’s rate of time preference. The agent exhibits excess sensitivity of consumption to current period income, even for low … long-term debt contracts reduces the income-sensitivity of consumption. A very tractable approximative Euler equation for …

sentiment indicators for industrial production and consumption. We then compare these with the frequency content of both … industrial production and real consumption growth data. The Hilbert-Huang methodology first uses a sifting process (EMD) to …

This paper derives and estimates an aggregate Euler consumption equation which allows one to compare the importance of … collateral constraints and non-separability of consumption and leisure as alternative sources of excess sensitivity of … consumption to current income. Estimation results suggest that during a severe financial distress both non-separability and …

In a dynamic setting, housing is both an asset and a consumption good. But should it be taxed like other forms of … consumption or like other forms of saving? We consider the optimal taxation of the imputed rent from owner housing within a …