for the extent of cross‐country asymmetries in aggregate consumption responses to changes in the real interest rate …. Across groups with different housing tenure, we find that the consumption response of homeowners to interest rate changes …

We show individuals investments chase stock index returns and are financed by foregoing consumption, even after … foregone consumption occurs in the week after stock index returns are realized and are more pronounced for luxuries than … consumption, more consistent with theories of extrapolative expectations and loss aversion …

This paper studies why investors buy dividend-paying assets and how they time their consumption accordingly. We combine … administrative bank data linking customers' consumption transactions and income to detailed portfolio data and survey responses on … financial behavior. We find that private consumption is excessively sensitive to dividend income. Investors across wealth …

Using a lifecycle model of consumption, saving and portfolio choice combined with linked survey and administrative data …

' optimal consumption, savings, and housing decisions. Fractional homeownership means that two parties - an individual and an …