the consumption level of all households who are perceived to be richer, on household savings and consumption. When … controlling for own income, an increase in reference consumption of 100 euros leads to an increase in consumption of 10 to 25 …We demonstrate that interpersonal comparisons lead to "keeping up with the Joneses"-behavior. Using annual household …

households who are perceived to be richer, on household savings and consumption. When controlling for own income as well as … consumption of up to 23 euros depending on the household's position in the income distribution. Our findings suggest that changing … the German Socio-Economic Panel, we estimate the effect of reference consumption, defined as the consumption level of all …

theoretical prediction of a simple model, determines a much lower amount of savings and wealth accumulation and therefore a lower … degree of insurance. This, in turn, contributes to persistent racial differentials in life-cycle consumption.Starting from … the same position in the consumption distribution Blacks end up in a lower percentile than Whites after a few decades …

from similar positions in the consumption distribution Blacks end up in lower percentiles than Whites. Education, income …With 20 years of PSID data, we document persistent racial differentials in life-cycle consumption dynamics. Starting … the Whites to prevent them from falling in the lower part of the consumption distribution. …