Aron, Janine; Muellbauer, John - Department of Economics, Oxford University - 2004
estimates on a market value basis, as produced in the U.S., U.K., Japan, and elsewhere. Yet without information on the market … values of liquid and illiquid personal sector wealth, it is difficult to explain aggregate consumer spending and saving …, consumers` demand for credit, and the broad money holdings of households. Behavioural equations for these variables are key …