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Heterogeneous wealth effects
European Economic Review ( IF 2.445 ) Pub Date : 2021-06-20 , DOI: 10.1016/j.euroecorev.2021.103805
Dimitris Christelis , Dimitris Georgarakos , Tullio Jappelli , Luigi Pistaferri , Maarten van Rooij

We measure wealth effects on consumption using a novel research design: responses to direct survey questions asking how much a household would change consumption in response to unexpected (positive and negative) shocks to own home value. The average wealth effect is in the 2-5% range, in line with econometric estimates that associate changes in housing wealth with consumption realizations. However, our analysis uncovers significant heterogeneity. Extensive margin responses are limited: more than 90% of the sample reports no consumption adjustment to wealth shocks. On the other hand, conditioning on adjusting, intensive margin responses are substantial. Finally, the consumption response to positive wealth shocks is greater than the response to negative shocks, as suggested by the collateral channel mechanism of transmission between wealth shocks and consumption.



中文翻译:

异质财富效应

我们使用一种新颖的研究设计来衡量财富对消费的影响:回答直接调查问题,询问家庭会在多大程度上改变消费以应对意外的(正面和负面)对自有房屋价值的冲击。平均财富效应在 2-5% 的范围内,这与将住房财富的变化与消费实现联系起来的计量经济学估计一致。然而,我们的分析揭示了显着的异质性。广泛的边际反应是有限的:超过 90% 的样本报告没有对财富冲击进行消费调整。另一方面,在调整条件下,密集的保证金反应是实质性的。最后,消费对积极财富冲击的反应大于对消极冲击的反应,

更新日期:2021-07-02
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