It’s Not All Fiscal: Effects of Income, Fiscal Policy, and Wealth on Private Consumption
May 2015 · International Monetary Fund
Ebook
30
Pages
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About this ebook
We attempt to disentangle income and wealth effects on consumption by disaggregating both the different types of income and wealth. We estimate a consumption function for a panel of quarterly data for 14 advanced economies spanning 1998 to 2012, using an error correction specification. We find a significant long-term relation between consumption and the different components of income and wealth. While fiscal policy had direct effects on consumption, the analysis suggests that wealth effects were sizeable, and therefore need to be kept in mind when analyzing consumption trends going forward.
About the author
Laura Jaramillo is a poet from Queens. She is the author of chapbooks The Reactionary Poems (olywa press, 2008) and Civilian Nest (Love Among the Ruins, 2010). MATERIAL GIRL (Subpress, 2012) is her first full-length book of poems. She writes on transnational cinema and immigration at Duke University, where she is pursuing her PhD. Her poems have been translated into Spanish and Persian.
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