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Keywords:household consumption OR Household consumption 

Newsletter
Helping Homeowners During the Covid-19 Pandemic: Lessons from the Great Recession

The Covid-19 public health crisis has sharply reduced the earnings of millions of U.S. households, following the severe curtailment of economic activity needed to contain the spread of the virus. Meanwhile, households continue to confront their ongoing financial obligations. The ability of households to manage these obligations has important consequences for the speed at which the U.S. economy can recover from the current crisis. Households that are wiped out financially in the coming months will not be in a position to strongly resume spending once the virus containment issues have passed. ...
Chicago Fed Letter , Issue 443 , Pages 9

Working Paper
Scarred Consumption

We show that prior lifetime experiences can "scar" consumers. Consumers who have lived through times of high unemployment exhibit persistent pessimism about their future financial situation and spend significantly less, controlling for the standard life-cycle consumption factors, even though their actual future income is uncorrelated with past experiences. Due to their experience-induced frugality, scarred consumers build up more wealth. We use a stochastic lifecycle model to show that the negative relationship between past experiences and consumption cannot be generated by financial ...
International Finance Discussion Papers , Paper 1259

Briefing
A Closer Look at Japan's Rising Consumption Tax

Japan plans to raise its national consumption tax next week from 8 percent to 10 percent. Some commentators and economists have blamed previous consumption tax increases for causing recessions in 1997 and 2014, but little statistical analysis has been published to support or refute such claims. This Economic Brief highlights new evidence that significant changes in Japan's household consumption behavior did in fact coincide with the 1997 tax hike.
Richmond Fed Economic Brief , Issue October

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