Download or read book The Impact of Changes in Stock Prices and House Prices on Consumption in OECD Countries written by Alexander Ludwig and published by International Monetary Fund. This book was released on 2002 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 in general higher in countries with a market-based financial system. The sensitivity of consumption to changes in stock wealth is about twice as large as the sensitivity to changes in housing wealth. Splitting the sample into the 1980s and 1990s shows that both countries with a market-based financial system and countries with a bank-based financial system moved toward a higher degree of responsiveness of consumption to changes in stock prices and house prices.
Download or read book Fundamental Drivers of House Prices in Advanced Economies written by Ms.Nan Geng and published by International Monetary Fund. This book was released on 2018-07-13 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: House prices in many advanced economies have risen substantially in recent decades. But experience indicates that housing prices can diverge from their long-run equilibrium or sustainable levels, potentially followed by adjustments that impact macroeconomic and financial stability. Therefore there is a need to monitor house prices and assess whether they are sustainable. This paper focuses on fundamentals expected to drive long run trends in house prices, including institutional and structural factors. The scale of potential valuation gaps is gauged on the basis of a cross-country panel analysis of house prices in 20 OECD countries.
Download or read book The Relationship Between Stock Prices House Prices and Consumption in OECD Countries written by Alexander Ludwig and published by . This book was released on 2004 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book OECD Economic Outlook Volume 2010 Issue 2 written by OECD and published by OECD Publishing. This book was released on 2010-12-07 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: The OECD Economic Outlook analyses the current economic situation and examines the economic policies required to foster a sustained recovery in member countries. This issue covers the outlook to end-2012 and includes a special chapter on fiscal consolidation.
Download or read book The Price Responsiveness of Housing Supply in OECD Countries written by Aida Caldera Sánchez and published by . This book was released on 2011 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book written by Prof. Jun Yeh, Tallinn University of Technology, Estonia and published by DEStech Publications, Inc. This book was released on 2014-07-07 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt: amount of new knowledge every day. We have to acknowledge that even the smartest people among us are incapable of familiarizing himself with all these new data. Fortunately, we are only required to deal with a very small amount of that vast number in our work and life. As those who devote himself to the field of information technology and management engineering, I sincerely believe that it is our responsibility to make efforts to accelerate the advance of science in such fields. The 2014 international Conference on Information Technology and Management Engineering, thanks to the hard work of its committee, will be held on April 26 and 27 in Hong Kong. The ITME2014 covers a wide range of topics such as network protocols, information theory and coding theory, network security, management theory, project management, public management, knowledge management etc. It is a great honor to us that numerous people from various countries, including many famous experts and excellent researchers, have shown their interest in this convention and submitted their latest studies to us as their support. Among these studies, we have selected about a hundred to be finally included in this proceeding after reviewing and discussing. We believe that this collection of work will be of great value not only to the participants of ITME2014, but also to those who has a chance of meeting it. The publication of this conference proceedings and the successful opening of ITME2014 owe its credit to a lot of people and institutions, especially the ITME2014 committee, the editors and DEStech Publications. The committee has devoted much time to reviewing the papers submitted to ITME2014, and DEStech Publications publishing those accepted papers. I would like to thank the committee and the press deeply here for their support to ITME2014 and I am eagerly looking forward to another chance for us to be a team again. Finally, let’s wish together that the 2014 International Conference on Information Technology
Download or read book OECD Economic Outlook Volume 2002 Issue 2 written by OECD and published by OECD Publishing. This book was released on 2002-12-24 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Twice a year, the OECD Economic Outlook analyses the major trends that will mark the next two years. This issue's special features cover the deterioration of budgetary positions in most countries, labour force participation of older workers, product market competition reforms, and inflation.
Download or read book Bubbles in Real Estate written by Daniel Gros and published by CEPS. This book was released on 2006 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Global Liquidity House Prices and the Macroeconomy written by Ambrogio Cesa-Bianchi and published by International Monetary Fund. This book was released on 2015-01-29 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we first compare house price cycles in advanced and emerging economies using a new quarterly house price data set covering the period 1990-2012. We find that house prices in emerging economies grow faster, are more volatile, less persistent and less synchronized across countries than in advanced economies. We also find that they correlate with capital flows more closely than in advanced economies. We then condition the analysis on an exogenous change to a particular component of capital flows. We find that a global liquidity shock, identified by aggregating bank-to-bank cross border flows and by using the external instrumental variable approach of Stock and Watson (2012) and Mertens and Ravn (2013), has a much stronger impact on house prices and consumption in emerging markets than in advanced economies. In our empirical model, holding house prices or the exchange rate constant in response to this shock tends to dampen its effects on consumption in emerging economies.
