Please use this identifier to cite or link to this item: http://hdl.handle.net/10316/11755
Title: On the Stability of the Wealth Effect
Authors: Alexandre, Fernando 
Bação, Pedro 
Gabriel, Vasco J. 
Keywords: Parameter instability; Markov switching; Consumption; Wealth effect
Issue Date: 2005
Publisher: FEUC. Grupo de Estudos Monetários e Financeiros
Keywords: Parameter instability; Markov switching; Consumption; Wealth effect
Issue Date: 2005
Publisher: FEUC. Grupo de Estudos Monetários e Financeiros
Citation: Estudos do GEMF. 17 (2005)
Abstract: Evidence of instability of the wealth effect in the USA is presented through the estimation of a Markov switching model of the long-run aggregate consumption function. The dating of the regimes appears to bear relation to movements in asset prices. A model-based explanation of the findings is suggested, highlighting the importance of the short-run relation between consumption, income and wealth in explaining the estimated long-run coefficients.
URI: http://hdl.handle.net/10316/11755
Rights: openAccess
Appears in Collections:FEUC- Vários

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