Permanent and transitory dynamics in house prices and consumption: some implications for the real effects of the financial crisis
نویسندگان
چکیده
Permanent and transitory dynamics in house prices and consumption: some implications for the real effects of the financial crisis Fabio C. Bagliano ab; Claudio Morana bcd a Dipartimento di Scienze Economiche e Finanziarie, Università di Torino, Torino, Italy b CeRP, Moncalieri, Italy c Dipartimento di Scienze Economiche e Metodi Quantitativi, Università del Piemonte Orientale, Novara, Italy d International Centre for Economic Research (ICER), Torino, Italy
منابع مشابه
A Discussion on the Effects of Currency Crises on the Real Sector of Iran’s Economy: The Reaction of Productivity, Employment and Economic Growth
Crises stemming from the financial sector of economy and their possible effects on the structures of the real sector of economy including total factor productivity (TFP), labor productivity, employment and economic growth are the principal problem statement of the present study. To analyze of this problem two non-linear models have been specified. Both of them employ Iran’s macro data as well a...
متن کاملConsumption Responses to Permanent and Transitory Shocks to House Appreciation
We estimate the marginal propensity to consume (MPC) out of permanent and transitory shocks to house price appreciation. Besides borrowing constraints, we consider two different models under which those shocks may affect consumption. In the first one, we treat housing as a risky asset. In the second one, housing has a role as a consumption and as an investment good. In both, changes in the rate...
متن کاملThe Effects of Social Characteristics of Iranian Households on Food Consumption Expenditures
By using the household data on food consumption, income and other social indicators including activity status, age, literacy, place of residence employment, and marital status, this paper aims to investigate the transitory impact of temporary and permanent income shocks on food consumption in Iran over the period 2009-2014. To study the deterministic effects of the household on food consumption...
متن کاملFads Models with Markov Switching Hetroskedasticity: decomposing Tehran Stock Exchange return into Permanent and Transitory Components
Stochastic behavior of stock returns is very important for investors and policy makers in the stock market. In this paper, the stochastic behavior of the return index of Tehran Stock Exchange (TEDPIX) is examined using unobserved component Markov switching model (UC-MS) for the 3/27/2010 until 8/3/2015 period. In this model, stock returns are decomposed into two components; a permanent componen...
متن کامل6/RT/13 Price expectations, distressed mortgage markets and the housing wealth effect
The life-cycle theory of consumption draws a well-established distinction between the implications for consumption of changes in wealth perceived to be of a “transitory” as opposed to a “permanent” nature. In this paper, using a unique combination of regulatory and survey micro-data, we examine the importance of the life-cycle theory, in estimating housing wealth effects for the Irish mortgage ...
متن کامل