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Optimal Price Indices for Targeting Inflation Under Incomplete Markets
Anand, Rahul - 2011
In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. In this paper, we develop a two-sector two-good closed economy new Keynesian model to study the optimal choice of price index in markets with...
Persistent link: https://www.econbiz.de/10013133080
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Asset Pricing with Countercyclical Household Consumption Risk
Constantinides, George M. - 2014
We show that shocks to household consumption growth are negatively skewed, persistent, countercyclical, and drive asset prices. We construct a parsimonious model where heterogeneous households have recursive preferences. A single state variable drives the conditional cross-sectional moments of...
Persistent link: https://www.econbiz.de/10013054039
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Life-Cycle Models of Consumption : is the Evidence Consistent with the Theory?
Deaton, Angus - 2021
interestrate.The second part of the paper is concerned with the time-series representation of disposable income and with it … simplications for the behavior of consumption under the assumptions of the life-cycle model. If real disposable income is truly a … than innovations in income, a prediction that is manifestly false. Various possible resolutions of this problem are …
Persistent link: https://www.econbiz.de/10013238718
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The Consumption Response to Income Changes
Jappelli, Tullio - 2010
We review different empirical approaches that researchers have taken to estimate how consumption responds to income … changes. We critically evaluate the empirical evidence on the sensitivity of consumption to predicted income changes …, distinguishing between the traditional excess sensitivity tests, and the effect of predicted income increases and income declines. We …
Persistent link: https://www.econbiz.de/10013147962
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Adaptive Consumption Behavior
Howitt, Peter; Özak, Ömer - 2021
This paper proposes and studies a theory of adaptive consumption behavior under income uncertainty and liquidity …
Persistent link: https://www.econbiz.de/10013245337
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Expenditure Visibility and Consumer Behavior : New Evidence
Heffetz, Ori - 2018
Expenditure visibility—the extent to which a household's spending on a consumption category is noticeable to others—is measured in three new surveys, with ~3,000 telephone and online respondents. Visibility shows little change across time (ten years) and survey methods. Four different...
Persistent link: https://www.econbiz.de/10012909500
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Personality Psychology and Economics
Almlund, Mathilde - 2011
This paper explores the power of personality traits both as predictors and as causes of academic and economic success, health, and criminal activity. Measured personality is interpreted as a construct derived from an economic model of preferences, constraints, and information. Evidence is...
Persistent link: https://www.econbiz.de/10013127755
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Trends in the Transitory Variance of Male Earnings in the U.S., 1970-2004
Moffitt, Robert A. - 2011
We estimate the trend in the transitory variance of male earnings in the U.S. using the Michigan Panel Study of Income …
Persistent link: https://www.econbiz.de/10013129122
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Why is an Elite Undergraduate Education Valuable? Evidence from Israel
Lang, Kevin - 2011
In this paper we compare the labor market performance of Israeli students who graduated from one of the leading universities, Hebrew University (HU), with those who graduated from a professional undergraduate college, College of Management Academic Studies (COMAS). Our results support a model in...
Persistent link: https://www.econbiz.de/10013130976
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The War at Home : Effects of Vietnam-Era Military Service on Post-War Household Stability
Conley, Dalton - 2011
service on health and income. This research has shown that effects of veteran status on mortality and earnings that appeared …
Persistent link: https://www.econbiz.de/10013131668