consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for … temporarily allow consumption to rise. Regarding housing returns, if housing assets are complementary to stocks, then investors … their consumption. …

deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for … future stock returns to be higher, they will temporarily allow consumption to rise. Regarding housing returns, if housing … substitutes consumption will be temporarily reduced. …

the period 1980q1-2011q4. That is, income is more often found to predict consumption and saving than the converse. Our … consumption and by exploring the direction of Granger causality between the two series. We also give evidence that house price … changes played a role in the US income and consumption dynamics, before, during and after the Great Recession. …

estimate of risk aversion and the time preference discount rate per individual. This can be done because the consumption of a …

includes domestic energy production and consumption, trade in energy at world market prices, as well as private and public … production. (ii) Steady state consumption rises in most of our experiments. (iii) Welfare can rise by as much as 0.6 percent in … consumption equivalent terms. (iv) The largest gains in terms of output and of welfare can be obtained when savings from energy …

the analogy between habit formation and durable consumption to study the taxation of durable and nondurable commodities. …