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have a significant impact on household consumption, and that consumption is acutely sensitive to disposable income. Our … models further confirmed the acute effect real interest rates have on household consumption. We ultimately concluded that … consumption. Aggregate consumption plays an important role in macroeconomic fluctuations and in the transmission mechanism. Czech …
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increase in household consumption. … offered vouchers) led to an unexpected increase in the wealth of the Czech citizenry. According to the permanent income …
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founded upon decreasing of PAYG in combination with voluntary savings. …
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