cAndCwithStickyE.bib

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,-------------------.
|  BIBTEX ENTRIES   |
`-------------------'

@misc{matthew_n_white_2017_1001068,
  author =        {Christopher D Carroll and Matthew N White and
                   Team Econ-ARK},
  month =         oct,
  note =          {Available at via doi:10.5281/zenodo.1001068 or at
                   \url{https://doi.org/10.5281/zenodo.1001068}},
  title =         {econ-ark/HARK: 0.8.0},
  year =          {2017},
  doi =           {10.5281/zenodo.1001068},
  url =           {https://doi.org/10.5281/zenodo.1001068},
}

@article{hrsHabit,
  author =        {Havranek, Tomas and Rusnak, Marek and Sokolova, Anna},
  journal =       {European Economic Review},
  pages =         {142--167},
  publisher =     {Elsevier},
  title =         {Habit formation in consumption: A meta-analysis},
  volume =        {95},
  year =          {2017},
  doi =           {10.1016/j.euroecorev.2017.03.009},
  url =           {https://doi.org/10.1016/j.euroecorev.2017.03.009},
}

@article{cdSmooth,
  author =        {Campbell, John and Deaton, Angus},
  journal =       {The Review of Economic Studies},
  month =         {jul},
  note =          {\url{http://www.jstor.org/stable/2297552}},
  number =        {3},
  pages =         {357--373},
  publisher =     {The Review of Economic Studies Ltd.},
  title =         {{W}hy is {C}onsumption {S}o {S}mooth?},
  volume =        {56},
  year =          {1989},
  abstract =      {For thirty years it has been accepted that
                   consumption is smooth because permanent income is
                   smoother than measured income. This paper considers
                   the evidence for the contrary position, that
                   permanent income is in fact less smooth than measured
                   income, so that the smoothness of consumption cannot
                   be straightforwardly explained by permanent income
                   theory. The paper argues that in postwar U.S.
                   quarterly data, consumption is smooth because it
                   responds with a lag to changes in income.},
  issn =          {0034-6527},
  url =           {http://www.jstor.org/stable/2297552},
}

@article{hallRandomWalk,
  author =        {Hall, Robert E.},
  journal =       {Journal of Political Economy},
  note =          {Available at
  {\url{http://www.stanford.edu/~rehall/Stochastic-JPE-Dec-1978.pdf}}},
  pages =         {971--87},
  title =         {Stochastic Implications of the Life-Cycle/Permanent
                   Income Hypothesis: Theory and Evidence},
  volume =        {96},
  year =          {1978},
  url =           {http://www.stanford.edu/~rehall/Stochastic-JPE-Dec-
                   1978.pdf},
}

@article{mrSlumps,
  author =        {Mankiw, N. Gregory and Reis, Ricardo},
  journal =       {Quarterly Journal of Economics},
  month =         {November},
  number =        {4},
  pages =         {1295--1328},
  title =         {Sticky Information Versus Sticky Prices: A Proposal
                   to Replace the New Keynesian Phillips Curve},
  volume =        {117},
  year =          {2002},
}

@article{carroll:epidemicinflQJE,
  author =        {Carroll, Christopher D.},
  journal =       {Quarterly Journal of Economics},
  note =
  {\href{http://econ.jhu.edu/people/ccarroll/epidemiologyQJE.pdf}{[PDF]},\href{http://econ.jhu.edu/people/ccarroll/Epidemiology.zip}{[Code]}},
  number =        {1},
  pages =         {269--298},
  title =         {{M}acroeconomic {E}xpectations of {H}ouseholds and
                   {P}rofessional {F}orecasters},
  volume =        {118},
  year =          {2003},
  url =           {http://econ.jhu.edu/people/ccarroll/epidemiologyQJE.pdf},
}

@article{dynanHabits,
  author =        {Dynan, Karen E.},
  journal =       {American Economic Review},
  note =          {\url{http://www.jstor.org/stable/117335}},
  number =        {3},
  title =         {Habit Formation in Consumer Preferences: Evidence
                   from Panel Data},
  volume =        {90},
  year =          {2000},
  url =           {http://www.jstor.org/stable/117335},
}

