on wealth and lifetime earnings we evaluate measures of retirement preparedness. We estimate heterogeneous discount … have access only to a risk‐free asset compared to when we account for the fact that much of their wealth is stored in …

The study primarily explores the linkage between wealth effects, arising from stock and housing market channels, and …-panel and country-level analyses. In this respect, we find that consumption is mostly explained by income and housing wealth is … consumption and stock wealth. The evidence also suggests a long-run cointegration relationship among consumption, income, interest …

degree of heterogeneity in household preferences or beliefs is sufficient to match empirical measures of wealth inequality in … macroeconomic models (even ones including some heterogeneity). The high MPC arises because many consumers hold little wealth despite … on how the shock is distributed across households (depending, e.g., on their wealth, or employment status). …