How Important is Wealth for Explaining Household Consumption Over the Recent Crisis?: An Empirical Study for the United States, Japan and the Euro Area
This paper provides new empirical results linking financial and housing wealth to household consumption for the United States, Japan and the euro area. The results suggest that there are important cross-country differences in how wealth, especially housing wealth, affects consumption. They further d...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2011
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| Schriftenreihe: | OECD Economics Department Working Papers
no.869 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper provides new empirical results linking financial and housing wealth to household consumption for the United States, Japan and the euro area. The results suggest that there are important cross-country differences in how wealth, especially housing wealth, affects consumption. They further demonstrate that it can be important to take into account wealth effects on consumption in short-term forecasting exercises, a point which is particularly well illustrated in relation to the recent economic crisis. In addition, conditional projections underline the importance of asset price developments and wealth in determining US savings over the medium term. |
| Beschreibung: | 1 Online-Ressource (52 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5kgc42qxm237-en |
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| spelling | Kerdrain, Clovis VerfasserIn aut How Important is Wealth for Explaining Household Consumption Over the Recent Crisis? An Empirical Study for the United States, Japan and the Euro Area Clovis, Kerdrain = Quelle est l'importance du patrimoine pour expliquer la consommation des ménages au cours de la crise récente ? : Une étude empirique appliquée aux États-Unis, au Japon et à la zone euro / Clovis, Kerdrain Quelle est l'importance du patrimoine pour expliquer la consommation des ménages au cours de la crise récente ? Paris OECD Publishing 2011 1 Online-Ressource (52 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.869 This paper provides new empirical results linking financial and housing wealth to household consumption for the United States, Japan and the euro area. The results suggest that there are important cross-country differences in how wealth, especially housing wealth, affects consumption. They further demonstrate that it can be important to take into account wealth effects on consumption in short-term forecasting exercises, a point which is particularly well illustrated in relation to the recent economic crisis. In addition, conditional projections underline the importance of asset price developments and wealth in determining US savings over the medium term. Economics Euro Area Japan United States FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5kgc42qxm237-en Volltext |
| spellingShingle | Kerdrain, Clovis How Important is Wealth for Explaining Household Consumption Over the Recent Crisis? An Empirical Study for the United States, Japan and the Euro Area Economics Euro Area Japan United States |
| title | How Important is Wealth for Explaining Household Consumption Over the Recent Crisis? An Empirical Study for the United States, Japan and the Euro Area |
| title_alt | Quelle est l'importance du patrimoine pour expliquer la consommation des ménages au cours de la crise récente ? |
| title_auth | How Important is Wealth for Explaining Household Consumption Over the Recent Crisis? An Empirical Study for the United States, Japan and the Euro Area |
| title_exact_search | How Important is Wealth for Explaining Household Consumption Over the Recent Crisis? An Empirical Study for the United States, Japan and the Euro Area |
| title_full | How Important is Wealth for Explaining Household Consumption Over the Recent Crisis? An Empirical Study for the United States, Japan and the Euro Area Clovis, Kerdrain = Quelle est l'importance du patrimoine pour expliquer la consommation des ménages au cours de la crise récente ? : Une étude empirique appliquée aux États-Unis, au Japon et à la zone euro / Clovis, Kerdrain |
| title_fullStr | How Important is Wealth for Explaining Household Consumption Over the Recent Crisis? An Empirical Study for the United States, Japan and the Euro Area Clovis, Kerdrain = Quelle est l'importance du patrimoine pour expliquer la consommation des ménages au cours de la crise récente ? : Une étude empirique appliquée aux États-Unis, au Japon et à la zone euro / Clovis, Kerdrain |
| title_full_unstemmed | How Important is Wealth for Explaining Household Consumption Over the Recent Crisis? An Empirical Study for the United States, Japan and the Euro Area Clovis, Kerdrain = Quelle est l'importance du patrimoine pour expliquer la consommation des ménages au cours de la crise récente ? : Une étude empirique appliquée aux États-Unis, au Japon et à la zone euro / Clovis, Kerdrain |
| title_short | How Important is Wealth for Explaining Household Consumption Over the Recent Crisis? |
| title_sort | how important is wealth for explaining household consumption over the recent crisis an empirical study for the united states japan and the euro area |
| title_sub | An Empirical Study for the United States, Japan and the Euro Area |
| topic | Economics Euro Area Japan United States |
| topic_facet | Economics Euro Area Japan United States |
| url | https://doi.org/10.1787/5kgc42qxm237-en |
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