JEL classification

Journal of Economic Literature Classification (10802)

E - Macroeconomics and Monetary Economics (1334)

E2 - Consumption, Saving, Production, Employment, and Investment (433)

E21 - Macroeconomics: Consumption; Saving; Aggregate Physical and Financial Consumer Wealth (99) Year LSE creators Item Type Departments File available

Article

Achdou, Yves, Han, Jiequn, Lasry, Jean Michel, Lions, Pierre Louis, Moll, Ben (2022). Income and wealth distribution in macroeconomics: a continuous-time approach. Review of Economic Studies, 89(1), 45 - 86. https://doi.org/10.1093/restud/rdab002 picture_as_pdf

Alves, Felipe, Kaplan, Greg, Moll, Ben, Violente, Gianluca (2020). A further look at the propagation of monetary policy shocks in HANK. Journal of Money, Credit and Banking, 52(S2), 521 - 559. https://doi.org/10.1111/jmcb.12761 picture_as_pdf

Amior, Michael, Halket, Jonathan (2014). Do households use home-ownership to insure themselves? Evidence across U.S. cities. Quantitative Economics, 5(3), 631-674. https://doi.org/10.3982/QE346

Barr, Nicholas (2021). Pension design and the failed economics of squirrels. LSE Public Policy Review, 2(1). https://doi.org/10.31389/lseppr.40 picture_as_pdf

Bertolotti, Fabio, Gavazza, Alessandro, Lanteri, Andrea (2023). Dynamics of expenditures on durable goods: the role of new-product quality. Economic Journal, 133(652), 1641 - 1656. https://doi.org/10.1093/ej/uead006 picture_as_pdf

Best, Michael Carlos, Cloyne, James, Ilzetzki, Ethan, Kleven, Henrik Jacobsen (2020). Estimating the elasticity of intertemporal substitution using mortgage notches. Review of Economic Studies, 87(2), 656 - 690. https://doi.org/10.1093/restud/rdz025 picture_as_pdf

Boehm, Johannes, Fize, Étienne, Jaravel, Xavier (2025). Five facts about MPCs: evidence from a randomized experiment. American Economic Review, 115(1), 1 - 42. https://doi.org/10.1257/aer.20240138 picture_as_pdf

Borusyak, Kirill, Jaravel, Xavier, Spiess, Jann (2024). Revisiting event-study designs: robust and efficient estimation. Review of Economic Studies, 91(6), 3253 - 3285. https://doi.org/10.1093/restud/rdae007 picture_as_pdf

Bryzgalova, Svetlana, Huang, Jiantao, Julliard, Christian (2024). Consumption in asset returns. Journal of Finance, [In Press] picture_as_pdf

Callen, Mike, Imbs, Jean, Mauro, Paolo (2015). Pooling risk among countries. Journal of International Economics, 96(1), 88-99. https://doi.org/10.1016/j.jinteco.2015.01.006 picture_as_pdf

Campbell, John Y., Martin, Ian W. R. (2025). Sustainability in a risky world. American Economic Review: Insights, 7(2), 196 - 212. https://doi.org/10.1257/aeri.20240061 picture_as_pdf

Carlin, Wendy, Soskice, David (2005). The 3-equation new Keynesian model - a graphical exposition. Contributions to Macroeconomics, 5(1, Art), 1-38.

Chen, Xiaohong, Favilukis, Jack, Ludvigson, Sydney C. (2013). An estimation of economic models with recursive preferences. Quantitative Economics, 4(1), 39-83. https://doi.org/10.3982/QE97

Choukhmane, Taha, Coeurdacier, Nicolas, Jin, Keyu (2023). The one-child policy and household saving. Journal of the European Economic Association, 21(3), 987 - 1032. https://doi.org/10.1093/jeea/jvad001 picture_as_pdf

Cocco, Joao F., Lopes, Paula (2019). Aging in place, housing maintenance and reverse mortgages. Review of Economic Studies, https://doi.org/10.1093/restud/rdz047 picture_as_pdf

Coeurdacier, Nicolas, Guibaud, Stéphane, Jin, Keyu (2014). Fertility policies and social security reforms in China. IMF Economic Review, 62(3), 371-408. https://doi.org/10.1057/imfer.2014.19

Cummins, Neil (2025). Richer and more equal a new history of wealth in the West. Daniel Waldenström, (Polity Press, 2024. Pp. 256. ISBN 9781509557783. Hbk £25). Economic History Review, 78(3), 991 - 992. https://doi.org/10.1111/ehr.70027

