Aggregate consumption in times of crisis the role of financial frictions ; what's wrong with modern macroeconomics?

The joint behaviour of US aggregate consumption and saving over the period 20072009, and notably the pronouned U-shaped pattern of consumption together with the rise in saving, are difficult to reconcile with the view that financial markets are frictionless. We propose an alternative framework in wh...

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Veröffentlicht in:CESifo GmbH CESifo economic studies
1. Verfasser: Challe, Edouard (VerfasserIn)
Weitere Verfasser: Ragot, Xavier (VerfasserIn)
Format: UnknownFormat
Sprache:eng
Veröffentlicht: 2010
Schlagworte:
Privater Konsum > Unvollkommener Markt > Arbeitslosigkeit > Wirtschaftskrise > Theorie > Aufsatz in Zeitschrift
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