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PDF Ebook Portfolios of the Rich

Ever since the pathbreaking work of Pareto more than a century ago, economists have known that wealth is extremely unevenly distributed. More recently, survey data have revealed that portfolio structures are also very different for households with different levels of wealth. While the portfolios of the rich are complex, the portfolio of financial and real assets of the median household (at least in the U.S.) is rather simple: a checking/savings account plus a home and mortgage, and not much else. Overwhelmingly, the data tell us that if we wish to understand aggregate portfolio behavior, it is critical to understand the behavior of the richest few percent of households, both because they control the bulk of aggregate wealth and because their portfolio behavior is much more complex than that of the typical household.

Though the foregoing arguments may seem to provide a compelling rationale for studying the portfolios of the rich, there has been little recent academic work in this area. The goal of this paper is to provide a summary of the basic facts about portfolios of wealthy households in the U.S. (and how the facts have changed over time) in a form which allows comparison of their behavior both with the rest of the population in the U.S. and with portfolio behavior among other groups and other countriessurveyed in the recent volume Household Portfolios edited by Guiso, Haliassos, and Jappelli (2001 (Projected)), and to make a preliminary attempt to understand the characteristics that will be required of any model which hopes to be consistent with the observed behavior.

Ebook Leading Indicators In A Globalised World

Monetary policy decisions affect the economy with long and varying lags. It is therefore crucial to have an educated judgement about the economic conditions and outlook prevailing at the time. Leading indicators constitute an important tool in applied business cycle analysis to form such a judgement. A main potential shortcoming of country-specific leading indicators is, however, that their components are commonly domestic variables. The ability of such leading indicators to predict economic activity might have diminished due to the rapid advances in globalisation, as reflected in the deepening of international financial and trade linkages. Notwithstanding the significant structural changes that have taken place at the global level over recent years, to our knowledge the possible implications for the leading indicator properties have not been addressed in a systematic fashion as yet.

This paper aims at filling this gap. It looks into this issue based on the OECD composite leading indicators (CLI) across 11 countries and uses, in line with common practice, industrial production as the reference series. The OECD CLI has the advantage (1) to be widely monitored by practitioners and (2) to be available for a wide variety of countries, on a monthly basis and over a long time span (see also Camba-Mendez et al., 1999).

Ebook Healthy Weight, Healthy Lives: A Cross-Government Strategy For England

Britain is in the grip of an epidemic. Almost two thirds of adults and a third of children are either overweight or obese, and work by the Government Office for Science’s Foresight2 programme suggests that, without clear action, these figures will rise to almost nine in ten adults and two-thirds of children by 2050. This matters because of the severe impact being overweight or obese can have on an individual’s health – both are associated with an increasing risk of diabetes, cancer, and heart and liver disease among others – and the risks get worse the more overweight people become. They matter because of the pressure such illnesses put on families, the NHS and society more broadly, with overall costs to society forecast to reach £50 billion per year by 2050 on current trends.

At the core of the problem is an imbalance between ‘energy in’ – what is consumed through eating – and ‘energy out’ – what is used by the body, including energy used through physical activity. While individual responsibility for decisions about energy consumption and expenditure is important, recent work by Foresight and others shows that a multitude of factors can affect these decisions. Genetic, psychological, cultural and behavioural factors all have an important role to play and these are difficult to influence. Foresight showed that the changing pattern of our lives, which equally affects food consumption and physical activity, makes it increasingly hard for people to maintain a healthy weight. From the nature of the food that we eat, to the built environment, to the way our children lead their lives, modern life is making it harder for all of us to fulfil our goal of staying healthy and well.

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