stock' model of optimal consumption in the presence of labor income uncertainty and credit constraints. Saving in the model …

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 …

recent substantial rise (2008-2011) can be interpreted using a parsimonious 'buffer stock' model of consumption in the …

recent substantial rise (2008-2011) can be interpreted using a parsimonious buffer stock model of consumption in the presence …

recent substantial rise (2008-2011) can be interpreted using a parsimonious buffer stock model of consumption in the presence …

I investigate the effect of wealth on consumption in a new dataset with financial and housing wealth from 16 countries …. The baseline estimation method based on the sluggishness of consumption growth implies that the eventual (long … area economies, consumption only barely reacts to wealth elsewhere. The effect of housing wealth is somewhat smaller than …

This paper presents a simple new method for measuring `wealth effects' on aggregate consumption. The method exploits … the stickiness of consumption growth (sometimes interpreted as reflecting consumption `habits') to distinguish between …

Using new micro data on household wealth from fifteen European countries, the Household Finance and Consumption Survey … affect the marginal propensity to consume out of transitory shocks (MPC). We find that the aggregate consumption response … assets (rather than net wealth) to smooth consumption. …