accumulation of resources that have market value and can be liquidated for present and future consumption. This study proceeds …, such that they have an incentive to accumulate material wealth for inter-temporal household consumption and social …

the fundamental value of the house they own exceeds the present discounted value of their planned future consumption of … used in the paper, there is no pure wealth effect on consumption from a change in house prices if this represents a change … in their fundamental value. There is a pure wealth effect on consumption from a change in house prices if this reflects a …

Housing wealth is about one half of household net worth, and consumption is a considerable fraction (about two thirds … consumption in the same direction. This observation has led many economists, commentators and policy makers to study how housing … wealth and consumption are linked together. A sizable portion of the comovement between housing wealth and consumption …

fundamental value of the house they own exceeds the present discounted value of their planned future consumption of housing …, of the Yaari-Blanchard OLG model used in the paper), there is no pure wealth effect on consumption from a change in house … prices driven by the housing demand of future generations will boost current consumption. There is a pure wealth effect on …

. We find that consumption expenditures are tightly linked to permanent-income; however, liquidity constraints can lead to …

Through certainty equivalent consumption (CE) measures, we show that dispersion of current earnings, expenditures, and … consumption, as well as uncertainty and demographic composition. Rising inequality has offset about 1/4 of the welfare gains from … higher consumption, with most of the losses accruing after 2000. …

Using a lifecycle model of consumption, saving and portfolio choice combined with linked survey and administrative data … factors for households and compare these estimates of their patience to their replacement rates-the simple measure often used …