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Does Relative Risk Aversion Vary with Wealth? Evidence from Households' Portfolio Choice Data
Liu, Xuan - 2016
We test whether relative risk aversion varies with wealth using the Panel Study of Income Dynamics data in the U.S. Our … responds to wealth fluctuations, the income channel and the habit channel. For across households, there are heterogeneous … responses, and to provide strong evidence of relative risk aversion varying with wealth, after correcting two misspecification …
Persistent link: https://www.econbiz.de/10013008171
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Consumption heterogeneity : micro drivers and macro implications
Crawley, Edmund; Kuchler, Andreas - 2018
This paper aims to test the microfoundations of consumption models and quantify the macro implications of heterogeneity in consumption behavior. We propose a new empirical method to estimate the sensitivity of consumption to permanent and transitory income shocks for different groups of...
Persistent link: https://www.econbiz.de/10011930206
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Household savings decision and income uncertainty
Beznoska, Martin; Ochmann, Richard - 2010
This paper empirically investigates the effects of changes in the interest rate as well as transitory income uncertainty on households' consumption-savings decision. Applying a structural demand model to German survey data, we estimate the uncompensated interest rate elasticity for savings, in...
Persistent link: https://www.econbiz.de/10009261306
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Consumption Partial Insurance in the Presence of Tail Income Risk
Ghosh, Anisha; Theloudis, Alexandros - 2023
We measure the extent of consumption insurance to income shocks accounting for high-order moments of the income distribution. We derive a nonlinear consumption function, in which the extent of insurance varies with the sign and magnitude of income shocks. Using PSID data, we estimate an...
Persistent link: https://www.econbiz.de/10014349877
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Predictable Life-Cycle Shocks, Income Risk and Consumption Inequality
Primiceri, Giorgio E. - 2006
Was the increase in income inequality in the US due to permanent shocks or merely to an increase in the variance of transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX repeated cross-section data on consumption and income to...
Persistent link: https://www.econbiz.de/10012733915
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Reform of the Mortgage Interest Tax Relief System, Policy Uncertainty and Precautionary Savings in the Netherlands
Mastrogiacomo, Mauro - 2013
We examined the mortgage interest tax relief (MIR) system in the Netherlands and reforms to this system, based on answers to direct questions in survey data for the period 2010-2012. As well as tracking individuals over time and at strategic moments in the process of the policy reform, this...
Persistent link: https://www.econbiz.de/10013071546
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Heterogeneous Life-Cycle Profiles, Income Risk and Consumption Inequality
Primiceri, Giorgio E.; van Rens, Thijs - 2021
Was the increase in income inequality in the US due to permanent shocks or merely to an increase in the variance of transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX repeated cross-section data on consumption and income to...
Persistent link: https://www.econbiz.de/10013325209
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Household Savings Decision and Income Uncertainty
Beznoska, Martin - 2010
This paper empirically investigates the effects of changes in the interest rate as well as transitory income uncertainty on households' consumption-savings decision. Applying a structural demand model to German survey data, we estimate the uncompensated interest rate elasticity for savings, in...
Persistent link: https://www.econbiz.de/10013138012
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Heterogeneous Life-Cycle Profiles, Income Risk and Consumption Inequality
Primiceri, Giorgio E.; van Rens, Thijs - 2007
Was the increase in income inequality in the US due to permanent shocks or merely to an increase in the variance of transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX repeated cross-section data on consumption and income to...
Persistent link: https://www.econbiz.de/10014225377
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Policy Uncertainty and Precautionary Savings : Does a Possible Reduction of the Mortgage Interest Deduction Increase Savings in the Netherlands?
Mastrogiacomo, Mauro - 2015
We analyze whether uncertainty related to the outcome of future policy results in precautionary saving. We focus on an important cause of policy uncertainty for households in the Netherlands: the possible limitation of the mortgage interest deduction. To isolate the effect of policy uncertainty...
Persistent link: https://www.econbiz.de/10013017789