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Low Homeownership in Germany - A Quantitative Exploration
Kaas, Leo - 2018
broad eligibility criteria, high transfer taxes when buying real estate, and no tax deductions for mortgage interest … mortgage interest tax deductions, but it would improve in the absence of social housing, in particular when coupled with …
Persistent link: https://www.econbiz.de/10012929253
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Progressive Tax Changes to Superannuation in a Lifecycle Framework
Kudrna, George - 2016
This paper provides a quantitative analysis of hypothetical replacements of existing tax arrangements applied to superannuation (Australia's term for private pensions) with traditional EET and TEE regimes. These taxation regimes exempt pension fund earnings from any taxation and tax either...
Persistent link: https://www.econbiz.de/10013001098
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Re-Examining the Decline in the US Saving Rate : The Impact of Mortgage Equity Withdrawal
Caporale, Guglielmo Maria - 2013
In this paper we examine the role of mortgage equity withdrawal in explaining the decline of the US saving rate, since … when house prices rise and mortgage rates are low, homeowners have an incentive to withdraw housing equity and this may … withdrawal and interest rates and find that indeed mortgage equity withdrawal is a key determinant of the observed saving pattern …
Persistent link: https://www.econbiz.de/10013090336
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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
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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
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Unconventional Fiscal Policy
D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2021
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 provide preliminary evidence for the effectiveness of such policies using changes in...
Persistent link: https://www.econbiz.de/10013315437
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Consumption, Wealth, Stock and Housing Returns : Evidence from Emerging Markets
Caporale, Guglielmo Maria; Sousa, Ricardo M. - 2021
In this paper, we show, using the consumer’s budget constraint, that the residuals of the trend relationship among consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for a panel of 31 emerging economies and find that,...
Persistent link: https://www.econbiz.de/10013315965
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Unconventional Fiscal Policy, Inflation Expectations, and Consumption Expenditure
D'Acunto, Francesco - 2016
Unconventional fiscal policies incentivize households to accelerate consumption by generating future consumer price ination, and offer an alternative to unconventional monetary policy (Correia et al. (2013)). We use a natural experiment to study the causal effect of unconventional fiscal...
Persistent link: https://www.econbiz.de/10012995195
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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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Differences in Euro-Area Household Finances and Their Relevance for Monetary-Policy Transmission
Hintermaier, Thomas - 2019
This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life-cycle incomplete-markets model with a liquid financial asset...
Persistent link: https://www.econbiz.de/10012898763