Ambiguous economic news and heterogeneity: What explains asymmetric consumption responses?
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Corrado, Luisa & Silgado-Gómez, Edgar & Yoo, Donghoon & Waldmann, Robert, 2022. "Ambiguous economic news and heterogeneity: What explains asymmetric consumption responses?," Journal of Macroeconomics, Elsevier, vol. 72(C).
References listed on IDEAS
- Zeldes, Stephen P, 1989.
"Consumption and Liquidity Constraints: An Empirical Investigation,"
Journal of Political Economy, University of Chicago Press, vol. 97(2), pages 305-346, April.
- Stephen Zeldes, "undated". "Consumption and Liquidity Constraints: An Empirical Investigation," Rodney L. White Center for Financial Research Working Papers 24-85, Wharton School Rodney L. White Center for Financial Research.
- Stephen P. Zeldes, "undated". "Consumption and Liquidity Constraints: An Empirical Investigation," Rodney L. White Center for Financial Research Working Papers 16-88, Wharton School Rodney L. White Center for Financial Research.
- Olivier J. Blanchard & Jean-Paul L'Huillier & Guido Lorenzoni, 2013.
"News, Noise, and Fluctuations: An Empirical Exploration,"
American Economic Review, American Economic Association, vol. 103(7), pages 3045-3070, December.
- Olivier J. Blanchard & Jean-Paul L'Huillier & Guido Lorenzoni, 2009. "News, Noise, and Fluctuations: An Empirical Exploration," NBER Working Papers 15015, National Bureau of Economic Research, Inc.
- Olivier J. Blanchard & Jean-Paul L’Huillier & Guido Lorenzoni, 2012. "News, Noise, and Fluctuations: An Empirical Exploration," Development Research Working Paper Series 09/2012, Institute for Advanced Development Studies.
- Jean-Paul L'Huillier & Guido Lorenzoni & Olivier Blanchard, 2011. "News, Noise, and Fluctuations: An Empirical Exploration," 2011 Meeting Papers 969, Society for Economic Dynamics.
- Jean-Paul L'Huillier & Guido Lorenzoni & Olivier J. Blanchard, 2009. "News, Noise and Fluctuations: An Empirical Exploration," 2009 Meeting Papers 99, Society for Economic Dynamics.
- Andreas Fagereng & Martin B. Holm & Gisle J. Natvik, 2021.
"MPC Heterogeneity and Household Balance Sheets,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 13(4), pages 1-54, October.
- Andreas Fagereng & Martin B. Holm & Gisle J. Natvik, 2016. "MPC heterogeneity and household balance sheets," Discussion Papers 852, Statistics Norway, Research Department.
- Martin Holm & Gisle Natvik & Andreas Fagereng, 2017. "MPC Heterogeneity and Household Balance Sheets," 2017 Meeting Papers 65, Society for Economic Dynamics.
- Andreas Fagereng & Martin B. Holm & Gisle J. Natvik, 2018. "MPC Heterogeneity and Household Balance Sheets," CESifo Working Paper Series 7134, CESifo.
- Andreas Fagereng & Martin B. Holm & Gisle J. Natvik, 2018. "MPC heterogeneity and household balance sheets," Working Papers 4, Department of the Treasury, Ministry of the Economy and of Finance.
- Scott R. Baker, 2018. "Debt and the Response to Household Income Shocks: Validation and Application of Linked Financial Account Data," Journal of Political Economy, University of Chicago Press, vol. 126(4), pages 1504-1557.
- Orazio Attanasio & Luigi Pistaferri, 2014. "Consumption Inequality over the Last Half Century: Some Evidence Using the New PSID Consumption Measure," American Economic Review, American Economic Association, vol. 104(5), pages 122-126, May.
- Emi Nakamura & Jón Steinsson, 2018.
"High-Frequency Identification of Monetary Non-Neutrality: The Information Effect,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 133(3), pages 1283-1330.
- Emi Nakamura & Jón Steinsson, 2013. "High Frequency Identification of Monetary Non-Neutrality: The Information Effect," NBER Working Papers 19260, National Bureau of Economic Research, Inc.
- Tullio Jappelli & Luigi Pistaferri, 2014.
"Fiscal Policy and MPC Heterogeneity,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 6(4), pages 107-136, October.
- Tullio Jappelli & Luigi Pistaferri, 2012. "Fiscal Policy and MPC Heterogeneity," CSEF Working Papers 325, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 18 Dec 2012.
