CORDIS Project
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This project investigates the factors influencing household consumption during the Great Recession, focusing on how changes in income expectations affect spending. It employs a lifecycle consumption-savings model to understand the long-term impacts of economic downturns on consumer behavior.
A striking feature of the Great Recession is the fall in households’ expenditure and its slow recovery.
The extraordinary duration of this contraction with respect to previous recessions stimulated the interest of scholars and policymakers in the analysis of its causes.
In the early part of the crisis it is partly explained by a sudden crash in asset values.
More recently, the decline in consumer confidence in several European countries is likely to have played a major role.
This project aims to…
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