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Are Consumers Planning Consumption According to an Euler Equation?
Dräger, Lena - 2017
Evaluating a new survey dataset of German consumers, we test whether individual consumption plans are formed according to an Euler equation derived from consumption life-cycle models. Estimating several consumption Euler equations, the results are mostly in line with the theory: We find evidence...
Persistent link: https://www.econbiz.de/10012964377
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Consumption, Wealth, Stock and Housing Returns : Evidence from Emerging Markets
Caporale, Guglielmo Maria; Sousa, Ricardo M. - 2021
In this paper, we show, using the consumer’s budget constraint, that the residuals of the trend relationship among consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for a panel of 31 emerging economies and find that,...
Persistent link: https://www.econbiz.de/10013315965
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Central Bank Policy Rates : Are They Cointegrated?
Caporale, Guglielmo Maria - 2017
the US, the Eurozone, Australia, Canada, Japan and the UK using fractional integration and cointegration techniques …
Persistent link: https://www.econbiz.de/10012958879
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Linkages between the US and European Stock Markets : A Fractional Cointegration Approach
Caporale, Guglielmo Maria - 2015
fractional integration and fractional cointegration techniques. These methods are more general and have higher power than the … both the S&P 500 Index and the Euro Stoxx 50 Index. Also, fractional cointegration appears to hold at least for the … diverging growth and monetary policy. Establishing whether the degree of cointegration has changed over time is important since …
Persistent link: https://www.econbiz.de/10013013497
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Trade Intensity and Output Synchronisation : On the Endogeneity Properties of EMU
Caporale, Guglielmo Maria - 2013
Using annual bilateral data over the period 1988-2011 for a panel of 24 industrialised and emerging economies, we analyse in a time-varying framework the determinants of output synchronisation in EMU (European Monetary Union) distinguishing between core and peripheral member states. The results...
Persistent link: https://www.econbiz.de/10013083873
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FDI, Trade Integration and the Border Effect : Evidence from the European Union
Martinez-San Roman, Valeriano - 2014
This paper intends to combine two fields in the economic literature by examining empirically the FDI pattern – horizontal versus vertical – within the European Union and the relevance of trade integration as a potential determinant of investment flows over the period 1995-2009. We capture...
Persistent link: https://www.econbiz.de/10013051267
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International Trade Integration : A Disaggregated Approach
Chen, Natalie - 2013
This paper investigates the sources and size of trade barriers at the industry level. We derive a micro-founded measure of industry-specific bilateral trade integration that has an in-built control for time-varying multilateral resistance. This trade integration measure is consistent with a...
Persistent link: https://www.econbiz.de/10012753160
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Habit Formation and Labor Supply
Cremer, Helmuth - 2008
This paper shows that the combination of habit formation - present consumption creating additional consumption needs in the future - and myopia may explain why some retirees are forced to 'unretire', i.e., unexpectedly return to work. It also shows that when myopia about habit formation leads to...
Persistent link: https://www.econbiz.de/10012771200
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A Permanent Income Version of the Relative Income Hypothesis
Alvarez-Cuadrado, Francisco; Van Long, Ngo - 2021
We propose an overlapping generations economy where households care about relative consumption, the difference between their consumption and the consumption of their reference group. An individual's consumption is driven by the comparison of his lifetime income and the lifetime income of his...
Persistent link: https://www.econbiz.de/10013316492
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On the Underestimation of the Precautionary Effect in Discounting
Gollier, Christian - 2011
Using the extended Ramsey rule, the socially efficient rate is the difference between a wealth effect and a precautionary effect of economic growth. This second effect is increasing in the degree of uncertainty affecting the future. In the literature, it is usually calibrated by estimating the...
Persistent link: https://www.econbiz.de/10013121828