We highlight the role of home productivity and social norms in explaining the gender gap in labor force participation (LFP), and the non-monotonic relationship of women's LFP with their education in India. We construct a model of couples’ time allocation decisions allowing for both market and home productivity to improve with own education. Incorporating individual preference to produce a minimum level of the home good due to social norms, we show that our theoretical model can closely replicate the U-shaped relationship between women's education and their labor supply. Our analysis suggests that home productivity, along with social benchmarks on couples’ time allocation to home good, can be critical determinants of women's labor supply in developing countries.
{"title":"What Determines Women's Labor Supply? The Role of Home Productivity and Social Norms","authors":"Farzana Afridi, M. Bishnu, Kanika Mahajan","doi":"10.2139/ssrn.3468613","DOIUrl":"https://doi.org/10.2139/ssrn.3468613","url":null,"abstract":"\u0000 We highlight the role of home productivity and social norms in explaining the gender gap in labor force participation (LFP), and the non-monotonic relationship of women's LFP with their education in India. We construct a model of couples’ time allocation decisions allowing for both market and home productivity to improve with own education. Incorporating individual preference to produce a minimum level of the home good due to social norms, we show that our theoretical model can closely replicate the U-shaped relationship between women's education and their labor supply. Our analysis suggests that home productivity, along with social benchmarks on couples’ time allocation to home good, can be critical determinants of women's labor supply in developing countries.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134205324","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
M. Belot, Jonathan James, Martina Vecchi, Nicolai Vitt
We investigate whether short-term everyday stressors leads to unhealthier dietary choices among low socioeconomic status mothers. We propose a novel stress protocol that aims to mimic everyday stressors experienced by this population, involving time and financial pressure. We evaluate the impact of stress on immediate and planned food choices, comparing a group exposed to our stress protocol relative to a control group. Immediate consumption is measured with in-laboratory consumption of low calorie and high calorie snacks; planned consumption is measured with an incentivized food shopping task. The stressfulness of the stress protocol is evaluated using subjective assessments, as well as physiological measurements (heart rate and salivary cortisol levels). We find no evidence of an effect of stress on the nutritional content of immediate or planned food consumption, thus no support for the hypothesis that everyday stressors are a likely explanation for unhealthy food choices.
{"title":"Stress and Food Preferences: A Lab Experiment with Low-Ses Mothers","authors":"M. Belot, Jonathan James, Martina Vecchi, Nicolai Vitt","doi":"10.2139/ssrn.3468622","DOIUrl":"https://doi.org/10.2139/ssrn.3468622","url":null,"abstract":"We investigate whether short-term everyday stressors leads to unhealthier dietary choices among low socioeconomic status mothers. We propose a novel stress protocol that aims to mimic everyday stressors experienced by this population, involving time and financial pressure. We evaluate the impact of stress on immediate and planned food choices, comparing a group exposed to our stress protocol relative to a control group. Immediate consumption is measured with in-laboratory consumption of low calorie and high calorie snacks; planned consumption is measured with an incentivized food shopping task. The stressfulness of the stress protocol is evaluated using subjective assessments, as well as physiological measurements (heart rate and salivary cortisol levels). We find no evidence of an effect of stress on the nutritional content of immediate or planned food consumption, thus no support for the hypothesis that everyday stressors are a likely explanation for unhealthy food choices.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"14 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127593822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
About 13 percent of Canadian workers have skills mismatched to their jobs. Although this is somewhat in line with an average of around 10 percent among OECD countries in an international survey, Canadian policymakers have two reasons for concern. Firstly, there is significant variation across socioeconomic groups. While workers with higher educational attainment are more likely to be over-skilled, women, immigrants, and older workers are more likely to be under-skilled for their jobs. In the case of immigrants, the under-skilled problem entirely disappears with time spent in Canada, highlighting the importance of settlement policies that provide rigorous and accessible skills training, language programs, and job-search workshops for newcomers. Secondly, these results could worsen in the years ahead in the face of technological development and demographic aging that are occurring in the labour market at the same time as the role of newcomers in Canada’s labour force is growing. As it is, the majority of workers across occupations need to use cognitive skills such as literacy, numeracy, and problem solving at least once a week at work. More importantly, there is no occupation where these skills are not required at all. This study’s results highlight the importance of providing more opportunities for skills development and lifelong learning for all workers and better addressing individual training needs, particularly, among underskilled people such as older workers and new immigrants. Businesses – in addition to providing training opportunities for under-skilled workers – can reduce mismatches within their organizations by appropriately reassigning tasks, providing relocation assistance and finding innovative ways to use workers’ skills in order to optimize productivity. Governments can help reduce skills mismatch with policies that enhance labour market flexibility, ease labour mobility, and more importantly, increase participation in lifelong learning.
