and spending-policy actions, for short--in the United States. First, we estimate simple models of defense expenditures …

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 …

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 …, econometric analysis of these data produces propensities to consume out of wealth in the range of typical estimates obtained from … aggregate data. Taken together, our results corroborate a direct view of the wealth effect on consumption. …