Arbeitspapier
Wealth effects on consumption: evidence from the euro area
This paper estimates the wealth effects on consumption in the euro area as a whole. I show that: (i) financial wealth effects are relatively large and statistically significant; (ii) housing wealth effects are virtually nil and not significant; (iii) consumption growth exhibits strong persistence and responds sluggishly to shocks; and (iv) the immediate response of consumption to wealth is substantially different from the longrun wealth effects. By disaggregating financial wealth into its major components, the estimates suggest that wealth effects are particularly large for currency and deposits, and shares and mutual funds. In addition, consumption seems to be very responsive to financial liabilities and mortgage loans.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 1050
- Klassifikation
-
Wirtschaft
Macroeconomics: Consumption; Saving; Wealth
Financial Markets and the Macroeconomy
Consumer Economics: Empirical Analysis
- Thema
-
Consumption
financial wealth
housing wealth
Vermögenseffekt
Immobilienpreis
Börsenkurs
Konsumentenverhalten
Eurozone
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Sousa, Ricardo M.
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2009
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Sousa, Ricardo M.
- European Central Bank (ECB)
Entstanden
- 2009
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