The effect of wealth on consumption is an issue of longstanding interest to economists. Analysts believe that … fluctuations in household wealth have driven major swings in economic activity. This paper considers so-called wealth effects - the … impact of changes in wealth on household consumption and the overall macroeconomy. There is an extensive existing literature …

Housing is the main asset through which households accumulate wealth and its taxation is highly debated. We provide the … first empirical estimates of the long-run effects of shocks to property taxation on lifetime wealth accumulation and … the effective tax rates on real estate wealth, plausibly exogenous to the owners and different for each property. We …

This paper examines the impact of changes in household wealth on homeowners' consumption behavior using recent panel … household wealth to be roughly 1.0% for housing and 1.8% for financial wealth. Furthermore, we also find that homeowners …' consumption responses are asymmetric; that is, the housing and financial wealth effects are substantially larger for households …

This paper studies the heterogeneity of the marginal propensity to consume out of wealth (MPC) both across and within … countries. We estimate the MPC based on a cross-country harmonized household level dataset which combines surveys on wealth … are very similar to those obtained on aggregate data and show substantial heterogeneity across countries. The wealth …

prediction of the wealth effect, individuals increase their entertainment-related consumption after experiencing large positive … that our results are not driven by income effects or wealth shock measurement errors …