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 …

. Further, while during earlier parts of our sample both a slowdown in consumption and investment growth contribute to a … decomposition for consumption growth shows that the contribution of stock market volatility becomes negligible as we go from earlier …