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Consumption Inequality over the Last Half Century: Some Evidence Using the New PSID Consumption Measure

Attanasio, Orazio; Pistaferri, Luigi - In: American Economic Review 104 (2014) 5, pp. 122-26

This paper contributes to the debate regarding trends in consumption inequality in the United States. We present a new … measure of consumption inequality based on the redesigned 1999–2011 PSID. We impute consumption to the families observed …–2010). Consumption inequality was stable in the 1970s, as was income inequality. It increased significantly after 1980. The Great …

Persistent link: https://www.econbiz.de/10010815624

Estate Taxation, Entrepreneurship, and Wealth

Cagetti, Marco; Nardi, Mariacristina De - In: American Economic Review 99 (2009) 1, pp. 85-111

transmission, and wealth inequality. We find that the estate tax has little effect on the saving and investment decisions of small …

Persistent link: https://www.econbiz.de/10004999849

The Distribution of Wealth and the MPC: Implications of New European Data

Carroll, Christopher D.; Slacalek, Jiri; Tokuoka, Kiichi - In: American Economic Review 104 (2014) 5, pp. 107-11

response ranges between 0.1 and 0.4 and is stronger (i) in economies with large wealth inequality, where a larger proportion of …

Persistent link: https://www.econbiz.de/10010773952

Consumption and Income Inequality and the Great Recession

Meyer, Bruce D.; Sullivan, James X. - In: American Economic Review 103 (2013) 3, pp. 178-83

We examine changes in consumption and income inequality between 2000 and 2011. During the most recent recession …, unemployment rose and asset values declined sharply. We investigate how the recession affected inequality while addressing concerns … about underreporting in consumption data. Income inequality rose throughout the period from 2000 to 2011. The 90/10 ratio …

Persistent link: https://www.econbiz.de/10010659324

Consumption Inequality and Partial Insurance

Blundell, Richard; Pistaferri, Luigi; Preston, Ian - In: American Economic Review 98 (2008) 5, pp. 1887-1921

This paper examines the link between income and consumption inequality. We create panel data on consumption for the … Survey. We document a disjuncture between income and consumption inequality over the 1980s and show that it can be explained …

Persistent link: https://www.econbiz.de/10005820366

Productivity Losses from Financial Frictions: Can Self-Financing Undo Capital Misallocation?

Moll, Benjamin - In: American Economic Review 104 (2014) 10, pp. 3186-3221

I develop a highly tractable general equilibrium model in which heterogeneous producers face collateral constraints, and study the effect of financial frictions on capital misallocation and aggregate productivity. My economy is isomorphic to a Solow model but with time-varying TFP. I argue that...

Persistent link: https://www.econbiz.de/10010949128

Saving and Growth with Habit Formation

Overland, Jody; Carroll, Christopher D.; Weil, David N. - In: American Economic Review 90 (2000) 3, pp. 341-355

Saving and growth are strongly positively correlated across countries. Recent empirical evidence suggests that this correlation holds largely because high growth leads to high saving, not the other way around. This evidence is difficult to reconcile with standard growth models, since...

Persistent link: https://www.econbiz.de/10005233508

Tax Policy and Aggregate Demand Management under Catching Up with the Joneses

Uhlig, Harald; Ljungqvist, Lars - In: American Economic Review 90 (2000) 3, pp. 356-366

This paper examines the role for tax policies in productivity-shock driven economies with catching-up-with-the-Joneses utility functions. The optimal tax policy is shown to affect the economy countercyclically via procyclical taxes, i.e., "cooling down" the economy with higher taxes when it is...

Persistent link: https://www.econbiz.de/10005233561

Rules of Thumb versus Dynamic Programming

Uhlig, Harald; Lettau, Martin - In: American Economic Review 89 (1999) 1, pp. 148-174

This paper studies decisionmaking with rules of thumb in the context of dynamic decision problems and compares it to dynamic programming. A rule is a fixed mapping from a subset of states into actions. Rules are compared by averaging over past experiences. This can lead to favoring rules which...

Persistent link: https://www.econbiz.de/10005237746

Saving whilst Gambling: An Empirical Analysis of UK Premium Bonds

Tufano, Peter - In: American Economic Review 98 (2008) 2, pp. 321-26

Persistent link: https://www.econbiz.de/10005241229

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