{"title":"Bad Fits: The Causes, Extent and Costs of Job Skills Mismatch in Canada","authors":"Parisa Mahboubi","doi":"10.2139/ssrn.3457523","DOIUrl":"https://doi.org/10.2139/ssrn.3457523","url":null,"abstract":"About 13 percent of Canadian workers have skills mismatched to their jobs. Although this is somewhat in line with an average of around 10 percent among OECD countries in an international survey, Canadian policymakers have two reasons for concern. Firstly, there is significant variation across socioeconomic groups. While workers with higher educational attainment are more likely to be over-skilled, women, immigrants, and older workers are more likely to be under-skilled for their jobs. In the case of immigrants, the under-skilled problem entirely disappears with time spent in Canada, highlighting the importance of settlement policies that provide rigorous and accessible skills training, language programs, and job-search workshops for newcomers. Secondly, these results could worsen in the years ahead in the face of technological development and demographic aging that are occurring in the labour market at the same time as the role of newcomers in Canada’s labour force is growing. As it is, the majority of workers across occupations need to use cognitive skills such as literacy, numeracy, and problem solving at least once a week at work. More importantly, there is no occupation where these skills are not required at all. This study’s results highlight the importance of providing more opportunities for skills development and lifelong learning for all workers and better addressing individual training needs, particularly, among underskilled people such as older workers and new immigrants. Businesses – in addition to providing training opportunities for under-skilled workers – can reduce mismatches within their organizations by appropriately reassigning tasks, providing relocation assistance and finding innovative ways to use workers’ skills in order to optimize productivity. Governments can help reduce skills mismatch with policies that enhance labour market flexibility, ease labour mobility, and more importantly, increase participation in lifelong learning.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116737836","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
French Abstract: Au Togo, de nouvelles politiques de santé et protection sociale ont été initiées entre 2011 et 2015 dans l’optique de résoudre le problème de dépenses catastrophique de santé. Toutefois, malgré ses initiatives et efforts, la contribution des ménages au financement des soins de santé reste conséquente dans le pays.
Ce papier analyse la situation des dépenses catastrophiques de santé au Togo. Il explore le comportement des ménages togolais face aux dépenses catastrophiques de santé et les facteurs explicatifs de ces dépenses. Utilisant les données d’enquête 2015 du QUESTIONNAIRE UNIFIÉ DES INDICATEURS DE BASE DU BIEN-ÊTRE (QUIBB) portant sur 2400 ménages et une méthodologie en six étapes avec les approches sur la capacité à payer et les dépenses totales des ménages, il ressort des résultats que 7% (seuil de 40%) des ménages ont effectué des dépenses catastrophiques mesurées par rapport aux dépenses non alimentaires. A ce seuil aussi, les ménages togolais à risque allouent 60% de leurs dépenses mensuelles totales aux soins de santé.
Les résultats révèlent ensuite qu’un ménage togolais appartenant à un quintile élevé, ayant un homme comme chef ménage, veuf, avec un niveau d’instruction primaire ou élevé, est faiblement exposé à un risque de dépenses catastrophique de santé. Inversement, un ménage dirigé par une femme, appartenant aux quintiles les plus bas, utilisant de soins de santé autres que dans les centres dédiés est exposé à un plus grand risque.
English Abstract: In Togo, new health and social protection policies were initiated between 2011 and 2015 with a view to solving the problem of catastrophic health expenditure. However, despite its initiatives and efforts, the contribution of households to the financing of health care remains substantial in the country.
This paper analyzes the situation of catastrophic health expenditure in Togo. It explores the behavior of Togolese households in the case of catastrophic health expenditure and the explanatory factors for this expenditure. Using 2015 survey data from the UNIFIED QUESTIONNAIRE OF BASIC WELLBEING INDICATORS (QUIBB) for 2400 households and a six-step methodology with the approaches to capacity to pay and total household expenditures, the results show that 7% (40% threshold) of households performed expenditures measured against non-food expenditures. At this level too, Togolese households at risk allocate 60% of their total monthly expenditure to health care.
