The behavior of private consumption (Panel A of Table 13) largely mimics that of GDP,
but usually more muted as one would expect. In S1, at 3 years the response is significantly
positive in all countries except Germany; in S2, only in the US. Except in Germany at 1
year, the response is smaller in S2; and with few exceptions, the difference is statistically
significant. Like for GDP, the response is much larger in the US than in the other countries.