payments (e.g. tax rebates) are spent on non-durable household consumption in the quarter that they are received. We develop a … Finances. A version of the model parametrized to the 2001 tax rebate episode is able to generate consumption responses to …

cycle, of several dimensions of economic inequality, including wages, labor earnings, income, consumption, and wealth. After … distribution. Consumption inequality increased less than disposable income inequality, and tracked the latter much more closely at …

The consumption behaviour of UK, US and Japanese households is examined and compared using a modern Ando …-Modigliani style consumption function. The models incorporate income growth expectations, income uncertainty, housing collateral and … credit availability for UK and US but not Japanese households has undergone large shifts since 1980. The average consumption …

one that produces a deviation from its shared trend with consumption and labor income. Using quarterly stock market data … behavior imply that the log consumption-aggregate (human and nonhuman) wealth ratio forecasts the expected return on aggregate … components may be expressed in terms of observable variables, namely in terms of consumption, nonhuman wealth and labor income …

, agents’ prior beliefs are endogenously heterogeneous. Finally, in a consumption-saving problem with stochastic income, agents …

future policy reversal lowers the consumption rate of interest and thus will increase current consumption. Furthermore, to …

economy will be small. In this paper, we quantify the direct effect on real consumption of (1) unanticipated changes in … evaluate the evidence for asymmetries in the response of real consumption that would be expected, for example, if shifting … price shocks on the consumption of new domestically produced automobiles, is consistent with the small share of the U …

and consumption go down as well. Governments can offset terror by putting tax revenues into the production of security …, at the level of the death toll by about the same size as due to car accidents, is expected to decrease annual consumption …

extant research on consumption insurance find that people face substantial risks that they do not fairly pool. In theory, the … consumption and wealth accumulation of price-taking households in an economy with incomplete markets differs substantially from … this decomposition as an organizing framework to present four main findings: (a) the concavity of the consumption policy …

properties of the estimated consumption/portfolio rules, under both the empirical and the true dynamics of excess returns. The … consider, the estimation issues are so severe that simple unconditional consumption and portfolio rules actually outperform (in …