output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts … investment, as the proximate cause for this fact, the source of the consumption difference remains a puzzle. … several potential explanations for it. While the evidence seems to point at differences in consumption responses, rather than …

stagnation of investment, especially private fixed investment, was the primary culprit. I then investigate the causes of the … stagnation of household consumption during the 1990s and find that the stagnation of household disposable income, the decline in …

This paper studies the long-run relationship between consumption, asset wealth and income - the consumption … predict changes in income - the consumption wealth ratio predicts business cycles, not stock market cycles. Asset price … changes are found to have virtually no effect on German consumption, both in the short as well as in the long-run. Conversely …

This paper studies the long-run relationship between consumption, asset wealth and income in Germany, based on data … changes in income. Asset price changes are found to have virtually no effect on consumption – both in the short as well as in …

This paper studies the long-run relationship between consumption, asset wealth and income – the consumption … predict changes in income – the consumption wealth ratio predicts business cycles, not stock market cycles. Asset price … changes are found to have virtually no effect on German consumption, both in the short as well as in the long-run. Conversely …

This paper studies the long-run relationship between consumption, asset wealth and income in Germany, based on data … changes in income. Asset price changes are found to have virtually no effect on consumption — both in the short as well as in …

.6 percentage points in Switzerland. The response of non-housing consumption in Switzerland is less heterogeneous across renters and …