, and total net worth) on consumption. The study uses longitudinal household-level data?from the Panel Study of Income … wealth are closely linked to household characteristics, including income and demographic factors. Finally, underlying … structural changes in household characteristics point to potentially lower aggregate MPCs from wealth going forward …

This paper examines the role increasing personal wealth and home equity withdrawal (HEW) have had in the decline in the … United Kingdom. Mortgage market liberalization and innovation should reduce household cash flow and collateral constraints … while making housing wealth more liquid as HEW becomes easier over time. Regression analysis indicates the expected negative …

The Chinese government has recently focused on the need to increase consumption to rebalance the economy. A widely held … view is that despite China''s remarkably high growth, the share of consumption in total expenditure has been low and … larger has been the role of the declining share of household income in national income, which has occurred across …

creating alternative savings instruments are likely to have the biggest impact on consumption. Other mechanisms to raise …This paper gauges the key determinants of China''s private consumption in relation to GDP using data on the Chinese … economy and evidence from other countries'' experiences. The results suggest there is nothing ""special"" about consumption in …

China’s household saving rate has increased markedly since the mid-1990s and the age-savings profile has become U … and pension reforms can account for over half of the increase in the urban household savings rate in China since the mid … increase in income uncertainty. Interestingly, the permanent variance of household income remains stable while it is the …

Historically high household debt in several economies is calling for a deleveraging, but according to some economists …, this adjustment can slow GDP growth by weighing on consumption. Using a sample of advanced and emerging market economies …, this paper finds evidence of a negative relationship between changes of household debt-to-income ratios and saving rates …

High household wealth is often cited as a key strength of the Italian economy. Both in absolute terms and relative to … income, the Italian household sector is wealthier than most euro area peers. A sizable fraction of this wealth is held by the … rich and upper middle classes. This paper documents the changes in the Italian household sector's financial wealth over the …

This paper studies the effects that borrowing constraints have on savings and growth and argues that, though they … increase savings, their effect on growth is ambiguous. Empirical evidence on the extent of borrowing constraints as well as … savings, investment, human capital accumulation and growth performance for industrialized countries is presented. A simple …

This paper discusses the evolution of the household debt in Australia and finds that while higher-income and higher-wealth …, the paper analyzes the impact of a monetary policy shock on households' current consumption and durable expenditures … depending on the level of household debt. The results corroborate other work that households' response to monetary policy shocks …