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The distribution of wealth and the marginal propensity to consume
Carroll, Christopher D.; Slacalek, Jiri; Tokuoka, Kiichi - 2014
dynamics. When the model is modified in a way that permits it to match empirical measures of wealth inequality in the U.S., we …
Persistent link: https://www.econbiz.de/10011605700
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Correlated income shocks and excess smoothness of consumption
Hryshko, Dmytro - In: Journal of Economic Dynamics and Control 48 (2014) C, pp. 41-62
explore the effects of correlated income shocks on the estimated consumption insurance against permanent and transitory shocks …, and consumption smoothness using a life-cycle model with self-insurance calibrated to U.S. data. Negatively correlated … income shocks result in smoother consumption, and upward-biased estimates of the insurance against transitory (and permanent …
Persistent link: https://www.econbiz.de/10011077514
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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/10012059476
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Heterogeneity of consumption responses to income shocks in the presence of nonlinear persistence
Arellano, Manuel; Blundell, Richard W.; Bonhomme, Stéphane - 2023
In this paper we use the enhanced consumption data in the Panel Survey of Income Dynamics (PSID) from 2005-2017 to explore the transmission of income shocks to consumption. We build on the nonlinear quantile framework introduced in Arellano, Blundell and Bonhomme (2017). Our focus is on the...
Persistent link: https://www.econbiz.de/10014480421
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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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Heterogeneity of consumption responses to income shocks in the presence of nonlinear persistence
Arellano, Manuel; Blundell, Richard W.; Bonhomme, Stéphane - 2023
In this paper we use the enhanced consumption data in the Panel Survey of Income Dynamics (PSID) from 2005-2017 to explore the transmission of income shocks to consumption. We build on the nonlinear quantile framework introduced in Arellano, Blundell and Bonhomme (2017). Our focus is on the...
Persistent link: https://www.econbiz.de/10014248416
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MPC heterogeneity and household balance sheets
Fagereng, Andreas; Holm, Martin B.; Natvik, Gisle J. - 2016
Using Norwegian administrative data, we study how sizable lottery prizes affect household expenditure and savings. Expenditure responses (MPCs) spike in the year of winning, with a mean estimate of 0.35, and thereafter fall markedly. Controlling for all items on the household balance sheet and...
Persistent link: https://www.econbiz.de/10011968622
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Peer effects and debt accumulation: Evidence from lottery winnings
Gulbrandsen, Magnus A. H. - 2021
I estimate the effect of lottery winnings on peers' debt accumulation using administrative data from Norway. I identify neighbors of lottery winners, and estimate an average debt response of 2.1 percent of the lottery prize among households that live up to ten houses from the winner. Analyzing...
Persistent link: https://www.econbiz.de/10013373821
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COVID-19 and the formation of energy conservation routines: Disentangling the relative importance of attention and income shocks
Löschel, Andreas; Price, Michael Keith; Razzolini, Laura; … - 2022
We examine the impact of the COVID-19 pandemic on the formation of energy conservation routines. To do so, we use data from two nationwide surveys of German households, conducted before and during the pandemic. Across the two survey waves, we document a significant increase in the likelihood...
Persistent link: https://www.econbiz.de/10013482879
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MPC Heterogeneity and Household Balance Sheets
Fagereng, Andreas; Holm, Martin B.; Natvik, Gisle James - 2018
We use sizeable lottery prizes in Norwegian administrative panel data to characterize households’ marginal propensities to consume (MPCs). Our main contribution is to document how MPCs vary with household characteristics and prize size, and how lottery prizes are spent and saved over time. We...
Persistent link: https://www.econbiz.de/10011887394