, governments face a trade-off: they are tempted to restrict pesticide use compared to under autarky because domestic consumption …

response to the forecasts, extrapolate to expectations about their personal economic circumstances and adjust their consumption …

This paper shows that the combination of habit formation - present consumption creating additional consumption needs in …-best setting the optimal solution can be decentralized by a simple 'Pigouvian' (paternalistic) consumption tax (along with suitable … lump-sum taxes). In a second-best setting, when personalized lump-sum transfers are not available, consumption taxes may …

supply significantly and that their customers reduced both borrowing and consumption relative to customers in non …-exposed banks. The credit supply channel can explain roughly one third of the decrease in aggregate private consumption observed in …

It has long been argued that the anticipations of some future event will impact current consumption and well-being in … model, by assuming that in addition to his own current consumption, an agent’s current utility depends upon a reference … consumption level that is based on expected future consumption. Two alternative specifications of the anticipated future …