We investigate the importance of aggregate and consumer-specific or idiosyncratic labour income risk for aggregate consumption changes in the US over the period 1952-2001. Theoretically, the effect of labour income risk on consumption changes is decomposed into an aggregate and into an...

In this paper we explore the hierarchical nature of tourism demand time series and produce short-term forecasts for Australian domestic tourism. The data and forecasts are organized in a hierarchy based on disaggregating the data for different geographical regions and for different purposes of...

We investigate the importance of aggregate and consumer-specific or idiosyncratic labour income risk for aggregate consumption changes in the US over the period 1952-2001. Theoretically, the effect of labour income risk on consumption changes is decomposed into an aggregate and into an...

This discussion paper resulted in an article in the <I>Journal of Macroeconomics</I> (2010). Volume 32(1), 169-184.<P> We investigate the importance of aggregate and consumer-specific or idiosyncratic labour income risk for aggregate consumption changes in the US over the period 1952-2001. Theoretically,...</p></i>