Download or read book Time Varying Effects of Housing and Stock Prices on U S Consumption written by Beatrice Simo-Kengne and published by . This book was released on 2016 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper applies a time-varying parameter vector autoregressive (TVP-VAR) approach to estimate the relative effects of housing and stock prices on US consumption over time. We use annual data from 1890 to 2012 and find that over different horizons and over time, generally the housing price positively affects consumption while the stock price negatively affects consumption. These opposite responses to changes in housing and stock prices suggest different mechanisms through which wealth affects consumption. Further, the housing price effect proves larger in absolute value than the stock price effect after 1980. Between 1980 and 2007, housing wealth generally exerted a larger effect on consumption. This sub-period includes the 1997/2002 asset price boom/bust where house prices continued to rise moderately as stock prices fell. Finally, the co-occurrence of the decline in both housing and stock prices during the 2007-2009 episode produced bigger effects of the housing price for the first five years of the impulse responses while the higher magnitude of the stock price effect appears in the 6-year horizon. These findings suggest that the magnitude of the relative price effects differs with both time and horizons and also depends on whether prices increase or decrease.
Download or read book How Long Do Housing Cycles Last a Duration Analysis for 19 OECD Countries written by Mr.Philippe Bracke and published by International Monetary Fund. This book was released on 2011-10-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the duration of house price upturns and downturns in the last 40 years for 19 OECD countries. I provide two sets of results, one pertaining to the average length and the other to the length distribution. On average, upturns are longer than downturns, but the difference disappears once the last house price boom is excluded. In terms of length distribution, upturns (but not downturns) are more likely to end as their duration increases. This duration dependence is consistent with a boom-bust view of house price dynamics, where booms represent departures from fundamentals that are increasingly difficult to sustain.
Download or read book The Blackwell Companion to the Economics of Housing written by Susan J. Smith and published by John Wiley & Sons. This book was released on 2010-01-22 with total page 648 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Blackwell Companion to the Economics of Housing willhelp students and professionals alike to explore key elements ofthe housing economy: home prices, housing wealth, mortgage debt,and financial risk. Features 24 original essays, including an editorialintroduction and three section overviews Includes 39 world-class authors from a mix of educational andfinancial organizations in the UK, Europe, Australia, and NorthAmerica Broadly-based, scholarly, and accessible, serving students andprofessionals who wish to understand how today’s housingeconomy works Profiles the role and relevance of housing wealth; themismanagement of mortgage debt; and the pitfalls and potential ofhedging housing risk Key topics include: the housing price bubble and crash; thesubprime mortgage crisis in the US and its aftermath; the linksbetween housing wealth, the macroeconomy, and the welfare ofhome-occupiers; the mitigation of credit and housing investmentrisks Specific case studies help to illustrate concepts, along withnew data sets and analyses to illustrate empirical points
Download or read book Why House Price Indexes Differ written by Mick Silver and published by International Monetary Fund. This book was released on 2012-05-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: A key element in the build-up to the global recession and subsequently was the movement in house price indexes (HPIs). These indexes are particularly prone to methodological and coverage differences which can undermine both within-country and cross-country economic analysis. The paper outlines key measurement issues and reports on empirical work using an international panel data set that (i) considers whether differences in HPI measurement matter and, if so, in what way, and (ii) revisits the measurement of global house price inflation and the modeling of the determinants of house price inflation using HPIs corrected for differences in measurement practice.
Download or read book The Relationship Between Stock Prices House Prices and Consumption in OECD written by Alexander Ludwig and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Do House Prices Impact Consumption and Interest Rate written by Christophe André and published by . This book was released on 2012 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Exchange Rate Second Round Effects and Inflation Processes written by Eliphas Ndou and published by Springer. This book was released on 2019-04-23 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the exchange rate pass-through (ERPT), second round effects and the inflation process in South Africa. The authors demonstrate that magnitudes of the second round effects of the exchange rate depreciation and oil price shocks depend on inflation regimes. The impact of positive oil price shocks on inflation is weakened by monetary policy credibility. Evidence shows the influence of oil price on unit labour costs and correlation between exchange rate changes and inflation has weakened. In addition, ERPT is reduced by low business and consumer confidence, high trade openness, low inflation and high exchange rate volatility which weaken real economic activity. Both monetary and fiscal policy credibility lowers the sizes of ERPT to inflation and inflation expectations. Fiscal policy via fuel levies, administered prices and public transport inflation channel impacts the responses of monetary policy to inflation shocks. The authors show that second round effects contribute very little to wage inflation following an exchange rate depreciation shock. Both lending rate and household consumption responds asymmetrical to repo rate changes. This book will appeal to policymakers, students, academics and analysts.
Download or read book Analyzing the Effects of Financial and Housing Wealth on Consumption using Micro Data written by Carlos Caceres and published by International Monetary Fund. This book was released on 2019-05-24 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the existence of “wealth effects” derived from net equity (in the form of housing, financial assets, and total net worth) on consumption. The study uses longitudinal household-level data?from the Panel Study of Income Dynamics (PSID) ?covering about 7,000-9,000 households in the U.S., with the estimations carried over the period 1999-2017. Overall, wealth effects are found to be relatively large and significant for housing wealth, but less so for other types of wealth, including stocks. Furthermore, the analysis shows how these estimated marginal propensities to consume (MPC) from wealth are closely linked to household characteristics, including income and demographic factors. Finally, underlying structural changes in household characteristics point to potentially lower aggregate MPCs from wealth going forward.
