Among the numerous factors that determine the level and structure of consumption, income is of the leading importance … structure as well as the income regression and elasticity of income and savings have been calculated and analysed. Separate … the proportion of savings are generally bigger, and the intensity of expenditure’s response to a growth of income is much …

from similar positions in the consumption distribution Blacks end up in lower percentiles than Whites. Education, income …With 20 years of PSID data, we document persistent racial differentials in life-cycle consumption dynamics. Starting … the Whites to prevent them from falling in the lower part of the consumption distribution. …

We study the optimal consumption behavior under the set of assumptions associated with the permanent income hypothesis …: quadratic utility function, discount rate equal to the interest rate. We modify the condition that savings be equal to zero at … infinity, and show that the simple linear consumption function is no more the optimal solution of the problem under free …

We remove the aggregate US-wide component in US state level disposable income and consumption and find that state …-specific consumption exhibits substantially less excess sensitivity to lagged state-specific disposable income than if the aggregate … component is not controlled for. This is evidence that excess sensitivity of consumption in aggreagte US data is driven to a …