This empirical study for private consumption in the euro area and the four largest euro area countries validates the need to separate components of income and supports the common practice to split wealth. A focus on income and wealth components avoids an aggregation bias in estimated income and wealth effects. It finds little evidence in favour of an extensive country aggregation issue given direct euro area estimates of income and wealth propensities and forecasts for consumption are not too different from those indirectly aggregated across the four largest euro area countries.

中文翻译：

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欧元区收入和财富效应：聚合问题*

这项针对欧元区和四个最大欧元区国家私人消费的实证研究证实了将收入的组成部分分开的必要性，并支持分割财富的普遍做法。对收入和财富组成部分的关注避免了估计收入和财富效应的聚合偏差。鉴于欧元区对收入和财富倾向的直接估计以及对消费的预测与欧元区四个最大国家的间接汇总并无太大差异，因此几乎没有证据支持广泛的国家汇总问题。