fluctuations in household wealth have driven major swings in economic activity. This paper considers so-called wealth effects - the … impact of changes in wealth on household consumption and the overall macroeconomy. There is an extensive existing literature …

In fifteen European countries, China, and the US, stocks and business equity as a share of total household assets are …

less under that regime. After a negative supply shock, a central bank only considering the household experiencing the … investigates how central banks should react to household inflation heterogeneity in a tractable New Keynesian model. We include two … of the households' consumer price inflation rates or their individual rates, respectively. After a negative demand shock …

This study investigates the interrelation between the household leverage cycle, collateral constraints, and monetary … policy. Using data on the U.S. economy, we find that a contractionary monetary policy shock leads to a large and significant … fall in economic activity during periods of household deleveraging. In contrast, monetary policy shocks only have …

The goal of this chapter is to study how, and by how much, household income, wealth, and preference heterogeneity … amplify and propagate a macroeconomic shock. We focus on the U.S. Great Recession of 2007-2009 and proceed in two steps. First …, using data from the Panel Study of Income Dynamics, we document the patterns of household income, consumption and wealth …

The goal of this chapter is to study how, and by how much, household income, wealth, and preference heterogeneity … amplify and propagate a macroeconomic shock. We focus on the U.S. Great Recession of 2007-2009 and proceed in two steps. First …, using data from the Panel Study of Income Dynamics, we document the patterns of household income, consumption and wealth …