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Analyzing The Effects Of Financial And Housing Wealth On Consumption Using Micro Data
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Book Synopsis Analyzing the Effects of Financial and Housing Wealth on Consumption using Micro Data by : Carlos Caceres
Download or read book Analyzing the Effects of Financial and Housing Wealth on Consumption using Micro Data written by Carlos Caceres and published by International Monetary Fund. This book was released on 2019-05-24 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the existence of “wealth effects” derived from net equity (in the form of housing, financial assets, and total net worth) on consumption. The study uses longitudinal household-level data?from the Panel Study of Income Dynamics (PSID) ?covering about 7,000-9,000 households in the U.S., with the estimations carried over the period 1999-2017. Overall, wealth effects are found to be relatively large and significant for housing wealth, but less so for other types of wealth, including stocks. Furthermore, the analysis shows how these estimated marginal propensities to consume (MPC) from wealth are closely linked to household characteristics, including income and demographic factors. Finally, underlying structural changes in household characteristics point to potentially lower aggregate MPCs from wealth going forward.
Book Synopsis Feeling Rich, Feeling Poor: Housing Wealth Effects and Consumption in Europe by : Mr. Serhan Cevik
Download or read book Feeling Rich, Feeling Poor: Housing Wealth Effects and Consumption in Europe written by Mr. Serhan Cevik and published by International Monetary Fund. This book was released on 2023-12-08 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Households across Europe are struggling with a double crisis—the worst inflation shock since the World War II and a sudden correction in house prices. There is a rich literature on how housing price cycles affect consumer spending, finding mixed results with a wide range of consumption responses to changes in housing wealth. In this paper, using quarterly data on 20 countries in Europe over the period 1980–2023, we analyze the dynamic relationship between inflation-adjusted housing wealth and consumer spending and obtain statistically significant and economically intuitive results. Household consumption responds positively and swiftly to changes in real house prices and gross disposable income as expected. Using the estimated coefficients, we can deduce that the average quarter-on-quarter decline of -1.96 percent in real house prices in the first quarter of 2023 in Europe could dampen consumer spending by about -0.51 percentage points in real terms on a cumulative basis over a horizon of eight quarters.
Book Synopsis Drivers of Post-COVID Private Consumption in the U.S. by : Mai Dao
Download or read book Drivers of Post-COVID Private Consumption in the U.S. written by Mai Dao and published by International Monetary Fund. This book was released on 2024-06-21 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private consumption in the U.S. has recovered swiftly from the pandemic trough and has been running above the pre-pandemic trend even as interest rates rose sharply. This paper examines the underlying drivers for this strong growth in consumption. Using both state- and household-level data, we find that excess savings from the pandemic, large increases in household wealth (especially housing), along with solid real income gains contributed to strengthening post-pandemic consumption. Compared with pre-COVID estimates, the marginal propensity to consume out of housing wealth is substantially higher, which, together with large gains in housing prices, made the wealth effect a key driver for post-pandemic consumption growth.
Book Synopsis Handbook of Real Estate and Macroeconomics by : Leung, Charles K.Y.
Download or read book Handbook of Real Estate and Macroeconomics written by Leung, Charles K.Y. and published by Edward Elgar Publishing. This book was released on 2022-06-16 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Handbook collects a set of academic and accessible chapters to address three questions: What should real estate economists know about macroeconomics? What should macroeconomists know about real estate? What should readers know about the interaction between real estate and macroeconomics?
Book Synopsis Household Debt and House Prices-at-risk: A Tale of Two Countries by : Mr.Adrian Alter
Download or read book Household Debt and House Prices-at-risk: A Tale of Two Countries written by Mr.Adrian Alter and published by International Monetary Fund. This book was released on 2020-02-28 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: To identify and quantify downside risks to housing markets, we apply the house price-at-risk methodology to a sample of 37 cities across the United States and Canada using quarterly data from 1983 to 2018. This paper finds that downside risks to housing markets in the United States have seemingly fallen over the past decade, while having increased in Canada. Supply-side drivers, valuation, household debt, and financial conditions jointly play a key role in forecasting house price risks. In addition, capital flows are found to be significantly associated with future downside risks to major housing markets, but the net effect depends on the type of flows and varies across cities and forecast horizons. Using micro-level data, we identify households vulnerable to potential housing shocks and assess the riskiness of household debt.
