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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
I estimate the effect of lottery winnings on peers' debt accumulation using administrative data from Norway. I identify neighbors of lottery winners, and estimate an average debt response of 2.1 percent of the lottery prize among households that live up to ten houses from the winner. Analyzing...
Persistent link: https://www.econbiz.de/10013373821
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Implications of wealth heterogeneity for macroeconomics
Carroll, Christopher D. - 2012
Today's dominant strain of macroeconomic models supposes that aggregate consumption can be understood by assuming the existence of a 'representative agent' whose behavior rationalizes observed outcomes. But representative agent models yield embarrassingly implausible (and empirically inaccurate)...
Persistent link: https://www.econbiz.de/10010397782
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How large is the housing wealth effect? A new approach
Carroll, Christopher D.; Otsuka, Misuzu; Slacalek, Jirka - 2006
-quarter) marginal propensity to consume from a $1 change in housing wealth is about 2 cents, with a final longrun effect around 9 cents …. Consistent with most recent studies, we find a housing wealth effect that is substantially larger than the stock wealth effect …
Persistent link: https://www.econbiz.de/10010293502
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Housing Wealth and Aggregate Consumption in Sweden
Chen, Jie - 2006
statistical evidences that the movements of aggregate consumption, disposable income, housing wealth and financial wealth are tied … together. However, it also suggests that the short run variations in the Swedish housing market are largely dissociated with … consumer spending. Meanwhile, it is shown that the strength of the linkage between consumption and housing wealth is not …
Persistent link: https://www.econbiz.de/10010321586
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The reaction of consumer spending and debt to tax rebates: Evidence from consumer credit data
Agarwal, Sumit; Liu, Chunlin; Souleles, Nicholas S. - 2007
We use a new panel dataset of credit card accounts to analyze how consumers responded to the 2001 federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that on average...
Persistent link: https://www.econbiz.de/10010292101
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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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Solving consumption models with multiplicative habits
Carroll, Christopher D. - 2000
This paper provides derivations necessary for solving an optimal consumption problem with multiplicative habits and a CRRA 'outer' utility function either for a microeconomic problem with both labor income risk and rate-of-return risk or for a macroeoconomic representative agent model.
Persistent link: https://www.econbiz.de/10010293504
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Liquidity constraints and precautionary saving
Carroll, Christopher D.; Kimball, Miles S. - 2001
Economists working with numerical solutions to the optimal consumption/saving problem under uncertainty have long known that there are quantitatively important interactions between liquidity constraints and precautionary saving behavior This paper provides the analytical basis for those...
Persistent link: https://www.econbiz.de/10010293505
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Portfolio Allocation over the Life Cycle: Evidence from Swedish Household Data
Andersson, Björn - 2001
This paper provides empirical evidence on life-cycle patterns in the asset allocation of Swedish households. Data on household portfolio allocation are collected from the HINK surveys for the period 1982-1992, and portfolio shares of different asset categories are regressed on age, period, and...
Persistent link: https://www.econbiz.de/10010321812