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Did US consumers 'save for a rainy day' before the Great Recession?
Anundsen, André Kallåk; Nymoen, Ragnar - 2015
the period 1980q1-2011q4. That is, income is more often found to predict consumption and saving than the converse. Our … consumption and by exploring the direction of Granger causality between the two series. We also give evidence that house price … changes played a role in the US income and consumption dynamics, before, during and after the Great Recession. …
Persistent link: https://www.econbiz.de/10010518800
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Perceived precautionary savings motives : evidence from FinTech
D'Acunto, Francesco; Rauter, Thomas; Scheuch, Christoph; … - 2020
We study the spending response of first-time borrowers to an overdraft facility and elicit their preferences, beliefs, and motives through a FinTech application. Users increase their spending permanently, lower their savings rate, and reallocate spending from non-discretionary to discretionary...
Persistent link: https://www.econbiz.de/10012171775
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How do expectations about the macroeconomy affect personal expectations and behavior?
Roth, Christopher; Wohlfart, Johannes - 2018
response to the forecasts, extrapolate to expectations about their personal economic circumstances and adjust their consumption … exposure to macroeconomic risk, consistent with sticky information models in which people are inattentive, but understand how …
Persistent link: https://www.econbiz.de/10011877783
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Home price expectations and spending : evidence from a field experiment
Anand Chopra, Felix; Roth, Christopher; Wohlfart, Johannes - 2023
evidence has implications for the role of asset price expectations in business cycle dynamics and consumption inequality. …
Persistent link: https://www.econbiz.de/10014284713
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Economic uncertainty and fertility
Gozgor, Giray; Bilgin, Mehmet Huseyin; Rangazas, Peter C. - 2021
saving predicts that an increase in income uncertainty increases saving by reducing both consumption and fertility. We …
Persistent link: https://www.econbiz.de/10012508583
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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/10009240788
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Saving Alberta's resource revenues : role of intergenerational and liquidity funds
Bremer, Ton S. van den; Ploeg, Frederick van der - 2016
We use a welfare-based intertemporal stochastic optimization model and historical data to estimate the size of the optimal intergenerational and liquidity funds and the corresponding resource dividend available to the government of the Canadian province Alberta. To first-order of approximation,...
Persistent link: https://www.econbiz.de/10011541123
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Reforms, finance, and current accounts
Bertola, Giuseppe; Prete, Anna Lo - 2015
We analyze the implications of labor market reforms for an open economy's human capital investment and future production. A stylized model shows that labor market deregulation can imply more positive current account balances if financial markets are imperfect and labor market institutions not...
Persistent link: https://www.econbiz.de/10010479333
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Optimal taxation with current and future cohorts
Fehr, Hans; Kindermann, Fabian - 2012
This note demonstrates that optimal tax calculations in overlapping generations models should not be based exclusively on long-run welfare changes. As the latter represent a mix of efficiency and intergenerational redistribution effects, they typically favor policies which redistribute towards...
Persistent link: https://www.econbiz.de/10009655163
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Inequality and the zero lower bound
Fernández-Villaverde, Jesús; Marbet, Joël; Nuño, Galo; … - 2023
This paper studies how household inequality shapes the effects of the zero lower bound (ZLB) on nominal interest rates on aggregate dynamics. To do so, we consider a heterogeneous agent New Keynesian (HANK) model with an occasionally binding ZLB and solve for its fully nonlinear stochastic...
Persistent link: https://www.econbiz.de/10014288300