stock' model of optimal consumption in the presence of labor income uncertainty and credit constraints. Saving in the model … saving rate's long-term decline, while fluctuations in net wealth and uncertainty capture the bulk of the business …We argue that the U.S. personal saving rate's long stability (from the 1960s through the early 1980s), subsequent …

output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts … investment, as the proximate cause for this fact, the source of the consumption difference remains a puzzle. JEL Classification … several potential explanations for it. While the evidence seems to point at differences in consumption responses, rather than …

criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross …

investment from 1990 to 1999 through the cost-of-capital and the cash-flow channels. We compare several specifications of neo …

have stronger effects on output, consumption, and wages in the earlier sample. We try to account for this observation …

We introduce a specification of habit formation featuring non-separability between consumption and leisure into an …

afresh about the optimal level of public consumption and the one period nominal interest rate. A fiscally activist policy …