area M3. We nd that the elasticities in the money demand and the real wealth relations identi ed previously in Beyer (2009 …-to-real transformation is not rejected for the money relation whereas the wealth relation cannot be expressed in real terms. …

crisis and the ECB's non-standard monetary policy measures, we find that the money demand and the real wealth relations … wealth relation cannot be expressed in real terms. …

area M3. We find that the elasticities in the money demand and the real wealth relations identified previously in Beyer …-to-real transformation is not rejected for the money relation whereas the wealth relation cannot be expressed in real terms …

effect of wealth shocks on household consumption and individual expectations of the future. Many household experienced a … significant wealth shocks, but these shocks led to modest spending effects and small revisions to expectations regarding future … bequests. Expectations of bequests seem particularly tied to housing wealth. …

low afterward. This paper proposes a model to explain this slowdown in output growth. We incorporate wealth preferences …

We estimate marginal propensities to consume from wealth shocks for Italian households. Large asset price shocks in … 2008 underpin an IV estimator. A euro fall in financial or risky financial wealth resulted in cuts in annual total (non … changes in housing wealth are 0.2 to 0.4 cents/euro. Counterfactuals indicate financial wealth effects were important …