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Zachłod-Jelec Magdalena (Polish Ministry of Finance)
Interrelations between Consumption and Wealth in Poland
Central European Journal of Economic Modelling and Econometrics (CEJEME), 2010, vol. 2, nr 1, s. 37-58, rys., tab., bibliogr. 13 poz.
Słowa kluczowe
Konsumpcja, Dochody, Zamożność społeczeństwa, Dochody z pracy
Consumption, Income, Society affluence, Labour income
summ.; Klasyfikacja JEL: C32, E21
This paper studies the long-run relationship between consumption, labour income and asset wealth in Poland. Within cointegrated VAR model dynamic responses of the variables in the system to shocks are studied. In addition, series are decomposed into permanent and transitory components on the basis of the cointegrating relation found in the system. Main conclusion of this paper is that deviations of the three variables from their estimated long-run relationship are better explained with fluctuations of labour income than assets. A tentative explanation of this finding is presented. Additionally, the magnitude of the asset wealth effect in Poland is calculated and compared with other studies for European countries and for the U.S. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej w Warszawie
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Pełny tekst
  1. Campbell J. Y., (1987), Does Saving Anticipate Declining Labor Income? An Alternative Test of the Permanent Income Hypothesis, Econometrica, 55, 1249-1273.
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  9. Juselius K., (2006), The cointegrated VAR model. Methodology and applications, Oxford University Press, Oxford.
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  11. Lettau M., Ludvigson S., (2001), Consumption, Aggregate Wealth and Expected Stock Returns, Journal of Finance, 56, 815-849.
  12. Lettau M., Ludvigson S., (2004), Understanding Trend and Cycle in Asset Values: Reevaluating the Wealth Effect on Consumption, American Economic Review, 94, 276-299.
  13. Sousa R. M., (2009), Wealth Effects on Consumption. Evidence from the Euro Area, Working Paper Series, no. 1050, European Central Bank.
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