This paper estimates the wealth effects on consumption in the euro area as a whole. Ishow that: (i) financial wealth effects are relatively large and statistically significant;(ii) housing wealth effects are virtually nil and not significant; (iii) consumptiongrowth exhibits strong persistence...

Stock returns in emerging markets are to some extent predictable onthe basis of proper instrument variables. We show that local informationis more important than global information to capture emergingstock market returns. This is an indication for at least partial segmentationof emerging stock...

Does it make us unhappier when we compare our consumptionwith that of the Joneses or our own past achievements? This paper tries ananswer by bringing together two disparate literatures: the macro (growth)theory on habit formation and the applied literature related to the Easterlinparadox. Using...

The paper contributes to the literature on the relation between structural changes indemand and supply and growth. We develop a macro{economic model with agent{basedmicro{foundations that articulates the links between production and organisational structureson the supply side, and the endogenous...

This paper explores the statistical properties of household consumption-expenditure budgetshares distributions (HBSDs) —defined as the share of household total expenditurespent for purchasing a specific category of commodities— for a large sample of Italianhouseholds in the period 1989-2004....

In many countries, TV viewers have access to more and more TVchannels. We study whether people can cope with this and watch the amount of TVthey find optimal for themselves or whether they are prone to over-consumption. Wefind that heavy TV viewers do not benefit, but instead report lower life...

Process modelling has proved to be a powerful instrument to describeand manage the increasingly complex processes within and across enterprises. Yet,it requires a significant amount of manual work to create, adapt and maintainprocess models. This workload could be reduced if the process models...

In this paper, we analyze the consequences of mass and energy conservation and the second law of thermodynamics foreconomic activity. In contrast to former studies, we deduce our results formally from a general model of production andconsumption. We show that in a static setting for economies...

Significant attention is paid by policymakers in the UnitedKingdom to the relationship between house prices, thebusiness cycle, and inflation, on account of the pronouncedprocyclical pattern of house prices. Are house prices asymptom of macroeconomic conditions? Or are thereimportant feedback...

The second half of the 1990s has seen substantialchanges in the wealth of Americanhouseholds, primarily owing to movements inthe stock market. From mid-1994 to mid-1997, the aggregate value of household sector equityholdings (including those owned by nonprofits, mutualfunds, and pensions and...