differentiates between two channels of stock price transmission: a direct wealth channel that operates through changes in wealth and … prices are transmitted only through the wealth channel is rejected at the national and regional levels. Furthermore …

can increase wealth, they can also increase stroke incidence, thereby representing a cost to health. …

wealth effects. However, movements of the stock market may affect consumer spending indirectly, by influencing consumer …

determinant of private consumption is analyzed, namely, by the consideration of wealth effects. It is also analyzed the potential … wealth effects associated to direct property are about 3.5 times superior to those associated to indirect property. Short … in income and in wealth and that the adjustment to long-run component is very slow, which constitutes an indicator that …

This paper investigates the effects of stock market wealth on consumer spending. Traditional macroeconometric models … estimate that a dollar's increase in stock market wealth boosts consumer spending by 3-7 cents per year. With the substantial … 1990s rise in stock prices, the nature and magnitude of this "wealth effect" have been much debated. After describing the …

wealth. Consensus estimates of this wealth effect are in the range of 3 to 5 cents of additional consumption spending in the … long run for each additional dollar of wealth. Economic theory also suggests that consumption of leisure, like consumption … of goods and services, should increase with positive shocks to wealth. In this paper, we ask whether the run-up in equity …

This paper explores the household behavior that underlies the link between wealth and consumption at the aggregate … level. One possibility is that changes in wealth directly cause changes in consumption through their effect on households … future income. Based on analysis of household-level data from the Consumer Expenditure Survey, we find that direct wealth …