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The housing wealth effect on consumption reconsidered

Lindner, Fabian - Institut für Weltwirtschaft (IfW) - 2014

Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … changes in consumption. However, this might constitute a fallacy of composition. Such models ignore that changes in housing … classic Ando-Modigliani consumption function augmented by housing wealth can be deduced. It is shown that the deeper …

Persistent link: https://www.econbiz.de/10010956068

Current Account Imbalances and Income Inequality: Theory and Evidence

Al-Hussami, Fares; Remesal, Álvaro Martín - Institut für Weltwirtschaft (IfW) - 2012

account balance. We develop a model with consumption externalities and heterogeneous agents which explains how an increase in …

Persistent link: https://www.econbiz.de/10010886828

Age-specific rise of income and consumption inequality

Zhu, Guozhong - Institut für Weltwirtschaft (IfW) - 2013

the rise of income/consumption inequality over the past decades is more significant among younger households. This is …

Persistent link: https://www.econbiz.de/10010956091

Costs of Housing Crises: International Evidence

Aßmann, Christian; Hogrefe, Jens; Jannsen, Nils - Institut für Weltwirtschaft (IfW) - 2009

This analysis provides evidence for the costs housing crises induce in terms of GDP growth and under what circumstances these crises are particularly costly. Housing crises are often followed by recessions that are longer and deeper than other recessions. According to empirical estimates,a...

Persistent link: https://www.econbiz.de/10005258422

Through which channels can remittances spur economic growth in MENA countries?

Mim, Sami Ben; Ali, Mohamed Sami Ben - Institut für Weltwirtschaft (IfW) - 2012

This paper studies the remittances' effect on economic growth. Using panel data techniques, the authors estimate several specifications to provide support of such relationship for MENA countries over the period 1980-2009. The findings provide new robust evidence on how remittances are used in...

Persistent link: https://www.econbiz.de/10009646511

Confronting the Representative Consumer with Household-Size Heterogeneity

Koulovatianos, Christos; Schröder, Carsten; Schmidt, Ulrich - Institut für Weltwirtschaft (IfW) - 2010

Much analysis in macroeconomics empirically addresses economy-wide incentives behind consumer/investment choices by using insights from the way a single representative household would behave. Heterogeneity at the micro level can jeopardize attempts to back up the representative consumer...

Persistent link: https://www.econbiz.de/10008727755

Stock Market Wealth, Private Saving, and the Current Account in the United States: Should We Worry?

Strauß, Hubert - Institut für Weltwirtschaft (IfW) - 1999

The paper investigates by means of cointegration analysis whether the recently observed low levels of private saving and the current account balance in the United States are worrisome in the sense that they cannot be sufficiently explained by determinants which performed well in the past. Stock...

Persistent link: https://www.econbiz.de/10005818865

Trend Growth and the Dynamic Effects of Government Spending

Tesfaselassie, Mewael F. - Institut für Weltwirtschaft (IfW) - 2011

consumption and the fiscal multiplier given that consumption and labor are somewhat complementary …

Persistent link: https://www.econbiz.de/10008805609

International transmission of financial stress: evidence from a GVAR

Dovern, Jonas; Roye, Björn van - Institut für Weltwirtschaft (IfW) - 2013

We analyze the international transmission of financial stress and its effects on economic activity. We construct country specific monthly financial stress indexes (FSI) using dynamic factor models from 1970 until 2012 for 20 countries. We show that there is a strong co-movement of the FSI during...

Persistent link: https://www.econbiz.de/10010886840

Trend Growth and Learning About Monetary Policy Rules in a Two-Block World Economy

Schaling, Eric; Tesfaselassie, Mewael F. - Institut für Weltwirtschaft (IfW) - 2013

of openness and growth on determinacy and learnability of worldwide rational expectations equilibria we develop a two … account of openness but less stringent on account of growth, so that growth weakens the effect of openness, (ii) under the … expectations-based policy rule the conditions for determinacy and learnability also become more stringent on account of openness …

Persistent link: https://www.econbiz.de/10010886862