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 …

result that consumption today will decrease with increased disposable income today. Furthermore, if we use a time separable … iso-elastic utility function, the standard analysis of capital income risk predicts (precautionary) savings to increase … the risk is due to uncertain capital income taxes. In general, the coefficient must be greater than one to obtain …

imperfectly identified. We quantify the relative statistical impact of income, unemployment, house prices, credit scores, debt … needs to allow for multiple determinants of consumption. Unemployment, income, and debt are important determinants of …

We revisit the alleged retirement consumption puzzle. According to the life-cycle theory, foreseeable income reductions …-cycle theory. For retirees we also find significant effects of the income reduction at retirement on housing. However, the effects …

Financial markets provide imperfect insurance of labor income risk. However, workers can partly insure against labor …

While recently more and more research has focused on the aggregate response of consumption to income shocks, little is … known about how this response differs for households at different ends of the income distribution. This paper investigates … how consumption reacts to transitory and permanent shocks to disposable income for households with an income above or …

idiosyncratic labor income risk. Ceteris paribus, an individual would prefer to marry a "hedge" (i.e. a spouse whose income is … love is very persistent, for example, and the resolution of uncertainty to agents' income is early, then those who in fact … resolution of uncertainty to agents' income is predominantly later, then those who in fact marry hedges will in fact be less …

We investigate the relevance of aggregate and consumer-specific income uncertainty for aggregate consumption changes in … the US over the period 1952-2001. Theoretically, the effect of income risk on consumption changes is decomposed into an … aggregate and into a consumer-specific part. Empirically, aggregate risk is modelled through a GARCH process on aggregate income …

income than to rises of the same size. Household balance sheet characteristics (including the presence of a savings buffer …), concerns about credit market access and higher subjective risk of lower future income account for a sizable share of this …