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Portfolios of the rich
Carroll, Christopher D. - 2000
Recent research has shown that 'rich' households save at much higher rates than others (see Carroll (2000); Dynan … perhaps there is exogenous variation in risk tolerance so that highly risk tolerant households engage in high-risk high … households' utility functions directly as a luxury good as in Carroll (2000) (one interpretation is that this reflects the …
Persistent link: https://www.econbiz.de/10010293507
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Ungleiche Verteilung der Einkommen bremst das Wirtschaftswachstum
Wagner, Gert G. - In: Wirtschaftsdienst 93 (2013) 2, pp. 110-116
the same time, the inequality of household incomes has increased. High-income households have profi ted particularly from …
Persistent link: https://www.econbiz.de/10010293621
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The quest for status and endogenous labor supply: The relative wealth framework
Fisher, Walter H.; Hof, Franz X. - 2005
This paper introduces the quest for status into the Ramsey model with endogenous labor supply. We focus our attention on relative wealth preferences. In contrast to relative consumption preferences, they allow for the possibility that agents work too little in the long run, while under both...
Persistent link: https://www.econbiz.de/10010293714
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Imports, status preference, and foreign borrowing
Fisher, Walter H. - 2004
This paper considers the implications of consumption and borrowing externalities in a small open economy framework. The former reflect the assumption that status conscious agents care about the relative consumption of imported goods, while the latter arise because agents do not take into account...
Persistent link: https://www.econbiz.de/10010293720
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Expansionary fiscal contractions? Evidence from panel data
Hogan, Vincent - 2003
We examine the ability of the Expansionary Fiscal Contraction (EFC) hypothesis to explain the performance of of OECD economies during times of crisis. We find some limited evidence in its favour: if public consumption is reduced in response to a fiscal crisis (as defined by a high level of...
Persistent link: https://www.econbiz.de/10010293826
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Approximate and almost-exact aggregation in dynamic stochastic heterogeneous-agent models
Reiter, Michael - 2010
The paper presents a new method to solve DSGE models with a great number of heterogeneous agents. Using tools from systems and control theory, it is shown how to reduce the dimension of the state and the policy vector so that the reduced model approximates the original model with high precision....
Persistent link: https://www.econbiz.de/10010294018
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Keeping up with the ageing Joneses
Fisher, Walter H.; Heijdra, Ben J. - 2007
In this paper we consider the implications of relative consumption externalities in the Blanchard-Yaari overlapping generations framework. Unlike most of the macroeconomic literature that studies this question, the differences between agents, and, thus, in their relative position, persist in...
Persistent link: https://www.econbiz.de/10010294031
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Growth effects of consumption jealousy in a two-sector model
Duernecker, Georg - 2007
This paper aims at analyzing the implications of individuals' consumption jealousy on the dynamic structure of a two-sector model economy. We find that status-seeking substantially influences both, the long-term properties and the adjustment behavior of the model. Depending on the status motive,...
Persistent link: https://www.econbiz.de/10010294033
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Growth and the ageing Joneses
H. Fisher, Walter; Heijdra, Ben J. - 2008
We incorporate Keeping-up-with-the-Joneses (KUJ) preferences into the Blanchard-Yaari (BY) framework and develop, using an AK technology, a model of balanced growth. In this context we investigate status preference, demographic, and pension policy shocks. We find that a higher degree of KUJ...
Persistent link: https://www.econbiz.de/10010294036
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Marriage, Divorce and Interstate Risk Sharing
Halla, Martin; Scharler, Johann - 2008
In this paper we study the importance of marriage for interstate risk sharing. We find that US states in which married couples account for a higher share of the population are less exposed to state-specific output shocks. Thus, marriages do not just improve the allocation of risk at the...
Persistent link: https://www.econbiz.de/10010294898