In this paper we present new estimates of the effect of households� financial and real wealth on consumption. The … wealth have a positive effect on consumption. Overall, the influence of net financial assets is stronger than that of real …

of the processes generating income, social security wealth, retirement and consumption behaviour of households, and …

in housing values affect consumption. We find that consumer expenditures do react to capital gains, with a marginal … consumers: while homeowners increase consumption when house prices increase, with a marginal propensity of about 0.035, the …

prices � on private consumption for a panel of sixteen emerging economies in Asia and Central and Eastern Europe. Using … household consumption positively in the long-run, with the elasticity of housing wealth being greater than that of stock market …

stock market in particular, might rationalize the empirical inconsistency of the Consumption-based Capital Asset Pricing … Model (C-CAPM). The rational behind this stand is that if non-shareholders� consumption growth co-varies with share … returns less than shareholders�, including their expenditure in the consumption measure used to test the model will be …

aversion of 3 or less, for the stock market I estimate an average lower bound of between 0.7 and 3.3 percent of consumption …