Please use this identifier to cite or link to this item:
https://hdl.handle.net/10316/5483
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Alexandre, Fernando | - |
dc.contributor.author | Bação, Pedro | - |
dc.contributor.author | Gabriel, Vasco J. | - |
dc.date.accessioned | 2008-09-01T15:53:08Z | - |
dc.date.available | 2008-09-01T15:53:08Z | - |
dc.date.issued | 2007 | en_US |
dc.identifier.citation | Economic Modelling. 24:6 (2007) 1048-1064 | en_US |
dc.identifier.uri | https://hdl.handle.net/10316/5483 | - |
dc.description.abstract | We argue that the equation commonly used in the estimation of the wealth effect on consumption might be unsuitable for that purpose. In particular, if the usual assumptions are employed, the derivation of the equation implies that the wealth effect is indeterminate. Furthermore, it implies that the estimate of the wealth effect should decrease when asset wealth volatility increases. Estimation of a Markov-switching model of the usual long-run aggregate consumption equation provides evidence favourable to the indeterminacy hypothesis. | en_US |
dc.description.uri | http://www.sciencedirect.com/science/article/B6VB1-4NX8RJJ-1/1/2b78ec7d9ee267646bd02d1f87b06b42 | en_US |
dc.format.mimetype | aplication/PDF | en |
dc.language.iso | eng | eng |
dc.rights | openAccess | eng |
dc.subject | Parameter instability | en_US |
dc.subject | Markov switching | en_US |
dc.subject | Consumption | en_US |
dc.subject | Wealth effect | en_US |
dc.title | Volatility in asset prices and long-run wealth effect estimates | en_US |
dc.type | article | en_US |
dc.identifier.doi | 10.1016/j.econmod.2007.04.004 | - |
uc.controloAutoridade | Sim | - |
item.fulltext | Com Texto completo | - |
item.openairecristype | http://purl.org/coar/resource_type/c_18cf | - |
item.grantfulltext | open | - |
item.languageiso639-1 | en | - |
item.openairetype | article | - |
item.cerifentitytype | Publications | - |
crisitem.author.researchunit | Group for Monetary and Financial Studies | - |
crisitem.author.researchunit | CeBER – Centre for Business and Economics Research | - |
crisitem.author.orcid | 0000-0002-3340-1068 | - |
Appears in Collections: | FEUC- Artigos em Revistas Internacionais |
Files in This Item:
File | Description | Size | Format | |
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fileb691e8f253c14979a4079fb10d8f9afb.pdf | 571.21 kB | Adobe PDF | View/Open |
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