Dreger, Christian; Slacalek, Jiri - In: Vierteljahrshefte zur Wirtschaftsforschung 76 (2007) 4, pp. 77-84
private consumption depends on the evolution of financial and housing wealth, where the impact of the latter seems to have … risen over the last years. In the aggregate, a wealth increase of 1 euro is expected to trigger private consumption by about … 2 cents. However, the impact of wealth is lower in bank than in market based economies. In fact, housing prices do not …