across states shows that the rise in top income shares can explain almost all of the accumulation of household debt held as a … financial asset by the household sector. Since the Great Recession, the saving glut of the rich has been financing government …

contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk. The …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 …

cycle. Decreasing discounting helps a canonical life-cycle model to explain the household saving puzzles of undersaving when … young and oversaving after retirement. Relative to the model with constant discounting, the model’s fit to consumption and …

We show that perceptions of relative rank in the wealth distribution shape individuals’ willingness to take risks … categories when asking respondents about their wealth level. Respondents who are induced to perceive their relative position as …

consumption via managing inflation expectations based on the Euler equation. Unconventional fiscal policy uses trivial … announcements of future consumer-price increases to boost inflation expectations and consumption expenditure on impact. Instead …

-hyperbolic discounting. When agents recognize others’ naivete, as strongly suggested by empirical evidence, they revise consumption paths …, as is typically assumed in the literature, they revise both consumption paths and price expectations (quasi … rate, long-run capital stock, and consumption level than quasi-perfect foresight …

-as-you-go (PAYG) pension system with a statutory retirement date. This introduces a life-cycle in human wealth earnings and implies …

. Comparison is made between the case when individuals have access to a competitive annuity market and the case of no insurance. …