effect of wealth shocks on household consumption and individual expectations of the future. Many household experienced a … significant wealth shocks, but these shocks led to modest spending effects and small revisions to expectations regarding future … bequests. Expectations of bequests seem particularly tied to housing wealth. …

Survey (CE) and the Panel Study of Income Dynamics (PSID). …

Survey (CE) and the Panel Study of Income Dynamics (PSID). …

Study of Income Dynamics (PSID). …

distribution, although those at the very bottom of the income distribution were more likely to report a decline in net wealth over … and living standards strengthened, not only for the affluent, but also for middle deciles of the long-run income …

unconstrained and are able to borrow if needed, consumption responds to transitory income. …We use direct evidence on credit constraints to study their importance for household consumption growth and for welfare …. We distentangle the direct effect on consumption growth of a currently binding credit constraint from the indirect effect …

This paper examines trends in household consumption and saving behaviour in each of the last three recessions in the UK …