Many households hold little wealth, especially liquid wealth. In precautionary savings models, absent preference heterogeneity, these households should display not only higher marginal propensities to consume (MPCs), but also lower average propensities to consume (APCs) and higher future...

Property rights -- Jews in the market for land -- Lords of the land?: Jews as rentiers and cultivators -- Dowries, wills and gifts: property and the tranifer of wealth -- The link between credit and land -- The economic case for property: asset choices, risk and return -- Credit and property in...