During the Great Recession, the collapse of consumption across the U.S. varied greatly but systematically with house …-price declines. We find that financial distress among U.S. households amplified the sensitivity of consumption to house-price shocks …-estimated-dynamic model to measure the financial distress channel, we find that these two facts amplify the aggregate drop in consumption by 7 …

is not consumption. We propose an alternative borrow-to-invest motive by which house price gains affect household … reducing access to leveraged returns and so reducing lifetime resources, rather than through consumption smoothing. …

is not consumption. We propose a borrow-to-invest motive by which house price gains affect household spending on …, rather than through consumption smoothing. We test this motive by comparing responses in different categories of spending …

This paper compares the main findings from the third wave of the Household Finance and Consumption Survey (HFCS) for … of homeownership in Malta, the median net wealth in Malta was estimated to be significantly higher than in the euro area …

This paper compares the main findings from the fourth wave of the Household Finance and Consumption Survey (HFCS) for … of homeownership in Malta, the median net wealth in Malta was estimated to be significantly higher than in the euro area …

information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information … contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk …We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel …

We use detailed micro information at household level from the Wealth and Assets Survey to construct measures of wealth … evolution of wealth inequality measures. Our findings suggest that expansionary monetary policy shocks lead to an increase in … wealth inequality and contributed significantly to its fluctuations. This effect is heterogenous across the wealth …

housing crash from 2006 to 2011 and its implications for aggregate and cross-sectional consumption during the Great Recession … consumption. Balance sheets act as a transmission mechanism from housing to consumption that depends on gross portfolio positions … and the leverage distribution. Low interest rate policies accelerate the recovery in housing and consumption …

This article summarizes the main findings from the fourth wave of the Household Finance and Consumption Survey (HFCS …. The HFCS provides household-level data on assets, liabilities, wealth and income. As such, it plays an important role in …