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What Do Labor and Consumption Data Jointly Tell About Labor Income Risk?

Smith, Anthony A; Guvenen, Fatih - Society for Economic Dynamics - SED - 2006

income data together with the information embedded in the dynamics of individual consumption. We extend earlier work in … previous studies that use consumption data to estimate income risk (Blundell and Preston (1998), Blundell, Pistaferri and … dynamics of household consumption. To this end, we impute household consumption in PSID using the procedure developed in …

Persistent link: https://www.econbiz.de/10005069330

Risk-based Pricing of Interest Rates in Household Loan Markets

Edelberg, Wendy - Society for Economic Dynamics - SED - 2004

Abstract: Focusing on observable default risk's role in loan terms and the subsequent consequences for household behavior, this paper shows that lenders increasingly used risk-based pricing of interest rates in consumer loan markets during the mid-1990s. It tests three resulting predictions....

Persistent link: https://www.econbiz.de/10005069461

Consumption, House Prices and Collateral Constraints: a Structural Econometric Analysis

Iacoviello, Matteo - Society for Economic Dynamics - SED - 2004

specified aggregate Euler equation for consumption. I develop a simple two-agent, dynamic general equilibrium model in which … home (collateral) values affect debt capacity and consumption possibilities for a fraction of the households. I then derive … and estimate an aggregate consumption Euler equation, and estimate its structural parameters. The results provide robust …

Persistent link: https://www.econbiz.de/10005069518

Consumption, House Prices and Collateral Constraints: a Structural Econometric Analysis

Iacoviello, Matteo - Department of Economics, Boston College - 2004

Persistent link: https://www.econbiz.de/10005074102

Estimating Nonseparable Preference Specifications for Asset Market Participants

Jacobs, Kris - Centre Interuniversitaire de Recherche en Analyse des … - 2001

consumption and leisure. The econometric analysis uses panel data, and therefore it differs from existing econometric studies that …

Persistent link: https://www.econbiz.de/10005100564

The retirement consumption puzzle: evidence from a regression discontinuity approach

Battistin, Erich; Brugiavini, Agar; Rettore, Enrico; … - Institute for Fiscal Studies (IFS) - 2008

<p>In this paper we investigate the size of the consumption drop at retirement in Italy. We use micro data on food and … total non-durable household spending covering the period 1993-2004, and evaluate the change in consumption that accompanies … decision. We take a regression discontinuity approach, and make the identifying assumption that consumption would be the same …

Persistent link: https://www.econbiz.de/10005509475

Rational Habit Modification in Consumption: the Role of Durables and Credit.

Messinis, G. - Department of Economics, Faculty of Business and Economics - 1999

Since Brown (1952), standard habit formation models of consumption have exclusively focused on non-durables and …

Persistent link: https://www.econbiz.de/10005750840

Are Private Sector Consumption Decisions Affected by Public Sector Consumption?.

Henry, O.; Olekalns, N. - Department of Economics, Faculty of Business and Economics - 1999

This paper looks at the interaction between public and private consumption in Australia. The results show that there is … substitution between private and public consumption in the long-run and that in the short-run, changes to government consumption …

Persistent link: https://www.econbiz.de/10005574833

Comparing Wealth Effects: The Stock Market versus the Housing Market

Case, Karl; Quigley, John; Shiller, Robert - In: Advances in Macroeconomics 5 (2005) 1, pp. 1235-1235

, and measures of aggregate consumption for each of the geographic units over time. We estimate regression models in levels …, first differences and in error-correction form, relating consumption to income and wealth measures. We find a statistically … significant and rather large effect of housing wealth upon household consumption. …

Persistent link: https://www.econbiz.de/10005579528

On the History of Habit Formation in Consumption.

Messinis, G. - Department of Economics, Faculty of Business and Economics - 1999

This paper traces the evolution of the habit formation literature in economics. Its long history displays two main features: (i) the literature has grown immensely during the 20th century, and (ii) its growth has not been smooth. This paper argues that factors such as methodology, theoritical...

Persistent link: https://www.econbiz.de/10005587666