This paper estimates the wealth effects on consumption in the euro area as a whole. I show that: (i) financial wealth …; (iii) consumption growth exhibits strong persistence and responds sluggishly to shocks; and (iv) the immediate response of … consumption to wealth is substantially different from the long-run wealth effects. By disaggregating financial wealth into its …

on consumption. Using modern panel data econometric techniques and quarterly data for the period 1990/1-2008/2, we show … countries; (iii) housing wealth effects have increased for Asian countries in recent years; and (iv) consumption reacts stronger …

consumption, financial wealth, housing wealth and labor income (summarized by the variable cday) should help to predict U … transitory, while changes in housing wealth are better understood as permanent; (iii) the relationship among consumption, (dis …)aggregate wealth and labor income was relatively stable over time; (iv) consumption doesn´t react asymmetrically to positive and …

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 …

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. …