Arrondel, Luc
[VerfasserIn]
;
Lamarche, Pierre
[Sonstige Person, Familie und Körperschaft];
Savignac, Frederique
[Sonstige Person, Familie und Körperschaft]
Wealth Effects on Consumption Across the Wealth Distribution
: Empirical Evidence
Erschienen in:Banque de France Working Paper ; No. 552
Umfang:
1 Online-Ressource (56 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.2607504
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 2015 erstellt
Beschreibung:
This paper studies the heterogeneity of the marginal propensity to consume out of wealth using French household surveys. We find decreasing marginal propensity to consume out of wealth across the wealth distribution for all net wealth components. The marginal propensity to consume out of financial assets tend to be higher compared with the effect of housing assets, excepted in the top of the wealth distribution. Consumption is less sensitive to the value of the main residence than to other housing assets. We also investigate the heterogeneity arising from indebtedness and from the role of housing assets as collateral