Euro Area Income and Wealth Effects: Aggregation Issues

Gabe de Bondt, Arne Gieseck, Pablo Herrero and Zivile Zekaite

Oxford Bulletin of Economics and Statistics, 2021, vol. 83, issue 6, 1454-1474

Abstract: This empirical study for private consumption in the euro area and the four largest euro area countries validates the need to separate components of income and supports the common practice to split wealth. A focus on income and wealth components avoids an aggregation bias in estimated income and wealth effects. It finds little evidence in favour of an extensive country aggregation issue given direct euro area estimates of income and wealth propensities and forecasts for consumption are not too different from those indirectly aggregated across the four largest euro area countries.

Date: 2021
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