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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
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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
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Vulnerability in a stochastic dynamic model
Elbers, Chris; Gunning, Jan Willem - 2003 - Rev.
to find a household's optimal welfare and we measure vulnerability as the shortfall from the welfare attained if the … household consumed permanently at the poverty line. The results indicate that vulnerability is very sensitive to the time …
Persistent link: https://www.econbiz.de/10011334363
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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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The time-varying volatility of earnings and aggregate precautionary savings
Pozzi, Lorenzo - 2011
Persistent link: https://www.econbiz.de/10009720736
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Consumption and wealth in the long run : an integrated unobserved component approach
Gardberg, Malin; Pozzi, Lorenzo - 2018 - Revision: September 2018
calculated from the estimation of a log-linear version of the household intertemporal budget constraint as a cointegrating …The ratio of consumption to total household wealth (i.e., tangible assets plus unobserved human wealth) is commonly …
Persistent link: https://www.econbiz.de/10011844588
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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
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Advance information and consumption insurance : evidence from panel data
Pedroni, Marcelo; Singh, Swapnil; Stoltenberg, Christian - 2022 - Preliminary, April 15, 2022
incomplete markets model and find that advance information reduces households' income forecast errors by 15%. Our estimation …
Persistent link: https://www.econbiz.de/10013186823
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Collective labour supply, taxes, and intrahousehold allocation : an empirical approach
Bloemen, Hans G. - 2015
the collective approach for household behaviour and the discrete hours choice framework with fixed costs of work. We …
Persistent link: https://www.econbiz.de/10011376279
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Empirical estimation results of a collective household time allocation model
Klaveren, Chris van; Praag, Bernard M. S. van; Maassen … - 2005
In this paper an empirical model is developed where the collective household model is used as a basic framework to … describe the time allocation problem. The collective model views household behavior as the outcome of maximizing a household … the main accent still lies on the development of theory. The novelty of this paper is that we empirically estimate the two …
Persistent link: https://www.econbiz.de/10011346466