light on the impact of intergenerational transfers on household wealth disparities and on possible reasons for the … substantial differences in household wealth disparities among the 4 countries. Almost all of the evidence I present suggests that … intergenerational transfers have a disequalizing impact on household wealth disparities and promote the transmission of household wealth …

effect of wealth shocks on household consumption and individual expectations of the future. Many household experienced a … significant wealth shocks, but these shocks led to modest spending effects and small revisions to expectations regarding future … bequests. Expectations of bequests seem particularly tied to housing wealth. …

in England older households actually accumulate wealth. These differences appear to be driven largely, though not … entirely, by housing wealth: During the period we consider, house price growth drove increases in housing wealth in England … that more than offset the slow drawdown of nonhousing wealth. This suggests the illiquid nature of housing is likely to be …