This paper examines the effect of minimum wage changes on local aggregate inflation and consumption growth. The paper …-wage workers. Interestingly, consumers adjust their real food consumption when minimum wages rise, suggesting that some workers …

Consumer Expenditure Survey, we exploit this historically unique experiment to measure the change in consumption expenditures … consumption demand are significant. The estimated responses are largest for households with relatively low liquid wealth and low …

This paper examines the effect of minimum wage changes on local aggregate inflation and consumption growth. The paper …-wage workers. Interestingly, consumers adjust their real food consumption when minimum wages rise, suggesting that some workers …

This paper evaluates the central insight of the Consumption Capital Asset Pricing Model (CCAPM) that an asset …'s expected return is determined by its equilibrium risk to consumption. Rather than measure the risk of a portfolio by the … contemporaneous covariance of its return and consumption growth - as done in the previous literature on the CCAPM and the pattern of …

Consumer Expenditure Survey, we exploit this historically unique experiment to measure the change in consumption expenditures … consumption demand are significant. The estimated responses are largest for households with relatively low liquid wealth and low …

Consumer Expenditure Survey, we exploit this historically unique experiment to measure the change in consumption expenditures … consumption demand are significant. The estimated responses are largest for households with relatively low liquid wealth and low …

This paper evaluates the equity premium using novel data on the consumption of luxury goods. Specifying utility as a … nonhomothetic function of both luxury and basic consumption goods, we derive pricing equations and evaluate the risk of holding … equity. Household survey and national accounts data mostly reflect basic consumption and therefore overstate the risk …

This paper examines the effect of minimum wage changes on local aggregate inflation and consumption growth. The paper …-wage workers. Interestingly, consumers adjust their real food consumption when minimum wages rise, suggesting that some workers …