This paper considers the implications of consumption and borrowing externalities in a small open economy framework. The … former reflect the assumption that status conscious agents care about the relative consumption of imported goods, while the …

separate role. On UK aggregate consumption evidence, section 2 of the paper shows this is strongly contradicted by the data … measuring income expectations. However, an Ando-Modigliani consumption function generalised to include a role for liquidity …

relates it to consumption at both the aggregate and cohort levels. The Household ExternalFinance (HEF) index is based on the … more for the consumption of young cohortsin UK data. Results are robust to a wide variety of specifications.[...] …

model with a reference level based on past consumption are not likely to correspond to the observed data. In opposition, a … loss aversion model with a reference level based on expected consumption and, to some extend, the internal habit model …

transitory shocks? The implications for consumption and welfaredepend crucially on the answer to this question. We use CEX …

This paper adds to the literature on wealth effects on consumption by disentangling financial wealth effects from … of all wealth variables on euro area consumption is significant and positive in most specifications for both datasets ….6 cents per euro of financial wealth spent on consumption according to the estimations with euro area aggregate data. However …

This paper estimates the wealth effects on consumption in the euro area as a whole. Ishow that: (i) financial wealth … consumption to wealth is substantially different from the longrunwealth effects. By disaggregating... …

hard to obtain; therefore only net imports of biofuels (consumption minus national production) were calculated which can …