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Savings and Consumption Responses to Student Loan Forbearance
Katz, Justin - 2023
How do households adjust savings and consumption in response to liquidity from debt relief? I study this question using …
Persistent link: https://www.econbiz.de/10014254799
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Subjective Income Expectations and Household Debt Cycles
D'Acunto, Francesco; Weber, Michael; Yin, Xiao - National Bureau of Economic Research - 2024
Matched transaction-level, credit-registry, and survey-based data reveal that consumers on average form excessively high (low) income expectations relative to ex-post realizations after unexpected positive (negative) income shocks. These extrapolative income expectations lead consumers to...
Persistent link: https://www.econbiz.de/10014635678
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Do required minimum distribution 401(k) rules matter, and for whom? : insights from a lifecylce model
Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2021
Tax-qualified vehicles helped U.S. private-sector workers accumulate $25Tr in retirement assets. An often-overlooked important institutional feature shaping decumulations from these retirement plans is the "Required Minimum Distribution" (RMD) regulation, requiring retirees to withdraw a minimum...
Persistent link: https://www.econbiz.de/10012668367
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The Saving Glut of the Rich and the Rise in Household Debt
Mian, Atif R. - 2020
Rising income inequality since the 1980s in the United States has generated a substantial increase in saving by the top of the income distribution, which we call the saving glut of the rich. The saving glut of the rich has been as large as the global saving glut, and it has not been associated...
Persistent link: https://www.econbiz.de/10012837475
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The Marginal Propensity to Consume in Heterogeneous Agent Models
Kaplan, Greg; Violante, Giovanni L. - 2022
What model features and calibration strategies yield a large average marginal propensity to consume (MPC) in heterogeneous agent models? Through a systematic investigation of models with different preferences, dimensions of ex-ante heterogeneity, income processes and asset structure, we show...
Persistent link: https://www.econbiz.de/10013279374
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The Marginal Propensity to Consume in Heterogeneous Agent Models
Kaplan, Greg; Violante, Giovanni L. - National Bureau of Economic Research - 2022
What model features and calibration strategies yield a large average marginal propensity to consume (MPC) in heterogeneous agent models? Through a systematic investigation of models with different preferences, dimensions of ex-ante heterogeneity, income processes and asset structure, we show...
Persistent link: https://www.econbiz.de/10013210041
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The heterogeneous effects of COVID-19 on Canadian household consumption, debt and savings
MacGee, James; Pugh, Thomas Michael; See, Kurt - 2020 - Last updated: November 27, 2020
on household debt and unplanned savings over 2020. We merge data from the Survey of Financial Security and the Survey of … debt and savings. We highlight two other important channels. First, income replacement programs (notably CERB) only …-to-distance goods and so experience larger declines in consumption expenditures. This contributes to the high savings observed during …
Persistent link: https://www.econbiz.de/10012322138
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The saving glut of the rich and the rise in household debt
Mian, Atif; Straub, Ludwig; Sufi, Amir - 2020
Rising income inequality since the 1980s in the United States has generated a substantial increase in saving by the top of the income distribution, which we call the saving glut of the rich. The saving glut of the rich has been as large as the global saving glut, and it has not been associated...
Persistent link: https://www.econbiz.de/10012197559
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Household debt, liquidity constraints and the interest rate elasticity of private consumption
Kärkkäinen, Samu; Silvo, Aino - 2023
We study whether the level of household indebtedness is related to the interest rate elasticity of private consumption. Looking at Finnish aggregate data, we find no robust evidence of increased interest rate elasticity of private consumption even as the household sector's debt-to-income ratio...
Persistent link: https://www.econbiz.de/10014265629
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Income, Liquidity, and the Consumption Response to the 2020 Economic Stimulus Payments
Baker, Scott R. - 2020
The 2020 CARES Act directed large cash payments to households. We analyze house-holds' spending responses using high-frequency transaction data from a Fintech non-profit, exploring heterogeneity by income levels, recent income declines, and liquidity as well as linked survey responses about...
Persistent link: https://www.econbiz.de/10012835583