The results then reveal that a Togolese household belonging to a high quintile, with a male head of household, widowed, with a primary or high level of education, has a low risk of catastrophic health expenditure. Conversely, a woman-headed household of the lowest quintiles using health care other than in dedicated centers is at greater risk.
{"title":"Ampleur Et déterminants des dépenses catastrophiques de santé: cas des ménages togolais (Magnitude and Determinants of Catastrophic Health Expenditure: Case of Togolese Households)","authors":"Yacobou Sanoussi, M. Ametoglo","doi":"10.2139/ssrn.3440106","DOIUrl":"https://doi.org/10.2139/ssrn.3440106","url":null,"abstract":"<b>French Abstract:</b> Au Togo, de nouvelles politiques de santé et protection sociale ont été initiées entre 2011 et 2015 dans l’optique de résoudre le problème de dépenses catastrophique de santé. Toutefois, malgré ses initiatives et efforts, la contribution des ménages au financement des soins de santé reste conséquente dans le pays.<br><br>Ce papier analyse la situation des dépenses catastrophiques de santé au Togo. Il explore le comportement des ménages togolais face aux dépenses catastrophiques de santé et les facteurs explicatifs de ces dépenses. Utilisant les données d’enquête 2015 du QUESTIONNAIRE UNIFIÉ DES INDICATEURS DE BASE DU BIEN-ÊTRE (QUIBB) portant sur 2400 ménages et une méthodologie en six étapes avec les approches sur la capacité à payer et les dépenses totales des ménages, il ressort des résultats que 7% (seuil de 40%) des ménages ont effectué des dépenses catastrophiques mesurées par rapport aux dépenses non alimentaires. A ce seuil aussi, les ménages togolais à risque allouent 60% de leurs dépenses mensuelles totales aux soins de santé.<br><br>Les résultats révèlent ensuite qu’un ménage togolais appartenant à un quintile élevé, ayant un homme comme chef ménage, veuf, avec un niveau d’instruction primaire ou élevé, est faiblement exposé à un risque de dépenses catastrophique de santé. Inversement, un ménage dirigé par une femme, appartenant aux quintiles les plus bas, utilisant de soins de santé autres que dans les centres dédiés est exposé à un plus grand risque.<br><br><b>English Abstract:</b> In Togo, new health and social protection policies were initiated between 2011 and 2015 with a view to solving the problem of catastrophic health expenditure. However, despite its initiatives and efforts, the contribution of households to the financing of health care remains substantial in the country.<br><br>This paper analyzes the situation of catastrophic health expenditure in Togo. It explores the behavior of Togolese households in the case of catastrophic health expenditure and the explanatory factors for this expenditure. Using 2015 survey data from the UNIFIED QUESTIONNAIRE OF BASIC WELLBEING INDICATORS (QUIBB) for 2400 households and a six-step methodology with the approaches to capacity to pay and total household expenditures, the results show that 7% (40% threshold) of households performed expenditures measured against non-food expenditures. At this level too, Togolese households at risk allocate 60% of their total monthly expenditure to health care.<br><br>The results then reveal that a Togolese household belonging to a high quintile, with a male head of household, widowed, with a primary or high level of education, has a low risk of catastrophic health expenditure. Conversely, a woman-headed household of the lowest quintiles using health care other than in dedicated centers is at greater risk.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"114 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115375981","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Olivier Coibion, Dimitris Georgarakos, Y. Gorodnichenko, M. van Rooij
We implement a survey of Dutch households in which random subsets of respondents receive information about inflation. The resulting exogenously generated variation in inflation expectations is used to assess how expectations affect consumption decisions. The causal effects of reduced inflation expectations on nondurable spending are imprecisely estimated, but there is a sharp positive effect on durable spending. This is likely driven by the fact that Dutch households seem to become more optimistic about their real income and aggregate spending when they decrease their inflation expectations. We find little role for cognitive or financial constraints in explaining spending responses. (JEL C83, D12, D83, D84, E21, E31)
