The ratio of consumption to total household wealth (i.e., tangible assets plus unobserved human wealth) is commonly … component in the consumption equation. The consumption-to-wealth ratio calculated from this model is much less persistent than …

This paper investigates the impact of financial liberalization on the relationship between consumption and total wealth … (i.e., the sum of asset wealth and human wealth). We propose a heterogeneous agent framework with incomplete markets …, increases the current consumption-wealth ratio. From the model, an aggregate long-run relationship is derived between …

asymmetry are usually considered as mutually exclusive. Using a single data set for US personal consumption, income and wealth … wealth declines can have considerable negative consumption effects in the short run, households have apparently been able, in … the longer run, to substantially increase consumption expenditure following income and wealth increases, but to keep the …

strength of spillovers from durable to nondurable consumption, as predicted by theory, is empirically correlated with how much …

. Finally, substantial crosscountry heterogeneity in marginal propensities to consume out of income and wealth components calls …

countries not exposed to the VAT shock. Income, wealth effects, or intratemporal substitution cannot explain these results. …

countries not exposed to the VAT shock. Income, wealth effects, or intratemporal substitution cannot explain these results. …

countries not exposed to the VAT shock. Income, wealth effects, or intratemporal substitution cannot explain these results which …