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A Not-So-Great Recovery in Consumption : What is Holding Back Household Spending?

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Abstract

Historically, aggregate consumption has closely tracked disposable personal income, government transfers, and household net wealth. In this note, we show that this empirical relationship has broken down in recent years and explore potential explanations for why consumers--at least in the aggregate--may not be spending in line with recent income and wealth gains.

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  • Aditya Aladangady & Laura Feiveson, 2018. "A Not-So-Great Recovery in Consumption : What is Holding Back Household Spending?," FEDS Notes 2018-03-08, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2018-03-08
    DOI: 10.17016/2380-7172.2159
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    File URL: https://www.federalreserve.gov/econres/notes/feds-notes/what-is-holding-back-household-spending-20180308.htm
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    Cited by:

    1. de Bondt, Gabe & Gieseck, Arne & Zekaite, Zivile & Herrero, Pablo, 2019. "Disaggregate income and wealth effects in the largest euro area countries," Working Paper Series 2343, European Central Bank.
    2. Dimitrios Sideris & Georgia Pavlou, 2021. "Disaggregate income and wealth effects on private consumption in Greece," Working Papers 293, Bank of Greece.
    3. Gabe de Bondt & Arne Gieseck & Pablo Herrero & Zivile Zekaite, 2021. "Euro Area Income and Wealth Effects: Aggregation Issues," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 83(6), pages 1454-1474, December.

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