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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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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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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
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Wealth Effects in the Euro Area
Guerrieri, Cinzia - 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/10012916514
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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/10013154678
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House Prices, Money, Credit and the Macroeconomy
Goodhart, Charles; Hofmann, Boris - 2021
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/10013316547
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Household debt sustainability: what explains household non-performing loans? An empirical analysis
Rinaldi, Laura; Sanchis-Arellano, Alicia - 2006
Sound household financial conditions are relevant for both financial and monetary stability. Therefore, we analyse household financial fragility in a sample of euro area countries with the aim to shed some light on the nature of the large debt increase accumulated in recent years. We focus on...
Persistent link: https://www.econbiz.de/10011604616