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Provide a brief definition of consumption smoothing

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Reference no: EM132324953

  1. Provide a brief definition of consumption smoothing
  2. Describe one mechanism by which households can achieve consumption smoothing
  3. Provide a brief definition of income smoothing
  4. Describe one mechanism by which households can achieve income smoothing
  5. Briefly discuss why income smoothing can be costly to households.

Reference no: EM132324953

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