Series: IMF Working Papers
Author(s): Alexander Ludwig , and Torsten Sloek
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 January 2002
Keywords: wealth effect, panel cointegration, stock market, statistics, financial systems, stock prices, equation, Macroeconomics: Consumption, Saving, Production
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 i...