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Consumption and the Great Recession

  • Mariacristina De Nardi
  • Eric French
  • David Benson

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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File URL: http://www.nber.org/papers/w17688.pdf
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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
Note: EFG PE
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