We study an Agent-based model of household-bank relationships where households borrow for the purpose of consumption …. Desired consumption is driven by households disposable income as well as a social norm of consumption. If households care … constraints can reduce macroeconomic volatility. Since by assumption high-income and low-income households react equally sensitive …

harmonized data set collecting detailed information on wealth holdings, consumption and income at the household level. Since the … constraints in 15 Euro Area countries. The empirical analysis is based on the Household Finance and Consumption Survey, a new … than households living in Continental Europe. Household characteristics and institutional macroeconomic variables are …