consumption via managing inflation expectations based on the Euler equation. Unconventional fiscal policy uses trivial … announcements of future consumer-price increases to boost inflation expectations and consumption expenditure on impact. Instead …

This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house … portfolios, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the … heterogeneity in household finances implies that responses of consumption to changes in the real interest rate and in house prices …

Unconventional fiscal policies incentivize households to accelerate consumption by generating future consumer price … study the causal effect of unconventional fiscal policies on consumption expenditure via the inflation-expectations channel … intratemporal substitution from non-durable to durable consumption. …

, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We … show that the permanent income hypothesis prescription of an ever-lasting increase in consumption financed by borrowing … is large relative to initial foreign debt, is it optimal to build a SWF. The optimal time profile of consumption is …

periodon private consumption. Thereby, we also take the specific context of thetransition towards EMU explicitly into …