Buffer-stock versions of the dynamic stochastic optimizing model of saving are now standard in the consumption … models, including the existence of a target level of wealth and the proposition that aggregate consumption growth equals …

We investigate the long run relationship between private consumption, disposable income and wealth approximated by … equity and house price indices for a panel of 15 industrialized countries. Consumption, income and wealth are cointegrated in … idiosyncratic level, a long run equilibrium is detected between consumption and income, i.e. the wealth variable can be excluded …

We explore the long and short run relationship between private consumption, disposable income and housing and financial … wealth approximated by price indices for a panel of industrialized countries. Consumption, income and wealth are cointegrated … explain aggregate consumption behaviour. The cointegrating vector is robust and in line with the life cycle permanent income …

In this paper, an econometric model of consumption in Bulgaria for the period 1997-2005 is constructed. The Error …-Correction Model (ECM) approach is employed and long-run relationship between household consumption and income was found. The primary … purpose of this empirical paper is to get a better understanding of the factors driving household consumption in Bulgaria and …

How much and over what horizon do households adjust their consumption in response to stock market wealth shocks? We …

Recent empirical and theoretical studies have suggested that consumption growth reacts asymmetrically to positive and … consumption using survey data and a panel of annual observations on 15 OECD countries we conclude that previous results can not …

In this paper, we estimate the behavior of private consumption in Cote d'Ivoire under the permanent income hypothesis … consists of real household consumption, real gross domestic product, and the real interest rate on deposits. The empirical … credits. In addition, private consumption can be increased through income or consumption tax reductions. …

Buffer-stock models of saving are now standard in the consumption literature. This paper builds theoretical foundations … proposition that aggregate consumption growth equals aggregate income growth in a small open economy populated by buffer stock …