Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … changes in consumption. However, this might constitute a fallacy of composition. Such models ignore that changes in housing … the classic Ando-Modigliani consumption function augmented by housing wealth can be deduced. It is shown that the deeper …

broadly, financial assets), which is often interpreted as a larger MPC (Marginal Propensity of Consumption) out of housing … assets. We build a household consumption and portfolio choice model with two risky assets, housing and stocks, whereby … collateral eect on non-durable consumption. …

households’ consumption expenditures and their perceived pass-through of the tax change into prices to quantify its effects. The … consumption spending by 34 billion Euros. …

households' consumption expenditures and their perceived pass-through of the tax change into prices to quantify its effects. The … consumption spending by 34 billion Euros. …

. We apply the estimator to the 2008 tax rebate and household consumption data, exploiting the randomized timing of … disbursements. We find a considerable degree of heterogeneity in MPCs, which varies by consumption good, and provide evidence on … results suggest that the partial equilibrium consumption response to the stimulus was twice as large as what is implied by …

. We apply the estimator to the 2008 tax rebate and household consumption data, exploiting the randomized timing of … disbursements. We find a considerable degree of heterogeneity in MPCs, which varies by consumption good, and provide evidence on … results suggest that the partial equilibrium consumption response to the stimulus was twice as large as what is implied by …