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The Marginal Propensity to Consume in Heterogeneous Agent Models

Kaplan, Greg; Violante, Giovanni L. - National Bureau of Economic Research - 2022

What model features and calibration strategies yield a large average marginal propensity to consume (MPC) in heterogeneous agent models? Through a systematic investigation of models with different preferences, dimensions of ex-ante heterogeneity, income processes and asset structure, we show...

Persistent link: https://www.econbiz.de/10013210041

The How and Why of Household Reactions to Income Shocks

Colarieti, Roberto; Mei, Pierfrancesco; Stantcheva, Stefanie - National Bureau of Economic Research - 2024

This paper studies how and why households adjust their spending, saving, and borrowing in response to transitory income shocks. We leverage new large-scale survey data to first quantitatively assess households' intertemporal marginal propensities to consume (MPCs) and deleverage (MPDs) (the...

Persistent link: https://www.econbiz.de/10014512045

Economic Impact Payments and Household Spending During the Pandemic

Parker, Jonathan A.; Schild, Jake; Erhard, Laura; … - National Bureau of Economic Research - 2022

Households spent only a small fraction of their 2020 Economic Impact Payment (EIPs) within a couple of months of arrival, consistent with i) pandemic constraints on spending, ii) other pandemic programs and social insurance, and iii) the broader disbursement of the EIPs compared to the economic...

Persistent link: https://www.econbiz.de/10013435158

What Drives Investors' Portfolio Choices? Separating Risk Preferences from Frictions

Choukhmane, Taha; De Silva, Tim - National Bureau of Economic Research - 2024

retirement accounts are due to participation frictions rather than non-standard preferences such as loss aversion …

Persistent link: https://www.econbiz.de/10014544754

Neoclassical Growth Transition Dynamics with One-Sided Commitment

Krueger, Dirk; Li, Fulin; Uhlig, Harald - National Bureau of Economic Research - 2024

This paper characterizes the transition dynamics of a continuous-time neoclassical production economy with capital accumulation in which households face idiosyncratic income risk and cannot commit to repay their debt. Therefore, even though a full set of contingent claims that pay out...

Persistent link: https://www.econbiz.de/10015056206

Loss Aversion and Seller Behavior : Evidence from the Housing Market

Genesove, David - 2001

Data from downtown Boston in the 1990s show that loss aversion determines seller behavior in the housing market …

Persistent link: https://www.econbiz.de/10012470583

Enhancing the Efficacy of Teacher Incentives through Loss Aversion : A Field Experiment

Fryer, Roland G, Jr - 2012

this paper, we demonstrate that exploiting the power of loss aversion--teachers are paid in advance and asked to give back … arm, identical to the loss aversion treatment but implemented in the standard fashion, yields smaller and statistically … insignificant results. This suggests it is loss aversion, rather than other features of the design or population sampled, that leads …

Persistent link: https://www.econbiz.de/10012460423

The Nexus between Long-term Care Insurance, Formal Care, Informal Care, and Bequests : The Case of Japan

Horioka, Charles; Gahramanov, Emin; Tang, Xueli - National Bureau of Economic Research - 2024

The purpose of this paper is to conduct a theoretical and empirical analysis of the nexus between long-term care insurance (LTCI), formal care, informal (family) care, and bequests. In our empirical analysis, we use micro data from the Japan Household Panel Survey on Consumer Preferences and...

Persistent link: https://www.econbiz.de/10014635707

Expectations-Based Loss Aversion May Help Explain Seemingly Dominated Choices in Strategy-Proof Mechanisms

Dreyfuss, Bnaya - 2019

chances of good outcomes. We show theoretically why, with expectations-based loss aversion, this behavior may be partly … reference-dependent preferences, with a degree and distribution of loss aversion that explain common levels of risk aversion … elsewhere, fit the data better than no-loss-aversion preferences …

Persistent link: https://www.econbiz.de/10012480338

Computing DSGE Models with Recursive Preferences

Caldara, Dario - 2009

This paper compares different solution methods for computing the equilibrium of dynamic stochastic general equilibrium (DSGE) models with recursive preferences such as those in Epstein and Zin (1989 and 1991). Models with these preferences have recently become popular, but we know little about...

Persistent link: https://www.econbiz.de/10012463623

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