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Report
How Do Households Respond to Income Shocks?
Krueger, Dirk; Malkov, Egor; Perri, Fabrizio (2023-12-05)
We use panel data from the Italian Survey of Household Income and Wealth from 1991 to 2016 to document empirically what components of the household budget constraint change in response to shocks to household labor income, both over shorter and over longer horizons. We show that shocks to labor income are associated with negligible changes in transfers and non-labor income components, modest changes in consumption expenditures, and large changes in wealth. We then split the sample in households which do not own business or real estate wealth, and households who do. For the first group, we find ...
Staff Report , Paper 655

Discussion Paper
Financial management tools and consumer confidence: chase blueprint
Santucci, Lawrence (2015-10-13)
On March 10, 2015, the Payment Cards Center hosted a workshop on the development and performance of Blueprint, a set of money management features developed by JPMorgan Chase & Co. (Chase) and available with several of Chase?s credit cards. The workshop featured presentations by Thomas O?Donnell, managing director of Chase Consumer and Community Banking Quality, and Florian Egg-Krings, general manager of the Slate and Blueprint portfolios. O?Donnell discussed the development of Blueprint, a process that began during the financial crisis and the Great Recession of 2007?2009. Egg-Krings then ...
Consumer Finance Institute discussion papers , Paper 15-4

Working Paper
Taxing top earners: a human capital perspective
Badel, Alejandro; Huggett, Mark (2014-07-23)
We assess the consequences of substantially increasing the marginal tax rate on U.S. top earners using a human capital model. The top of the model Laffer curve occurs at a 53 percent top tax rate. Tax revenues and the tax rate at the top of the Laffer curve are smaller compared to an otherwise similar model that ignores the possibility of skill change in response to a tax reform. We also show that if one applies the methods used by Diamond and Saez (2011) to provide quantitative guidance for setting the tax rate on top earners to model data then the resulting tax rate exceeds the tax rate at ...
Working Papers , Paper 2014-17

Working Paper
Reverse mortgage loans: a quantitative analysis
Nakajima, Makoto; Telyukova, Irina A. (2014-09-08)
Supersedes Working Paper 13-27. Reverse mortgage loans (RMLs) allow older homeowners to borrow against housing wealth without moving. Despite growth in this market, only 2.1% of eligible homeowners had RMLs in 2011. In this paper, the authors analyze reverse mortgages in a calibrated life-cycle model of retirement. The average welfare gain from RMLs is $885 per homeowner. The authors? model implies that low-income, low-wealth, and poor-health households benefit the most, consistent with empirical evidence. Bequest motives, nursing-home-move risk, house price risk, and loan costs all ...
Working Papers , Paper 14-27

Working Paper
How Important Is Health Inequality for Lifetime Earnings Inequality?
Hosseini, Roozbeh; Kopecky, Karen A.; Zhao, Kai (2021-01-04)
Using a dynamic panel approach, we provide empirical evidence that negative health shocks reduce earnings. The effect is primarily driven by the participation margin and is concentrated in less educated individuals and those with poor health. We build a dynamic, general equilibrium, life cycle model that is consistent with these findings. In the model, individuals whose health is risky and heterogeneous choose to either work, or not work and apply for social security disability insurance (SSDI). Health affects individuals’ productivity, SSDI access, disutility from work, mortality, and ...
FRB Atlanta Working Paper , Paper 2021-1

Working Paper
The Age-Time-Cohort Problem and the Identification of Structural Parameters in Life-Cycle Models
Schulhofer-Wohl, Sam (2017-10-19)
A standard approach to estimating structural parameters in life-cycle models imposes sufficient assumptions on the data to identify the ?age profile" of outcomes, then chooses model parameters so that the model's age profile matches this empirical age profile. I show that this approach is both incorrect and unnecessary: incorrect, because it generally produces inconsistent estimators of the structural parameters, and unnecessary, because consistent estimators can be obtained under weaker assumptions. I derive an estimation method that avoids the problems of the standard approach. I ...
Working Paper Series , Paper WP-2017-18

Report
Noncognitive Skills at the Time of COVID-19: An Experiment with Professional Traders and Students
Angrisani, Marco; Cipriani, Marco; Guarino, Antonio; Kendall, Ryan; Ortiz de Zarate Pina, Julen (2023-02-01)
We study the stability of noncognitive skills by comparing experimental results gathered before and during the COVID-19 pandemic. Using a sample of professional traders, we find a significant decrease in agreeableness and locus of control and a moderate decrease in grit. These patterns are primarily driven by those with more negative experiences of the pandemic. Other skills, such as trust, conscientiousness, and self-monitoring, are unchanged. We contrast these results with those from a sample of undergraduate students whose noncognitive skills remain constant (except conscientiousness). Our ...
Staff Reports , Paper 1055

Working Paper
Credit, bankruptcy, and aggregate fluctuations
Nakajima, Makoto; Rios-Rull, Jose-Victor (2014-10-20)
We ask two questions related to how access to credit affects the nature of business cycles. First, does the standard theory of unsecured credit account for the high volatility and procyclicality of credit and the high volatility and countercyclicality of bankruptcy filings found in U.S. data? Yes, it does, but only if we explicitly model recessions as displaying countercyclical earnings risk (i.e., rather than having all households fare slightly worse than normal during recessions, we ensure that more households than normal fare very poorly). Second, does access to credit smooth aggregate ...
Working Papers , Paper 14-31

Working Paper
Preventive vs. Curative Medicine: A Macroeconomic Analysis of Health Care over the Life Cycle
Ozkan, Serdar (2023-09-23)
This paper studies differences in health care usage and health outcomes between low- and high-income individuals. Using data from the Medical Expenditure Panel Survey (MEPS) I find that early in life the rich spend significantly more on health care, whereas from middle to very old age medical spending of the poor surpasses that of the rich by 25%. In addition, low-income individuals are less likely to incur any medical expenditures in a given year, yet, when they do, their expenses are more likely to be extreme. To account for these facts, I develop and estimate a life-cycle model of two ...
Working Papers , Paper 2023-025

Report
Risk Preferences at the Time of COVID-19: An Experiment with Professional Traders and Students
Cipriani, Marco; http://fedora:8080/fcrepo/rest/objects/authors/; Angrisani, Marco; Ortiz de Zarate Pina, Julen; Guarino, Antonio (2020-05-01)
We study whether the COVID-19 pandemic has impacted risk preferences, comparing the results of experiments conducted before and during the outbreak. In each experiment, we elicit risk preferences from two sample groups: professional traders and undergraduate students. We find that, on average, risk preferences have remained constant for both pools of participants. Our results suggest that the increases in risk premia observed during the pandemic are not due to changes in risk appetite; rather, they are solely due to a change in beliefs by market participants. The findings of our paper support ...
Staff Reports , Paper 927

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