Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/154250
Authors: 
Arrondel, Luc
Lamarche, Pierre
Savignac, Frédérique
Year of Publication: 
2015
Series/Report no.: 
ECB Working Paper 1817
Abstract: 
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 tends to be higher compared with the effect of housing assets, except 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.
Subjects: 
Consumption
household survey
Marginal propensity to consume out of wealth
Policy distributive effects
JEL: 
D12
E21
C21
ISBN: 
978-92-899-1630-1
Document Type: 
Working Paper

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