This paper explores the microfoundations of consumption models and quantifies the macro implications of consumption … heterogeneity. We propose a new empirical method to estimate the response of consumption to permanent and transitory income shocks … than those that stand to gain. Following a 1-percentage-point interest rate increase, we estimate that consumption growth …

To predict the effects of the 2020 U.S. CARES act on consumption, we extend a model that matches responses of … households to past consumption stimulus packages. The extension allows us to account for two novel features of the coronavirus … likely be necessary if consumption spending is to recover …

We do not need to and should not have to choose amongst income, consumption, or wealth as the superior measure of well … for the same households, using income, consumption, and wealth from the 1989-2016 Surveys of Consumer Finances (SCF). The …

income and consumption in panel data. I examine Blundell, Pistaferri and Preston (2008) as an important example for which … resolves the dissonance between the low partial consumption insurance estimates of Blundell, Pistaferri and Preston (2008) and …

We econometrically estimate a consumption-based asset pricing model with stochastic internal habit and test it using … the distributed lag specification of consumption habit and consequently an additional shock to the marginal rate of …

household consumption and borrowing, augmented with a realistic student loan repayment contract …

consumption expenditures. Relative to members of earlier generations, millennials are more racially diverse, more educated, and …. Conditional on their age and other factors, millennials do not appear to have preferences for consumption that differ signi …