We extend the standard approach to Bayesian forecast combination by forming the weights for the model averaged forecast … greater protection against in-sample overfitting and improves forecast performance. For the predictive likelihood we show … analytically that the forecast weights have good large and small sample properties. This is confirmed in a simulation study and an …

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 …

, can explain this disparity. In this chapter we present some estimates of the loss of consumption suffered by unemployed …

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 …

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

This paper uses household surveys from 13 developing countries to describe consumption choices, health and education … daily consumption per capita is between $2 and $4 or between $6 and $10. The data shed lights on differences and … have fewer, healthier, and better educated children. While there are clear differences in consumption patterns between the …

-cycle model of consumption in which there is a permanent and unexpected shock to lifetime income induced by the pension and other …This paper investigates the causes of the Italian consumption bust of the early 1990s by estimating deviations from … 'normal' consumption using household level data for 1985-94. The data set used is a particularly rich, but as yet unexplored …