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What Can We Learn About Household Consumption Expenditure From Data On Income And Assets
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Book Synopsis What Can We Learn about Household Consumption Expenditure from Data on Income and Assets? by : Lasse Eika
Download or read book What Can We Learn about Household Consumption Expenditure from Data on Income and Assets? written by Lasse Eika and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A major difficulty faced by researchers who want to study the consumption and savings behavior of households is the lack of reliable panel data on household expenditures. One possibility is to use surveys that follow the same households over time, but such data are rare and they typically have small sample sizes and face significant measurement issues. An alternative approach is to use the accounting identity that total household spending is equal to income plus capital gains minus the change in wealth over the period. The goal of this paper is to examine the advantages and difficulties of using this accounting identity to construct a population panel data with information on household expenditure. To derive such measures of consumption expenditure, we combine several data sources from Norway over the period 1994-2014. This allows us to link tax records on income and wealth to other administrative data with information on financial and real estate transactions. Using this data, we derive household expenditure from the accounting identity, before assessing the sensitivity of this measure of consumption expenditure to the assumptions made and the data used. We then compare our measures of household expenditure to those reported in expenditure surveys and to the aggregates from national accounts. We also illustrate the research opportunities arising from the derived measures of consumption expenditure through two applications: the first is an examination of how relative wage movements among birth cohorts and education groups affected the distribution of household expenditure, while the second is a study of the transmission of income shocks to household consumption.
Book Synopsis Measuring What We Spend by : National Research Council
Download or read book Measuring What We Spend written by National Research Council and published by National Academies Press. This book was released on 2013-02-15 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Consumer Expenditure (CE) surveys are the only source of information on the complete range of consumers' expenditures and incomes in the United States, as well as the characteristics of those consumers. The CE consists of two separate surveys: (1) a national sample of households interviewed five times at three-month intervals; and (2) a separate national sample of households that complete two consecutive one-week expenditure diaries. For more than 40 years, these surveys, the responsibility of the Bureau of Labor Statistics (BLS), have been the principal source of knowledge about changing patterns of consumer spending in the U.S. population. In February 2009, BLS initiated the Gemini Project, the aim of which is to redesign the CE surveys to improve data quality through a verifiable reduction in measurement error with a particular focus on underreporting. The Gemini Project initiated a series of information-gathering meetings, conference sessions, forums, and workshops to identify appropriate strategies for improving CE data quality. As part of this effort, BLS requested the National Research Council's Committee on National Statistics (CNSTAT) to convene an expert panel to build on the Gemini Project by conducting further investigations and proposing redesign options for the CE surveys. The charge to the Panel on Redesigning the BLS Consumer Expenditure Surveys includes reviewing the output of a Gemini-convened data user needs forum and methods workshop and convening its own household survey producers workshop to obtain further input. In addition, the panel was tasked to commission options from contractors for consideration in recommending possible redesigns. The panel was further asked by BLS to create potential redesigns that would put a greater emphasis on proactive data collection to improve the measurement of consumer expenditures. Measuring What We Spend summarizes the deliberations and activities of the panel, discusses the conclusions about the uses of the CE surveys and why a redesign is needed, as well as recommendations for the future.
Book Synopsis 100 Years of U.S. Consumer Spending by :
Download or read book 100 Years of U.S. Consumer Spending written by and published by . This book was released on 2006 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Improving the Measurement of Consumer Expenditures by : Christopher D. Carroll
Download or read book Improving the Measurement of Consumer Expenditures written by Christopher D. Carroll and published by University of Chicago Press. This book was released on 2015-06-16 with total page 517 pages. Available in PDF, EPUB and Kindle. Book excerpt: Robust and reliable measures of consumer expenditures are essential for analyzing aggregate economic activity and for measuring differences in household circumstances. Many countries, including the United States, are embarking on ambitious projects to redesign surveys of consumer expenditures, with the goal of better capturing economic heterogeneity. This is an appropriate time to examine the way consumer expenditures are currently measured, and the challenges and opportunities that alternative approaches might present. Improving the Measurement of Consumer Expenditures begins with a comprehensive review of current methodologies for collecting consumer expenditure data. Subsequent chapters highlight the range of different objectives that expenditure surveys may satisfy, compare the data available from consumer expenditure surveys with that available from other sources, and describe how the United States’s current survey practices compare with those in other nations.
