During the Great Recession, the collapse of consumption across the U.S. varied greatly but systematically with house …-price declines. We find that financial distress among U.S. households amplified the sensitivity of consumption to house-price shocks …-estimated-dynamic model to measure the financial distress channel, we find that these two facts amplify the aggregate drop in consumption by 7 …

consumption from its permanent level warranted by productivity—termed the consumption gap—comove with survey measures of consumer … sentiment and forecast stock returns in- and out-of-sample, subsuming other well-known consumption-based predictors. Using the … consumption gap to time the market, a mean-variance investor would achieve an annualized average certainty equivalent return of 2 …

This paper studies why investors buy dividend-paying assets and how they time their consumption accordingly. We combine … administrative bank data linking customers' consumption transactions and income to detailed portfolio data and survey responses on … financial behavior. We find that private consumption is excessively sensitive to dividend income. Investors across wealth …

precautionary saving and a shift toward safer assets in the years leading up to unemployment, and depletion of savings during …

; precautionary saving ; consumption smoothing ; household portfolios ; portfolio allocation ; optimal unemployment insurance … precautionary saving and a shift toward safer assets in the years leading up to unemployment, and depletion of savings during …

precautionary saving and a shift toward safer assets in the years leading up to unemployment, and depletion of savings during …

by culture and social norms by examining their saving and bequest behavior. To summarize our main findings, we find that … Japan's household saving rate showed great volatility, was often low and even negative, and was high only during the 25-year … trends over time in, Japan's household saving rate via various socioeconomic and policy variables. This seems to suggest that …

by culture and social norms by examining their saving and bequest behavior. To summarize our main findings, we find that … Japan's household saving rate showed great volatility, was often low and even negative, and was high only during the 25-year … trends over time in, Japan's household saving rate via various socioeconomic and policy variables. This seems to suggest that …

households, we estimate substantial heterogeneity in consumption responses to a change in monetary policy through the cash …