Hintermaier, Thomas; Koeniger, Winfried - 2019
This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house …-cycle incomplete-markets model with a financial asset and housing to match the large heterogeneity of households asset portfolios …, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the heterogeneity in …