. Using longitudinal household data, our instrument produces an elasticity of consumption with respect to local housing price …

We study the dynamics of consumption, the real interest rate, and measures of labor input in Japan over the period from … interest rate policy pursued by the Bank of Japan and the surprise increase in the consumption tax rate in April 1997. Formal … parameters governing household consumption and labor supply decisions. Specifically, following the tax hike and during the low …

The present paper tests for the existence of multicointegration between real per capita private consumption expenditure … income and consumption expenditure on the one hand, and the stock of consumers' wealth, which can be considered as cumulative … multicointegrating relations and find supporting evidence for the existence of multicointegration in US consumption data. …

consumption-saving behavior. We construct a novel consumption-saving model where the household must infer the persistent component … marginal propensity to consume because the short run covariance between income growth and consumption growth increases when … can be identified from panel data on income and consumption. Finally, we estimate a high degree of knowledge in the Panel …

information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information … contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk. The …

This paper investigates how different income shocks shape consumption dynamics over the business cycle. First, we break … in aggregate consumption over the two most recent crises. We find that the income shocks experienced during the 2008 …, with the 2011-2012 shocks being perceived as more permanent. This helps explain why consumption falls less during the …