Journal Article
Nominal vs. real wage growth?
Yoo, Peter S. (1997-08)
National Economic Trends , Issue Aug

Working Paper
Age dependent portfolio selection
Yoo, Peter S. (1994)
This paper addresses the issue of portfolio risk exposure as a function of age, and it focuses the debate by presenting detailed cross-sectional evidence about individual portfolios. It provides new empirical results that characterized the relationship between age and the risk exposure of individual portfolios. The evidence from cross-sectional data suggests that individuals do not follow behavior proscribed by economic theory or by Wall Street advisors, rather the results of this paper suggest that current body of theoretical literature does not adequately describe the behavior of ...
Working Papers , Paper 1994-003

Working Paper
Charging up a mountain of debt: households and their credit cards.
Yoo, Peter S. (1996)
I use the Surveys of Consumer Finances conducted in 1983, 1989 and 1992 to separate the growth of credit card debt into two categories, changes in the number of households with credit cards and changes in households credit card debt. I can then account for the relative contributions of increases in credit card availability, number of households, and average credit card debt. I also use the household income information to quantify the impact of more lower income households with credit cards. Data suggest that the increases in credit card debt is largely attributable to increased average credit ...
Working Papers , Paper 1996-015

Journal Article
A CPI-based bias for GDP?
Yoo, Peter S. (1997-02)
National Economic Trends , Issue Feb

Journal Article
The FOMC in 1997: a real conundrum
Yoo, Peter S. (1998-09)
Although the economic performance of the U.S. economy in 1997 was very good, it was troubling in at least one respect for the Federal Open Market Committee. Traditional signals of inflation - rapid money growth and high levels of economic activity - were not accompanied by higher inflation. Rather, inflation fell steadily throughout the year. The committee put forth several hypotheses for the subdued inflation but found the situation puzzling, nevertheless. Compounding the problem, members did not know how long such dampening factors might last. In the end the FOMC changed the intended ...
Review , Issue Sep , Pages 27-40

Working Paper
The baby boom and economic growth
Yoo, Peter S. (1994)
This paper presents a model of economic growth based on the life-cycle hypothesis to determine the path of capital accumulation and economic growth as the baby boom passes through the U.S. economy. The model predicts that a baby boom causes a temporary decline of the capital-labor ratio. The temporary drop of the capital-labor ratio requires a decrease in consumption per capita but as the baby boom generation nears retirement, capital intensity increases, which raises output per worker and per capita consumption. Furthermore, and perhaps counter intuitively, the model predicts that the saving ...
Working Papers , Paper 1994-001

Working Paper
Population growth and asset prices
Yoo, Peter S. (1997)
This paper explores the theoretical relationship between the population growth rate and asset prices implied by an overlapping-generations model. The model shows that changes in a population's age distribution affect asset prices but such changes generate low frequency movements in asset prices. The model also shows that the treatment of expectations matter; a small response of individuals to changes in asset prices has large implications for the path of asset prices. Finally, the model shows that incorporating a supply of assets by interpreting an asset as a claim on physical capital ...
Working Papers , Paper 1997-016

Working Paper
The baby boom and international capital flows
Yoo, Peter S. (1994)
This paper presents a model of economic growth based on the life-cycle hypothesis to determine the path of international capital flows as the baby boom passes through the U.S. economy. The model predicts that a baby boom causes a temporary increase in capital flow into the U.S. but the increase in capital is not sufficient to maintain the capital-labor ratio in the U.S. The baby boom increases saving in the U.S. but decreases the saving abroad due to the higher world interest rates.
Working Papers , Paper 1994-031

Journal Article
Still charging: the growth of credit card debt between 1992 and 1995
Yoo, Peter S. (1998-01)
Between 1991 and 1997, consumer revolving credit outstanding more than doubled - from $247 billion to $514 billion. This rapid rise of consumer debt, especially credit card debt, has generated much discussion about its cause, sustainability, and implications. Peter S. Yoo uses the recently released 1995 Survey of Consumer Finances to update a previous study that separated the growth of credit card debt into its two main components: increases in the number of households with credit cards and increases in average credit card balances. As before, the analysis separates the effects of lower- and ...
Review , Issue Jan , Pages 19-27

Journal Article
Charging up a mountain of debt: accounting for the growth of credit card debt
Yoo, Peter S. (1997-03)
Total U.S. credit card debt has almost doubled since 1988. Little is apparent from the aggregate data, however, about the composition of credit card debt growth. In this article, Peter S. Yoo separates household data into two categories: changes in the number of households with credit cards, and changes in average credit card debt for increased total credit card debt. Moreover, he finds that the principal contributors to the increase are households with above-average incomes rather than low-income households.
Review , Issue Mar , Pages 3-13