capacity, wealth endowments, income risks, and preferences for risk and time. We show that our model can generate results that … are consistent with several novel facts regarding how differences in individuals’ wealth levels and beliefs about their … limited attention is significantly larger for households with lower wealth; allowing these households to flexibly allocate …

analyses that have been performed to date for the USA and France. These analyses have verified the Mankiw's puzzle theory about … to stagnate. We disproved Mankiw's puzzle theory using a data sample from the Czech Republic and Germany. This conclusion …

The effect of wealth on consumption is an issue of longstanding interest to economists. Analysts believe that … fluctuations in household wealth have driven major swings in economic activity. This paper considers so-called wealth effects - the … impact of changes in wealth on household consumption and the overall macroeconomy. There is an extensive existing literature …

strength of spillovers from durable to nondurable consumption, as predicted by theory, is empirically correlated with how much …