deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for … future stock returns to be higher, they will temporarily allow consumption to rise. Regarding housing returns, if housing … substitutes consumption will be temporarily reduced. …

consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for … temporarily allow consumption to rise. Regarding housing returns, if housing assets are complementary to stocks, then investors … their consumption. …

In this paper, I assess the forecasting power of the residuals of the trend relationship among consumption, aggregate … stock returns are expected to be higher in the future, forward-looking investors will temporarily allow consumption to rise … of public finances, then they will let consumption fall temporarily below its equilibrium level. …

of the long-run aggregate consumption function. The dating of the regimes appears to bear relation to movements in asset … consumption, income and wealth in explaining the estimated long-run coefficients. …

the dynamics of real economic activity, namely, of private consumption. In this work, the role of stock market as a … determinant of private consumption is analyzed, namely, by the consideration of wealth effects. It is also analyzed the potential …-run dynamics is analyzed with the estimation of a single equation, suggesting that consumption contemporaneously answers to changes …

This paper argues that nonlinear adjustment may provide a better explanation of °uctuations in the consumption … markets. In fact, estimation of the system suggests that short-term deviations in the consumption-wealth ratio will forecast … either asset returns or consumption growth: the ¯rst when changes in wealth are transitory; the second when changes in wealth …

trend relationship among consumption, aggregate wealth, and labour income, cay, and three major sources of risk: future … changes in the housing consumption share, cr, future labour income growth, lr, and future consumption growth, lrc. Using a VAR …