The present paper tests for the existence of multicointegration between real per capita private consumption expenditure … income and consumption expenditure on the one hand, and the stock of consumers' wealth, which can be considered as cumulative … multicointegrating relations and find supporting evidence for the existence of multicointegration in US consumption data. …

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. …

, smooth and stabilize consumption as well as minimize portfolio risk. In this context we also show how the correlation between …

in order to analyze the health-related risks of consumption and old age poverty. In particular, the model includes a …

This documentation describes the data preparation of the new consumption module in the German Socio-Economic Panel … time included a detailed consumption module in the household questionnaire. This documentation discusses several … between monthly and annual consumption information, missing values, and a high incidence of heaping. …

, retirement and consumption decisions of forward-looking individuals depend, inter alia, on life expectancy and the design of the …

, especially for the future path of private consumption. Although they receive high attention in the media, their forecasting power …

) and consumption poverty. Our results show that the two measures assign similar poverty status to about 52 percent of …, we find that household size matters in consumption poverty while we do not find significant effects on multidimensional … poverty. Amongst the shocks, drought shock is found to affect consumption poverty but not multidimensional poverty. This …

pooled cross sections of German consumption survey data. Different components of wealth are distinguished, as their impact on … the savings rate is not homogeneous. On average, the effect attributed to real estate dominates the other components of … wealth. In addition, the savings rate strongly responds to demographic trends. Besides the direct impact of the age structure …