Second, the micro-level data provide us with a wealth of distributional information, information that is not available from the macro aggregates and that is valuable to understand the reaction of different groups of households to shocks and the distribution of risks. Third, micro-level household data can give insights into new trends. Reaction functions of agents must be based on micro-data.
Let me first express in more detail what we can learn about the reaction functions of households from micro data. Household survey data link information on income, assets, debt  2  BIS Review 141/2010  and consumption at the household level. To understand consumption and saving behaviour of households, it is crucial to combine these various elements in the analysis.