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Friehe, Tim; Mechtel, Mario - 2013

This paper shows that households with positional concerns and convex status utility use gambling to attempt leapfrogging in the social hierarchy. We test this theoretical prediction relying on household data that is representative for Germany, proxying the status orientation of households by...

Persistent link: https://www.econbiz.de/10010292716

Are Consumers Planning Consumption According to an Euler Equation?

Dräger, Lena - 2016

Evaluating a new survey dataset of German consumers, we test whether individual consumption plans are formed according to an Euler equation derived from consumption life-cycle models. Estimating several consumption Euler equations, the results are mostly in line with the theory: We find evidence...

Persistent link: https://www.econbiz.de/10011584948

Crowdsourcing financial information to change spending behavior

D'Acunto, Francesco; Rossi, Alberto G.; Weber, Michael - 2019

We document five effects of providing individuals with crowdsourced spending information about their peers (individuals with similar characteristics) through a FinTech app. First, users who spend more than their peers reduce their spending significantly, whereas users who spend less keep...

Persistent link: https://www.econbiz.de/10012018224

Subjective Models of the Macroeconomy: Evidence from Experts and a Representative Sample

Andre, Peter; Pizzinelli, Carlo; Roth, Christopher; … - 2019

We propose a method to measure people’s subjective models of the macroeconomy. Using a sample of 2,200 households representative of the US population and a sample of more than 1,000 experts, we measure beliefs about how the unemployment rate and the inflation rate respond to four different...

Persistent link: https://www.econbiz.de/10012141051

Uncertainty and Information Acquisition: Evidence from Firms and Households

Mikosch, Heiner; Roth, Christopher; Sarferaz, Samad; … - 2021

We leverage the small open economy Switzerland as a testing ground for basic premises of macroeconomic models of endogenous information acquisition, using tailored surveys of firms and households. First, we show that firms perceive a greater exposure to exchange rate movements than households,...

Persistent link: https://www.econbiz.de/10012799762

MPC Heterogeneity and Household Balance Sheets

Fagereng, Andreas; Holm, Martin B.; Natvik, Gisle James - 2018

We use sizeable lottery prizes in Norwegian administrative panel data to characterize households’ marginal propensities to consume (MPCs). Our main contribution is to document how MPCs vary with household characteristics and prize size, and how lottery prizes are spent and saved over time. We...

Persistent link: https://www.econbiz.de/10011887394

How Do Expectations About the Macroeconomy Affect Personal Expectations and Behavior?

Roth, Christopher; Wohlfart, Johannes - 2018

Using a representative online panel from the US, we examine how individuals’ macroeconomic expectations causally affect their personal economic prospects and their behavior. To exogenously vary respondents’ expectations we provide them with different professional forecasts about the...

Persistent link: https://www.econbiz.de/10011887414

The Effects of Monetary Policy: Theory with Measured Expectations

Roth, Christopher; Wiederholt, Mirko; Wohlfart, Johannes - 2023

We study the effects of monetary policy on aggregate consumption combining a heterogeneous agent model with measured expectations under different policy counterfactuals. We express the consumption of non-hand-to-mouth households as a function of expectations only and elicit all expectations...

Persistent link: https://www.econbiz.de/10014290126

Households' Response to the Wealth Effects of Inflation

Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas; … - 2023

concerned about its impact on their wealth; yet, while many households know about inflation eroding nominal assets, most are … beliefs about nominal debt and their own real net wealth. These changes in beliefs causally affect actual consumption and … hypothetical debt decisions. Our findings suggest that real wealth mediates the sensitivity of consumption to inflation once …

Persistent link: https://www.econbiz.de/10014469510

Social Networks and Housing Markets

Bailey, Michael; Cao, Ruiqing; Kuchler, Theresa; … - 2016

The recent house price experiences within an individual’s social network affect her perceptions of the attractiveness of property investments, and through this channel have large effects on her housing market activity. Our data combine anonymized social network information from Facebook with...

Persistent link: https://www.econbiz.de/10011480488

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