durable from nondurable expenditures. We adopt a theoretical partial equilibrium framework to justify the identification …

-gap. Moreover, the consumption decline appears to be concentrated in households in the lower part of the wealth distribution …. Nonetheless, households in the lowest wealth quintile, do not show a significant consumption decline. The data suggests that this … composed of essential expenditures. …

. Finally, substantial crosscountry heterogeneity in marginal propensities to consume out of income and wealth components calls …

area M3. We nd that the elasticities in the money demand and the real wealth relations identi ed previously in Beyer (2009 …-to-real transformation is not rejected for the money relation whereas the wealth relation cannot be expressed in real terms. …

Globalisation has a major impact on the levels and distribution of wealth. The financial markets are highly integrated … wealth over the past 25 years. Nonetheless, this has not led to an equally large increase in property income because the … decrease in rates of return seems to contradict claims that, due to an increase in both financial and inherited wealth, we are …

received a wealth transfer and these accounted for 23 percent of their net worth. Over the lifetime, about 30 percent of … households could expect to receive a wealth transfer and these would account for close to 40 percent of their net worth near time … reporting a wealth transfer fell by 2.5 percentage points. The average value of inheritances received among all households did …