摘要：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, averaging over all households, both statistically and economically insignificant housing wealth effects. However, we found homeowners’ MPC out of housing wealth gains to be around 1.4 percent, much lower than earlier results for other economies. The results from equity wealth effects were ambiguous, possibly due to a small sample size for stockowners. Furthermore, we did not find strong support for the indirect wealth effects, instead, we found that both renters and non-stockowners decrease their consumption in the face of aggregate housing and equity price gains, respectively. JEL classification: D12, E21
