Dissecting saving dynamics: measuring wealth, precautionary, and credit effects

We argue that the U.S. personal saving rate’s long stability (1960s–1980s), subsequent steady decline (1980s–2007), and recent substantial rise (2008–2011) can be interpreted using a parsimonious ‘buffer stock’ model of consumption in the presence of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between ‘target’ and actual wealth, with the target determined by credit conditions and uncertainty. An estimated structural version of the model suggests that increased credit availability accounts for most of the long-term saving decline, while fluctuations in wealth and uncertainty capture the bulk of the business-cycle variation

International evidence on sticky consumption growth

We estimate the degree of 'stickiness' in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that, after controlling for measurement error, consumption growth has a high degree of autocorrelation, with a stickiness parameter of about 0.7 on average across countries. The sticky-consumption-growth model outperforms the random walk model of Hall (1978), and typically fits the data better than the popular Campbell and Mankiw (1989) model. In several countries, the sticky-consumption-growth and Campbell-Mankiw models work about equally well

Field Theoretic Branes and Tachyons of the QCD String

Dvali and Shifman have proposed a field-theoretic mechanism for localizing gauge fields to "branes" in higher dimensional spaces using confinement in a bulk gauge theory. The resulting objects have a number of qualitative features in common with string theory D-branes; they support a gauge field and flux strings can end on them. In this letter, we explore this analogy further, by considering what happens when N of these "branes" approach each other. Unlike in the case of D-branes, we find a reduction of the gauge symmetry as the "branes" overlap. This can be attributed to a tachyonic instability of the flux string stretching between the branes.Comment: 13 pages, 5 figures, references adde

International Evidence On Sticky Consumption Growth

We estimate the degree of 'stickiness' in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that, after controlling for measurement error, consumption growth has a high degree of autocorrelation, with a stickiness parameter of about 0.7 on average across countries. The sticky-consumption-growth model outperforms the random walk model of Hall (1978), and typically fits the data better than the popular Campbell and Mankiw (1989) model. In several countries, the sticky-consumption-growth and Campbell-Mankiw models work about equally well.

International evidence on sticky consumption growth.

We estimate the degree of ‘stickiness’ in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that, after controlling for measurement error, consumption growth has a high degree of auto-correlation, with a stickiness parameter of about 0.7 on average across countries. The sticky-consumption-growth model outperforms the random walk model of Hall (1978), and typically fits the data better than the popular Campbell and Mankiw (1989) model. In several countries, the sticky-consumption-growth and Campbell–Mankiw models work about equally well. JEL Classification: C6, D9, E2Consumption Dynamics, Habit Formation, Sticky Expectations

International Evidence On Sticky Consumption Growth

We estimate the degree of ‘stickiness’ in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that, after controlling for measurement error, consumption growth has a high degree of autocorrelation, with a stickiness parameter of about 0.7 on average across countries. The sticky-consumption-growth model outperforms the random walk model of Hall (1978), and typically fits the data better than the popular Campbell and Mankiw (1989) model. In several countries, the sticky-consumption-growth and Campbell-Mankiw models work about equally well.Sticky Expectations, Consumption Dynamics, Habit Formation.

The Israeli Demolition of Palestinian Houses in the Occupied Territories: An Analysis of its Legality in International Law

The recent Palestinian uprising in the Israeli Occupied Territories, otherwise known as the Intifadah, has brought greater attention to Israel\u27s security measures. Specifically, the Intifadah has raised questions of the efficacy and legality of Israel\u27s attempts to control the local population by means criticized by many as overly heavy-handed. One such practice employed by the Israelis is the demolition or sealing of houses in which a resident is believed to have committed a political or violent act against the interests of the State of Israel. The intent of this paper is to examine the legality of the destruction of houses in the Occupied Territories under the relevant articles of the Geneva Convention Relative to the Protection of Civilian Persons in Time of War of August 12, 1949 [Geneva Convention IV] (hereinafter the Fourth Geneva Convention)

this is the knot in my stomach

this is the knot in my stomach is a play about friendships, memories, and reminds us that we cannot be in each other\u27s lives forever, but we will be in each other\u27s pasts

Increasing national capability for quality higher education the case of the Sultanate of Oman

This paper explores a number of quality enhancement initiatives being implemented in a developing country, the Sultanate of Oman, to increase the national capability for quality higher education. Oman is a young country with a youthful and rapidly growing population. A brief description of the relatively short history of Oman&rsquo;s national systems for secondary and postsecondary education is provided. This highlights the challenges for quality education resulting from a strategy of importing postsecondary education from a variety of countries, and delivering the programs through a largely privatized sector.The paper then describes the outcomes of an initial needs analysis that led to the development of a National Quality Plan. Some of the strategies in this plan for improving and increasing capability are considered, most particularly the establishment of a practitioner‐oriented Oman Quality Network, and the design and implementation of a National Quality Training Program. These two strategies attempt to address common obstacles to capability, namely a paradigm that entrenches compliance and helplessness, and only early awareness of effective quality enhancement and quality assurance principles and methods.Evaluation results are presented that comment on progress thus far, and suggest critical success factors. These include building legitimacy and trust to overcome barriers to sharing information in a competitive privatized environment. They also include the establishment of peer to peer mechanisms that build confidence and create sustainability over time, as imported or external expertise gives way to local capability and expertise.<br /