The Impact of Changes in Stock Prices and House Prices on Consumption in OECD Countries PDF Download
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Author: Alexander Ludwig
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
This paper quantifies the different impact of stock and house prices on consumption using data for 16 OECD countries. The analysis finds that the long-run impact of an increase in stock prices and house prices is in general higher in countries with a market-based financial system. The sensitivity of consumption to changes in stock wealth is about twice as large as the sensitivity to changes in housing wealth. Splitting the sample into the 1980s and 1990s shows that both countries with a market-based financial system and countries with a bank-based financial system moved toward a higher degree of responsiveness of consumption to changes in stock prices and house prices.
Author: Alexander Ludwig
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
This paper quantifies the different impact of stock and house prices on consumption using data for 16 OECD countries. The analysis finds that the long-run impact of an increase in stock prices and house prices is in general higher in countries with a market-based financial system. The sensitivity of consumption to changes in stock wealth is about twice as large as the sensitivity to changes in housing wealth. Splitting the sample into the 1980s and 1990s shows that both countries with a market-based financial system and countries with a bank-based financial system moved toward a higher degree of responsiveness of consumption to changes in stock prices and house prices.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264194150
Category :
Languages : en
Pages : 252
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Book Description
Twice a year, the OECD Economic Outlook analyses the major trends that will mark the next two years. This issue's special features cover the deterioration of budgetary positions in most countries, labour force participation of older workers, product market competition reforms, and inflation.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264090142
Category :
Languages : en
Pages : 345
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Book Description
The OECD Economic Outlook analyses the current economic situation and examines the economic policies required to foster a sustained recovery in member countries. This issue covers the outlook to end-2012 and includes a special chapter on fiscal consolidation.
Author: Prof. Jun Yeh, Tallinn University of Technology, Estonia
Publisher: DEStech Publications, Inc
ISBN: 160595182X
Category : Computers
Languages : en
Pages : 532
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Book Description
amount of new knowledge every day. We have to acknowledge that even the smartest people among us are incapable of familiarizing himself with all these new data. Fortunately, we are only required to deal with a very small amount of that vast number in our work and life. As those who devote himself to the field of information technology and management engineering, I sincerely believe that it is our responsibility to make efforts to accelerate the advance of science in such fields. The 2014 international Conference on Information Technology and Management Engineering, thanks to the hard work of its committee, will be held on April 26 and 27 in Hong Kong. The ITME2014 covers a wide range of topics such as network protocols, information theory and coding theory, network security, management theory, project management, public management, knowledge management etc. It is a great honor to us that numerous people from various countries, including many famous experts and excellent researchers, have shown their interest in this convention and submitted their latest studies to us as their support. Among these studies, we have selected about a hundred to be finally included in this proceeding after reviewing and discussing. We believe that this collection of work will be of great value not only to the participants of ITME2014, but also to those who has a chance of meeting it. The publication of this conference proceedings and the successful opening of ITME2014 owe its credit to a lot of people and institutions, especially the ITME2014 committee, the editors and DEStech Publications. The committee has devoted much time to reviewing the papers submitted to ITME2014, and DEStech Publications publishing those accepted papers. I would like to thank the committee and the press deeply here for their support to ITME2014 and I am eagerly looking forward to another chance for us to be a team again. Finally, let’s wish together that the 2014 International Conference on Information Technology
Author: Eliphas Ndou
Publisher: Springer
ISBN: 3030139328
Category : Business & Economics
Languages : en
Pages : 421
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Book Description
This book focuses on the exchange rate pass-through (ERPT), second round effects and the inflation process in South Africa. The authors demonstrate that magnitudes of the second round effects of the exchange rate depreciation and oil price shocks depend on inflation regimes. The impact of positive oil price shocks on inflation is weakened by monetary policy credibility. Evidence shows the influence of oil price on unit labour costs and correlation between exchange rate changes and inflation has weakened. In addition, ERPT is reduced by low business and consumer confidence, high trade openness, low inflation and high exchange rate volatility which weaken real economic activity. Both monetary and fiscal policy credibility lowers the sizes of ERPT to inflation and inflation expectations. Fiscal policy via fuel levies, administered prices and public transport inflation channel impacts the responses of monetary policy to inflation shocks. The authors show that second round effects contribute very little to wage inflation following an exchange rate depreciation shock. Both lending rate and household consumption responds asymmetrical to repo rate changes. This book will appeal to policymakers, students, academics and analysts.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264054618
Category : Business & Economics
Languages : en
Pages : 339
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Book Description
The OECD Economic Outlook analyses the current economic situation and examines the economic policies required to foster a sustained recovery in member countries. This issue covers the outlook to end-2011 for both OECD countries and selected non-OECD economies.
Author: Ms.Nan Geng
Publisher: International Monetary Fund
ISBN: 1484367626
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
House prices in many advanced economies have risen substantially in recent decades. But experience indicates that housing prices can diverge from their long-run equilibrium or sustainable levels, potentially followed by adjustments that impact macroeconomic and financial stability. Therefore there is a need to monitor house prices and assess whether they are sustainable. This paper focuses on fundamentals expected to drive long run trends in house prices, including institutional and structural factors. The scale of potential valuation gaps is gauged on the basis of a cross-country panel analysis of house prices in 20 OECD countries.
Author: Susan J. Smith
Publisher: John Wiley & Sons
ISBN: 9781444317985
Category : Business & Economics
Languages : en
Pages : 648
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Book Description
The Blackwell Companion to the Economics of Housing willhelp students and professionals alike to explore key elements ofthe housing economy: home prices, housing wealth, mortgage debt,and financial risk. Features 24 original essays, including an editorialintroduction and three section overviews Includes 39 world-class authors from a mix of educational andfinancial organizations in the UK, Europe, Australia, and NorthAmerica Broadly-based, scholarly, and accessible, serving students andprofessionals who wish to understand how today’s housingeconomy works Profiles the role and relevance of housing wealth; themismanagement of mortgage debt; and the pitfalls and potential ofhedging housing risk Key topics include: the housing price bubble and crash; thesubprime mortgage crisis in the US and its aftermath; the linksbetween housing wealth, the macroeconomy, and the welfare ofhome-occupiers; the mitigation of credit and housing investmentrisks Specific case studies help to illustrate concepts, along withnew data sets and analyses to illustrate empirical points
Author: Laura Jaramillo
Publisher: International Monetary Fund
ISBN: 1513598651
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
We attempt to disentangle income and wealth effects on consumption by disaggregating both the different types of income and wealth. We estimate a consumption function for a panel of quarterly data for 14 advanced economies spanning 1998 to 2012, using an error correction specification. We find a significant long-term relation between consumption and the different components of income and wealth. While fiscal policy had direct effects on consumption, the analysis suggests that wealth effects were sizeable, and therefore need to be kept in mind when analyzing consumption trends going forward.
Author:
Publisher:
ISBN:
Category : OECD countries
Languages : en
Pages : 260
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Book Description
