the change in wealth over the period. The goal of this paper is to examine the advantages and difficulties of using this … on income and wealth to other administrative data with information on financial and real estate transactions. Using this …

This paper analyzes the existence of 'wealth effects' derived from net equity (in the form of housing, financial assets …-2017. Overall, wealth effects are found to be relatively large and significant for housing wealth, but less so for other types of … wealth, including stocks. Furthermore, the analysis shows how these estimated marginal propensities to consume (MPC) from …

-diversified, since they own relatively small amounts of financial wealth and hold a few types of financial assets. Furthermore, risky … likely to invest in financial assets as their income increases, but the share of financial assets in total wealth remains … subdued as household income increases, since at that point real estate wealth becomes dominant. Finally, we discover that …

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. …

-quarter of total household wealth in Europe provides further corroboration for this finding. …

financial behavior. We find that private consumption is excessively sensitive to dividend income. Investors across wealth …

Keynesian (HANK) model. The model yields empirically realistic distributions of household wealth and marginal propensities to …