GDP, private consumption, real wage and investment are all positive, which is in accord with the New Keynesian model …

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 …

asserts that the discretionary income effect on private consumption, which plays a central role in contemporary accounts of … makes the case that the effects of the oil price decline of 2014-16 on private consumption are smaller for a multitude of …

We analyze the effect of immigrants’ legal status on their consumption behavior using unique survey data that samples … different in nature – lead to similar estimates of the effects of illegal status on consumption, with undocumented immigrants … legalization programs may have a potentially important effect on immigrants’ consumption behavior, with consequences for both the …

Unconventional fiscal policy uses announcements of future increases in consumption taxes to generate inflation … expectations and accelerate consumption expenditure. It is budget neutral and time consistent. We provide preliminary evidence for …