proposed. These expectation adjustments generate highly heterogenous consumption responses to income windfalls: many households … previous explanations for these effects, including consumption adjustment cost and liquidity constraints. At the aggregate … level, consumption is less sensitive to expansionary policies during recessions and its excess smoothness varies …

I papiret undersøges anvendeligheden af en ikke-parametrisk metode, en såkaldt regression spline, til estimation af … necessary to acquire identification. Specifically, we show that a regression spline of consumption on income and assets yields a …

effect significantly varies among different consumption durability types and is amplified in case of low levels of liquid …