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. …

uncertainty on households' consumption-savings decision. Applying a structural demand model to German survey data, we estimate the … significant effects of precautionary savings on the consumption-savings decision. As a result of a doubling of transitory income …

We use a life-cycle model of consumption and portfolio choice to study the effects of social security on the investment …

We use a life-cycle model of consumption and portfolio choice to study the effects of social security on the investment …

We use a life cycle model of consumption and portfolio choice to study the effects of social security on the investment …

household consumption. Using a pseudo panel that has been constructed on rich German consumption survey data, we estimate the … consumption responses to permanent and transitory income shocks, as well as the presence of excess sensitivity to anticipated … anticipated income changes for households in the constrained regime if total consumption, durable as well as non-durable, is …