We use panel data from the Italian Survey of Household Income and Wealth from 1991 to 2016 to document empirically what … components of the household budget constraint change in response to shocks to household labor income, both over shorter and over … which include shocks to the value of household wealth are necessary to fully evaluate the sources and the consequences of …

Business cycle models often abstract from persistent household heterogeneity, despite its potentially significant …

during the Great Recession had as large an effect on consumption as the negative shock to household net worth coming from the …

-making processes across households (the "why"). The combination of the quantitative estimation of household response dynamics with a … qualitative exploration of the mental models employed during financial decisions provides a more complete view of household … showing significant variability. However, MPDs play a critical role in household financial adjustments and display …

expectations. Extrapolative income expectations help explain state-dependent household debt cycles qualitatively and quantitatively …

average propensity to consume. Household observable characteristics explain only 8% of MPC variation, highlighting the role of …