期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：Using new micro data on household wealth from fteen European countries, the HouseholdFinance and Consumption Survey, we rst document the substantial cross-country variationin how various measures of wealth are distributed across individual households. Through thelens of a standard, realistically calibrated model of buer-stock saving with transitory andpermanent income shocks we then study how cross-country dierences in the wealth distributionand household income dynamics aect the marginal propensity to consume out of transitoryshocks (MPC). We nd that the aggregate consumption response ranges between 0.1 and0.4 and is stronger (i) in economies with large wealth inequality, where a larger proportionof households has little wealth, (ii) under larger transitory income shocks and (iii) when weconsider households only using liquid assets (rather than net wealth) to smooth consumption.
