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Wealth shocks and macroeconomic dynamics
Cooper, Daniel; Dynan, Karen E. - 2013 - This version: June 14, 2013
The effect of wealth on consumption is an issue of longstanding interest to economists. Analysts believe that fluctuations in household wealth have driven major swings in economic activity. This paper considers so-called wealth effects - the impact of changes in wealth on household consumption...
Persistent link: https://www.econbiz.de/10009760038
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Are the Japanese unique? : evidence from household saving and bequest behavior
Horioka, Charles - 2016
In this paper, we attempt to shed light on whether Japanese households are rational or if their behavior is influenced …
Persistent link: https://www.econbiz.de/10011478422
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Symbolic Behavior : Consumption and Socialization
Celso de Miranda, Ana Paula; Coutinho Pepece, Olga Maria; … - 2004
Objects of consumption and their meanings diverge amongst societies according to the social context. Thus, the meanings expressed by consumers reflect their cultural point of view. The consumption behavior can be explained by the need of expressing these meanings, by the ownership of products...
Persistent link: https://www.econbiz.de/10014035193
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Consumption, wealth, frugality, and long-run growth
Yang, Zaifu; Zhang, Rong - 2021 - This version: 16 September 2021
Persistent link: https://www.econbiz.de/10012817890
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Why do Europeans save? : micro-evidence from the household finance and consumption survey
Horioka, Charles; Ventura, Luigi - 2024
In this paper, we analyze the saving motives of European households using micro-data from the Household Finance and … most important saving motive of European households when the proportion of households saving for each motive is used as the … criterion to rank them but that the retirement motive is the most important saving motive of European households if the …
Persistent link: https://www.econbiz.de/10015047840
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Are stock and housing returns complements or substitutes? : evidence from OECD countries
Caporale, Guglielmo Maria; Souza, Ricardo M. - 2011
In this paper we use a representative consumer model to analyse the equilibrium relation between the transitory deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for both stock returns and housing returns. The evidence...
Persistent link: https://www.econbiz.de/10009579643
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How large are housing and financial wealth effects? : a new approach
Carroll, Chris; Otsuka, Misuzu; Slacalek, Jirka - 2010
This paper presents a simple new method for measuring `wealth effects' on aggregate consumption. The method exploits the stickiness of consumption growth (sometimes interpreted as reflecting consumption `habits') to distinguish between immediate and eventual wealth effects. In U.S. data, we...
Persistent link: https://www.econbiz.de/10008771774
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How Large are Housing and Financial Wealth Effects? A New Approach
Carroll, Christopher D. - 2015
This paper presents a simple new method for measuring 'wealth effects' on aggregate consumption. The method exploits the stickiness of consumption growth (sometimes interpreted as reflecting consumption 'habits') to distinguish between immediate and eventual wealth effects. In U.S. data, we...
Persistent link: https://www.econbiz.de/10013038374
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Instability of Wealth Effect on Consumption and Investment Under Regime Switches
Kimura, Toshio - 2018
The instability of wealth effect on consumption over the business cycles is widely recognized in recent empirical studies. We develop a consumption and investment problem for an investor with direct preference for wealth where the drift and volatility of asset return switches between two...
Persistent link: https://www.econbiz.de/10012929224
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Are stock and housing returns complements or substitutes? : evidence from OECD countries
Caporale, Guglielmo Maria; Sousa, Ricardo M. - 2011
In this paper we use a representative consumer model to analyse the equilibrium relation between the transitory deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for both stock returns and housing returns. The evidence...
Persistent link: https://www.econbiz.de/10009355137