, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the heterogeneity in … household finances implies that responses of consumption to changes in the real interest rate and in house prices differ … substantially across countries, and within countries by household characteristics such as age, housing tenure, and asset positions …

, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the heterogeneity in … household finances implies that responses of consumption to changes in the real interest rate and in house prices differ … substantially across countries, and within countries by household characteristics such as age, housing tenure, and asset positions …

portfolios, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the … heterogeneity in household finances implies that responses of consumption to changes in the real interest rate and in house prices …

This paper studies household financial choices in four euro area countries. The goal of the analysis is to understand … household income and asset market returns, has a differential impact on individuals within and across countries. Generally, poor …

This paper studies the implications of household financial choices for the effects of monetary policy on consumption … heterogeneity in consumption responses, monetary policy, operating through its effects on household income and asset market returns …