Den Haan, Wouter J., De Wind, Joris (2012). Nonlinear and stable perturbation-based approximations. Journal of Economic Dynamics and Control, 36(10), 1477-1497. https://doi.org/10.1016/j.jedc.2012.05.001

Fankhauser, Samuel, Sjtol, Richard (2005). On climate change and economic growth. Resources and Energy Economics, 27(1), 1-17. https://doi.org/10.1016/j.reseneeco.2004.03.003

Farboodi, Maryam, Kondor, Peter (2022). Heterogeneous global booms and busts. American Economic Review, 112(7), 2178 - 2212. https://doi.org/10.1257/aer.20181830 picture_as_pdf

Favilukis, Jack (2013). Inequality, stock market participation, and the equity premium. Journal of Financial Economics, 107(3), 740-759. https://doi.org/10.1016/j.jfineco.2012.10.008

Gandelman, Néstor (2016). A comparison of saving rates: microdata evidence from seventeen Latin American and Caribbean countries. Economía, 16(2), 201 - 258. https://doi.org/10.31389/eco.81 picture_as_pdf

Gavazza, Alessandro, Lanteri, Andrea (2021). Credit shocks and equilibrium dynamics in consumer durable goods markets. Review of Economic Studies, 88(6), 2935 - 2969. https://doi.org/10.1093/restud/rdab004 picture_as_pdf

Gomes, Francisco, Michaelides, Alexander, Polkovnichenko, Valery (2009). Optimal savings with taxable and tax-deferred accounts. Review of Economic Dynamics, 12(4), 718-735. https://doi.org/10.1016/j.red.2009.01.004

Gomes, Francisco J., Michaelides, Alexander (2003). Portfolio choice with internal habit formation : a life-cycle model with uninsurable labor income risk. Review of Economic Dynamics, 6(4), 729-766. https://doi.org/10.1016/S1094-2025(03)00059-0

Gârleanu, Nicolae, Kogan, Leonid, Panageas, Stavros (2012). Displacement risk and asset returns. Journal of Financial Economics, 105(3), 491-510. https://doi.org/10.1016/j.jfineco.2012.04.002

Herrendorf, Berthold, Rogerson, Richard, Valentinyi, Ákos (2013). Two perspectives on preferences and structural transformation. American Economic Review, 103(7), 2752-2789. https://doi.org/10.1257/aer.103.7.2752

Kaplan, Greg, Moll, Benjamin, Violante, Giovanni L. (2018). Monetary policy according to HANK. American Economic Review, 108(3), 697 - 743. https://doi.org/10.1257/aer.20160042

Kolsrud, Jonas, Landais, Camille, Reck, Daniel, Spinnewijn, Johannes (2024). Retirement consumption and pension design. American Economic Review, 114(1), 89 - 133. https://doi.org/10.1257/aer.20221426 picture_as_pdf

Levy, Matthew, Tasoff, Joshua (2016). Exponential-growth bias and lifecycle consumption. Journal of the European Economic Association, 14(3), 545 - 583. https://doi.org/10.1111/jeea.12149 picture_as_pdf

Lopes, Paula (2008). Credit card debt and default over the life cycle. Journal of Money, Credit and Banking, 40(4), 769-790. https://doi.org/10.1111/j.1538-4616.2008.00135.x

Lopes, Paula, Michaelides, Alexander (2007). Rare events and annuity market participation. Finance Research Letters, 4(2), 82-91. https://doi.org/10.1016/j.frl.2006.12.001

Ludvigson, Sydney C., Michaelides, Alexander (2001). Does buffer stock saving explain the smoothness and excess sensitivity of consumption? American Economic Review, 91(3), 631-647. https://doi.org/10.1257/aer.91.3.631

Lustig, Nora (2000). Crises and the poor: socially responsible macroeconomics. Economía, 1(1), 1 - 19. https://doi.org/10.1353/eco.2000.0009 picture_as_pdf

Martin, Ian W. R. (2008). Disasters and the welfare cost of uncertainty. American Economic Review, 98(2), 74-78. https://doi.org/10.1257/aer.98.2.74

Maxted, Peter, Laibson, David, Moll, Ben (2025). Present bias amplifies the household balance-sheet channels of macroeconomic policy. Quarterly Journal of Economics, 140(1), 691 - 743. https://doi.org/10.1093/qje/qjae026 picture_as_pdf

Michaelides, Alexander (2003). A reconciliation of two alternative approaches towards buffer stock saving. Economics Letters, 79(1), 137-143.

