Schmid, Frank - In: Swiss Journal of Economics and Statistics (SJES) 149 (2013) I, pp. 87-110
This paper studies the role of wealth fluctuations for aggregate consumption in Switzerland. In the long-run, wealth is … found to have a significant effect on consumption. In the short-run, by contrast, the effects are less clear as consumption … 3 years. If these equilibrium deviations are due to rapid wealth growth, Swiss consumers expand their consumption …