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An empirical investigation of imperfect insurance and precautionary savings against idiosyncratic shocks
McCarthy, Jonathan - Federal Reserve Bank of New York - 1992
Persistent link: https://www.econbiz.de/10005387245
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A primer on the economics and time series econometrics of wealth effects: a comment
Lettau, Martin; Ludvigson, Sydney; Barczi, Nathan - Federal Reserve Bank of New York - 2001
In a recent paper ("A Primer on the Economics and Time Series Econometrics of Wealth Effects," 2001), Davis and Palumbo … investigate the empirical relation between three cointegrated variables: aggregate consumption, asset wealth, and labor income … and wealth? Is the adjustment rapid, occurring within a quarter, or more sluggish, taking place over many quarters?" The …
Persistent link: https://www.econbiz.de/10005420650
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Unequal we stand: an empirical analysis of economic inequality in the United States, 1967-2006
Heathcote, Jonathan; Perri, Fabrizio; Violante, Giovanni L. - Federal Reserve Bank of Minneapolis - 2009
earnings, to disposable income, and, ultimately, to consumption and wealth. We document a continuous and sizable increase in …
Persistent link: https://www.econbiz.de/10008610994
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A note on the cointegration of consumption, income, and wealth
Rudd, Jeremy; Whelan, Karl - Federal Reserve Board (Board of Governors of the … - 2002
Lettau and Ludvigson (2001) argue that a log-linearized approximation to an aggregate budget constraint predicts that log consumption, assets, and labor income will be cointegrated. They conclude that this cointegrating relationship is present in U.S. data, and that the estimated cointegrating...
Persistent link: https://www.econbiz.de/10005393831
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How worrisome is a negative saving rate?
Steindel, Charles - In: Current Issues in Economics and Finance 13 (2007) May
saving have remained positive, and household wealth is on the rise.> …
Persistent link: https://www.econbiz.de/10005512162
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The wealth effect in empirical life-cycle aggregate consumption equations
Mehra, Yash P. - In: Economic Quarterly (2001) Spr, pp. 45-67
Persistent link: https://www.econbiz.de/10005429738
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A note on the cointegration of consumption, income, and wealth
Whelan, Karl; Rudd, Jeremy - School of Economics, University College Dublin - 2002
Lettau and Ludvigson (2001) argue that a log-linearized approximation to an aggregate budget constraint predicts that log consumption, assets, and labour income will be cointegrated. They conclude that this cointegrating relationship is present in U.S. data, and that the estimated cointegrating...
Persistent link: https://www.econbiz.de/10011269570
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Stochastic interest rates in the aggregate life cycle of permanent income cum rational expectations model
Kowalewski, K. J. - In: Economic Review (1985) Q IV, pp. 2-19
An estimation of a life cycle cum rational expectations model that allows for uncertain future interest rates. The results show that the model is strongly rejected using post World War II U.S. data.
Persistent link: https://www.econbiz.de/10005360708
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Why is consumption less volatile than income?
Christiano, Lawrence J. - In: Quarterly Review (1987) Fall, pp. 2-20
Persistent link: https://www.econbiz.de/10005360849
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Is consumption insufficiently sensitive to innovations in income?
Christiano, Lawrence J. - Federal Reserve Bank of Minneapolis - 1987
Deaton (1986) has noted that if income is a first-order autoregressive process in first differences, then a simple version of Friedman’s permanent income hypothesis (SPIH) implies that measured U.S. consumption is insufficiently sensitive to innovations in income. This paper argues that this...
Persistent link: https://www.econbiz.de/10005367610