文章基本信息

标题：Euro area private consumption: Is there a role for housing wealth effects
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作者：Frauke Skudelny
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2009
卷号：1
出版社：European Central Bank
摘要：This􀈱 paper􀈱 adds􀈱 to􀈱 the􀈱 literature􀈱 on􀈱 wealth􀈱 effects􀈱 on􀈱 consumption􀈱 by􀈱 disentangling􀈱 financial􀈱 wealth􀈱 effects􀈱from􀈱housing􀈱wealth􀈱effects􀈱for􀈱the􀈱euro􀈱area.􀈱We􀈱use􀈱two􀈱macro􀈬datasets􀈱for􀈱our􀈱estimations,􀈱one􀈱 on􀈱the􀈱aggregate􀈱euro􀈱area􀈱for􀈱the􀈱period􀈱1980􀈬2006,􀈱and􀈱one􀈱on􀈱the􀈱individual􀈱euro􀈱area􀈱countries􀈱from􀈱 1995􀈬2006,􀈱using􀈱panel􀈱data􀈱 techniques.􀈱The􀈱impact􀈱 of􀈱 all􀈱wealth􀈱 variables􀈱on􀈱euro􀈱area􀈱consumption􀈱 is􀈱 significant􀈱 and􀈱 positive􀈱 in􀈱 most􀈱 specifications􀈱 for􀈱 both􀈱 datasets.􀈱 The􀈱 marginal􀈱 propensity􀈱 to􀈱 consume􀈱 (MPC)􀈱 out􀈱 of􀈱 financial􀈱 wealth􀈱 is􀈱 roughly􀈱 in􀈱 line􀈱 with􀈱 the􀈱 literature,􀈱 with􀈱 2.4􀈱 to􀈱 3.6􀈱 cents􀈱 per􀈱 euro􀈱 of􀈱 financial􀈱 wealth􀈱 spent􀈱 on􀈱 consumption􀈱 according􀈱 to􀈱 the􀈱 estimations􀈱 with􀈱 euro􀈱 area􀈱 aggregate􀈱 data.􀈱 However,􀈱the􀈱panel􀈱estimation􀈱yields􀈱somewhat􀈱lower􀈱results􀈱(0.6􀈱to􀈱1.1􀈱cents).􀈱The􀈱MPC􀈱out􀈱of􀈱nominal􀈱 housing􀈱wealth􀈱lies􀈱between􀈱0.7􀈱to􀈱0.9􀈱cents􀈱per􀈱euro􀈱for􀈱both􀈱datasets.􀈱When􀈱specifying􀈱housing􀈱wealth􀈱in􀈱 real􀈱terms,􀈱i.e.􀈱when􀈱taking􀈱out􀈱the􀈱effect􀈱of􀈱volatile􀈱house􀈱prices,􀈱we􀈱find􀈱similar􀈱effects􀈱in􀈱the􀈱times􀈱series􀈱 estimation􀈱while􀈱the􀈱MPC􀈱is􀈱larger􀈱in􀈱the􀈱panel􀈱estimation􀈱(2.5􀈱cents).􀈱
关键词：Housing􀈱wealth;􀈱financial􀈱wealth;􀈱consumption;􀈱euro􀈱area