assets, except in the top of the wealth distribution. Consumption is less sensitive to the value of the main residence than …This paper studies the heterogeneity of the marginal propensity to consume out of wealth using French household surveys …. We find decreasing marginal propensity to consume out of wealth across the wealth distribution for all net wealth …

The study quantifies stock market and housing market wealth effects on households' non-durable consumption using … market gains. We also found statistically and economically significant housing wealth effects with a marginal propensity to … consume out of idiosyncratic housing wealth gains to be over 8 percent. The results from idiosyncratic equity wealth effects …

dynamics. When the model is modified in a way that permits it to match empirical measures of wealth inequality in the U.S., we … how the shock is distributed across categories of households (e.g., low-wealth versus high-wealth households) …

capital losses in housing and financial wealth, and that 5% of respondents lost their job during the Great Recession. As a … wealth, the estimated drop in household expenditure is about 0.56% and 0.9%, respectively. In addition, those who became … unemployed reduced spending by 10%. We also distinguish the effect of perceived transitory and permanent wealth shocks, splitting …

This paper estimates the wealth effects on consumption in the euro area as a whole. I show that: (i) financial wealth … consumption to wealth is substantially different from the long- run wealth effects. By disaggregating financial wealth into its … effects are relatively large and statistically significant; (ii) housing wealth effects are virtually nil and not significant …

. Fifth, we find evidences that housing prices shock decreases consumption inequality while financial wealth shocks have a …This paper studies the heterogeneity of the marginal propensity to consume out of wealth (MPC) both across and within … countries. We estimate the MPC based on a cross-country harmonized household level dataset which combines surveys on wealth …

capital losses in housing and financial wealth, and that 5% of respondents lost their job during the Great Recession. As a … wealth, the estimated drop in household expenditure is about 0.56% and 0.9%, respectively. In addition, those who became … unemployed reduced spending by 10%. We also distinguish the effect of perceived transitory and permanent wealth shocks, splitting …

countries; (iii) housing wealth effects have increased for Asian coutries in recent years; and (iv) consumption reacts stronger …We build a panel of 14 emerging economies to estimate the magnitude of housing, stock market, and money wealth effects … on consumption. Using modern panel data econometric techniques and quarterly data for the period 1990:1-2008:2, we show …

This paper presents a simple new method for measuring 'wealth effects' on aggregate consumption. The method exploits … the stickiness of consumption growth (sometimes interpreted as reflecting consumption 'habits') to distinguish between … immediate and eventual wealth effects. In U.S. data, we estimate that the immediate (next-quarter) marginal propensity to …

I investigate the effect of wealth on consumption in a new dataset with financial and housing wealth from 16 countries … euro area economies, consumption only barely reacts to wealth elsewhere. The effect of housing wealth is somewhat smaller …. The baseline estimation method based on the sluggishness of consumption growth implies that the eventual (long …