households to borrow against to smooth their spending. The results show that the consumption of households who need to borrow …, however, have little effect on the expenditures of households who do not need to borrow to finance their consumption. Based on …

wealth shocks and unemployment during the Great Recession in the US. We find that many households experienced large capital … consequence of these shocks, many households reduced substantially their expenditures. We estimate that the marginal propensities … wealth shocks, splitting the sample between households who think that the stock market is likely to recover in a year’s time …

wealth shocks and unemployment during the Great Recession in the US. We find that many households experienced large capital … consequence of these shocks, many households reduced substantially their expenditures. We estimate that the marginal propensities … wealth shocks, splitting the sample between households who think that the stock market is likely to recover in a year's time …

households to borrow against to smooth their spending. The results show that the consumption of households who need to borrow …, however, have little effect on the expenditures of households who do not need to borrow to finance their consumption. Based on …

widening of wealth disparities. However, such a tendency is found to be stronger among less better-off households in both …

disparities. However, such a tendency is found to be stronger among less-better-off households in both countries, and this may …