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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 :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (847 download)
Download or read book Stock Market Fluctuations and Consumption Behaviour written by and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : James M. Poterba
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (129 download)
Download or read book Stock Ownership Patterns, Stock Market Fluctuations, and Consumption written by James M. Poterba and published by . This book was released on 2008 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The bull market of the last year has raised the total value of corporate stock in the United States by nearly a trillion dollars. While many analysts have tried to explain or interpret the recent movements of the stock market, there has been less attention to the link between rising stock prices and real economic activity. How are the gains from and increase in share prices distributed across households? What fraction of these gains accrues to a small set of wealthy investors? How do rising stock prices affect consumer spending?
Author : Ramberto Jr Sosa Cueto
Publisher :
ISBN 13 : 9783330319585
Total Pages : 96 pages
Book Rating : 4.3/5 (195 download)
Download or read book Stock Market Wealth Impact on Consumption Expenditure written by Ramberto Jr Sosa Cueto and published by . This book was released on 2017-06-13 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this thesis is to explain the role of the stock market in determining aggregate consumer behavior. Theoretically, the life-cycle hypothesis is the main link between consumption and wealth. Additionally, a household's corporate equities holdings form part of that wealth (a small proportion). However, stock market fluctuations account for a significant part of the variation in household wealth, because of the stock prices' volatility. In regression models, the estimated relationship between consumption and wealth is commonly positive and statistically significant. The empirical evidence in this paper suggests that the relationship between consumption and wealth is positive and statistically significant. Also, the empirical evidence indicates that the relationship between wealth and the S&P 500 is positive and statistically. However, the evidence does not show any direct relationship between aggregate consumer behavior and the S&P 500. In other words, the stock market impact on consumption is only reflected through the changes aggregate wealth.
Author : James M. Poterba
Publisher :
ISBN 13 :
Total Pages : 75 pages
Book Rating : 4.:/5 (344 download)
Download or read book Stock Ownership Patterns, Stock Market Fluctuations, and Consumption written by James M. Poterba and published by . This book was released on 1995 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : James M. Poterba
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Stock Ownership Patters, Stock Market Fluctuations, and Consumption written by James M. Poterba and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The market value of corporate stock in the United States increased by nearly one trillion dollars between December 1994 and July 1995. This paper explores the distribution of the stock ownership, and hence the gains from the stock price rise, and what the rise in stock prices implies for consumer spending. It begins by noting the substantial change in the pattern of stock ownership during the postwar period. Individual investors, who directly held most corporate stock in the early 1950s, have gradually replaced their direct stock holdings with indirect holdings through mutual funds, pension funds, and other financial intermediaries. It then documents the substantial predictive power of stock price fluctuations for future consumption growth; and considers two potential explanations for this relationship. The first, or quot;leading indicator,quot; view, holds that the stock market responds to news that suggests consumption will rise in the future. This does not suggest any causality between stock price changes and subsequent consumption movements. An alternative and not necessarily exclusive view, the quot;wealth effect,quot; holds that higher stock prices raise consumption by raising household net worth, and thereby expanding consumption opportunity sets. We test for the importance of the wealth effect by studying the effect of stock price changes on the share of consumption devoted to luxury items, and we test for effects of changing stock price ownership patterns on the link between stock price fluctuations and consumption growth. We find virtually no evidence to support important wealth effects associated with stock price changes. We also explore whether the source of stock price fluctuations, in particular fluctuations that are related to changes in dividends or earnings rather than to changes in discount rates, affects the predicted change in consumption that follows a stock price change.