{"title":"How Does Consumption Respond to News About Inflation? Field Evidence from a Randomized Control Trial","authors":"Olivier Coibion, Dimitris Georgarakos, Y. Gorodnichenko, M. van Rooij","doi":"10.3386/W26106","DOIUrl":"https://doi.org/10.3386/W26106","url":null,"abstract":"We implement a survey of Dutch households in which random subsets of respondents receive information about inflation. The resulting exogenously generated variation in inflation expectations is used to assess how expectations affect consumption decisions. The causal effects of reduced inflation expectations on nondurable spending are imprecisely estimated, but there is a sharp positive effect on durable spending. This is likely driven by the fact that Dutch households seem to become more optimistic about their real income and aggregate spending when they decrease their inflation expectations. We find little role for cognitive or financial constraints in explaining spending responses. (JEL C83, D12, D83, D84, E21, E31)","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122184992","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Most of the literature on the economics of catastrophes assumes that such events cause a reduction in the stream of consumption, as opposed to widespread fatalities. Here we show how to incorporate death in a model of catastrophe avoidance, and how a catastrophic loss of life can be expressed as a welfare-equivalent drop in consumption. We examine how potential fatalities affect the policy interdependence of catastrophic events and ‘willingness to pay’ (WTP) to avoid them. Using estimates of the ‘value of a statistical life’ (VSL), we find the WTP to avoid major pandemics, and show that it is large (10% or more of annual consumption) and partly driven by the risk of macroeconomic contractions. Likewise, the risk of pandemics significantly increases the WTP to reduce consumption risk. Our work links the VSL and consumption disaster literatures.
{"title":"Welfare Costs of Catastrophes: Lost Consumption and Lost Lives","authors":"Ian Martin, R. Pindyck","doi":"10.2139/ssrn.3749975","DOIUrl":"https://doi.org/10.2139/ssrn.3749975","url":null,"abstract":"\u0000 Most of the literature on the economics of catastrophes assumes that such events cause a reduction in the stream of consumption, as opposed to widespread fatalities. Here we show how to incorporate death in a model of catastrophe avoidance, and how a catastrophic loss of life can be expressed as a welfare-equivalent drop in consumption. We examine how potential fatalities affect the policy interdependence of catastrophic events and ‘willingness to pay’ (WTP) to avoid them. Using estimates of the ‘value of a statistical life’ (VSL), we find the WTP to avoid major pandemics, and show that it is large (10% or more of annual consumption) and partly driven by the risk of macroeconomic contractions. Likewise, the risk of pandemics significantly increases the WTP to reduce consumption risk. Our work links the VSL and consumption disaster literatures.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"279 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132133106","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Utilizing unique features of chonsei housing contracts popular in South Korea, we conduct a new test of the presence of credit constraints. We extend a theory to characterize the impact on nondurable and durable consumption of a liquidity reduction arising from chonsei deposit increases. The theory implies the response under credit constraints should differ from those of an unconstrained response and this allows us to make inferences about the presence of credit constraints. Our empirical analysis uses Korea Labor and Income Panel Study (KLIPS) and supports the significance of credit constraints. Chonsei households' behavior is also indicative of very low income and wealth levels.
{"title":"Testing the Presence of Credit Constraints from Consumption Responses to Housing Deposit Changes","authors":"Daehwan Kim, J. Nilsen","doi":"10.2139/ssrn.3442748","DOIUrl":"https://doi.org/10.2139/ssrn.3442748","url":null,"abstract":"Utilizing unique features of chonsei housing contracts popular in South Korea, we conduct a new test of the presence of credit constraints. We extend a theory to characterize the impact on nondurable and durable consumption of a liquidity reduction arising from chonsei deposit increases. The theory implies the response under credit constraints should differ from those of an unconstrained response and this allows us to make inferences about the presence of credit constraints. Our empirical analysis uses Korea Labor and Income Panel Study (KLIPS) and supports the significance of credit constraints. Chonsei households' behavior is also indicative of very low income and wealth levels.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128685953","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper analyses short-term intra-generational income mobility in France, Italy, Spain and the UK by exploiting the longitudinal component of EU-SILC for the periods 2005-2008 and 2012-2015. We investigate whether and to what extent the ability of households to move along the income distribution changed after the 2008 crisis and whether heterogeneities among countries exist. For this purpose, we employ mobility indexes and transition matrices as well as estimation of a 2SLS regression and of a dynamic ordered probit with random effects. Overall, indexes and transition matrices point to a decrease of mobility in the aftermath of the crisis. The econometric analyses suggest both the existence of a convergence process of incomes and state dependence of current and lagged income in both periods. We also observe sluggish income convergence and lower upward mobility in the second period. Among the microeconomic drivers, education and employment status are positive determinants of mobility. Finally, our results confirm cross-country heterogeneity.
