-Ricardian ("rule-of-thumb") households. We find that the interaction of the two household types is of crucial importance. When only … shocks. Aggregate welfare falls, however, when rule-of-thumb households are added to the analysis. The progressive tax …, with the welfare of rule-of-thumb households falling despite a decline in their consumption volatility. The reason is a …

-Ricardian ("rule-of-thumb") households. We find that the interaction of the two household types is of crucial importance. When only … shocks. Aggregate welfare falls, however, when rule-of-thumb households are added to the analysis. The progressive tax …, with the welfare of rule-of-thumb households falling despite a decline in their consumption volatility. The reason is a …

-Ricardian ("rule-of-thumb") households. We find that the interaction of the two household types is of crucial importance. When only … shocks. Aggregate welfare falls, however, when rule-of-thumb households are added to the analysis. The progressive tax …, with the welfare of rule-of-thumb households falling despite a decline in their consumption volatility. The reason is a …

-Ricardian ("rule-of-thumb") households. We find that the interaction of the two household types is of crucial importance. When only … shocks. Aggregate welfare falls, however, when rule-of-thumb households are added to the analysis. The progressive tax …, with the welfare of rule-of-thumb households falling despite a decline in their consumption volatility. The reason is a …