Moll, Benjamin (2014). Productivity losses from financial frictions: can self-financing undo capital misallocation? American Economic Review, 104(10), 3186 - 3221. https://doi.org/10.1257/aer.104.10.3186

Ortu, F., Tamoni, Andrea, Tebaldi, C. (2013). Long-run risk and the persistence of consumption shocks. Review of Financial Studies, 26(11), 2876-2915. https://doi.org/10.1093/rfs/hht038

Paravisini, Daniel, Rappoport, Veronica, Ravina, Enrichetta (2017). Risk aversion and wealth: evidence from person-to-person lending portfolios. Management Science, 63(2), 279-297. https://doi.org/10.1287/mnsc.2015.2317

Pissarides, Christopher (1978). Liquidity considerations in the theory of consumption. Quarterly Journal of Economics, 92(2), 279-296. https://doi.org/10.2307/1884163

Tenreyro, Silvana, Thwaites, Gregory (2016). Pushing on a string: US monetary policy is less powerful in recessions. American Economic Journal: Macroeconomics, 8(4), 43-74. https://doi.org/10.1257/mac.20150016

Ventura, Luigi, Ventura, Maria (2021). Migration, diversity and regional risk sharing. Applied Economics, 53(44), 5090 - 5102. https://doi.org/10.1080/00036846.2021.1915465

Book

Gilroy, Paul (2010). Darker than blue on the moral economies of black Atlantic culture. The Belknap Press of Harvard University Press.

Conference or Workshop Item

Julliard, Christian (2005-08-19 - 2005-08-24) Labor income risk and asset returns [Paper]. Econometric Society 2005 World Congress, London, United Kingdom, GBR.

Julliard, Christian (2005-08-24 - 2005-08-27) Labor income risk and asset returns [Paper]. European Economic Association 20th Annual Congress, Amsterdam, Netherlands, NLD.

Online resource

Johnes, Geraint (2018). More ice cream, less sticky toffee pudding: the subtle effect of the weather on the UK economy. picture_as_pdf

Working paper

Achdou, Yves, Han, Jiequn, Lasry, Jean Michel, Lions, Pierre Louis, Moll, Benjamin (2017). Income and wealth distribution in macroeconomics: a continuous-time approach. (NBER Working Paper 23732). National Bureau of Economic Research. https://doi.org/10.3386/w23732

Albert, Juan-Francisco, Gómez Fernández, Nerea (2018). The impact of uncertainty shocks in Spain: SVAR approach with sign restrictions. Cañada Blanch Centre for Contemporary Spanish Studies, LSE. picture_as_pdf

Arezki, Rabah, Djankov, Simeon, Nguyen, Ha, Yotzov, Ivan (2020). Reversal of fortune for political incumbents after oil shocks. (Financial Markets Group Discussion Papers 805). Financial Markets Group, The London School of Economics and Political Science. picture_as_pdf

Bernard, Andrew B., Jensen, J. Bradford, Redding, Stephen J., Schott, Peter K. (2016). Global firms. (CEP Discussion Paper 1420). London School of Economics and Political Science. Centre for Economic Performance.

Besley, Timothy, Meads, Neil, Surico, Paolo (2008). Household external finance and consumption. (Discussion Papers 6934). Centre for Economic Policy Research (Great Britain).

Blake, David (2003). Financial system requirements for successful pension reform. (Financial Markets Group Discussion Papers 463). Financial Markets Group, The London School of Economics and Political Science.

Blake, David (2002). The impact of wealth on consumption and retirement behaviour in the UK. (Financial Markets Group Discussion Papers 429). Financial Markets Group, The London School of Economics and Political Science.

Boehm, Johannes, Fize, Etienne, Jaravel, Xavier (2024). Five facts about MPCs: evidence from a randomized experiment. (CEP Discussion Papers CEPDP1998). London School of Economics and Political Science. Centre for Economic Performance. picture_as_pdf

Brunnermeier, Markus K., Parker, Jonathan A. (2002). Optimal expectations. (Financial Markets Group Discussion Papers 434). Financial Markets Group, The London School of Economics and Political Science.

Bryzgalova, Svetlana, Julliard, Christian (2020). Consumption in asset returns. (Systemic Risk Centre Discussion Papers 92). Systemic Risk Centre, The London School of Economics and Political Science.

Buch, Claudia M., DeLong, Gayle, Neugebauer, Katja (2007). International banking and the allocation of risk. (IAW-Diskussionspapiere 32). InstItut für Angewandte WIrtschaftsforschung.

