have a significant impact on household consumption, and that consumption is acutely sensitive to disposable income. Our … models further confirmed the acute effect real interest rates have on household consumption. We ultimately concluded that … consumption. Aggregate consumption plays an important role in macroeconomic fluctuations and in the transmission mechanism. Czech …

increase in household consumption. … offered vouchers) led to an unexpected increase in the wealth of the Czech citizenry. According to the permanent income …