Author :International Monetary Fund. Western Hemisphere Dept. Publisher :International Monetary Fund ISBN 13 :1498321895 Total Pages :95 pages Book Rating :4.4/5 (983 download)
Book Synopsis United States by : International Monetary Fund. Western Hemisphere Dept.
Download or read book United States written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2019-06-24 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. economy is in the longest expansion in recorded history. Unemployment is at levels not seen since the late 1960s, real wages are rising, and inflationary pressures remain subdued. Economic activity, while still growing above potential, is expected to slow to around 2.6 percent this year and 1.9 percent in 2020.
Book Synopsis The Housing Boom and Bust by : Thomas Sowell
Download or read book The Housing Boom and Bust written by Thomas Sowell and published by Basic Books (AZ). This book was released on 2009-05-12 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
Book Synopsis The Handbook of Global Shadow Banking, Volume I by : Luc Nijs
Download or read book The Handbook of Global Shadow Banking, Volume I written by Luc Nijs and published by Springer Nature. This book was released on 2020-06-30 with total page 822 pages. Available in PDF, EPUB and Kindle. Book excerpt: This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This volume focuses specifically on shadow banking activities, risk, policy and regulatory issues. It evaluates the nexus between policy design and regulatory output around the world, paying attention to the concept of risk in all its dimensions—the legal, financial, market, economic and monetary perspectives. Particular attention is given to spillover risk, contagion risk and systemic risk and their positioning and relevance in shadow banking activities. Newly introduced and incoming policies are evaluated in detail, as well as how risk is managed, observed and assessed, and how new regulation can potentially create new sources of risk. Volume I concludes with analysis of what will and still needs to happen in the event of another crisis. Proposing innovative suggestions for improvement, including a novel Pigovian tax to tame financial and systemic risks, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.
Book Synopsis Statistical Matching by : Marcello D'Orazio
Download or read book Statistical Matching written by Marcello D'Orazio and published by John Wiley & Sons. This book was released on 2006-03-30 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is more statistical data produced in today’s modern society than ever before. This data is analysed and cross-referenced for innumerable reasons. However, many data sets have no shared element and are harder to combine and therefore obtain any meaningful inference from. Statistical matching allows just that; it is the art of combining information from different sources (particularly sample surveys) that contain no common unit. In response to modern influxes of data, it is an area of rapidly growing interest and complexity. Statistical Matching: Theory and Practice introduces the basics of statistical matching, before going on to offer a detailed, up-to-date overview of the methods used and an examination of their practical applications. Presents a unified framework for both theoretical and practical aspects of statistical matching. Provides a detailed description covering all the steps needed to perform statistical matching. Contains a critical overview of the available statistical matching methods. Discusses all the major issues in detail, such as the Conditional Independence Assumption and the assessment of uncertainty. Includes numerous examples and applications, enabling the reader to apply the methods in their own work. Features an appendix detailing algorithms written in the R language. Statistical Matching: Theory and Practice presents a comprehensive exploration of an increasingly important area. Ideal for researchers in national statistics institutes and applied statisticians, it will also prove to be an invaluable text for scientists and researchers from all disciplines engaged in the multivariate analysis of data collected from different sources.
Book Synopsis Heterogeneity and Persistence in Returns to Wealth by : Andreas Fagereng
Download or read book Heterogeneity and Persistence in Returns to Wealth written by Andreas Fagereng and published by International Monetary Fund. This book was released on 2018-07-27 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population data from Norway’s administrative tax records. We document a number of novel results. First, during our sample period individuals earn markedly different average returns on their financial assets (a standard deviation of 14%) and on their net worth (a standard deviation of 8%). Second, heterogeneity in returns does not arise merely from differences in the allocation of wealth between safe and risky assets: returns are heterogeneous even within asset classes. Third, returns are positively correlated with wealth: moving from the 10th to the 90th percentile of the financial wealth distribution increases the return by 3 percentage points - and by 17 percentage points when the same exercise is performed for the return to net worth. Fourth, wealth returns exhibit substantial persistence over time. We argue that while this persistence partly reflects stable differences in risk exposure and assets scale, it also reflects persistent heterogeneity in sophistication and financial information, as well as entrepreneurial talent. Finally, wealth returns are (mildly) correlated across generations. We discuss the implications of these findings for several strands of the wealth inequality debate.
