transfer of wealth from savers to borrowers, reducing precautionary motives and stimulating current demand and inflation …. Second, higher initial inflation lowers the path of the real rate increasing the wealth of borrowers, who have a higher … marginal propensity to consume (MPC). Third, if debt is nominal, debt deflation generates also a wealth transfer towards high …

net wealth, income, age and housing status distributions for the euro area as a whole and for individual countries, and … document substantial heterogeneity across these dimensions. The median household in the euro area has a positive interest rate … remaining constant. Households in the lower end of the net wealth and income distribution, younger households and mortgagors …

composition of their income and on the components of their wealth. We first review the existing evidence on how monetary policy … affects income and wealth inequality. We then illustrate quantitatively how various channels of transmission—net interest rate … income channel is therefore also a substantial driver of changes in consumption at the aggregate level …

change. We examine the distribution of the UREs along the net wealth, income, age and housing status distributions for the … median household in the euro area has a positive interest rate exposure, indicating that it would gain, in the first instance …, from an increase in the interest rate, all other things remaining constant. Households in the lower end of the net wealth …

This paper analyzes the wealth effect on consumption in France by relying on two original household surveys. First, it … on household self-assessed changes in future consumption (survey PATER). Besides the direct wealth effect, our results … provides the first estimate of the marginal propensity to consume out of wealth based on micro data for France (Enquête …

that raise household income. We find that in all policy treatments people spend almost 40% of the transfer, which is a non …

, particularly in high homeownership locations, because greater housing wealth reduces homeowners' demand elasticity, and firms raise …

which key variables affecting household income and wealth are included, such as the unemployment rate, wages, interest rates …-form simulation on micro data from the Household Finance and Consumption Survey, capturing the income composition, the portfolio …This paper studies the effects of quantitative easing on income and wealth of individual euro area households. The …

We study whether the level of household indebtedness is related to the interest rate elasticity of private consumption … household-level Finnish Wealth Survey suggest that the share of liquidity-constrained households has declined over the same time …. Looking at Finnish aggregate data, we find no robust evidence of increased interest rate elasticity of private consumption …

We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population … returns does not arise merely from differences in the allocation of wealth between safe and risky assets: returns are … heterogeneous even within narrow asset classes. Third, returns are positively correlated with wealth: moving from the 10th to the 90 …