in consumption in five key sectors: tourism, hospitality, services, retail, and public transports. We identify a large … confidence shock in the Southern European countries and a shift in consumer preferences in the Northern Eu-ropean countries …-term sectoral consumption shifts may occur. …

in consumption in five key sectors: tourism, hospitality, services, retail, and public transports. We identify a large … confidence shock in the Southern European countries and a shift in consumer preferences in the Northern European countries …-term sectoral consumption shifts may occur. …

. Fifth, we find evidences that housing prices shock decreases consumption inequality while financial wealth shocks have a … countries. We estimate the MPC based on a cross-country harmonized household level dataset which combines surveys on wealth …, income and consumption. We use panel regressions and an instrumental variable approach. First, our panel-based MPC estimates …