utility to differ between households with and without offspring. Our estimates imply a very strong utility of residual wealth …-quarters of aggregate wealth at age 85. More surprisingly, we estimate similar utility of residual wealth for households with and … without offspring. We interpret this as, prima facie, evidence that the utility of residual wealth represents forces beyond an …

. Finally, substantial crosscountry heterogeneity in marginal propensities to consume out of income and wealth components calls …

deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for …

consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for … wealth held in the form of housing (i.e., when stock and housing assets are substitutes), then they will temporarily reduce …

asymmetry are usually considered as mutually exclusive. Using a single data set for US personal consumption, income and wealth … wealth declines can have considerable negative consumption effects in the short run, households have apparently been able, in … the longer run, to substantially increase consumption expenditure following income and wealth increases, but to keep the …

asymmetry are usually considered as mutually exclusive. Using a single data set for US personal consumption, income and wealth …

This paper examines the impact of changes in household wealth on homeowners' consumption behavior using recent panel … household wealth to be roughly 1.0% for housing and 1.8% for financial wealth. Furthermore, we also find that homeowners …' consumption responses are asymmetric; that is, the housing and financial wealth effects are substantially larger for households …

This paper investigates trends in Italian households' saving and wealth in the last twenty years, with a special … Survey on Household Income and Wealth (1991-2010. The crisis has intensified the trends already under way, as confirmed by … people and tenants. Overall inequality in wealth distribution has increased. Poverty indicators based on income and wealth …

elasticity of risk aversion to changes in wealth. We find that wealthier investors are more risk averse in the cross section, and … that investors become more risk averse after a negative housing wealth shock. Thus, investors exhibit preferences …

In this paper, we analyze the wealth accumulation and saving behavior of the retired elderly in Italy using micro data … from the “Survey of Italian Households' Income and Wealth,” a panel survey of households conducted every two years by the … Bank of Italy. We find that, on average, the retired elderly in Italy are decumulating their wealth (dissaving) but that …