@article{ayNearRational,
  author =        {Akerlof, George A. and Janet L. Yellen},
  journal =       {The Quarterly Journal of Economics},
  number =        {5},
  pages =         {823--38},
  title =         {A Near-rational Model of the Business Cycle, with
                   Wage and Price Intertia},
  volume =        {100},
  year =          {1985},
}

@techreport{arsInvestmentInattention,
  author =        {Adrien Auclert and Matthew Rognlie and Ludwig Straub},
  institution =   {Stanford University},
  type =          {mimeo},
  title =         {Investment, Heterogeneity, and Inattention},
  year =          {2019},
}

@article{pischkeMicroMacro,
  author =        {Pischke, J{\"o}rn-Steffen},
  journal =       {Econometrica},
  number =        {4},
  pages =         {805--40},
  title =         {Individual Income, Incomplete Information, and
                   Aggregate Consumption},
  volume =        {63},
  year =          {1995},
}

@article{simsInattention,
  author =        {Sims, Christopher},
  journal =       {Journal of Monetary Economics},
  note =          {available at
  \url{http://ideas.repec.org/a/eee/moneco/v50y2003i3p665-690.html}},
  number =        {3},
  pages =         {665--690},
  title =         {Implications of Rational Inattention},
  volume =        {50},
  year =          {2003},
}

@article{gabaixSparsityQJE,
  author =        {Xavier Gabaix},
  journal =       {The Quarterly Journal of Economics},
  number =        {4},
  pages =         {1661--1710},
  title =         {A Sparsity-Based Model of Bounded Rationality},
  volume =        {129},
  year =          {2014},
  url =           {https://ideas.repec.org/a/oup/qjecon/v129y2014i4p1661-
                  1710.html},
}

@article{reis:inattentive,
  author =        {Reis, Ricardo},
  journal =       {Journal of Monetary Economics},
  number =        {8},
  pages =         {1761--1800},
  publisher =     {Elsevier},
  title =         {Inattentive Consumers},
  volume =        {53},
  year =          {2006},
}

@article{mw09:RI,
  author =        {Ma\'{c}kowiak, Bartosz and Mirko Wiederholt},
  journal =       {American Economic Review},
  month =         {June},
  number =        {3},
  pages =         {769-803},
  title =         {{Optimal Sticky Prices under Rational Inattention}},
  volume =        {99},
  year =          {2009},
  abstract =      {This paper presents a model in which price setting
                   firms decide what to pay attention to, subject to a
                   constraint on information flow. When idiosyncratic
                   conditions are more variable or more important than
                   aggregate conditions, firms pay more attention to
                   idiosyncratic conditions than to aggregate
                   conditions. When we calibrate the model to match the
                   large average absolute size of price changes observed
                   in micro data, prices react fast and by large amounts
                   to idiosyncratic shocks, but only slowly and by small
                   amounts to nominal shocks. Nominal shocks have strong
                   and persistent real effects. (JEL D21, D83, E31,
                   E52)},
  doi =           {},
  url =           {https://ideas.repec.org/a/aea/aecrev/v99y2009i3p769-
                   803.html},
}

@article{mackWiedREStud15,
  author =        {Ma\'{c}kowiak, Bartosz and Wiederholt, Mirko},
  journal =       {The Review of Economic Studies},
  number =        {4},
  pages =         {1502--1532},
  title =         {Business Cycle Dynamics under Rational Inattention},
  volume =        {82},
  year =          {2015},
  doi =           {10.1093/restud/rdv027},
  url =           {+ http://dx.doi.org/10.1093/restud/rdv027},
}

@article{LuoRinGE,
  author =        {Yulei Luo and Jun Nie and Gaowang Wang and
                   Eric R. Young},
  journal =       {Journal of Economic Theory},
  pages =         {55--87},
  title =         {Rational Inattention and the Dynamics of Consumption
                   and Wealth in General Equilibrium},
  volume =        {172},
  year =          {2017},
}

@article{luo:inatC,
  author =        {Yulei Luo},
  journal =       {Review of Economic Dynamics},
  number =        {2},
  pages =         {366--385},
  title =         {Consumption Dynamics under Information Processing
                   Constraints},
  volume =        {11},
  year =          {2008},
}

