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Differences in euro-area household finances and their relevance for monetary-policy transmission

Hintermaier, Thomas; Koeniger, Winfried - 2019

This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house …, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the heterogeneity in … household finances implies that responses of consumption to changes in the real interest rate and in house prices differ …

Persistent link: https://www.econbiz.de/10012129430

Household debt and social interactions

Georgarakos, Dimitris; Haliassos, Michael; Pasini, Giacomo - 2012

Debt-induced crises, including the subprime, are usually attributed exclusively to supply-side factors. We examine the role of social influences on debt culture, emanating from perceived average income of peers. Utilizing unique information from a household survey representative of the Dutch...

Persistent link: https://www.econbiz.de/10010311792

Dissecting saving dynamics: Measuring wealth, precautionary, and credit effects

Carroll, Christopher D.; Slacalek, Jiri; Sommer, Martin - 2012

recent substantial rise (2008-2011) can be interpreted using a parsimonious buffer stock model of consumption in the presence …

Persistent link: https://www.econbiz.de/10010311800

Consumption smoothing and liquidity income redistribution

Bertola, Giuseppe; Koeniger, Winfried - 2006

We show theoretically that income redistribution benefits borrowingconstrained individuals more than is implied by standard relative-income and uninsurable-risk considerations. Empirically, we find in international opinion-survey data that younger and lower-income individuals express stronger...

Persistent link: https://www.econbiz.de/10010298348

The reaction of consumer spending and debt to tax rebates: Evidence from consumer credit data

Lusardi, Annamaria; Mitchell, Olivia S. - 2007

We use a new panel dataset of credit card accounts to analyze how consumer responded to the 2001 Federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that, on...

Persistent link: https://www.econbiz.de/10010298384

Precautionary saving and the marginal propensity to consume out of permanent income

Carroll, Christopher D. - 2009

The budget constraint requires that, eventually, consumption must adjust fully to any permanent shock to income …

Persistent link: https://www.econbiz.de/10010303738

Home ownership and monetary policy transmission

Koeniger, Winfried; Ramelet, Marc-Antoine - 2018

.6 percentage points in Switzerland. The response of non-housing consumption in Switzerland is less heterogeneous across renters and …

Persistent link: https://www.econbiz.de/10011932446

Early life conditions and financial risk-taking in older age

Christelis, Dimitris; Dobrescu, Loretti I.; Motta, Alberto - 2011

Using life-history survey data from eleven European countries, we investigate whether childhood conditions, such as socioeconomic status, cognitive abilities and health problems influence portfolio choice and risk attitudes later in life. After controlling for the corresponding conditions in...

Persistent link: https://www.econbiz.de/10010308548

Wealth shocks, unemployment shocks and consumption in the wake of the Great Recession

Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, … - 2011

We use data from the 2009 Internet Survey of the Health and Retirement Study to examine the consumption impact of …

Persistent link: https://www.econbiz.de/10010308554

Theoretical foundations of buffer stock saving

Carroll, Christopher D. - 2011

Buffer-stock models of saving are now standard in the consumption literature. This paper builds theoretical foundations … proposition that aggregate consumption growth equals aggregate income growth in a small open economy populated by buffer stock …

Persistent link: https://www.econbiz.de/10010308572