{"title":"Short-Term Household Income Mobility Before and After the Great Recession: A Four-Country Study","authors":"E. Casabianca, Elena Giarda","doi":"10.2139/ssrn.3411606","DOIUrl":"https://doi.org/10.2139/ssrn.3411606","url":null,"abstract":"This paper analyses short-term intra-generational income mobility in France, Italy, Spain and the UK by exploiting the longitudinal component of EU-SILC for the periods 2005-2008 and 2012-2015. We investigate whether and to what extent the ability of households to move along the income distribution changed after the 2008 crisis and whether heterogeneities among countries exist. For this purpose, we employ mobility indexes and transition matrices as well as estimation of a 2SLS regression and of a dynamic ordered probit with random effects. Overall, indexes and transition matrices point to a decrease of mobility in the aftermath of the crisis. The econometric analyses suggest both the existence of a convergence process of incomes and state dependence of current and lagged income in both periods. We also observe sluggish income convergence and lower upward mobility in the second period. Among the microeconomic drivers, education and employment status are positive determinants of mobility. Finally, our results confirm cross-country heterogeneity.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"402 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126675597","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper links between Beckerian literature that shows that marriage is a normal good with respect to male income and the literature that explores cultural changes as a result of exogenous events. I use the oil crisis of the 1970s as a positive shock on some males. The analyzed outcome is marital status at early twenties for women and at mid and late twenties for men. The probability to be never-married is significantly lower in the oil-producing than in other American areas immediately after the shock. This effect persists after the oil boom is over but longer for men than for women.
{"title":"What Remains after the Oil Boom is Over?","authors":"Pavel Jelnov","doi":"10.2139/ssrn.3390313","DOIUrl":"https://doi.org/10.2139/ssrn.3390313","url":null,"abstract":"This paper links between Beckerian literature that shows that marriage is a normal good with respect to male income and the literature that explores cultural changes as a result of exogenous events. I use the oil crisis of the 1970s as a positive shock on some males. The analyzed outcome is marital status at early twenties for women and at mid and late twenties for men. The probability to be never-married is significantly lower in the oil-producing than in other American areas immediately after the shock. This effect persists after the oil boom is over but longer for men than for women.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128725046","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-01DOI: 10.5089/9781498316477.001
Carlos Caceres
This paper analyzes the existence of “wealth effects” derived from net equity (in the form of housing, financial assets, and total net worth) on consumption. The study uses longitudinal household-level data?from the Panel Study of Income Dynamics (PSID) ?covering about 7,000-9,000 households in the U.S., with the estimations carried over the period 1999-2017. Overall, wealth effects are found to be relatively large and significant for housing wealth, but less so for other types of wealth, including stocks. Furthermore, the analysis shows how these estimated marginal propensities to consume (MPC) from wealth are closely linked to household characteristics, including income and demographic factors. Finally, underlying structural changes in household characteristics point to potentially lower aggregate MPCs from wealth going forward.
{"title":"Analyzing the Effects of Financial and Housing Wealth on Consumption Using Micro Data","authors":"Carlos Caceres","doi":"10.5089/9781498316477.001","DOIUrl":"https://doi.org/10.5089/9781498316477.001","url":null,"abstract":"This paper analyzes the existence of “wealth effects” derived from net equity (in the form of housing, financial assets, and total net worth) on consumption. The study uses longitudinal household-level data?from the Panel Study of Income Dynamics (PSID) ?covering about 7,000-9,000 households in the U.S., with the estimations carried over the period 1999-2017. Overall, wealth effects are found to be relatively large and significant for housing wealth, but less so for other types of wealth, including stocks. Furthermore, the analysis shows how these estimated marginal propensities to consume (MPC) from wealth are closely linked to household characteristics, including income and demographic factors. Finally, underlying structural changes in household characteristics point to potentially lower aggregate MPCs from wealth going forward.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114701174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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