@article{sims_beyondLQ,
  author =        {Christopher A. Sims},
  journal =       {American Economic Review},
  month =         {May},
  number =        {2},
  pages =         {158--163},
  title =         {Rational Inattention: Beyond the Linear--Quadratic
                   Case},
  volume =        {96},
  year =          {2006},
}

@article{tutino_RIconsumption,
  author =        {Antonella Tutino},
  journal =       {Review of Economic Dynamics},
  month =         {July},
  number =        {3},
  pages =         {421--439},
  title =         {Rationally Inattentive Consumption Choices},
  volume =        {16},
  year =          {2013},
}

@incollection{woodfordImperfect,
  address =       {Princeton},
  author =        {Woodford, Michael},
  booktitle =     {Knowledge, Information and Expectations in Modern
                   Macroeconomics},
  editor =        {Aghion, P. and R. Frydman and J. Stiglitz and
                   M. Woodford},
  publisher =     {Princeton University Press},
  title =         {Imperfect Common Knowledge and the Effects of
                   Monetary Policy},
  year =          {2002},
  abstract =      {This paper reconsiders the Phelps-Lucas hypothesis,
                   according to which temporary real effects of purely
                   nominal disturbances result from imperfect
                   information, but departs from the assumptions of
                   Lucas (1973) in two crucial respects. Due to
                   monopolistically competitive pricing, higher-order
                   expectations are crucial for aggregate inflation
                   dynamics, as argued by Phelps (1983). And
                   decisionmakers' subjective perceptions of current
                   conditions are assumed to be of imperfect precision,
                   owing to finite information processing capacity, as
                   argued by Sims (2001). The model can explain highly
                   persistent real effects of a monetary disturbance,
                   and a delayed effect on inflation, as found in VAR
                   studies.},
  url =           {http://EconPapers.repec.org/RePEc:nbr:nberwo:8673},
}

@article{msInertiaAER,
  author =        {Stephen Morris and Hyun Song Shin},
  journal =       {The American Economic Review},
  number =        {2},
  pages =         {152--157},
  publisher =     {American Economic Association},
  title =         {Inertia of Forward-Looking Expectations},
  volume =        {96},
  year =          {2006},
  issn =          {00028282},
  url =           {http://www.jstor.org/stable/30034632},
}

@article{muthOptimal,
  author =        {Muth, John F.},
  journal =       {Journal of the American Statistical Association},
  number =        {290},
  pages =         {299--306},
  title =         {Optimal Properties of Exponentially Weighted
                   Forecasts},
  volume =        {55},
  year =          {1960},
}

@article{lucas:imperfectInfo,
  author =        {Lucas, Robert E.},
  journal =       {American Economic Review},
  month =         {June},
  number =        {3},
  pages =         {326--334},
  title =         {Some International Evidence on Output-Inflation
                   Tradeoffs},
  volume =        {63},
  year =          {1973},
}

@article{ludvigson&michaelides:excesses,
  author =        {Ludvigson, Sydney and Alexander Michaelides},
  journal =       {American Economic Review},
  month =         {June},
  number =        {3},
  pages =         {631--647},
  title =         {Does Buffer Stock Saving Explain the Smoothness and
                   Excess Sensitivity of Consumption?},
  volume =        {91},
  year =          {2001},
}

@techreport{fhnMPC,
  author =        {Andreas Fagereng and Martin B. Holm and
                   Gisle J. Natvik},
  institution =   {Statistics Norway},
  type =          {discussion paper},
  title =         {MPC Heterogeneity and Household Balance Sheets},
  volume =        {852},
  year =          {2017},
}

@article{jpsTax,
  author =        {Johnson, David S. and Parker, Jonathan A. and
                   Souleles, Nicholas S.},
  journal =       {American Economic Review},
  month =         {December},
  number =        {5},
  pages =         {1589--1610},
  title =         {Household Expenditure and the Income Tax Rebates of
                   2001},
  volume =        {96},
  year =          {2006},
  url =           {http://ideas.repec.org/a/aea/aecrev/v96y2006i5p1589-
                  1610.html},
}

@article{aslCredit,
  author =        {Sumit Agarwal and Chunlin Liu and
                   Nicholas S. Souleles},
  journal =       {Journal of Political Economy},
  month =         {December},
  number =        {6},
  pages =         {986--1019},
  title =         {The Reaction of Consumer Spending and Debt to Tax
                   Rebates--Evidence from Consumer Credit Data},
  volume =        {115},
  year =          {2007},
  url =           {http://www.nber.org/papers/w13694},
}

