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Consumption, (Dis)Aggregate Wealth, and Asset Returns
Sousa, Ricardo M. - 2009
consumption, financial wealth, housing wealth and labor income (summarized by the variable cday) should predict better U ….K. quarterly stock market returns than a variable like cay from Lettau and Ludvigson (2001), which considers aggregate wealth … of asset wealth; and (ii) the faster rate of convergence of the coefficients to the long-run equilibrium parameters …
Persistent link: https://www.econbiz.de/10014065020
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Asymmetric income and wealth effects in a non-linear error correction model of US consumer spending
Treeck, Till van - 2008
asymmetry are usually considered as mutually exclusive. Using a single data set for US personal consumption, income and wealth … wealth declines can have considerable negative consumption effects in the short run, households have apparently been able, in … the longer run, to substantially increase consumption expenditure following income and wealth increases, but to keep the …
Persistent link: https://www.econbiz.de/10003744543
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On the relationships between real consumption, income, and wealth
Palumbo, Michael G.; Rudd, Jeremy B.; Whelan, Karl - In: Journal of business & economic statistics : JBES ; a … 24 (2006) 1, pp. 1-11
Persistent link: https://www.econbiz.de/10003279763
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On the relationships between real consumption, income, and wealth
Palumbo, Michael G.; Rudd, Jeremy B.; Whelan, Karl - 2002
Persistent link: https://www.econbiz.de/10001706706
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On the relationships between real consumtion, income and wealth
Palumbo, Michael G.; Rudd, Jeremy B.; Whelan, Karl - 2002
Persistent link: https://www.econbiz.de/10001737974
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Asset pricing under rational learning about rare disasters
Koulovatianos, Christos; Wieland, Volker - 2011 - 1st Version: May 20, 2011, This version: July 28, 2011
This paper proposes a new approach for modeling investor fear after rare disasters. The key element is to take into account that investors' information about fundamentals driving rare downward jumps in the dividend process is not perfect. Bayesian learning implies that beliefs about the...
Persistent link: https://www.econbiz.de/10010387528
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Increasing taxes after a financial crisis : not a bad idea after all...
Koulovatianos, Christos; Mavridis, Dimitris - 2018
Based on OECD evidence, equity/housing-price busts and credit crunches are followed by substantial increases in public consumption. These increases in unproductive public spending lead to increases in distortionary marginal taxes, a policy in sharp contrast with presumably optimal Keynesian...
Persistent link: https://www.econbiz.de/10011932442
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What we don’t know doesn’t hurt us: rational inattention and the permanent income hypothesis in general equilibrium
Nie, Jun; Luo, Yulei; Wang, Gaowang; Young, Eric R. - Federal Reserve Bank of Kansas City - 2014
impatience. We then explore how RI affects the equilibrium joint dynamics of consumption, income and wealth, and find that …
Persistent link: https://www.econbiz.de/10011185458
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What We Don't Know Doesn't Hurt Us: Rational Inattention and the Permanent Income Hypothesis in General Equilibrium
Luo, Yulei; Nie, Jun; Wang, Gaowang; Young, Eric - Volkswirtschaftliche Fakultät, … - 2014
consumption, income and wealth, and find that elastic attention can make the model fit the data better. We finally show that the …
Persistent link: https://www.econbiz.de/10011108002
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Sticky Information Diffusion and the Inertial Behavior of Durables Consumption
Luo, Yulei - 2012
This paper studies the dynamics of durable and nondurable consumption under two alternative assumptions about information updating by households – rational inattention and sticky expectations. We first show that the two types of sticky information diffusion can help generate strong excess...
Persistent link: https://www.econbiz.de/10013115894