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 …

According to Chen's (2013) linguistic-savings hypothesis, languages which grammatically separate the future and the …

-exposed banks. The credit supply channel can explain roughly one third of the decrease in aggregate private consumption observed in …Did the financial crisis spread from distressed banks to households through a contraction of the credit supply? We … information about individual account holders and banks. We show that banks exposed to the financial crisis reduced their credit …

cost of making a mistake on this decision is $262. We then compute that almost all members have made the right decision …

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 …

the period 1980q1-2011q4. That is, income is more often found to predict consumption and saving than the converse. Our … consumption and by exploring the direction of Granger causality between the two series. We also give evidence that house price … changes played a role in the US income and consumption dynamics, before, during and after the Great Recession …

Heuristics Hypothesis (SHH) proposes that fast instinctive decision making promotes cooperation in social dilemmas. In this paper … finding that fast and intuitive decision making promotes cooperation. Given payoff comprehension, the SHH predicts behavior …