Monthly fluctuations in consumer spending are often attributed to the weather. This paper presents a model in which weather affects the productivity of time in nonmarket activities (such as shopping or recreation), and so, via time and budget constraints, may induce substitution in spending...

Reviews changes in the income and wealth of U.S. families between 2001 and 2004. The discussion draws on data from the Federal Reserve Board's triennial Survey of Consumer Finances for those years and also uses evidence from earlier years of the survey to place the 2001-04 changes in a broader...

Reviews changes in the income and wealth of U.S. families between 2001 and 2004. The discussion draws on data from the Federal Reserve Board's triennial Survey of Consumer Finances for those years and also uses evidence from earlier years of the survey to place the 2001-04 changes in a broader...