Arbeitspapier
Euler consumption equation with non-separable preferences over consumption and leisure and collateral constraints
This paper derives and estimates an aggregate Euler consumption equation which allows one to compare the importance of collateral constraints and non-separability of consumption and leisure as alternative sources of excess sensitivity of consumption to current income. Estimation results suggest that during a severe financial distress both non-separability and collateral constraints are needed to capture excess sensitivity of consumption to current economic conditions. During more tranquil times, evidence on collateral effects is more limited and non-separability is sufficient to make the Euler consumption equation agree well with the data.
- ISBN
-
978-952-462-501-2
- Sprache
-
Englisch
- Erschienen in
-
Series: Bank of Finland Research Discussion Papers ; No. 9/2009
- Klassifikation
-
Wirtschaft
Macroeconomics: Consumption; Saving; Wealth
Business Fluctuations; Cycles
Financial Markets and the Macroeconomy
- Thema
-
housing
financial distress
excess sensitivity of consumption
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kilponen, Juha
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Finland
- (wo)
-
Helsinki
- (wann)
-
2009
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Kilponen, Juha
- Bank of Finland
Entstanden
- 2009
Ähnliche Objekte (12)
Leisure, household production, consumption and economic well-being
Consumption, housing collateral, and the Canadian business cycle
The consumption Euler equation or the Keynesian consumption function?
Income taxes, death taxes, and optimal consumption-leisure-savings-choice
Fuel consumption and consumption optimization
Fuel consumption and consumption optimization
Technological Progress, the Supply of Hours Worked, and the Consumption-Leisure Complementarity
Technological Progress, the Supply of Hours Worked, and the Consumption-Leisure Complementarity
Consumption and Leisure: The Welfare Impact of Migration on Family Left Behind
German Travel Cultures, Oxford/New York 2000: Berg (Leisure, Consumption and Culture)
Stabilisation Policy in a Model of Consumption, Housing Collateral and Bank Lending
Consumption Growth and Volatility with Consumption Externalities
Leisure, household production, consumption and economic well-being
Consumption, housing collateral, and the Canadian business cycle
The consumption Euler equation or the Keynesian consumption function?
Income taxes, death taxes, and optimal consumption-leisure-savings-choice
Fuel consumption and consumption optimization
Fuel consumption and consumption optimization
Technological Progress, the Supply of Hours Worked, and the Consumption-Leisure Complementarity
Technological Progress, the Supply of Hours Worked, and the Consumption-Leisure Complementarity
Consumption and Leisure: The Welfare Impact of Migration on Family Left Behind
German Travel Cultures, Oxford/New York 2000: Berg (Leisure, Consumption and Culture)
Stabilisation Policy in a Model of Consumption, Housing Collateral and Bank Lending
Consumption Growth and Volatility with Consumption Externalities
Leisure, household production, consumption and economic well-being
Consumption, housing collateral, and the Canadian business cycle
The consumption Euler equation or the Keynesian consumption function?
Income taxes, death taxes, and optimal consumption-leisure-savings-choice
Fuel consumption and consumption optimization
Fuel consumption and consumption optimization
Technological Progress, the Supply of Hours Worked, and the Consumption-Leisure Complementarity
Technological Progress, the Supply of Hours Worked, and the Consumption-Leisure Complementarity
Consumption and Leisure: The Welfare Impact of Migration on Family Left Behind
German Travel Cultures, Oxford/New York 2000: Berg (Leisure, Consumption and Culture)
Stabilisation Policy in a Model of Consumption, Housing Collateral and Bank Lending