challenge for a neoclassical model, which relies on the wealth effect on labor supply as the main channel of transmission of … unproductive government spending shocks. The goal of this paper is to explore further the role of the wealth effect in the …, in which preferences can be consistent with an arbitrarily small wealth effect on labor supply, and highlight that such …

cycle, of several dimensions of economic inequality, including wages, labor earnings, income, consumption, and wealth. After …

expenditure. We find support for these predictions in three field experiments that randomly assign reminders to new savings …

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 …