Author : Çiğdem Akın
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (129 download)
Download or read book Stock Market Fluctuations, Housing Wealth and Consumption Behaviour in Turkey written by Çiğdem Akın and published by . This book was released on 2011 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the effects of stock market, housing and financial wealth on durables and non-durables consumption in Turkey with a vector error correction model for the 1987-2006 period. The paper uses an originally constructed housing wealth series in addition to the stock market capitalization and banking deposits as proxies for the stock market and financial wealth respectively. Consistent with the life-cycle and permanent-income hypotheses, net private disposable income, bank credit to the private sector, and the real exchange rate fluctuations are also controlled in the estimation. The main finding is that in the long-run, an increase in housing wealth raises the consumption of non-durables, but has no effect on consumption of durables. On the other hand, durables consumption is significantly affected by the stock market wealth in contrast to the lack of effect on non-durables consumption. Short-run coefficients indicate positive wealth effects from stock market capitalization and financial savings on consumption of both non-durables and durables. However increases in housing wealth lower the consumption of non-durables in the short-run.
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 : 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 : Robert J. Shiller
Publisher :
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.3/5 (9 download)
Download or read book Consumption, Asset Markets and Macroeconomic Fluctuations written by Robert J. Shiller and published by . This book was released on 1982 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: A broad exploratory data analysis is conducted to assess the promise of a kind of model in which long-term asset prices change through time primarily due to consumption related changes in the rate of discount. Aggregate consumption data are used to infer ex-post marginal rates of substitution. Prices of stocks, bonds, short debt, land and housing are examined for the period 1890 to 1980, Methods are explored of evaluating this kind of model in the absence of accurate data on consumption.
Author :
Publisher :
ISBN 13 :
Total Pages : 268 pages
Book Rating : 4.:/5 ( download)
Download or read book National Income and Product Accounts of the United States written by and published by . This book was released on 1992 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ross Levine
Publisher : World Bank Publications
ISBN 13 : 6101919153
Total Pages : 32 pages
Book Rating : 4.1/5 (19 download)
Download or read book stock market development and long run growth written by Ross Levine and published by World Bank Publications. This book was released on 1996 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Samuel B. Bulmash
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (223 download)
Download or read book A BEHAVIORAL Model of Stock Market Investors' Impact on Consumption written by Samuel B. Bulmash and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lonnie K. Stevans
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Aggregate Consumption Spending, the Stock Market, and Asymmetric Error Correction written by Lonnie K. Stevans and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, we show how changes in wealth resulting from unanticipated changes in the value of equity holdings begin a process whereby households alter consumption growth in order to close the gap between actual and target spending. Because of changing uncertainty or equity price volatility over the stock market cycle, we found the time path of this adjustment to exhibit near random walk behavior during stock market downturns. Conversely, during "boom" periods, e.g. when the value of equities held by households was greater than the threshold, the growth in consumer spending was quick to eliminate the disparity between actual and target spending.
Author : John Y. Campbell
Publisher :
ISBN 13 :
Total Pages : 67 pages
Book Rating : 4.:/5 (129 download)
Download or read book By Force of Habit written by John Y. Campbell and published by . This book was released on 2009 with total page 67 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 latterfeature 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 : Du Pont (Francis I.) and Company. Research Department
Publisher :
ISBN 13 :
Total Pages : 290 pages
Book Rating : 4.P/5 (11 download)
Download or read book Graphic Presentation written by Du Pont (Francis I.) and Company. Research Department and published by . This book was released on 1958 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Marcelle Chauvet
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (129 download)
Download or read book Stock Market Fluctuations and the Business Cycle written by Marcelle Chauvet and published by . This book was released on 2001 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the dynamic relationship between stock market fluctuations and the business cycle. Presumably, stock market movements reflect positions taken by market participants based on their assessment about the current state of the economy. Given the forward-looking behavior of stock market investors, this paper explores the possibility of predicting business cycle turning points using promptly available financial variables. Stock market fluctuations and business cycles are represented by nonlinear dynamic factors at the monthly frequency. The proposed model generates predictions of business cycle turning points using the business cycle factor, and anticipation of these predicted turns using the stock market factor. The findings indicate that the extracted stock market factor is found to be a leading indicator of the state of the business cycle and can be used to anticipate its turning points in real time.
