Do Liquidity Constraints And Interest Rates Matter For Consumer Behavior

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Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior?

Author : David B. Gross
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (472 download)

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Book Synopsis Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior? by : David B. Gross

Download or read book Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior? written by David B. Gross and published by . This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper utilizes a unique new dataset of credit card accounts to analyze how people respond to changes in credit supply. The data consist of a panel of thousands of individual credit card accounts from several different card issuers, with associated credit bureau data. We estimate both marginal propensities to consume (MPCs) out of liquidity and interest-rate elasticities. We also evaluate the ability of different models of consumption to rationalize our results, distinguishing the Permanent-Income Hypothesis (PIH), liquidity constraints, precautionary saving, and behavioral models. We find that increases in credit limits generate an immediate and significant rise in debt, counter to the PIH. The average 'MPC out of liquidity' (dDebt/dLimit) ranges between 10%-14%. The MPC is much larger for people starting near their limits, consistent with binding liquidity constraints. However, the MPC is significant even for people starting well below their limit. We show this response is consistent with buffer-stock models of precautionary saving. Nonetheless there are other results that conventional models cannot easily explain, e.g. why so many people are borrowing on their credit cards, and simultaneously holding low yielding assets. Unlike most other studies, we also find strong effects from changes in account-specific interest rates. The long-run elasticity of debt to the interest rate is approximately -1.3. Less than half of this elasticity represents balance-shifting across cards, with most reflecting net changes in total borrowing. The elasticity is larger for decreases in interest rates than for increases, which can explain the widespread use of temporary promotional rates. The elasticity is smaller for people starting near their credit limits, again consistent with liquidity constraints

Durable Goods and Consumer Behavior with Liquidity Constraints

Author : H. Youn Kim
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Durable Goods and Consumer Behavior with Liquidity Constraints by : H. Youn Kim

Download or read book Durable Goods and Consumer Behavior with Liquidity Constraints written by H. Youn Kim and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Household Debt, Liquidity Constraints and the Interest Rate Elasticity of Private Consumption

Author : Samu Kärkkäinen
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Household Debt, Liquidity Constraints and the Interest Rate Elasticity of Private Consumption by : Samu Kärkkäinen

Download or read book Household Debt, Liquidity Constraints and the Interest Rate Elasticity of Private Consumption written by Samu Kärkkäinen and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study whether the level of household indebtedness is related to the interest rate elasticity of private consumption. Looking at Finnish aggregate data, we find no robust evidence of increased interest rate elasticity of private consumption even as the household sector's debt-to-income ratio has almost doubled in the past 20 years. Estimates based on the household-level Finnish Wealth Survey suggest that the share of liquidity-constrained households has declined over the same time period, which may have contributed towards muting the sensitivity of private consumption to interest rates even as aggregate debt of the household sector has grown significantly. Our results are consistent with the key role played by heterogeneity in credit and liquidity constraints in driving aggregate consumption and debt dynamics. Other factors behind muted responses of consumption to interest rates may include the recent low interest rate period, which has muted the cash-flow channel of monetary policy, and possible asymmetric effects of monetary policy.

Consumption Behavior and the Effects of Government Fiscal Policies

Author : Randall P. Mariger
Publisher : Harvard University Press
ISBN 13 : 9780674166356
Total Pages : 292 pages
Book Rating : 4.1/5 (663 download)

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Book Synopsis Consumption Behavior and the Effects of Government Fiscal Policies by : Randall P. Mariger

Download or read book Consumption Behavior and the Effects of Government Fiscal Policies written by Randall P. Mariger and published by Harvard University Press. This book was released on 1986 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Consumption Behavior and the Effects of Government Fiscal Policies, Randall Mariger explores how people make decisions about how much to consume and save over their lifetimes. An understanding of these issues illuminates not only individual behavior but important properties of the macro economy as well. The most popular framework for analyzing consumption has been the life-cycle theory. Mariger tests two fundamental, and controversial, assumptions underlying the theory--that there are no planned bequests and that human capital is marketable. To do this, he fits a structural consumption model that incorporates endogenous liquidity constraints (non-marketability of human capital), but no planned bequests, to data on a cross-section of U. S. families. This estimated model, in conjunction with estimates of alternative models, enables him to make inferences about the respective effects of liquidity constraints and social security wealth on consumption. This latter effect yields indirect evidence concerning planned bequests. Mariger also presents direct evidence concerning bequest behavior. Among his findings are that the model fits the data very well in spite of its tight theoretical structure; that liquidity constraints are prevalent and have important effects on consumption behavior; that planned bequests appear not to be common among families in the lower 99.1% of the wealth distribution; and that families in the upper 0.9% of the wealth distribution appear to plan substantial bequests. Mariger devotes the latter part of his book to studying the implications of his estimated consumption model for the effects of government fiscal policies. More specifically, he simulates the model to infer the effects of government tax/debt policy, as well as those of the social security system, on aggregate savings.

