Download or read book Household Saving and Full Consumption Over the Life Cycle written by Patricia F. Apps and published by . This book was released on 2004 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper extends the standard model of life cycle consumption, saving and labor supply in a number of directions. First, it argues that consumption should be defined as expenditure on household production as well as on market goods, that is, we are interested in life cycle profiles of full consumption. If this is done, several well-known puzzles concerning life cycle consumption behaviour are resolved. Secondly, we stress the importance of the heterogeneity of household behaviour in respect of female labour supply and saving, and provide evidence to show that these are very closely related across households. Finally, we formulate theoretical and empirical models incorporating these ideas and use them to show that policy changes, such as a reduction in the progressivity of income taxation, can have effects that contrast sharply with those suggested in the existing literature.
Download or read book Household Saving and Full Consumption Over the Life Cycle written by Patricia Apps and published by . This book was released on 2001 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book National Saving and Economic Performance written by B. Douglas Bernheim and published by University of Chicago Press. This book was released on 1991-05 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: "... Papers presented at a conference held at the Stouffer Wailea Hotel, Maui, Hawaii, January 6-7, 1989. ... part of the Research on Taxation program of the National Bureau of Economic Research." -- p. ix.
Download or read book International Comparisons of Household Saving written by James M. Poterba and published by University of Chicago Press. This book was released on 2007-12-01 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments and corporations may chip in, but around the world houshold saving is the biggest factor in national saving. To better understand why saving rates differ across countries, this volume provides the most up-to-date analyses of patterns of household saving behavior in Canada, Italy, Japan, Germany, the United Kingdom, and the United States. Each of the six chapters examines micro data sets of household saving within a particular country and summarizes statistics on patterns of saving by age, income, and other demographic factors. The authors provide age-earning profiles and analyses of the accumulation of wealth over the lifetime in a clear way that allows quick comparisons between earning, consumption, and saving in the six countries. Designed as a companion to Public Policies and Household Saving (1994), which addresses saving policies in the G-7 nations, this volume offers detailed descriptions of saving behavior in all G-7 nations except France.
Download or read book Consumption and Time Use Over the Life Cycle written by Michael Dotsey and published by . This book was released on 2010 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors incorporate home production in a dynamic general equilibrium model of consumption and saving with illiquid housing and a collateralized borrowing constraint. They show that the model is capable of explaining life-cycle patterns of households' time use and consumption of different categories. Specifically, households' market hours and home hours are fairly stable early in the life cycle. Market hours start to decline sharply at age 50, while home hours begin to increase at age 55. Households' consumption of the market good, home input, and housing services all exhibit hump shapes over the life cycle, with the market good having the most pronounced hump, followed by the home input, and then housing services. A plausibly parameterized version of the authors' model predicts that the interaction of the labor efficiency profile and the availability of home production technology explain households' time use over the life cycle. The resulting income profiles, the endogenous borrowing constraint and the presence of home production account for the initial hump in all three consumption goods. The consumption profiles in the second half of the life cycle are mostly driven by the complementarity of home hours, home input, and housing in home production.
Download or read book Consumption Over the Life Cycle written by Pierre-Olivier Gourinchas and published by . This book was released on 1999 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper employs a synthetic cohort technique and Consumer Expenditure Survey data to construct average age-profiles of consumption and income over the working lives of typical households across different education and occupation groups. Using these profiles, we estimate a structural model of optimal life-cycle consumption expenditures in the presence of realistic labor income uncertainty. The model fits the profiles quite well. In addition to providing tight estimates of the discount rate and risk aversion, we find that consumer behavior changes strikingly over the life-cycle. Young consumers behave as buffer-stock agents. Around age 40, the typical household starts accumulating liquid assets for retirement, and its behavior mimics more closely that of a certainty equivalent consumer. This change in behavior is mostly driven by the life-cycle profile of expected income. Our methodology provides a natural decomposition of saving into its precautionary and retirement components.
Download or read book Housing Taxation and Capital Accumulation written by Martin Gervais and published by London : Department of Economics, University of Western Ontario. This book was released on 1998 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Public Economics and the Household written by Patricia Apps and published by Cambridge University Press. This book was released on 2009-03-05 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic models in much of the public economics literature have been slow to reflect the significant changes towards double-income households throughout the developed world. This graduate-level text develops a more sophisticated approach to household economics, one that allows for multiple-income earners and shared decision-making. This approach is used to present a fundamentally new view of consumption. It then applies this to an analysis of tax systems, combining theoretical analysis of optimal taxation and tax reform with careful empirical study of the characteristics of income tax systems in four different countries: Australia, Germany, the UK and the USA. The book is particularly concerned with analysing, both theoretically and empirically, the impact of taxation on female labour supply, and identifying its effects on work incentives and fairness of income distribution. All this adds up to a fascinating new approach to the economics of household for researchers in both public and private sectors.
