We estimate the unconditional distribution of the marginal propensity to consume (MPC) using clustering regression …

consumption via managing inflation expectations based on the Euler equation. Unconventional fiscal policy uses trivial … announcements of future consumer-price increases to boost inflation expectations and consumption expenditure on impact. Instead …

of large prizes (USD 8,300-150,000) is slightly below one half. While the consumption responses we find are high, their …

Today's dominant strain of macroeconomic models supposes that aggregate consumption can be understood by assuming the … embarrassingly implausible (and empirically inaccurate) descriptions of consumption behavior. When push comes to shove, real …-world forecasters (including those at the Fed) properly disregard these implications. As a result, consumption forecasting remains very …

general panel date on total consumption from the intertemporal budget constraint. The distribution of consumption levels is … shown to closely match that estimated using the UK's household budget survey. Consumption transitions over time are then …