general panel date on total consumption from the intertemporal budget constraint. The distribution of consumption levels is … shown to closely match that estimated using the UK's household budget survey. Consumption transitions over time are then …

Recent theoretical contributions have suggested consumption externalities, or peergroup effects, as a potential … intertemporal consumption choice is a completely open question. To shed some light on the issue, we derive an extension of the … standard life-cycle model that allows for consumption externalities. The analysis is complicated by the challenge of …

-durable) consumption of 5-9 (3.5-6) cents. There is evidence of effects for food spending. Responses of total and non-durable spending to … (relative to other factors) for consumption falls in 2008/09. Thus wealth effects on consumption can be important for households …

consumption independence. Within this class and in the absence of any functional form restrictions on instantaneous preferences … consumption choices. …

Engel curves. Under the power utility assumption, neither Euler equation estimation nor structural consumption function …

This paper considers data quality issues for the analysis of consumption inequality exploiting two complementary … affecting observed measures of consumption inequality. Implications of our ?ndings are used as a test for the permanent income …

In this paper we model the evolution ofincome risk and consumption growth.We decompose the time series innovation of … explaining consumption growth. R atherthanthecomponentthatis commonacross cohorts, however, it is thecohort …-speci…celementthatis important in determining changes in consumption growth.This result points to a failure of between-cohort insurance mechanisms. …

-section data on income and consumption. Our focus is on the detection of changes in the magnitudes of variances of permanent and … transitory risks. A new approximation to the optimal consumption growth rule is developed. Evidence from a dynamic stochastic … environment. We examine robustness to unobserved heterogeneity in consumption growth and to unobserved heterogeneity in income …

estimate the effect of wealth shocks on household consumption and individual expectations of the future. Many household …

This paper examines trends in household consumption and saving behaviour in each of the last three recessions in the UK … longer, but also the composition of the cutbacks in consumption expenditures differs, with a greater reliance on cuts to non …