subsidizing country gains, the other countries lose. Transfers based on historical energy consumption in the form of a Hicks …

This paper sheds new light on the interactions between business cycles and the consumption distribution. We use … Consumer Expenditure Survey data and a factor model to characterize the cyclical dynamics of the consumption distribution. We … first establish that our approach is able to closely match business cycle fluctuations of consumption from the National …

Idiosyncratic labor incomes are typically modeled either by stochastic processes with heterogeneous income profiles … (HIPs) or restricted income profiles (RIPs). The HIP assumes that individual labor income grows deterministically at an … unobserved rate and contains a persistent but stationary component, while the RIP assumes that income contains a random walk, a …

In this paper we use the enhanced consumption data in the Panel Survey of Income Dynamics (PSID) from 2005-2017 to … explore the transmission of income shocks to consumption. We build on the nonlinear quantile framework introduced in Arellano …, Blundell and Bonhomme (2017). Our focus is on the estimation of consumption responses to persistent nonlinear income shocks in …