The effect of wealth on consumption is an issue of longstanding interest to economists. Analysts believe that … fluctuations in household wealth have driven major swings in economic activity. This paper considers so-called wealth effects - the … impact of changes in wealth on household consumption and the overall macroeconomy. There is an extensive existing literature …

This paper examines how families adjust their private old-age savings in response to a change in individual pension … wealth. The regression discontinuity approach exploits two expansions of the child care pension benefit, in 1992 and in 1999 …): 1998, 2003 and 2008. All results indicate that families do not adjust their private old-age savings in response to the …