Recent studies of economic inequality almost always separately examine income, consumption, and wealth inequality and …-wealth households cannot smooth consumption as much as other households do, which further implies that increasing wealth inequality … likely reduces aggregate consumption and limits economic growth …

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 …

patient. I quantify the implications of changing circumstances for consumption and welfare. Later-born generations are … predicted to have higher consumption, despite accumulating no greater wealth, than their predecessors because their earnings are …