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Reference-Dependent Preferences and Homeowners' Consumption Responses to Wealth Shocks

Naoi, Michio - 2012

This paper examines the impact of changes in household wealth on homeowners' consumption behavior using recent panel … data of Japanese households. For an average household, we find the elasticity of consumption spending with respect to … household wealth to be roughly 1.0% for housing and 1.8% for financial wealth. Furthermore, we also find that homeowners …

Persistent link: https://www.econbiz.de/10013105435

Perceived versus calibrated income risks in heterogeneous-agent consumption models

Wang, Tao - 2023 - Last updated: December 27, 2023

calibrate the size of income risk to match panel data on household income dynamics. But, for several reasons, what is measured …

Persistent link: https://www.econbiz.de/10014456727

Macroeconomic disasters and consumption smoothing : international evidence from historical data

Pozzi, Lorenzo; Sadaba, Barbara - 2023 - Last updated: January 12, 2023

not the case for more conventional post-war recessions. Our results are obtained using a predictive regression approach …

Persistent link: https://www.econbiz.de/10013482594

Dynamic effect of fiscal policy on wealth inequality : evidence from middle-income countries

Aye, Goodness C.; Odhiambo, Nicholas M. - In: Cogent economics & finance 10 (2022) 1, pp. 1-12

The study examined the dynamic effect of fiscal policy on wealth inequality in middle-income countries using panel data from 2010 to 2018 and the system Generalized Method of Moments (GMM) method. Two measures of fiscal policy were considered, namely government expenses and taxes on income,...

Persistent link: https://www.econbiz.de/10013373341

Estimating the marginal propensity to consume using the distributions of income, consumption and wealth

Fisher, Jonathan; Johnson, David S.; Smeeding, Timothy M.; … - 2019 - This version: February 2019

Recent studies of economic inequality almost always separately examine income, consumption, and wealth inequality and, hence, miss the important synergy among the three measures explicit in the life-cycle budget constraint. Using Panel Study of Income Dynamics data from 1999 through 2013, we...

Persistent link: https://www.econbiz.de/10011995764

News, noise, and fluctuations : an empirical exploration

Blanchard, Olivier; L'Huillier, Jean-Paul; Lorenzoni, Guido - 2012

We explore empirically models of aggregate fluctuations with two basic ingredients: agents form anticipations about the future based on noisy sources of information and these anticipations affect spending and output in the short run. Our objective is to separate fluctuations due to actual...

Persistent link: https://www.econbiz.de/10009632889

News, Noise, and Fluctuations : An Empirical Exploration

Blanchard, Olivier J.; L'Huillier, Jean-Paul; … - 2009

We explore empirically models of aggregate fluctuations with two basic ingredients: agents form anticipations about the future based on noisy sources of information; these anticipations affect spending and output in the short run. our objective is to separate fluctuations due to actual changes...

Persistent link: https://www.econbiz.de/10014206510

Asset Pricing with Countercyclical Household Consumption Risk

Constantinides, George M. - 2015

We present evidence that shocks to household consumption growth are negatively skewed, persistent, countercyclical, and … state variable drives the conditional cross-sectional moments of household consumption growth. The estimated model fits well … the unconditional cross-sectional moments of household consumption growth and the moments of the risk free rate, equity …

Persistent link: https://www.econbiz.de/10013034190

Credit Constraints, Productivity Shocks and Consumption Volatility in Emerging Economies

Bhattacharya, Rudrani - 2013

greater household access to finance smooths consumption. Evidence from emerging markets, where consumption is usually more …

Persistent link: https://www.econbiz.de/10013080461

Empirical Evidence on the Aggregate Effects of Anticipated and Unanticipated US Tax Policy Shocks

Mertens, Karel - 2010

The authors provide empirical evidence on the dynamic effects of tax liability changes in the United States. We distinguish between surprise and anticipated tax changes using a timing convention. We document that pre-announced but not yet implemented tax cuts give rise to contractions in output,...

Persistent link: https://www.econbiz.de/10013137861