In fifteen European countries, China, and the US, stocks and business equity as a share of total household assets are …-taking. The poor take low risk because they avoid jeopardizing their subsistence consumption. … labor-income risk can explain much of this risk-taking pattern. Uncontrollable labor-income risk stresses middle …

' aversion to consumption risks. An unexpected dividend increase generates a positive return and increases the asset's proportion … of consumption, raising the correlation between its future dividend growth and consumption growth. This is compensated by …

Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … changes in consumption. However, this might constitute a fallacy of composition. Such models ignore that changes in housing … the classic Ando-Modigliani consumption function augmented by housing wealth can be deduced. It is shown that the deeper …

, and total net worth) on consumption. The study uses longitudinal household-level data?from the Panel Study of Income … wealth are closely linked to household characteristics, including income and demographic factors. Finally, underlying … structural changes in household characteristics point to potentially lower aggregate MPCs from wealth going forward …

an innovative approach to identifying households likely in need of credit to investigate the effect on household spending …