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Liquidity Constraints and the Permanent Income Hypothesis: Pseudo Panel Estimation with German Consumption Survey Data
Beznoska, Martin; Ochmann, Richard - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012
This paper empirically investigates the relevance of liquidity constraints and excess sensitivity in intertemporal household consumption. Using a pseudo panel that has been constructed on rich German consumption survey data, we estimate the consumption responses to permanent and transitory...
Persistent link: https://www.econbiz.de/10010561138
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Do Wealthier Households Save More?: The Impact of the Demographic Factor
Belke, Ansgar; Dreger, Christian; Ochmann, Richard - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012
the savings rate is not homogeneous. On average, the effect attributed to real estate dominates the other components of … wealth. In addition, the savings rate strongly responds to demographic trends. Besides the direct impact of the age structure …, an indirect effect arises through the accumulation of wealth. The savings rate does not decrease with age in a monotonic …
Persistent link: https://www.econbiz.de/10010551077