-gap. Moreover, the consumption decline appears to be concentrated in households in the lower part of the wealth distribution …. Nonetheless, households in the lowest wealth quintile, do not show a significant consumption decline. The data suggests that this … composed of essential expenditures. …

durable from nondurable expenditures. We adopt a theoretical partial equilibrium framework to justify the identification …

) houses when their wealth-to-housing ratios reach an optimal lower (upper) boundary. However, in our model, these boundaries … a more expensive house in periods of high expected growth in house prices have significantly lower ex-ante wealth …-to-housing ratios than those moving in periods of low expected growth. We also find that the share of wealth invested in risky assets is …

durable from nondurable expenditures. We adopt a theoretical partial equilibrium framework to justify the identification …

Globalisation has a major impact on the levels and distribution of wealth. The financial markets are highly integrated … wealth over the past 25 years. Nonetheless, this has not led to an equally large increase in property income because the … decrease in rates of return seems to contradict claims that, due to an increase in both financial and inherited wealth, we are …

This paper studies the effects of quantitative easing on income and wealth of individual euro area households. The … which key variables affecting household income and wealth are included, such as the unemployment rate, wages, interest rates … contrast, monetary policy has only negligible effects on wealth inequality. …

. Finally, substantial crosscountry heterogeneity in marginal propensities to consume out of income and wealth components calls …

area M3. Wefind that the elasticities in the money demand and the real wealth relations identified previously in Beyer …-to-real transformation is not rejected for the money relation whereas the wealth relation cannot be expressed in real terms. …