Decomposing the Wealth Effect on Consumption
将财富对消费的影响分解为外生与内生、预期与非预期成分，利用意大利家庭数据估计发现，财富效应约为每意外增加1欧元财富增加3美分消费，主要由房价变动驱动，且与借贷约束一致。
We decompose the wealth effect on consumption into two components. First, we distinguish between exogenous and endogenous wealth changes. Second, we distinguish between anticipated and unanticipated exogenous changes. We estimate the impact of exogenous components using data from the 2008—2010 panel of the Italian Survey of Household Income and Wealth. The wealth effect is about 3 cents per (unexpected) euro increase in wealth and driven by house price changes. The consumption response to anticipated changes in wealth is of similar magnitude and also driven by housing. We show that these findings are consistent with binding borrowing constraints.