English Abstract: This paper explores the heterogeneous effects of monetary policy on consumption between workers and … retirees. Using household-level data from the U.S., Italy, Japan and Korea, we first show that the consumption of retirees … in order to study the mechanism of the differential effects on consumption of workers and retirees of monetary policy …

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 …

, households increase consumption by 2,095 rupees (30 USD) and risky investments by 20,728 rupees (300 USD) after the expiry of … term deposits. The increase in risky investment is about 10 times as much as the increase in consumption, suggesting that … more risky assets (mutual funds and equities). We estimate the interest elasticity of consumption to be -1.02 and interest …

the inflation rate respond to four different hypothetical exogenous shocks: a monetary policy shock, a government spending … shock, an income tax shock, and an oil price shock. While expert predictions are quantitatively close to benchmarks from … predictions of changes in inflation are at odds with those of experts both for the tax shock and the interest rate shock. We show …

Consumer credit spreads significantly impact consumption and asset dynamics, affecting indebted households' spending … behavior and the income sensitivity of consumption. Analyzing Danish data, we find that elevated credit spreads reduce … consumption of indebted households. Our results suggest that the marginal propensity to consume (MPC) is countercyclical, with …