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Consumption and the Great Recession

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  • Mariacristina De Nardi
  • Eric French
  • David Benson

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.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17688.

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Date of creation: Dec 2011
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Publication status: published as Mariacristina De Nardi & Eric French & David Benson, 2012. "Consumption and the Great Recession," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 1-16.
Handle: RePEc:nbr:nberwo:17688

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Cited by:
  1. repec:fip:fedhep:y:2013:i:qi:p:14-29:n:vol.37no.1 is not listed on IDEAS
  2. Alan, S. & Crossley, T. & Low, H., 2012. "Saving on a Rainy Day, Borrowing for a Rainy Day," Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge 1222, Faculty of Economics, University of Cambridge.
  3. Alice M. Henriques & Joanne W. Hsu, 2012. "Analysis of Wealth Using Micro and Macro Data: A Comparison of the Survey of Consumer Finances and Flow of Funds Accounts," NBER Chapters, National Bureau of Economic Research, Inc, in: Measuring Economic Sustainability and Progress National Bureau of Economic Research, Inc.
  4. John Sabelhaus & Samuel Ackerman, 2012. "The effect of self-reported transitory income shocks on household spending," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2012-64, Board of Governors of the Federal Reserve System (U.S.).
  5. Eric French & Taylor Kelley & An Qi, 2013. "Expected income growth and the Great Recession," Economic Perspectives, Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago, issue Q I, pages 14-29.

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