post-war dynamics of aggregate consumer spending, labor earnings, and household wealth. The first shock accounts for … virtually all of the variation in consumption and has effects akin to a permanent total factor productivity shock in canonical … frictionless macroeconomic models. The second shock underlies the bulk of fluctuations in labor income, accounting for 76% of its …

economic, political, and social institutions. However, households play a crucial role in crisis response, serving as shock … households, and these do not come without costs. This paper offers empirical examples of the shock absorbing role of households …

post-war dynamics of aggregate consumer spending, labor earnings, and household wealth. The first shock accounts for … virtually all of the variation in consumption and has effects akin to a permanent total factor productivity shock in canonical … frictionless macroeconomic models. The second shock underlies the bulk of fluctuations in labor income, accounting for 76% of its …