The economics of consumption: theory and evidence
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Oxford
Oxford University Press
[2017]
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | xv, 294 Seiten Diagramme |
| ISBN: | 9780199383153 9780199383146 |
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Record in the Search Index
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| adam_text | CONTENTS
Preface xi
Acknowledgments xvii
1. Intertemporal choice under certainty 1
1.1. The two-period model 1
1.2. The multi-period model 6
1.3. The life-cycle model 9
1.4 Demographic variables 12
1.5. Intertemporal choice in continuous time 14
1.6. Infinite time horizon IS
1.7. Aggregate implications of the life-cycle model 19
2. The age profile of consumption and wealth 25
2.1. Consumption growth and the interest rate 25
2.2. Saving and the interest rate 28
2.3. The age profiles of income, consumption, and wealth 30
2.4. Estimating the age profile of consumption 32
2.5. Demographic variables and equivalence scales 38
2.6. The age profile of wealth 40
2.7. The measurement of savings and wealth 43
3. Complete markets 46
3.1. A model with two states and two periods 48
3.2. The multi-period model 51
3.3. Tests of complete markets 54
3.4. Implications for consumption inequality and mobility 58
3.5. The aggregation problem 59
3.6. Why don’t we observe complete markets? 62
4. The certainty equivalence model 65
4.1. Intertemporal choice under uncertainty 65
4.2. The Euler equation with quadratic utility 68
4.3. The consumption function and income innovations
72
73
4.4. Income shocks and the marginal propensity to consume
4.5. Saving for a rainy day 78
4.6. Consumption inequality 79
5. Liquidity constraints 82
5.1. A two-period, model 83
5.2. The sensitivity of consumption to expected
income changes 85
5.3. The timing of income and consumption 88
5.4. The natural borrowing constraint 90
5.5. The Euler equation with liquidity constraints 91
6. The precautionary saving model 94
6.1. Incomplete markets and precautionary saving 94
6.2. A numerical example 97
6.3. The Euler equation with precautionary saving 100
6.4. An explicit solution for precautionary saving 103
6.5. The marginal propensity to consume with
precautionary saving 107
Appendix: Risk aversion and prudence 111
7. The buffer stock model 115
7.1. Expected liquidity constraints 115
7.2. Precautionary saving with liquidity constraints 119
7.3. The buffer stock model 122
7.4. The concavity of the consumption function 125
Appendix: Solving consumption stochastic dynamic
programming problems 127
8. The response of consumption to anticipated changes in income
8.1. The excess sensitivity test 133
8.2. Implementing and interpreting the excess sensitivity test
8.3. Tests for liquidity constraints 138
8.4. Direct evidence from credit markets 141
8.5. Asymmetric response to income increases and declines
8.6. Episodes of anticipated income increases 145
8.7. Anticipated income declines and the retirement
consumption puzzle 149
Appendix: Econometric problems in estimating
the Euler equation 153
Measurement error 153
Short panels 154
131
136
144
[viii] Contents
9. The response of consumption to unanticipated
changes in income 157
9.1. The quasi-experimental approach 161
9.2. Covariance restrictions 165
9.3. Consumption mobility 169
9.4. Consumption inequality 172
9.5. Subjective expectations 173
9.6. Shocks to lifetime resources 176
9.7. The wealth effect 178
10. The response of consumption to income risk 181
10.1. Measuring income risk 182
10.2. Euler equation estimates 184
10.3. Evidence from wealth regressions 186
10.4. Estimation by simulation methods 187
10.5. Group comparisons 190
10.6. Beyond income risk 191
10.7. Endogenous incomplete markets 194
11. Lifetime uncertainty 197
11.1. A two-period model 198
11.2. Annuity contracts 201
11.3. The multi-period model 202
11.4. Complete markets 207
11.5. The annuity puzzle 208
11.6. The age-wealth profile with lifetime uncertainty
12. Bequest motives 214
12.1. Altruism 215
12.2. Strategic bequests 217
12.3. Inter vivos transfers 219
12.4. Joy of giving and the age-wealth profile 222
12.5. The size of intergenerational transfers 227
12.6. Transfer taxes 229
13. Time, habits, and consumer durables 234
13.1. Non-separable utility functions 235
13.2. Habits 237
13.3. Durable goods 240
13.4. Leisure 245
13.5. Home production 249
13.6. Unitary versus collective models 252
210
Contents [ix]
14. Non-standard preferences 257
14.1. Mental accounting 258
14.2. Time inconsistency 262
14.3. Financial sophistication 265
14.4. Social preferences 270
Conclusions 273
References 277
Index 291
[ x ] Contents
|
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| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:49:23Z |
| institution | BVB |
| isbn | 9780199383153 9780199383146 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-029713489 |
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| physical | xv, 294 Seiten Diagramme |
| publishDate | 2017 |
| publishDateSearch | 2017 |
| publishDateSort | 2017 |
| publisher | Oxford University Press |
| record_format | marc |
| spelling | Jappelli, Tullio 1956- Verfasser (DE-588)128368659 aut The economics of consumption theory and evidence Tullio Jappelli and Luigi Pistaferri Oxford Oxford University Press [2017] xv, 294 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Konsumtheorie (DE-588)4165121-2 gnd rswk-swf Konsumtheorie (DE-588)4165121-2 s b DE-604 Pistaferri, Luigi 1968- Verfasser (DE-588)128368713 aut Erscheint auch als Online-Ausgabe, updf 978-0-19-938317-7 Erscheint auch als Online-Ausabe, epub 978-0-19-938318-4 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029713489&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Jappelli, Tullio 1956- Pistaferri, Luigi 1968- The economics of consumption theory and evidence Konsumtheorie (DE-588)4165121-2 gnd |
| subject_GND | (DE-588)4165121-2 |
| title | The economics of consumption theory and evidence |
| title_auth | The economics of consumption theory and evidence |
| title_exact_search | The economics of consumption theory and evidence |
| title_full | The economics of consumption theory and evidence Tullio Jappelli and Luigi Pistaferri |
| title_fullStr | The economics of consumption theory and evidence Tullio Jappelli and Luigi Pistaferri |
| title_full_unstemmed | The economics of consumption theory and evidence Tullio Jappelli and Luigi Pistaferri |
| title_short | The economics of consumption |
| title_sort | the economics of consumption theory and evidence |
| title_sub | theory and evidence |
| topic | Konsumtheorie (DE-588)4165121-2 gnd |
| topic_facet | Konsumtheorie |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029713489&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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