English couple households born in the 1940s. Here, 'optimal' wealth holdings are those that allow households to enjoy the same … calculate this level of wealth, and compare that with how much wealth households are observed to hold. We find that the majority … of households hold more wealth than our model suggests is optimal and that this would still be true even if housing …

equivalents it then calculates how much individual welfare is affected in each economy by unexpected losses and gains of wealth …

International and national investors are often exposed to real wealth risks, stemming from volatile asset prices and …, price level and futures price and hence real wealth is stochastic. For a risk averse investor, optimal consumption and …