households using data from the Household Finance and Consumption Survey (HFCS). The capital gains from bond price and equity … price increases turn out to be concentrated among relatively few households, while the median household strongly benefits … from housing price increases. The capital gains from bond price increases (relative to household net wealth) do not …

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 …

, 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 …

. The framework updates micro-level household balance sheet data using macro-level information on unemployment, wages … ratios on household financial distress …