This paper investigates the effects of wealth on consumer spending in the United States. A traditional life-cycle model … is estimated first. Although it does find a statistically significant wealth effect, its findings are unusable due to the … offered. First, wealth is divided into stock market and non-stock market components, second into liquid and illiquid …

changing the numeraire from units of consumption to units of the consumption process. In terms of the new units, the wealth …

discrete-time solutions are derived, illustrating the following ideas: (i) The price-dividend ratio (such as the wealth …

saving have remained positive, and household wealth is on the rise.> …

discrete-time solutions are derived, illustrating the following ideas: (i) The price-dividend ratio (such as the wealth …

consequences of a concern for relative wealth in models in which individuals are making labor/leisure decisions. The analysis shows … how individuals' decisions are affected by the aggregate income distribution and how the concern for relative wealth can … generate behavior that can be interpreted as conspicuous consumption when wealth is not directly observable. …

To explore the link between household consumption and wealth, we use a new source of harmonized microdata (Luxembourg … Wealth Study). We investigate whether there are differences in wealth effects from different types of wealth and across age … groups. We consider three countries: Canada, Italy and Finland. We find that the overall wealth effect from housing is …