How sizable is the wealth effect on consumption in euro area countries? To address this question, we use newly …

in consumption in five key sectors: tourism, hospitality, services, retail, and public transports. We identify a large …-term sectoral consumption shifts may occur. …

To predict the effects of the 2020 U.S. "CARES" act on consumption, we extend a model that matches responses of … households to past consumption stimulus packages. The extension allows us to account for two novel features of the coronavirus … likely be necessary if consumption spending is to recover. …

aggregate private consumption. We find the effects to be economically relevant, especially when the lower bound is binding …

Macroeconomic models often invoke consumption "habits" to explain the substantial persistence of macroeconomic … consumption growth. But a large literature has found no evidence of habits in the microeconomic datasets that measure the behavior … aggregate consumption growth reflects consumers' imperfect attention to aggregate shocks. Our proposed degree of (macro …

, income and consumption. We use panel regressions and an instrumental variable approach. First, our panel-based MPC estimates … the reaction to losses versus gains. Fourth, higher MPC is obtained for the two main consumption expenditure categories …. Fifth, we find evidences that housing prices shock decreases consumption inequality while financial wealth shocks have a …

We study the cyclical dynamics of consumption in the euro area (EA) and the large EA countries by distinguishing … cross-country heterogeneity in how different factors (including durable-specific ones) explain consumption; (iii) the … strength of spillovers from durable to nondurable consumption, as predicted by theory, is empirically correlated with how much …

sectors and over time in order to examine how household consumption responds to different types of positive income shocks … (regular tranches versus lump-sum payments). Focusing on single-earner households, we find evidence of consumption smoothing in … accordance with the Permanent-Income Hypothesis, since total and food consumption do not exhibit excess sensitivity to …

estimates the impact of the Covid-19 crisis on consumption. The panel provides, each month, household-specific indicators of the … concern causes a significant reduction in nondurable consumption. The paper also explores the potential impact on consumption … of government interventions and of another wave of Covid-19, using household-level consumption adjustments to scenarios …

-44 year-old winning; (iii) losses were quite uniform across consumption quantiles because rigid rents served as a hedge for …