Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, … - 2015
capital losses in housing and financial wealth, and that 5% of respondents lost their job during the Great Recession. As a … wealth, the estimated drop in household expenditure is about 0.56% and 0.9%, respectively. In addition, those who became … unemployed reduced spending by 10%. We also distinguish the effect of perceived transitory and permanent wealth shocks, splitting …