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Persistence in the private debt-to-GDP ratio : evidence from 43 OECD countries
Caporale, Guglielmo Maria; Gil-Alaña, Luis A.; … - 2021
This paper investigates the degree of persistence of the private debt-to-GDP ratio in 43 OECE countries by estimating the fractional integration parameter of each series. Almost all of them are found to be highly persistent, with orders of integration around or above 1. The only exception is...
Persistent link: https://www.econbiz.de/10012433001
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MPC heterogeneity and household balance sheets
Fagereng, Andreas; Holm, Martin Blomhoff; Natvik, Gisle … - 2018
to consume (MPCs). Our main contribution is to document how MPCs vary with household characteristics and prize size, and …
Persistent link: https://www.econbiz.de/10011872933
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Consumption patterns of indebted households : unravelling the relevance of fiscal policy
Afonso, António; Rodrigues, Eduardo de Sá Fortes Leitão - 2023
We have investigated the influence of fiscal instruments, notably taxes on income and government spending, on household … consumption in two different samples and two measures of household debt to provide a comprehensive analysis of the topic. We used … government spending or reduced taxes, in the presence of high indebtedness, actually discourage household consumption compared to …
Persistent link: https://www.econbiz.de/10014314290
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Differences in euro-area household finances and their relevance for monetary-policy transmission
Hintermaier, Thomas; Koeniger, Winfried - 2018
portfolios, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the … heterogeneity in household finances implies that responses of consumption to changes in the real interest rate and in house prices …
Persistent link: https://www.econbiz.de/10011863469
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Perceived wealth, cognitive sophistication and behavioral inattention
Assenza, Tiziana; Cardaci, Alberto; Delli Gatti, Domenico - 2019
By means of a laboratory experiment, we show that, contrary to standard consumer theory, financially equivalent balance sheet profiles may be perceived as non fungible in a controlled frictionless environment with no probabilistic attributes. A large majority of subjects indeed have a bias in...
Persistent link: https://www.econbiz.de/10012138808
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Modigliani meets minsky : inequality, debt, and financial fragility in America, 1950-2016
Bartscher, Alina K.; Kuhn, Moritz; Schularick, Moritz; … - 2020
This paper studies the secular increase in U.S. household debt and its relation to growing income inequality and … financial fragility. We exploit a new household-level dataset that covers the joint distributions of debt, income, and wealth in … increase in U.S. household debt between the 1970s and 2007. The resulting debt increase made balance sheets more sensitive to …
Persistent link: https://www.econbiz.de/10012213102
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The saving glut of the rich and the rise in household debt
Mian, Atif; Straub, Ludwig; Sufi, Amir - 2020
across states shows that the rise in top income shares can explain almost all of the accumulation of household debt held as a … financial asset by the household sector. Since the Great Recession, the saving glut of the rich has been financing government …
Persistent link: https://www.econbiz.de/10012197559
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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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The long-run effects of individual debt relief
Bruze, Gustaf; Hilsløv, Alexander Kjær; Maibom … - 2024
Individuals with extensive debt may be granted debt relief in court. We provide a comprehensive evaluation of the Danish debt relief program with data from court records linked to nationwide register data. Using event-study methods and quasi-random assignment of applicants to court trustees with...
Persistent link: https://www.econbiz.de/10014551869
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How does for-profit college attendance affect student loans, defaults and labor market outcomes?
Armona, Luis; Chakrabarti, Rajashri; Lovenheim, Michael F. - 2019
For-profit providers are becoming an increasingly important fixture of US higher education markets. Students who attend for-profit institutions take on more educational debt, have worse labor market outcomes, and are more likely to default than students attending similarly-selective public...
Persistent link: https://www.econbiz.de/10011987067