@article{bppInequality,
  author =        {Blundell, Richard and Pistaferri, Luigi and
                   Preston, Ian},
  journal =       {American Economic Review},
  month =         {December},
  number =        {5},
  pages =         {1887--1921},
  title =         {Consumption Inequality and Partial Insurance},
  volume =        {98},
  year =          {2008},
}

@article{kvwWealthyH2m,
  author =        {Kaplan, Greg and Violante, Gianluca and
                   Weidner, Justin},
  journal =       {Brookings Papers on Economic Activity},
  pages =         {77--138},
  title =         {The Wealthy Hand-to-Mouth},
  volume =        {Spring},
  year =          {2014},
  abstract =      {The wealthy hand-to-mouth are households who hold
                   little or no liquid wealth (e.g. cash, checking, and
                   saving accounts), despite owning sizable amounts of
                   illiquid assets (i.e., assets that carry a
                   transaction cost, such as housing, large durables, or
                   retirement accounts). This portfolio configuration
                   implies that these households have large marginal
                   propensities to consume out of small income changes
                   –a key determinant of the macroeconomic
                   effects of fiscal policy. The wealthy hand-to-mouth,
                   therefore, behave in many respects like households
                   with little or no net worth, yet they escape standard
                   definitions (and empirical measurements) of
                   hand-to-mouth agents based on net worth. We use
                   survey data on household portfolios for the U.S.,
                   Canada, Australia, the U.K., Germany, France, Italy,
                   and Spain to document the share of such households
                   across countries, their demographic characteristics,
                   the composition of their balance sheet, and the
                   persistence of hand-to-mouth status over the life
                   cycle. Finally, we discuss the implications of this
                   group of consumers for macroeconomic modelling and
                   policy analysis.},
}

@article{jappelliPistaferri_FPMPC,
  author =        {Jappelli, Tullio and Pistaferri, Luigi},
  journal =       {AEJ: Marcoeconomics},
  number =        {4},
  pages =         {107--36},
  title =         {Fiscal Policy and MPC Heterogeneity},
  volume =        {6},
  year =          {2014},
}

@article{parker25million,
  author =        {Jonathan A. Parker},
  journal =       {American Economic Journal: Macroeconomics},
  month =         {October},
  number =        {9},
  pages =         {153--183},
  title =         {Why Don't Households Smooth Consumption? Evidence
                   from a \$25 Million Experiment},
  volume =        {4},
  year =          {2017},
}

@techreport{aydinCresponse,
  author =        {Deniz Ayd{\i}n},
  institution =   {Washington University, St.\ Louis},
  type =          {mimeo},
  title =         {Consumption Response to Credit Expansions: Evidence
                   from Experimental Assignment of 45,307 Credit Lines},
  year =          {2018},
}

@article{carroll&kimball:concavity,
  author =        {Carroll, Christopher D. and Kimball, Miles S.},
  journal =       {Econometrica},
  note =
  {\url{http://econ.jhu.edu/people/ccarroll/concavity.pdf}},
  number =        {4},
  pages =         {981--992},
  title =         {On the {C}oncavity of the {C}onsumption {F}unction},
  volume =        {64},
  year =          {1996},
  url =           {http://econ.jhu.edu/people/ccarroll/concavity.pdf},
}

@article{chettySzeidl:cCommitmentsEcta,
  author =        {Raj Chetty and Adam Szeidl},
  journal =       {Econometrica},
  month =         {03},
  number =        {},
  pages =         {855--890},
  title =         {Consumption Commitments and Habit Formation},
  volume =        {84},
  year =          {2016},
  url =           {https://ideas.repec.org/a/wly/emetrp/v84y2016ip855-
                  890.html},
}

@article{alvarezGuisoLippi:DurCons,
  author =        {Fernando Alvarez and Luigi Guiso and Francesco Lippi},
  journal =       {American Economic Review},
  month =         {August},
  number =        {5},
  pages =         {2272--2300},
  title =         {Durable Consumption and Asset Management with
                   Transaction and Observation Costs},
  volume =        {102},
  year =          {2012},
  doi =           {},
  url =           {https://ideas.repec.org/a/aea/aecrev/v102y2012i5p2272-
                  2300.html},
}

