Showing 111 - 120 of 39,165
-good framework, a quasi-luxury is de ned as a good whose marginal rate of substitution is increasing in wealth. Under certain …-necessities when they expect to be happier (unhappier) in the future. The preference for quasi-luxuries promotes optimal wealth …
Persistent link: https://www.econbiz.de/10005639247
wealth. We derive the Euler equations for these preferences and estimate them with GMM. Our estimates suggest that the …
Persistent link: https://www.econbiz.de/10011065662
On October 24, 2008, the Oesterreichische Nationalbank (OeNB) held an international workshop entitled “Saving in Austria – Too Little and Too Late?”. The purpose of the event was to devote more attention to an important economic topic which even experts still do not understand sufficiently...
Persistent link: https://www.econbiz.de/10005273227
cycle, of several dimensions of economic inequality, including wages, labor earnings, income, consumption, and wealth. After …
Persistent link: https://www.econbiz.de/10008487510
effect of wealth shocks on household consumption and individual expectations of the future. Many household experienced a … significant wealth shocks, but these shocks led to modest spending effects and small revisions to expectations regarding future … bequests. Expectations of bequests seem particularly tied to housing wealth. …
Persistent link: https://www.econbiz.de/10010331053
consumption (such as GDP, household incomes, household saving rates, household wealth, and employment conditions) in the Group of … private consumption has been due to the stagnation of household income and of household wealth and the relative stability of …
Persistent link: https://www.econbiz.de/10010332369
Based on the households' utility maximisation, a closed form approximation of the consumption function is derived and the deep parameters of the consumption function are estimated using aggregate euro area data. The novel element in our approach is the parameterisation of the information content...
Persistent link: https://www.econbiz.de/10011604297
-simulations to investigate heterogeneity in the euro area. We quantify shocks to wealth, income and financial pressure faced by … affected the income-poor, while the declining wealth the income-rich. Although borrowers benefited from the substantial … consumption growth driven by both rich and poor households: while the former were hit by large shocks to wealth, the latter also …
Persistent link: https://www.econbiz.de/10011605750
Preferences over wealth can explain why households do not spend more when real interest rates fall, because they save … more than optimal under a standard model. However, little is known about preferences over wealth empirically. We run an … wealth, consistent with wealth entering the utility function directly. …
Persistent link: https://www.econbiz.de/10012140630
deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for …
Persistent link: https://www.econbiz.de/10010278886