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Private debt overhang and the government spending multiplier : evidence for the United States
Bernardini, Marco; Peersman, Gert - 2015
Using state-dependent local projection methods and historical U.S. data, we find that government spending multipliers are considerably larger in periods of private debt overhang. In particular, we find significant crowding-out of personal consumption and investment in low-debt states, resulting...
Persistent link: https://www.econbiz.de/10010498604
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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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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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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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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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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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Global climate change and the resurgence of tropical disease : an economic approach
Gollin, Douglas; Zimmermann, Christian - 2010
We study the impact of global climate change on the prevalence of tropical diseases using a heterogeneous agent dynamic general equilibrium model. In our framework, households can take actions (e.g., purchasing bednets or other goods) that provide partial protection from disease. However, these...
Persistent link: https://www.econbiz.de/10003985867