Today I will focus on the possibly different influences of equity wealth and housing wealth, although other components of balance sheets may be important as well. In the current version of the Federal Reserve’s econometric model, the estimated marginal propensities to consume out of stock market and other wealth are virtually indistinguishable.
The importance and significance of the appointment are obvious and so could not go unacknowledged; regarding the Conference, it is a key date in the calendar for events relating to the financial system and an excellent opportunity to identify trends in the consumer credit sector, and share and discuss problems, fully justifying this word of appreciation.