Based on the households' utility maximisation, a closed form approximation of the consumption function is derived and … the deep parameters of the consumption function are estimated using aggregate euro area data. The novel element in our … lot of information on future income changes, but that also lagged consumption, through habit formation, plays an important …

consumption and real GDP. In line with BNW, we find that confidence shocks explain a large share of the variance in real economic …

This paper analyses empirically how cross-border consumption varies across product and services categories and across …; it analyses the cross-border consumption behaviour of cross-border commuter households residing in Belgium, France and …, reflecting about 17% of their gross annual income from Luxembourg and contributing about 10% to total household final consumption …

This paper estimates the wealth effects on consumption in the euro area as a whole. I show that: (i) financial wealth …; (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 …

This paper adds to the literature on wealth effects on consumption by disentangling financial wealth effects from … of all wealth variables on euro area consumption is significant and positive in most specifications for both datasets ….6 cents per euro of financial wealth spent on consumption according to the estimations with euro area aggregate data. However …

on consumption. Using modern panel data econometric techniques and quarterly data for the period 1990:1-2008:2, we show … countries; (iii) housing wealth effects have increased for Asian coutries in recent years; and (iv) consumption reacts stronger …

output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts … several potential explanations for it. While the evidence seems to point at differences in consumption responses, rather than … investment, as the proximate cause for this fact, the source of the consumption difference remains a puzzle. JEL Classification …

both, in order to smooth households' consumption across states of nature. In the presence of a deficit constraint for the …

realizations is front loaded, a closed form aggregate consumption function with CRRA preferences is derived. To have a closed form … life-time wealth and then the optimal consumption path. The derived model captures precautionary saving, which is dependent ….S. consumption data. JEL Classification: D11, D12, D82, E21 …

finance and consumption. Given the breadth of the topic, it focuses on issues that are particularly relevant for policy …, namely i) wealth effects on consumption, ii) housing prices and household indebtedness, iii) retirement income, consumption … and pension reforms, iv) access to credit and credit constraints, v) financial innovation, consumption smoothing and …