prestigious bankers, bondholders’ committees had neither the tools nor the prestige required for effectively dealing with …

economy will be small. In this paper, we quantify the direct effect on real consumption of (1) unanticipated changes in … evaluate the evidence for asymmetries in the response of real consumption that would be expected, for example, if shifting … price shocks on the consumption of new domestically produced automobiles, is consistent with the small share of the U …

and consumption go down as well. Governments can offset terror by putting tax revenues into the production of security …, at the level of the death toll by about the same size as due to car accidents, is expected to decrease annual consumption …

extant research on consumption insurance find that people face substantial risks that they do not fairly pool. In theory, the … consumption and wealth accumulation of price-taking households in an economy with incomplete markets differs substantially from … this decomposition as an organizing framework to present four main findings: (a) the concavity of the consumption policy …

We develop a consumption-based present value relation that is a function of future dividend growth. Using data on … aggregate consumption and measures of the dividend payments from aggregate wealth, we show that changing forecasts of dividend …

market investment, and presents some new empirical evidence using a proxy for the log consumption-aggregate wealth ratio as a …