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Displaying results 1 to 9 of 9.

  1. Precautionary borrowing and the credit card debt puzzle
    Author: Druedahl, Jeppe; Jørgensen, Casper Nordal
    Published: 2015
    Publisher:  Danmarks Nationalbank, Copenhagen

    This paper explores a rational economic explanation for the much discussed credit card debt puzzle. We set-up and simulate a generalization of the buffer-stock consumption model with longterm revolving debt contracts. In line with US credit card law,... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 135 (98)
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    This paper explores a rational economic explanation for the much discussed credit card debt puzzle. We set-up and simulate a generalization of the buffer-stock consumption model with longterm revolving debt contracts. In line with US credit card law, lenders can always deny households access to new debt, but they cannot demand immediate repayment of the outstanding balance. Under this assumption it is indeed optimal for households to simultaneously hold positive gross debt and positive gross assets even when the interest rate on the debt is much higher than the return rate on the assets. When the risk of being excluded from new borrowing is positively correlated with unemployment, we are able to explain a substantial share of the observed borrower-saver group and match a high level of liquid net worth.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/147427
    Series: Danmarks Nationalbank working papers ; 98
    Scope: Online-Ressource (47 S.), graph. Darst.
  2. A general endogenous grid method for multi-dimensional modelswith non-convexities and constraints
    Author: Druedahl, Jeppe; Jørgensen, Thomas H.
    Published: September 1, 2016
    Publisher:  CDR, Copenhagen

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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: Discussion papers / Department of Economics, University of Copenhagen ; no. 16, 09
    Subjects: Dynamische Optimierung; Stochastischer Prozess; Theorie
    Scope: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  3. Persistent vs. permanent income shocks in the Buffer-Stock Model
    Author: Druedahl, Jeppe; Jørgensen, Thomas H.
    Published: June 2, 2016
    Publisher:  CDR, Copenhagen

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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: Discussion papers / Department of Economics, University of Copenhagen ; no. 16, 04
    Subjects: Privater Konsum; Einkommenshypothese; Lebenszyklus; Momentenmethode; Theorie
    Scope: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  4. The intertemporal marginal propensity to consume out of future persistent cash-flows
    evidence from transaction data
    Author: Druedahl, Jeppe; Jensen, Emil Bjerre; Leth-Petersen, Søren
    Published: [2022]
    Publisher:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

    To analyze the effectiveness of stabilization policies which includes effects on households future income it is central to account for anticipation effects on consumption. We investigate this using high-frequency spending and balance sheet data from... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    To analyze the effectiveness of stabilization policies which includes effects on households future income it is central to account for anticipation effects on consumption. We investigate this using high-frequency spending and balance sheet data from a major Danish bank. We examine the behavior of borrowers with adjustable rate mortgages, and exploit that the bank sends a letter before the annual reset containing advance information on the expected change in mortgage payments. We find that unconstrained households respond immediately, while liquidity constrained households instead wait and respond around the time the cash-flow-arrives. The cumulative response is similar across the liquidity distribution. This is in line with a standard buffer-stock consumption model, and implies that it is less effective to target stimulus to low liquidity households when the effect on household income is partly in the future.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/268916
    Series: CEBI working paper series ; 22, 13
    Subjects: Consumption; anticipation effects; intertemporal MPC; persistent shocks; mortgages; monetary policy; heterogeneous agent models
    Scope: 1 Online-Ressource (circa 64 Seiten), Illustrationen
  5. Can consumers distinguish persistent from transitory income shocks?
    Author: Druedahl, Jeppe; Jørgensen, Thomas H.
    Published: [2018]
    Publisher:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 731
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/258898
    Series: CEBI working paper series ; 18, 03
    Subjects: Consumption; Saving; Income Shocks; Learning; Consumer Information
    Scope: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  6. High frequency income dynamics
    Author: Druedahl, Jeppe; Graber, Michael; Jørgensen, Thomas H.
    Published: [2021]
    Publisher:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/258952
    Series: CEBI working paper series ; 21, 08
    Subjects: Consumption-saving; income dynamics; panel data models
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  7. Earmarked paternity leave and the relative income within couples
    Author: Druedahl, Jeppe; Ejrnæs, Mette; Jørgensen, Thomas H.
    Published: [2019]
    Publisher:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/258902
    Series: CEBI working paper series ; 19, 02
    Subjects: Income Share; Parental Leave; Earmarked Leave; Household Bargaining
    Scope: 1 Online-Ressource (circa 9 Seiten), Illustrationen
  8. Long-run saving dynamics
    evidence from unexpected inheritances
    Author: Druedahl, Jeppe; Martinello, Alessandro
    Published: [2017]
    Publisher:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/258893
    Series: CEBI working paper series ; 17, 02
    Scope: 1 Online-Ressource (circa 90 Seiten), Illustrationen
  9. The unemployment-risk channel in business-cycle fluctuations
    Author: Broer, Tobias; Druedahl, Jeppe; Harmenberg, Karl; Öberg, Erik
    Published: 15 October 2021
    Publisher:  Centre for Economic Policy Research, London

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    Location:
    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16639
    Subjects: HANK; Search and Matching; unemployment risk; business cycles
    Scope: 1 Online-Ressource (circa 66 Seiten), Illustrationen