Sløk, Torsten; Edison, Hali J. - International Monetary Fund (IMF) - 2001
This paper investigates if there is a different impact from changes in "new" and "old" economy stock valuations on private consumption. Estimating a reduced-form VAR for seven OECD countries for the 1990s, it is found that the impact from changes in old economy stock valuations on consumption is...