De Bonis, Riccardo; Liberati, Danilo; Muellbauer, John; … - 2020
This paper estimates a consumption function for Italy. In addition to permanent income, housing wealth, the interest … illiquid assets. The consumption dynamics are examined by using financial accounts and real national accounts in a Vector Error … significant impact on consumption. As expected, permanent income accounts for a large fraction of consumption, while the effect of …