aggregate consumption, wealth and asset returns. Our present-value approach decomposes fluctuations in the global consumption-to-wealth … analysis identifies two historical episodes where the consumption-to-wealth ratio declined rapidly below its historical average …

The wealthy hand-to-mouth are households who hold little or no liquid wealth (cash, checking, and savings accounts … accounts). We use survey data on household portfolios for the U.S., Canada, Australia, the U.K., Germany, France, Italy, and … hand-to-mouth suggests that these households may have a high marginal propensity to consume out of transitory income …