Global food aid is considered a critical consumption smoothing mechanism in many countries. However, its record of stabilizing consumption has been mixed. This paper examines the cyclical properties ...

Editor's note: Financial Planning 1.0 is what most of us encounter through advisers or on the Internet. Meet version 2.0. This is the first in an eight-part series, written by Laurence Kotlikoff and ...

With 250 million migrants globally, remittances are one of the major sources of income in many developing countries. While there is abundant evidence that remittances facilitate consumption smoothing ...

We study the consumption response to typical labor income shocks and investigate how these vary by wealth and race. First, we estimate the elasticity of consumption with respect to income using an ...

Citations: Ponticelli, Jacopo, Amir Sufi, Atif Mian, Gabriel Garber. 2024. Consumption Smoothing or Consumption Binging? The effects of government-led consumer credit expansion in Brazil. Journal of ...

Whenever agents have access to a production technology they will engineer optimal consumption paths. This is usually perceived as making the task of explaining asset prices much harder. We show that ...

Role playing time. <BR><BR>Let's say you were reliably but imprecisely informed that some time in the not too long term you would receive a large amount of money. You're certain that it's coming, but ...