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Saving after retirement and preferences for residual wealth

Fella, Giulio; Holm, Martin Blomhoff; Pugh, Thomas - 2024 - Last updated: June 11, 2024

utility to differ between households with and without offspring. Our estimates imply a very strong utility of residual wealth …-quarters of aggregate wealth at age 85. More surprisingly, we estimate similar utility of residual wealth for households with and … without offspring. We interpret this as suggestive evidence that the utility of residual wealth represents forces beyond an …

Persistent link: https://www.econbiz.de/10014562957

Unsecured debt, consumer bankruptcy, and small business

Meh, Césaire Assah (contributor); Terajima, Yaz (contributor) - 2008

In this paper we develop a quantitative model of entrepreneurial activity (risk-taking) and consumer bankruptcy choices and use the model to study the effects of bankruptcy regulations on entrepreneurial activity, bankruptcy rate and welfare. We show that eliminating bankruptcy exemptions leads...

Persistent link: https://www.econbiz.de/10003641358

Aggregate and welfare effects of redistribution of wealth under inflation and price-level targeting

Meh, Césaire Assah (contributor); … - 2008

redistribution of wealth between households and the government, between nationals and foreigners, and between households within the …% price-level increase under IT is about three times larger than under PT. Households' and foreigners' wealth losses from a … positive effects on GDP due to the wealth loss, the lower value of the debt and its associated fiscal adjustment, and the non …

Persistent link: https://www.econbiz.de/10003773003

Real effects of price stability with endogenous nominal indexation

Meh, Césaire Assah; Quadrini, Vincenzo; Terajima, Yaz - 2009

We study a model with repeated moral hazard where financial contracts are not fully indexed to inflation because nominal prices are observed with delay as in Jovanovic & Ueda (1997). More constrained firms sign contracts that are less indexed to the nominal price and, as a result, their...

Persistent link: https://www.econbiz.de/10003852858

Credit constraints and consumer spending

Beaton, Kimberly - 2009

This paper examines the relationship between aggregate consumer spending and credit availability in the United States. The author finds that consumer spending falls (rises) in response to a reduction (increase) in credit availability. Moreover, she provides a formal assessment of the possibility...

Persistent link: https://www.econbiz.de/10003933295

Consumption, housing collateral, and the Canadian business cycle

Christensen, Ian; Corrigan, Paul; Mendicino, Caterina; … - 2009

Using Bayesian methods, we estimate a small open economy model in which consumers face limits to credit determined by the value of their housing stock. The purpose of this paper is to quantify the role of collateralized household debt in the Canadian business cycle. Our findings show that the...

Persistent link: https://www.econbiz.de/10003933334

A model of housing stock for Canada

Dupuis, David; Zheng, Isabel Yi - 2010

Using an error-correction model (ECM) framework, the authors attempt to quantify the degree of disequilibrium in Canadian housing stock over the period 1961–2008 for the national aggregate and over 1981–2008 for the provinces. They find that, based on quarterly data, the level of housing...

Persistent link: https://www.econbiz.de/10003996869

On the welfare cost of rare housing disasters

Xu, Shaofeng - 2015

This paper examines the welfare cost of rare housing disasters characterized by large drops in house prices. I construct an overlapping generations general equilibrium model with recursive preferences and housing disaster shocks. The likelihood and magnitude of housing disasters are inferred...

Persistent link: https://www.econbiz.de/10011302010

Exploring differences in household debt across euro area countries and the United States

Christelis, Dimitris; Ehrmann, Michael; Georgarakos, … - 2015

though U.S. households have higher income and financial wealth than their European counterparts, their debt burden remains …

Persistent link: https://www.econbiz.de/10010526694

An equilibrium analysis of the rise in house prices and mortgage debt

Xu, Shaofeng - 2013

their wealth from financial assets to housing assets, which dramatically drives up house prices. …

Persistent link: https://www.econbiz.de/10009734359