process using two data sets: the Panel Study of Income Dynamics and a large, synthetic, data set that matches the dynamics of … the data and better fits the savings of the households at the bottom 60% of the wealth distribution …

household sector income and wealth holdings in Hong Kong. The paper reports the results of empirical tests between alternative … consumption, labour income and wealth in Hong Kong with plausible long run estimates of the implied marginal propensity to consume … out of income and wealth. In particular, the marginal propensity to consume out of housing wealth is estimated to be lower …