We revisit the evidence on the effect of changes in household wealth on consumption using a panel of Australian states. We find that a one per cent increase in the value of housing wealth increases consumption by about 0.16 per cent in the long‐run, with half of the response occurring within two quarters. The size of this response has been stable over time and largely reflects changes in spending on motor vehicles, durable goods and other discretionary items. We then run counterfactual scenarios using the Reserve Bank of Australia's macroeconometric model, MARTIN, to assess the macroeconomic effects of changes in household wealth. We show that increases in household wealth supported household spending between 2013 and 2017, when growth in disposable income was weak.

中文翻译：

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澳大利亚的财富和消费

我们使用澳大利亚各州的小组重新审视有关家庭财富变化对消费影响的证据。我们发现，从长远来看，住房财富价值每增加 1%，消费就会增加约 0.16%，其中一半的反应发生在两个季度内。这种反应的规模随着时间的推移一直保持稳定，主要反映了机动车辆、耐用品和其他可自由支配物品支出的变化。然后，我们使用澳大利亚储备银行的宏观经济计量模型 MARTIN 运行反事实情景，以评估家庭财富变化对宏观经济的影响。我们表明，在 2013 年至 2017 年期间，可支配收入增长疲软，家庭财富的增加支持了家庭支出。