starting point. We use perturbation methods around this analytical solution to derive decision rules for consumption and …

We explore the long and short run relationship between private consumption, disposable income and housing and financial … wealth approximated by price indices for a panel of industrialized countries. Consumption, income and wealth are cointegrated … explain aggregate consumption behaviour. The cointegrating vector is robust and in line with the life cycle permanent income …

We propose an overlapping generations economy where households care about relative consumption, the difference between … their consumption and the consumption of their reference group. An individual's consumption is driven by the comparison of …

of consumption decisions. We test for the presence of “rule of thumb” consumers as originally proposed by Campbell and … Mankiw (1991), using sentiment measures distinguished by working condition of the household. Consumption data are … of employees are found to have a particularly significant influence on consumption decisions. Moreover, CSI can not be …

We investigate the long run relationship between private consumption, disposable income and wealth approximated by … equity and house price indices for a panel of 15 industrialized countries. Consumption, income and wealth are cointegrated in … idiosyncratic level, a long run equilibrium is detected between consumption and income, i.e. the wealth variable can be excluded …

impatience. We then explore how RI affects the equilibrium joint dynamics of consumption, income and wealth, and find that …

consumption, income and wealth, and find that elastic attention can make the model fit the data better. We finally show that the …