25The adjusted 
s from the first-stage regressions on income growth are comparable with the 
s from the
first-stage regressions on consumption growth. The 
s are much higher for the wealth–to–income ratio, about 0.8.
25The adjusted s from the first-stage regressions on income growth are comparable with the s from the
first-stage regressions on consumption growth. The s are much higher for the wealth–to–income ratio, about 0.8.