time-variation in expected future returns using data for the U.S. and the U.K.. I show that the wealth composition risk by …

wealth, and labour income for stock returns and government bond yields in the euro area, the UK and the US . I find that when …. As for bond returns, when government bonds are seen as a component of asset wealth, then investors react in the same …

This paper investigates the effects of stock market wealth on consumer spending. Traditional macroeconometric models … estimate that a dollar's increase in stock market wealth boosts consumer spending by 3-7 cents per year. With the substantial … 1990s rise in stock prices, the nature and magnitude of this "wealth effect" have been much debated. After describing the …

determinant of private consumption is analyzed, namely, by the consideration of wealth effects. It is also analyzed the potential … wealth effects associated to direct property are about 3.5 times superior to those associated to indirect property. Short … in income and in wealth and that the adjustment to long-run component is very slow, which constitutes an indicator that …

consumption, financial wealth, housing wealth and labor income (summarized by the variable cday) should predict better U ….K. quarterly stock market returns than a variable like cay from Lettau and Ludvigson (2001), which considers aggregate wealth … of asset wealth; and (ii) the faster rate of convergence of the coefficients to the long-run equilibrium parameters …

utility to differ between households with and without offspring. Our estimates imply a very strong utility of residual wealth …-quarters of aggregate wealth at age 85. More surprisingly, we estimate similar utility of residual wealth for households with and … without offspring. We interpret this as, prima facie, evidence that the utility of residual wealth represents forces beyond an …

mortgage markets. The paper focuses specifically on: the transmission channel from housing wealth to consumption and on the …. Estimates of the marginal propensity to consume out of housing wealth are presented for ten OECD countries, where it is found …

determinant of private consumption is analyzed, namely, by the consideration of wealth effects. It is also analyzed the potential … wealth effects associated to direct property are about 3.5 times superior to those associated to indirect property. Short … in income and in wealth and that the adjustment to long-run component is very slow, which constitutes an indicator that …

trend relationship among consumption, aggregate wealth, and labour income, cay, and three major sources of risk: future …