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Elderly Entitlements and Wealth Inequality
(Private Enterprise Research Center, Texas A&M University, 2022-12-21)
By most measures, wealth inequality has risen significantly over the last three decades and is a growing concern. However, standard wealth definitions require that individuals possess a legal claim to assets included as ...
Markov Switching Rationality
(Private Enterprise Research Center, Texas A&M University, 2022-05-23)
The authors propose novel tests for the detection of Markov switching deviations from forecast rationality. Existing forecast rationality tests either focus on constant deviations from forecast rationality over the full ...
Effects of the Minimum Wage on the Nonprofit Sector
(Private Enterprise Research Center, Texas A&M University, 2022-12-20)
The nonprofit sector’s ability to absorb increases in labor costs differs from the private sector in a number of ways. We analyze how nonprofits are affected by changes in the minimum wage utilizing data from the Bureau ...
Evaluating Forecast Performance with State Dependence
(Private Enterprise Research Center, Texas A&M University, 2022-05-16)
In forecasting models, usually no single model emerges as the best overall, as forecasting performance is prone to instabilities because the economic mechanisms providing the data work better on one model during some periods ...
Does the Elderly's Private Pension Ownership Intensify Aggregate Equity Demand? Empirical Evidence in the U.S.
(Private Enterprise Research Center, Texas A&M University, 2022-07-05)
In this paper, the authors investigate how the old generation income structure affects aggregate equity purchases, using Flows of Funds Accounts and Survey of Consumer Finances. Results suggest that the risk aversion that ...