Cairns, Andrew J. G., Blake, David, Dowd, Kevin (2004). Stochastic lifestyling: optimal dynamic asset allocation for defined contribution pension plans. (Financial Markets Group Discussion Papers 443). Financial Markets Group, The London School of Economics and Political Science.

Cerina, Fabio, Moro, Alessio, Petersen Rendall, Michelle (2017). The role of gender in employment polarization. (CFM discussion paper series CFM-DP2017-04). Centre For Macroeconomics.

Chen, Xiaohong, Favilukis, Jack, Ludvigson, Sydney C. (2007). An estimation of economic models with recursive preferences. (Financial Markets Group Discussion Papers 603). Financial Markets Group, The London School of Economics and Political Science.

Corsetti, Giancarlo, Duarte, Joao B., Mann, Samuel (2018). One money, many markets: a factor model approach to monetary policy in the Euro Area with high-frequency identification. (CFM Discussion Paper Series CFM-DP2018-05). Centre For Macroeconomics.

Cui, Wei, Sterk, Vincent (2018). Quantitative easing. (CFM Discussion Paper Series CFM-DP2018-30). Centre For Macroeconomics. picture_as_pdf

De Nardi, Mariacristina, Fella, Giulio, Paz-Pardo, Gonzalo (2018). Nonlinear household earnings dynamics, self-insurance, and welfare. (CFM Discussion Paper Series CFM-DP2018-17). Centre For Macroeconomics, London School of Economics and Political Science. picture_as_pdf

De Neve, Jan-Emmanuel, Diener, Ed, Tay, Louis, Xuereb, Cody (2013). The objective benefits of subjective well-being. (CEP Discussion Papers CEPDP1236). London School of Economics and Political Science. Centre for Economic Performance.

Dietrich, Diemo, Gehrig, Thomas (2021). Speculative and precautionary demand for liquidity in competitive banking markets. (Systemic Risk Centre Discussion Papers 110). Systemic Risk Centre, The London School of Economics and Political Science. picture_as_pdf

Faia, Ester, Ottaviano, Gianmarco Ireo Paolo, Spinella, Saverio (2023). Robot adoption, worker-firm sorting and wage inequality: evidence from administrative panel data. (CEP Discussion Papers CEPDP1902). London School of Economics and Political Science. Centre for Economic Performance. picture_as_pdf

Favilukis, Jack (2007). Inequality, stock market participation, and the equity premium. (Financial Markets Group Discussion Papers 602). Financial Markets Group, The London School of Economics and Political Science.

Favilukis, Jack, Ludvigson, Sydney C., Van Nieuwerburgh, Stijn (2012). Foreign ownership of U.S. safe assets: good or bad? (Finance working papers FIN-11-057). Leonard N. Stern School of Business, New York University.

Favilukis, Jack, Ludvigson, Sydney C., Van Nieuwerburgh, Stijn (2012). The macroeconomic effects of housing wealth, housing finance, and limited risk-sharing in general equilibrium. (Finance working papers FIN-11-054). Leonard N. Stern School of Business, New York University.

Gerba, Eddie, Schelkle, Waltraud (2014). Household finance and the welfare state: a case study of the United States, 1980-­2010. London School of Economics and Political Science.

Giavazzi, Francesco, McMahon, Michael (2008). Policy uncertainty and precautionary savings. (CEPDP 863). London School of Economics and Political Science. Centre for Economic Performance.

Giavazzi, Francesco, Mcmahon, Michael (2012). The household effects of government spending. (CEP Discussion Papers CEPDP1120). London School of Economics and Political Science. Centre for Economic Performance. picture_as_pdf

Gomes, Francisco, Michaelides, Alexander (2003). Aggregate implications of defined benefit and defined contribution systems. (Financial Markets Group Discussion Papers 469). Financial Markets Group, The London School of Economics and Political Science.

Gomes, Francisco, Michaelides, Alexander (2005). Asset pricing with limited risk sharing and heterogeneous agents. (Financial Markets Group Discussion Papers 537). Financial Markets Group, The London School of Economics and Political Science.

Gomes, Francisco, Michaelides, Alexander (2003). Portfolio choice with internal habit formation: a life-cycle model with uninsurable labour income risk. Centre for Economic Policy Research (Great Britain).

González, Libertad, Özcan, Berkay (2008). The risk of divorce and household saving behavior. (Discussion Paper Series 3726). Institute for the Study of Labor (IZA).

