WEALTH EFFECTS AND MACROECONOMIC DYNAMICS
The effect of wealth on consumption is an issue of long‐standing interest to economists. Conventional wisdom suggests that fluctuations in household wealth have driven major swings in economic activity both in the United States and abroad. This paper considers the so‐called consumption wealth effect...
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| Veröffentlicht in: | Journal of economic surveys 2016-02, Vol.30 (1), p.34-55 |
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| container_title | Journal of economic surveys |
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| creator | Cooper, Daniel Dynan, Karen |
| description | The effect of wealth on consumption is an issue of long‐standing interest to economists. Conventional wisdom suggests that fluctuations in household wealth have driven major swings in economic activity both in the United States and abroad. This paper considers the so‐called consumption wealth effects. There is an extensive existing literature on wealth effects that has yielded some insights. For example, research has documented the relationship between aggregate household wealth and aggregate consumption over time, and a large number of household‐level studies suggest that wealth effects are larger for households facing credit constraints. However, there are also many unresolved issues regarding the influence of household wealth on consumption. We review the most important of these issues and argue that there is a need for much more research in these areas as well as better data sources for conducting such analysis. |
| doi_str_mv | 10.1111/joes.12090 |
| format | Article |
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Conventional wisdom suggests that fluctuations in household wealth have driven major swings in economic activity both in the United States and abroad. This paper considers the so‐called consumption wealth effects. There is an extensive existing literature on wealth effects that has yielded some insights. For example, research has documented the relationship between aggregate household wealth and aggregate consumption over time, and a large number of household‐level studies suggest that wealth effects are larger for households facing credit constraints. However, there are also many unresolved issues regarding the influence of household wealth on consumption. We review the most important of these issues and argue that there is a need for much more research in these areas as well as better data sources for conducting such analysis.</description><subject>Borrowing constraints</subject><subject>Consumption</subject><subject>Deleveraging</subject><subject>Effects</subject><subject>Financial wealth</subject><subject>Household debt</subject><subject>Households</subject><subject>Housing wealth</subject><subject>Influence</subject><subject>Macroeconomics</subject><subject>Saving</subject><subject>Studies</subject><subject>Wealth</subject><subject>Wealth effects</subject><issn>0950-0804</issn><issn>1467-6419</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2016</creationdate><recordtype>article</recordtype><recordid>eNp9kMFOg0AQhjdGE2v14hOQeNKEOrssO3AkFNqaFlRqGk-bDSxJa5W620b79lJRj85h_sv3zyQfIZcUBrSd21Wj7YAyCOGI9CgX6ApOw2PSg9AHFwLgp-TM2hUAICLrketFEk3nYydJ0ySeF06UDZ1ZFD_mSZxn-WwSO8PnLGqzOCcntVpbffGTffKUJvN47E7z0SSOpm7JvRDcSqiSBjzwNNSIiosKlUJWIhOqqhhyihwVal2LkCMvBYWa-lSXQbuU8r0-uerubkzzvtN2K1fNzry1LyVF3wuYEAAtddNRpWmsNbqWG7N8VWYvKciDCnlQIb9VtDDt4I_lWu__IeVdnhS_HbfrLO1Wf_51lHmRAj305SIbyYI-sDQsUnnvfQF4X2oE</recordid><startdate>201602</startdate><enddate>201602</enddate><creator>Cooper, Daniel</creator><creator>Dynan, Karen</creator><general>Blackwell Publishing Ltd</general><scope>BSCLL</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>201602</creationdate><title>WEALTH EFFECTS AND MACROECONOMIC DYNAMICS</title><author>Cooper, Daniel ; Dynan, Karen</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c4390-d6ac18483e0f77a46d7aa72c726add2741747a7eef69474c610f151ec851eaa53</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2016</creationdate><topic>Borrowing constraints</topic><topic>Consumption</topic><topic>Deleveraging</topic><topic>Effects</topic><topic>Financial wealth</topic><topic>Household debt</topic><topic>Households</topic><topic>Housing wealth</topic><topic>Influence</topic><topic>Macroeconomics</topic><topic>Saving</topic><topic>Studies</topic><topic>Wealth</topic><topic>Wealth effects</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Cooper, Daniel</creatorcontrib><creatorcontrib>Dynan, Karen</creatorcontrib><collection>Istex</collection><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Journal of economic surveys</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Cooper, Daniel</au><au>Dynan, Karen</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>WEALTH EFFECTS AND MACROECONOMIC DYNAMICS</atitle><jtitle>Journal of economic surveys</jtitle><addtitle>Journal of Economic Surveys</addtitle><date>2016-02</date><risdate>2016</risdate><volume>30</volume><issue>1</issue><spage>34</spage><epage>55</epage><pages>34-55</pages><issn>0950-0804</issn><eissn>1467-6419</eissn><abstract>The effect of wealth on consumption is an issue of long‐standing interest to economists. 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| ispartof | Journal of economic surveys, 2016-02, Vol.30 (1), p.34-55 |
| issn | 0950-0804 1467-6419 |
| language | eng |
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| source | Business Source Complete; Wiley Online Library All Journals |
| subjects | Borrowing constraints Consumption Deleveraging Effects Financial wealth Household debt Households Housing wealth Influence Macroeconomics Saving Studies Wealth Wealth effects |
| title | WEALTH EFFECTS AND MACROECONOMIC DYNAMICS |
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