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

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 …

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 …

model parameterized to match the distribution of income, wealth, and marginal propensities to consume. First, we show that …

countries not exposed to the VAT shock. Income, wealth effects, or intratemporal substitution cannot explain these results …

research has to ensure income, wealth effects, or intratemporal substitution channels cannot explain these results and ideally …