the data and better fits the savings of the households at the bottom 60% of the wealth distribution …

Keynesian (HANK) model. The model yields empirically realistic distributions of household wealth and marginal propensities to …

The wealthy hand-to-mouth are households who hold little or no liquid wealth (cash, checking, and savings accounts …

This paper considers two central problems in our statistical frameworks which impair the ability to use wealth to … assess economic sustainability or the impacts of economic downturns. Some increases in wealth may reflect increased economic … capacity of the economy. Another major problem in our wealth accounts is the “missing capital” required to explain the marked …

, the estimated elasticity is consistent, theoretically and quantitatively, with a simple calibrated model with wealth …

Both textbook economics and common sense teach us that the value of household wealth should be related to consumer … suggest. An important first step in understanding the consumption-wealth linkage is determining how closely the two variables … relative importance of permanent and transitory innovations in the variation of consumer spending and wealth and find that …

post-war dynamics of aggregate consumer spending, labor earnings, and household wealth. The first shock accounts for … effect of this shock has persistently boosted stock market wealth and persistently lowered labor earnings. We call this a … characterized by a negative transitory wealth (positive risk aversion) shock, predominantly affecting stock market wealth. By …

th equal to $94,310. These spending measures represent a substantial fraction of liquid wealth for decedents. Total out …-of-pocket expenditures are strongly positively related to wealth and weakly related to income. We find evidence for a mechanism by which … wealth could plausibly buy health: large expenditures on home modifications, helpers, home health care, and higher …