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The COVID-19 consumption game-changer : evidence from a large-scale multi-country survey
Hodbod, Alexander; Hommes, Cars H.; Huber, Stefanie J.; … - 2021
Prospective economic developments depend on the behavior of consumer spending. A key question is whether private expenditures recover once social distancing restrictions are lifted or whether the COVID-19 crisis has a sustained impact on consumer confidence, preferences, and, hence, spending....
Persistent link: https://www.econbiz.de/10012643267
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The COVID-19 consumption game-changer : evidence from a large-scale multi-country survey
Hodbod, Alexander; Hommes, Cars H.; Huber, Stefanie J.; … - 2021 - Version: 2021-10-17
Prospective economic developments depend on the behavior of consumer spending. A key question is whether private expenditures recover once social distancing restrictions are lifted or whether the COVID-19 crisis has a sustained impact on consumer confidence, preferences, and, hence, spending....
Persistent link: https://www.econbiz.de/10012665880
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Fiscal policies and household consumption during the COVID-19 pandemic : a review of early evidence
Hackethal, Andreas; Weber, Annika - 2020
We review early evidence on how household consumption behavior has evolved over the pandemic and how different groups … of households have responded to fiscal stimulus programs. Due to the scarcity of evidence for Europe, our review focuses …
Persistent link: https://www.econbiz.de/10012318907
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Subjective Income Expectations and Household Debt Cycles
D'Acunto, Francesco; Weber, Michael; Yin, Xiao - National Bureau of Economic Research - 2024
expectations. Extrapolative income expectations help explain state-dependent household debt cycles qualitatively and quantitatively …
Persistent link: https://www.econbiz.de/10014635678
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Visibility bias in the transmission of consumption norms and undersaving
Han, Bing; Hirshleifer, David - 2016
We model visibility bias in the social transmission of consumption behavior. When consumption is more salient than non-consumption, people perceive that others are consuming heavily, and infer that future prospects are favorable. This increases aggregate consumption in a positive feedback loop....
Persistent link: https://www.econbiz.de/10011547572
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The Marginal Propensity to Consume in Heterogeneous Agent Models
Kaplan, Greg; Violante, Giovanni L. - 2022
What model features and calibration strategies yield a large average marginal propensity to consume (MPC) in heterogeneous agent models? Through a systematic investigation of models with different preferences, dimensions of ex-ante heterogeneity, income processes and asset structure, we show...
Persistent link: https://www.econbiz.de/10013279374
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The Marginal Propensity to Consume in Heterogeneous Agent Models
Kaplan, Greg; Violante, Giovanni L. - National Bureau of Economic Research - 2022
What model features and calibration strategies yield a large average marginal propensity to consume (MPC) in heterogeneous agent models? Through a systematic investigation of models with different preferences, dimensions of ex-ante heterogeneity, income processes and asset structure, we show...
Persistent link: https://www.econbiz.de/10013210041
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The Consumption Behavior When Consumption Growth Is Low
Ju, Gaosheng - 2023
This paper investigates consumption-behavior heterogeneity across consumption growth levels by analyzing microdata from a unique macro perspective. This innovative approach allows us to test the applicability of Kahneman and Tversky's (1979) S-shaped utility to consumption behaviors with a...
Persistent link: https://www.econbiz.de/10014254532
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A behavioral heterogeneous agent New Keynesian model
Pfäuti, Oliver; Seyrich, Fabian - 2022 - Updated version, August 2022
We develop a New Keynesian model with household heterogeneity and bounded rationality in the form of cognitive … discounting. The interaction of household heterogeneity and bounded rationality generates amplification of monetary and fiscal … and effectiveness of monetary and fiscal policy. When abstracting from either household heterogeneity or bounded …
Persistent link: https://www.econbiz.de/10013336069
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Perceived versus calibrated income risks in heterogeneous-agent consumption models
Wang, Tao - 2023 - Last updated: December 27, 2023
calibrate the size of income risk to match panel data on household income dynamics. But, for several reasons, what is measured …
Persistent link: https://www.econbiz.de/10014456727