• Did marginal propensities to consume change with the housing boom and bust? 

      Cho, Yunho; Morley, James; Singh, Aarti
      Published 2024
      We extend a widely used semi-structural model to identify and estimate dynamic consumption elasticities with respect to transitory income shocks. Applying our model to household survey data, we find a structural break in ...
      Article
    • Estimating household consumption insurance 

      Chatterjee, Arpita; Morley, James; Singh, Aarti
      Published 2021
      Blundell, Pistaferri, and Preston (American Economic Review, 2008, 98(5), 1887–1921) report an estimate of household consumption insurance with respect to permanent income shocks of 36%. In replicating findings for their ...
      Open Access
      Article
    • Inventory Mistakes and the Great Moderation 

      Singh, Aarti; Morley, James
      Published 2009-11-01
      Why did the volatility of U.S. real GDP decline by more than the volatility of final sales with the Great Moderation in the mid-1980s? One possible explanation is that firms shifted their inventory behaviour towards a ...
      Open Access
      Working Paper
    • Learning and the Great Moderation 

      Singh, Aarti; Bullard, James
      Published 2009-02-01
      We study a stylized theory of the volatility reduction in the U.S. after 1984—the Great Moderation—which attributes part of the stabilization to less volatile shocks and another part to more difficult inference on the part ...
      Open Access
      Working Paper