its common trend with aggregate wealth and labour income, cay, and the housing risk premium. The evidence based on data …

In this paper we present new estimates of the effect of households' financial and real wealth on consumption. The … previous literature on European countries, we measure financial wealth using quarterly harmonized data on households' financial … indices as a proxy for financial wealth. We rely on 1) standard static panel and 2) single-country level autoregressive …

that temporary fluctuations of the U.S. consumption-wealth ratio predict excess returns on international stock markets …