01906cas a2200241 a 4500 AALejournalIMF019353 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498316477 1018-5941 BD-DhAAL BD-DhAAL Caceres, Carlos. Analyzing the Effects of Financial and Housing Wealth on Consumption using Micro Data / Carlos Caceres. Washington, D.C. : International Monetary Fund, 2019. 1 online resource (32 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper analyzes the existence of 'wealth effects' derived from net equity (in the form of housing, financial assets, and total net worth) on consumption. The study uses longitudinal household-level data?from the Panel Study of Income Dynamics (PSID) ?covering about 7,000-9,000 households in the U.S., with the estimations carried over the period 1999-2017. Overall, wealth effects are found to be relatively large and significant for housing wealth, but less so for other types of wealth, including stocks. Furthermore, the analysis shows how these estimated marginal propensities to consume (MPC) from wealth are closely linked to household characteristics, including income and demographic factors. Finally, underlying structural changes in household characteristics point to potentially lower aggregate MPCs from wealth going forward. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2019/115 Full text available on IMF http://elibrary.imf.org/view/journals/001/2019/115/001.2019.issue-115-en.xml IMF e-Library