English, Article, Journal or magazine article edition: Wealth Effects on Consumption: Evidence from the euro area. Ricardo M. Sousa

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Bookmark: http://trove.nla.gov.au/version/211477
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Wealth Effects on Consumption: Evidence from the euro area.
Author
  • Ricardo M. Sousa
Physical Description
  • preprint
Notes
  • 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 long- run 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. JEL Classification: E21, E44, D12.
  • consumption, housing wealth, financial wealth.
  • RePEc:ecb:ecbwps:200901050
Language
  • English
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