demand. Fiscal policy, especially energy price subsidies, can isolate individual energy importers from the shock, but it has …

because very little of the increased spending flowed to businesses most affected by the COVID-19 shock. Paycheck Protection …

small movements in private consumption. We describe and implement a methodology for assessing whether standard neoclassical … models can account for the consequences of a fiscal policy shock. Simple versions of the neoclassical model can account for … the qualitative effects of a fiscal shock. Once we allow for habit formation and investment adjustment costs, the model …

countries. For EU countries, at the 1-year frequency percent of shocks to GDP are smoothed via government consumption, 18 …-off between high government deficits in a country and the ability to smooth consumption. We find that in countries where there is … delegation' of power or where fiscal targets are negotiated effectively by coalition members consumption smoothing via government …

This paper provides evidence on the consumption effects of trade shocks by exploiting changes in US and Chinese trade … on county-level consumption. I estimate the elasticity of consumption growth to Chinese retaliatory tariffs to be around ….8 percentage point decline in consumption growth. The fall in consumption corresponds with decline in both tradeable and retail …

drop in aggregate consumption in response to a negative aggregate real shock. We then move on to the Panel Study of Income …To what extent does household inequality affect the response of aggregate consumption to aggregate real shocks? We … Dynamics (PSID) and Equifax data to quantify the fraction of people that are constrained in their consumption choices and to …

during the Great Recession had as large an effect on consumption as the negative shock to household net worth coming from the …We examine how consumption responds to changes in sentiment regarding government economic policy using cross …