Handbook of US Consumer Economics

Author : Andrew Haughwout
Publisher : Academic Press
ISBN 13 : 0128135247
Total Pages : 456 pages
Book Rating : 4.1/5 (281 download)

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Book Synopsis Handbook of US Consumer Economics by : Andrew Haughwout

Download or read book Handbook of US Consumer Economics written by Andrew Haughwout and published by Academic Press. This book was released on 2019-08-15 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of U.S. Consumer Economics presents a deep understanding on key, current topics and a primer on the landscape of contemporary research on the U.S. consumer. This volume reveals new insights into household decision-making on consumption and saving, borrowing and investing, portfolio allocation, demand of professional advice, and retirement choices. Nearly 70% of U.S. gross domestic product is devoted to consumption, making an understanding of the consumer a first order issue in macroeconomics. After all, understanding how households played an important role in the boom and bust cycle that led to the financial crisis and recent great recession is a key metric. Introduces household finance by examining consumption and borrowing choices Tackles macro-problems by observing new, original micro-data Looks into the future of consumer spending by using data, not questionnaires

Nudge

Author : Richard H. Thaler
Publisher : Yale University Press
ISBN 13 : 0300262280
Total Pages : 384 pages
Book Rating : 4.3/5 (2 download)

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Book Synopsis Nudge by : Richard H. Thaler

Download or read book Nudge written by Richard H. Thaler and published by Yale University Press. This book was released on 2021-01-01 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: An updated and refreshed edition of the groundbreaking book that shows how people can be nudged toward decisions that will improve their lives "If you've read Nudge and think you fully grasp the concept and its uses, you are mistaken. The new edition significantly deepened my understanding of what nudges are and how they can be employed. It truly is a must-read."―Robert Cialdini, New York Times bestselling author of Influence "Few books can be said to have changed the world, but Nudge did. The Final Edition is marvelous: funny, useful, and wise."―Daniel Kahneman, #1 New York Times bestselling author of Thinking, Fast and Slow Since the original publication of Nudge more than a decade ago, the word "nudge" has entered the vocabulary of businesspeople, policymakers, engaged citizens, and consumers everywhere. The book has given rise to more than 200 "nudge units" in governments around the world and countless groups of behavioral scientists in every part of the economy. It has taught us how to use thoughtful "choice architecture"--a concept the authors invented--to help us make better decisions for ourselves, our families, and our society. Now, the authors have rewritten the book from cover to cover, making use of their experiences in and out of government over the past dozen years as well as the explosion of new research in numerous academic disciplines. It offers a wealth of new insights, for both its avowed fans and newcomers to the field, about a wide variety of issues that we face in our daily lives--COVID-19, health, personal finance, retirement savings, credit card debt, home mortgages, medical care, organ donation, climate change, and "sludge" (paperwork and other nuisances that we don't want and keep us from getting what we do want)--all while honoring one of the cardinal rules of nudging: make it fun!

Consequences of Economic Downturn

Author : M. Starr
Publisher : Springer
ISBN 13 : 0230118356
Total Pages : 276 pages
Book Rating : 4.2/5 (31 download)

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Book Synopsis Consequences of Economic Downturn by : M. Starr

Download or read book Consequences of Economic Downturn written by M. Starr and published by Springer. This book was released on 2016-04-30 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2007-09 financial crisis and economic downturn inflicted considerable hardship on the U.S. population. This book argues that the financial crisis and ensuing recession reflected not just a malfunctioning of the financial system - but also inequalities and insecurities in access to livelihoods that favor well-off groups and leave ordinary people shouldering undue burdens of downside risk. This book, a collection of original papers by leading social economists and scholars in related fields, examines social, distributional, and ethical dimensions of the downturn. It should be of broad interest to the social-science and economic-policy communities.

The End of Excess

Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations
Publisher :
ISBN 13 :
Total Pages : 780 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis The End of Excess by : United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations

Download or read book The End of Excess written by United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations and published by . This book was released on 2010 with total page 780 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Theory of Macroeconomic Policy

Author : Christopher Tsoukis
Publisher : Oxford University Press
ISBN 13 : 0192559214
Total Pages : 512 pages
Book Rating : 4.1/5 (925 download)

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Book Synopsis Theory of Macroeconomic Policy by : Christopher Tsoukis

