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Household Reaction to Changes in Housing Wealth

Shiller, Robert J. - Cowles Foundation for Research in Economics, Yale University - 2004

It is widely claimed that housing wealth, as well as stock prices, have an impact on consumption and hence on aggregate … recent research in behavioral economics. Particular attention is paid to a model of the response of consumption to wealth …

Persistent link: https://www.econbiz.de/10005087372

The transmission of external shocks to the Macedonian economic activity

Unevska Andonova, Danica; Petkovska, Marija - Narodna Banka na Republika Makedonija; Narodna Banka na … - 2011

Macroeconomists have been concerned with the structure of business cycle fluctuations and their sources for a long time. In a highly integrated and globalized world, the study of co-movement, or integration, is important because the results of the study on emerging countries could help...

Persistent link: https://www.econbiz.de/10011623342

Inflationary Equilibrium in a Stochastic Economy with Independent Agents

Geanakoplos, John; Karatzas, Ioannis; Shubik, Martin; … - Cowles Foundation for Research in Economics, Yale University - 2009

We argue that even when macroeconomic variables are constant, underlying microeconomic uncertainty and borrowing constraints generate inflation. We study stochastic economies with fiat money, a central bank, one nondurable commodity, countably many time periods, and a continuum of agents. The...

Persistent link: https://www.econbiz.de/10004979386

Comparing Wealth Effects: The Stock Market versus the Housing Market

Case, Karl E.; Quigley, John M.; Shiller, Robert J. - Cowles Foundation for Research in Economics, Yale University - 2001

, and measures of aggregate consumption for each of the geographic units over time. We estimate regressions relating … consumption to income and wealth measures, finding a statistically significant and rather large effect of housing wealth upon … household consumption. …

Persistent link: https://www.econbiz.de/10005593603

Wealth Effects Revisited 1978-2009

Case, Karl E.; Quigley, John M.; Shiller, Robert J. - Cowles Foundation for Research in Economics, Yale University - 2011

financial assets, and measures of aggregate consumption for each of the geographic units over time. We estimate regression … models in levels, first differences and in error-correction form, relating per capita consumption to per capita income and … wealth. We find a statistically significant and rather large effect of housing wealth upon household consumption. This effect …

Persistent link: https://www.econbiz.de/10008854040

Loan supply shocks in Macedonia : a Bayesian SVAR approach with sign restrictions

Kabashi, Rilind; Suleva, Katerina - Narodna Banka na Republika Makedonija - 2016

This paper analyses the effects of loan supply, as well as aggregate demand, aggregate supply and monetary policy shocks between 1998 and 2014 in Macedonia using a structural Vector Auto Regression with sign restrictions and Bayesian estimation. The main results indicate that loan supply shocks...

Persistent link: https://www.econbiz.de/10011623896

Policy nexus under different exchange rate regimes in CESEE countries

Bezhoska, Anita Angelovska; Mitreska, Ana - Narodna Banka na Republika Makedonija - 2013

Persistent link: https://www.econbiz.de/10011620236

6th Research Conference "Central Banking Under Prolonged Global Uncertainty: The Latest Lessons While Searching for the "New Normal"" : proceedings of the conference

Bezhoska, Anita Angelovska (ed.); Krstevska, Aneta (ed.); … - Research conference central banking under prolonged …; … - 2017

Persistent link: https://www.econbiz.de/10011812190