Federici, Alessandro; Montalbano, Pierluigi - Department of Economics, School of Business, Management … - 2012
macroeconomic volatility, consumption behaviour and welfare for a large sample of countries. Differing from previous works, our … empirical strategy is grounded on consumption and takes account of the role of persistence in consumption/income volatility. Our … significant impact in deviating consumption from its smoothing path, producing aggregate extra saving, and in hampering future …