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Mental Accounting in a Business Cycle Model
(2018-12-17)
Motivated by the consumer behavior literature, this paper presents a new business cycle model in which consumers incur a pain of paying and neglect the opportunity costs of consumption. Although consumers maximize their ...
Can Households See into the Future? Survey Evidence from the Netherlands
(2018-07-14)
This paper presents new evidence on the expectation formation process from a Dutch household survey. Households become too optimistic about their future income after their income has improved, consistent with the ...