Jawadi, Fredj; Sousa, Ricardo M. - Núcleo de Investigação em Políticas Económicas … - 2012
This paper assesses the importance of nonlinearity in estimating the wealth effects on consumption for the US, the UK and the Euro area. We look at the impact of both (i) aggregate wealth and (ii) disaggregate wealth, namely, by comparing financial wealth effects with housing wealth effects. We...