Eugène, Bruno; Jeanfils, Philippe; Robert, Benoît - Nationale Bank van België/Banque national de Belqique (BNB) - 2003
This paper analyses the path of private consumption and its main macroeconomic determinants. These are related to the life-cycle approach which helps explaining consumption smoothing. In that respect, it is important to go beyond the simple correlation between current disposable income and...