Auflistung nach Autor "Munk, Claus"

Anzeige der Dokumente 1-4 von 4

    • Consumption and Wage Humps in a Life-Cycle Model with Education 

      Kraft, Holger; Munk, Claus; Seifried, Frank Thomas; Steffensen, Mogens (2015-02-24)
      The observed hump-shaped life-cycle pattern in individuals’ consumption cannot be explained by the classical consumption-savings model. The consensus explanation is that the hump is caused by constraints and unspanned ...

    • Consumption Habits and Humps 

      Kraft, Holger; Munk, Claus; Seifried, Frank Thomas; Wagner, Sebastian (2015-07-10)
      We show that the optimal consumption of an individual over the life cycle can have the hump shape (inverted U-shape) observed empirically if the preferences of the individual exhibit internal habit formation. In the absence ...

    • Housing Habits and Their Implications for Life-Cycle Consumption and Investment 

      Kraft, Holger; Munk, Claus; Wagner, Sebastian (2017-01-26)
      We solve a rich life-cycle model of household decisions involving consumption of perishable goods and housing services, habit formation for housing consumption, stochastic labor income, stochastic house prices, home renting ...

    • Predictors and Portfolios Over the Life Cycle 

      Kraft, Holger; Munk, Claus; Weiss, Farina (2018-06-08)
      In a calibrated consumption-portfolio model with stock, housing, and labor income predictability, we evaluate the welfare effects of predictability on life-cycle consumption-portfolio choice. We compare skilled investors ...