Search Results - subject:"Consumption function"

Credit, Bankruptcy, and Aggregate Fluctuations

Nakajima, Makoto - 2014

We ask two questions related to how access to credit affects the nature of business cycles. First, does the standard theory of unsecured credit account for the high volatility and procyclicality of credit and the high volatility and countercyclicality of bankruptcy filings found in U.S. data?...

Persistent link: https://www.econbiz.de/10013044983

Credit, Bankruptcy, and Aggregate Fluctuations

Nakajima, Makoto - 2014

Persistent link: https://www.econbiz.de/10013045963

Credit, Bankruptcy, and Aggregate Fluctuations

Nakajima, Makoto - 2014

Persistent link: https://www.econbiz.de/10012458048

The Private Consumption Function in Saudi Arabia

Ibrahim, M. - 2014

This paper empirically estimates the critical parameters of private consumption function in Saudi Arabia for the period …

Persistent link: https://www.econbiz.de/10013052424

An Approximate Consumption Function

Padula, Mario - 2014

This paper proposes an approximation to the consumption function in the buffer-stock model. The approximation is based … on the analytic properties of the consumption function in the buffer-stock model. In such model, the consumption function … consumption function obtained using the endogenous grid point algorithm and show that using the former or the latter for …

Persistent link: https://www.econbiz.de/10014215242

Of the Impossibility to Estimate the Marginal Propensity to Consume Because the Aggregate Consumption Function Is an Accounting Semi Identity

Sánchez Vidal, Javier - 2019

consumption function suffers from this problem and its estimated coefficient does not serve to infer a causal relation, as it …

Persistent link: https://www.econbiz.de/10012888691

What Drives Investors' Portfolio Choices? Separating Risk Preferences from Frictions

Choukhmane, Taha; De Silva, Tim - National Bureau of Economic Research - 2024

We study the role of risk preferences and frictions in portfolio choice using variation in 401(k) default options. Patterns of active choice in response to different default funds imply that, absent participation frictions, 94% of investors prefer holding stocks, with an equity share of...

Persistent link: https://www.econbiz.de/10014544754

Consumption Dynamics and Welfare Under Non-Gaussian Earnings Risk

Guvenen, Fatih; Ozkan, Serdar; Madera, Rocio - National Bureau of Economic Research - 2024

Recent empirical studies document that the distribution of earnings changes displays substantial deviations from lognormality: in particular, earnings changes are negatively skewed with extremely high kurtosis (long and thick tails), and these non-Gaussian features vary substantially both over...

Persistent link: https://www.econbiz.de/10014528338

The Cross-Section of Household Preferences

Calvet, Laurent E.; Campbell, John Y.; Gomes, Francisco J. - National Bureau of Economic Research - 2021

This paper estimates the cross-sectional distribution of Epstein-Zin preference parameters in a large administrative panel of Swedish households. We consider life-cycle model of saving and portfolio choice that incorporates risky labor income, safe and risky financial assets inside and outside...

Persistent link: https://www.econbiz.de/10012533337

Were Late-Nineteenth-Century, Small-Town Americans Life-Cycle Savers?

Bodenhorn, Howard - National Bureau of Economic Research - 2021

Although the mobilization of savings is an important function of banks and other financial institutions, there is remarkably little evidence that bears on how and how well the financial sector mobilized household savings in the nineteenth and early twentieth century. This paper documents...

Persistent link: https://www.econbiz.de/10012533359