-adjusted life-time wealth and then the optimal consumption path. The derived model captures precautionary saving, which is dependent … realizations is front-loaded, a closed form aggregate consumption function with CRRA preferences is derived. To have a closed form … on the human to non-human wealth ratio. On aggregate level, after accounting for habit formation, the model is able to …

in the measurement of household welfare all material components should be covered, i.e. consumption, income and wealth … consumption, income and wealth can be analysed. Current researches linking macro and micro information for the households have … focused on income and consumption as these are the areas where most data sources are available. This paper extends the focus …

life-time wealth and then the optimal consumption path. The derived model captures precautionary saving, which is dependent … realizations is front loaded, a closed form aggregate consumption function with CRRA preferences is derived. To have a closed form … on the human to non-human wealth ratio. On aggregate level, after accounting for habit formation, the model is able to …

Economic theory predicts that the consumption path of unconstrained homeowners responds to the interest rate, while the … consumption path of credit constrained homeowners is determined by the size and timing of payments (mortgage maturity). We exploit … to estimate group-specific consumption responses to changes in the credit conditions. Our estimates suggest that the …

Based on the households' utility maximisation, a closed form approximation of the consumption function is derived and … the deep parameters of the consumption function are estimated using aggregate euro area data. The novel element in our … lot of information on future income changes, but that also lagged consumption, through habit formation, plays an important …

stock' model of optimal consumption in the presence of labor income uncertainty and credit constraints. Saving in the model … is affected by the gap between `target' and actual wealth, with the target wealth determined by credit conditions and … saving rate's long-term decline, while fluctuations in net wealth and uncertainty capture the bulk of the business …

. Distributional information on households’ wealth is availablefrom the Household Finance and Consumption Survey only for three points … quarterly distributional national wealth by (i) improving the alignment of surveyfieldwork periods with the national accounts … series; and (v)computing euro area aggregates. This paper finds an increase in the net wealth Gini of mosteuro area countries …

I investigate the effect of wealth on consumption in a new dataset with financial and housing wealth from 16 countries … euro area economies, consumption only barely reacts to wealth elsewhere. The effect of housing wealth is somewhat smaller …. The baseline estimation method based on the sluggishness of consumption growth implies that the eventual (long …

Using the first wave of the Eurosystem Household Finance and Consumption Survey (HFCS), a large micro-level dataset on … wealth (and income). The significance of inheritances for home ownership and holding of other real estate is remarkable. We …