. Most of the debt were mortgages, which initially grew because more households borrowed. Yet after 1980, debt mostly grew … part of households' consumption-saving decisions, yet at the cost of higher financial fragility. …

Micro data over the life cycle show different patterns for consumption for housing and non-housing goods: The … consumption profile of non-housing goods is hump-shaped, while the consumption profile for housing first increases monotonically … and then flattens out. These patterns hold true at each consumption quartile. This paper develops a quantitative, dynamic …

functions with a habit then gives rise to a puzzle of consumption volatility in place of the asset pricing puzzles when agents … can choose consumption and labor optimally in response to more fundamental shocks. We show that the consumption reaction … to technology shocks are too small by an order of magnitude when a utility includes a consumption habit. Moreover, once a …

cycle, of several dimensions of economic inequality, including wages, labor earnings, income, consumption, and wealth. After … distribution. Consumption inequality increased less than disposable income inequality, and tracked the latter much more closely at …

This paper presents an analysis of the trends in inequality across income, earnings and consumption in Britain since …

We analyze the optimal consumption program of an infinitely-lived consumer who maximizes the discounted sum of … greater than or equal to the discount rate, then consumption eventually grows without bound with probability one. We also … optimal consumption program. (Copyright: Elsevier) …

seekers might use short term employment in undesirable jobs as a way to finance consumption during subsequent unemployed …

earnings, to disposable income, and, ultimately, to consumption and wealth. We document a continuous and sizable increase in … limited both the level and growth of consumption inequality. (Copyright: Elsevier) …

Monitoring Survey (RLMS) for 1994-2005. We analyze cross-sectional income and consumption inequality trends and find that … transitory income shocks. The response of consumption to permanent and transitory income shocks becomes weaker later in the …