- Jappelli, Tullio & Pistaferri, Luigi, 2013. "Fiscal Policy and MPC Heterogeneity," CEPR Discussion Papers 9333, C.E.P.R. Discussion Papers.
- Jappelli, Tullio & Pistaferri, Luigi, 2013. "Fiscal policy and MPC heterogeneity," CFS Working Paper Series 2013/14, Center for Financial Studies (CFS).
- L’Huillier, Jean-Paul & Yoo, Donghoon, 2017. "Bad news in the Great Depression, the Great Recession, and other U.S. recessions: A comparative study," Journal of Economic Dynamics and Control, Elsevier, vol. 81(C), pages 79-98.
- Christopher Carroll & Jiri Slacalek & Kiichi Tokuoka & Matthew N. White, 2017.
"The distribution of wealth and the marginal propensity to consume,"
Quantitative Economics, Econometric Society, vol. 8(3), pages 977-1020, November.
- Carroll, Christopher D. & Slacalek, Jiri & Tokuoka, Kiichi, 2014. "The distribution of wealth and the marginal propensity to consume," Working Paper Series 1655, European Central Bank.
- Christopher Carroll & Jiri Slacalek & Kiichi Tokuoka & Matthew N. White, 2014. "The Distribution of Wealth and the Marginal Propensity to Consume," Working Papers 14-15, University of Delaware, Department of Economics.
- Cao, Dan & L’Huillier, Jean-Paul, 2018. "Technological revolutions and the Three Great Slumps: A medium-run analysis," Journal of Monetary Economics, Elsevier, vol. 96(C), pages 93-108.
- Powell, Melanie & Ansic, David, 1997. "Gender differences in risk behaviour in financial decision-making: An experimental analysis," Journal of Economic Psychology, Elsevier, vol. 18(6), pages 605-628, November.
- Sydney C. Ludvigson & Serena Ng, 2009.
"Macro Factors in Bond Risk Premia,"
The Review of Financial Studies, Society for Financial Studies, vol. 22(12), pages 5027-5067, December.
- Sydeny C. Ludvigson & Serena Ng, 2005. "Macro Factors in Bond Risk Premia," NBER Working Papers 11703, National Bureau of Economic Research, Inc.
- Kyle Jurado & Sydney C. Ludvigson & Serena Ng, 2015.
"Measuring Uncertainty,"
American Economic Review, American Economic Association, vol. 105(3), pages 1177-1216, March.
- Kyle Jurado & Sydney C. Ludvigson & Serena Ng, 2013. "Measuring Uncertainty," NBER Working Papers 19456, National Bureau of Economic Research, Inc.
- Christopher D. Carroll, 1994.
"How does Future Income Affect Current Consumption?,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 109(1), pages 111-147.
- Christopher D. Carroll, 1992. "How does future income affect current consumption?," Working Paper Series / Economic Activity Section 126, Board of Governors of the Federal Reserve System (U.S.).
- Jean‐Paul L'Huillier & Donghoon Yoo, 2019. "Where is the GE? Consumption Dynamics in DSGEs," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(6), pages 1491-1502, September.
- Karen E. Dynan, 2000. "Habit Formation in Consumer Preferences: Evidence from Panel Data," American Economic Review, American Economic Association, vol. 90(3), pages 391-406, June.
- Guido Lorenzoni, 2009.
"A Theory of Demand Shocks,"
American Economic Review, American Economic Association, vol. 99(5), pages 2050-2084, December.
- Guido Lorenzoni, 2006. "A Theory of Demand Shocks," NBER Working Papers 12477, National Bureau of Economic Research, Inc.
- Caballero, Ricardo J., 1990. "Consumption puzzles and precautionary savings," Journal of Monetary Economics, Elsevier, vol. 25(1), pages 113-136, January.
- Christopher D. Carroll & Misuzu Otsuka & Jiri Slacalek, 2011.
"How Large Are Housing and Financial Wealth Effects? A New Approach,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(1), pages 55-79, February.
- Christopher D. Carroll & Misuzu Otsuka & Jiri Slacalek, 2011. "How Large Are Housing and Financial Wealth Effects? A New Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(1), pages 55-79, February.
- Carroll, Christopher D. & Slacalek, Jiri & Otsuka, Misuzu, 2010. "How large are housing and financial wealth effects? A new approach," Working Paper Series 1283, European Central Bank.
- Surico, Paolo & Bunn, Philip & Reinold, Kate & LeRoux, Jeanne, 2017.
