SIER Working Paper Series

131 Income Volatility and Portfolio Choices

Author : Yongsung Chang, Jay. H. Hong, Marios Karabarbounis, Yicheng Wang
Abstract :
Based on administrative data from Statistics Norway, we fi nd economically significant shifts in hou...

130 Labor-Market Wedge under Engel Curve Utility: Cyclical Substitution between Necessities and Luxuries

Author : Youngsung Chang, Andreas Hornstein, Marios Karabarbounis
Abstract :
In booms, households substitute luxuries for necessities, e.g., food away from home for food at home...

129 Desperate times call for desperate measures: government spending multipliers in hard times

Author : Sokbae Lee, Yuan Liao, Myung Hwan Seo, Youngki Shin
Abstract :
We investigate state-dependent effects of fiscal multipliers and allow for endogenous sample splitti...

128 Factor-Driven Two-Regime Regression

Author : Sokbae Lee, Yuan Liao, Myung Hwan Seo, Youngki Shin
Abstract :
We propose a novel two-regime regression model where the switching between the regimes is driven by ...

127 Network-motivated Lending Decisions: A Rationale for Forbearance

Author : Yoshiaki Ogura, Ryo Okui, Yukiko Umeno Saito
Abstract :
We demonstrate theoretically and empirically the presence of forbearance lending by profit maximizin...

126 Can information alleviate overconfidence? A randomized experiment on financial market predictions

Author : Takanori Ida; Ryo Okui
Abstract :
In this study, we examine how information provision affects the degree of overconfidence using an o...

125 Equilibrium Redistribution under Ex-ante Heterogeneity and Income-Dependent Voting

Author : Bo Hyun Chang; Yongsung Chang; Sun-Bin Kim;
Abstract :
From a utilitarian point of view, the optimal income tax rate in the U.S. should be much higher than...

124 Financial Contagion in Networks: A Market Experiment

Author : Syngjoo Choi, Edoardo Gallo, and Brian Wallace
Abstract :
We investigate how the network structure of financial linkages and uncer- tainty about the location...

123 Property Rights and Fairness: A Tale of Two Koreas

Author : Syngjoo Choi, Byung-Yeon Kim, Jungmin Lee, and Sokbae Lee
Abstract :
We compare two groups of non-student Korean population—native-born South Koreans (SK) and North ...

122 Do Teaching Practices Matter for Cooperation?

Author : Syngjoo Choi, Booyuel Kim, Minseon Park, and Yoonsoo Park
Abstract :
This paper investigates the impact of a student-centered teaching pedagogy program on cooperative be...