Stock Market Fluctuations and Consumption Behaviour: Some Recent Evidence
This paper examines the likely influence of recent stock market fluctuations on major OECD economies, focusing on wealth effects and consumption. After reviewing the relevant theoretical framework and available empirical evidence, consumption functions are estimated for the US including the influenc...
Gespeichert in:
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| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
1998
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| Schriftenreihe: | OECD Economics Department Working Papers
no.208 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper examines the likely influence of recent stock market fluctuations on major OECD economies, focusing on wealth effects and consumption. After reviewing the relevant theoretical framework and available empirical evidence, consumption functions are estimated for the US including the influence of financial wealth. The resulting estimates of the marginal propensity to consume out of financial wealth are extrapolated to other G7 countries, allowing for differences in stock market capitalisation, and compared with ones obtained more directly from consumption functions that include stock market prices as an explanatory variable. Simulations are then carried out to assess the potential world impact of a major fall in stock market prices in the G7 countries using a version of the OECD INTERLINK model which embodies the latter equations. The overall effects are found to be significant, particularly when relevant international linkage mechanisms are taken into account ... |
| Beschreibung: | 1 Online-Ressource (27 p.) 21 x 29.7cm. |
| DOI: | 10.1787/853414662323 |
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| spelling | Boone, Laurence VerfasserIn aut Stock Market Fluctuations and Consumption Behaviour Some Recent Evidence Laurence, Boone, Claude, Giorno and Pete, Richardson Paris OECD Publishing 1998 1 Online-Ressource (27 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.208 This paper examines the likely influence of recent stock market fluctuations on major OECD economies, focusing on wealth effects and consumption. After reviewing the relevant theoretical framework and available empirical evidence, consumption functions are estimated for the US including the influence of financial wealth. The resulting estimates of the marginal propensity to consume out of financial wealth are extrapolated to other G7 countries, allowing for differences in stock market capitalisation, and compared with ones obtained more directly from consumption functions that include stock market prices as an explanatory variable. Simulations are then carried out to assess the potential world impact of a major fall in stock market prices in the G7 countries using a version of the OECD INTERLINK model which embodies the latter equations. The overall effects are found to be significant, particularly when relevant international linkage mechanisms are taken into account ... Economics Giorno, Claude MitwirkendeR ctb Richardson, Pete MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/853414662323 Volltext |
| spellingShingle | Boone, Laurence Stock Market Fluctuations and Consumption Behaviour Some Recent Evidence Economics |
| 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 Laurence, Boone, Claude, Giorno and Pete, Richardson |
| title_fullStr | Stock Market Fluctuations and Consumption Behaviour Some Recent Evidence Laurence, Boone, Claude, Giorno and Pete, Richardson |
| title_full_unstemmed | Stock Market Fluctuations and Consumption Behaviour Some Recent Evidence 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 | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/853414662323 |
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