"The Consumption Response to Positive and Negative Income Changes,"
CEPR Discussion Papers
11829, C.E.P.R. Discussion Papers.
- Bunn, Philip & Le Roux, Jeanne & Reinold, Kate & Surico, Paolo, 2017. "The consumption response to positive and negative income changes," Bank of England working papers 645, Bank of England.
- Bunn, Philip & Le Roux, Jeanne & Reinold, Kate & Surico, Paolo, 2018. "The consumption response to positive and negative income shocks," Journal of Monetary Economics, Elsevier, vol. 96(C), pages 1-15.
- Christopher D. Carroll, 1992. "The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(2), pages 61-156.
- Matteo Iacoviello, 2011. "Housing wealth and consumption," International Finance Discussion Papers 1027, Board of Governors of the Federal Reserve System (U.S.).
- Yoo, Donghoon, 2019. "Ambiguous information, permanent income, and consumption fluctuations," European Economic Review, Elsevier, vol. 119(C), pages 79-96.
- Renate Schubert, 1999. "Financial Decision-Making: Are Women Really More Risk-Averse?," American Economic Review, American Economic Association, vol. 89(2), pages 381-385, May.
- Deaton, Angus, 1992. "Understanding Consumption," OUP Catalogue, Oxford University Press, number 9780198288244.
- Clovis Kerdrain, 2011. "How Important is Wealth for Explaining Household Consumption Over the Recent Crisis?: An Empirical Study for the United States, Japan and the Euro Area," OECD Economics Department Working Papers 869, OECD Publishing.
- Jeffrey C. Fuhrer, 2000. "Habit Formation in Consumption and Its Implications for Monetary-Policy Models," American Economic Review, American Economic Association, vol. 90(3), pages 367-390, June.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Christopher D. Carroll & Edmund Crawley & Jiri Slacalek & Kiichi Tokuoka & Matthew N. White, 2020.
"Sticky Expectations and Consumption Dynamics,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 12(3), pages 40-76, July.
- Christopher D. Carroll & Johns Hopkins University, 2006. "Sticky Expectations and Consumption Dynamics," Computing in Economics and Finance 2006 21, Society for Computational Economics.
- Christopher D. Carroll & Edmund Crawley & Jiri Slacalek & Kiichi Tokuoka & Matthew N. White, 2018. "Sticky Expectations and Consumption Dynamics," Working Papers id:12563, eSocialSciences.
- Carroll, Christopher D. & Crawley, Edmund & Slacalek, Jiri & Tokuoka, Kiichi & White, Matthew N., 2018. "Sticky expectations and consumption dynamics," Working Paper Series 2152, European Central Bank.
- Christopher D. Carroll & Edmund Crawley & Jiri Slacalek & Kiichi Tokuoka & Matthew N. White, 2018. "Sticky Expectations and Consumption Dynamics," NBER Working Papers 24377, National Bureau of Economic Research, Inc.
- Ulrike Malmendier & Leslie Sheng Shen, 2024.
"Scarred Consumption,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 16(1), pages 322-355, January.
- Ulrike Malmendier & Leslie Sheng Shen, 2018. "Scarred Consumption," NBER Working Papers 24696, National Bureau of Economic Research, Inc.
- Malmendier, Ulrike M. & Shen, Leslie, 2020. "Scarred Consumption," CEPR Discussion Papers 14937, C.E.P.R. Discussion Papers.
- Ulrike Malmendier & Leslie Sheng Shen, 2019. "Scarred Consumption," International Finance Discussion Papers 1259, Board of Governors of the Federal Reserve System (U.S.).
- Jean-Paul L’Huillier & Robert Waldmann & Donghoon Yoo, 2021. "What Is Consumer Confidence?," ISER Discussion Paper 1135r, Institute of Social and Economic Research, Osaka University, revised Dec 2022.
- Daria Pignalosa, 2021. "The Euler Equation Approach: Critical Implications of Recent Developments in the Theory of Intertemporal Choice," Bulletin of Political Economy, Bulletin of Political Economy, vol. 15(1), pages 1-43, June.
- Giovanni L. Violante & Greg Kaplan, 2022.
"The Marginal Propensity to Consume in Heterogeneous Agent Models,"
Annual Review of Economics, Annual Reviews, vol. 14(1), pages 747-775, August.
- Greg Kaplan & Giovanni L. Violante, 2021. "The Marginal Propensity to Consume in Heterogeneous Agent Models," Working Papers 2021-9, Princeton University. Economics Department..
