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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

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

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

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

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

Inflation persistence

Fuhrer, Jeffrey C. - Federal Reserve Bank of Boston - 2009

This paper examines the concept of inflation persistence in macroeconomic theory. It begins with a definition of persistence, emphasizing the difference between reduced-form and structural persistence. It then examines a number of empirical measures of reduced-form persistence, considering the...

Persistent link: https://www.econbiz.de/10008623371

Closed-form estimates of the New Keynesian Phillips curve with time-varying trend inflation

Barnes, Michelle L.; Gumbau-Brisa, Fabià; Lie, Denny; … - Federal Reserve Bank of Boston - 2009

We compare estimates of the New Keynesian Phillips Curve (NKPC) when the curve is specified in two different ways. In the standard difference equation (DE) form, current inflation is a function of past inflation, expected future inflation, and real marginal costs. The alternative closed form...

Persistent link: https://www.econbiz.de/10008623379

Economic literacy and inflation expectations: evidence from a laboratory experiment

Burke, Mary A.; Manz, Michael - Federal Reserve Bank of Boston - 2011

We present new experimental evidence on heterogeneity in the formation of inflation expectations and relate the variation to economic literacy and demographics. The experimental design allows us to investigate two channels through which expectations-formation may vary across individuals: (1) the...

Persistent link: https://www.econbiz.de/10009366911

The role of expectations in U. S. inflation dynamics

Fuhrer, Jeffrey C. - Federal Reserve Bank of Boston - 2011

A growing body of literature examines alternatives to the rational expectations hypothesis in applied macroeconomics. This paper continues this strand of research by examining the role survey expectations play in the inflation process and reports three principal findings. One, short-run...

Persistent link: https://www.econbiz.de/10009366943

Revisiting monetary policy in a low inflation environment.

Rosengren, Eric S. - Federal Reserve Bank of Boston - 2010

Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the Federal Reserve Bank of Boston’s 55th Economic Conference, Revisiting Monetary Policy in a Low Inflation Environment, Boston, MA, October 16, 2010

Persistent link: https://www.econbiz.de/10010726528