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The Effect of Unconventional Fiscal Policy on Consumption Expenditure

D'Acunto, Francesco - 2016

Unconventional fiscal policy uses announcements of future increases in consumption taxes to generate inflation expectations and accelerate consumption expenditure. It is budget neutral and time consistent. We exploit a unique natural experiment for an empirical test of the effectiveness of...

Persistent link: https://www.econbiz.de/10012984119

Non-Durable Consumption and Housing Net Worth in the Great Recession : Evidence from Easily Accessible Data

Kaplan, Greg - 2016

housing net worth on household expenditures during the Great Recession. Their widely-cited estimates are based on proprietary … specification on our data, we obtain values for the elasticity of expenditures to the housing net worth shock that are virtually … conclusions about the separate roles of house prices and initial housing exposure/leverage for the drop in expenditures. Moreover …

Persistent link: https://www.econbiz.de/10012992649

Unconventional Fiscal Policy

D'Acunto, Francesco - 2018

Unconventional fiscal policy uses announcements of future increases in consumption taxes to generate inflation expectations and accelerate consumption expenditure. It is budget neutral and time consistent. We provide preliminary evidence for the effectiveness of such policies using changes in...

Persistent link: https://www.econbiz.de/10012929012

The Permanent Income Hypothesis and Consumption Durability : Analysis Based on Japanese Panel Data

Hayashi, Fumio - 2021

commodity groups. Consumption is a distributed lag function of expenditures, and the utility function is additively separable in … each commodity group, expected change in expenditures is correlated neither with past expenditure changes on other …

Persistent link: https://www.econbiz.de/10013218128

The Timing of Purchases and Aggregate Fluctuations

Leahy, John V.; Zeira, Joseph - 2021

This paper analyzes how the decision of when to buy a durable good affects both non-durable consumption and business cycle dynamics. At the individual level, we show that the timing of durable goods purchases plays an important role in smoothing consumption over time. In the benchmark case, the...

Persistent link: https://www.econbiz.de/10013222960

Autoregressive Spectrum Estimation Technique Allied to Quarterly Consumer Durables Expenditure Data

Lavey, Warren G. - 2021

Classical spectral techniques can provide sharp insights into the cyclical patterns in a time series of economic data. Various problems in the application of classical spectral techniques, such as the choices of smoothing routine and bandwidth and the appearance of end-effects, inhibit the...

Persistent link: https://www.econbiz.de/10013235633

What Really Happened to Consumption Inequality in the Us?

Attanasio, Orazio; Battistin, Erich; Ichimura, Hidehiko - 2021

calendar quarters and consists of retrospectively collected information about monthly expenditures on durable and non …

Persistent link: https://www.econbiz.de/10013235893

Durable Goods : An Explanation for Their Slow Adjustment

Caballero, Ricardo J. - 2021

Aggregate expenditure on durable goods responds too slowly to wealth and other aggregate innovations to be consistent with the simplest frictionless version of PIH (permanent income hypothesis). In this paper I present a model of aggregate expenditure on durab1es that builds up from the lumpy...

Persistent link: https://www.econbiz.de/10013210626

Adjustment Costs, Durables, and Aggregate Consumption

Bernanke, Ben - 2021

Previous tests of the permanent income hypothesis (PIH) have focused on either nondurables or durables expenditures in …

Persistent link: https://www.econbiz.de/10013229811

Are Consumers Affected by Durable Goods Makers' Financial Distress? The Case of Auto Manufacturers

Hortacsu, Ali - 2010

The financial decisions of durable goods makers can impose spillovers on their consumers. Namely, durable goods provide a consumption stream that frequently depends on services provided by the manufacturer (e.g., warranties, parts, and maintenance). Manufacturer bankruptcy, or even the...

Persistent link: https://www.econbiz.de/10013140995