This paper studies the effects of demographic structure on the cyclical volatility of aggregate consumption. We first document that young households have more volatile consumption expenditures in business cycles than prime-aged ones. Then, we identify large effects of demographic composition on...

We examine the effects of both equity market liberalization and capital account openness on real consumption growth variability. We show that financial liberalization is mostly associated with lower consumption growth volatility. Our results are robust, surviving controls for business-cycle...

We examine the effects of both equity market liberalization and capital account openness on real consumption growth variability. We show that financial liberalization is mostly associated with lower consumption growth volatility. Our results are robust, surviving controls for business-cycle...