than crowding-out private consumption in the short run. We explore the robustness of this mechanism to the existence of …

rule-of-thumb households in Japan. Motivated by existing theoretical formulations, we estimate a consumption function as …) fiscal policy shock stimulates private consumption more effectively in the high ROT households’ period. …

Consumption Expenditure Survey (CEX) to estimate individual-level impulse responses as well as multipliers for government spending … tend to decrease consumption inequality, whereas tax policy shocks most negatively affect the lives of the poor, more so … than the rich, thus increasing consumption inequality. …

increase consumption, but only during bust periods. Wealth transfers from lottery winners to low income households enable … fiscal policy to stabilize consumption during bust periods. …

establish the dependency of private investment on private savings and private consumption is the main driver of the saving … higher private consumption could be detrimental to growth and external stability. In contrast, an investment strategy that … account appears to be driven by private consumption that determines fluctuations in imports in many developing countries. In …