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, the wealth elasticity of the marginal utility of wealth, are key concepts. Three cases with additive preferences are …
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How much and over what horizon do households adjust their consumption in response to stock market wealth shocks? We …
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income model. The generalized method of moments (GMM) used in estimation overcomes various econometric difficulties involved …. The results of the estimation reveal that in all countries a significant fraction of consumers do not behave in accordance …
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wealth. Accounting for the heterogeneity in types of income changes is therefore important to understanding the multiplier …
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