The study quantifies stock market and housing market wealth effects on households' non-durable consumption using … market and housing market wealth effects on households' non-durable consumption using Italian household panel data (SHIW) of … market wealth effects on households' non-durable consumption using Italian household panel data (SHIW) of 1989-2002. We found …

consumption and the level of government debt. In countries with a high level of government debt, a fiscal expansion is partly … crowded out by a fall in private consumption. In contrast, in low debt countries, private consumption is insensitive to …

external finance premium (EFP), that may vary over the business cycle, on private consumption in Europe. A consumption model … consumption, but also external finance, which availability depends on the EFP. The empirical analysis shows an accelerator effect … of the EFP on consumption for Germany, Italy and the Netherlands. In contrast, for France, the United Kingdom and Belgium …

This paper estimates the wealth effect on consumption of both equity and housing wealth, Using data across 16 … consumption is higher than the equivalent increase in equity wealth; countries with market- based financial systems have larger …

The simple one -good model of life-cycle consumption requires consumption smoothing. According to previous results … based on partial spending and on synthetic panels, British and U.S. households apparently reduce consumption at retirement … one -good model of life-cycle consumption requires consumption smoothing. According to previous results based on partial …

external finance premium (EFP), which may vary over the business cycle, on private consumption in Europe. A consumption model … consumption, but also external finance, which availability depends on the EFP. The empirical analysis shows an accelerator effect … of the EFP on consumption for Germany, Italy and the Netherlands. In contrast, for France, the United Kingdom and Belgium …

evidence that the interest sensitivity of consumption becomes significantly lower when consumers 'excessively discount' the …

considered in the first instance. We introduce a new estimator where the optimal trimming percentage is the lowest percentage for … breakdown point. Symmetric and asymmetric trimming are considered as well. Another robust estimator, the one-step Huber …