Consumption dynamics under time-varying unemployment risk
Journal of Monetary Economics(2021)
摘要
•Aggregate spending on durable goods responds strongly to increased unemployment risk.•Aggregate spending on nondurable goods responds strongly to unemployment spells.•When households hold little liquid assets, the durable-spending response is dampened.•Reduced-form empirical evidence supports the model predictions.
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关键词
Consumption,Durables,Precautionary savings,Wait-and-see effect,Real options,Adjustment costs
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