persistent reductions of output, consumption and investment, that can be large, in particular if the share of public debt held …

We attempt to disentangle income and wealth effects on consumption by disaggregating both the different types of income … and wealth. We estimate a consumption function for a panel of quarterly data for 14 advanced economies spanning 1998 to … 2012, using an error correction specification. We find a significant long-term relation between consumption and the …

in GDP and consumption of 12.9 and 11.7 percent, respectively, and a cumulative loss of GDP of 38 percent for the period …

consumption. Based on a panel of 70 low and middle-income countries over the period 1980-2012, the paper finds that import price … shocks negatively and significantly affect household consumption, but this effect appears to be mitigated by discretionary … government consumption, notably through government subsidies and transfers. The results are particularly robust for African …

introduction of an unfunded social security program will raise consumption even if all bequests reflect intergenerational altruism … earnings are uncertain, his future bequest is also uncertain and his consumption therefore rises more in response to an …