‘Animal spirits’ are real, DNB paper says

Netherlands Bank
The Netherlands Bank
Photo: Rachael King

Consumer confidence in the European Union and the US does not just mirror other information about economic activity, a working paper published by the Netherlands Bank argues.

In Animal spirits and household spending in Europe and the US, Bahar Öztürk and Ad Stokman use a range of data on consumer confidence and economic activity.

The authors investigate whether “changes in consumer confidence mirror information that can also be inferred from other economic indicators, or that they contain

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