imperfectly identified. We quantify the relative statistical impact of income, unemployment, house prices, credit scores, debt … needs to allow for multiple determinants of consumption. Unemployment, income, and debt are important determinants of …

OECD countries 1992-2007. We focus on risk sharing through savings, factor income flows, and capital gains. Risk sharing … through factor income and capital gains was close to zero before 1999 but has increased since then. Risk sharing from capital … gains, at about 6 percent, is higher than risk sharing from factor income flows for European Union countries and OECD …

U.S. consumption has gone through steep ups and downs since 2000. We quantify the statistical impact of income …, it depends on a large number of variables whose explanatory power varies by subperiod. Growth of income, growth of …

explore how fluctuations in consumption between 2000 and 2012 are correlated with these macroeconomic variables: income …, unemployment, debt, income inequality, consumer expectations, housing wealth, credit access, cash-out refinancings, and …