Download or read book Theory of Macroeconomic Policy written by Christopher Tsoukis and published by Oxford University Press. This book was released on 2020-10-22 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theory of Macroeconomic Policy reviews the theoretical foundations of macroeconomic, fiscal, and monetary, policy. It offers a panoramic view of macroeconomic theory, covering a wide range of topics that are not customarily dealt with in macroeconomics texts, as well as more standard material. Advanced theory is bridged with more elementary or intermediate material, and established models are reviewed alongside current research directions. There is an extensive review of empirical evidence on virtually every topic, supplemented by narrative accounts for various episodes. The policy implications of the various theories are emphasised throughout. The chapters are largely self-contained so that different courses can focus at different places. A 'Guidance for Further Study' Section and extensive bibliography give plenty of ideas for all levels of independent study, from Undergraduate Projects to MSc Dissertations to PhD Theses. Theory of Macroeconomic Policy presents a balance between: breadth as well as depth; analytical treatment and intuition; theory and evidence; vintage theories and current directions; theory and policy; (established) theory and debate. Theory of Macroeconomic Policy is an affirmation that there is a well-developed body of theory that is invaluable for an in-depth understanding of the macro-economy and policy; equally, there is much scope for critical discussion and debate.

Advances in Longitudinal Survey Methodology

Author : Peter Lynn
Publisher : John Wiley & Sons
ISBN 13 : 1119376939
Total Pages : 548 pages
Book Rating : 4.1/5 (193 download)

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Book Synopsis Advances in Longitudinal Survey Methodology by : Peter Lynn

Download or read book Advances in Longitudinal Survey Methodology written by Peter Lynn and published by John Wiley & Sons. This book was released on 2021-03-22 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Longitudinal Survey Methodology Explore an up-to-date overview of best practices in the implementation of longitudinal surveys from leading experts in the field of survey methodology Advances in Longitudinal Survey Methodology delivers a thorough review of the most current knowledge in the implementation of longitudinal surveys. The book provides a comprehensive overview of the many advances that have been made in the field of longitudinal survey methodology over the past fifteen years, as well as extending the topic coverage of the earlier volume, “Methodology of Longitudinal Surveys”, published in 2009. This new edited volume covers subjects like dependent interviewing, interviewer effects, panel conditioning, rotation group bias, measurement of cognition, and weighting. New chapters discussing the recent shift to mixed-mode data collection and obtaining respondents’ consent to data linkage add to the book’s relevance to students and social scientists seeking to understand modern challenges facing data collectors today. Readers will also benefit from the inclusion of: A thorough introduction to refreshment sampling for longitudinal surveys, including consideration of principles, sampling frame, sample design, questionnaire design, and frequency An exploration of the collection of biomarker data in longitudinal surveys, including detailed measurements of ill health, biological pathways, and genetics in longitudinal studies An examination of innovations in participant engagement and tracking in longitudinal surveys, including current practices and new evidence on internet and social media for participant engagement. An invaluable source for post-graduate students, professors, and researchers in the field of survey methodology, Advances in Longitudinal Survey Methodology will also earn a place in the libraries of anyone who regularly works with or conducts longitudinal surveys and requires a one-stop reference for the latest developments and findings in the field.

Microeconomics

Author : John P. Burkett
Publisher : Oxford University Press
ISBN 13 : 0195345916
Total Pages : 346 pages
Book Rating : 4.1/5 (953 download)

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Book Synopsis Microeconomics by : John P. Burkett

Download or read book Microeconomics written by John P. Burkett and published by Oxford University Press. This book was released on 2006-04-20 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, John P. Burkett presents microeconomics as an evolving science, interacting with mathematics, psychology, and other disciplines and offering solutions to a growing range of practical problems. The book shows how early contributors such as Xenophon, Ibn Khaldun, and David Hume posed the normative and positive questions central to microeconomics. It expounds constrained optimization techniques, as developed by economists and mathematicians from Daniel Bernoulli to Leonid Kantorovich, emphasizing their value in deriving norms of rational behavior and testable hypotheses about typical behavior. Applying these techniques, the book introduces partial equilibrium analysis of particular markets and general equilibrium analysis of market economies. The book both explains how laboratory and field experiments are used in testing economic hypotheses and provides materials for classroom experiments. It gives extensive and innovative coverage of recent findings in cognitive psychology and behavioral economics, which not only document behavior inconsistent with some traditional theories, but also advance positive theories with superior predictive power.

Social Psychology

Author : Thomas Heinzen
Publisher : SAGE Publications
ISBN 13 : 1544393490
Total Pages : 912 pages
Book Rating : 4.5/5 (443 download)

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Book Synopsis Social Psychology by : Thomas Heinzen

Download or read book Social Psychology written by Thomas Heinzen and published by SAGE Publications. This book was released on 2021-01-09 with total page 912 pages. Available in PDF, EPUB and Kindle. Book excerpt: This award-winning text invites students to discover social psychology’s relevance to their lives. Authors Thomas Heinzen and Wind Goodfriend capture student interest by weaving stories drawn from their own personal experiences with compelling examples from everyday life, all carefully placed in historical context. Social psychology is presented as an evolving, science-driven conversation; chapters build on core questions central to scientific inquiry, while a methods-in-context approach cultivates psychological literacy. The Second Edition has been thoroughly updated with new pop culture examples, additional diversity coverage, recent controversies related to the Zimbardo and Milgram studies, and over a hundred new citations from the latest research. This title is accompanied by a complete teaching and learning package.

