We review different empirical approaches that researchers have taken to estimate how consumption responds to income … changes. We critically evaluate the empirical evidence on the sensitivity of consumption to predicted income changes …, distinguishing between the traditional excess sensitivity tests, and the effect of predicted income increases and income declines. We …

We estimate intergenerational elasticities (IGE) of housing consumption and income in the US. Using surnames to link … 1940 and 2015, we estimate a one-generation housing-consumption IGE of 0.73, higher than that of income at 0.52. Housing … consumption IGE is higher for White compared to Black Americans and higher in the Northeast, patterns that contrast with income …

income could reduce access to health care for an already vulnerable population. We estimate the sensitivity of health care … use to the loss in farm income brought about by natural disasters in Taiwan. To account for endogenous exposure to … disaster risks, we estimate an instrumental variables model and find that farm income elasticities of demand for outpatient …