We use the responses of a representative sample of Dutch households to survey questions that ask how much their consumption would change in response to unexpected, transitory income shocks (positive or negative). The questionnaire also distinguishes between relatively small income changes (a one-month increase or drop in income), and relatively larger ones (equal to three-months' income). The results are broadly in line with models of intertemporal choice with precautionary saving, borrowing constraints and finite horizons
Asymmetric consumption effects of transitory income shocks / Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, Tullio; Pistaferri, Luigi; van Rooij, Maarten. - In: ECONOMIC JOURNAL. - ISSN 0013-0133. - 129:622(2019), pp. 2322-2341. [10.1093/ej/uez013]
Asymmetric consumption effects of transitory income shocks
Tullio Jappelli
;Luigi Pistaferri;
2019
Abstract
We use the responses of a representative sample of Dutch households to survey questions that ask how much their consumption would change in response to unexpected, transitory income shocks (positive or negative). The questionnaire also distinguishes between relatively small income changes (a one-month increase or drop in income), and relatively larger ones (equal to three-months' income). The results are broadly in line with models of intertemporal choice with precautionary saving, borrowing constraints and finite horizonsFile | Dimensione | Formato | |
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