Book Synopsis Analyzing the Effects of Financial and Housing Wealth on Consumption using Micro Data by : Carlos Caceres
Download or read book Analyzing the Effects of Financial and Housing Wealth on Consumption using Micro Data written by Carlos Caceres and published by International Monetary Fund. This book was released on 2019-05-24 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the existence of “wealth effects” derived from net equity (in the form of housing, financial assets, and total net worth) on consumption. The study uses longitudinal household-level data?from the Panel Study of Income Dynamics (PSID) ?covering about 7,000-9,000 households in the U.S., with the estimations carried over the period 1999-2017. Overall, wealth effects are found to be relatively large and significant for housing wealth, but less so for other types of wealth, including stocks. Furthermore, the analysis shows how these estimated marginal propensities to consume (MPC) from wealth are closely linked to household characteristics, including income and demographic factors. Finally, underlying structural changes in household characteristics point to potentially lower aggregate MPCs from wealth going forward.
Book Synopsis U.S. Household Consumption, Income, and Demographic Changes by : Philip Musgrove
Download or read book U.S. Household Consumption, Income, and Demographic Changes written by Philip Musgrove and published by Routledge. This book was released on 2015-06-18 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: The impacts of the two variables of population and income growth on resources and the environment are transmitted through their effects on the demands for goods and services. To enrich our understanding of the impacts of population and income on consumer demand, Philip Musgrove, with the assistance of Adele Shapanka, undertook the research in this volume, which was first published in 1982. This book will be of interest to students of economics and environmental studies.
Book Synopsis OECD Framework for Statistics on the Distribution of Household Income, Consumption and Wealth by : OECD
Download or read book OECD Framework for Statistics on the Distribution of Household Income, Consumption and Wealth written by OECD and published by OECD Publishing. This book was released on 2013-06-12 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication presents an internationally agreed framework to support the joint analysis of micro-level statistics on household income, consumption and wealth.
Book Synopsis Estimating Wealth Effects Without Expenditure Data, Or Tears by : Deon Filmer
Download or read book Estimating Wealth Effects Without Expenditure Data, Or Tears written by Deon Filmer and published by World Bank Publications. This book was released on 1998 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: October 1998 The relationship between household wealth and educational enrollment of children can be estimated without expenditure data. A method for doing so-which uses an index based on household asset ownership indicators-is proposed and defended in this paper. In India, children from the wealthiest households are over 30 percentage points more likely to be in school than those from the poorest households, although this gap varies considerably across states. To estimate the relationship between household wealth and the probability that a child (aged 6 to 14) is enrolled in school, Filmer and Pritchett use National Family Health Survey (NFHS) data collected in Indian states in 1992 and 1993. In developing their estimate Filmer and Pritchett had to overcome a methodological difficulty: The NFHS, modeled closely on the Demographic and Health Surveys, measures neither household income nor consumption expenditures. As a proxy for long-run household wealth, they constructed a linear asset index from a set of asset indicators, using principal components analysis to derive the weights. This asset index is robust, produces internally coherent results, and provides a close correspondence with data on state domestic product and on state level poverty rates. They validate the asset index using data on consumption spending and asset ownership from Indonesia, Nepal, and Pakistan. The asset index has reasonable coherence with current consumption expenditures and, more importantly, works as well as-or better than-traditional expenditure-based measures in predicting enrollment status. The authors find that on average a child from a wealthy household (in the top 20 percent on the asset index developed for this analysis) is 31 percent more likely to be enrolled in school than a child from a poor household (in the bottom 40 percent). This paper-a product of Poverty and Human Resources, Development Research Group-is part of a larger effort in the group to inform educational policy. The study was funded by the Bank's Research Support Budget under the research project Educational Enrollment and Dropout (RPO 682-11). Deon Filmer may be contacted at [email protected].
