those schemes in stabilizing household income during the pandemic across European countries. Empirical evidence shows that … job-retention schemes were effective in stabilizing income and, along with other measures, absorbed nearly 80 percent of … market income shocks—almost doubling the extent of the automatic stabilization of the pre-pandemic tax and benefit systems …

persistence. -- Precautionary savings ; unemployment insurance ; long-term unemployment ; income uncertainty …

Households can rely on private savings or on public unemployment insurance to hedge against the risk of becoming …-term unemployment and find that, in case of short-term unemployment, unemployment insurance offsets the negative impact of unemployment … both differences in social security payments and different age-income profiles. -- Long-term unemployment ; social security …

-expressed as a share of 2021-22 income- were larger than a typical recession, and heterogeneous, e.g., 3% in France and 8% in Italy …

decomposing disposable income into labour, property and transfer income is essential for understanding and forecasting consumption …. Finally, substantial crosscountry heterogeneity in marginal propensities to consume out of income and wealth components calls …

approach is the parameterisation of the information content regarding future income changes. In addition to the information … regarding time series properties of the historical development of labour income, consumers have also period-specific information … on future income realisations. Estimation results support the hypothesis that, although front-loaded, consumers have a …

, income and consumption. We use panel regressions and an instrumental variable approach. First, our panel-based MPC estimates …. Fifth, we find evidences that housing prices shock decreases consumption inequality while financial wealth shocks have a …