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Consumption over the Life Cycle: Some Facts from Consumer Expenditure Survey Data

Krueger, Dirk; Fernandez-Villaverde, Jesus - Society for Economic Dynamics - SED - 2004

that households do not smooth consumption over their lifetimes. This is especially the case for services from consumer …

Persistent link: https://www.econbiz.de/10004970340

Online Appendix to Efficient Timing of Retirement

Kingston, Geoffrey H. - Society for Economic Dynamics - SED - 2001

Post-retirement, the model in the main text (published in the Review of Economic Dynamics) reduces to the Merton (1969) problem, which has of course an exact solution. Pre-retirement, however, the agent holds an American option, namely, retire now or keep working. Problems involving American...

Persistent link: https://www.econbiz.de/10004977902

Informational Assumptions on Income Processes and Consumption in the Buffer Stock Model of Savings

Hryshko, Dmytro - Society for Economic Dynamics - SED - 2006

transitory component, with uncorrelated permanent and transitory shocks. This characterization is not innocuous since households …

Persistent link: https://www.econbiz.de/10004977909

Accounting for the Heterogeneity in Retirement Wealth

Yang, Fang - Society for Economic Dynamics - SED - 2006

very well the empirical observation that households with similar lifetime incomes hold very different amounts of wealth at … low lifetime income households, while the existence of intergenerational links is crucial in explaining the heterogeneity … in retirement wealth among high lifetime income households …

Persistent link: https://www.econbiz.de/10004977910

Capital markets liberalization and global imbalances

Quadrini, Vincenzo - Society for Economic Dynamics - SED - 2006

This paper studies the consequences of capital markets liberalization for global imbalances (non-zero foreign asset positions) when countries are heterogeneous in the degree of financial market development. Countries characterized by more advanced financial markets tend to accumulate large...

Persistent link: https://www.econbiz.de/10004977946

Secular Movements in U.S. Saving and Consumption

Chen, Kaiji; Imrohoroglu, Ayse; Imrohoroglu, Selahattin - Society for Economic Dynamics - SED - 2006

The U.S. national saving rate has been declining since the 1960s while the share of consumption in output has been increasing. We explore if a standard growth model can explain the secular movements observed in this time period. Our quantitative findings indicate that the standard neoclassical...

Persistent link: https://www.econbiz.de/10005090743

Collateralized Borrowing And Life-Cycle Portfolio Choice

Willen, Paul; Kubler, Felix - Society for Economic Dynamics - SED - 2006

We examine the effects of collateralized borrowing in a realistically parameterized life-cycle portfolio choice problem. We provide basic intuition in a two-period model and then solve a multi-period model computationally. Our analysis provides insights into life-cycle portfolio choice relevant...

Persistent link: https://www.econbiz.de/10005090748

On-the-Job Search and Precautionary Savings: Theory and Empirics of Earnings and Wealth Inequality

Lise, Jeremy - Society for Economic Dynamics - SED - 2006

In this paper, I develop and estimate a model of the labor market that can account for both the inequality in earnings and the much larger inequality in wealth observed in the data. I show that an equilibrium model of on-the-job search, augmented to account for saving decisions of workers,...

Persistent link: https://www.econbiz.de/10005090754

Bench Mark Revisions and the U.S. Personal Saving Rate

Nakamura, Leonard I.; Stark, Tom - Society for Economic Dynamics - SED - 2006

Initially published estimates of the personal saving rate from 1965 Q3 to 1999 Q2, which averaged 5.3 percent, have been revised up 2.8 percentage points to 8.1 percent, as we document. We show that much of the initial variations in personal saving rate across time was pure noise. Nominal...

Persistent link: https://www.econbiz.de/10005090768

Consumption Dynamics, Asset Pricing, and Welfare Effects under Information Processing Constraints

Luo, Yulei - Society for Economic Dynamics - SED - 2005

Persistent link: https://www.econbiz.de/10005090852