Please use this identifier to cite or link to this item: http://hdl.handle.net/1822/3845

TitleOn the stability of the wealth effect
Author(s)Alexandre, Fernando
Bação, Pedro
Gabriel, Vasco J.
KeywordsParameter instability
Markov switching
Consumption
Wealth effect
Issue date2005
Series/Report no.NIPE Working Paper series
14/2005
Abstract(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.
TypeWorking paper
URIhttp://hdl.handle.net/1822/3845
AccessOpen access
Appears in Collections:NIPE - Documentos de Trabalho

Files in This Item:
File Description SizeFormat 
WP_NIPE_14_05.pdf435,37 kBAdobe PDFView/Open

Partilhe no FacebookPartilhe no TwitterPartilhe no DeliciousPartilhe no LinkedInPartilhe no DiggAdicionar ao Google BookmarksPartilhe no MySpacePartilhe no Orkut
Exporte no formato BibTex mendeley Exporte no formato Endnote Adicione ao seu ORCID