How do consumption and asset returns react to wealth shocks? Evidence from the U.S. and the U.K

Detalhes bibliográficos
Autor(a) principal: Sousa, Ricardo M.
Data de Publicação: 2010
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/1822/11694
Resumo: In this work, I analyze the response of consumption and asset returns to unexpected wealth variation. Using data at quarterly frequency for the U.S. and the U.K., I show that: (i) while housing wealth shocks have a very persistent effect on consumption, financial wealth shocks only have transitory effects; and (ii) similarly, unexpected variation in housing wealth delivers a reasonably persistent response of real returns while financial wealth shocks have just a temporary effect.
id RCAP_1b21b8755f2f60c8ee03ebbd68f14b4e
oai_identifier_str oai:repositorium.sdum.uminho.pt:1822/11694
network_acronym_str RCAP
network_name_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository_id_str 7160
spelling How do consumption and asset returns react to wealth shocks? Evidence from the U.S. and the U.KFinancial wealthHousing wealthConsumptionAsset returnsIn this work, I analyze the response of consumption and asset returns to unexpected wealth variation. Using data at quarterly frequency for the U.S. and the U.K., I show that: (i) while housing wealth shocks have a very persistent effect on consumption, financial wealth shocks only have transitory effects; and (ii) similarly, unexpected variation in housing wealth delivers a reasonably persistent response of real returns while financial wealth shocks have just a temporary effect.Fundação para a Ciência e a Tecnologia (FCT) - Programa Operacional Ciência e Inovação 2010 (POCI 2010)Fundo Europeu de Desenvolvimento Regional (FEDER)Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)Universidade do MinhoSousa, Ricardo M.20102010-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/1822/11694engSOUSA, Ricardo M. - “How do consumption and asset returns react to wealth shocks? Evidence from the U.S. and the U.K“ [Em linha]. Braga : Núcleo de Investigação em Políticas Económicas, 2010. [Consult. 8 Fev. 2011]. Disponível em WWW: <URL:www3.eeg.uminho.pt/economia/nipe/docs/2010/NIPE_WP_14_2010.pdf>.info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-21T12:53:27Zoai:repositorium.sdum.uminho.pt:1822/11694Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T19:52:49.490193Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv How do consumption and asset returns react to wealth shocks? Evidence from the U.S. and the U.K
title How do consumption and asset returns react to wealth shocks? Evidence from the U.S. and the U.K
spellingShingle How do consumption and asset returns react to wealth shocks? Evidence from the U.S. and the U.K
Sousa, Ricardo M.
Financial wealth
Housing wealth
Consumption
Asset returns
title_short How do consumption and asset returns react to wealth shocks? Evidence from the U.S. and the U.K
title_full How do consumption and asset returns react to wealth shocks? Evidence from the U.S. and the U.K
title_fullStr How do consumption and asset returns react to wealth shocks? Evidence from the U.S. and the U.K
title_full_unstemmed How do consumption and asset returns react to wealth shocks? Evidence from the U.S. and the U.K
title_sort How do consumption and asset returns react to wealth shocks? Evidence from the U.S. and the U.K
author Sousa, Ricardo M.
author_facet Sousa, Ricardo M.
author_role author
dc.contributor.none.fl_str_mv Universidade do Minho
dc.contributor.author.fl_str_mv Sousa, Ricardo M.
dc.subject.por.fl_str_mv Financial wealth
Housing wealth
Consumption
Asset returns
topic Financial wealth
Housing wealth
Consumption
Asset returns
description In this work, I analyze the response of consumption and asset returns to unexpected wealth variation. Using data at quarterly frequency for the U.S. and the U.K., I show that: (i) while housing wealth shocks have a very persistent effect on consumption, financial wealth shocks only have transitory effects; and (ii) similarly, unexpected variation in housing wealth delivers a reasonably persistent response of real returns while financial wealth shocks have just a temporary effect.
publishDate 2010
dc.date.none.fl_str_mv 2010
2010-01-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/1822/11694
url http://hdl.handle.net/1822/11694
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv SOUSA, Ricardo M. - “How do consumption and asset returns react to wealth shocks? Evidence from the U.S. and the U.K“ [Em linha]. Braga : Núcleo de Investigação em Políticas Económicas, 2010. [Consult. 8 Fev. 2011]. Disponível em WWW: <URL:www3.eeg.uminho.pt/economia/nipe/docs/2010/NIPE_WP_14_2010.pdf>.
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
publisher.none.fl_str_mv Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
_version_ 1799133122492628992

Registros relacionados