Series: IMF Staff Position Notes
Author(s): Jaewoo Lee , Pau Rabanal , and Damiano Sandri
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 15 January 2010
Keywords: Financial crisis, Economic models, Consumption, Economic forecasting, Demand, Private consumption, Private savings, Private sector, Global Financial Crisis 2008-2009, Household credit
U.S. household consumption declined sharply in late 2008, marking a departure from the trend of a steady increase in U.S. consumption as a share of income since the 1980s. Combining econometric and simulation analy...