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Journal Article
Don't worry, we'll grow out of it: an analysis of demographics, consumer spending, and foreign debt
Byrne, Susan M.; Bryan, Michael F. (1990-10)
An analysis of the impact of the baby-boom generation's inrush into the work force on consumer spending, debt, and foreign investment, finding evidence that age demographics are a strong determinant of aggregate household consumption.
Economic Commentary , Issue Oct

Working Paper
Consumption and time use over the life cycle
Dotsey, Michael; Li, Wenli; Yang, Fang (2010)
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 ...
Working Papers , Paper 10-37

Working Paper
A model of learning and emulation with artificial adaptive agents
Duffy, John; Bullard, James B. (1994)
We study adaptive learning behavior in a sequence of n-period endowment overlapping generations economies with fiat currency, where n refers to the number of periods in agents' lifetimes. Agents initially have heterogeneous beliefs and seek to form multi-step-ahead forecasts of future prices using a forecast rule chosen from a vast set of possible forecast rules. Agents take optimal actions given their forecasts of future prices. They learn in every period by creating new forecast rules and by emulating the forecast rules of other agents. Computational experiments with artificial adaptive ...
Working Papers , Paper 1994-014

Working Paper
Housing, consumption, and credit constraints
Lehnert, Andreas (2004)
I test the credit-market effects of housing wealth shocks by estimating the consumption elasticity of house price shocks among households in different age quintiles. Younger households face faster expected income growth and hence would like to borrow more than older households. I estimate consumption elasticities from housing wealth by age quintile to be {4; 0; 3; 8; 3} percent. As predicted by theory, the youngest group has a higher elasticity of consumption than the next two age quintiles. That the consumption of the age quintile on the verge of retirement is responsive to housing wealth is ...
Finance and Economics Discussion Series , Paper 2004-63

Working Paper
Minimum consumptions requirements: theoretical and quantitative implications for growth and distribution
Ravikumar, B.; Chatterjee, Satyajit (1997)
The authors study the impact of a minimum consumption requirement on the rate of economic growth and the evolution of wealth distribution. The requirement introduces a positive dependence between the intertemporal elasticity of substitution and household wealth. This dependence implies a transition phase during which the growth rate of per-capita quantities rise toward their steady-state values and the distributions of wealth, consumption, and permanent income become more unequal. The authors calibrate the minimum consumption requirement to match estimates available for a sample of Indian ...
Working Papers , Paper 97-15

Journal Article
Surveys of liquid asset holdings
Weiler, Emanuel T. (1945-09)
Federal Reserve Bulletin , Issue Sep

Report
Does income inequality lead to consumption equality? evidence and theory
Krueger, Dirk; Perri, Fabrizio (2005)
Using data from the Consumer Expenditure Survey, we first document that the recent increase in income inequality in the United States has not been accompanied by a corresponding rise in consumption inequality. Much of this divergence is due to different trends in within-group inequality, which has increased significantly for income but little for consumption. We then develop a simple framework that allows us to analytically characterize how within-group income inequality affects consumption inequality in a world in which agents can trade a full set of contingent consumption claims, subject to ...
Staff Report , Paper 363

Working Paper
Borrowing restrictions and wealth constraints: implications for aggregate consumption
Walsh, Carl E. (1986)
Recent empirical studies have found that consumption is more sensitive to current income than simple versions of the life-cycle, permanent income hypothesis would predict. The present paper studies a model in which the fraction of consumers exhibiting excess sensitivity is endogenously determined. The presence of income uncertainty and restrictions on borrowing are shown to generate a distribution of consumption across individuals which is consistent with the recent empirical evidence. The aggregate fraction of consumers facing a binding borrowing constraint is shown to exhibit positive ...
Working Papers in Applied Economic Theory , Paper 86-06

Journal Article
How worrisome is a negative saving rate?
Steindel, Charles (2007-05)
The U.S. personal saving rate's negative turn in 2005 has raised concerns that Americans may have to curtail their spending and accept a lower standard of living as they pay off rising debts. However, a closer look at saving trends suggests that the risks to household well-being are overstated. The surge in energy costs may have temporarily dampened saving, while the accounting of household income from stock holdings may be skewing saving estimates. Moreover, broad measures of saving have remained positive, and household wealth is on the rise.>
Current Issues in Economics and Finance , Volume 13 , Issue May

Report
Intertemporal substitution in import consumption
Ceglowski, Janet (1988)
Research Paper , Paper 8815

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