Download or read book Time and Decision written by George Loewenstein and published by Russell Sage Foundation. This book was released on 2003-02-27 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do people decide whether to sacrifice now for a future reward or to enjoy themselves in the present? Do the future gains of putting money in a pension fund outweigh going to Hawaii for New Year's Eve? Why does a person's self-discipline one day often give way to impulsive behavior the next? Time and Decision takes up these questions with a comprehensive collection of new research on intertemporal choice, examining how people face the problem of deciding over time. Economists approach intertemporal choice by means of a model in which people discount the value of future events at a constant rate. A vacation two years from now is worth less to most people than a vacation next week. Psychologists, on the other hand, have focused on the cognitive and emotional underpinnings of intertemporal choice. Time and Decision draws from both disciplinary approaches to provide a comprehensive picture of the various layers of choice involved. Shane Frederick, George Loewenstein, and Ted O'Donoghue introduce the volume with an overview of the research on time discounting and focus on how people actually discount the future compared to the standard economic model. Alex Kacelnik discusses the crucial role that the ability to delay gratification must have played in evolution. Walter Mischel and colleagues review classic research showing that four year olds who are able to delay gratification subsequently grow up to perform better in college than their counterparts who chose instant gratification. The book also delves into the neurobiology of patience, examining the brain structures involved in the ability to withstand an impulse. Turning to the issue of self-control, Klaus Wertenbroch examines the relationship between consumption and available resources, showing, for example, how a high credit limit can lead people to overspend. Ted O'Donoghue and Matthew Rabin show how people's awareness of their self-control problems affects their decision-making. The final section of the book examines intertemporal choice with regard to health, drug addiction, dieting, marketing, savings, and public policy. All of us make important decisions every day-many of which profoundly affect the quality of our lives. Time and Decision provides a fascinating look at the complex factors involved in how and why we make our choices, so many of them short-sighted, and helps us understand more precisely this crucial human frailty.
Download or read book The Effect of Demographic Changes on Saving for Life Cycle Motives in Developing Countries written by Steven Benjamin Webb and published by World Bank Publications. This book was released on 1989 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Effects of the Price of Time on Household Savings written by Yan Wang and published by . This book was released on 1989 with total page 510 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Were Small Town New Yorkers Life Cycle Savers written by Howard Bodenhorn and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Theories of household saving, including the life cycle hypothesis, posit that households add or draw down wealth to equalize the value of consumption over time. This article examines the extent to which late-nineteenth-century, small-town Americans accumulated financial assets consistent with the life cycle hypothesis. Using individual account records from a small-town savings banks, I find that savers accumulated an average of one year's income at age sixty. Decumulation was slower than expected after age sixty. The evidence is inconsistent with a strong bequest motive, so the slow drawing down of wealth in old age may have been due to uncertain mortality risk or wealth-based attrition from the sample. I find differences in the life cycle accumulations between men and women, the native- and foreign-born, and low-skill and high-skill workers.
Download or read book Life Cycle Savings and Public Policy written by Axel Borsch-Supan and published by Elsevier. This book was released on 2003-01-09 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: Life-Cycle Savings and Public Policy examines data on many households from a number of different countries. The hope is that through these observations we can learn about the ways policies affect savings, and that other differences among savers can be controlled for, instead of being blamed on cultural differences. This book features a consistent framework among chapters. It reaches a harmony between measurement and analysis to compare accurately the resulting data and statistics. It provides econometric methodology to reveal the way policies affect savings. The book features data on household savings in Germany, Italy, Japan, the Netherlands, the U.K., and the U.S. This book is recommended reading for anyone interested in saving, social insurance policy, or capital formation. - Features a consistent framework among chapters - Reaches a harmony between measurement and analysis to compare accurately the resulting data and statistics - Provides econometric methodology to reveal the way policies affect savings
Download or read book Induction Growth and Trade written by Roy Harrod and published by Clarendon Press. This book was released on 1970 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monographic compilation of esays on economic theory written by former pupils, colleagues and fellow economists to honour the formal retirement of sir roy harrod from Oxford - covers economic theories relating to economic growth, trade, the enterprise, econometrics, price structures, economic integration, etc. Bibliography of the works of sir roy harrod pp. 361 to 376, references and statistical tables. Festschrift harrod sir r, economist.
Download or read book The Allocation of Time and Goods Over the Life Cycle written by Gilbert R. Ghez and published by Columbia University Press. This book was released on 1975 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a belief now that family behavior over the life cycle can be analyzed by economic methods. This study deals with allocation of resources by families over time.
Download or read book Housing Partnerships written by Andrew Caplin and published by MIT Press. This book was released on 1997 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Housing Partnerships: A New Approach to a Market at a Crossroads provides the blueprints of the Housing Partnership structure and the new opportunities it furnishes home owners, while explaining the economics behind the housing and mortgage markets and the financial risks in owning a home.
Download or read book The Economics of Saving written by Mervyn A. King and published by . This book was released on 1983 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses recent contributions to the theory of household saving and examines empirical evidence on the subject. It focuses on (a) the derivation and estimation of first-order conditions for a consumer's optimum lfe-cycle consumption plan, (b) the conditions under which such conditions may be used to derive an aggregate consumption function, (c) the relationship between constraints in labor and cyclical markets and the notion of a "representive consumer" in macroeconomic models, and (d) the extent to which existing empirical evidence lends support to a life-cycle model of consumer behavior. Further empirical tests are proposed
