unemployment in the future that lowers expected future income, they will save more today. In this paper, we test this hypothesis by … looking at the expenditure response of workers to the change in unemployment risk measured at the occupational level. We find … that occupational unemployment risk does not have a large impact on consumption expenditure. However, despite investigating …

how easier home financing and higher homeownership rates increase unemployment rates. To this purpose we build a model of … decline while job loss rates increase, causing the overall unemployment rate to rise. We estimate this model structurally … requirements, increase unemployment rates by 6 percent points. We also find that declining labor demand decreases homeownership …

By how much do employed households reduce their consumption when the aggregate unemployment rate rises? In Spain during … the Great Recession a 1 percentage point increase in the unemployment rate was related to a strong drop in household … of their expectations on future income growth rates: the shadow of unemployment. Using consumption panel data that …

literature. Our findings can also be interpreted in the context of the secular decline in the US personal savings rate before the …