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. …

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. …

This paper studies the long-run relationship between consumption, asset wealth and income in Germany, based on data … changes in income. Asset price changes are found to have virtually no effect on consumption — both in the short as well as in …

the period 1980q1-2011q4. That is, income is more often found to predict consumption and saving than the converse. Our … consumption and by exploring the direction of Granger causality between the two series. We also give evidence that house price … changes played a role in the US income and consumption dynamics, before, during and after the Great Recession. …

dynamic stochastic general equilibrium models, including a novel solution with endogenous labor supply, to obtain closed …

The equity premium puzzle holds that the coefficient of relative risk aversion estimated from the consumption based …

We sort currencies by countries’ consumption growth over the past four quarters. Currency portfolios of countries … experiencing consumption booms have higher Sharpe ratios than those of countries going through a consumption-based recession. A … carry strategy that goes short in countries that are in a consumption bust and goes long in countries with a consumption …

model outperforms significantly most structural and non-structural Macro-Finance yield curve models in terms of cross …