We study the cyclical dynamics of consumption in the euro area (EA) and the large EA countries by distinguishing … cross-country heterogeneity in how different factors (including durable-specific ones) explain consumption; (iii) the … strength of spillovers from durable to nondurable consumption, as predicted by theory, is empirically correlated with how much …

changes the inference of SVARs originally identified via traditional sign restrictions. Our approach combines the appeal of …

This paper investigates the impact of financial liberalization on the relationship between consumption and total wealth … where financial liberalization, by signalling a future reduction in the incomplete markets component of consumption growth …, increases the current consumption-wealth ratio. From the model, an aggregate long-run relationship is derived between …

The ratio of consumption to total household wealth (i.e., tangible assets plus unobserved human wealth) is commonly … relationship between consumption, assets and earnings (i.e., the variable "cay"). The evidence in favor of a stable cointegrating … unobserved component model applied to US data over the period 1951Q4-2016Q4. The regression of consumption on assets and earnings …