decomposing disposable income into labour, property and transfer income is essential for understanding and forecasting consumption …. Finally, substantial crosscountry heterogeneity in marginal propensities to consume out of income and wealth components calls …

OECD countries 1992-2007. We focus on risk sharing through savings, factor income flows, and capital gains. Risk sharing … through factor income and capital gains was close to zero before 1999 but has increased since then. Risk sharing from capital … gains, at about 6 percent, is higher than risk sharing from factor income flows for European Union countries and OECD …

, income and consumption. We use panel regressions and an instrumental variable approach. First, our panel-based MPC estimates …

Net trading income is an important but volatile source of income for many euro area banks, highly sensitive to changes … income (normalized by total assets) conditional to changes in key macro-financial risk factors. To map the linkages of net … trading income with financial risk factors and capture nonlinear effects, we implement a dynamic fixed effects quantile model …