The wealthy hand-to-mouth are households who hold little or no liquid wealth (cash, checking, and savings accounts), despite owning sizable amounts of illiquid assets (assets that carry a transaction cost, such as housing or retirement accounts). We use survey data on household portfolios for...

We document systematic and significant time variation in US lifecycle non-durable consumption profiles. Consumption profiles have consistently become flatter: differences in consumption across generations have decreased. Pooling data across different periods to identify lifecycle profiles masks...

Over the last 15 years, the typical household has increasingly concentrated its spending on a few preferred products. However, this is not driven by “superstar” products capturing larger market shares. Instead, households increasingly purchase different products from each other. As a result,...

This paper utilizes a new data set to test for utility maximizing behavior and weakly separable subutility functions in the context of a utility function comprising durables, nondurables, services, leisure, and monetary asset holdings for the U.K. personal sector. All the data sets analyzed...

Marcel Schützenmeister zeigt in dem Buch theoretisch auf, unter welchen Bedingungen die Geldpolitik einen unmittelbaren Einfluss auf die Wohnimmobilien- und private Konsumnachfrage in einer Ökonomie ausübt. Eine weitere zentrale Erkenntnis ist, dass bei Erfüllung dieser Bedingungen die...