@article{coibGor:AER15,
  author =        {Olivier Coibion and Yuriy Gorodnichenko},
  journal =       {American Economic Review},
  month =         {August},
  number =        {8},
  pages =         {2644--2678},
  title =         {{Information Rigidity and the Expectations Formation
                   Process: A Simple Framework and New Facts}},
  volume =        {105},
  year =          {2015},
  doi =           {},
}

@article{fuhrer:JME17,
  author =        {Jeffrey C. Fuhrer},
  journal =       {Journal of Monetary Economics},
  month =         {April},
  pages =         {22--55},
  title =         {Expectations as a Source of Macroeconomic
                   Persistence: Evidence from Survey Expectations in a
                   Dynamic Macro Model},
  volume =        {86},
  year =          {2017},
  doi =           {},
}

@techreport{fuhrerIntrinsicPersistence,
  author =        {Fuhrer, Jeffrey C.},
  institution =   {Federal Reserve Bank of Boston},
  month =         may,
  number =        {18-9},
  type =          {working paper},
  title =         {Intrinsic Expectations Persistence: Evidence from
                   Professional and Household Survey Expectations},
  year =          {2018},
}

@incollection{cmModel,
  address =       {Cambridge, MA},
  author =        {Campbell, John Y. and Mankiw, N. Gregory},
  booktitle =     {NBER Macroeconomics Annual, 1989},
  editor =        {Blanchard, Olivier J. and Fischer, Stanley},
  note =          {\url{http://www.nber.org/papers/w2924.pdf}},
  pages =         {185--216},
  publisher =     {MIT Press},
  title =         {Consumption, Income, and Interest Rates:
                   Reinterpreting the Time-Series Evidence},
  year =          {1989},
  url =           {http://www.nber.org/papers/w2924.pdf},
}

@article{blanchardFinite,
  author =        {Blanchard, Olivier J.},
  journal =       {Journal of Political Economy},
  month =         {April},
  number =        {2},
  pages =         {223--247},
  title =         {Debt, Deficits, and Finite Horizons},
  volume =        {93},
  year =          {1985},
}

@article{edge2007Learning,
  author =        {Edge, Rochelle M and Laubach, Thomas and
                   Williams, John C},
  journal =       {Journal of Monetary Economics},
  number =        {8},
  pages =         {2421--2438},
  publisher =     {Elsevier},
  title =         {Learning and shifts in long-run productivity growth},
  volume =        {54},
  year =          {2007},
}

@article{jorgenson:ProductivityGrowthResurgence,
  author =        {Dale W. Jorgenson and Mun S. Ho and Kevin J. Stiroh},
  journal =       {Journal of Economic Perspectives},
  month =         {Winter},
  number =        {1},
  pages =         {3--24},
  title =         {A Retrospective Look at the U.S. Productivity Growth
                   Resurgence},
  volume =        {22},
  year =          {2008},
  doi =           {},
}

@article{zeldesStochastic,
  author =        {Zeldes, Stephen P.},
  journal =       {Quarterly Journal of Economics},
  month =         {May},
  number =        {2},
  pages =         {275--298},
  title =         {Optimal Consumption with Stochastic Income:
                   {D}eviations from Certainty Equivalence},
  volume =        {104},
  year =          {1989},
}

@article{lmpPermShocks,
  author =        {Low, Hamish and Meghir, Costas and Pistaferri, Luigi},
  journal =       {The American economic review},
  number =        {4},
  pages =         {1432--1467},
  publisher =     {American Economic Association},
  title =         {Wage risk and employment risk over the life cycle},
  volume =        {100},
  year =          {2010},
}

@article{pistaferriSuperior,
  author =        {Luigi Pistaferri},
  journal =       {The Review of Economics and Statistics},
  month =         {August},
  number =        {3},
  pages =         {465-476},
  title =         {Superior Information, Income Shocks, And The
                   Permanent Income Hypothesis},
  volume =        {83},
  year =          {2001},
}

