This paper uses two decades of individual level information from Danish administrative registers to show that a 1-dollar increase in pension wealth leads to a 26-cent rise in total debt. We exploit time-sector variation in mandatory pension contribution rates to isolate the effect of pension...

I papiret undersøges anvendeligheden af en ikke-parametrisk metode, en såkaldt regression spline, til estimation af husholdningers marginale forbrugstilbøjelighed. I forhold til eksisterende metoder kræver denne tilgang færre teoretiske antagelser for identifikation. Mere specifikt vises...

This paper studies consumption and savings decisions of Danish households before and during the financial crisis as well as in the more recent years characterized by negative policy rates. While all household groups decreased their consumption ratios immediately in response to the financial...

We explore the consistency at household-level between register-imputed and survey-based consumption figures for Denmark over the period 2002-15. Furthermore, we analyse the differences between consumption functions estimated on the basis of the two types of microdata. We find that there is a...

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...

Several studies have found that the levels of inflation perceived by households persistently exceed observed inflation levels measured by official Consumer Price Indices. In this paper, we revisit the issue based on rich and previously unexplored household-level data from the Danish part of the...

An important monetary transmission channel works through the impact of interest rate changes on non-financial firms' investment decisions. Higher monetary policy rates affect firms' investment decisions by raising the costs of external financing and lowering aggregate demand for goods and...