explain why, in the context of wage improvements, consumers use credit to finance "ordinary" forms of consumption that do not … order to perform their class identities and meet the consumption standards to which they feel entitled. Instead of imitating … signalisieren soll, sondern vielmehr dazu dient, den Lebensstandard auf eher dezente Weise zu erhöhen. Ausgehend von der Vorstellung …

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