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Non-durable Consumption and Housing Net Worth in the Great Recession : Evidence from Easily Accessible Data

Kaplan, Greg - 2016

measure the effect of changes in the housing share of net worth on total household expenditures during the Great Recession …-accessible proxy for expenditures in non-durable goods. We re-affirm their findings in our data, and refine their analysis in several … consumption versus nominal expenditures; and (iii) we infer the implied elasticity of total non-durable expenditures in goods and …

Persistent link: https://www.econbiz.de/10012456443

The Savers-Spenders Theory of Fiscal Policy

Mankiw, N. Gregory - 2000

The macroeconomic analysis of fiscal policy is usually based on one of two canonical models--the Barro-Ramsey model of infinitely-lived families or the Diamond-Samuelson model of overlapping generations. This paper argues that neither model is satisfactory and suggests an alternative. In the...

Persistent link: https://www.econbiz.de/10012471204

The Marginal Propensity to Consume in Heterogeneous Agent Models

Kaplan, Greg; Violante, Giovanni L. - National Bureau of Economic Research - 2022

What model features and calibration strategies yield a large average marginal propensity to consume (MPC) in heterogeneous agent models? Through a systematic investigation of models with different preferences, dimensions of ex-ante heterogeneity, income processes and asset structure, we show...

Persistent link: https://www.econbiz.de/10013210041

Consumer Spending and the After-Tax Real Interest Rate

Mankiw, N. Gregory - 1986

Persistent link: https://www.econbiz.de/10012477080

The Consumption of Stockholders and Non-Stockholders

Mankiw, N. Gregory - 1990

Only one-fourth of U.S. families own stock. This paper examines whether the consumption of stockholders differs from the consumption of non-stockholders and whether these differences help explain the empirical failures of the consumption-based CAPM. Household panel data are used to construct...

Persistent link: https://www.econbiz.de/10012475631

Consumption, Income, and Interest Rates : Reinterpreting the Time Series Evidence

Campbell, John Y. - 1989

This paper proposes that the time-series data on consumption, income, and interest rates are best viewed as generated not by a single representative consumer but by two groups of consumers. Half the consumers are forward-looking and consume their permanent income, but are extremely reluctant to...

Persistent link: https://www.econbiz.de/10012476129

Consumption : Beyond Certainty Equivalence

Blanchard, Olivier J. - 1988

This paper discusses the recent research on the consumption function that has attempted to relax the assumption of certainty equivalence. While there remain many open questions, both theoretical and empirical, it is clear that the assumption of certainty equivalence can be misleading. Under more...

Persistent link: https://www.econbiz.de/10012476571

Permanent Income, Current Income, and Consumption

Campbell, John Y. - 1987

This paper reexamines the consistency of the permanent income hypothesis with aggregate, post-war, United States data. The permanent income hypothesis is nested within a more general model in which a fraction of income accrues to individuals who consume their current income rather than their...

Persistent link: https://www.econbiz.de/10012476631

Monetary Policy According to HANK

Kaplan, Greg - 2016

We revisit the transmission mechanism of monetary policy for household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of household wealth and marginal propensities to consume because of two key features: multiple assets with...

Persistent link: https://www.econbiz.de/10012456775

The Wealthy Hand-to-Mouth

Kaplan, Greg - 2014

The wealthy hand-to-mouth are households who hold little or no liquid wealth (cash, checking, and savings accounts), despite owning sizable amounts of illiquid assets (assets that carry a transaction cost, such as housing or retirement accounts). We use survey data on household portfolios for...

Persistent link: https://www.econbiz.de/10012458591