An analysis assessing the sensitivity of consumption to income using a life-cycle model of consumption that incorporates the possibility of bankruptcy.

A discussion of the possible impact of home equity lines of credit on the variability of total consumer spending and borrowing, with comment on the potential growth of home equity lending and its affect on consumers and lenders.

An evaluation of consumer spending and the part it plays in the expansion of the economy, with a discussion of the role of debt and assets as constraints on future spending.