This paper examines how households adjusted their consumption behavior in response to COVID-19 infection risk during … the early phase of the pandemic. We use a monthly consumption survey specifically designed by the German Statistical … Office covering the second wave of COVID-19 infections from September to November 2020. Households reduced their consumption …

The Spanish economy is currently plagued by a deep recession with very high unemployment. We ask how much of the … unemployment increase in Spain can be traced back to the debt deleveraging needs of Spanish households. We use provincial household … debt and sectoral unemployment data and follow Mian and Sufi (2012) to isolate the effect of household debt on Spanish …

This paper sheds new light on the interactions between business cycles and the consumption distribution. We use … Consumer Expenditure Survey data and a factor model to characterize the cyclical dynamics of the consumption distribution. We … first establish that our approach is able to closely match business cycle fluctuations of consumption from the National …

This paper investigates the potentially non-linear relation between households' indebtedness and their consumption … between 2010 and 2014 in Belgium, using panel data from the two waves of the Household Finance and Consumption Survey. Unlike … previous studies, we find a negative effect of households' indebtedness on their consumption, even in the absence of negative …

This paper investigates the potentially non-linear relation between households' indebtedness and their consumption … between 2010 and 2014 in Belgium. To do so, we use panel data from the two waves of the Household Finance and Consumption … Survey. Unlike previous studies, we find a negative effect of households' indebtedness on their consumption, even in the …

This paper investigates the potentially non-linear relation between households' indebtedness and their consumption … between 2010 and 2014 in Belgium, using panel data from the two waves of the Household Finance and Consumption Survey. Unlike … previous studies, we find a negative effect of households' indebtedness on their consumption, even in the absence of negative …

This paper investigates how different income shocks shape consumption dynamics over the business cycle. First, we break … in aggregate consumption over the two most recent crises. We find that the income shocks experienced during the 2008 …, with the 2011-2012 shocks being perceived as more permanent. This helps explain why consumption falls less during the …

on debt composition. Based on a simulation exercise, we find a limited effect of wealth shocks on consumption inequality …. An increase in stock prices tends however to slightly increase consumption inequality, especially at the top of the …

to account for anticipation effects on consumption. We investigate this using high-frequency spending and balance sheet … with a standard buffer-stock consumption model, and implies that it is less effective to target stimulus to low liquidity …