@article{gsInferring,
  author =        {Guvenen, Fatih and Smith, Anthony A.},
  journal =       {Econometrica},
  number =        {6},
  pages =         {2085-2129},
  title =         {Inferring Labor Income Risk and Partial Insurance
                   From Economic Choices},
  volume =        {82},
  year =          {2014},
  abstract =      {This paper uses the information contained in the
                   joint dynamics of individuals' labor earnings and
                   consumption-choice decisions to quantify both the
                   amount of income risk that individuals face and the
                   extent to which they have access to informal
                   insurance against this risk. We accomplish this task
                   by using indirect inference to estimate a structural
                   consumption–savings model, in which individuals
                   both learn about the nature of their income process
                   and partly insure shocks via informal mechanisms. In
                   this framework, we estimate (i) the degree of partial
                   insurance, (ii) the extent of systematic differences
                   in income growth rates, (iii) the precision with
                   which individuals know their own income growth rates
                   when they begin their working lives, (iv) the
                   persistence of typical labor income shocks, (v) the
                   tightness of borrowing constraints, and (vi) the
                   amount of measurement error in the data. In
                   implementing indirect inference, we find that an
                   auxiliary model that approximates the true structural
                   equations of the model (which are not estimable)
                   works very well, with negligible small sample bias.
                   The main substantive findings are that income shocks
                   are moderately persistent, systematic differences in
                   income growth rates are large, individuals have
                   substantial amounts of information about their income
                   growth rates, and about one-half of income shocks are
                   smoothed via partial insurance. Putting these
                   findings together, the amount of uninsurable lifetime
                   income risk that individuals perceive is
                   substantially smaller than what is typically assumed
                   in calibrated macroeconomic models with incomplete
                   markets.},
  doi =           {10.3982/ECTA9446},
  url =           {https://onlinelibrary.wiley.com/doi/abs/10.3982/ECTA9446},
}

@misc{kmpIncomeExpectations,
  author =        {Karahan, Fatih and Sean Mihaljevich and
                   Laura Pilossoph},
  howpublished =
  {\href{http://libertystreeteconomics.newyorkfed.org/2017/11/understanding-permanent-and-temporary-income-shocks.html}{URL
  link retrieved on 03/02/2018 \texttt{here}.}},
  journal =       {Liberty Street Economics},
  number =        {November 08},
  type =          {Blog},
  title =         {Understanding Permanent and Temporary Income Shocks},
  year =          {2017},
}

@article{kennickellPermanent,
  author =        {Kennickell, Arthur},
  journal =       {mimeo, Board of Governors of the Federal Reserve
                   System},
  title =         {Saving and Permanent Income: Evidence from the 1992
                   SCF},
  year =          {1995},
}

@article{opLiquidH2M,
  author =        {Olafsson, Arna and Pagel, Michaela},
  journal =       {The Review of Financial Studies},
  number =        {11},
  pages =         {4398--4446},
  title =         {The Liquid Hand-to-Mouth: Evidence from Personal
                   Finance Management Software},
  volume =        {31},
  year =          {2018},
}

@incollection{sswNAIRU,
  address =       {New York},
  author =        {Staiger, Douglas and James H. Stock and
                   Mark W. Watson},
  booktitle =     {The Roaring Nineties: Can Full Employment Be
                   Sustained?},
  editor =        {Alan B. Krueger and Robert Solow},
  publisher =     {The Russell Sage Foundation and Century Press},
  title =         {Prices Wages and the US NAIRU in the 1990s},
  year =          {2001},
}

@article{fernald:disappointingRecovery,
  author =        {John G. Fernald and Robert Hall and James Stock and
                   Mark Watson},
  journal =       {Brookings Papers on Economic Activity},
  title =         {The Disappointing Recovery of Output after 2009},
  volume =        {Spring},
  year =          {2017},
  doi =           {},
}

@article{bmpMITshocks,
  author =        {Boppart, Timo and Krusell, Per and Mitman, Kurt},
  journal =       {Journal of Economic Dynamics and Control},
  number =        {C},
  pages =         {68--92},
  title =         {Exploiting MIT Shocks in Heterogeneous-Agent
                   Economies: The Impulse Response as a Numerical
                   Derivative},
  volume =        {89},
  year =          {2018},
}

@article{zeldes:jpe,
  author =        {Zeldes, Stephen P.},
  journal =       {Journal of Political Economy},
  note =          {Available at
                   {\url{http://www.jstor.org/stable/1831315}}},
  pages =         {305--46},
  title =         {Consumption and Liquidity Constraints: An Empirical
                   Investigation},
  volume =        {97},
  year =          {1989},
  url =           {http://www.jstor.org/stable/1831315},
}