Book Synopsis Understanding National Accounts Second Edition by : Lequiller François
Download or read book Understanding National Accounts Second Edition written by Lequiller François and published by OECD Publishing. This book was released on 2014-10-20 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an update of OECD 2006 "Understanding National Accounts". It contains new data, new chapters and is adapted to the new systems of national accounts, SNA 2008 and ESA 2010.
Book Synopsis Guidelines for Constructing Consumption Aggregates for Welfare Analysis by : Angus Deaton
Download or read book Guidelines for Constructing Consumption Aggregates for Welfare Analysis written by Angus Deaton and published by World Bank Publications. This book was released on 2002-01-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: In September 2001, staff from the World Bank and the International Monetary Fund met with the objective of strengthening collaboration between the two organizations in projects of civil service reform. This strengthened collaboration will have key benefits in ensuring consistency between the conflicting goals of the two organizations, establishing realistic objectives within the reform process, and maintaining a core set of wage and employment data. The principal conclusion arrived at was that World Bank and IMF staff should be engaging in collaboration earlier in the reform process. To guide the collaboration, six foundations were identified. These include: develop a medium-term fiscal framework; foster national ownership by making reforms politically feasible; focus and streamline conditionality; agree on sequencing and timing of reforms; and strengthen data collection. These principals will be tested for effectiveness in several focus countries.
Book Synopsis Public Expenditures on Social Programs and Household Consumption in China by : Mr.David Coady
Download or read book Public Expenditures on Social Programs and Household Consumption in China written by Mr.David Coady and published by International Monetary Fund. This book was released on 2010-03-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that increasing government social expenditures can make a substantive contribution to increasing household consumption in China. The paper first undertakes an empirical study of the relationship between the savings rate and social expenditures for a panel of OECD countries and provides illustrative estimates of their implications for China. It then applies a generational accounting framework to Chinese household income survey data. This analysis suggests that a sustained 1 percent of GDP increase in public expenditures, distributed equally across education, health, and pensions, would result in a permanent increase the household consumption ratio of 11⁄4 percentage points of GDP.
Book Synopsis Empirical Analysis of Household Consumption Behavior by : Youn Seol
Download or read book Empirical Analysis of Household Consumption Behavior written by Youn Seol and published by . This book was released on 2008 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation is an empirical analysis of consumer behavior using household-level data. The dissertation consists of two essays. The first essay conducts split sample test on whether household consumption responds to anticipated changes in income. The second essay explores heterogeneity in a dynamic panel setting. The first essay is "The Excess Sensitivity in Consumption without Liquidity Constraint: Evidence from Monthly Household Data". The monthly salaries and allowances of Korean government employees are known in advance but vary greatly throughout the year. Using a large Korean monthly panel data set from 1994 to 2003, we examine how nondurable consumption expenditure in households headed by government employees responds to predictable income changes. We find excess sensitivity in consumption during the pre-Asian financial crisis era in households headed by young government employees with low liquid assets or low income. These household features are commonly associated with liquidity constraints. Further analysis shows that despite the apparent association, liquidity constraint is not the most convincing explanation for the excess sensitivity. Instead, the empirical finding is consistent with the theory that certain households deviate from consumption smoothing when the effort involved exceeds the welfare gained. The second essay is "A Dynamic Panel Analysis on the Heterogeneity in Excess Sensitivity Household Consumption." The existing empirical models of household consumption assume parameters are constant across households, implying homogenous responses by households to changes in environment. Using a large Korean monthly panel data set, we explore heterogeneity in response of household consumption expenditure to predictable income changes. We find excess sensitivity in about 4% of the households in the sample. The connection between household characteristics and estimated household excess sensitivity sheds new light in the cause of excess sensitivity: excess sensitivity is likely due to low cost of failure in consumption smoothing rather than liquidity constraint. We also find that these small number of households are the main cause for excess sensitivity found in the pooled regression and time series regression of aggregated data. We conduct finite sample inference on household heterogeneity in a Bayesian framework.
