We estimate marginal propensities to consume from wealth shocks for Italian households in the early part of the Great … Recession. Large asset price shocks in 2008 underpin an IV estimator. A euro fall in risky financial wealth resulted in cuts in … of total and nondurable spending to changes in housing wealth are 0.2 to 0.3 cents/euro. Point estimates of the effect of …

to which the household sector appears to have "led" the drop in aggregate economic activity in this recession. This paper … uses household-level data from the Federal Reserve Board's series of Surveys of Consumer Finances to document three factors … that appear to have contributed to greater financial stress in the household sector in the current downturn compared with …