impact of changes in wealth on household consumption and the overall macroeconomy. There is an extensive existing literature …The effect of wealth on consumption is an issue of longstanding interest to economists. Analysts believe that … fluctuations in household wealth have driven major swings in economic activity. This paper considers so-called wealth effects - the …

household final consumption for 11 advanced countries over the period from 1970 Q1 to 2015 Q4. As a modelling strategy, we …-panel and country-level analyses. In this respect, we find that consumption is mostly explained by income and housing wealth is … consumption and stock wealth. The evidence also suggests a long-run cointegration relationship among consumption, income, interest …

Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … the classic Ando-Modigliani consumption function augmented by housing wealth can be deduced. It is shown that the deeper … population) as well as in mortgage markets have led to a structural break in the effect of housing wealth on consumption in the …

Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … changes in consumption. However, this might be a fallacy of composition. Such models ignore that changes in housing wealth … the classic Ando-Modigliani consumption function augmented by housing wealth can be deduced. It is shown that the deeper …

Exploring dynamics of household final consumption is an important concern for policy-makers. Turkey had witnessed … and therefore, other macroeconomic variables. In this paper, we examine the linkage between household final consumption … positively, interest rate and equity market wealth are negatively associated with consumption. Variance decomposition and impulse …

countries. We estimate the MPC based on a cross-country harmonized household level dataset which combines surveys on wealth …. Fifth, we find evidences that housing prices shock decreases consumption inequality while financial wealth shocks have a …This paper studies the heterogeneity of the marginal propensity to consume out of wealth (MPC) both across and within …

out of unanticipated housing wealth gains to be 2-5 per cent. We find no evidence that the effect is driven by collateral … actively taken out a new mortgage. These results point to the existence of a housing wealth effect that is intimately connected … unanticipated housing wealth gains and spending by affecting the passthrough on interest rates on mortgage loans. …