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

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 …

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 …

Over much of the past 25 years, the cycles of house price and consumption growth have been closely synchronised. Three … thereby facilitating higher consumption. And third, that house prices and consumption have tended to be influenced by common … factors. This paper finds that the relationship between house prices and consumption is stronger for younger than older …

predictions at the time by some analysts relying on life-cycle models of consumption, consumer spending in real terms continued to … macroeconomic wealth effects on consumption confront two puzzles: (i) econometric evidence of a stable cointegrating relationship … among consumption, income, and wealth is weak at best; and (ii) life-cycle models that rely on aggregate measures of wealth …