transitory shocks? The implications for consumption and welfaredepend crucially on the answer to this question. We use CEX …

spending on consumer spending. Our consumption data come from household-level retail purchases in the Nielsen scanner data and … local non-durable consumer spending by $0.29 and local auto spending by $0.09. We translate the regional consumption … our incomplete markets model from models with complete markets. At the zero lower bound, the aggregate consumption …

sectors and over time in order to examine how household consumption responds to different types of positive income shocks … (regular tranches versus lump-sum payments). Focusing on single-earner households, we find evidence of consumption smoothing in … accordance with the Permanent-Income Hypothesis, since total and food consumption do not exhibit excess sensitivity to …

incomplete markets model. Moreover, age-varying risk implies a linear increase in consumption inequality late in working life …

measurement of consumption inequality. A decline in shopping frequency as households stock up on storable goods (i.e. inventory … consumption inequality is unchanged. We find that most of the recently documented rise in expenditure inequality in the U.S. since …