Using a macro quantile factor model, we examine cross-state (i.e., cross-quantile) heterogeneity in consumption … behaviors. We find that common macro factors generate a “big bang/crunch” effect on micro consumption. Generally speaking, when … the aggregate effect of the common factors on the consumption in low consumption-growth states is negative (resp. positive …

that the distribution of measured consumption growth rates should be independent of variables that are exogenous to the … individual consumer when we allow for measurement error in consumption and for variation in preferences. This proposition is … tested by cross sectional regressions of individual consumption growth on a variety of variables that should not be …

Using information in returns we identify the stochastic process of consumption – the crucial ingredient of most macro …-finance models. We find that aggregate consumption reacts over multiple quarters to innovations spanned by financial markets, and … this persistent component accounts for 26% of the consumption variation. These innovations drive most of the time series …

Macroeconomic research on consumption has been influenced profoundly by rational expectations. First, rational … expectations together with the hypothesis of constant expected real interest rates implies that consumption should evolve as a … its failure. Three branches of the literature have developed. The first relies on the durability of consumption to explain …

private-sector consumption in the high-budget-deficit economy of Israel during the first half of the 1980s. The paper develops … and estimates an intertemporal optimizing model of consumption choice by finite-lived individuals. The evidence supports …

Consumption decisions are partly influenced by values and ideologies. Consumers care about global warming, child labor …, fair trade, etc. Incorporating values into the consumer’s utility function will often violate monotonicity, if consumption …