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House Prices, Money, Credit and the Macroeconomy.
Goodhart, Charles; Hofmann, Boris - 2008
over the last three decades. The analysis is based on a fixed-effects panel VAR estimated using quarterly data for 17 …
Persistent link: https://www.econbiz.de/10011604934
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How Large are Housing and Financial Wealth Effects? A New Approach
Carroll, Christopher D. - 2015
This paper presents a simple new method for measuring 'wealth effects' on aggregate consumption. The method exploits the stickiness of consumption growth (sometimes interpreted as reflecting consumption 'habits') to distinguish between immediate and eventual wealth effects. In U.S. data, we...
Persistent link: https://www.econbiz.de/10013038374
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3-step analysis of public finances sustainability: the case of the European Union
Afonso, António; Rault, Christophe - 2008
specific panel unit root test to investigate the meanreverting behaviour of general government expenditure and revenue ratios …. Secondly, we apply the bootstrap panel cointegration techniques that account for the time series and cross … and revenues via SUR analysis. While results imply that public finances were not unsustainable for the EU panel, fiscal …
Persistent link: https://www.econbiz.de/10011604954
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Inequality and savings: a reassesment of the relationship in cointegrated panels
Tuomas, Malinen - Volkswirtschaftliche Fakultät, … - 2011
The effect of income inequality on savings and consumption has remained an open empirical issue despite several decades of research. Results obtained in this study indicate that income inequality and private consumption are both I(1) nonstationary variables that are cointegrated, and inequality...
Persistent link: https://www.econbiz.de/10009294673
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Global imbalances and household savings: the role of wealth
Salotti, Simone - Volkswirtschaftliche Fakultät, … - 2008
savings using a panel of 18 developed countries for the period 1980-2005. We weave two strands of literature: the first strand …
Persistent link: https://www.econbiz.de/10008544701
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Wealth effects in the euro area
Guerrieri, Cinzia; Mendicino, Caterina - 2018
How sizable is the wealth effect on consumption in euro area countries? To address this question, we use newly available harmonized euro area wealth data and the methodology in Carroll et al. (2011b). We find that the marginal propensity to consume out of total wealth averaged across the largest...
Persistent link: https://www.econbiz.de/10011916861
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Is Your Bubble About to Burst?
Tatom, John - Volkswirtschaftliche Fakultät, … - 2005
House prices have risen quite sharply since 2000. Coming on the heels of a stock market crash, many analysts have raised the specter of collapse in house prices and have conjured up dire consequences from such a collapse. This article examines the extent of the house price rise, whether there...
Persistent link: https://www.econbiz.de/10005620161
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Psychology, consumer sentiment and household expenditures: a disaggregated analysis
Malgarini, Marco; Margani, Patrizia - Volkswirtschaftliche Fakultät, … - 2005
The aim of the paper is to assess the role of the Italian Consumer Sentiment Index (CSI) as an autonomous driving force of consumption decisions. We test for the presence of “rule of thumb” consumers as originally proposed by Cambell and Mankiw (1991), using sentiment measures distinguished...
Persistent link: https://www.econbiz.de/10011258877
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What Drives Personal Consumption? The Role of Housing and Financial Wealth
Slacalek, Jiri - 2009
I investigate the effect of wealth on consumption in a new dataset with financial and housing wealth from 16 countries. The baseline estimation method based on the sluggishness of consumption growth implies that the eventual (long-run) marginal propensity to consume out of total wealth is 5...
Persistent link: https://www.econbiz.de/10011605163
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How large are housing and financial wealth effects? A new approach
Carroll, Christopher D.; Otsuka, Misuzu; Slacalek, Jiri - 2010
This paper presents a simple new method for measuring `wealth effects' on aggregate consumption. The method exploits the stickiness of consumption growth (sometimes interpreted as reflecting consumption `habits') to distinguish between immediate and eventual wealth effects. In U.S. data, we...
Persistent link: https://www.econbiz.de/10011605329