Abizadeh, Sohrab; Ng, Dennis - In: Applied financial economics 19 (2009) 13/15, pp. 1187-1196
effects that stock wealth, among other variables, can have on the consumption patterns of Canada and the United States. We … employ quarterly data to test for the wealth effect hypothesis using the stock wealth variable. Our comprehensive theoretical … model is based on the life cycle consumption function and includes both human and nonhuman wealth. Based on the dynamic …