We provide a systematic analysis of the properties of individual returns to wealth using twelve years ofpopulation data … standard deviation of 8%). Second,heterogeneity in returns does not arise merely from differences in the allocation of wealth … with wealth: moving from the 10th to the 90th percentile of the financial wealth distributionincreases the return by 3 …

We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population … of wealth between safe and risky assets: returns are heterogeneous even within asset classes. Third, returns are … positively correlated with wealth: moving from the 10th to the 90th percentile of the financial wealth distribution increases the …

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

This paper investigates the effects of stock market wealth on consumer spending. Traditional macroeconometric models … estimate that a dollar's increase in stock market wealth boosts consumer spending by 3-7 cents per year. With the substantial … 1990s rise in stock prices, the nature and magnitude of this "wealth effect" have been much debated. After describing the …

correlate with household net wealth (or income). Bond price increases thus leave net wealth inequality largely unchanged. In … contrast, equity price increases largely benefit the top end of the net wealth (and income) distribution, thus amplify net … households using data from the Household Finance and Consumption Survey (HFCS). The capital gains from bond price and equity …

We present evidence that shocks to household consumption growth are negatively skewed, persistent, countercyclical, and … state variable drives the conditional cross-sectional moments of household consumption growth. The estimated model fits well … the unconditional cross-sectional moments of household consumption growth and the moments of the risk free rate, equity …

financial behavior. We find that private consumption is excessively sensitive to dividend income. Investors across wealth … administrative bank data linking customers' consumption transactions and income to detailed portfolio data and survey responses on …, income, and age distributions increase spending precisely around days of dividend receipt. Importantly, the consumption …