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Journal Article
Food prices and the inflation experiences of low-income households
McGranahan, Leslie (2008-12)
Food prices have been rising rapidly over the past two years. In August 2008, aggregate food prices were 6.1 percent above their level in August 2007. Prices in August 2007 were already 4.8 percent above the level in August 2006. Because food purchases represent a larger portion of the expenditures of low-income households, these increases in price have a more substantial impact on the purchasing power of low-income households. This article describes the food inflation experiences of different population groups to demonstrate how different groups have been differentially affected by the ...
Profitwise , Issue Dec , Pages 8-16

Journal Article
Research spotlight: How consumers respond to stimulus payments
Sears, Louis (2011-10)
Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2011/q4/research_spotlight_weblinks.cfm
Econ Focus , Volume 15 , Issue 4Q , Pages 11

Journal Article
Consumer finance survey gives insights for policymakers
anonymous (2001-07)
Financial Update , Volume 14 , Issue Jul , Pages 4

Journal Article
Measuring consumption growth: the impact of new and better products
Klenow, Peter J. (2003-01)
This study describes how the U.S. government measures real consumption growth and how it tries to take account of a complicating factor: that the goods and services offered to consumers change over time; new products are introduced and old products are improved. The 1996 Boskin Commission critique of this government methodology is described, along with the changes made in response to that critique. Also described is recent research related to how real consumption growth should be measured in the presence of new and better products.
Quarterly Review , Volume 27 , Issue Win , Pages 10-23

Working Paper
Minimum consumptions requirements: theoretical and quantitative implications for growth and distribution
Ravikumar, B.; Chatterjee, Satyajit (1997)
The authors study the impact of a minimum consumption requirement on the rate of economic growth and the evolution of wealth distribution. The requirement introduces a positive dependence between the intertemporal elasticity of substitution and household wealth. This dependence implies a transition phase during which the growth rate of per-capita quantities rise toward their steady-state values and the distributions of wealth, consumption, and permanent income become more unequal. The authors calibrate the minimum consumption requirement to match estimates available for a sample of Indian ...
Working Papers , Paper 97-15

Working Paper
Marriage and consumption insurance: what's love got to do with it?
Hess, Gregory D. (2001)
This paper explores marriage?s role when markets are incomplete and individuals cannot diversify their idiosyncratic labor income risk. All else being equal, an individual would rather marry a ?hedge? (a person whose income is negatively correlated with her own) because doing so raises her expected utility. However, the existence of love complicates the picture: Although marrying a hedge is important, an individual may not do so if she finds someone with whom she shares a great deal of love. Is love more important to a lasting marriage than economic compatibility? To answer this question, the ...
Working Papers (Old Series) , Paper 0104

Discussion Paper
Wealth shocks and macroeconomic dynamics
Cooper, Daniel H.; Dynan, Karen E. (2013)
The effect of wealth on consumption is an issue of longstanding interest to economists. Analysts believe that fluctuations in household wealth have driven major swings in economic activity. This paper considers so-called wealth effects?the impact of changes in wealth on household consumption and the overall macroeconomy. There is an extensive existing literature on wealth effects, but there are also many unanswered issues and questions. This paper reviews the important issues regarding the role wealth plays in the macroeconomy and argues that there is a need for much more wealth effect ...
Public Policy Discussion Paper , Paper 13-4

Working Paper
Doubts and Variability: A Robust Perspective on Exotic Consumption Series
Smith, Matthew E.; Bidder, Rhys (2013)
In order for consumption based asset pricing models to reconcile data on returns with that on consumption, researchers have resorted to augmenting the consumption series in exotic ways. When an agent?s consumption series is subject to changes in volatility, we show that concerns for model misspecification can induce fears of both disasters and long run risk. We appeal to this pessimistic view to explain why introducing stochastic volatility in the presence of model uncertainty helps generate a more plausible unconditional market price of risk and time variation in the conditional market price ...
Working Paper Series , Paper 2013-28

Journal Article
Surveys of liquid asset holdings
Weiler, Emanuel T. (1945-09)
Federal Reserve Bulletin , Issue Sep

Discussion Paper
The allocation of goods and time over the business cycle
Hercowitz, Zvi; Greenwood, Jeremy (1990)
A Beckerian model of household production is developed to study the allocation of capital and time between market and home activities over the business cycle. The adopted framework treats the business and household sectors symmetrically. In the market, labor interacts with business capital to produce market goods and services, and likewise at home the remaining time, leisure, is combined with household capital to produce home goods and services. The theoretical model presented is parameterized, calibrated, and simulated to see whether it can rationalize the observed allocation of capital and ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 26

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