372745
372745
omssb
2018-12-19T10:47:00.000Z
no

Seminar

Forskningsseminar: Income Risk, House Price Shocks and Consumption Inequality

Foredragsholder
Michael Graber, University of Chicago
Dato
23. april 2019
Når
11:45 - 12:45
Hvor
Auditoriet, SSB, Akersveien 26

Innhold

Michael Graber, University of Chicago  https://sites.google.com/view/michaelgraber

 

Income Risk, House Price Shocks and Consumption Inequality

Abstract: This paper uses household consumption measures derived from the Norwegian population register data on income and assets to examine the importance of house price shocks for the link between income and consumption inequality. We document a disjuncture between income and consumption inequality over the life-cycle, and develop the partial insurance approach to examine the extent to which this can be explained by changes in shocks to house prices and levels of wealth. We estimate semi-structural and reduced form models of the transmission of shocks to income and house prices into consumption. The geographical dispersion of local labour markets in Norway is used to examine how the marginal propensity to consume out of income varies by the nature of the shock (persistent vs transitory, local vs individual-specific, correlated with housing prices or not) and with the characteristics of the people (education, financial wealth, homeownership, and birth cohort). While taxes and transfers are found to play an important role in insuring shocks to labour income especially among the low educated, there is a strong transmission of house price shocks to consumption.

 

Praktisk informasjon

Servering av kaffe/te og baguetter fra 11:30

 

Kontakt

  • Stilling
    Forskningsleder
    E-post
    Ola.Vestad@ssb.no
    Telefon
    40902502