surpluses without a fall in consumption, capital inflows should be used to increase future output. This paper tentatively finds … following consumption booms. It also shows that many recent large current account deficits have been predominantly the result of … consumption or non-productive investment booms. …

We estimate consumption dynamics in the G-7 economies, paying particular attention to the possibility of precautionary … consumption growth. As such, consumption in the G-7 economies is unlikely to be the engine that revives global growth. Differences … in the pace and timing of consumption moderation have implications for the evolution of global imbalances. With the U …

'buffer stock' model of optimal consumption in the presence of labor income uncertainty and credit constraints. Saving in the …

Household savings rates in the United States have recently crept up from all-time lows. Some have suggested that a …, our model predicts that such primary savings will increase, but only temporarily and modestly, as household assets … stabilize. As savings flows gradually accumulate, they help rebuild corporate net worth and hence firms' capacity to make capit …

income. We use household-level data to explain the postponing of consumption despite rapid income growth. Tracing cohorts … over time indicates virtually no consumption smoothing over the life cycle. Saving rates have increased across all … demographic groups, although the age-profile of savings has an unusual U-shaped pattern, with saving rates being the highest among …