Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/183339 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
ECB Working Paper No. 2157
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
How sizable is the wealth effect on consumption in euro area countries? To address this question, we use newly available harmonized euro area wealth data and the methodology in Carroll et al. (2011b). We find that the marginal propensity to consume out of total wealth averaged across the largest euro area economies is around 3 cents per euro, with a marginal propensity to consume out of financial wealth significantly larger than of housing wealth. Country-group estimates document no significant differences between the largest economies and the rest of the sample. In contrast, remarkable differences emerge between periphery and core countries.
Schlagwörter: 
households wealth
financial assets
consumption dynamics
wealth effects
JEL: 
C22
E21
E32
E44
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-3262-2
Dokumentart: 
Working Paper

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