an explicit role for unemployment and for household debt. We find that the model is capable of explaining several …This paper examines the relationship between household balance sheets, consumer purchases, and expectations. We find … few robust empirical relationships between balance sheet measures and spending, but we do find that unemployment …

The goal of this chapter is to study how, and by how much, household income, wealth, and preference heterogeneity …, using data from the Panel Study of Income Dynamics, we document the patterns of household income, consumption and wealth …. Motivated by this evidence, we study several variants of a standard heterogeneous household model with aggregate shocks and an …

unemployment. The novel feature is that the scope for sunspot-driven volatility depends on the level of household wealth. When …Periods of low household wealth in United States macroeconomic history have also been periods of high business cycle … wealth is high, consumer demand is largely insensitive to unemployment expectations and the economy is robust to confidence …

individual-pre-tax and household-post-tax earnings and across administrative (Social Security Administration) and survey (Panel … Study of Income Dynamics) data. We estimate two alternative processes for household after-tax earnings and study their …

varied dramatically across regions. House prices, consumption and unemployment remain below pre-crisis levels in about half …

Although theoretical models of household behavior often emphasize fiscal foresight, empirical studies of household …

is based on a comprehensive household-level transactions database matched with price information from store-level scanner … data, with a large and geographically diverse impact on household incomes over time. We estimate income and wealth effects … using “within” variation of income and wealth at the household level. Our estimates can be interpreted as income and wealth …