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：2010
出版社：European Central Bank
摘要：This paper presents a simple new method for measuring `wealth eects' on aggregate consumption. The method exploits the stickiness of consumption growth (sometimes interpreted as re ecting consumption `habits') to distinguish between immediate and eventual wealth eects. In U.S. data, we estimate that the immediate (next-quarter) marginal propensity to consume from a $1 change in housing wealth is about 2 cents, with a nal eventual eect around 9 cents, substantially larger than the eect of shocks to nancial wealth. We argue that our method is preferable to cointegration-based approaches, because neither theory nor evidence supports faith in the existence of a stable cointegrating vector.
