Les comportements de consommation des ménages ont-ils été affectés par la crise de 2008 ?. Une analyse économétrique de cinq grands pays développés

Céline Antonin, Mathieu Plane and Raul Sampognaro

Revue de l'OFCE, 2017, vol. N° 151, issue 2, 177-225

Abstract: Examining the determinants of household consumption, we try to explain its broad evolution in five big industrialized countries (Germany, France, Spain, the United Kingdom and the United States) between 1990 and 2015. We show that, since the financial crisis of 2008, classic estimation methods fail to forecast household consumption. We therefore provide a method of panel estimation which takes into account common shocks, provides valid equations and allows us to measure wealth effects including the post crisis period. In accordance to theory, we do not observe any effect on real estate wealth. However, the effect of gross financial wealth is significant in all countries, except from Germany. Classification JEL : C33, C53, E21.

Keywords: consumption; wealth effects; error correction model; panel data; subprime crisis (search for similar items in EconPapers)
JEL-codes: C33 C53 E21 (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=REOF_151_0177 (application/pdf)
http://www.cairn.info/revue-de-l-ofce-2017-2-page-177.htm (text/html)
free

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:reofsp:reof_151_0177

Access Statistics for this article

More articles in Revue de l'OFCE from Presses de Sciences-Po
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().