Equity wealth effects: fundamental or bubble-driven?

Gabe de Bondt

Applied Economics Letters, 2011, vol. 18, issue 7, 601-605

Abstract: This article estimates equity wealth effects on euro area consumption, splitting equity returns into fundamental- and bubble-related components. The equity wealth effect is fundamental-driven, particularly strong since 1994, and operates comparatively quickly during negative bubble returns.

Date: 2011
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DOI: 10.1080/13504851003761822

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