The Relationship between Consumption and Wealth: A Quantile Regression Approach

被引：17

作者：

Jawadi, Fredj ^{[1
]}

Sousa, Ricardo M. ^{[2
,3
,4
]}

机构：

[1] Univ Evry, F-31025 Evry, France

[2] Univ Minho, Dept Econ, P-4710057 Braga, Portugal

[3] Univ Minho, Econ Policies Res Unit NIPE, P-4710057 Braga, Portugal

[4] London Sch Econ, LSE Alumni Assoc, London WC2 2AE, England

来源：

REVUE D ECONOMIE POLITIQUE | 2014年 / 124卷 / 04期

关键词：

consumption; wealth; dynamic OLS; quantile regression; MONETARY-POLICY; EURO;

D O I：

10.3917/redp.244.0639

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper examines the wealth effects on consumption for the US, the UK and the Euro area using linear models and quantile regression approaches. We find that the elasticity of consumption with respect to aggregate wealth is largest for the UK, but housing wealth effects do not seem to be relevant in the Euro area. In addition, the sensitivity of consumption to changes in wealth is stronger when consumption growth is abnormally high. Overall, our results suggest that the link between consumption and wealth is significantly different across the distribution of consumption growth.

引用

页码：639 / 652

页数：14

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