wealth. These changes causally affect actual consumption and hypothetical debt decisions. Our findings suggest real wealth … mediates the sensitivity of consumption to inflation once households are aware of the wealth effects of inflation. …

consumption and hypothetical debt decisions. Our findings suggest that real wealth mediates the sensitivity of consumption to …

consumption via managing inflation expectations based on the Euler equation. Unconventional fiscal policy uses trivial … announcements of future consumer-price increases to boost inflation expectations and consumption expenditure on impact. Instead …

to account for anticipation effects on consumption. We investigate this using high-frequency spending and balance sheet … with a standard buffer-stock consumption model, and implies that it is less effective to target stimulus to low liquidity …

English Abstract: This paper explores the heterogeneous effects of monetary policy on consumption between workers and … retirees. Using household-level data from the U.S., Italy, Japan and Korea, we first show that the consumption of retirees … in order to study the mechanism of the differential effects on consumption of workers and retirees of monetary policy …

, the paper analyzes the impact of a monetary policy shock on households' current consumption and durable expenditures … depends on their debt and income levels. In particular, households with higher debt tend to reduce their current consumption …

dynamic general equilibrium model where households' utility depends on consumption deviations from a reference level below … consumption loom larger than gains. State-dependent degrees of real rigidity and elasticity of intertemporal substitution in … consumption generate competing effects on output and infl ation. The resulting state-dependent trade-off between output and infl …