Euro Area Income and Wealth Effects: Aggregation Issues*
研究欧元区及四大国的私人消费，发现区分收入和财富成分可避免加总偏差，且直接估计的欧元区消费倾向与间接加总结果差异不大。
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.