Book Synopsis Improving the Measurement of Consumer Expenditures by : Christopher D. Carroll
Download or read book Improving the Measurement of Consumer Expenditures written by Christopher D. Carroll and published by University of Chicago Press. This book was released on 2015-06-16 with total page 517 pages. Available in PDF, EPUB and Kindle. Book excerpt: Robust and reliable measures of consumer expenditures are essential for analyzing aggregate economic activity and for measuring differences in household circumstances. Many countries, including the United States, are embarking on ambitious projects to redesign surveys of consumer expenditures, with the goal of better capturing economic heterogeneity. This is an appropriate time to examine the way consumer expenditures are currently measured, and the challenges and opportunities that alternative approaches might present. Improving the Measurement of Consumer Expenditures begins with a comprehensive review of current methodologies for collecting consumer expenditure data. Subsequent chapters highlight the range of different objectives that expenditure surveys may satisfy, compare the data available from consumer expenditure surveys with that available from other sources, and describe how the United States’s current survey practices compare with those in other nations.
Book Synopsis The Economics of Aging by : David A. Wise
Download or read book The Economics of Aging written by David A. Wise and published by University of Chicago Press. This book was released on 2009-05-15 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economics of Aging presents results from an ongoing National Bureau of Economic Research project. Contributors consider the housing mobility and living arrangements of the elderly, their labor force participation and retirement, the economics of their health care, and their financial status. The goal of the research is to further our understanding both of the factors that determine the well-being of the elderly and of the consequences that follow from an increasingly older population with longer individual life spans. Each paper is accompanied by critical commentary.
Book Synopsis What Happens During Recessions, Crunches and Busts? by : Mr.Ayhan Kose
Download or read book What Happens During Recessions, Crunches and Busts? written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2008-12-01 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for 21 OECD countries over the period 1960–2007. In particular, we analyze the implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts), 234 (58) episodes of equity price declines (busts) and their various overlaps in these countries over the sample period. Our results indicate that interactions between macroeconomic and financial variables can play major roles in determining the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches and house price busts tend to be deeper and longer than other recessions. JEL Classification Numbers: E32; E44; E51; F42
Book Synopsis The Economics of Consumption by : Tullio Jappelli
Download or read book The Economics of Consumption written by Tullio Jappelli and published by Oxford University Press. This book was released on 2017 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Economics of Consumption, Tullio Jappelli and Luigi Pistaferri provide a comprehensive examination of the most important developments in the field of consumption decisions and evaluate economic models against empirical evidence.
Book Synopsis Wealth, Disposable Income and Consumption by : R. Tiff Macklem
Download or read book Wealth, Disposable Income and Consumption written by R. Tiff Macklem and published by . This book was released on 1994 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report develops a measure of aggregate private sector wealth in Canada that includes financial, physical, and human wealth, and examines the ability of this wealth measure to explain aggregate consumption. The relationship between consumption and wealth is explored both to gauge the usefulness of the wealth measures developed and to improve upon empirical consumption models for Canada. The study augments the standard EC consumption model with a comprehensive measure of wealth, thus partly bridging the gap between life cycle-permanent income consumption equations and the more empirically motivated EC consumption models based on disposable income.
Book Synopsis Understanding Consumption by : Angus Deaton
Download or read book Understanding Consumption written by Angus Deaton and published by Oxford University Press. This book was released on 1992 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview of the saving and consumption patterns of households
Book Synopsis Handbook of Behavioral Economics - Foundations and Applications 1 by :
Download or read book Handbook of Behavioral Economics - Foundations and Applications 1 written by and published by Elsevier. This book was released on 2018-09-27 with total page 749 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Behavioral Economics: Foundations and Applications presents the concepts and tools of behavioral economics. Its authors are all economists who share a belief that the objective of behavioral economics is to enrich, rather than to destroy or replace, standard economics. They provide authoritative perspectives on the value to economic inquiry of insights gained from psychology. Specific chapters in this first volume cover reference-dependent preferences, asset markets, household finance, corporate finance, public economics, industrial organization, and structural behavioural economics. This Handbook provides authoritative summaries by experts in respective subfields regarding where behavioral economics has been; what it has so far accomplished; and its promise for the future. This taking-stock is just what Behavioral Economics needs at this stage of its so-far successful career. - Helps academic and non-academic economists understand recent, rapid changes in theoretical and empirical advances within behavioral economics - Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics - Written for those who wish to become quickly acquainted with behavioral economics
