Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153291
Authors: 
Grant, Charles
Peltonen, Tuomas A.
Year of Publication: 
2008
Series/Report no.: 
ECB Working Paper 857
Abstract: 
The study quantifies stock market and housing market wealth effects on households' non-durable consumption using Italian household panel data (SHIW) of 1989-2002. We found all households react similarly to aggregate housing and stock market gains. We also found statistically and economically significant housing wealth effects with a marginal propensity to consume out of idiosyncratic housing wealth gains to be over 8 percent. The results from idiosyncratic equity wealth e¤ects were lower, at around 0.4 percent. We also found that older households react more to changes in housing wealth.
Subjects: 
Equities
housing
Marginal Propensity to Consume
JEL: 
D12
E21
Document Type: 
Working Paper

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