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Paycheck Receipt and the Timing of Consumption
Stephens, Melvin, Jr - 2002
This paper examines the consumption response to monthly paycheck receipt. Since the amount and arrival date of paychecks are known in advance, the receipt of a paycheck does not coincide with the receipt of new information. Under the basic rational expectations Life-Cycle/Permanent Income...
Persistent link: https://www.econbiz.de/10012469349
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Financial Markets and Wages
Michelacci, Claudio - 2005
financially constrained offer an increasing wage profile: They pay lower wages today in exchange of higher wages once they become … unconstrained and operate at a larger scale. In equilibrium, constrained firms are on average smaller and pay lower wages. In this … way the model generates a positive relation between firm size and wages. Using data from the National Longitudinal Survey …
Persistent link: https://www.econbiz.de/10012467637
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Does the Sector Bias of Skill-Biased Technical Change Explain Changing Wage Inequality?
Haskel, Jonathan E. - 1998
sector bias of sbtc during the 1970s and 1980s. The hypothesis is also strongly supported by more structural estimation on U …
Persistent link: https://www.econbiz.de/10012472244
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International Evidence on Sticky Consumption Growth
Carroll, Christopher D. - 2008
We estimate the degree of 'stickiness' in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that, after controlling for measurement error, consumption growth has a high degree of autocorrelation, with a stickiness...
Persistent link: https://www.econbiz.de/10012464771
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Credit within the firm
Pistaferri, Luigi - 2010
profile to implicitly borrow from their workers. We find that firms located in less financially developed markets offer wages …
Persistent link: https://www.econbiz.de/10012462727
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Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior? Evidence from Credit Card Data
Gross, David B. - 2001
This paper utilizes a unique new dataset of credit card accounts to analyze how people respond to changes in credit supply. The data consist of a panel of thousands of individual credit card accounts from several different card issuers, with associated credit bureau data. We estimate both...
Persistent link: https://www.econbiz.de/10012470410
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Consumption and Government-Budget Finance in a High-Deficit Economy
Leiderman, Leonardo - 1986
This paper characterizes empirically how government budget variables, such as spending, taxes, and deficits, affected private-sector consumption in the high-budget-deficit economy of Israel during the first half of the 1980s. The paper develops and estimates an intertemporal optimizing model of...
Persistent link: https://www.econbiz.de/10012477038
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Optimal Price Indices for Targeting Inflation Under Incomplete Markets
Anand, Rahul - 2010
In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. In this paper, we develop a two-sector two-good closed economy new Keynesian model to study the optimal choice of price index in markets with...
Persistent link: https://www.econbiz.de/10012462367
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Adaptive Consumption Behavior
Howitt, Peter - 2009
This paper proposes and studies a theory of adaptive consumption behavior under income uncertainty and liquidity constraints. We assume that consumption is governed by a linear function of wealth, whose coefficients are revised each period by a procedure, which, although sophisticated, places...
Persistent link: https://www.econbiz.de/10012463222
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How Do House Prices Affect Consumption? Evidence From Micro Data
Campbell, John Y. - 2005
Housing is a major component of wealth. Since house prices fluctuate considerably over time, it is important to understand how these fluctuations affect households' consumption decisions. Rising house prices may stimulate consumption by increasing households' perceived wealth, or by relaxing...
Persistent link: https://www.econbiz.de/10012467144