. As an illustrative application of the estimator, we estimate a consumption function with nonstationary regional panel …

English Abstract: This research aims to analyze the effects of financial and real assets on household consumption … which has decreased consumption consequently leading to the failure of the wealth effect mechanism. In addition, because …

the procyclicality that was an exceptional characteristic of consumption behavior of Korean households after the 1997 … currency crisis. The existing studies on consumption behavior changes after the currency crisis are mostly based on the … assumption that the occurrence of the changes was homogeneous across all age groups. In this paper, however, consumption …

English Abstract: This paper analyzes the effects of wealth and household debt on household consumption expenditure … household consumption. However, the net effects of household debt may be smaller or even insignificant because household debt is … sum of martgage loan and non-martgage loans that have opposite effects on household consumption …