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Quantifying expenditure hierarchies and the expansion of global consumption diversity
Chai, Andreas; Stepanova, Elena; Moneta, Alessio - 2022
Economic growth tends to stimulate fundamental changes in consumption patterns as consumers who get rich tend to spread their spending more evenly across a wider variety of goods and services. Comparing cross sectional spending patterns across rich and poor countries, we investigate how this...
Persistent link: https://www.econbiz.de/10013402052
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Cross-country heterogeneity in intertemporal substitution
Havránek, Tomáš; Horváth, Roman; Havránková, Zuzana; … - 2013
We collect 2,735 estimates of the elasticity of intertemporal substitution in consumption from 169 published studies that cover 104 countries during different time periods. The estimates vary substantially from country to country, even after controlling for 30 aspects of study design. Our...
Persistent link: https://www.econbiz.de/10009786885
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How does the sensitivity of consumption to income vary over time? : international evidence
Islamaj, Ergys; Kose, M. Ayhan - 2016
This paper studies how the sensitivity of consumption to income has changed over time as the degree of financial integration has risen. In standard theory, greater financial integration facilitates international borrowing and lending, helping to reduce the sensitivity of consumption growth to...
Persistent link: https://www.econbiz.de/10011457468
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Consumption, Wealth, Stock and Government Bond Returns : International Evidence
Afonso, António - 2011
consumption, aggregate wealth, and labour income should predict both stock returns and government bond yields. We use data for … consumption to rise. Regarding government bond yields, when bonds are seen as a component of asset wealth, then investors react in …
Persistent link: https://www.econbiz.de/10013128867
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Aggregate Consumption and Wealth in the Long Run : The Impact of Financial Liberalization
Gardberg, Malin - 2020
This paper investigates the impact of financial liberalization on the relationship between consumption and total wealth … (i.e., the sum of asset wealth and human wealth). Financial liberalization is persistent and may signal changes in … expected future consumption growth rates and/or in rates of return on wealth that, through the inter-temporal budget constraint …
Persistent link: https://www.econbiz.de/10012824799
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Macroeconomic Volatility, Consumption Behaviour and Welfare : A Cross-Country Analysis
Montalbano, Pierluigi - 2012
This work presents a robust empirical approach to dealing with the issue of the long run relationship between macroeconomic volatility, consumption behaviour and welfare for a large sample of countries. Differing from previous works, our empirical strategy is grounded on consumption and takes...
Persistent link: https://www.econbiz.de/10013102776
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Loss Aversion, Economic Sentiments and International Consumption Smoothing
Clancy, Daragh - 2019
We examine an unexplored connection between loss aversion and international consumption smoothing. In the face of expected income declines, loss-averse behaviour implies that any adjustments in consumption are delayed until they are necessary. However, if the expected fall in income...
Persistent link: https://www.econbiz.de/10012871880
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Macroeconomic disasters and forward-looking consumers : historical evidence and evidence from the Covid-19 pandemic
Pozzi, Lorenzo; Sadaba, Barbara - 2021
Macroeconomic disasters (wars, pandemics, depressions) are characterized by drastic shifts and increased volatility of the aggregate consumption to income ratio. By standard intertemporal budget constraint logic, this ratio is linked to expectations of future income and consumption growth rates....
Persistent link: https://www.econbiz.de/10012511037
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How does excessive volatility of consumption vary across countries?
Dovchinsuren, Khaliun - In: Japan and the world economy : international journal of … 67 (2023), pp. 1-10
Persistent link: https://www.econbiz.de/10014384266