cycle, of several dimensions of economic inequality, including wages, labor earnings, income, consumption, and wealth. After … distribution. Consumption inequality increased less than disposable income inequality, and tracked the latter much more closely at …

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 …This paper studies the role of detrended wealth in predicting stock returns. We call a transitory movement in wealth …

Australian data, we model non-price credit supply conditions within equilibrium correction models of consumption, house prices …, but also interact with key economic variables. We show that credit conditions impact on consumption by: (i) lowering the … real activity; and (iii) facilitating intertemporal consumption smoothing. …

payments (e.g. tax rebates) are spent on non-durable household consumption in the quarter that they are received. We develop a … a transaction cost. The optimal life-cycle pattern of wealth accumulation implies that many households are "wealthy hand …-to-mouth": they hold little or no liquid wealth despite owning sizable quantities of illiquid assets. They therefore display large …

, can explain this disparity. In this chapter we present some estimates of the loss of consumption suffered by unemployed … the Household Budget Surveys). Our results confirm our prior findings: this loss is much more sizeable in Portugal. …

growth expectations? 4) What is the potential of such expectation changes for explaining the volatility of consumption to …

If some consumers are liquidity-constrained, aggregate consumption should be ‘excessively sensitive’ to credit … United Kingdom and the United States, we find a substantial impact of credit aggregates on consumption in all countries … considered. Moreover, the borrowing/lending wedge is a significant determinant of consumption in Canada, Japan and the United …

Risk premia in the consumption capital asset pricing model depend on preferences and dividends. We develop a … elasticity of a preference-based stochastic discount factor for pricing assets with respect to the consumption innovation … correlated with individual consumption. …

This paper investigates the implications of budgetary policies for consumption and economic growth. We present a model … a rise in government debt, financed by lump-sum taxes, increases the share of private consumption to national income and … reduces the long-run growth rate. We also show that a rise in government consumption financed by lump-sum taxes reduces both …

We estimate Euler equations for a number of countries and find that the excess sensitivity of consumption to current …