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The economics of consumption : theory and evidence / Tullio Jappelli and Luigi Pistaferri

Author
Jappelli, Tullio
Published
New York, NY : Oxford University Press, 2017.
Physical Description
1 online resource : illustrations (black and white)
Additional Creators
Pistaferri, Luigi
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Contents
Machine generated contents note: 1.Intertemporal choice under certainty -- 1.1.The two-period model -- 1.2.The multi-period model -- 1.3.The life-cycle model -- 1.4.Demographic variables -- 1.5.Intertemporal choice in continuous time -- 1.6.Infinite time horizon -- 1.7.Aggregate implications of the life-cycle model -- 2.The age profile of consumption and wealth -- 2.1.Consumption growth and the interest rate -- 2.2.Saving and the interest rate -- 2.3.The age profiles of income, consumption, and wealth -- 2.4.Estimating the age profile of consumption -- 2.5.Demographic variables and equivalence scales -- 2.6.The age profile of wealth -- 2.7.The measurement of savings and wealth -- 3.Complete markets -- 3.1.A model with two states and two periods -- 3.2.The multi-period model -- 3.3.Tests of complete markets -- 3.4.Implications for consumption inequality and mobility -- 3.5.The aggregation problem -- 3.6.Why don't we observe complete markets? -- 4.The certainty equivalence model -- 4.1.Intertemporal choice under uncertainty -- 4.2.The Euler equation with quadratic utility -- 4.3.The consumption function and income innovations -- 4.4.Income shocks and the marginal propensity to consume -- 4.5.Saving for a rainy day -- 4.6.Consumption inequality -- 5.Liquidity constraints -- 5.1.A two-period model -- 5.2.The sensitivity of consumption to expected income changes -- 5.3.The timing of income and consumption -- 5.4.The natural borrowing constraint -- 5.5.The Euler equation with liquidity constraints -- 6.The precautionary saving model -- 6.1.Incomplete markets and precautionary saving -- 6.2.A numerical example -- 6.3.The Euler equation with precautionary saving -- 6.4.An explicit solution for precautionary saving -- 6.5.The marginal propensity to consume with precautionary saving -- Appendix: Risk aversion and prudence -- 7.The buffer stock model -- 7.1.Expected liquidity constraints -- 7.2.Precautionary saving with liquidity constraints -- 7.3.The buffer stock model -- 7.4.The concavity of the consumption function -- Appendix: Solving consumption stochastic dynamic programming problems -- 8.The response of consumption to anticipated changes in income -- 8.1.The excess sensitivity test -- 8.2.Implementing and interpreting the excess sensitivity test -- 8.3.Tests for liquidity constraints -- 8.4.Direct evidence from credit markets -- 8.5.Asymmetric response to income increases and declines -- 8.6.Episodes of anticipated income increases -- 8.7.Anticipated income declines and the retirement consumption puzzle -- Appendix: Econometric problems in estimating the Euler equation -- Measurement error -- Short panels -- 9.The response of consumption to unanticipated changes in income -- 9.1.The quasi-experimental approach -- 9.2.Covariance restrictions -- 9.3.Consumption mobility -- 9.4.Consumption inequality -- 9.5.Subjective expectations -- 9.6.Shocks to lifetime resources -- 9.7.The wealth effect -- 10.The response of consumption to income risk -- 10.1.Measuring income risk -- 10.2.Euler equation estimates -- 10.3.Evidence from wealth regressions -- 10.4.Estimation by simulation methods -- 10.5.Group comparisons -- 10.6.Beyond income risk -- 10.7.Endogenous incomplete markets -- 11.Lifetime uncertainty -- 11.1.A two-period model -- 11.2.Annuity contracts -- 11.3.The multi-period model -- 11.4.Complete markets -- 11.5.The annuity puzzle -- 11.6.The age-wealth profile with lifetime uncertainty -- 12.Bequest motives -- 12.1.Altruism -- 12.2.Strategic bequests -- 12.3.Inter vivos transfers -- 12.4.Joy of giving and the age-wealth profile -- 12.5.The size of intergenerational transfers -- 12.6.Transfer taxes -- 13.Time, habits, and consumer durables -- 13.1.Non-separable utility functions -- 13.2.Habits -- 13.3.Durable goods -- 13.4.Leisure -- 13.5.Home production -- 13.6.Unitary versus collective models -- 14.Non-standard preferences -- 14.1.Mental accounting -- 14.2.Time inconsistency -- 14.3.Financial sophistication -- 14.4.Social preferences.
Summary
Tullio Jappelli and Luigi Pistaferri provide a comprehensive examination of the most important developments in the field of consumption decisions and evaluate economic models against empirical evidence.
Subject(s)
ISBN
9780199383160 (ebook)
Audience Notes
Specialized.
Note
Previously issued in print: 2017.
Bibliography Note
Includes bibliographical references and index.
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