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Author : Ray C. Fair
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (221 download)
Download or read book Consumer Sentiment, the Stock Market, and Consumption Functions written by Ray C. Fair and published by . This book was released on 1971 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Wolfgang Drobetz
Publisher : Springer Science & Business Media
ISBN 13 : 3663085295
Total Pages : 346 pages
Book Rating : 4.6/5 (63 download)
Download or read book Global Stock Markets written by Wolfgang Drobetz and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wolfgang Drobetz provides empirical evidence on the time variation of expected stock returns over the stages of the business cycle.
Author : Ross Levine
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4./5 ( download)
Download or read book Stock Markets, Growth, and Policy written by Ross Levine and published by World Bank Publications. This book was released on 1990 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Laurence Boone
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.F/5 ( download)
Download or read book Stock Market Fluctuations and Consumption Behaviour written by Laurence Boone and published by . This book was released on 1998 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hafiz A. Akhand
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4./5 ( download)
Download or read book Stock Markets, Banks, and Economic Growth written by Hafiz A. Akhand and published by World Bank Publications. This book was released on 1999 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock markets, banks and economic growth: a reasonable extreme bounds analysis (Discussion paper, 99/4)
Author : John Y. Campbell
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (882 download)
Download or read book Consumption and the Stock Market written by John Y. Campbell and published by . This book was released on 1996 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John Y. Campbell
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.:/5 (318 download)
Download or read book By Force of Habit written by John Y. Campbell and published by . This book was released on 1995 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present a consumption-based model that explains the procyclical variation of stock prices, the long-horizon predictability of excess stock returns, and the countercyclical variation of stock market volatility. Our model has an i.i.d. consumption growth driving process, and adds a slow-moving external habit to the standard power utility function. The latter feature produces cyclical variation in risk aversion, and hence in the prices of risky assets. Our model also predicts many of the difficulties that beset the standard power utility model, including Euler equation rejections, no correlation between mean consumption growth and interest rates, very high estimates of risk aversion, and pricing errors that are larger than those of the static CAPM. Our model captures much of the history of stock prices, given only consumption data. Since our model captures the equity premium, it implies that fluctuations have important welfare costs. Unlike many habit-persistence models, our model does not necessarily produce cyclical variation in the risk free interest rate, nor does it produce an extremely skewed distribution or negative realizations of the marginal rate of substitution.
Author : Norbert Funke
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (318 download)
Download or read book Stock Market Developments and Private Consumer Spending in Emerging Markets written by Norbert Funke and published by International Monetary Fund. This book was released on 2002-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a panel of 16 emerging markets, the paper finds a small but statistically significant effect of stock market developments on private consumption spending. In the short run, a 10 percent decline in the annual real stock market return is associated with a reduction in real private consumption by around 0.1-0.3 percent on average. There is evidence that the link between stock market fluctuations and private consumption has become stronger during the 1990s as stock markets in emerging economies have broadened and deepened. However, there is no significant evidence that the influence is asymmetric. Stock price declines do not have a different impact on consumption than stock price increases.
Author : John Y. Campbell
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (363 download)
Download or read book Consumption and the Stock Market written by John Y. Campbell and published by . This book was released on 1996 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper reviews the behavior of stock prices in relation to consumption. The paper lists some important stylized facts that characterize US data, and relates them to recent developments in equilibrium asset pricing theory. Data from other countries are examined to see which features of the US experience apply more generally. The paper argues that to make sense of stock market behavior one needs a model in which investors' risk aversion is both high and varying, such as the external habit-formation model of Campbell and Cochrane (1995).
Author : Sydney C. Ludvigson
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (248 download)
Download or read book How Important is the Stock Market Effect on Consumption? written by Sydney C. Ludvigson and published by . This book was released on 1998 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Karen E. Dynan
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.E/5 ( download)
Download or read book Does Stock Market Wealth Matter for Consumption? written by Karen E. Dynan and published by . This book was released on 2001 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Meagher Lee
Publisher :
ISBN 13 :
Total Pages : 106 pages
Book Rating : 4.:/5 (13 download)
Download or read book The effects of the recent stock market crash on consumption written by Meagher Lee and published by . This book was released on 1988 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Consumption Asymmetry and the Stock Market written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ricardo M. Sousa
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Property of Stocks and Wealth Effects on Consumption written by Ricardo M. Sousa and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent fluctuations of financial markets, especially, stock markets fluctuations, have revived the interest concerning the dynamics of real economic activity, namely, of private consumption. In this work, the role of stock market as a determinant of private consumption is analyzed, namely, by the consideration of wealth effects. It is also analyzed the potential differences of these effects originated by different categories of property of stocks (direct versus indirect property). Using a sample for the U. S. economy, in the period 1952:Q1 - 2001:Q4, several long-run relationships were estimated, suggesting that wealth effects associated to direct property are about 3.5 times superior to those associated to indirect property. Short-run dynamics is analyzed with the estimation of a single equation, suggesting that consumption contemporaneously answers to changes in income and in wealth and that the adjustment to long-run component is very slow, which constitutes an indicator that consumers gradually change their behaviors, possibly, due to habit formation. There is also evidence supporting the presence of the indirect channel of wealth effect.
Author : N. Gregory Mankiw
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Consumption of Stockholders and Non-stockholders written by N. Gregory Mankiw and published by . This book was released on 1990 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Only one-fourth of U.S. families own stock. This paper examines whether the consumption of stockholders differs from the consumption of non-stockholders and whether these differences help explain the empirical failures of the consumption-based CAPM. Household panel data are used to construct time series on the consumption of each group. The results indicate that the consumption of stockholders is more volatile than that of non-stockholders and is more highly correlated with the excess return on the stock market. These differences help explain the size of the equity premium, although they do not fully resolve the equity premium puzzle.
Author : Benoît Mercereau
Publisher : International Monetary Fund
ISBN 13 : 1451853122
Total Pages : 38 pages
Book Rating : 4.4/5 (518 download)
Download or read book The Role of Stock Markets in Current Account Dynamics written by Benoît Mercereau and published by International Monetary Fund. This book was released on 2003-05-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper tests a model of the role of stock markets in current account dynamics, developed in a companion paper. With U.S. data, the model performs better than the same model without stock markets. An insight given by the model is that the current account might help predict future stock market performance. This property receives some preliminary empirical confirmation. The results also suggest that stock markets matter to the current account dynamics.
Author : John H. Cochrane
Publisher : Now Publishers Inc
ISBN 13 : 1933019158
Total Pages : 117 pages
Book Rating : 4.9/5 (33 download)
Download or read book Financial Markets and the Real Economy written by John H. Cochrane and published by Now Publishers Inc. This book was released on 2005 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Markets and the Real Economy reviews the current academic literature on the macroeconomics of finance.
