I have a big problem with conventional personal financial planning. Unfortunately, it has little connection to what basic economics and, indeed, common sense recommends. As a consequence, it produces ...

We study the consumption response to typical labor income shocks and investigate how these vary by wealth and race. First, we estimate the elasticity of consumption with respect to income using an ...

Editor's note: Financial Planning 1.0 is what most of us encounter through advisers or on the Internet. Meet version 2.0. This is the first in an eight-part series, written by Laurence Kotlikoff and ...

Citations: Ponticelli, Jacopo, Amir Sufi, Atif Mian, Gabriel Garber. 2024. Consumption Smoothing or Consumption Binging? The effects of government-led consumer credit expansion in Brazil. Journal of ...

Official income inequality statistics indicate a sharp rise in inequality over the past five decades. These statistics do not accurately reflect inequality because income is poorly measured, ...

Role playing time. <BR><BR>Let's say you were reliably but imprecisely informed that some time in the not too long term you would receive a large amount of money. You're certain that it's coming, but ...