This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house … portfolios, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the … heterogeneity in household finances implies that responses of consumption to changes in the real interest rate and in house prices …

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. …

mortality in which intra-temporal utility stems from both consumption and religious contributions. Individuals also decide how … to allocate resources between religious contributions (which have both a this-life consumption value and an after …-life investment value) and other consumption expenditures. If religious contributions do not have an after-life investment value, the …

. Further, while during earlier parts of our sample both a slowdown in consumption and investment growth contribute to a … decomposition for consumption growth shows that the contribution of stock market volatility becomes negligible as we go from earlier …

In this paper we analyze the relationship between unemployment and consumption. We study this relationship with panel … smaller consumption losses in Spanish and Italian households. We discuss this finding in the light of different market and … that credit and insurance markets are also more developed in the North than in the South, existing theories of consumption …