This report summarises key stylised facts from the first wave of the Eurosystem Household Finance and Consumption … 62,000 households. The report presents results on household assets and liabilities, income, and indicators of consumption … Survey, which provides household-level data collected in a harmonised way in 15 euro area countries for a sample of more than …

Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … the classic Ando-Modigliani consumption function augmented by housing wealth can be deduced. It is shown that the deeper … population) as well as in mortgage markets have led to a structural break in the effect of housing wealth on consumption in the …

, and total net worth) on consumption. The study uses longitudinal household-level data?from the Panel Study of Income … wealth are closely linked to household characteristics, including income and demographic factors. Finally, underlying … structural changes in household characteristics point to potentially lower aggregate MPCs from wealth going forward …