activity on optimal consumption and investment. Here, learning introduces two sources of risk about future payoffs: structural … uncertainty and uncertainty from the anticipation of learning. The latter renders control and learning nonseparable. We present … decreases optimal consumption are provided. The effect depends on the strengths and directions of the two sources of risk, which …

This paper studies the consumption decisions of agents who face costs of acquiring, absorbing and processing … consumption plans. In between updating dates, they remain inattentive. This behavior implies that news disperses slowly throughout … the population, so events have a gradual and delayed effect on aggregate consumption. The model predicts thataggregate …

Productive consumption enables the satisfaction of current needs and simultaneously increases the productive potential … of labour. From the perspective of growth theory, the productive-consumption hypothesis is of fundamental interest … because it modifies the harsh intertemporal consumption trade-off traditionally assumed. Two fundamental possibilities for …