We have collected data on the one-year-ahead income expectations of members of American households in our Survey of … income-expectations questions take this form: `What do you think is the percent chance (or what are the chances out of 100 …) that your total household income, before taxes, will be less than Y over the next 12 months?' We use the responses to a …

fall much during the negative initial pandemic demand shock. Energy prices and shortages of labor and materials account for …

concluded that a temporary, positive productivity shock to the home country will cause the domestic terms of trade to depreciate … shock differs, however. In this case investors will reallocate their portfolios and increase their holdings of domestic …

This paper estimates the impact of external demand shocks on real income. Our empirical strategy is based on a first … framework allows us to measure foreign shocks and characterize their impact on income in terms of reduced-form elasticities. We … the cluster-level elasticities of income with respect to foreign shocks can be estimated using high …

We study the role of idiosyncratic income shocks for aggregate fluctuations within a simple heterogeneous household … framework with no binding borrowing constraints. We show that the presence of idiosyncratic income shocks affects the economy …'s response to an aggregate shock in a way that can be captured by a consumption weighted average of the changes in uncertainty …

liquid assets to smooth individual income shocks. We show that the response of this economy to aggregate shocks depends on … to a self-insurance motive, their consumption decisions are more sensitive to changes in expected income. On the other … more insulated from income uncertainty. Therefore, aggregate shocks tend to have larger effects if liquid assets pay a …