We study a series of growth models in which households' preferences display `jealousy' or `external habits': a negative dependence on average consumption. We argue that accounting for consumption externalities in growth models requires consideration of both their static and dynamic effects. In a...

This paper analysis the results of a survey on qualitative and quantitative perceptions and expectations of past, current and future macroeconomic developments among a representative household panel(DNB Household Survey). Perceptions of economic growth and inflation show a large dispersion. For...

Using recent cross-country data for over a hundred nations, this paper examines the effects of various disaggregated tourism policy measures on economic growth. Based on standard growth theory, the model uniquely incorporates tourism variables disaggregated across various dimensions of tourism...

An increase in the household debt to GDP ratio predicts lower GDP growth and higher unemployment in the medium run for an unbalanced panel of 30 countries from 1960 to 2012. Low mortgage spreads are associated with an increase in the household debt to GDP ratio and a decline in subsequent GDP...

In this paper we analyse the effects of all sources of the accumulation of nonfinancial debt (household, corporate as well as government) on economic growth in ten euro-area countries during the 1980-2015 period. To this end, we make use of three models (a baseline, an asymmetric and a threshold...

This study examines the causal links between energy consumption (EC) and economic development, as measured by Gross Domestic Product (GDP) for four Balkan countries (i.e. Greece, Bulgaria, Romania and Albania) during the period 1980-2009. Energy is a key source of economic growth because many...

Abstract In this paper, we investigate how much Chinese households have contributed to China's economic growth between 1980 and 2015 from the perspective of age structure transitions. We first propose a theoretical framework for the quantification of the demographic dividends during an age...

This study sheds new light on the question of whether or not sentiment surveys, and the expectations derived from them, are relevant to forecasting economic growth and stock returns, and whether they contain information that is orthogonal to macroeconomic and financial data. I examine 16...

The decline in macroeconomic volatility from the 1980s to the onset of the Great Recession did not, in general, translate into more microeconomic stability. While microeconomic volatility can reflect growth-generating processes, such as creative destruction and re-allocation of resources,...