scholarly journals Does Home Production Replace Consumption Spending? Evidence from Shocks in Housing Wealth in the Great Recession

2020 ◽  
Vol 102 (1) ◽  
pp. 113-128 ◽  
Author(s):  
Jim Been ◽  
Susann Rohwedder ◽  
Michael Hurd
Keyword(s):  
Life Cycle ◽  
Panel Data ◽  
Time Use ◽  
Great Recession ◽  
Well Being ◽  
Elasticity Of Substitution ◽  
Housing Wealth ◽  
Home Production ◽  
The Great Recession ◽  
Prior Literature

Becker's theory of home production suggests substitutability between consumption spending and home production. Using panel data with detailed information on spending and time use, we analyze households' ability to replace consumption spending by home-produced counterparts. Keeping wages fixed and changing lifetime resources by the shock to housing wealth during the Great Recession, we estimate an elasticity of substitution that is consistent with a life cycle Becker model. However, we estimate that only about 11% of total spending is replaceable by home production, which, in contrast to prior literature, makes it unlikely that home production fully mitigates the consequences of wealth shocks to well-being.

scholarly journals Intertemporal and intratemporal consumption smoothing at retirement: micro evidence from detailed spending and time use data

2021 ◽  
pp. 1-22
Author(s):  
Jim Been ◽  
Kees Goudswaard
Keyword(s):  
Life Cycle ◽  
The Netherlands ◽  
Time Use ◽  
Causal Effect ◽  
Consumption Smoothing ◽  
Elasticity Of Substitution ◽  
Home Production ◽  
Life Cycle Model ◽  
Cycle Model ◽  
Total Consumption

Abstract Using detailed spending and time use data from the Netherlands, this paper analyzes the causal effect of retirement on spending and time use decisions. Both total consumption and disaggregated consumption categories are considered. We do not find empirical evidence for drops in households' total non-durable spending at retirement. Our estimates suggest increases in spending at retirement on goods that are complementary to leisure, but no decreases in spending on goods that are replaceable by home production. The quantitative implication of our empirical results for the Life-Cycle Model is an intertemporal elasticity of substitution for leisure below unity.

Recent Trends in the Material Well-Being of the Working Class in America

2021 ◽  
Vol 695 (1) ◽  
pp. 70-91
Author(s):  
James P. Ziliak
Keyword(s):  
Working Class ◽  
Food Insecurity ◽  
Great Recession ◽  
Insurance Coverage ◽  
Well Being ◽  
Absolute Poverty ◽  
Earnings Growth ◽  
The Great Recession ◽  
Recent Trends ◽  
Using Data

I examine trends in the material well-being of working-class households using data from the Current Population Survey in the two decades surrounding the Great Recession. In the years leading up to the Great Recession, average earnings, homeownership, and insurance coverage all fell, and absolute poverty and food insecurity accelerated. After-tax incomes were, for the most part, stagnant. The economic hemorrhaging either abated or reversed, however, in the decade after the Great Recession, especially for the least skilled and for households headed by a Hispanic person. This includes robust earnings growth, which led to declines in earnings inequality, absolute poverty, and food insecurity, coupled with increased insurance coverage and a modest rebound in after-tax incomes. As many of these recent advances likely stalled with the onset of the COVID-19 pandemic, I discuss various policy options.

scholarly journals Well-being and the Great Recession in Spain

2018 ◽  
Vol 26 (15) ◽  
pp. 1279-1284 ◽  
Author(s):  
Jesús Peiró-Palomino ◽  
Francesco Perugini ◽  
Andrés J Picazo-Tadeo
Keyword(s):  
Great Recession ◽  
Well Being ◽  
The Great Recession

scholarly journals THE EFFECT OF HOUSING WEALTH LOSSES ON SPENDING IN THE GREAT RECESSION

2018 ◽  
Vol 57 (2) ◽  
pp. 972-996 ◽  
Author(s):  
Marco Angrisani ◽  
Michael Hurd ◽  
Susann Rohwedder
Keyword(s):  
Great Recession ◽  
Housing Wealth ◽  
The Great Recession

“Wouldn’t You Walk Away?” Foreclosures and Homeowner Understandings

2018 ◽  
Vol 100 (2) ◽  
pp. 174-187
Author(s):  
Carol L. Cleaveland ◽  
Debra Lattanzi Shutika
Keyword(s):  
Great Recession ◽  
Ground Level ◽  
Well Being ◽  
High Rate ◽  
Subprime Mortgage ◽  
Dominant Ideology ◽  
House Values ◽  
The Great Recession ◽  
Mortgage Crisis ◽  
Economic Collapse

Social work scholarship on neoliberalism—the dominant ideology and policies shaping access to housing, jobs, healthcare, and education—is in its infancy. This study examines the ground-level impact of the subprime mortgage crisis that triggered the Great Recession in 2008, examining how homeowners interpreted the changes to their neighborhood as they witnessed a remarkably high rate of foreclosures during the economic collapse of 2008-2010. Residents of a suburban community were unaware of the lending and banking practices that transformed their neighborhoods, though these policies arguably depreciated house values and a sense of well-being. Not knowing the culpability of predatory lenders in the crisis, some residents turned to an anti-immigrant social movement to preserve their community.

Grandparent Coresidence and Family Well-Being

2014 ◽  
Vol 654 (1) ◽  
pp. 110-126 ◽  
Author(s):  
Rachel E. Dunifon ◽  
Kathleen M. Ziol-Guest ◽  
Kimberly Kopko
Keyword(s):  
Marital Status ◽  
Great Recession ◽  
Living Arrangements ◽  
Well Being ◽  
Future Research ◽  
The Great Recession ◽  
The Family ◽  
New Research ◽  
Economic Well Being

U.S. children today have increasingly diverse living arrangements. In 2012, 10 percent of children lived with at least one grandparent; 8 percent lived in three-generational households, consisting of a parent and a grandparent; while 2 percent lived with a grandparent and no parent in the household. This article reviews the literature on grandparent coresidence and presents new research on children coresiding with grandparents in modern families. Findings suggest that grandparent coresidence is quite common and that its prevalence increased during the Great Recession. Additionally, these living arrangements are diverse themselves, varying by the marital status of the parent, the home in which the family lives, and the economic well-being of the family. Suggestions for future research are also proposed.

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