Does inequality matter for the consumption-wealth channel? Empirical evidence
Luc Arrondel
- Fonction : Auteur
- PersonId : 181098
- IdHAL : luc-arrondel
- ORCID : 0000-0003-0189-0175
- IdRef : 031987877
Frédérique Savignac
- Fonction : Auteur
- PersonId : 836782
- ORCID : 0000-0001-9508-1875
- IdRef : 076927407
Résumé
This paper studies the heterogeneity of the marginal propensity to consume out of wealth based on French household surveys. This heterogeneity is driven by differences in both wealth composition and wealth levels. We find a 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 tends to be higher compared with the effect of housing assets, except at the top of the wealth distribution. The marginal propensity to consume out of housing wealth increases with debt pressure and depends on debt composition.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Does inequality matter for the consumption-wealth channel? Empirical evidence
|
Résumé |
en
This paper studies the heterogeneity of the marginal propensity to consume out of wealth based on French household surveys. This heterogeneity is driven by differences in both wealth composition and wealth levels. We find a 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 tends to be higher compared with the effect of housing assets, except at the top of the wealth distribution. The marginal propensity to consume out of housing wealth increases with debt pressure and depends on debt composition.
|
Auteur(s) |
Luc Arrondel
1, 2
, Pierre Lamarche
3
, Frédérique Savignac
4
1
PJSE -
Paris Jourdan Sciences Economiques
( 1171428 )
- 48 boulevard Jourdan 75014 Paris
- France
2
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
3
CREST -
Center for Research in Extreme Scale Technologies [Bloomington]
( 548110 )
- 420 N. Walnut St.
Bloomington, IN 47404
- États-Unis
4
Banque de france
( 134427 )
- France
|
Langue du document |
Anglais
|
Nom de la revue |
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Date de publication |
2019-01
|
Volume |
111
|
Page/Identifiant |
139-165
|
Domaine(s) |
|
Mots-clés |
en
Consumption, Marginal propensity to consume out of wealth, Policy distributive effects, Household survey
|
DOI | 10.1016/j.euroecorev.2018.09.002 |
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