Consumption decisions are crucial determinants of business cycles
and growth. Knowledge of how consumers respond to the economic
environment and how they react to the risks that they encounter
during the life-cycle is therefore important for evaluating
stabilization policies and the effectiveness of fiscal packages
implemented in response to economic downturns or financial crises.
In The Economics of Consumption, Tullio Jappelli and Luigi
Pistaferri provide a comprehensive examination of the most
important developments in the field of consumption decisions and
evaluate economic models against empirical evidence. The first part
of the book provides the basic ingredients of economic models of
consumption decisions. The central part reviews the empirical
literature on the effect of income and wealth changes on
consumption and on the relevance of precautionary saving and credit
market imperfections. The last chapters extend the basic framework
to such important areas as bequests, leisure, lifetime uncertainty,
and financial sophistication. Jappelli and Pistaferri shed light on
important issues, including how consumption responds to changes in
economic resources, how economic circumstances and consumers'
characteristics influence behavior, and whether consumption
inequality depends on income shocks and their persistence.
General
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