accurate information from survey respondents about income and wealth. However, changing survey questions - even for the better … - can create problems. For example, if we ask a respondent about his wealth holdings in 1992 and ask him again in 1994 but … use a different and improved set of questions, we cannot be sure that changes in his wealth are real because part of the …

The ratio of consumption to total household wealth (i.e., tangible assets plus unobserved human wealth) is commonly … calculated from the estimation of a log-linear version of the household intertemporal budget constraint as a cointegrating … component in the consumption equation. The consumption-to-wealth ratio calculated from this model is much less persistent than …