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Plus-values, consommation et épargne. Une estimation de l'effet richesse aux États- Unis et au Royaume- Uni

  • Corinne Houizot
  • Hélène Baudchon
  • Catherine Mathieu
  • Francisco Serranito

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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Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 73 (2000)
Issue (Month): 2 ()
Pages: 197-240

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Handle: RePEc:cai:reofsp:reof_p2000_73n1_0197
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  1. 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.), issue Apr, pages 227-245.
  2. Robert E. Hall, 1981. "Intertemporal Substitution in Consumption," NBER Working Papers 0720, National Bureau of Economic Research, Inc.
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  5. Martha Starr-McCluer, 2002. "Stock Market Wealth and Consumer Spending," Economic Inquiry, Western Economic Association International, vol. 40(1), pages 69-79, January.
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  8. 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, vol. 0(1), pages 127-164.
  9. Loïc Cadiou, 1995. "Le mystère de la consommation perdue," Revue de l'OFCE, Programme National Persée, vol. 53(1), pages 147-164.
  10. Anindya Banerjee & Juan J. Dolado & Ricardo Mestre, 1995. "On the Power of Cointegration Tests: Dimension Invariance vs. Common Factors," Working Papers 922, Queen's University, Department of Economics.
  11. Inder, Brett, 1993. "Estimating long-run relationships in economics : A comparison of different approaches," Journal of Econometrics, Elsevier, vol. 57(1-3), pages 53-68.
  12. Sydney Ludvigson & Charles Steindel, 1999. "How important is the stock market effect on consumption?," Economic Policy Review, Federal Reserve Bank of New York, issue Jul, pages 29-51.
  13. 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.
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  15. Loïc Cadiou, 1995. "Le mystère de la consommation perdue," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(2), pages 147-164.
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