We investigate the long run relationship between private consumption, disposable income and wealth approximated by equity and house price indices for a panel of 15 industrialized countries. Consumption, income and wealth are cointegrated in their common components. The impact of house prices...

The paper provides an analysis of daily changes of German yields of public bonds outstanding for the period 1981-mid 1996. The sample period covers the introduction of financial innovations like future options. In addition, we suppose the interdependence of national bond markets and the activity...

We explore the long and short run relationship between private consumption, disposable income and housing and financial wealth approximated by price indices for a panel of industrialized countries. Consumption, income and wealth are cointegrated in their common, but not in their idiosyncratic...