Asset Prices and Real Economic Activity: = Les prix des actifs et l'économie réelle
A survey of the literature on asset price impacts on the real economy shows a much wider range of work on consumption and related wealth effects than on investment. The existence of wealth effects on consumption is little contested, but there remains an issue of whether different effects should hold...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2010
|
| Series: | OECD Economics Department Working Papers
no.764 |
| Subjects: | |
| Online Access: | DE-862 DE-863 |
| Summary: | A survey of the literature on asset price impacts on the real economy shows a much wider range of work on consumption and related wealth effects than on investment. The existence of wealth effects on consumption is little contested, but there remains an issue of whether different effects should hold between countries and across assets. There is less empirical work available on investment, partly reflecting poor results for Tobin?s Q, the user cost of capital and the financial accelerator. Panel investment functions for up to 23 OECD countries are estimated. Significant asset price effects from the financial accelerator and Tobin?s Q are found especially for the G7 countries as well as uncertainty effects as proxied by asset price volatility, but they only matter for the smaller OECD countries. |
| Physical Description: | 1 Online-Ressource (62 Seiten) 21 x 29.7cm. |
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| spelling | Davis, E. Philip VerfasserIn aut Asset Prices and Real Economic Activity = Les prix des actifs et l'économie réelle E. Philip, Davis Les prix des actifs et l'économie réelle Paris OECD Publishing 2010 1 Online-Ressource (62 Seiten) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.764 A survey of the literature on asset price impacts on the real economy shows a much wider range of work on consumption and related wealth effects than on investment. The existence of wealth effects on consumption is little contested, but there remains an issue of whether different effects should hold between countries and across assets. There is less empirical work available on investment, partly reflecting poor results for Tobin?s Q, the user cost of capital and the financial accelerator. Panel investment functions for up to 23 OECD countries are estimated. Significant asset price effects from the financial accelerator and Tobin?s Q are found especially for the G7 countries as well as uncertainty effects as proxied by asset price volatility, but they only matter for the smaller OECD countries. Economics |
| spellingShingle | Davis, E. Philip Asset Prices and Real Economic Activity = Les prix des actifs et l'économie réelle Economics |
| title | Asset Prices and Real Economic Activity = Les prix des actifs et l'économie réelle |
| title_alt | Les prix des actifs et l'économie réelle |
| title_auth | Asset Prices and Real Economic Activity = Les prix des actifs et l'économie réelle |
| title_exact_search | Asset Prices and Real Economic Activity = Les prix des actifs et l'économie réelle |
| title_full | Asset Prices and Real Economic Activity = Les prix des actifs et l'économie réelle E. Philip, Davis |
| title_fullStr | Asset Prices and Real Economic Activity = Les prix des actifs et l'économie réelle E. Philip, Davis |
| title_full_unstemmed | Asset Prices and Real Economic Activity = Les prix des actifs et l'économie réelle E. Philip, Davis |
| title_short | Asset Prices and Real Economic Activity |
| title_sort | asset prices and real economic activity les prix des actifs et l economie reelle |
| title_sub | = Les prix des actifs et l'économie réelle |
| topic | Economics |
| topic_facet | Economics |
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