The combination of credit constraints and indivisible consumption goods may induce some risk-averse individuals to …

In this paper the effects on aggregate consumption of changes in the age distribution of the population are analysed … empirically. Economic theories predict that age influences individuals' saving and consumption behaviour. Despite this, age … structure effects are rarely controlled for in empirical consumption functions. Our findings suggest that they should. By …

). Allowing for richer earnings dynamics implies a substantially better profit of the evolution of cross-sectional consumption … inequality over the life cycle and of the individual-level degree of consumption insurance against persistent earnings shocks …

This paper examines trends in household consumption and saving behaviour in each of the last three recessions in the UK …

recent substantial rise (2008-2011) can be interpreted using a parsimonious 'buffer stock' model of consumption in the …

-cycle framework how individuals respond to recessions. Our focus is on the sharp increase in savings rates that have been observed in … times. We show that the rise in the aggregate savings ratio is driven by increases in uncertainty, rather than tighening of …