The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a ….1 percent quarterly on average at most to a 1 percentage change in the expenditure or revenue ratio). In Italy, the US and …

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 … the rapid expansion of mort-gage markets during the last decade in Spain and a very detailed survey on household finances …

decisions are in uenced by this shock. Our analysis reveals that individuals with low levels of financial literacy are less … likely to have invested in the stock market and thus are less likely to report losses in wealth. Yet, individuals with low x0 …

We study taxable wealth in unique Swedish administrative data, annually following a large sample of households over a … period of almost 40 years. The main data limitation is non-observability of wealth for those below the tax exemption level …. This implies that much of the focus of the paper is on the rich, since we are confined to those whose wealth becomes …

output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts … several potential explanations for it. While the evidence seems to point at differences in consumption responses, rather than … investment, as the proximate cause for this fact, the source of the consumption difference remains a puzzle. …

Based on the householdsu0092 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 …

underlying model. To address this question, in this paper I estimate the New Keynesian IS curve for output and consumption and … consumption are mainly forward looking, and this is a very robust feature of the data. At the same time, I find little evidence in …