post-war dynamics of aggregate consumer spending, labor earnings, and household wealth. The first shock accounts for … the last 25 years, the cumulative effect of this shock has persistently boosted stock market wealth and persistently … that the 2000-02 asset market crash was the result of a negative transitory wealth shock, which predominantly affected …

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 …