Abstract This paper analyzes the relationship between stock prices, house prices and consumption using data for 16 OECD … countries. The panel data analysis suggests that the long-run responsiveness of consumption to permanent changes in stock prices …. Splitting the sample into the 1980s and 1990s further shows an increased sensitivity in the 1990's of consumption to permanent …

This paper examines the responses of private consumption, residential investment, and business investment in 11 EU … structure. We are thus able to document the importance of a wealth/balance sheet channel for private consumption and residential …

). We pose a new ingredient that greatly magnifies the recession: a reduction in consumption expenditures reduces measured …

This paper quantifies the different impact of stock and house prices on consumption using data for 16 OECD countries … countries with a market-based financial system. The sensitivity of consumption to changes in stock wealth is about twice as … responsiveness of consumption to changes in stock prices and house prices …

changes in income distribution and in private wealth on consumption and investment covering a period from as early as 1855 … effects are found to be positive and significant for consumption in the USA and UK, but weaker in France and Germany …

This paper provides new evidence on the housing wealth effect on consumption using household panel data. A key … withdrawing housing equity. The results show that for every 1 percent increase in housing wealth, household consumption increases …

– on private consumption for a panel of sixteen emerging economies in Asia and Central and Eastern Europe. Using recent … consumption positively in the long-run, with the elasticity of housing wealth being greater than that of stock market wealth. When …

consumption function and the demand for money, not to mention monetary history, which helped to undermine the post World War 2 …