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The reaction of consumer spending and debt to tax rebates: Evidence from consumer credit data
Lusardi, Annamaria; Mitchell, Olivia S. - Center for Financial Studies - 2007
We use a new panel dataset of credit card accounts to analyze how consumer responded to the 2001 Federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that, on...
Persistent link: https://www.econbiz.de/10010986371
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Wealth shocks, unemployment shocks and consumption in the wake of the Great Recession
Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, … - Center for Financial Studies - 2014
We use data from the 2009 Internet Survey of the Health and Retirement Study to examine the consumption impact of …
Persistent link: https://www.econbiz.de/10010958788
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Precautionary saving and the marginal propensity to consume out of permanent income
Carroll, Christopher D. - Center for Financial Studies - 2009
The budget constraint requires that, eventually, consumption must adjust fully to any permanent shock to income …
Persistent link: https://www.econbiz.de/10010958808
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Fitting parsimonious household- portfolio models to data
Hubar, Sylwia; Koulovatianos, Christos; Li, Jian - Center for Financial Studies - 2014
saving rates increase in wealth, too. The key is introducing subsistence consumption to an Epstein-Zin-Weil utility function …
Persistent link: https://www.econbiz.de/10010986432
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Saving rates and portfolio choice with subsistence consumption
Achury, Carolina; Hubar, Sylwia; Koulovatianos, Christos - Center for Financial Studies - 2011
consumption in the context of a simple two-asset portfolio-choice model is capable of qualitatively and quantitatively explaining …, and (iii) the higher volatility of consumption of the wealthier. On the contrary, time-variant 'keeping …-up-with-the-Joneses' weighted average consumption which plays the role of moving benchmark subsistence consumption gives the same portfolio …
Persistent link: https://www.econbiz.de/10010958742
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Pareto improving social security reform when financial markets are incomplete!?
Krueger, Dirk; Kubler, Felix - Center for Financial Studies - 2005
This paper studies an overlapping generations model with stochastic production and incomplete markets to assess whether the introduction of an unfunded social security system leads to a Pareto improvement. When returns to capital and wages are imperfectly correlated a system that endows retired...
Persistent link: https://www.econbiz.de/10010958741
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Pareto Improving Social Security Reform when Financial Markets are Incomplete!?
Krueger, Dirk; Kubler, Felix - Center for Financial Studies - 2005
This paper studies an overlapping generations model with stochastic production and incomplete markets to assess whether the introduction of an unfunded social security system leads to a Pareto improvement. When returns to capital and wages are imperfectly correlated a system that endows retired...
Persistent link: https://www.econbiz.de/10005176438
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Confronting the Robinson Crusoe paradigm with household-size heterogeneity
Koulovatianos, Christos; Schröder, Carsten; Schmidt, Ulrich - Center for Financial Studies - 2008
Modern macroeconomics empirically addresses economy-wide incentives behind economic actions by using insights from the way a single representative household would behave. This analytical approach requires that incentives of the poor and the rich are strictly aligned. In empirical analysis a...
Persistent link: https://www.econbiz.de/10010986469
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Do demographics prevent consumer aggregates from reflecting micro-level preferences?
Koulovatianos, Christos; Schröder, Carsten; Schmidt, Ulrich - Center for Financial Studies - 2014
requires, should be easy to empirically disprove: since household-consumption choices differ for households with more members …
Persistent link: https://www.econbiz.de/10010986479
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Confronting the Robinson Crusoe paradigm with household-size heterogeneity
Koulovatianos, Christos; Schröder, Carsten; Schmidt, Ulrich - Center for Financial Studies - 2008
Modern macroeconomics empirically addresses economy-wide incentives behind economic actions by using insights from the way a single representative household would behave. This analytical approach requires that incentives of the poor and the rich are strictly aligned. In empirical analysis a...
Persistent link: https://www.econbiz.de/10005007631