. Finally, substantial crosscountry heterogeneity in marginal propensities to consume out of income and wealth components calls …

The ratio of consumption to total household wealth (i.e., tangible assets plus unobserved human wealth) is commonly … component in the consumption equation. The consumption-to-wealth ratio calculated from this model is much less persistent than …

asymmetry are usually considered as mutually exclusive. Using a single data set for US personal consumption, income and wealth … wealth declines can have considerable negative consumption effects in the short run, households have apparently been able, in … the longer run, to substantially increase consumption expenditure following income and wealth increases, but to keep the …

that temporary fluctuations of the U.S. consumption-wealth ratio predict excess returns on international stock markets …