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 …

Household Survey to examine the timing, distribution, and mechanism of the impacts from this shock on income and consumption … consumption fell less than income, suggesting households were able to smooth the idiosyncratic components of the COVID shock as … well as they did before COVID. Finally, consumption of food and fuel fell less than consumption of durables such as …

We estimate an empirical model of consumption disasters using a new panel data set on personal consumer expenditure for … consumption of about 30%, but that roughly half of this decline is reversed in a subsequent recovery. Uncertainty about … consumption growth increases dramatically during disasters. Our estimated model generates a sizable equity premium from disaster …

delinking of gold flows and the money base. Agents perceived a new regime, as shown by the path of consumption, investment, and …