Botazzi, Renata; Trucchi, Serena; Wakefield, Matthew - 2013
We estimate marginal propensities to consume from wealth shocks for Italian households. Large asset price shocks in … 2008 underpin an IV estimator. A euro fall in financial or risky financial wealth resulted in cuts in annual total (non … changes in housing wealth are 0.2 to 0.4 cents/euro. Counterfactuals indicate financial wealth effects were important …