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：2008
卷号：1
出版社：European Central Bank
摘要：The study quanti es stock market and housing market wealth e¤ects on householdsnon- 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 signi cant housing wealth e¤ects 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.
关键词：Marginal Propensity to Consume; Housing; Equities
