Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/3845| Título: | On the stability of the wealth effect |
| Autor(es): | Alexandre, Fernando Bação, Pedro Gabriel, Vasco J. |
| Palavras-chave: | Parameter instability Markov switching Consumption Wealth effect |
| Data: | 2005 |
| Relatório da Série N.º: | NIPE Working Paper series 14/2005 |
| Resumo(s): | 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 ovements 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. |
| Tipo: | Documento de trabalho |
| URI: | https://hdl.handle.net/1822/3845 |
| Acesso: | Acesso aberto |
| Aparece nas coleções: | NIPE - Documentos de Trabalho |
Ficheiros deste registo:
| Ficheiro | Descrição | Tamanho | Formato | |
|---|---|---|---|---|
| WP_NIPE_14_05.pdf | 435,37 kB | Adobe PDF | Ver/Abrir |
