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Heterogeneity in time preference in older households
Bozio, Antoine; Laroque, Guy; O'Dea, Cormac - Institute for Fiscal Studies (IFS) - 2013
This paper suggests a method for estimating the distribution of discount rates using panel data on income and wealth. Using the English Longitudinal Survey of Ageing (ELSA), a representative sample of the English popularion over age 50, we general panel date on total consumption from the...
Persistent link: https://www.econbiz.de/10010606861
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Is the elasticity of intertemporal substitution constant?
Crossley, Thomas; Low, Hamish - Institute for Fiscal Studies (IFS) - 2005
<p>This paper shows that a power utility specification of preferences over total expenditure (ie. CRRA preferences …
Persistent link: https://www.econbiz.de/10005509462
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The effect of the financial crisis on older households in England
Banks, James; Crawford, Rowena; Crossley, Thomas; … - Institute for Fiscal Studies (IFS) - 2012
Prices of real and financial assets fell substantially in the UK during 2008–09. The fourth wave of the English Longitudinal Study of Ageing (ELSA) was in the field throughout this ‘financial crisis’. We use these data and earlier ELSA waves first to document the effect of...
Persistent link: https://www.econbiz.de/10011152732
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Household consumption through recent recessions
Crossley, Thomas; Low, Hamish; O'Dea, Cormac - Institute for Fiscal Studies (IFS) - 2012
durable expenditure than was seen in previous recessions, and the distributional pattern across individuals differs. The young … have cut back expenditure more than the old, as have mortgage holders compared to renters. By contrast, the impact of the …
Persistent link: https://www.econbiz.de/10010567021
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Income variance dynamics and heterogenity
Meghir, Costas; Pistaferri, Luigi - Institute for Fiscal Studies (IFS) - 2001
Recent theoretical work has shown the importance of measuring microeconomic uncertainty for models of both general and partial equilibrium under imperfect insurance. In this paper the assumption of i.i.d. income innovations used in previous empirical studies is removed and the focus of the...
Persistent link: https://www.econbiz.de/10005727602
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How might in-home scanner technology be used in budget surveys?
Leicester, Andrew - Institute for Fiscal Studies (IFS) - 2012
<p>This paper considers what role in-home barcode scanner data could play in collecting household expenditure … surveys accentuate rather than close the gap. We also demonstrate that patterns of expenditure across the surveys are much … involved use of scanner data would be to impute detailed commodity-level expenditure patterns given only information on total …
Persistent link: https://www.econbiz.de/10009651938
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Booms and busts: consumption, house prices and expectations
Attanasio, Orazio; Blow, Laura; Hamilton, Robert; … - Institute for Fiscal Studies (IFS) - 2005
expenditure. Second, that house price growth increases the collateral available to homeowners, reducing credit constraints and …
Persistent link: https://www.econbiz.de/10005037537
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Asset holding and consumption volatility
Attanasio, Orazio; Banks, James; Tanner, Sarah - Institute for Fiscal Studies (IFS) - 1998
Recent studies have explored the possibility that limited participation in asset markets, and the stock market in particular, might explain the lack of correspondence between the sample moments of the Intertemporal Marginal Rate of Substitution and asset returns. We estimate ownership...
Persistent link: https://www.econbiz.de/10005037546
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Saving on a rainy day, borrowing for a rainy day
Alan, Sule; Crossley, Thomas; Low, Hamish - Institute for Fiscal Studies (IFS) - 2012
The aim of this paper is to understand what a recession means for individual consumers, and to model in a life-cycle framework how individuals respond to recessions. Our focus is on the sharp increase in savings rates that have been observed in the current and recent recessions. We show...
Persistent link: https://www.econbiz.de/10010827626
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Goods versus characteristics: dimension reduction and revealed preference
Polisson, Matthew - Institute for Fiscal Studies (IFS) - 2012
<p>This paper compares the goods and characteristics models of the consumer within a non-parametric revealed preference framework. Of primary interest is to make a comparison on the basis of predictive success that takes into account dimension reduction. This allows us to nonparametrically identify...</p>
Persistent link: https://www.econbiz.de/10009651939