on consumption. Using modern panel data econometric techniques and quarterly data for the period 1990:1-2008:2, we show … countries; (iii) housing wealth effects have increased for Asian coutries in recent years; and (iv) consumption reacts stronger …

This paper estimates the wealth effects on consumption in the euro area as a whole. I show that: (i) financial wealth …; (iii) consumption growth exhibits strong persistence and responds sluggishly to shocks; and (iv) the immediate response of … consumption to wealth is substantially different from the longrun wealth effects. By disaggregating financial wealth into its …

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. …

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. …

We build a panel of 14 emerging economies to estimate the magnitude of wealth effects on consumption. Using modern …