consumption and real GDP. In line with BNW, we find that confidence shocks explain a large share of the variance in real economic … contribution to business cycle fluctuations is reduced, confirming the global dimension of confidence shocks. Overall, our evidence … shows that confidence shocks play some role in business cycle fluctuations. At the same time, we show that confidence shocks …

future consumption and savings. . Although the motion of the consumer confidence index is of interest to both policymakers … consumption expenditure of Hungarian households. Our results suggest that, in addition to macro variables, the consumer confidence …