Such wealthy HtM households are better off bearing the welfare loss from income fluctuations rather than smoothing their consumption.
Next, we ask how large the share of wealthy HtM households is in the total population, what these households' demographic characteristics are relative to the other two groups, how their balance sheets compare with those of the non-HtM households, and how persistent their HtM status is over their life cycle.
households are HtM, with our preferred estimate being one-third of the population.
In all the other countries, wealthy HtM households are a much greater share of the population than poor HtM households, even more so than in the United States.
In section VI we show that a household's HtM status has strong predictive power for its consumption response to transitory shocks.
In section VII, we argue that the wealthy HtM deserve their own separate status in the cast of characters populating macroeconomic models.
We start by analyzing a simple three-period model in order to illustrate the determinants of HtM behavior.
Our characterization of HtM behavior concerns the asset position at the time of the f = 1 consumption decision.
Since we are interested in characterizing HtM behavior, we focus on the case where [m.sub.1] - 0.
From equation 6, we conclude that the household is wealthy HtM when
According to Dan Holbrook, vice president/general manager of HTM, the company's main goal right now is to become the automatic transmission center for North America, as laid out in Honda's global strategy.
HTM is installing such eco-friendly technologies as increased insulation, geothermal heating, skylights, and advanced digital temperature control systems.