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The Consumption Effects of the 2007-2008 Financial Crisis : Evidence from Household-Level Data

Jensen, Thais - 2015

Did the financial crisis spread from distressed banks to households through a contraction of the credit supply? We study this question with a dataset that contains observations on all accounts in Danish banks as well as comprehensive information about individual account holders and banks. We...

Persistent link: https://www.econbiz.de/10013010472

House Prices, Local Demand, and Retail Prices

Stroebel, Johannes - 2015

We use detailed micro data to document a causal response of local retail price to changes in house prices, with elasticities of 15%-20% across housing booms and busts. Notably, these price responses are largest in zip codes with many homeowners, and non-existent in zip codes with mostly renters....

Persistent link: https://www.econbiz.de/10013009877

Systematic Consumption Risk in Currency Returns

Hoffmann, Mathias - 2013

boom yields consistently positive excess returns. This excess return compensates for the risk of high negative returns in … countries on risk aversion, and low (high) risk aversion currencies depreciate (appreciate) in times of global turmoil …

Persistent link: https://www.econbiz.de/10013080499

MPC Heterogeneity and Household Balance Sheets

Fagereng, Andreas - 2019

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/10012898430

Proprietary Income, Entrepreneurial Risk, and the Predictability of U.S. Stock Returns

Hoffmann, Mathias - 2021

.S. stock market wealth. Fluctuations in entrepreneurs' hunger for risk could therefore help explain time variation in the … fluctuations in proprietary income, is highly correlated with cross-sectional measures of idiosyncratic entrepreneurial risk and … as entrepreneurial risk has become more easily diversifiable in the wake of U.S. state-level bank deregulation …

Persistent link: https://www.econbiz.de/10013317587

Reference Income Effects in the Determination of Equivalence Scales Using Income Satisfaction Data

Borah, Melanie - 2016

We estimate household equivalence scales using income satisfaction data from the German Socio-Economic Panel. We extend previous studies applying this approach by taking reference income into account. This allows separating needs-based from reference effects in the determination of income...

Persistent link: https://www.econbiz.de/10012979128

Remittances, Banking Status and the Usage of Insurance Schemes

Crayen, Dorothee - 2013

is influenced by other risk management strategies and that determinants of informal insurance differ from those of formal …

Persistent link: https://www.econbiz.de/10013094542

On the Underestimation of the Precautionary Effect in Discounting

Gollier, Christian - 2011

Using the extended Ramsey rule, the socially efficient rate is the difference between a wealth effect and a precautionary effect of economic growth. This second effect is increasing in the degree of uncertainty affecting the future. In the literature, it is usually calibrated by estimating the...

Persistent link: https://www.econbiz.de/10013121828

Does Inequality Matter for the Consumption-Wealth Channel? Empirical Evidence

Arrondel, Luc - 2017

This paper studies the heterogeneity of the marginal propensity to consume out of wealth based on French household surveys. This heterogeneity is driven by differences in both wealth composition and wealth levels. We find a decreasing marginal propensity to consume out of wealth across the...

Persistent link: https://www.econbiz.de/10012944978

The Effect of Unconventional Fiscal Policy on Consumption Expenditure

D'Acunto, Francesco - 2016

Unconventional fiscal policy uses announcements of future increases in consumption taxes to generate inflation expectations and accelerate consumption expenditure. It is budget neutral and time consistent. We exploit a unique natural experiment for an empirical test of the effectiveness of...

Persistent link: https://www.econbiz.de/10012981297

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