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  1. Heterogeneity of consumption responses to income shocks in the presence of nonlinear persistence
    Author: Arellano, Manuel; Blundell, Richard W.; Bonhomme, Stéphane; Light, Jack
    Published: [2023]
    Publisher:  Cemmap, Centre for Microdata Methods and Practice, The Institute for Fiscal Studies, Department of Economics, UCL, [London]

    In this paper we use the enhanced consumption data in the Panel Survey of Income Dynamics (PSID) from 2005-2017 to explore the transmission of income shocks to consumption. We build on the nonlinear quantile framework introduced in Arellano, Blundell... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 243
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    In this paper we use the enhanced consumption data in the Panel Survey of Income Dynamics (PSID) from 2005-2017 to explore the transmission of income shocks to consumption. We build on the nonlinear quantile framework introduced in Arellano, Blundell and Bonhomme (2017). Our focus is on the estimation of consumption responses to persistent nonlinear income shocks in the presence of unobserved heterogeneity. To reliably estimate heterogeneous responses in our un-balanced panel, we develop Sequential Monte Carlo computational methods. We find substantial heterogeneity in consumption responses, and uncover latent types of households with different life-cycle consumption behavior. Ordering types according to their average log-consumption, we find that low-consumption types respond more strongly to income shocks at the beginning of the life cycle and when their assets are low, as standard life-cycle theory would predict. In contrast, high-consumption types respond less on average, and in a way that changes little with age or assets. We examine various mechanisms that might explain this heterogeneity.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/284131
    Series: Cemmap working paper ; CWP23, 07
    Subjects: nonlinear income persistence; consumption dynamics; partial insurance; heterogeneity; panel data
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  2. Heterogeneity of consumption responses to income shocks in the presence of nonlinear persistence
    Author: Arellano, Manuel; Blundell, Richard W.; Bonhomme, Stéphane; Light, Jack
    Published: May 2023
    Publisher:  [Toulouse School of Economics], [Toulouse]

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    Verlag (kostenfrei)

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working papers / Toulouse School of Economics ; no 1435
    Subjects: nonlinear income persistence; consumption dynamics; partial insurance; heterogeneity; panel data
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  3. Heterogeneity of consumption responses to income shocks in the presence of nonlinear persistence
    Author: Arellano, Manuel; Blundell, Richard W.; Bonhomme, Stéphane; Light, Jack
    Published: February 2023
    Publisher:  Centro de estudios monetarios y financieros, Madrid, Spain

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    Verlag (kostenfrei)
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 508
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / CEMFI ; 2301
    Subjects: Nonlinear income persistence; consumption dynamics; partial insurance; heterogeneity; panel data
    Scope: 1 Online-Ressource (circa 69 Seiten), Illustrationen
  4. Annual and lifetime incidence of the value-added tax in France
    Author: Georges-Kot, Simon
    Published: Septembre 2015
    Publisher:  INSEE, Institut national de la statistique et des études économiques, Malakoff

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Document de travail / Direction des études et synthèses économiques ; G 2015/12
    Subjects: consumption dynamics; income dynamics; value-added tax; life cycle
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  5. Sticky consumption and wealth effects in Switzerland
    Author: Galli, Alain
    Published: September 8, 2016
    Publisher:  Swiss National Bank, Zurich

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: SNB working papers ; 2016, 14
    Subjects: Wealth effects; consumption dynamics; habit formation; sticky expectations; Bayesian estimation
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen