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Just Before the Great Recession, Who...

Hong, Eunice Oh.

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Just Before the Great Recession, Who Could Have Expected a Substantial Income Decrease? Were They Prepared for Emergencies?

Record Type:	Electronic resources : Monograph/item
Title/Author:	Just Before the Great Recession, Who Could Have Expected a Substantial Income Decrease? Were They Prepared for Emergencies?/
Author:	Hong, Eunice Oh.
Description:	182 p.
Notes:	Source: Dissertation Abstracts International, Volume: 76-11(E), Section: B.
Contained By:	Dissertation Abstracts International76-11B(E).
Subject:	Home economics. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3710202
ISBN:	9781321860627

Just Before the Great Recession, Who Could Have Expected a Substantial Income Decrease? Were They Prepared for Emergencies?
Hong, Eunice Oh.

Just Before the Great Recession, Who Could Have Expected a Substantial Income Decrease? Were They Prepared for Emergencies? - 182 p.

Source: Dissertation Abstracts International, Volume: 76-11(E), Section: B.

Thesis (Ph.D.)--The Ohio State University, 2015.

This study focused on households' expectations of the likelihood of a substantial income decrease during the Great Recession, and examined whether or not they behaved rationally based on the rational expectation hypothesis. In Study 1, the objective was to examine which factors were related to whether households experienced substantial income decreases during the recession. The 2007-2009 Panel of the Survey of Consumer Finances (SCF) was used to estimate the likelihood that a household would have a decrease in income of at least 50% between 2006 and 2008. Over 8% of U.S. households experienced at least a 50% decrease in income, and a logistic regression model showed that many household characteristics were related significantly to the probability of suffering such a dramatic decrease. From the results of Study 1, the estimated likelihood that households would experience a substantial decrease in income was used as an independent variable in Study 2.

ISBN: 9781321860627Subjects--Topical Terms:

551902
Home economics.

Just Before the Great Recession, Who Could Have Expected a Substantial Income Decrease? Were They Prepared for Emergencies?
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100 1 $a Hong, Eunice Oh. $3 3183997
245 1 0 $a Just Before the Great Recession, Who Could Have Expected a Substantial Income Decrease? Were They Prepared for Emergencies?
300 $a 182 p.
500 $a Source: Dissertation Abstracts International, Volume: 76-11(E), Section: B.
500 $a Adviser: Sherman D. Hanna.
502 $a Thesis (Ph.D.)--The Ohio State University, 2015.
520 $a This study focused on households' expectations of the likelihood of a substantial income decrease during the Great Recession, and examined whether or not they behaved rationally based on the rational expectation hypothesis. In Study 1, the objective was to examine which factors were related to whether households experienced substantial income decreases during the recession. The 2007-2009 Panel of the Survey of Consumer Finances (SCF) was used to estimate the likelihood that a household would have a decrease in income of at least 50% between 2006 and 2008. Over 8% of U.S. households experienced at least a 50% decrease in income, and a logistic regression model showed that many household characteristics were related significantly to the probability of suffering such a dramatic decrease. From the results of Study 1, the estimated likelihood that households would experience a substantial decrease in income was used as an independent variable in Study 2.
520 $a In economics, the rational expectation hypothesis posits that if rational households expect future income to decrease, current saving should increase. Thus, the purpose of Study 2 was to examine whether or not households behaved in a rational manner in holding emergency funds, based on having a substantial income decrease. In Study 2a, the ratio of monetary assets to spending in 2007 was regressed on the likelihood of having a substantial decrease in income decrease. The higher the likelihood of a substantial income decrease, the higher the ratio, controlling for other household characteristics in 2007. In Study 2b, the ratio of the subjective need for emergency funds to estimated annual spending in 2007 was used as a dependent variable. The estimated likelihood of a substantial income decrease was related positively to the ratio of subjective need to spending. Not only households' actual behavior in accumulating liquid assets, but also their perceptions of the need for emergency funds were related positively to the likelihood of substantially decreased income.
520 $a The empirical results from this study confirmed that households that could have anticipated a relatively high likelihood of a substantial income decrease held more emergency funds relative to spending, which suggests that they tended to behave in a rational manner.
520 $a The positive relationship between the amount of emergency funds held relative to spending and the likelihood of a substantial income decrease implied that households might have made realistic predictions of their future income. The results suggested greater rationality in household decisions about holdings for precautionary savings than previous researchers have inferred based on cross-sectional analyses. The findings from this research provide implications for financial professionals and future research.
590 $a School code: 0168.
650 4 $a Home economics. $3 551902
650 4 $a Individual & family studies. $3 2122770
690 $a 0386
690 $a 0628
710 2 $a The Ohio State University. $b Human Ecology: Family Resource Management. $3 3183998
773 0 $t Dissertation Abstracts International $g 76-11B(E).
790 $a 0168
791 $a Ph.D.
792 $a 2015
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3710202