- Kaplan, Greg & Violante, Giovanni, 2022. "The Marginal Propensity to Consume in Heterogeneous Agent Models," CEPR Discussion Papers 17271, C.E.P.R. Discussion Papers.
- Greg Kaplan & Giovanni L. Violante, 2022. "The Marginal Propensity to Consume in Heterogeneous Agent Models," NBER Working Papers 30013, National Bureau of Economic Research, Inc.
- Orazio P. Attanasio & Guglielmo Weber, 2010.
"Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy,"
Journal of Economic Literature, American Economic Association, vol. 48(3), pages 693-751, September.
- Orazio P. Attanasio & Guglielmo Weber, 2010. "Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy," NBER Working Papers 15756, National Bureau of Economic Research, Inc.
- Pål Boug & Ådne Cappelen & Eilev S. Jansen & Anders Rygh Swensen, 2021.
"The Consumption Euler Equation or the Keynesian Consumption Function?,"
Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 83(1), pages 252-272, February.
- Anders Rygh Swensen & Pål Boug & Ådne Cappelen & Eilev S. Jansen, 2019. "The consumption Euler equation or the Keynesian consumption function?," Discussion Papers 904, Statistics Norway, Research Department.
- Fisher, Jonathan D. & Johnson, David S. & Smeeding, Timothy M. & Thompson, Jeffrey P., 2020.
"Estimating the marginal propensity to consume using the distributions of income, consumption, and wealth,"
Journal of Macroeconomics, Elsevier, vol. 65(C).
- Jonathan D. Fisher & David Johnson & Timothy Smeeding & Jeffrey P. Thompson, 2019. "Estimating the marginal propensity to consume using the distributions of income, consumption and wealth," Working Papers 19-4, Federal Reserve Bank of Boston.
- James C. Morley, 2007.
"The Slow Adjustment of Aggregate Consumption to Permanent Income,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(2-3), pages 615-638, March.
- James C. Morley, 2007. "The Slow Adjustment of Aggregate Consumption to Permanent Income," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(2‐3), pages 615-638, March.
- Garbinti, Bertrand & Lamarche, Pierre & Savignac, Frédérique & Lecanu, Charlélie, 2020.
"Wealth effect on consumption during the sovereign debt crisis: households heterogeneity in the euro area,"
Working Paper Series
2357, European Central Bank.
- Bertrand Garbinti & Pierre Lamarche & Charlélie Lecanu & Frédérique Savignac, 2020. "Wealth effect on consumption during the sovereign debt crisis: Households heterogeneity in the Euro area," Working papers 751, Banque de France.
- Pedro Trivin, 2022.
"The wealth-consumption channel: evidence from a panel of Spanish households,"
Review of Economics of the Household, Springer, vol. 20(4), pages 1377-1428, December.
- Trivin, Pedro, 2020. "The wealth-consumption channel: Evidence from a panel of Spanish households," MPRA Paper 102079, University Library of Munich, Germany.
- Marco Di Maggio & Amir Kermani & Kaveh Majlesi, 2020.
"Stock Market Returns and Consumption,"
Journal of Finance, American Finance Association, vol. 75(6), pages 3175-3219, December.
- Di Maggio, Marco & Kermani, Amir & Majlesi, Kaveh, 2018. "Stock Market Returns and Consumption," Working Paper Series 1198, Research Institute of Industrial Economics.
- Di Maggio, Marco & Kermani, Amir & Majlesi, Kaveh, 2018. "Stock Market Returns and Consumption," Working Papers 2018:1, Lund University, Department of Economics.
- Di Maggio, Marco & Kermani, Amir & Majlesi, Kaveh, 2018. "Stock Market Returns and Consumption," IZA Discussion Papers 11357, Institute of Labor Economics (IZA).
- Marco Di Maggio & Amir Kermani & Kaveh Majlesi, 2018. "Stock Market Returns and Consumption," NBER Working Papers 24262, National Bureau of Economic Research, Inc.
- Hubbard, R. Glenn & Skinner, Jonathan & Zeldes, Stephen P., 1994.
"The importance of precautionary motives in explaining individual and aggregate saving,"
Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 40(1), pages 59-125, June.
- R. Glenn Hubbard & Jonathan Skinner & Stephen P. Zeldes, 1993. "The Importance of Precautionary Motives in Explaining Individual and Aggregate Saving," NBER Working Papers 4516, National Bureau of Economic Research, Inc.
