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The household sector financial balance, financing gap, financial markets, and economic cycles in the US economy: A structural VAR analysis
Casadio, Paolo; Paradiso, Antonio - 2010
This paper investigates private net saving in the US economy - divided into its principal components, households and (nonfinancial) corporate financial balances - and its impact on the GDP cycle from the 1980s to the present. Furthermore, we investigate whether the financial markets (stock...
Persistent link: https://www.econbiz.de/10010281740
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Are Crime Rates Really Stationary?
Joakim, Westerlund; Johan, Blomquist - 2009
Many empirical studies of the economics of crime focus solely on the determinants thereof, and do not consider the dynamic and cross-sectional properties of their data. As a response to this, the current paper offers an in-depth analysis of this issue using data covering 21 Swedish counties from...
Persistent link: https://www.econbiz.de/10013208550
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Stock Market Volatility, Consumption and Investment; An Evaluation of the Uncertainty Hypothesis Using Post-War U.S. Data
Raunig, Burkhard; Scharler, Johann - 2011
We estimate the effects of stock market volatility on the growth rates of durable consumption, non-durable consumption … adverse effects on the growth rates of investment and durable consumption, whereas the in uence on non-durable consumption …
Persistent link: https://www.econbiz.de/10013370085
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Testing for Stationarity in Panel Data when Errors are Serially Correlated. Finite-Sample Results
Jönsson, Kristian - 2005
In this paper, we study the small sample properties of the panel data stationarity test of Hadri (2000). We find that … the previously suggested moments, that are to be used when standardizing the panel data stationarity test, cause size … standardizing moments that are to be used in a panel data stationarity test when samples are small and serial correlation in the …
Persistent link: https://www.econbiz.de/10013208476
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On optimal currency areas and common cycles: Are the acceding countries ready to join the euro?
Grimm, Louisa; Steinkamp, Sven; Westermann, Frank - 2021
The former EU president Jean-Claude Junker has proposed that all countries of the European Union should also adopt the euro as their currency and recent research has shown that countries currently pursuing this goal indeed fulfill the classical Optimal Currency Area (OCA) criterion of positively...
Persistent link: https://www.econbiz.de/10012593318
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The international dimension of confidence shocks
Dées, Stéphane; Güntner, Jochen - 2014
consumption and real GDP. In line with BNW, we find that confidence shocks explain a large share of the variance in real economic …
Persistent link: https://www.econbiz.de/10010368265
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Did Us Consumers "Save for a Rainy Day" Before the Great Recession?
Anundsen, André K.; Nymoen, Ragnar - 2015
the period 1980q1-2011q4. That is, income is more often found to predict consumption and saving than the converse. Our … consumption and by exploring the direction of Granger causality between the two series. We also give evidence that house price … changes played a role in the US income and consumption dynamics, before, during and after the Great Recession. …
Persistent link: https://www.econbiz.de/10012143864
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Habits, sentiment and predictable income in the dynamics of aggregate consumption
Sommer, Martin - 2001
standard permanent income model with intertemporally separable utility: the sensitivity of consumption to lagged consumer … sentiment and to predictable changes in current income I show that in a habit formation model the sensitivity of consumption … growth to predicted income can be to a large extent reinterpreted as a sluggish response of consumption to news Moreover the …
Persistent link: https://www.econbiz.de/10010293449
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Consumption, wealth, and income inequality: A tale of tails
Gaillard, Alexandre; Hellwig, Christian; Wangner, Philipp; … - 2023
We provide evidence that the distributions of consumption, labor income, wealth, and capital income exhibit asymptotic … return heterogeneity lead to a mirror consumption concentration puzzle. We match the cross-sectional data on these four …
Persistent link: https://www.econbiz.de/10014480446
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Math matters: Education choices and wage inequality
Rendall, Andrew; Rendall, Michelle - 2014
SBTC is a powerful mechanism in explaining the increasing gap between educated and uneducated wages. However, SBTC cannot mimic the US within-group wage inequality. This paper provides an explanation for the observed intra-college group inequality by showing that the top decile earners'...
Persistent link: https://www.econbiz.de/10011282519