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On the Evolution of the US Consumer Wealth Distribution

Hintermaier, Thomas; Koeniger, Winfried - C.E.P.R. Discussion Papers - 2010

We use all available waves of the Survey of Consumer Finances to document the evolution of the wealth distribution in the US since the 1980s. We then rely on the shape of this distribution to estimate a life-cycle incomplete markets model. We find that considering a wide range of net-worth...

Persistent link: https://www.econbiz.de/10008468610

Consumption Over the Life-Cycle

Gourinchas, Pierre-Olivier; Parker, Jonathan A - C.E.P.R. Discussion Papers - 2000

This paper employs cohort technique and Consumer Expenditure Survey data to construct average age-profiles of …-stock agents. Around the age of 40, the typical household starts accumulating liquid assets for retirement and its behaviour mimics …

Persistent link: https://www.econbiz.de/10005504201

Personal Pensions with Risk sharing: Affordable, Adequate and Stable Private Pensions in Europe

Bovenberg, A Lans; Nijman, Theo E - C.E.P.R. Discussion Papers - 2015

Private pension provision faces the challenging task of providing stable income streams during retirement. The challenge has increased markedly in the last decades due to volatile financial markets, falling interest rates and the withdrawal of employers and external insurers as risk bearers of...

Persistent link: https://www.econbiz.de/10011252616

Household Credit in the New Europe: Lending Boom or Sustainable Growth?

Coricelli, Fabrizio; Mucci, Fabio; Revoltella, Debora - C.E.P.R. Discussion Papers - 2006

Retail lending grew very fast in the New Europe region in the last years, prompting a debate on whether such a rapid growth can be considered sustainable. This paper investigates the main determinants of retail lending growth throughout the region. It tries to identify episodes of credit boom...

Persistent link: https://www.econbiz.de/10005792276

Durable consumption and asset management with transaction and observation costs

Alvarez, Fernando; Guiso, Luigi; Lippi, Francesco - C.E.P.R. Discussion Papers - 2010

The empirical evidence on rational inattention lags far behind the theoretical developments: micro evidence on the most immediate consequence of observation costs - the infrequent observation of state variables - is not available in standard datasets. We contribute to filling the gap with two...

Persistent link: https://www.econbiz.de/10008468638

Time Inconsistent Preferences and the Annuitization Decision

Schreiber, Philipp; Weber, Martin - C.E.P.R. Discussion Papers - 2015

When entering retirement most people face the decision whether they would like their defined contribution account balance paid as a lump sum or to annuitize the amount. The fact that people tend to choose the lump sum even if economic reasons suggest not to is called the annuity puzzle. In a...

Persistent link: https://www.econbiz.de/10011165648

A Model of the Consumption Response to Fiscal Stimulus Payments

Kaplan, Greg; Violante, Giovanni L - C.E.P.R. Discussion Papers - 2011

A wide body of empirical evidence, based on randomized experiments, finds that 20-40 percent of fiscal stimulus payments (e.g. tax rebates) are spent on non-durable household consumption in the quarter that they are received. We develop a structural economic model to interpret this evidence. Our...

Persistent link: https://www.econbiz.de/10009293985

Baby Booming Inequality? Demographic Change and Earnings Inequality in Norway, 1967-2000

Almas, Ingvild; Havnes, Tarjei; Mogstad, Magne - C.E.P.R. Discussion Papers - 2011

1990s, is to some extent driven by the fact that the large baby boom cohorts are approaching the peak of the age …In this paper, we demonstrate how age-adjusted inequality measures can be used to evaluate whether changes in … inequality over time are due to changes in the age-structure. To this end, we use administrative data on earnings for every male …

Persistent link: https://www.econbiz.de/10009493554

The Disappearing Gender Gap: The Impact of Divorce, Wages, and Preferences on Education Choices and Women's Work

Fernández, Raquel; Wong, Joyce Cheng - C.E.P.R. Discussion Papers - 2011

Women born in 1935 went to college significantly less than their male counterparts and married women's labor force participation (LFP) averaged 40% between the ages of thirty and forty. The cohort born twenty years later behaved very dierently. The education gender gap was eliminated and married...

Persistent link: https://www.econbiz.de/10009359486

Asset Pricing under Rational Learning about Rare Disasters

Koulovatianos, Christos; Wieland, Volker - C.E.P.R. Discussion Papers - 2011

This paper proposes a new approach for modeling investor fear after rare disasters. The key element is to take into account that investors' information about fundamentals driving rare downward jumps in the dividend process is not perfect. Bayesian learning implies that beliefs about the...

Persistent link: https://www.econbiz.de/10009201120

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