We use direct evidence on credit constraints to study their importance for household consumption growth and for welfare …. We distentangle the direct effect on consumption growth of a currently binding credit constraints from the indirect … effect of a potentially binding credit constraint which generates consumption risk. Our data is focused on job losers. We …

panel data on income and consumption from the ECPF for the period 1987-96, we decompose the variance of income shocks into a …

consumption via managing inflation expectations based on the Euler equation. Unconventional fiscal policy uses trivial … announcements of future consumer-price increases to boost inflation expectations and consumption expenditure on impact. Instead …

. We apply the estimator to the 2008 tax rebate and household consumption data, exploiting the randomized timing of … disbursements. We find a considerable degree of heterogeneity in MPCs, which varies by consumption good, and provide evidence on … results suggest that the partial equilibrium consumption response to the stimulus was twice as large as what is implied by …

transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX … repeated cross-section data on consumption and income to decompose idiosyncratic changes in income into predictable life … evolution of consumption and income inequality well and delivers two main results. First, we find that permanent changes in …

transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX … repeated cross-section data on consumption and income to decompose idiosyncratic changes in income into predictable lifecycle … evolution of consumption and income inequality well and delivers two main results. First, we find that permanent changes in …

Several recent papers have concluded that precautionary saving motives are needed to reconcile data on lifetime … patterns of consumption and income with a standard optimising model. In this paper we contest that we necessarily need a … precautionary motive and we show that if we take consumption to take proper account of the number and ages of children, then …

This paper reviews the role of house prices in influencing private consumption and residential investment in OECD … borrow for current consumption on the basis of their housing wealth, and the easing of borrowing constraints has often been … for the major OECD countries suggest that house prices have a significant positive impact on private consumption through …

have eased the liquidity constraints facing households, thus raising the targeted level of consumption. The objective of … relationship between consumption and income, and more specifically on the wealth effect. A range of different procedures is used to …