Grant, Charles, Koulovatianos, Christos, Michaelides, Alexander, Padula, Mario (2008). Evidence on the insurance effect of marginal income taxes. Centre for Economic Policy Research (Great Britain).

Inkmann, Joachim, Lopes, Paula, Michaelides, Alexander (2007). How deep is the annuity market participation puzzle? (Financial Markets Group Discussion Papers 593). Financial Markets Group, The London School of Economics and Political Science.

Jeng, Linda, Frost, Jon, Noble, Elisabeth, Brummer, Chris (2025). Consumer financial data and non-horizontal mergers. (BIS Working Papers 1251). Bank for International Settlements.

Julliard, Christian (2007). Labor income risk and asset returns. Christian Julliard.

Karagiannaki, Eleni (2023). The scale and drivers of ethnic wealth gaps across the wealth distribution in the UK: evidence from Understanding Society. (III Working Papers). International Inequalities Institute, London School of Economics and Political Science. https://doi.org/10.21953/lse.pms6bi2u41f9 picture_as_pdf

Kovacs, Agnes, Rostom, May, Bunn, Philip (2018). Consumption response to aggregate shocks and the role of leverage. (CFM Discussion Paper Series CFM-DP2018-20). Centre For Macroeconomics, London School of Economics and Political Science. picture_as_pdf

Lopes, Paula (2003). Are annuities value for money?: who can afford them? (Discussion paper: UBS Pensions Series 019 473). Financial Markets Group, The London School of Economics and Political Science.

Lopes, Paula (2003). Credit card debt and default over the life-cycle. (Financial Markets Group Discussion Papers 470). Financial Markets Group, The London School of Economics and Political Science.

Lopes, Paula, Michaelides, Alexander (2005). Rare events and annuity market participation. (Financial Markets Group Discussion Papers 553). Financial Markets Group, The London School of Economics and Political Science.

Luetticke, Ralph (2018). Transmission of monetary policy with heterogeneity in household portfolios. (CFM Discussion Paper Series CFM-DP2018-19). Centre For Macroeconomics, London School of Economics and Political Science. picture_as_pdf

Michaelides, Alexander (2001). Portfolio choice, liquidity constraints and stock market mean reversion. Centre for Economic Policy Research (Great Britain).

Michaillat, Pascal, Saez, Emmanuel (2013). A model of aggregate demand and unemployment. (CEP Discussion Papers CEPDP1235). London School of Economics and Political Science. Centre for Economic Performance.

Muñoz, Sònia (2004). Real effects of regional house prices: dynamic panel estimation with heterogeneity. (Financial Markets Group Discussion Papers 493). Financial Markets Group, The London School of Economics and Political Science.

Obermeier, Tim (2023). Individual welfare analysis: a tale of consumption, time use and preference heterogeneity. (CEP Discussion Papers CEPDP1954). London School of Economics and Political Science. Centre for Economic Performance. picture_as_pdf

Paravisini, Daniel, Rappoport, Veronica, Ravina, Enrichetta (2010). Risk aversion and wealth: evidence from person-to-person lending portfolios. (NBER working paper 16063). National Bureau of Economic Research.

Parker, Jonathan A., Julliard, Christian (2003). Consumption risk and cross-sectional returns. National Bureau of Economic Research.

Perets, Gadi S., Yashiv, Eran (2015). The fundamental nature of HARA utility. (CFM discussion paper series CFM-DP2015-22). Centre For Macroeconomics.

Petrongolo, Barbara, Pissarides, Christopher (2000). Looking into the black box: a survey of the matching function. Centre for Economic Policy Research (Great Britain).

Pissarides, Christopher (2002). Consumption and savings with unemployment risk: implications for optimal employment contracts. (CEP discussion paper; CEPDP0542 0542). London School of Economics and Political Science. Centre for Economic Performance.

Ravn, Morten O., Sterk, Vincent (2015). Job uncertainty and deep recessions. (CFM discussion paper series CFM-DP2015-01). Centre For Macroeconomics.

Ravn, Morten O., Sterk, Vincent (2016). Macroeconomic fluctuations with HANK & SAM: an analytical approach. (CFM discussion paper series CFM-DP2016-33). Centre For Macroeconomics.

Sheedy, Kevin D. (2013). Debt and incomplete financial markets: a case for nominal GDP targeting. (CEP Discussion Papers CEPDP1209). London School of Economics and Political Science. Centre for Economic Performance.