147767 20250103153614.0 doi 10.1016/j.jmacro.2024.103661 sideral 141315 ART-2025-141315 eng Belloc, Ignacio Universidad de Zaragoza (orcid)0000-0003-1081-4107 Consumption responses to inheritances: The role of durable goods 2025 This 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. Access copy available to the general public Unrestricted info:eu-repo/grantAgreement/ES/DGA/S32-23R info:eu-repo/semantics/openAccess by http://creativecommons.org/licenses/by/3.0/es/ info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Molina, José Alberto Universidad de Zaragoza (orcid)0000-0002-9437-4606 Velilla, Jorge Universidad de Zaragoza (orcid)0000-0002-0553-6360 4000 415 Universidad de Zaragoza Dpto. Análisis Económico Área Fund. Análisis Económico 83 (2025), 103661 [16 pp.] J. macroecon. JOURNAL OF MACROECONOMICS 0164-0704 849534 http://zaguan.unizar.es/record/147767/files/texto_completo.pdf Versión publicada 2078993 http://zaguan.unizar.es/record/147767/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:147767 articulos driver 2025-01-03-13:21:07 ARTICLE