Value stocks covary with aggregate consumption more than growth stocks during periods when financial wealth is low … consumption-based model augmented with an aggregate wealth growth factor, which can be motivated by either recursive preferences … or relative wealth concerns …

changes in wealth. In the cross section, we find that wealthier investors are more risk averse. Using changes in house prices … as a source of variation, we find that investors become more risk averse after a negative wealth shock. These preferences …

market participation and financial wealth. Among participants, the average financial wealth elasticity of the risky share is … aversion. Furthermore, the financial wealth elasticity of the risky share itself is heterogeneous across investors and varies … strongly with characteristics. The elasticity decreases with financial wealth and human capital, and increases with habit, real …

We use data from the PSID to investigate how households' portfolio allocations change in response to wealth … consequence that when the level of liquid wealth changes, the proportion a household invests in risky assets should also change in … is not affected by wealth changes. Instead, one of the major drivers of households' portfolio allocation seems to be …

distribution of retirement wealth and the expected utility of wealth at retirement. It considers both rules that allocate a … as the worker ages. The analysis simulates retirement wealth using asset returns that are drawn from the historical … return distribution. The results suggest that the distribution of retirement wealth associated with typical lifecycle …

generate endogenous wealth transfers to or from the Periphery countries. These implicit transfers are responsible for …

median wealth plummeted by 44 percent over years 2007 to 2010, almost double the drop in housing prices. The inequality of … indebtedness. The sharp fall in median net worth and the rise in overall wealth inequality over these years are traceable primarily … disparity in wealth also widened considerably. Households under age 45 saw their relative and absolute wealth declined sharply …