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Macroeconomic models often invoke consumption "habits" to explain the substantial persistence of macroeconomic consumption growth. But a large literature has found no evidence of habits in the microeconomic datasets that measure the behavior of individual households. We show that the apparent...
Persistent link: https://www.econbiz.de/10012918032
We study whether households can distinguish persistent from transitory income shocks, and the implications for consumption-saving behavior. We construct a novel consumption-saving model where the household must infer the persistent component of its income process from actual income realizations...
Persistent link: https://www.econbiz.de/10012928282
We study redistributive effects of inflation across households with varying nominal wealth positions using a randomized … are concerned about its impact on their wealth; yet, most individuals are not aware of how inflation erodes nominal asset … in hypothetical real-estate transactions and consumption plans. The findings suggest that household wealth mediates the …
Persistent link: https://www.econbiz.de/10014236128
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/10009526546
of homeownership in Malta, the median net wealth in Malta was estimated to be significantly higher than in the euro area …
Persistent link: https://www.econbiz.de/10012253036
We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel … information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information … contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk. The …
Persistent link: https://www.econbiz.de/10011572286
Persistent link: https://www.econbiz.de/10011664050
the change in wealth over the period. The goal of this paper is to examine the advantages and difficulties of using this … on income and wealth to other administrative data with information on financial and real estate transactions. Using this …
Persistent link: https://www.econbiz.de/10012172449
of homeownership in Malta, the median net wealth in Malta was estimated to be significantly higher than in the euro area …
Persistent link: https://www.econbiz.de/10014416083
Persistent link: https://www.econbiz.de/10008822705