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Consumption, Wealth and Business Cycles in Germany

Hamburg, Britta; Hoffmann, Mathias; Keller, Joachim - CESifo - 2005

This paper studies the long-run relationship between consumption, asset wealth and income in Germany, based on data from 1980 to 2003. While earlier studies — mostly for the Anglo-Saxon economies — have generally documented that departures of these three variables from their common trend...

Persistent link: https://www.econbiz.de/10005765943

Consumption, Wealth, Stock and Housing Returns: Evidence from Emerging Markets

Caporale, Guglielmo Maria; Sousa, Ricardo M. - CESifo - 2011

consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for … temporarily allow consumption to rise. Regarding housing returns, if housing assets are complementary to stocks, then investors … wealth held in the form of housing (i.e., when stock and housing assets are substitutes), then they will temporarily reduce …

Persistent link: https://www.econbiz.de/10009325810

Are Stock and Housing Returns Complements or Substitutes? Evidence from OECD Countries

Caporale, Guglielmo Maria; Sousa, Ricardo M. - CESifo - 2011

both stock returns and housing returns. The evidence based on data for 15 OECD countries shows that when agents expect … future stock returns to be higher, they will temporarily allow consumption to rise. Regarding housing returns, if housing …

Persistent link: https://www.econbiz.de/10009352230

Are Stock and Housing Returns Complements or Substitutes? Evidence from OECD Countries

Caporale, Guglielmo Maria - 2013

Persistent link: https://www.econbiz.de/10013092228

Income and Wealth Inequality in America, 1949-2016

Kuhn, Moritz - 2018

wealth distribution. Middle-class portfolios are dominated by housing, while rich households predominantly own equity. An … house prices. Housing booms lead to substantial wealth gains for leveraged middle-class households and tend to decrease …. This race between the equity market and the housing market shaped wealth dynamics in postwar America and decoupled the …

Persistent link: https://www.econbiz.de/10012932905

Consumption, Wealth, Stock and Housing Returns : Evidence from Emerging Markets

Caporale, Guglielmo Maria; Sousa, Ricardo M. - 2021

Persistent link: https://www.econbiz.de/10013315965

Government Spending and Durable Goods

Boehm, Christoph E. - 2017

This paper shows that the fiscal multiplier for purchases of durable and investment goods is very small - much smaller than the multiplier for nondurable goods. Standard models predict small durables multipliers because private sector purchases of durable goods are highly intertemporally...

Persistent link: https://www.econbiz.de/10012964609

The Effect of Unconventional Fiscal Policy on Consumption Expenditure

D'Acunto, Francesco - 2016

Unconventional fiscal policy uses announcements of future increases in consumption taxes to generate inflation expectations and accelerate consumption expenditure. It is budget neutral and time consistent. We exploit a unique natural experiment for an empirical test of the effectiveness of...

Persistent link: https://www.econbiz.de/10012981297

Unconventional Fiscal Policy, Inflation Expectations, and Consumption Expenditure

D'Acunto, Francesco - 2016

Unconventional fiscal policies incentivize households to accelerate consumption by generating future consumer price ination, and offer an alternative to unconventional monetary policy (Correia et al. (2013)). We use a natural experiment to study the causal effect of unconventional fiscal...

Persistent link: https://www.econbiz.de/10012995195

Cycles and Indeterminacy in Overlapping Generations Economies with Stone-Geary Preferences

Koskela, Erkki - 2006

We investigate dynamics in an overlapping generations economy with Stone-Geary preferences. We show that a steady state exists, and furthermore and importantly, that there can be a multitude of two cycles even though intertemporal elasticity of substitution in consumption exceeds unity

Persistent link: https://www.econbiz.de/10012779946