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 …

This paper estimates a simple consumption-smoothing model of the French current account, and examines its capacity to …

established, and the society moves towards mass consumption. In a matured economy, generally government interventions are replaced …