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01729cas a2200241 a 4500 |
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|c 5.00 USD
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|z 9781451862898
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Munoz, Sonia.
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|a Habit Formation and Persistence in Individual Asset Portfolio Holdings :
|b The Case of Italy /
|c Sonia Munoz.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2006.
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| 300 |
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|a 1 online resource (44 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper uses six waves of the Bank of Italy Survey of Households Income and Wealth to explore the dynamics of asset portfolio ownership. The household asset portfolio decision is a choice among discrete alternatives, and I model the problem in a multinomial framework. I focus on a particularly important feature of household portfolio behavior: the infrequency of portfolio allocation changes. I find evidence of strong unobserved heterogeneity through time-varying error components, which I interpret as taste persistence in both the risky and safe asset participation decisions. I estimate the model using the method of maximum smoothly simulated likelihood.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2006/029
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2006/029/001.2006.issue-029-en.xml
|z IMF e-Library
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