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Implications of wealth heterogeneity for macroeconomics
Carroll, Christopher D. - 2012
generates wealth heterogeneity that matches the empirical data, the improved model can provide a sensible analysis of economic …
Persistent link: https://www.econbiz.de/10010397782
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Inequality and household finance during the consumer age
Cynamon, Barry Z.; Fazzari, Steven M. - 2013
One might expect that rising US income inequality would reduce demand growth and create a drag on the economy because … higher-income groups spend a smaller share of income. But during a quarter century of rising inequality, US growth and … inequality could be one explanation for the stagnant recovery in the recession's aftermath. …
Persistent link: https://www.econbiz.de/10010318662
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Theoretical foundations of buffer stock saving
Carroll, Christopher D. - 2004
Buffer-stock versions of the dynamic stochastic optimizing model of saving are now standard in the consumption literature. This paper builds theoretical foundations for rigorous understanding of the main characteristics of buffer stock models, including the existence of a target level of wealth...
Persistent link: https://www.econbiz.de/10010293477
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Heterogeneity in the marginal propensity to consume: Evidence from Covid-19 stimulus payments
Karger, Ezra; Rajan, Aastha - 2020
We identify 16,016 recipients of Covid-19 Economic Impact Payments in anonymized transaction-level debit card data from Facteus. We use an event study framework to show that in the two weeks following a sudden $1,200 payment from the IRS, consumers immediately increased spending by an average of...
Persistent link: https://www.econbiz.de/10012429421
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How important is health inequality for lifetime earnings inequality?
Hosseini, Roozbeh; Kopecky, Karen A.; Zhao, Kai - 2021
. Calibrating the model to the United States, we find that health inequality is an important source of lifetime earnings inequality … words, the SSDI program is an important contributor to lifetime earnings inequality. Despite this, we show that it is ex …
Persistent link: https://www.econbiz.de/10012653489
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Nonlinear household earnings dynamics, self-insurance, and welfare
De Nardi, Mariacristina; Fella, Giulio; Paz Pardo, Gonzalo - 2018
inequality over the life cycle and of the individual-level degree of consumption insurance against persistent earnings shocks …
Persistent link: https://www.econbiz.de/10012144204
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Monetary policy and wealth inequality over the great recession in the UK: An empirical analysis
Mumtaz, Haroon; Theophilopoulou, Angeliki - 2019
inequality from 2005 to 2016 at the monthly frequency. We investigate the dynamic relationship between monetary policy and the … evolution of wealth inequality measures. Our findings suggest that expansionary monetary policy shocks lead to an increase in … wealth inequality and contributed significantly to its fluctuations. This effect is heterogenous across the wealth …
Persistent link: https://www.econbiz.de/10012144236
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Top earners: Cross-country facts
Badel, Alejandro; Daly, Moira; Huggett, Mark; Nybom, Martin - 2017
We provide a common set of life-cycle earnings statistics using administrative data from the United States, Canada, Denmark and Sweden. Three qualitative patterns are common across countries: (1) the earnings distribution above the median fans out with age, (2) the extreme right tail of the...
Persistent link: https://www.econbiz.de/10012039330
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Portfolios of the rich
Carroll, Christopher D. - 2000
Recent research has shown that 'rich' households save at much higher rates than others (see Carroll (2000); Dynan Skinner and Zeldes (1996); Gentry and Hubbard (1998); Huggett (1996); Quadrini (1999)) This paper documents another large difference between the rich and the rest of the population:...
Persistent link: https://www.econbiz.de/10010293507
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Peer effects and debt accumulation: Evidence from lottery winnings
Gulbrandsen, Magnus A. H. - 2021
live up to ten houses from the winner. Analyzing heterogeneity, I find that neighborhood characteristics and shared …
Persistent link: https://www.econbiz.de/10013373821