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 …

A fall in house prices due to a change in fundamental value redistributes wealth from those long housing (for whom the … is no pure wealth effect on consumption from a change in house prices if this represents a change in fundamental value …. There is a pure wealth effect on consumption from a change in house prices if this reflects a change in the speculative …

seriously adverse outcomes. If the composition of wealth shifts into the hands of investors with higher coefficients of relative … calculates likely magnitudes of the decline and presents evidence in favor of a shift in the composition of wealth toward the …

slightly with her elasticity of intertemporal substitution; by contrast, optimal consumption relative to wealth depends on both …

wealth transfers to or from the Periphery countries. These implicit transfers are responsible for creating contagion among …

distribution of retirement wealth and the expected utility of wealth at retirement. It considers both rules that allocate a … assets 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 …