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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
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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
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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
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The Great Mexican Emigration
Hanson, Gordon H. - 2010
In this paper, we examine net emigration from Mexico over the period 1960 to 2000. The data are consistent with labor-supply shocks having made a substantial contribution to Mexican emigration, accounting for two fifths of Mexican labor flows to the U.S. over the last two decades of the 20th...
Persistent link: https://www.econbiz.de/10012759653
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The Dynamics of Car Sales : A Discrete Choice Approach
Adda, Jerome - 2006
Mankiw [1982] explores the Permanent Income Hypothesis implication that durable expenditures follow an ARMA(1 …,1) representation. He finds that durable expenditures are represented by an AR(1) process which implies that the rate of depreciation of …
Persistent link: https://www.econbiz.de/10012783955
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Mortgage Rates, Household Balance Sheets, and the Real Economy
Keys, Benjamin J. - 2014
This paper investigates the impact of lower mortgage rates on household balance sheets and other economic outcomes during the housing crisis. We use proprietary loan-level panel data matched to consumer credit records using borrowers' Social Security numbers, which allows for accurate...
Persistent link: https://www.econbiz.de/10013046153
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Patterns of Trade in the Market for Used Durables : Theory and Evidence
Porter, Robert H.; Sattler, Peter - 2022
The consumption value of a durable good diminishes as it ages due to physical deterioration and consumers' preference for the new. We develop a model of consumer specialization and trade in the market for used durables based on imperfect substitutability. Imperfect substitutability across...
Persistent link: https://www.econbiz.de/10013308470
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Designing Dynamic Subsidies to Spur Adoption of New Technologies
Langer, Ashley; Lemoine, Derek - 2021
We analyze the efficient subsidy for durable good technologies. We theoretically demonstrate that a policymaker faces a tension between intertemporally price discriminating by designing a subsidy that increases over time and taking advantage of future technological progress by designing a...
Persistent link: https://www.econbiz.de/10013224980
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Endogenous market formation and monetary trade : an experiment
Camera, Gabriele; Goldberg, Dror; Weiss, Avi - 2016
The theory of money typically ignores the fact that the mode of market interaction arises endogenously, and simply assumes a decentralized, bilateral exchange process. However, endogenizing the organization of trade is critical for understanding the conditions that lend themselves to the...
Persistent link: https://www.econbiz.de/10011518683
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From Natural Variation to Optimal Policy? The Lucas Critique Meets Peer Effects
Carrell, Scott E. - 2011
We take cohorts of entering freshmen at the United States Air Force Academy and assign half to peer groups with the goal of maximizing the academic performance of the lowest ability students. Our assignment algorithm uses peer effects estimates from the observational data. We find a negative and...
Persistent link: https://www.econbiz.de/10013128883