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Re-examining the decline in the US saving rate: The impact of mortgage equity withdrawal

Caporale, Guglielmo Maria; Costantini, Mauro; Paradiso, … - 2012

In this paper we examine the role of mortgage equity withdrawal in explaining the decline of the US saving rate, since when house prices rise and mortgage rates are low, homeowners have an incentive to withdraw housing equity and this may affect the saving rate. We estimate a Vector Error...

Persistent link: https://www.econbiz.de/10010283598

The role of credit on the evolution of wealth inequality in the USA

Oviedo Moguel, Rodolfo - 2020

In the USA, the share of household wealth held by the richest 1% increased from 23.5% in 1980 to 41.8% in 2012. This paper contributes to understanding the causes behind this increase. First, using an accounting decomposition, I show that more than half of the increase in the share of the top 1%...

Persistent link: https://www.econbiz.de/10012318998

Re-examining the decline in US saving rate : the impact of mortgage equity withdrawal

Costantini, Mauro; Paradiso, Antonio - 2012

Persistent link: https://www.econbiz.de/10009573967

Re-examining the decline in the US saving rate : the impact of mortgage equity withdrawal

Caporale, Guglielmo Maria; Costantini, Mauro; Paradiso, … - In: Journal of international financial markets, … 26 (2013), pp. 215-225

Persistent link: https://www.econbiz.de/10010234911

Costly contracts and consumer credit

Livshits, Igor; MacGee, James; Tertilt, Michèle - 2011

the dispersion of credit card interest rates nearly tripled, and the share of credit card debt of lower income households …

Persistent link: https://www.econbiz.de/10010291903

The reaction of consumer spending and debt to tax rebates: Evidence from consumer credit data

Agarwal, Sumit; Liu, Chunlin; Souleles, Nicholas S. - 2007

We use a new panel dataset of credit card accounts to analyze how consumers responded to the 2001 federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that on average...

Persistent link: https://www.econbiz.de/10010292101

Limited financial market participation: A transaction cost-based explantation

Paiella, Monica - 2001

This paper focuses on the issue of limited financial market participation and determines a lower bound on the level of fixed transaction costs that are required to reconcile observed portfolio choices with asset returns within an isoelastic utility framework. The bound is determined from the set...

Persistent link: https://www.econbiz.de/10010293023

How large is the housing wealth effect? A new approach

Carroll, Christopher D.; Otsuka, Misuzu; Slacalek, Jirka - 2006

This paper presents a simple new method for estimating the size of ‘wealth effects?on aggregate consumption. The method exploits the well-documented sluggishness of consumption growth (often interpreted as ‘habits?in the asset pricing literature) to distinguish between short-run and long-run...

Persistent link: https://www.econbiz.de/10010293502

Portfolios of the rich

Carroll, Christopher D. - 2000

Recent research has shown that 'rich' households save at much higher rates than others (see Carroll (2000); Dynan … perhaps there is exogenous variation in risk tolerance so that highly risk tolerant households engage in high-risk high … households' utility functions directly as a luxury good as in Carroll (2000) (one interpretation is that this reflects the …

Persistent link: https://www.econbiz.de/10010293507

Marriage, Divorce and Interstate Risk Sharing

Halla, Martin; Scharler, Johann - 2008

In this paper we study the importance of marriage for interstate risk sharing. We find that US states in which married couples account for a higher share of the population are less exposed to state-specific output shocks. Thus, marriages do not just improve the allocation of risk at the...

Persistent link: https://www.econbiz.de/10010294898

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