This report summarises key stylised facts from the first wave of the Eurosystem Household Finance and Consumption … 62,000 households. The report presents results on household assets and liabilities, income, and indicators of consumption … Survey, which provides household-level data collected in a harmonised way in 15 euro area countries for a sample of more than …

Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … the classic Ando-Modigliani consumption function augmented by housing wealth can be deduced. It is shown that the deeper … population) as well as in mortgage markets have led to a structural break in the effect of housing wealth on consumption in the …

, and total net worth) on consumption. The study uses longitudinal household-level data?from the Panel Study of Income … wealth are closely linked to household characteristics, including income and demographic factors. Finally, underlying … structural changes in household characteristics point to potentially lower aggregate MPCs from wealth going forward …

Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … changes in consumption. However, this might be a fallacy of composition. Such models ignore that changes in housing wealth … the classic Ando-Modigliani consumption function augmented by housing wealth can be deduced. It is shown that the deeper …

Housing wealth is about one half of household net worth, and consumption is a considerable fraction (about two thirds … wealth and consumption are linked together. A sizable portion of the comovement between housing wealth and consumption …) of Gross Domestic Product in the United States. Empirically, movements in housing wealth are associated with movements in …

We estimate marginal propensities to consume from wealth shocks for Italian households in the early part of the Great … Recession. Large asset price shocks in 2008 underpin an IV estimator. A euro fall in risky financial wealth resulted in cuts in … annual total (non -durable) consumption of 8.5 ] 9 (5.5 -5.7) cents. There is evidence of effects on food spending. Responses …