We extend household-level data from the Household Finance and Consumption Survey using aggregate series and micro … consumption growth driven by both rich and poor households: while the former were hit by large shocks to wealth, the latter also …

This paper estimates the wealth effects on consumption in the euro area as a whole. I show that: (i) financial wealth …; (iii) consumption growth exhibits strong persistence and responds sluggishly to shocks; and (iv) the immediate response of … consumption to wealth is substantially different from the long- run wealth effects. By disaggregating financial wealth into its …

assets, except in the top of the wealth distribution. Consumption is less sensitive to the value of the main residence than …

, income and consumption. We use panel regressions and an instrumental variable approach. First, our panel-based MPC estimates … the reaction to losses versus gains. Fourth, higher MPC is obtained for the two main consumption expenditure categories …. Fifth, we find evidences that housing prices shock decreases consumption inequality while financial wealth shocks have a …

This study extends a thick modelling tool for aggregated euro area real private consumption of de Bondt et al. (2019 … decomposing disposable income into labour, property and transfer income is essential for understanding and forecasting consumption …

The study quantifies stock market and housing market wealth effects on households' non-durable consumption using …

consumption and hypothetical debt decisions. Our findings suggest that real wealth mediates the sensitivity of consumption to …

-44 year-old winning; (iii) losses were quite uniform across consumption quantiles because rigid rents served as a hedge for …

aggregate private consumption. We find the effects to be economically relevant, especially when the lower bound is binding …

, income and consumption. We use panel regressions and an instrumental variable approach. First, our panel-based MPC estimates … the reaction to losses versus gains. Fourth, higher MPC is obtained for the two main consumption expenditure categories …. Fifth, we find evidences that housing prices shock decreases consumption inequality while financial wealth shocks have a …