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House prices, second mortgages and household savings : an empirical investigation for the Netherlands, 1987 - 1994
Rouwendal, Jan; Alessie, Rob - 2002
paper we study the effect of this developmenton the demand for second mortgages and on the savings of Dutch households. We …) the savings of renters that may be considered as would-beowners. We find a significant effect of home equity on the demand … for second mortgages.Savings of homeowners decrease when house prices accelerate. We find no evidence that inc …
Persistent link: https://www.econbiz.de/10011327548
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Business cycle fluctuations and private savings in OECD countries : a panel data analysis
Adema, Yvonne; Pozzi, Lorenzo - 2012
Persistent link: https://www.econbiz.de/10009724306
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The time-varying volatility of earnings and aggregate precautionary savings
Pozzi, Lorenzo - 2011
Persistent link: https://www.econbiz.de/10009720736
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Macroeconomic disasters and forward-looking consumers : historical evidence and evidence from the Covid-19 pandemic
Pozzi, Lorenzo; Sadaba, Barbara - 2021
Macroeconomic disasters (wars, pandemics, depressions) are characterized by drastic shifts and increased volatility of the aggregate consumption to income ratio. By standard intertemporal budget constraint logic, this ratio is linked to expectations of future income and consumption growth rates....
Persistent link: https://www.econbiz.de/10012511037
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A social norm nudge to save more : a field experiment at a retail bank
Dur, Robert A. J.; Fleming, Dimitry; Garderen, Marten van; … - 2019
A large fraction of households have very little savings buffer and are there-fore vulnerable to financial shocks. We … increases intended sav-ings. In line with this, we find in our field experiment that households whoare exposed to the social … norm nudge click more often on a link to a personalwebpage where they can start or adjust an automatic savings plan …
Persistent link: https://www.econbiz.de/10012057179
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On positive value of information in risk sharing
Denderski, Piotr; Stoltenberg, Christian - 2015 - This Version: May 2015
We develop a novel argument why better public information can help countries to insure against idiosyncratic risk. Representative agents of developing and industrial countries receive public and private signals on their future income realization and engage in risk-sharing contracts with limited...
Persistent link: https://www.econbiz.de/10011279741
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Idiosyncratic labour income risk and aggregate consumption : an unobserved component approach
Pozzi, Lorenzo - 2007
We investigate the importance of aggregate and consumer-specific or idiosyncratic labour income risk for aggregate consumption changes in the US over the period 1952-2001. Theoretically, the effect of labour income risk on consumption changes is decomposed into an aggregate and into an...
Persistent link: https://www.econbiz.de/10011372981
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World equity premium based risk aversion estimates
Pozzi, Lorenzo; Vries, Casper G. de; Zenhorst, J. - 2010
The equity premium puzzle holds that the coefficient of relative risk aversion estimated from the consumption based CAPM under power utility is excessively high. Moreover, estimates in the literature vary considerably across countries. We gauge the uncertainty pertaining to the country risk...
Persistent link: https://www.econbiz.de/10011379612
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The stickiness of aggregate consumption growth in OECD countries : a panel data analysis
Everaert, Gerdie; Pozzi, Lorenzo - 2011
This paper examines the sources of stickiness in aggregate consumption growth. We first derive a dynamic consumption equation which encompasses many recent developments in consumption theory: habit formation, intertemporal substitution effects, consumption based on current income, and...
Persistent link: https://www.econbiz.de/10011380726
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Risk aversion and the subjective time discount rate : a joint approach
Praag, Bernard M. S. van; Booij, Adam S. - 2003
In this paper we analyze a large sample of individual responses to six lottery questions. Wederive a simultaneous estimate of risk aversion ? and the time preference discount rate ? perindividual. This can be done because the consumption of a large prize is smoothed over a largertime period. It...
Persistent link: https://www.econbiz.de/10011333268