000147767 001__ 147767 000147767 005__ 20250103153614.0 000147767 0247_ $$2doi$$a10.1016/j.jmacro.2024.103661 000147767 0248_ $$2sideral$$a141315 000147767 037__ $$aART-2025-141315 000147767 041__ $$aeng 000147767 100__ $$0(orcid)0000-0003-1081-4107$$aBelloc, Ignacio$$uUniversidad de Zaragoza 000147767 245__ $$aConsumption responses to inheritances: The role of durable goods 000147767 260__ $$c2025 000147767 5060_ $$aAccess copy available to the general public$$fUnrestricted 000147767 5203_ $$aThis paper studies the impact of inheritances, a key component in household wealth accumulation, on consumption. Specifically, we investigate how inheritances influence household consumption growth, distinguishing durable and nondurable goods. In doing so, we use data from the Panel Study of Income Dynamics spanning 2005–2019. The results reveal a positive effect of inheritances on household consumption of durable goods. Such an effect occurs immediately after receiving the inheritance and its average magnitude is about 27 %. Estimates also reveal that large inheritances significantly impact the consumption growth of durables, but also of nondurables, while small inheritances show no effects. Consumption responses are stronger among liquidity and borrowing constrained households, aligning with life-cycle models of consumption behavior. Insights inform planners by highlighting varied effects of inheritances on household consumption, particularly emphasizing the nuanced impact of inheritance size. 000147767 536__ $$9info:eu-repo/grantAgreement/ES/DGA/S32-23R 000147767 540__ $$9info:eu-repo/semantics/openAccess$$aby$$uhttp://creativecommons.org/licenses/by/3.0/es/ 000147767 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion 000147767 700__ $$0(orcid)0000-0002-9437-4606$$aMolina, José Alberto$$uUniversidad de Zaragoza 000147767 700__ $$0(orcid)0000-0002-0553-6360$$aVelilla, Jorge$$uUniversidad de Zaragoza 000147767 7102_ $$14000$$2415$$aUniversidad de Zaragoza$$bDpto. Análisis Económico$$cÁrea Fund. Análisis Económico 000147767 773__ $$g83 (2025), 103661 [16 pp.]$$pJ. macroecon.$$tJOURNAL OF MACROECONOMICS$$x0164-0704 000147767 8564_ $$s849534$$uhttps://zaguan.unizar.es/record/147767/files/texto_completo.pdf$$yVersión publicada 000147767 8564_ $$s2078993$$uhttps://zaguan.unizar.es/record/147767/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada 000147767 909CO $$ooai:zaguan.unizar.es:147767$$particulos$$pdriver 000147767 951__ $$a2025-01-03-13:21:07 000147767 980__ $$aARTICLE