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Bundling time and goods : implications for hours dispersion
Fang, Lei; Hannusch, Anne; Silos, Pedro - 2020
We document the large dispersion in hours worked in the cross-section. We account for this fact using a model in which households combine market inputs and time to produce a set of nonmarket activities. To estimate the model, we create a novel data set that pairs market expenditures and time use...
Persistent link: https://www.econbiz.de/10012150238
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Leisure and housing consumption after retirement : new evidence on the life-cycle hypothesis
Schreiber, Sven; Beblo, Miriam - 2016 - This version: May 2016
We revisit the alleged retirement consumption puzzle. According to the life-cycle theory, foreseeable income reductions … such as those around retirement should not affect consumption. However, we first recall that given higher leisure … endowments after retirement, the theory does predict a fall of total market consumption expenditures. In order not to mistake …
Persistent link: https://www.econbiz.de/10011485846
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Leisure and housing consumption after retirement : new evidence on the life-cycle hypothesis
Schreiber, Sven; Beblo, Miriam - 2016
We revisit the alleged retirement consumption puzzle. According to the life-cycle theory, foreseeable income reductions … such as those around retirement should not affect consumption. However, we first recall that given higher leisure … endowments after retirement, the theory does predict a fall of total market consumption expenditures. In order not to mistake …
Persistent link: https://www.econbiz.de/10011455042
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Habit Persistence, Non-Separability between Consumption and Leisure, or Rule-of-Thumb Consumers : Which Accounts for the Predictability of Consumption Growth?
Kiley, Michael T. - 2007
than permanent income; habit persistence; and non-separability in preferences over consumption and leisure. The data appear … most consistent with non-separable preferences over consumption and leisure …
Persistent link: https://www.econbiz.de/10014222407
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Rising indebtedness and temptation : a welfare analysis
Nakajima, Makoto - In: Quantitative economics : QE ; journal of the … 3 (2012) 2, pp. 257-288
Is the observed large increase in consumer indebtedness since 1970 beneficial for U.S. consumers? This paper quantitatively investigates the macroeconomic and welfare implications of relaxing borrowing constraints using a model with preferences featuring temptation and self-control. The model...
Persistent link: https://www.econbiz.de/10011756832
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Credit, bankruptcy, and aggregate fluctuations
Nakajima, Makoto; Ríos-Rull, José-Víctor - 2019
We document the cyclical properties of unsecured consumer credit (procyclical and volatile) and of consumer bankruptcies (countercyclical and very volatile). Using a growth model with household heterogeneity in earnings and assets with access to unsecured credit (because of bankruptcy costs) and...
Persistent link: https://www.econbiz.de/10012197797
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Trade-off between consumption growth and inequality : theory and evidence for Germany
Xie, Runli - 2009
This paper examines the structure and evolution of consumption and consumption growth inequality. Once heterogeneous agents relate their neighbors' consumption to their own, consumption volatility and inequality are affected. The relationship predicted between the group average consumption...
Persistent link: https://www.econbiz.de/10003850730
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Saving on a rainy day, borrowing for a rainy day
Alan, Sule; Crossley, Thomas F.; Low, Hamish - 2012
The aim of this paper is to understand what a recession means for individual consumers, and to model in a life-cycle framework how individuals respond to recessions. Our focus is on the sharp increase in savings rates that have been observed in the current and recent recessions. We show...
Persistent link: https://www.econbiz.de/10009530241
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Saving on a rainy day, borrowing for a rainy day
Alan, Sule; Crossley, Thomas F.; Low, Hamish - 2012
The aim of this paper is to understand what a recession means for individual consumers, and to model in a life-cycle framework how individuals respond to recessions. Our focus is on the sharp increase in savings rates that have been observed in the current and recent recessions. We show...
Persistent link: https://www.econbiz.de/10009537319
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Saving rates and portfolio choice with subsistence consumption
Achury, Carolina; Hubar, Sylwia; Koulovatianos, Christos - 2011
We analytically show that a common across rich/poor individuals Stone-Geary utility function with subsistence consumption in the context of a simple two-asset portfolio-choice model is capable of qualitatively and quantitatively explaining: (i) the higher saving rates of the rich, (ii) the...
Persistent link: https://www.econbiz.de/10008856389