This study examined the composition effect of government expenditure on private consumption and output growth in Nigeria using the framework of single equation error correction mechanism. The unit root and cointegration tests were conducted on the variables of interest while single equations...

We estimate models of consumption growth that allow for long-run risks and disasters using data for a series of countries over a time span of 200 years. Our estimates indicate that a model with small and frequent disasters that arrive at a mean-reverting rate best fits international consumption...