Several U.S. panel surveys measure household wealth. At the same time, many important questions about household wealth … hinders their usefulness for addressing these questions. We review the features of wealth data that make it difficult to …

distribution of wealth in a standard Aiyagari model (i.e. a model with heterogeneous agents, idiosyncratic uncertainty, and … are not adjusted in response to changes in income, increasing, on average, the volatility of non-durable consumption. The … volatility of total consumption is then a function of the share of the durable good in the utility function and the width of the …

United States, reflecting the importance of equities in aggregate household wealth in these countries. A significant wealth … effect is also evident in Japan, but because household wealth has changed little on balance in Japan in recent years, this … remain a less important form of household wealth in most of these countries, and the consumption response to changes in …

Much discussion treats the working definitions of wealth and income as if they were self-evident, but definitional … choices can make substantial differences in the overall picture. To provide a clear basis on which to examine family wealth … concepts. Using the measures developed, the paper examines the distributions of wealth and income and their joint properties …

wealth. Consensus estimates of this wealth effect are in the range of 3 to 5 cents of additional consumption spending in the … long run for each additional dollar of wealth. Economic theory also suggests that consumption of leisure, like consumption … of goods and services, should increase with positive shocks to wealth. In this paper, we ask whether the run-up in equity …

among aggregate data on household consumption, income, and wealth. In particular, we focus on studies determining whether … shared by consumption, income, and wealth over the long run, then deviations of these series from their commong long- run … describing the magnitude of the wealth effect on consumption--and even broad conclusions about its existence--are affected by …

correlation between wealth and the saving rate over a longer time span. In this paper, we combine household-level data from the …In the U.S., household net worth rose substantially in the latter half of the 1990s and the personal saving rate …, econometric analysis of these data produces propensities to consume out of wealth in the range of typical estimates obtained from …