- Adrien Auclert, 2019.
"Monetary Policy and the Redistribution Channel,"
American Economic Review, American Economic Association, vol. 109(6), pages 2333-2367, June.
- Adrien Auclert, 2015. "Monetary Policy and the Redistribution Channel," 2015 Meeting Papers 381, Society for Economic Dynamics.
- Adrien Auclert, 2017. "Monetary Policy and the Redistribution Channel," NBER Working Papers 23451, National Bureau of Economic Research, Inc.
- Adrien Auclert, 2017. "Monetary Policy and the Redistribution Channel," Working Papers 1706, Council on Economic Policies.
- Nemeczek, Fabian & Radermacher, Jan, 2022. "Personality-augmented MPC: Linking survey and transaction data to explain MPC heterogeneity by Big Five personality traits," SAFE Working Paper Series 348, Leibniz Institute for Financial Research SAFE.
- Tino Berger & Lorenzo Pozzi, 2023. "Cyclical consumption," Tinbergen Institute Discussion Papers 23-064/VI, Tinbergen Institute.
- Krueger, D. & Mitman, K. & Perri, F., 2016.
"Macroeconomics and Household Heterogeneity,"
Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 843-921,
Elsevier.
- Dirk Krueger & Kurt Mitman & Fabrizio Perri, 2016. "Macroeconomics and Household Heterogeneity," NBER Working Papers 22319, National Bureau of Economic Research, Inc.
- Mitman, Kurt & Krueger, Dirk & Perri, Fabrizio, 2016. "Macroeconomics and Household Heterogeneity," CEPR Discussion Papers 11308, C.E.P.R. Discussion Papers.
- Dirk Krueger & Kurt Mitman & Fabrizio Perri, 2016. "Macroeconomics and Household Heterogeneity," Staff Report 529, Federal Reserve Bank of Minneapolis.
- Alba Lugilde & Roberto Bande & Dolores Riveiro, 2018.
"Precautionary saving in Spain during the great recession: evidence from a panel of uncertainty indicators,"
Review of Economics of the Household, Springer, vol. 16(4), pages 1151-1179, December.
- Lugilde, Alba & Bande, Roberto & Riveiro, Dolores, 2016. "Precautionary saving in Spain during the Great Recession: evidence from a panel of uncertainty indicators," MPRA Paper 72436, University Library of Munich, Germany.
- Jean-Paul L'Huillier & Sanjay R. Singh & Donghoon Yoo, 2021.
"Incorporating Diagnostic Expectations into the New Keynesian Framework,"
Working Papers
339, University of California, Davis, Department of Economics.
- Jean-Paul L’Huillier & Sanjay R. Singh & Donghoon Yoo, 2023. "Incorporating Diagnostic Expectations into the New Keynesian Framework," IEAS Working Paper : academic research 23-A004, Institute of Economics, Academia Sinica, Taipei, Taiwan.
- Jean-Paul L’Huillier & Sanjay R. Singh & Donghoon Yoo, 2023. "Incorporating Diagnostic Expectations into the New Keynesian Framework," Working Paper Series 2023-19, Federal Reserve Bank of San Francisco.
- Jean-Paul L’Huillier & Sanjay R Singh & Donghoon Yoo, 2024.
"Incorporating Diagnostic Expectations into the New Keynesian Framework,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 91(5), pages 3013-3046.
- Jean-Paul L'Huillier & Sanjay R. Singh & Donghoon Yoo, 2021. "Incorporating Diagnostic Expectations into the New Keynesian Framework," Working Papers 339, University of California, Davis, Department of Economics.
- Jean-Paul L’Huillier & Sanjay R. Singh & Donghoon Yoo, 2023. "Incorporating Diagnostic Expectations into the New Keynesian Framework," IEAS Working Paper : academic research 23-A004, Institute of Economics, Academia Sinica, Taipei, Taiwan.
- Jean-Paul L’Huillier & Sanjay R. Singh & Donghoon Yoo, 2023. "Incorporating Diagnostic Expectations into the New Keynesian Framework," Working Paper Series 2023-19, Federal Reserve Bank of San Francisco.
More about this item
Keywords
Consumption; asymmetry; expectations; noisy information;All these keywords.
JEL classification:
- C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
- C65 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Miscellaneous Mathematical Tools
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rtv:ceisrp:443. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Barbara Piazzi (email available below). General contact details of provider: https://edirc.repec.org/data/csrotit.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.