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Board of Governors of the Federal Reserve System (U.S.)
FEDS Notes
A Not-So-Great Recovery in Consumption : What is Holding Back Household Spending?
Aditya Aladangady
Laura Feiveson
Abstract

Historically, aggregate consumption has closely tracked disposable personal income, government transfers, and household net wealth. In this note, we show that this empirical relationship has broken down in recent years and explore potential explanations for why consumers--at least in the aggregate--may not be spending in line with recent income and wealth gains.


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Aditya Aladangady & Laura Feiveson, A Not-So-Great Recovery in Consumption : What is Holding Back Household Spending?, Board of Governors of the Federal Reserve System (U.S.), FEDS Notes 2018-03-08, 08 Mar 2018.
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DOI: 10.17016/2380-7172.2159
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