with ex-ante job loss expectations - consistent with the Permanent Income Hypothesis. The negative consumption response to … lower levels of liquid wealth. This supports the notion that the persistence of the unemployment shock is an important …

confidence shock in the Southern European countries and a shift in consumer preferences in the Northern Eu-ropean countries …, particularly among high-income earners. We conclude that the COVID-19 experience has altered consumer behavior and that long …

, with a contractionary shock leading to a downward revision of expectations. Second, we show that firms' response depends on … the size and the sign of the shock, with only large and contractionary shocks having a significant negative effect on … expectations. Third, we observe that the different components of central bank communication (i.e. the pure monetary policy shock …