models in levels, first differences and in error-correction form, relating per capita consumption to per capita income and … financial assets, and measures of aggregate consumption for each of the geographic units over time. We estimate regression … wealth. We find a statistically significant and rather large effect of housing wealth upon household consumption. This effect …

methodologies for evaluating consumption-based models, with an emphasis on method-of-moments estimators. Finally, the chapter offers …The last 15 years has brought forth an explosion of research on consumption-based asset pricing as a leading contender … for explaining aggregate stock market behavior. This research has propelled further interest in consumption-based asset …

two identification strategies to monthly household panel data, we find that consumption significantly responds to …

distribution of household consumption. The analysis integrates the labor economics literature on time variation in the wage … structure with the consumption insurance literature. In contrast to previous tests of consumption insurance, we examine the … longitudinal data with high quality information on both consumption and labor market outcomes, we draw upon the best available …

fully attend to consumption in all periods but fail to attend to some future lumpy expenditure opportunities. This asymmetry … generates some predictions that overlap with models of present-bias. Our model also generates the unique predictions that …

We document some key facts about aggregate consumption and its subcomponents over time. We then document the behavior … of some important determinants of consumption, such as consumers' expectations about their future income, and changes in … consumption during the Great Recession can be explained by the observed drops in wealth and income expectations …

A basic prediction of effcient risk-sharing is that relative consumption growth rates across countries or regions … sharing: episodes of high relative regional consumption growth are associated with regional real exchange rate depreciation …. Across countries however, the association is reversed: relative consumption and real exchange rates are negatively correlated …

We show that volatility movements have first-order implications for consumption dynamics and asset prices. Volatility …