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United States, reflecting the importance of equities in aggregate household wealth in these countries. A significant wealth … effect is also evident in Japan, but because household wealth has changed little on balance in Japan in recent years, this … remain a less important form of household wealth in most of these countries, and the consumption response to changes in …
Persistent link: https://www.econbiz.de/10014118079
Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in which housing price changes work as a "wealth effect". In such models, windfall gains in housing always lead to positive changes in consumption. However, this might constitute...
Persistent link: https://www.econbiz.de/10010337472
Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in which housing price changes work as a "wealth effect". In such models, windfall gains in housing always lead to positive changes in consumption. However, this might be a...
Persistent link: https://www.econbiz.de/10009772970
Persistent link: https://www.econbiz.de/10001626552
Persistent link: https://www.econbiz.de/10001627293
Persistent link: https://www.econbiz.de/10001628209
We investigate the long run relationship between private consumption, disposable income and wealth approximated by equity and house price indices for a panel of 15 industrialized countries. Consumption, income and wealth are cointegrated in their common components. The impact of house prices...
Persistent link: https://www.econbiz.de/10008779665
Persistent link: https://www.econbiz.de/10012470110
household consumption …
Persistent link: https://www.econbiz.de/10014123413
household consumption …
Persistent link: https://www.econbiz.de/10013220388