contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk. The …We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel … information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information …

contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk …We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel … information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information …

contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk. The …We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel … information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information …

impact of changes in wealth on household consumption and the overall macroeconomy. There is an extensive existing literature …The effect of wealth on consumption is an issue of longstanding interest to economists. Analysts believe that … fluctuations in household wealth have driven major swings in economic activity. This paper considers so-called wealth effects - the …

This paper investigates the impact of financial liberalization on the relationship between consumption and total wealth …, increases the current consumption-wealth ratio. From the model, an aggregate long-run relationship is derived between … consumption, total wealth and financial liberalization which is estimated by state space methods using quarterly US data. The …

This paper examines the effects of changes in uncertainty of household income on the macroeconomy. Households face …, where changes in precautionary savings due to time-varying uncertainty depress aggregate activity. With countercyclical … markups through sticky prices, increased precautionary savings lower aggregate demand and generate significant output losses …

early stages of the current recovery. To this end, it first introduces the various dimensions of wage, income, consumption … and wealth inequality, and studies how they have developed. The analysis shows less wage dispersion in Spain than in other … inequality in per capita income. The level of inequality in Spain is more moderate when total gross household income is analysed …

(relative to other factors) for consumption falls in 2008/09. Thus wealth effects on consumption can be important for households …We estimate marginal propensities to consume from wealth shocks for Italian households. Large asset price shocks in … 2008 underpin an IV estimator. A euro fall in financial or risky financial wealth resulted in cuts in annual total (non …

to consume (MPCs). Our main contribution is to document how MPCs vary with household characteristics and prize size, and … of large prizes (USD 8,300-150,000) is slightly below one half. While the consumption responses we find are high, their … systematic relations with observables point toward well-understood mechanisms from existing theory and should be useful to …