Stock market fluctuations and consumption behaviour: some recent evidence
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Paris
OECD
1998
|
| Series: | Organisation for Economic Co-operation and Development: OECD working papers
6,96 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | 27 S. graph. Darst. |
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Record in the Search Index
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| adam_text | ECO/WKP(98)21
TABLE OF CONTENTS
STOCK MARKET FLUCTUATIONS AND CONSUMPTION BEHAVIOUR : SOME RECENT
EVIDENCE 4
Introduction and summary 4
1. The role of wealth in the consumption function: theory and recent evidence 5
2. How much is consumption affected by stock market wealth? 7
3.1 Methodology 7
3.2 Data and financial series 8
3.3 Results 9
3.4 Extending the US results to the other G7 countries 10
4. The wider impact of a fall in equity prices on the real economy 11
4.1 Estimation of consumption equations incorporating stock market indices 11
4.2 Simulated impact of a 20 per cent fall in stock market prices .¦ 13
5. Conclusions 14
BIBLIOGRAPHY 15
ANNEX 24
1. Stationarity Tests and Coinlcgration Analysis Tests 24
2. Johanscn Cointcgralion tests 25
Tables
Table 1. Households direct equity holdings, net financial wealth, disposable income 19
Table 2. Etimation of stock market wealth effect for the US 20
Table 3. Estimated change in consumption following a 10 per cent in the value of stockmarket wealth 21
Table 4. Private consumption forthe Major Seven OECD countries 22
Table 5. Simulation results 23
Table Al. Results of ADF tests 24
Table A2. Significant cointegrating vectors 25
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| indexdate | 2024-07-09T18:27:10Z |
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| language | English |
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| physical | 27 S. graph. Darst. |
| publishDate | 1998 |
| publishDateSearch | 1998 |
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| publisher | OECD |
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| series | Organisation for Economic Co-operation and Development: OECD working papers |
| series2 | Organisation for Economic Co-operation and Development: OECD working papers Organisation for Economic Co-operation and Development / Economics Department: Working papers |
| spelling | Boone, Laurence Verfasser aut Stock market fluctuations and consumption behaviour some recent evidence by Laurence Boone, Claude Giorno and Pete Richardson Paris OECD 1998 27 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Organisation for Economic Co-operation and Development: OECD working papers 6,96 Organisation for Economic Co-operation and Development / Economics Department: Working papers 208 Conjunctuurbewegingen gtt Consumentengedrag gtt Effectenhandel gtt Stock exchanges Giorno, Claude Verfasser aut Richardson, Pete Verfasser aut Economics Department: Working papers Organisation for Economic Co-operation and Development 208 (DE-604)BV008310407 208 Organisation for Economic Co-operation and Development: OECD working papers 6,96 (DE-604)BV010346216 6,96 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008422462&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Boone, Laurence Giorno, Claude Richardson, Pete Stock market fluctuations and consumption behaviour some recent evidence Organisation for Economic Co-operation and Development: OECD working papers Conjunctuurbewegingen gtt Consumentengedrag gtt Effectenhandel gtt Stock exchanges |
| title | Stock market fluctuations and consumption behaviour some recent evidence |
| title_auth | Stock market fluctuations and consumption behaviour some recent evidence |
| title_exact_search | Stock market fluctuations and consumption behaviour some recent evidence |
| title_full | Stock market fluctuations and consumption behaviour some recent evidence by Laurence Boone, Claude Giorno and Pete Richardson |
| title_fullStr | Stock market fluctuations and consumption behaviour some recent evidence by Laurence Boone, Claude Giorno and Pete Richardson |
| title_full_unstemmed | Stock market fluctuations and consumption behaviour some recent evidence by Laurence Boone, Claude Giorno and Pete Richardson |
| title_short | Stock market fluctuations and consumption behaviour |
| title_sort | stock market fluctuations and consumption behaviour some recent evidence |
| title_sub | some recent evidence |
| topic | Conjunctuurbewegingen gtt Consumentengedrag gtt Effectenhandel gtt Stock exchanges |
| topic_facet | Conjunctuurbewegingen Consumentengedrag Effectenhandel Stock exchanges |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008422462&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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