Wealth Effects in Europe: A Tale of Two Countries (Italy and the United Kingdom)
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Keywords
WP; consumption function; monetary policy; Wealth effects; consumption behavior; household portfolio; switching regressions; selectivity models; European capital markets; liquidity constraint; wealth effect; risky assets; transmission mechanism; life-cycle model; risk asset puzzle; utility function; smoothing consumption; consumption growth; Consumption; Income; Stocks; Liquidity; Capital markets; Europe; consumption capital asset pricing model puzzle; consumption function equation; selection equation; Asset prices;
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