analysis are used for verifying the effects of shocks. The results suggest that income, credit and housing wealth are … positively, interest rate and equity market wealth are negatively associated with consumption. Variance decomposition and impulse … through consumption-wealth channel. These evidences may be beneficial for policymakers to understand the role of interest rate …

financial behavior. We find that private consumption is excessively sensitive to dividend income. Investors across wealth … administrative bank data linking customers' consumption transactions and income to detailed portfolio data and survey responses on …, income, and age distributions increase spending precisely around days of dividend receipt. Importantly, the consumption …

Are individuals effectively insured against idiosyncratic shocks to income or wealth by either formal or informal … mechanisms? This paper shows that under perfect insurance, marginal utility should grow at the same rate for all consumers, and … that the distribution of measured consumption growth rates should be independent of variables that are exogenous to the …

Are individuals effectively insured against idiosyncratic shocks to income or wealth by either formal or informal … mechanisms? This paper shows that under perfect insurance, marginal utility should grow at the same rate for all consumers, and … that the distribution of measured consumption growth rates should be independent of variables that are exogenous to the …