECONOMETRICS OPTIMAL CAPITAL TAXATION UNDER LIMITED COMMITMENT

[PDF] from anu.edu.au
J Lee… - 2008 - anuecs.fec.anu.edu.au
We study optimal capital taxation under limited commitment. We prove that the optimal tax rate
on capital income should be positive in steady state provided that full risk-sharing is not
feasible. In a limited commitment environment, a one unit increase of capital investment ...
Related articles - View as HTML - All 14 versions

[BOOK] Why Tax Capital?

J Lee, YL Chien… - 2008 - papers.ssrn.com
Abstract: We study optimal capital income taxation with a Ramsey problem and relate this
optimal taxation problem to the question that has been asked in the asset pricing literature,
which is why the risk free interest rate is too low. We show that the Ramsey planner ...
Related articles - Get it from MIT Libraries - Library Search - All 4 versions

[PDF] Understanding the Distributional Impact of Long-Run Inflation

[PDF] from chicagofed.org
G Camera… - 2011 - chicagofed.org
Page 1. Understanding the Distributional Impact of Long-Run Inflation Gabriele Camera
YiLi Chien Purdue University Purdue University August 2011 Page 2. BROAD VIEW Study
impact of macroeconomic policy in heterogeneous-agent economies ...
Related articles - View as HTML - All 9 versions

 Create email alert



 

About Google Scholar - All About Google - My Citations

©2012 Google