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https://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 | 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: | https://hdl.handle.net/10316/11755 | Rights: | openAccess |
| Appears in Collections: | FEUC- Vários |
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| File | Description | Size | Format | |
|---|---|---|---|---|
| On the Stability of the Wealth Effect.pdf | 264.31 kB | Adobe PDF | View/Open |
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