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Buffer-Stock Saving in a Krusell-Smith World
Carroll, Christopher D. - 2015
A large body of microeconomic evidence supports Friedman (1957)'s proposition that household income can be reasonably well described as having both transitory and permanent components. We show how to modify the widely-used macroeconomic model of Krusell and Smith (1998) to accommodate such a...
Persistent link: https://www.econbiz.de/10013034318
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House Prices, Money, Credit and the Macroeconomy
Goodhart, Charles A. E. (contributor);  … - 2008
This paper assesses the linkages between money, credit, house prices and economic activity in industrialised countries over the last three decades. The analysis is based on a fixed-effects panel VAR estimated using quarterly data for 17 industrialized countries spanning the period 1970-2006. The...
Persistent link: https://www.econbiz.de/10003778768
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Wealth effects in emerging market economies
Peltonen, Tuomo; Sousa, Ricardo M.; Vansteenkiste, Isabel - 2009
We build a panel of 14 emerging economies to estimate the magnitude of housing, stock market, and money wealth eÞects … that: (i) wealth effects are statistically significant and relatively large in magnitude; (ii) housing wealth effects tend … countries; (iii) housing wealth effects have increased for Asian coutries in recent years; and (iv) consumption reacts stronger …
Persistent link: https://www.econbiz.de/10003831615
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Consumption, Wealth, Stock and Government Bond Returns : International Evidence
Afonso, António - 2011
In this paper, we show, from 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 government bond yields. We use data for several OECD countries and find that when agents expect...
Persistent link: https://www.econbiz.de/10013128867
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Wealth Effects on World Private Financial Saving
Fair, Ray C. - 2014
can be explained by lagged changes in world stock and housing prices for the sample period 1982-2013. The results suggest …
Persistent link: https://www.econbiz.de/10013040039
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House Prices, Money, Credit and the Macroeconomy
Goodhart, Charles; Hofmann, Boris - 2021
This paper assesses the linkages between money, credit, house prices and economic activity in industrialised countries over the last three decades. The analysis is based on a fixed-effects panel VAR estimated using quarterly data for 17 industrialized countries spanning the period 1970-2006. The...
Persistent link: https://www.econbiz.de/10013316547
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Wealth and Consumption : An Assessment of the International Evidence
Labhard, Vincent; Sterne, Gabriel; Young, Chris - 2005
The main objective of this paper is to offer a critique of the existing literature on the link between wealth and consumption, as captured by the long-run marginal propensity to consume from financial wealth (mpcw). The international evidence suggests that the mpcw varies considerably across...
Persistent link: https://www.econbiz.de/10014060309
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The relationship between savings and economic growth in countries with different level of economic development
Misztal, Piotr - In: E-Finanse : finansowy kwartalnik internetowy 7 (2011) 2, pp. 17-29
The aim of this paper is to analyze the cause and effect relationship between economic growth and savings in advanced economies and in emerging and developing countries2. In this work we used the method based on studies in macroeconomics and international finance as well as econometric methods...
Persistent link: https://www.econbiz.de/10009313678
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Cross-country heterogeneity in intertemporal substitution
Havránek, Tomáš; Horváth, Roman; Havránková, Zuzana; … - 2013
We collect 2,735 estimates of the elasticity of intertemporal substitution in consumption from 169 published studies that cover 104 countries during different time periods. The estimates vary substantially from country to country, even after controlling for 30 aspects of study design. Our...
Persistent link: https://www.econbiz.de/10009786885
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Trade patterns and endogenous institutions : global evidence
Frensch, Richard; Horváth, Roman; Huber, Stephan - 2016
We propose a novel way to measure the rule of law intensity of exports at the goods level based on nearly 100 million disaggregated bilateral trade flows around the globe. We categorise goods into three groups: fragmented, primary and other. The theoretical literature on holdup problems...
Persistent link: https://www.econbiz.de/10011516584