Reportgreen2011

Consumption and the Great Recession

101 citations0/0 files storedNational Bureau of Economic Research

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Monetary Policy and Economic Impact Financial Literacy, Pension, Retirement Analysis Economic Theory and Policy

Abstract

We document some key facts about aggregate consumption and its subcomponents over time.We then document the behavior of some important determinants of consumption, such as consumers' expectations about their future income, and changes in the consumers' wealth positions.Finally, we use a simple permanent income model to show that the observed drop in consumption during the Great Recession can be explained by the observed drops in wealth and income expectations.

Citations in this library

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References

2012Information, Animal Spirits, and the Meaning of Innovations in Consumer Confidence 2004Expectations, Heterogeneous Forecast Errors, and Consumption: Micro Evidence from the Michigan Consumer Sentiment Surveys 2010Effects of the Financial Crisis and Great Recession on American Households

Cited by

2013Consumption and Income Inequality and the Great Recession 2020The Cost of the COVID-19 Crisis: Lockdowns, Macroeconomic Expectations, and Consumer Spending 2015Wealth shocks, unemployment shocks and consumption in the wake of the Great Recession 2021Lumpy Durable Consumption Demand and the Limited Ammunition of Monetary Policy 2018Wealth and Volatility 2014Assessing the Influence of Economic and Customer Experience Factors on Service Purchase Behaviors 2017Saving on a rainy day, borrowing for a rainy day 2012Wealth Shocks, Unemployment Shocks and Consumption in the Wake of the Great Recession

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