Ludwig, Alexander; Sløk, Torsten - Sonderforschungsbereich 504 "Rationalitätskonzepte, …; … - 2004
This paper analyzes the relationship between stock prices, house prices and consumption using data for 16 OECD countries. The panel data analysis suggests that the long-run responsiveness of consumption to permanent changes in stock prices is higher for countries with a market-based financial...