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the value of their housing stock. The purpose of this paper is to quantify the role of collateralized household debt in …
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How sizable is the wealth effect on consumption in euro area countries? To address this question, we use newly available harmonized euro area wealth data and the methodology in Carroll et al. (2011b). We find that the marginal propensity to consume out of total wealth averaged across the largest...
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household balance sheet components for four wealth percentile groups. The results show that a positive housing shock translates … that the identified housing shock has high explanatory power for key economic indicators, housing indices and household …
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We examine the household consumption response to fluctuations in income and uncertainty, exploiting a large panel …, both household-specific income uncertainty and local labor market uncertainty depress consumption spending. We also find …
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