, the model cannot account for the low level of consumption (or high saving) as a proportion of income observed in the data …. An examination of provincial level consumption data suggests that the absence of channels for intranational consumption … risk sharing may be an important reason why the business-cycle model has trouble accounting for Chinese consumption and …

recognition to the intertemporal nature of households' saving decisions. Like traditional IS-LM, however, the optimizing version … tends to understate the value of money as an indicator for monetary policy. …

return on capital, output growth rates, tax progressivity, top income shares, and heterogeneity in saving rates and …

outcomes and elasticities, including the responses of the labor share and the labor wedge to demand shocks and the elasticity … of output with respect to labor inputs. We also decompose changes in work hours into different margins (hours per worker …, the employment rate, and the labor force) and examine effects on local rental prices, wages, and firm entry. We compare …