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Estimating temptation and commitment over the life-cycle
Kovacs, Agnes; Low, Hamish; Moran, Patrick - 2020
This paper estimates the importance of temptation (Gul and Pesendorfer, 2001) for consumption smoothing and asset accumulation in a structural life-cycle model. We use two complementary estimation strategies: first, we estimate the Euler equation of this model; and second we match liquid and...
Persistent link: https://www.econbiz.de/10012253295
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Debt portfolios
Hintermaier, Thomas; Koeniger, Winfried - 2009
We provide a model with endogenous portfolios of secured and unsecured household debt. Secured debt is collateralized by durables whereas unsecured debt can be discharged in bankruptcy procedures. We show that the model matches the main quantitative characteristics of observed wealth and debt...
Persistent link: https://www.econbiz.de/10003850601
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A comparison of saving rates : micro evidence from seventeen Latin American and Caribbean countries
Gandelman, Néstor - 2015
Using micro data on expenditure and income for 17 Latin American and Caribbean (LAC) countries, this paper presents stylized facts on saving behavior by age, education, income and place of residence. Counterfactual saving rates are computed by imposing the saving behavior, the population...
Persistent link: https://www.econbiz.de/10011316663
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Saving rate dynamics in the neoclassical growth model : hyperbolic discounting and observational equivalence
Farzin, Hossein; Wendner, Ronald - 2013
The standard neoclassical growth model with Cobb-Douglas production predicts a monotonically declining saving rate, when reasonably calibrated. Ample empirical evidence, however, shows that the transition path of a country's saving rate exhibits a rising or non-monotonic pattern. In important...
Persistent link: https://www.econbiz.de/10009756310
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The time path of the saving rate : hyperbolic discounting and short-term planning
Farzin, Yeganeh Hossein; Wendner, Ronald - 2014
The standard neoclassical growth model with Cobb-Douglas production predicts a monotonically declining saving rate, when reasonably calibrated. Ample empirical evidence, however, shows that the transition paths of most countries' saving rates exhibit a statistically significant hump-shaped...
Persistent link: https://www.econbiz.de/10010373737
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Buffer-stock saving and households' response to income shocks
Fella, Giulio; Frache, Serafin; Koeniger, Winfried - 2017
We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information contained in the joint dynamics of income,...
Persistent link: https://www.econbiz.de/10011694737
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Consumption in the Great Recession : the financial distress channel
Athreya, Kartik B.; Mather, Ryan; Mustre-del-Río, José; … - 2019
During the Great Recession, the collapse of consumption across the U.S. varied greatly but systematically with house-price declines. We find that financial distress among U.S. households amplified the sensitivity of consumption to house-price shocks. We uncover two essential facts: (1) the...
Persistent link: https://www.econbiz.de/10012137091
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Monetary policy and wealth inequality over the great recession in the UK : an empirical analysis
Mumtaz, Haroon; Theophilopoulou, Angeliki - 2019
We use detailed micro information at household level from the Wealth and Assets Survey to construct measures of wealth 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...
Persistent link: https://www.econbiz.de/10012120339
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Mortgage debt, consumption, and llliquid housing markets in the Great Recession
Garriga, Carlos; Hedlund, Aaron - 2017
Using a model with housing search, endogenous credit constraints, and mortgage default, this paper accounts for the … housing crash from 2006 to 2011 and its implications for aggregate and cross-sectional consumption during the Great Recession … decline in housing liquidity amplifies the recession by increasing foreclosures, contracting credit, and depressing …
Persistent link: https://www.econbiz.de/10011782612
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Nonlinear household earnings dynamics, self-insurance, and welfare
De Nardi, Mariacristina; Fella, Giulio; Paz Pardo, Gonzalo - 2018
Earnings dynamics are much richer than typically assumed in macro models with heterogeneous agents. This holds for individual-pre-tax and household-post-tax earnings and across administrative (Social Security Administration) and survey (Panel Study of Income Dynamics) data. We study the...
Persistent link: https://www.econbiz.de/10011872415