decomposing disposable income into labour, property and transfer income is essential for understanding and forecasting consumption …. Finally, substantial crosscountry heterogeneity in marginal propensities to consume out of income and wealth components calls …

and the entire euro area (20 percent). For Germany and France the gains seem to be lower, but are nevertheless substantial …

income ratios by education and country. The policy functions based upon the estimation are used to characterize the … heterogeneity in consumption responses, monetary policy, operating through its effects on household income and asset market returns … income variations produced by monetary policy innovations while rich households respond more to policy-induced variations in …