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Consumption choices and earnings expectations : empirical evidence and structural estimation

Stoltenberg, Christian; Uhlendorff, Arne - 2023

In this paper, we document that households' consumption expenditures crucially depend on their expected earnings - even after controlling for realized earnings, wealth and time-invariant unobserved characteristics such as permanent income and over-confidence. To explain this evidence, we develop...

Persistent link: https://www.econbiz.de/10014249642

Consumption choices and earnings expectations : empirical evidence and structural estimation

Stoltenberg, Christian; Uhlendorff, Arne - 2022

In this paper, we document that households' consumption expenditures depend on their expected earnings - even after controlling for realized earnings and wealth. To explain this evidence, we develop and structurally estimate a standard-incomplete markets model in which rational households...

Persistent link: https://www.econbiz.de/10013332707

Advance information and consumption insurance : evidence from panel data

Pedroni, Marcelo; Singh, Swapnil; Stoltenberg, Christian - 2022 - Preliminary, April 15, 2022

We investigate whether US households possess advance information about their future income and what this means for consumption insurance. Based on insights from a theoretical model, we propose a new test to detect advance information, which requires only panel data on consumption and income....

Persistent link: https://www.econbiz.de/10013186823

Cyclical consumption

Berger, Tino; Pozzi, Lorenzo - 2023

Recessions and expansions are often caused or reinforced by developments in private consumption - the largest component of aggregate demand - which, as a result, varies over the business cycle. As such, an accurate measurement of the cyclical component of consumption and an understanding of its...

Persistent link: https://www.econbiz.de/10014380708

Intergenerational sharing of unhedgeable inflation risk

Chen, Damiaan H. J.; Beetsma, Roel; Wijnbergen, Sweder van - 2022 - This version: November 16, 2022

market instruments. Using intergenerational risk sharing arrangements, risks can be allocated better across the various …

Persistent link: https://www.econbiz.de/10013460026

Reconciling consumption inequality with income inequality

Lepetyuk, Vadym; Stoltenberg, Christian - 2013

Persistent link: https://www.econbiz.de/10010191294

Complete and incomplete markets with short-sale constraints

Giménez, Eduardo L. - 2001

This paper argues that the introduction of a short-sale constraint in the Arrow-Radner frameworkinvalidates standard definitions of complete and incomplete markets. In this constrained set-up,two threshold values with familiar properties arise.The case of a zero short-sale bound set on some...

Persistent link: https://www.econbiz.de/10011316880

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 … and engage in risk-sharing contracts with limited enforceability. Better public information has two opposite effects …. First, it has a detrimental effect on risk sharing by limiting risk-sharing possibilities as emphasized by Hirshleifer (1971 …

Persistent link: https://www.econbiz.de/10011279741

SHE can't afford it and HE doesn't want it : the gender gap in the COVID-19 consumption response

Huber, Stefanie J. - 2022

consuming less reveals that gender differences in infection risk aversion and precautionary saving motives are small. I find …

Persistent link: https://www.econbiz.de/10013175577

The COVID-19 consumption game-changer : evidence from a large-scale multi-country survey

Hodbod, Alexander; Hommes, Cars H.; Huber, Stefanie J.; … - 2021 - Version: 2021-10-17

Prospective economic developments depend on the behavior of consumer spending. A key question is whether private expenditures recover once social distancing restrictions are lifted or whether the COVID-19 crisis has a sustained impact on consumer confidence, preferences, and, hence, spending....

Persistent link: https://www.econbiz.de/10012665880

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