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Heterogeneous Life-Cycle Profiles, Income Risk and Consumption Inequality
Primiceri, Giorgio E.; Rens, Thijs van - 2021
transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX … repeated cross-section data on consumption and income to decompose idiosyncratic changes in income into predictable life … evolution of consumption and income inequality well and delivers two main results. First, we find that permanent changes in …
Persistent link: https://www.econbiz.de/10013325209
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Predictable Life-Cycle Shocks, Income Risk and Consumption Inequality
Primiceri, Giorgio E. - 2006
transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX … repeated cross-section data on consumption and income to decompose idiosyncratic changes in income into predictable life … evolution of consumption and income inequality well and delivers two main results. First, we find that permanent changes in …
Persistent link: https://www.econbiz.de/10012733915
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Heterogeneous Life-Cycle Profiles, Income Risk and Consumption Inequality
Primiceri, Giorgio E.; Rens, Thijs van - 2007
transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX … repeated cross-section data on consumption and income to decompose idiosyncratic changes in income into predictable life … evolution of consumption and income inequality well and delivers two main results. First, we find that permanent changes in …
Persistent link: https://www.econbiz.de/10014225377
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Saving on a rainy day, borrowing for a rainy day
Alan, Sule; Crossley, Thomas F.; Low, Hamish - 2012
The aim of this paper is to understand what a recession means for individual consumers, and to model in a life-cycle framework how individuals respond to recessions. Our focus is on the sharp increase in savings rates that have been observed in the current and recent recessions. We show...
Persistent link: https://www.econbiz.de/10009530241
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Do households use home-ownership to insure themselves? : evidence across U.S. cities
Amior, Michael; Halket, Jonathan - In: Quantitative economics : QE ; journal of the … 5 (2014) 3, pp. 631-674
Are households more likely to be homeowners when “housing risk” is higher? We show that home-ownership rates and loan-to-value (LTV ) ratios at the city level are strongly negatively correlated with local house price volatility. However, causal inference is confounded by house price levels,...
Persistent link: https://www.econbiz.de/10011757320
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Solving Life Cycle Problems With Biometric Risk by Artificial Insurance Markets
Hambel, Christoph - 2019
We establish a powerful method to solve the life-cycle consumption choice problem of an individual facing biometric … solution is obtained by optimizing over a parametrized family of consumption strategies. Each of these strategies is the … optimal consumption strategy derived in closed form in an artificial market where the individual has access to fully flexible …
Persistent link: https://www.econbiz.de/10012897281
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Countercyclical Risks and Portfolio Choice Over the Life Cycle : Evidence and Theory
Shen, Jialu - 2019
the earnings process during recessions further reduces households' stock market exposure and consumption. These …
Persistent link: https://www.econbiz.de/10012898145
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Fertility Choice in a Life Cycle Model with Idiosyncratic Uninsurable Earnings Risk
Sommer, Kamila - 2014
This paper studies the link between rising income uncertainty and household fertility patterns in an Aiyagari-Bewley-Huggett framework augmented to include fertility decisions and infertility risk. Building on Becker and Tomes (1976), I model fertility decisions as sequential, irreversible...
Persistent link: https://www.econbiz.de/10013054123
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Life-Cycle Asset Allocation and Unemployment Risk
Bagliano, Fabio C. - 2016
In this paper we extend the traditional life cycle model of saving and portfolio choice to allow for possible long-term unemployment spells to have permanent effects on subsequent labor income prospects. The risk of losing future labor income could imply strong human capital erosion for the...
Persistent link: https://www.econbiz.de/10012997202
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Income Uncertainty, Precautionary Saving, and Social Insurance
Joyce, Matthew; Singh, Aarti - 2022
Our estimates indicate that 24% of net wealth is attributed to precautionary savings in Australia. Moreover, across the income distribution, we find that low-income households have the highest fraction of their wealth accumulation explained by precautionary motives. These results for Australia...
Persistent link: https://www.econbiz.de/10014030151