Book Synopsis Household Expenditure Surveys by : Christiaan Grootaert
Download or read book Household Expenditure Surveys written by Christiaan Grootaert and published by . This book was released on 1985 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 2019-08-12 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
Book Synopsis Studying Consumption Patterns by : Jonas Kolsrud
Download or read book Studying Consumption Patterns written by Jonas Kolsrud and published by . This book was released on 2017 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper measures consumption expenditures using registry data on income and asset holdings in Sweden and illustrates how a registry-based measure can alleviate some critical limitations of traditional survey measures in capturing changes in consumption inequality and consumption responses to shocks. In the construction of our measure, we build on previous work exploiting the identity coming from the household budget constraint between consumption expenditures and income net of savings. We try to improve this measure using more registry information to account for the contribution of both financial and real assets to consumption flows. We demonstrate the power of the registry-based measure to study the relationship between income and consumption inequality, especially at the top of the income distribution. We also exploit the longitudinal dimension to study consumption responses to important life-time events and the different means used to smooth consumption.
Book Synopsis Income and Consumption Over the Business Cycle by : Calogero Brancatelli
Download or read book Income and Consumption Over the Business Cycle written by Calogero Brancatelli and published by . This book was released on 2022 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper revisits the effects of income changes on consumption of private households by focusing on a commonly disregarded and yet sizeable component of household expenditures: consumption of food and non-food consumer packaged goods. We exploit a new data source from the Netherlands that combines on the level of individual households administrative data from tax records with household scanner data, thus minimizing measurement error for both expenditures and the key explanatory variable, household disposable income. Even after controlling for differences in needs and for consumption volume, we document significant variation in expenditures and thereby reveal substantial scope for potential savings. Still, even though the Netherlands experienced a recession and a subsequent recovery in the analysed period from 2011 to 2018, we find only an economically small relationship with income, which is also not higher for households with low income or low liquidity. Despite remaining small in magnitude, we document inter alia a much higher coefficient for single households. We can exclude various potentially confounding effects as we show that retailers practice national pricing and as we control for sample composition and potential substitution between in-house and out-of-house consumption.
Book Synopsis National Saving and Economic Performance by : John B. Shoven
Download or read book National Saving and Economic Performance written by John B. Shoven and published by University of Chicago Press. This book was released on 2009-02-15 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past decade has witnessed a decline in saving throughout the developed world—the United States has the dubious distinction of leading the way. The consequences can be serious. For individuals, their own economic security and that of their families is jeopardized. For society, inadequate rates of saving have been blamed for a variety of ills—decreasing the competitive abilities of American industry, slowing capital accumulation, increasing our trade deficit, and forcing the sale of capital stock to foreign investors at bargain prices. Restoring acceptable rates of saving in the United States poses a major challenge to those who formulate national economic policy, especially since economists and policymakers alike still understand little about what motivates people to save. In National Saving and Economic Performance, edited by B. Douglas Bernheim and John B. Shoven, that task is addressed by offering the results of new research, with recommendations for policies aimed to improve saving. Leading experts in diverse fields of economics debate the need for more accurate measurement of official saving data; examine how corporate decisions to retain or distribute earnings affect household-level consumption and saving; and investigate the effects of taxation on saving behavior, correlations between national saving and international investment over time, and the influence of economic growth on saving. Presenting the most comprehensive and up-to-date research on saving, this volume will benefit both academic and government economists.
