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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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Rushing into American dream? House prices, timing of homeownership, and adjustment of consumer credit
Agarwal, Sumit; Hu, Luojia; Huang, Xing - 2013
homeownership as a function of credit constraints and expectations of future house price. Our panel data allows us to track …
Persistent link: https://www.econbiz.de/10010352190
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Long-Run Saving Dynamics: Evidence from Unexpected Inheritances
Druedahl, Jeppe; Martinello, Alessandro - 2017
Long-run saving dynamics are a crucial component of consumption-saving behavior. This paper makes two contributions to … the consumption literature. First, we exploit inheritance episodes to provide novel causal evidence on the long … our findings through the lens of a generalized consumption-saving framework, and show that life-cycle consumption models …
Persistent link: https://www.econbiz.de/10013208751
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Asset prices and macroeconomic outcomes: A survey
Claessens, Stijn; Kose, M. Ayhan - 2017
This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these...
Persistent link: https://www.econbiz.de/10012060200
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The role of MPC heterogeneity for fiscal and monetary policy in the Euro Area
Albacete, Nicolas; Fessler, Pirmin; Pekanov, Atanas - 2024
Closely following the seminal contribution of Jappelli and Pistaferri (2014) - based on Italian household survey data - we employ data of 22 European countries to assess the role of heterogeneity of the marginal propensity to consume (MPC) for fiscal policy in the Euro area. We document an...
Persistent link: https://www.econbiz.de/10014494981
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Unemployment, negative equity, and strategic default
Gerardi, Kristopher; Herkenhoff, Kyle F.; Ohanian, Lee E.; … - 2013
Using new household-level data, we quantitatively assess the roles that job loss, negative equity, and wealth (including unsecured debt, liquid assets, and illiquid assets) play in default decisions. In sharp contrast to prior studies that proxy for individual unemployment status using regional...
Persistent link: https://www.econbiz.de/10010397688
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Management of a capital stock by Strotz's naive planner
Tyson, Christopher J. - 2007
The capital management problem posed by R. H. Strotz is analyzed for the case of the naive planner who fails to anticipate changes in his own preferences. By imposing progressively stronger restrictions on the primitives of the problem - namely, the discounting function, the utility index...
Persistent link: https://www.econbiz.de/10010284143
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Do Consumers Gamble to Convexify?
Crossley, Thomas F.; Low, Hamish; Smith, Sarah - 2013
The combination of credit constraints and indivisible consumption goods may induce some risk-averse individuals to …
Persistent link: https://www.econbiz.de/10010500250
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Subprime mortgages, foreclosures, and urban neighborhoods
Gerardi, Kristopher S.; Willen, Paul S. - 2009
commonly believed, lead to a substantial increase in homeownership by minorities but instead generated turnover in properties …
Persistent link: https://www.econbiz.de/10010292355
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Habits, sentiment and predictable income in the dynamics of aggregate consumption
Sommer, Martin - 2001
standard permanent income model with intertemporally separable utility: the sensitivity of consumption to lagged consumer … sentiment and to predictable changes in current income I show that in a habit formation model the sensitivity of consumption … growth to predicted income can be to a large extent reinterpreted as a sluggish response of consumption to news Moreover the …
Persistent link: https://www.econbiz.de/10010293449