probability of encountering it again is higher, immediately raise liquidity preference and reduce consumption. As a period without … consumption. Particularly, when the shock is observed many times in succession, recovery is first slow because people do not …

profit function rationalizing consumption, labor supply and savings is specified, estimated and used to test commonly … maintained separability hypotheses. Both consumption- labor and time separability are rejected. Cross-price Frisch elasticities … are found not to equal zero and this in turns affects all estimates of consumption, labor supply and saving elasticities …

This paper documents that region-level consumption exhibits excess sensitivity to lagged income in Italy, Japan, Spain …, the United Kingdom and West Germany. However, region-specific idiosyncratic) consumption exhibits substantially less …

change in asset or portfolio return affects household’s consumption growth, using a sample of households from the Consumer … Expenditure Survey. Since changes in housing return can affect consumption of households over time, we investigate whether the … affects consumption growth, and housing is an important asset to account for in the household portfolio. …

’s consumption growth. The estimates obtained using real after-tax composite return are about 0.15-0.3 and are more robust to linear … and nonlinear estimations, different consumption measures, and various time periods than those obtained by using …

periodically but make consumption decisions on a more frequent basis. The model incorporates price uncertainty and imperfect credit … markets. The simulated numerical solution to this model shows that weekly consumption functions are ordered such that the …