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This paper analyzes the existence of “wealth effects” derived from net equity (in the form of housing, financial assets, and total net worth) on consumption. The study uses longitudinal household-level data?from the Panel Study of Income Dynamics (PSID) ?covering about 7,000-9,000 households in the U.S., with the estimations carried over the period 1999-2017. Overall, wealth effects are found to be relatively large and significant for housing wealth, but less so for other types of wealth, including stocks. Furthermore, the analysis shows how these estimated marginal propensities to consume (MPC) from wealth are closely linked to household characteristics, including income and demographic factors. Finally, underlying structural changes in household characteristics point to potentially lower aggregate MPCs from wealth going forward.

Consumption (Economics) --- Consumer demand --- Consumer spending --- Consumerism --- Spending, Consumer --- Demand (Economic theory) --- Infrastructure --- Macroeconomics --- Real Estate --- Consumer Economics: Empirical Analysis --- Personal Finance --- Household Behavior and Family Economics: Other --- Personal Income, Wealth, and Their Distributions --- Intertemporal Choice and Growth: General --- Macroeconomics: Consumption --- Saving --- Wealth --- Demographic Economics: General --- Urban, Rural, and Regional Economics: Household Analysis: General --- Aggregate Factor Income Distribution --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Housing Supply and Markets --- Property & real estate --- Income --- Consumption --- Housing prices --- Household consumption --- National accounts --- Prices --- Economics --- Saving and investment --- United States

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Analyzing the Effects of Financial and Housing Wealth on Consumption using Micro Data.

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Christian special devotions --- Guatemala --- Mexico

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This paper analyzes the potential risks and vulnerabilities of non-financial corporates in Latin America and Canada. We quantify the impact of company-specific, countryspecific, and global factors in driving corporate spreads. Overall, we found that all these factors play a role in explaining corporate risk. In particular, country specific factors such as exchange rate and sovereign CDS spreads are significantly associated with changes in corporate spreads, underscoring the importance of solid policy frameworks. We also find that global conditions, such as the VIX, are dominant drivers of corporate spreads. In recent years, the adverse effects from deteriorating domestic conditions have been broadly offset by relatively bening global financial conditions. However, a sustained reversal in these conditions would put significant pressure on corporate risk.

Corporations --- Financial risk management --- Prices --- Risk management --- Business corporations --- C corporations --- Corporations, Business --- Corporations, Public --- Limited companies --- Publicly held corporations --- Publicly traded corporations --- Public limited companies --- Stock corporations --- Subchapter C corporations --- Business enterprises --- Corporate power --- Disincorporation --- Stocks --- Trusts, Industrial --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Consumption (Economics) --- Cost --- Costs, Industrial --- Money --- Cost and standard of living --- Supply and demand --- Value --- Wages --- Willingness to pay --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Econometric and Statistical Methods: General --- Firm Behavior: Empirical Analysis --- General Financial Markets: General (includes Measurement and Data) --- Corporate Finance and Governance: General --- Firm Objectives, Organization, and Behavior: General --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Commodity Markets --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary economics --- Currency --- Foreign exchange --- Credit default swap --- Exchange rate adjustments --- Currencies --- Exchange rates --- Credit --- Brazil

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