Responses of Time-use to Shocks in Wealth during the Great Recession

• Published in: IDEAS Working Paper Series from RePEc
• Main Authors: Been, Jim, Hurd, Michael, Rohwedder, Susann
• Format: Paper
• Language: English
• Published: St. Louis Federal Reserve Bank of St. Louis 01.01.2014
• Subjects: Budgets; Great Recession; Households

Shocks to income and wealth decrease the household's monetary budget available. As a consequence, households respond by decreasing consumption spending. Income shocks, such as unexpected unemployment and retirement, also increase the time-budget available in addition to decreasing the monetary...