Truth in Lending

Author : Thomas A. Durkin
Publisher : Oxford University Press, USA
ISBN 13 : 0195172957
Total Pages : 386 pages
Book Rating : 4.1/5 (951 download)

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Book Synopsis Truth in Lending by : Thomas A. Durkin

Download or read book Truth in Lending written by Thomas A. Durkin and published by Oxford University Press, USA. This book was released on 2011 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the economic, psychological, sociological, historical, and legal traditions behind the demand for financial disclosures like Truth in Lending as consumer protections, how they have evolved into what they have become today, and how they might be reformed and improved.

Consumption and Credit

Author : Sydney C. Ludvigson
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Consumption and Credit by : Sydney C. Ludvigson

Download or read book Consumption and Credit written by Sydney C. Ludvigson and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the optimal consumption behavior of individuals who face borrowing limitations that vary stochastically with their income. This framework is motivated by new empirical evidence that I document in U.S. aggregate data: predictable growth in consumer credit is significantly related to consumption growth, a finding that is inconsistent with existing models of consumer behavior. The time-varying liquidity constraint model considered here correctly predicts two key properties of the U.S. aggregate data: the correlation of consumption growth with predictable credit growth documented in this paper, and the well known correlation between consumption growth and predictable income growth that has been documented extensively elsewhere.

EBOOK: Advanced Macroeconomics

Author : ROMER
Publisher : McGraw Hill
ISBN 13 : 1526864762
Total Pages : 738 pages
Book Rating : 4.5/5 (268 download)

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Book Synopsis EBOOK: Advanced Macroeconomics by : ROMER

Download or read book EBOOK: Advanced Macroeconomics written by ROMER and published by McGraw Hill. This book was released on 2018-02-22 with total page 738 pages. Available in PDF, EPUB and Kindle. Book excerpt: EBOOK: Advanced Macroeconomics

Household Finance

Author : Richard Deaves
Publisher : Oxford University Press
ISBN 13 : 0197699855
Total Pages : 449 pages
Book Rating : 4.1/5 (976 download)

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Book Synopsis Household Finance by : Richard Deaves

Download or read book Household Finance written by Richard Deaves and published by Oxford University Press. This book was released on 2024 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Household Finance: An Introduction to Individual Financial Behavior is about how individuals make financial decisions, and how these financial decisions contribute to and detract from their well-being. What sort of decisions am I talking about? We all must manage our money, shifting our resources across time. Sometimes we need to consume more than is currently available to us. For example, people commonly borrow to purchase residential real estate, paying down their mortgage loans over time. At other times, we have excess funds that we can save and invest. The main reason to accumulate wealth is to amass a fund that we can draw down when older and less able and willing to earn labor income. It is crucial, then, that our savings be sufficient to ensure a comfortable retirement. It is not enough to save; our savings must be invested appropriately so as to properly counterbalance risk and return. One way is to buy low-cost mutual funds or exchange-traded funds where the job of diversification is done for us. Some of us, however, purchase not only investment funds but also individual securities that we ourselves select. If so, it is vital that we avoid preventable errors. And, along the way, since the world is unpredictable, it is appropriate to protect ourselves by insuring against the sort of catastrophic loss that can derail our best-laid financial plans"--

Handbook of Behavioral Economics - Foundations and Applications 1

Author :
Publisher : Elsevier
ISBN 13 : 0444633898
Total Pages : 749 pages
Book Rating : 4.4/5 (446 download)

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Book Synopsis Handbook of Behavioral Economics - Foundations and Applications 1 by :

Download or read book Handbook of Behavioral Economics - Foundations and Applications 1 written by and published by Elsevier. This book was released on 2018-09-27 with total page 749 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Behavioral Economics: Foundations and Applications presents the concepts and tools of behavioral economics. Its authors are all economists who share a belief that the objective of behavioral economics is to enrich, rather than to destroy or replace, standard economics. They provide authoritative perspectives on the value to economic inquiry of insights gained from psychology. Specific chapters in this first volume cover reference-dependent preferences, asset markets, household finance, corporate finance, public economics, industrial organization, and structural behavioural economics. This Handbook provides authoritative summaries by experts in respective subfields regarding where behavioral economics has been; what it has so far accomplished; and its promise for the future. This taking-stock is just what Behavioral Economics needs at this stage of its so-far successful career. - Helps academic and non-academic economists understand recent, rapid changes in theoretical and empirical advances within behavioral economics - Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics - Written for those who wish to become quickly acquainted with behavioral economics