@article{som07,
  author =        {Martin Sommer},
  journal =       {Advances in Macroeconomics},
  number =        {1},
  pages =         {Article 21},
  title =         {Habit Formation and Aggregate Consumption Dynamics},
  volume =        {7},
  year =          {2007},
}

@article{workingTimeAgg,
  author =        {Holbrook Working},
  journal =       {Econometrica},
  number =        {4},
  pages =         {916--918},
  title =         {Note on the Correlation of First Differences of
                   Averages in a Random Chain},
  volume =        {28},
  year =          {1960},
}

@article{cfwSentiment,
  author =        {Carroll, Christopher D. and Fuhrer, Jeffrey C. and
                   Wilcox, David W.},
  journal =       {American Economic Review},
  note =
  {\url{http://econ.jhu.edu/people/ccarroll/SentAERCarrollFuhrerWilcox.pdf}},
  number =        {5},
  pages =         {1397-1408},
  title =         {Does Consumer Sentiment Forecast Household Spending?
                   {I}f So, Why?},
  volume =        {84},
  year =          {1994},
  url =           {http://econ.jhu.edu/people/ccarroll/
                  SentAERCarrollFuhrerWilcox.pdf},
}

@article{cssIntlStickyC,
  author =        {Carroll, Christopher D. and Sommer, Martin and
                   Slacalek, Jiri},
  journal =       {Review of Economics and Statistics},
  month =         {October},
  note =
  {\url{http://econ.jhu.edu/people/ccarroll/papers/cssIntlStickyC/}},
  number =        {4},
  pages =         {1135--1145},
  title =         {International Evidence on Sticky Consumption Growth},
  volume =        {93},
  year =          {2011},
  abstract =      {This paper estimates the degree of stickiness in
                   aggregate consumption growth (sometimes interpreted
                   as reflecting consumption habits) for thirteen
                   advanced economies. We find that after controlling
                   for measurement error, consumption growth has a high
                   degree of autocorrelation, with a stickiness
                   parameter of about 0.7 on average across countries.
                   The sticky consumption growth model outperforms the
                   random walk model of Hall (1978) and typically fits
                   the data better than the popular Mankiw (1989) model,
                   though in a few countries, the sticky consumption
                   growth and Campbell-Mankiw models work about equally
                   well.},
  doi =           {10.1162/REST\_a\_00122},
  url =           {https://doi.org/10.1162/REST_a_00122},
}

@article{wilcox:aer,
  author =        {Wilcox, David W.},
  journal =       {American Economic Review},
  number =        {4},
  pages =         {922--941},
  title =         {The Construction of U.S. Consumption Data: Some Facts
                   and Their Implications for Empirical Work},
  volume =        {82},
  year =          {1992},
}

@article{soulelesTaxRefunds,
  author =        {Souleles, Nicholas S.},
  journal =       {American Economic Review},
  month =         {September},
  number =        {4},
  pages =         {947--958},
  title =         {The Response of Household Consumption to Income Tax
                   Refunds},
  volume =        {89},
  year =          {1999},
}

@article{psjmMPC2008,
  author =        {Parker, Jonathan A and Souleles, Nicholas S and
                   Johnson, David S and McClelland, Robert},
  journal =       {The American Economic Review},
  month =         {October},
  number =        {6},
  pages =         {2530--2553},
  publisher =     {American Economic Association},
  title =         {Consumer spending and the economic stimulus payments
                   of 2008},
  volume =        {103},
  year =          {2013},
}

@techreport{kuengTaxnews,
  author =        {Lorenz Kueng},
  institution =   {Northwestern University},
  type =          {working paper},
  title =         {Tax News: Identifying the Household Consumption
                   Response to Tax Expectations Using Municipal Bond
                   Prices},
  year =          {2012},
  url =           {http://citeseerx.ist.psu.edu/viewdoc/summary?
                  doi=10.1.1.646.4710},
}

@article{BrowningColladoAER,
  author =        {Browning, Martin and Collado, M. Dolores},
  journal =       {American Economic Review},
  number =        {3},
  pages =         {681--692},
  title =         {The Response of Expenditures to Anticipated Income
                   Changes: Panel Data Estimates},
  volume =        {91},
  year =          {2001},
}

