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Working Paper
Interpreting life-cycle inequality patterns as an efficient allocation: mission impossible?
Huggett, Mark; Badel, Alejandro (2010)
Data on consumption, earnings, wages and hours dispersion over the life cycle is commonly viewed as incompatible with a Pareto efficient allocation. We show that a model with preference and wage shocks and full insurance produces the rise in consumption, wages and hours dispersion over the life cycle found in U.S. data. The efficient allocation model requires an increasing preference shifter dispersion profile to account for an increasing consumption dispersion profile. We examine U.S. data and find support for the view that the dispersion in preference shifters increases with age.
Working Papers , Paper 2010-046

Journal Article
Changes in family finances from 1983 to 1989: evidence from the Survey of Consumer Finances
Shack-Marquez, Janice; Kennickell, Arthur B. (1992-01)
Federal Reserve Bulletin , Issue Jan

Working Paper
The effect of interest-rate changes on household saving and consumption: a survey
Elmendorf, Douglas W. (1996)
Direct estimates of the interest elasticity of saving suffer from several serious problems. As an alternative, this survey uses an indirect approach that combines models of individual behavior with estimates of certain features of individuals' preferences. The paper examines the effect of interest-rate changes on the consumption and saving of people who follow the lifecycle model, who plan to leave bequests, who save to reach a fixed target, and who have short planning horizons. The models that likely describe the behavior of the people who account for most of aggregate saving imply positive ...
Finance and Economics Discussion Series , Paper 96-27

Report
Time-varying consumption correlation and the dynamics of the equity premium: evidence from the G-7 countries
Zhang, Lingjia; Sarkar, Asani (2004)
We examine the implications of time variation in the correlation between the equity premium and nondurable consumption growth for equity return dynamics in G-7 countries. Using a VAR-GARCH (1,1) model, we find that the correlation increases with recession indicators such as above-average unemployment growth and with proxies for stock market wealth. The combined effect is that the correlation increases during a recession. We find that the effect of a countercyclical correlation is that the equity premium, Sharpe ratio, and risk aversion are also generally countercyclical. These findings ...
Staff Reports , Paper 181

Journal Article
Will that be cash, check or debtor's hell?
Wirtz, Ronald A. (2000-10)
Fedgazette , Volume 12 , Issue Oct , Pages 6

Working Paper
The two-period rational inattention model: accelerations and analyses
Lewis, Kurt F. (2008)
This paper demonstrates the properties of and a solution method for the more general two-period Rational Inattention model of Sims (2006). It is shown that the corresponding optimization problem is convex and can be solved very quickly. This paper also demonstrates a computational tool well-suited to solving Rational Inattention models and further illustrates a critique raised in Sims (2006) regarding Rational Inattention models whose solutions assume parametric formulations rather than solve for their optimally-derived, non-parametric counterparts.
Finance and Economics Discussion Series , Paper 2008-22

Journal Article
Consumer durable goods markets
anonymous (1954-05)
Federal Reserve Bulletin , Issue May

Working Paper
Spending responses to state sales tax holidays
Agarwal, Sumit; McGranahan, Leslie (2012)
Every year over 20 states offer sales tax holidays (STHs) on specific items like clothes, shoes and other items to encourage consumption, affecting over 100 million consumers. We use a unique dataset of credit cards transaction to study the spending response to these holidays. Using a diff-in-diff methodology, we find that STHs increase overall daily spending by 8%, with large percentage increases in spending on children?s clothes and shoes of 193% and 98% respectively. Consumers with children increase spending more during STHs. Our estimates of price elasticities range from 6 for big box ...
Working Paper Series , Paper WP-2012-10

Working Paper
Inflation and relative price variability : durables vs. nondurables and services
Bishop, David G.; Golob, John E. (1997)
Many researchers find a positive relationship between inflation and the variability of relative prices within aggregate price indices. This paper looks at the relationship between inflation and the variability of relative prices for three categories of the consumption deflator: durable goods, nondurable goods, and services. Consistent with previous research on relative price variability within aggregate consumption, we find inflation is positively correlated with relative price variability within both nondurables and services. In contrast, we find a negative correlation between inflation and ...
Research Working Paper , Paper 97-12

Journal Article
Monetary policy transmission through the consumption-wealth channel
Steindel, Charles; Lettau, Martin; Ludvigson, Sydney C. (2002-05)
Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Economic Policy Review , Volume 8 , Issue May , Pages 117-133

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