sustain over the long run giventhe relatively finite total volume of savings, should not lead to theunderestimation of …

expected returns, not explained by the consumption-wealth ratio. Moreover, this paper shows that the (C)CAPM with habit …Based on CAMPBELL and COCHRANE [1999] Consumption-Based Asset Pricing Model (C)CAPM with habit formation, this paper … surplus consumption ratio is a strong predictor of excess returns at long-horizons and that it captures a component of …

This paper analyzes the wealth effect on consumption in France by relying on two original household surveys. First, it … on household self-assessed changes in future consumption (survey PATER). Besides the direct wealth effect, our results … provides the first estimate of the marginal propensity to consume out of wealth based on micro data for France (Enquête …

This paper studies the relationship between consumption and wealth based on the concept of cointegration. The analysis … Propensity to Consume out of wealth (MPC) and in terms of Elasticity of consumption to wealth. Three concepts of consumption are … increase (decrease) in total wealth of one euro would lead to an increase (decrease) of 1 cent in total consumption. In terms …