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Consumer Spending and the Economic Stimulus Payments of 2008
Parker, Jonathan A.; Souleles, Nicholas S; Johnson, David S. - National Bureau of Economic Research (NBER) - 2011
We measure the response of household spending to the economic stimulus payments (ESPs) disbursed in mid-2008, using special questions added to the Consumer Expenditure Survey and variation arising from the randomized timing of when the payments were disbursed. We find that, on average,...
Persistent link: https://www.econbiz.de/10008788769
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Does Home Owning Smooth the Variability of Future Housing Consumption?
Sinai, Todd; Paciorek, Andrew - National Bureau of Economic Research (NBER) - 2010
We show that the hedging benefit of owning a home reduces the variability of housing consumption after a move. When a … current home owner's house price covaries positively with housing costs in a future city, changes in the future cost of … housing are offset by commensurate changes in wealth before the move. Using Census micro-data, we find that the cross …
Persistent link: https://www.econbiz.de/10008727860
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Are Americans and Indians More Altruistic than the Japanese and Chinese? Evidence from a New International Survey of Bequest Plans
Horioka, Charles Yuji - National Bureau of Economic Research (NBER) - 2014
This paper discusses three alternative assumptions concerning household preferences (altruism, self-interest, and a desire for dynasty building) and shows that these assumptions have very different implications for bequest motives and bequest division. After reviewing some of the literature on...
Persistent link: https://www.econbiz.de/10010951187
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Household Debt: Facts, Puzzles, Theories, and Policies
Zinman, Jonathan - National Bureau of Economic Research (NBER) - 2014
Borrowing decisions affect most households, with large stakes and implications for subfields as varied as macroeconomics and industrial organization. I review theoretical and empirical work on household debt: its prevalence, level, growth, and composition, as well as various measures of consumer...
Persistent link: https://www.econbiz.de/10010951247
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Integrating Retirement Models
Gustman, Alan L.; Steinmeier, Thomas - National Bureau of Economic Research (NBER) - 2009
This paper advances the specification and estimation of models of retirement and saving in two earner families. The complications introduced by the interaction of retirement decisions by husbands and wives have led researchers to adopt a number of simplifications to increase the feasibility of...
Persistent link: https://www.econbiz.de/10008628338
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Policy Effects in Hyperbolic vs. Exponential Models of Consumption and Retirement
Gustman, Alan L.; Steinmeier, Thomas L. - National Bureau of Economic Research (NBER) - 2010
This paper constructs a structural retirement model with hyperbolic preferences and uses it to estimate the effect of several potential policy changes. Estimated effects of policies are compared under hyperbolic and standard exponential preferences. Sophisticated hyperbolic discounters may...
Persistent link: https://www.econbiz.de/10008685015
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Effects of Social Security Policies on Benefit Claiming, Retirement and Saving
Gustman, Alan L.; Steinmeier, Thomas L. - National Bureau of Economic Research (NBER) - 2013
An enhanced version of a structural model jointly explains benefit claiming, wealth and retirement, including reversals from states of lesser to greater work. The model includes stochastic returns on assets. Estimated with Health and Retirement Study data, it does a better job of predicting...
Persistent link: https://www.econbiz.de/10010821712
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Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market
Agarwal, Sumit; Ben-David, Itzhak; Yao, Vincent - National Bureau of Economic Research (NBER) - 2013
Financially constrained borrowers have the incentive to influence the appraisal process in order to increase borrowing or reduce the interest rate. We document that the average valuation bias for residential refinance transactions is above 5%. The bias is larger for highly leveraged...
Persistent link: https://www.econbiz.de/10010703331
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The Effectiveness of Mandatory Mortgage Counseling: Can One Dissuade Borrowers from Choosing Risky Mortgages?
Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - National Bureau of Economic Research (NBER) - 2014
We explore the effects of mandatory third-party review of mortgage contracts on consumer choice--including the terms and demand for mortgage credit. Our study is based on a legislative pilot carried out by the State of Illinois in a selected set of zip codes in 2006. Mortgage applicants with low...
Persistent link: https://www.econbiz.de/10010950923
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Do Real Estate Brokers Add Value When Listing Services Are Unbundled?
Bernheim, B. Douglas; Meer, Jonathan - National Bureau of Economic Research (NBER) - 2008
This paper measures the effects of real estate brokerage services provided to sellers, other than MLS listings, on the terms and timing of home sales. It is not obvious that sellers benefit from those services. On the one hand, brokers offer potentially useful knowledge and expertise. On the...
Persistent link: https://www.econbiz.de/10005718628