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Psychology, consumer sentiment and household expenditures

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Author Info

  • Marco Malgarini
  • Patrizia Margani

Abstract

The aim of this article is to assess the role of the Italian Consumer Sentiment Index (CSI) as an autonomous driving force of consumption decisions. We test for the presence of 'rule of thumb' consumers as originally proposed by Campbell and Mankiw (1991), using sentiment measures distinguished by respondent's working condition and consumption data disaggregated according to durability, over the period 1982-2004. The consumption-sentiment relationship is found to be stronger for some groups of households and for some particular categories of expenditures. Moreover, sentiment seems to be not well explained by economic fundamentals alone, capturing also the effects of the political cycle and exceptional circumstances.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/00036840600606351
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 39 (2007)
Issue (Month): 13 ()
Pages: 1719-1729

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Handle: RePEc:taf:applec:v:39:y:2007:i:13:p:1719-1729

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Cited by:
  1. Bruno, Giancarlo, 2012. "Consumer confidence and consumption forecast: a non-parametric approach," MPRA Paper 41312, University Library of Munich, Germany.
  2. Paradiso, Antonio & Rao, B. Bhaskara & Margani, Patrizia, 2011. "Time Series Estimates of the Italian Consumer Confidence Indicator," MPRA Paper 28395, University Library of Munich, Germany.

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