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Shocks, frictions, and inequality in US business cycles
Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2020
How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we … income risk and taxes. We find that adding data on inequality does not materially change the estimated shocks and frictions … income inequality. The systematic components of monetary and fiscal policy are important for inequality as well. …
Persistent link: https://www.econbiz.de/10012162730
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Consumption choices and earnings expectations : empirical evidence and structural estimation
Stoltenberg, Christian; Uhlendorff, Arne - 2023
In this paper, we document that households' consumption expenditures crucially depend on their expected earnings - even after controlling for realized earnings, wealth and time-invariant unobserved characteristics such as permanent income and over-confidence. To explain this evidence, we develop...
Persistent link: https://www.econbiz.de/10014249642
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Consumption choices and earnings expectations : empirical evidence and structural estimation
Stoltenberg, Christian; Uhlendorff, Arne - 2022
In this paper, we document that households’ consumption expenditures depend on their expected earnings - even after controlling for realized earnings and wealth. To explain this evidence, we develop and structurally estimate a standard-incomplete markets model in which rational households...
Persistent link: https://www.econbiz.de/10013329447
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Consumption choices and earnings expectations : empirical evidence and structural estimation
Stoltenberg, Christian; Uhlendorff, Arne - 2022
In this paper, we document that households' consumption expenditures depend on their expected earnings - even after controlling for realized earnings and wealth. To explain this evidence, we develop and structurally estimate a standard-incomplete markets model in which rational households...
Persistent link: https://www.econbiz.de/10013332707
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Advance information and consumption insurance : evidence from panel data
Pedroni, Marcelo; Singh, Swapnil; Stoltenberg, Christian - 2022 - Preliminary, April 15, 2022
We investigate whether US households possess advance information about their future income and what this means for consumption insurance. Based on insights from a theoretical model, we propose a new test to detect advance information, which requires only panel data on consumption and income....
Persistent link: https://www.econbiz.de/10013186823
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Persistent Heterogeneous Returns and Top End Wealth Inequality
Cao, Dan - 2017
reduction in US corporate tax rates can generate the joint evolution of rising wealth inequality, rising capital-output ratio …
Persistent link: https://www.econbiz.de/10012968634
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Wealth and income inequality in the long run
Lieberknecht, Philipp; Vermeulen, Philip - 2022 - This version: May 12, 2022
This paper analyses the joint long-run evolution of wealth and income inequality. We show that top wealth and income …
Persistent link: https://www.econbiz.de/10013202036
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Inequality and relative saving rates at the top
Lieberknecht, Philipp; Vermeulen, Philip - 2018
to a reduction of the long-run gap between wealth and income inequality compared to the period before. In the short …-run, income inequality drives wealth inequality, while the converse link is weaker and slower. Using counterfactual simulations …, we find that the recent rise in wealth inequality in the US is largely attributable to the contemporary increase in …
Persistent link: https://www.econbiz.de/10011929816
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A note on the size distribution of consumption : more double Pareto than lognormal
Akira Toda, Alexis - 2015
The cross-sectional distribution of consumption is commonly approximated by the lognormal distribution. This note shows that consumption is better described by the double Pareto-lognormal distribution (dPlN), which has a lognormal body with two Pareto tails and arises as the stationary...
Persistent link: https://www.econbiz.de/10011798322
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Aggregate consumption and wealth in the long run : the impact of financial liberalization
Gardberg, Malin; Pozzi, Lorenzo - 2020
This paper investigates the impact of financial liberalization on the relationship between consumption and total wealth (i.e., the sum of asset wealth and human wealth). We propose a heterogeneous agent framework with incomplete markets where financial liberalization, by signalling a future...
Persistent link: https://www.econbiz.de/10012224274