, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the heterogeneity in … household finances implies that responses of consumption to changes in the real interest rate and in house prices differ … substantially across countries, and within countries by household characteristics such as age, housing tenure, and asset positions …

, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the heterogeneity in … household finances implies that responses of consumption to changes in the real interest rate and in house prices differ … substantially across countries, and within countries by household characteristics such as age, housing tenure, and asset positions …

portfolios, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the … heterogeneity in household finances implies that responses of consumption to changes in the real interest rate and in house prices …

luxury goods. Moreover, uncertainty reduces household propensity to invest in mutual funds. These results support the notion … that macroeconomic uncertainty can impact household decisions and have large negative effects on economic outcomes …

luxury goods. Moreover, uncertainty reduces household propensity to invest in mutual funds. These results support the notion … that macroeconomic uncertainty can impact household decisions and have large negative effects on economic outcomes. …

luxury goods. Moreover, uncertainty reduces household propensity to invest in mutual funds. These results support the notion … that macroeconomic uncertainty can impact household decisions and have large negative effects on economic outcomes. …