Residential and stock market effects on consumption across Europe

Zeitschriftenaufsatz


Autoren/Herausgeber


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Details zur Publikation

Autorenliste: Pacheco, L.M., & Barata, J.M.
Verlag: Taylor & Francis (Routledge): SSH Titles
Jahr der Veröffentlichung: 2005
Bandnummer: 5
Heftnummer: 3
Erste Seite: 255
Letzte Seite: 278
Seitenumfang: 24
ISSN: 1461-6718
Sprachen: Englisch-Vereinigtes Königreich (EN-GB)


Beschreibung

The aim of this paper is to explain private consumption as a function of
income and wealth with data from European Union countries. To examine
how the developments in housing and stock markets may have affected
consumption behaviour, we adopt two econometric procedures. First, we
use the Stock-Watson procedure to account for wealth effects on
consumption over the long run. Second, through an error-correction model
we measure wealth effects on consumption over the short run. We found
significant albeit mixed values for the long-run elasticities of
consumption with respect to real residential and equity prices. We also
found strong evidence that consumption exhibits error-correction
behaviour in the short run, with the value of the error-correction term
signifying that household consumption takes several quarters to
completely respond to changes in the markets. © 2005 Taylor &
Francis.


Schlagwörter

Economics, Management


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Zuletzt aktualisiert 2019-13-08 um 00:45