This paper provides instrumental variables estimates of the response of aggregate private consumption to transitory … transitory shocks to aggregate output on private consumption in poor countries. …

payments (e.g. tax rebates) are spent on non-durable household consumption in the quarter that they are received. We develop a … Finances. A version of the model parametrized to the 2001 tax rebate episode is able to generate consumption responses to …

one that produces a deviation from its shared trend with consumption and labor income. Using quarterly stock market data … behavior imply that the log consumption-aggregate (human and nonhuman) wealth ratio forecasts the expected return on aggregate … components may be expressed in terms of observable variables, namely in terms of consumption, nonhuman wealth and labor income …

future policy reversal lowers the consumption rate of interest and thus will increase current consumption. Furthermore, to …

extant research on consumption insurance find that people face substantial risks that they do not fairly pool. In theory, the … consumption and wealth accumulation of price-taking households in an economy with incomplete markets differs substantially from … this decomposition as an organizing framework to present four main findings: (a) the concavity of the consumption policy …