Residential and stock market effects on consumption across Europe.

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dc.contributor.authorBarata, José Martins
dc.contributor.authorPacheco, Luís Miguel
dc.date.accessioned2014-07-14T11:13:22Z
dc.date.available2014-07-14T11:13:22Z
dc.date.issued2005
dc.description.abstractThe 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 econo- metric 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.pt
dc.identifier.citationPacheco, L.M., & Barata, J.M. (2005). Residential and stock market effects on consumption across Europe. International Journal of Housing Policy, 5 (3), 255-278. DOI: 10.1080/14616710500342150.pt
dc.identifier.issn1461-6718
dc.identifier.urihttp://hdl.handle.net/11328/836
dc.language.isoengpt
dc.rightsopen accesspt
dc.subjectHousing pricespt
dc.subjectAsset pricespt
dc.subjectWealth effectspt
dc.subjectConsumptionpt
dc.subjectEuropean Unionpt
dc.subjectDynamic ordinary least squarespt
dc.subjectError-correction modelspt
dc.titleResidential and stock market effects on consumption across Europe.pt
dc.typejournal articlept
dspace.entity.typePublicationen
person.familyNamePacheco
person.givenNameLuís Miguel
person.identifier.ciencia-idBF16-0EF2-107B
person.identifier.orcid0000-0002-9066-6441
person.identifier.ridE-5193-2010
person.identifier.scopus-author-id55945343700
relation.isAuthorOfPublicationa25aba90-4787-45a8-b908-646f24b32dfc
relation.isAuthorOfPublication.latestForDiscoverya25aba90-4787-45a8-b908-646f24b32dfc

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