allows us to decompose the consumption and portfolio effects of permanent and transitory shocks to labour income and show …

We examine whether credit contributes to business cycle fluctuations by directly affecting consumption rather than … vertical and consumers face a credit ceiling. Using this assumption we find consumption growth depends on the interest rate … consumption in the late 1980s were more likely due to income revisions than financial deregulation per se. …

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 …