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Intergenerational transfers, borrowing constraints, and saving behavior: evidence from the housing market

Engelhardt, Gary V.; Mayer, Christopher J. - Federal Reserve Bank of Boston - 1995

This paper examines the effects of intergenerational transfers on saving behavior by examining private wealth transfers … constraint that most U.S. households face; private wealth transfers targeted to home purchases are significant; and home equity … is a highly important component of household wealth in the United States. The empirical analysis shows that transfer …

Persistent link: https://www.econbiz.de/10005713315

What is the impact of pensions on saving?

Munnell, Alicia H.; Yohn, Frederick O. - Federal Reserve Bank of Boston - 1991

The enormous growth in both Social Security and private pension plans has stimulated much interest in the impact of these retirement programs on individual saving behavior and the level of national saving. The first issue is the extent to which employees covered by pension plans reduce their own...

Persistent link: https://www.econbiz.de/10005379773

The theory of life-cycle saving and investing

Bodie, Zvi; Treussard, Jonathan; Willen, Paul - Federal Reserve Bank of Boston - 2007

How much should a family save for retirement and for the kids’ college education? How much insurance should they buy? How should they allocate their portfolio across different assets? What should a company choose as the default asset allocation for a mandatory retirement saving plan? We...

Persistent link: https://www.econbiz.de/10005490735

Changes in U.S. household balance sheet behavior after the housing bust and Great Recession: evidence from panel data

Cooper, Daniel - Federal Reserve Bank of Boston - 2013

This paper uses panel data through 2011 to examine evidence of shifts in household balance sheet behavior following the financial crisis and Great Recession. The paper considers evidence of balance sheet repair through debt repayment as well as changes in the composition of households’ balance...

Persistent link: https://www.econbiz.de/10011027056

Overborrowing and undersaving: lessons and policy implications from research in behavioral economics

Benton, Marques; Meier, Stephan; Sprenger, Charles - Federal Reserve Bank of Boston - 2007

The U.S. household carries over $7,500 in uncollateralized debt and likely saves at a negative rate. There is a growing body of evidence that this borrowing and saving behavior may not, as assumed by standard economics, be the product of rational financial planning. This paper discusses insights...

Persistent link: https://www.econbiz.de/10005724302

Decomposing consumer wealth effects: evidence on the role of real estate assets following the wealth cycle of 1990-2002

Donihue, Michael R.; Avramenko, Andriy - Federal Reserve Bank of Boston - 2006

During the period from 1990 to 2002, U.S. households experienced a dramatic wealth cycle, induced by a 369-percent … rise throughout this period. Using data from 1990 to 2005, traditional approaches to estimating macroeconomic wealth …, income, and wealth is weak at best; and (ii) life-cycle models that rely on aggregate measures of wealth cannot explain why …

Persistent link: https://www.econbiz.de/10005501373

Wealth shocks and macroeconomic dynamics

Cooper, Daniel; Dynan, Karen - Federal Reserve Bank of Boston - 2013

The effect of wealth on consumption is an issue of longstanding interest to economists. Analysts believe that … fluctuations in household wealth have driven major swings in economic activity. This paper considers so-called wealth effects …—the impact of changes in wealth on household consumption and the overall macroeconomy. There is an extensive existing literature …

Persistent link: https://www.econbiz.de/10011027055

Optimal monetary policy in a model with habit formation

Fuhrer, Jeffrey C. - Federal Reserve Bank of Boston - 2000

A number of recent papers have explored monetary policy options, including inflation targeting and inflation forecast targeting (notably Svensson (1999a, 1999b, 2000)) and price level targeting (Wolman 2000, Batini and Yates 1999, Blinder 1999). Most papers explore "optimal" monetary policy in...

Persistent link: https://www.econbiz.de/10005379793

House prices and risk sharing

Hryshko, Dmytro; María José Luengo-Prado.; Sørensen, … - Federal Reserve Bank of Boston - 2009

We show that homeowners are able to maintain a high level of consumption following job loss or disability in periods of rising house values. However, the consumption drop for consumers who simultaneously lose their job and equity in their houses is substantial. Using data from the Panel Study of...

Persistent link: https://www.econbiz.de/10008628377

The Boston Fed study of consumer behavior and payment choice: a survey of Federal Reserve System employees

Benton, Marques; Blair, Krista; Crowe, Marianne; Schuh, … - Federal Reserve Bank of Boston - 2007

The way people pay for goods and services is changing dramatically, but little data and research on consumer behavior and payment choice are publicly available. This paper describes the results of a survey of payment behavior and attitudes taken by Federal Reserve employees in 2004. Major...

Persistent link: https://www.econbiz.de/10005707391