Please use this identifier to cite or link to this item: http://hdl.handle.net/10316/5483
DC FieldValueLanguage
dc.contributor.authorAlexandre, Fernando-
dc.contributor.authorBação, Pedro-
dc.contributor.authorGabriel, Vasco J.-
dc.date.accessioned2008-09-01T15:53:08Z-
dc.date.available2008-09-01T15:53:08Z-
dc.date.issued2007en_US
dc.identifier.citationEconomic Modelling. 24:6 (2007) 1048-1064en_US
dc.identifier.urihttp://hdl.handle.net/10316/5483-
dc.description.abstractWe 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.urihttp://www.sciencedirect.com/science/article/B6VB1-4NX8RJJ-1/1/2b78ec7d9ee267646bd02d1f87b06b42en_US
dc.format.mimetypeaplication/PDFen
dc.language.isoengeng
dc.rightsopenAccesseng
dc.subjectParameter instabilityen_US
dc.subjectMarkov switchingen_US
dc.subjectConsumptionen_US
dc.subjectWealth effecten_US
dc.titleVolatility in asset prices and long-run wealth effect estimatesen_US
dc.typearticleen_US
dc.identifier.doi10.1016/j.econmod.2007.04.004-
uc.controloAutoridadeSim-
item.languageiso639-1en-
item.fulltextCom Texto completo-
item.grantfulltextopen-
crisitem.author.deptFaculty of Economics-
crisitem.author.researchunitGroup for Monetary and Financial Studies-
crisitem.author.researchunitCeBER – Centre for Business and Economics Research-
crisitem.author.orcid0000-0002-3340-1068-
Appears in Collections:FEUC- Artigos em Revistas Internacionais
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