@article{hsiehAlaska,
  author =        {Hsieh, Chang-Tai},
  journal =       {American Economic Review},
  number =        {1},
  pages =         {397--405},
  title =         {Do consumers react to anticipated income changes?
                   Evidence from the Alaska permanent fund},
  volume =        {93},
  year =          {2003},
}

@article{CoulibalyLiMortgage,
  author =        {Coulibaly, Brahima and Li, Geng},
  journal =       {The Review of Economics and Statistics},
  month =         {February},
  number =        {1},
  pages =         {10--19},
  publisher =     {MIT Press},
  title =         {Do Homeowners Increase Consumption after the Last
                   Mortgage Payment? An Alternative Test of the
                   Permanent Income Hypothesis},
  volume =        {88},
  year =          {2006},
  doi =           {doi: 10.1162/003465306775565693},
  issn =          {0034-6535},
  url =           {http://www.ingentaconnect.com/content/mitpress/restat/2006/
                   00000088/00000001/art00002},
}

@article{kuengAlaska,
  author =        {Kueng, Lorenz},
  journal =       {The Quarterly Journal of Economics},
  number =        {4},
  pages =         {1693--1751},
  publisher =     {Oxford University Press},
  title =         {Excess sensitivity of high-income consumers},
  volume =        {133},
  year =          {2018},
}

@article{brodaParker,
  author =        {Broda, Christian and Parker, Jonathan A.},
  journal =       {Journal of Monetary Economics},
  number =        {S},
  pages =         {20--36},
  title =         {The Economic Stimulus Payments of 2008 and the
                   Aggregate Demand for Consumption},
  volume =        {68},
  year =          {2014},
}

@article{cstwMPC,
  author =        {Christopher D. Carroll and Jiri Slacalek and
                   Kiichi Tokuoka and Matthew N. White},
  journal =       {Quantitative Economics},
  month =         {November},
  note =          {At
  \url{http://econ.jhu.edu/people/ccarroll/papers/cstwMPC}},
  pages =         {977-1020},
  title =         {The Distribution of Wealth and the Marginal
                   Propensity to Consume},
  volume =        {8},
  year =          {2017},
  doi =           {10.3982/QE694},
  url =           {http://onlinelibrary.wiley.com/doi/10.3982/QE694/pdf},
}

@article{kmvHANK,
  author =        {Kaplan, Greg and Moll, Benjamin and
                   Violante, Giovanni L.},
  journal =       {American Economic Review},
  month =         {March},
  number =        {3},
  pages =         {697--743},
  title =         {Monetary Policy According to HANK},
  volume =        {108},
  year =          {2018},
  abstract =      {We revisit the transmission mechanism of monetary
                   policy for household consumption in a Heterogeneous
                   Agent New Keynesian (HANK) model. The model yields
                   empirically realistic distributions of household
                   wealth and marginal propensities to consume because
                   of two key features: multiple assets with different
                   degrees of liquidity and an idiosyncratic income
                   process with leptokurtic income changes. In this
                   environment, the indirect effects of an unexpected
                   cut in interest rates, which operate through a
                   general equilibrium increase in labor demand, far
                   outweigh direct effects such as intertemporal
                   substitution. This finding is in stark contrast to
                   small- and medium-scale Representative Agent New
                   Keynesian (RANK) economies, where intertemporal
                   substitution drives virtually all of the transmission
                   from interest rates to consumption.},
}

@techreport{ckConsumption,
  author =        {Crawley, Edmund and Kuchler, Andreas},
  institution =   {Danmarks Nationalbank},
  month =         {November},
  number =        {129},
  type =          {working paper},
  title =         {Consumption Heterogeneity: Micro Drivers and Macro
                   Implications},
  year =          {2018},
}

@article{bbdUncertainty,
  author =        {Baker, Scott R and Bloom, Nicholas and
                   Davis, Steven J},
  journal =       {The Quarterly Journal of Economics},
  number =        {4},
  pages =         {1593--1636},
  publisher =     {Oxford University Press},
  title =         {Measuring economic policy uncertainty},
  volume =        {131},
  year =          {2016},
}