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Consommation et patrimoine des ménages : au-delà du débat macroéconomique…

Author

Listed:
  • Luc Arrondel

    (PSE - Paris-Jourdan Sciences Economiques - ENS Paris - École normale supérieure - Paris - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics)

  • Pierre Lamarche

    (BCE - Banque Centrale Européenne - BCE)

  • Frédérique Savignac

    () (Banque de france - Banque de France)

Abstract

L'impact de la valeur du patrimoine sur la consommation des ménages est en général étudié au niveau macroéconomique. L'analyse de cet effet richesse est particulièrement importante pour la politique économique dans le contexte récent de forte valorisation des actifs. Sur données agrégées, les estimations pour la France montrent qu'un euro de patrimoine supplémentaire entrainerait une augmentation de la consommation de 0,8 centime à 1 centime d'euro, cet effet s'avérant plus important pour le patrimoine financier que pour l'immobilier. Notre étude utilise les données de l'enquête Patrimoine 2010 pour évaluer ce même lien à partir de données individuelles. Elle s'appuie sur les différences de composition et de niveau de patrimoine pour identifier des hétérogénéités dans le comportement de consommation. Les résultats confirment que la propension marginale à consommer la richesse est globalement faible, de 0,5 centime d'euro par euro de richesse supplémentaire. Elle dépend cependant de la nature des actifs et présente de fortes non-linéarités le long de l'échelle des patrimoines. Ainsi, la propension marginale à consommer la richesse financière est de plus de 11 centimes par euro de richesse additionnelle pour les ménages dont le patrimoine net est inférieur à la médiane, alors qu'elle est nulle pour les ménages du décile le plus riche. Cet effet richesse est nettement moins élevé pour la résidence principale : 1,1 centime pour les patrimoines nets inférieurs à la médiane et 0,7 centime pour le décile le plus riche. Compte tenu de la concentration des patrimoines, l'effet richesse moyen reflète principalement le comportement des ménages les plus riches. Mais l'effet plus marqué qu'on observe pour les ménages moins aisés est un résultat à prendre en compte par les politiques monétaires et fiscales. Ces politiques n'auront pas le même impact sur la demande et la croissance selon les catégories d'actifs et les catégories de ménages qu'elles affecteront le plus.

Suggested Citation

  • Luc Arrondel & Pierre Lamarche & Frédérique Savignac, 2014. "Consommation et patrimoine des ménages : au-delà du débat macroéconomique…," PSE - Labex "OSE-Ouvrir la Science Economique" halshs-01109031, HAL.
  • Handle: RePEc:hal:pseose:halshs-01109031
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01109031
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    Cited by:

    1. Luc Arrondel & Pierre Lamarche & Frédérique Savignac, 2015. "Wealth Effects on Consumption across the Wealth Distribution: Empirical Evidence," Working Papers halshs-01168660, HAL.
    2. Savignac, Frédérique & Arrondel, Luc & Lamarche, Pierre, 2015. "Wealth effects on consumption across the wealth distribution: empirical evidence," Working Paper Series 1817, European Central Bank.
    3. Ewen Gallic & Jean-Christophe Poutineau & Gauthier Vermandel, 2017. "L’impact de la crise financière sur la performance de la politique monétaire conventionnelle de la zone euro," Post-Print halshs-01683686, HAL.

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    Keywords

    Consommationdes ménages; Patrimoine;

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