consumption, construction and the banking system. This paper examines links for Germany between household portfolios, income and … consumption in a six-equation system, for 1980-2012 data, for consumption, house prices, consumer credit, housing loans, liquid … find evidence of well specified consumption and house price functions and that Germany differs greatly from the Anglo …

Based on the households' utility maximisation, a closed form approximation of the consumption function is derived and … the deep parameters of the consumption function are estimated using aggregate euro area data. The novel element in our … lot of information on future income changes, but that also lagged consumption, through habit formation, plays an important …

stock' model of optimal consumption in the presence of labor income uncertainty and credit constraints. Saving in the model … is affected by the gap between `target' and actual wealth, with the target wealth determined by credit conditions and … saving rate's long-term decline, while fluctuations in net wealth and uncertainty capture the bulk of the business …

, we find a comparatively stronger housing wealth effect on consumption in Ireland and Spain. We provide new evidence in …

countries; (iii) housing wealth effects have increased for Asian coutries in recent years; and (iv) consumption reacts stronger …We build a panel of 14 emerging economies to estimate the magnitude of housing, stock market, and money wealth effects … on consumption. Using modern panel data econometric techniques and quarterly data for the period 1990:1-2008:2, we show …

This paper estimates the wealth effects on consumption in the euro area as a whole. I show that: (i) financial wealth … consumption to wealth is substantially different from the longrun wealth effects. By disaggregating financial wealth into its … effects are relatively large and statistically significant; (ii) housing wealth effects are virtually nil and not significant …

framework for analysing the household flow of funds jointly with consumption. The consumption function incorporates household … interest rates. In a general equilibrium setting, these all have to be endogenised and since households make consumption and …