Several papers show that the apparent disconnect between stock returns and consumption growth is due to mismeasurement … in standard consumption data, and propose to use new consumption measures instead. This paper finds that standard … consumption is valuable for asset pricing if one focuses on consumption levels rather than growth. I analytically show that, when …

terms of both consumption and leisure time. Drawing on household panel data in rural Mexico, I find that migration increases … non-migrants' consumption, but that this consumption gain cannot be explained by labor supply adjustments. Migration …