-off between externalities and land consumption of consumers. …

How does bankruptcy affect the dynamics of aggregate consumption? We quantify the trade-off between the insurance and … aggregate consumption on impact because it allows borrowers to sustain consumption, but statutory exclusion from the credit … market reduces consumption smoothing over time and slows the recovery. Default costs play a crucial role in bankruptcy …

consumption to a 'surprise' term in permanent income as well as past values of consumption growth. We can interpret this … income growth measuring the excess sensitivity of consumption with respect to income changes and thus the degree of liquidity … for the asymmetry in the income-consumption path for German regions both with respect to the long and short run adjustment …

: vulnerability to poverty, investment, and consumption smoothing. Even though we cannot find a significant effect on vulnerability … consumption. The extent of both effects is also economically significant. Our results hold for alternative specifications and …

transmission, including the crowding-in of consumption and the 'puzzle' of real exchange rate depreciation. Time series evidence …

, consumption and self-sufficiency, exports and imports, as well as the evolution of prices. The results reveal that unlike other …