without giving rise to high year-on-year volatility in consumption streams or opaque and rigid valuation and smoothing rules …

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 …

If some consumers are liquidity-constrained, aggregate consumption should be ‘excessively sensitive’ to credit … United Kingdom and the United States, we find a substantial impact of credit aggregates on consumption in all countries … considered. Moreover, the borrowing/lending wedge is a significant determinant of consumption in Canada, Japan and the United …

transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX … repeated cross-section data on consumption and income to decompose idiosyncratic changes in income into predictable life … evolution of consumption and income inequality well and delivers two main results. First, we find that permanent changes in …

.27% to aggregate non-durable consumption expenditure in the second half of 2001. The estimates of the homogeneous response …

allocation to estimate the causal response of households' non-durable consumption expenditures to a transitory, anticipated … income increase. Our main findings are that: (i) non-durable consumption expenditures did not react significantly during or …-durable consumption expenditures at the time of the announcement of the fiscal stimulus. …

Almost half of American families did not adjust their consumption following receipt of the 2001 or 2008 tax rebates …

This paper extends the standard model of the life cycle consumption, saving and labor supply in a number of direction. …

There is widespread disagreement about the role of housing wealth in explaining consumption. This paper exploits liquid …, to explain fluctuations in the ratios of consumption and household debt to income in South Africa, from 1971 to 2005. The … variable with key interactions with drivers of consumption and debt. Credit conditions are proxied by a spline function …