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

  • Corinne Houizot

    (Institut Curie)

  • Hélène Baudchon

    (BNP Paribas)

  • Catherine Mathieu

    (Observatoire français des conjonctures économiques)

  • Francisco Serranito

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

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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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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  13. Loïc Cadiou, 1995. "Le mystère de la consommation perdue," Revue de l'OFCE, Programme National Persée, vol. 53(1), pages 147-164.
  14. Françoise Charpin, 1988. "Le modèle de cycle de vie, une approche numérique," Revue de l'OFCE, Programme National Persée, vol. 25(1), pages 173-198.
  15. 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.
  16. Patrick Villieu, 2008. "Macroéconomie : consommation et épargne," Post-Print halshs-00250802, HAL.
  17. 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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