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Plus-values, consommation et épargne – Une estimation de l’effet richesse aux Etats-Unis et au Royaume-Uni

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  • Corinne Houizot

    (Institut Curie)

  • Hélène Baudchon
  • Catherine Mathieu

    (OFCE)

  • Francisco Serranito

    (Centre d'Economie de l'Université Paris Nord (CEPN))

Abstract

La forte hausse des cours boursiers, observée dans la seconde moitié des années 1990, est fréquemment évoquée pour expliquer le dynamisme, au cours de cette période, de la consommation des ménages américains et britanniques, et son corollaire, la baisse du taux d’épargne. Cet article analyse les déterminants de la consommation des ménages dans ces deux pays, et en particulier l’importance de l’effet richesse. Il comporte trois parties : un survol des évolutions de la consommation, de l’épargne et de la richesse des ménages au cours des quarante dernières années ; un rappel de la théorie et des modèles à tester ; enfin la présentation des résultats économétriques (...).

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Paper provided by Sciences Po in its series Sciences Po publications with number info:hdl:2441/1784.

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Date of creation: Apr 2000
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Publication status: Published in Revue de l'OFCE, 2000, pp.197-240
Handle: RePEc:spo:wpmain:info:hdl:2441/1784

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  1. Robert E. Hall, 1981. "Intertemporal Substitution in Consumption," NBER Working Papers 0720, National Bureau of Economic Research, Inc.
  2. Hélène Baudchon & Valérie Chauvin, 1999. "Les cigales épargnent-elles ? Une comparaison des taux d'épargne français et américain," Revue de l'OFCE, Presses de Sciences-Po, Presses de Sciences-Po, vol. 0(1), pages 127-164.
  3. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
  4. Flint Brayton & Eileen Mauskopf & David Reifschneider & Peter Tinsley & John Williams, 1997. "The role of expectations in the FRB/US macroeconomic model," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), Board of Governors of the Federal Reserve System (U.S.), issue Apr, pages 227-245.
  5. Milton Friedman, 1957. "Introduction to "A Theory of the Consumption Function"," NBER Chapters, National Bureau of Economic Research, Inc, in: A Theory of the Consumption Function, pages 1-6 National Bureau of Economic Research, Inc.
  6. Martha Starr-McCluer, 1998. "Stock market wealth and consumer spending," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 1998-20, Board of Governors of the Federal Reserve System (U.S.).
  7. Loïc Cadiou, 1995. "Le mystère de la consommation perdue," Revue de l'OFCE, Presses de Sciences-Po, Presses de Sciences-Po, vol. 0(2), pages 147-164.
  8. Loïc Cadiou, 1995. "Le mystère de la consommation perdue," Revue de l'OFCE, Programme National Persée, Programme National Persée, vol. 53(1), pages 147-164.
  9. Sydney Ludvigson & Charles Steindel, 1999. "How important is the stock market effect on consumption?," Economic Policy Review, Federal Reserve Bank of New York, Federal Reserve Bank of New York, issue Jul, pages 29-51.
  10. Inder, Brett, 1993. "Estimating long-run relationships in economics : A comparison of different approaches," Journal of Econometrics, Elsevier, Elsevier, vol. 57(1-3), pages 53-68.
  11. William G. Gale & John Sabelhaus, 1999. "Perspectives on the Household Saving Rate," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(1), pages 181-224.
  12. Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, National Bureau of Economic Research, Inc, number frie57-1.
  13. Anindya Banerjee & Juan J. Dolado & Ricardo Mestre, 1995. "On the Power of Cointegration Tests: Dimension Invariance vs. Common Factors," Working Papers, Queen's University, Department of Economics 922, Queen's University, Department of Economics.
  14. Flavin, Marjorie A, 1981. "The Adjustment of Consumption to Changing Expectations about Future Income," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 89(5), pages 974-1009, October.
  15. Laurence Boone & Claude Giorno & Pete Richardson, 1998. "Stock Market Fluctuations and Consumption Behaviour: Some Recent Evidence," OECD Economics Department Working Papers 208, OECD Publishing.
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Cited by:
  1. Ruxandra Vilag & George Ionescu & Iuliana Predescu & Stela Toader, 2010. "The Romanian Response To The Financial Crisis," Romanian Economic Business Review, Romanian-American University, Romanian-American University, vol. 5(4-1), pages 37-47, Winter-Sp.
  2. P.-O. Beffy & B. Monfort, 2003. "Household wealth, portfolio selection and consumption behavior," Documents de Travail de la DESE - Working Papers of the DESE, Institut National de la Statistique et des Etudes Economiques, DESE g2003-08, Institut National de la Statistique et des Etudes Economiques, DESE.
  3. Carol C. Bertaut, 2002. "Equity prices, household wealth, and consumption growth in foreign industrial countries: wealth effects in the 1990s," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 724, Board of Governors of the Federal Reserve System (U.S.).

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