Title The impact of changes in stock prices and house prices on consumption in OECD countries / Alexander Ludwig and Torsten Sløk

Published [Washington, D.C.] : International Monetary Fund, ©2002

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Description 1 online resource (36 pages) : illustrations Series IMF working paper, 2227-8885 ; WP/02/1 IMF working paper ; WP/02/1. Summary This paper quantifies the different impact of stock and house prices on consumption using data for 16 OECD countries. The analysis finds that the long-run impact of an increase in stock prices and house prices is in general higher in countries with a market-based financial system. The sensitivity of consumption to changes in stock wealth is about twice as large as the sensitivity to changes in housing wealth. Splitting the sample into the 1980s and 1990s shows that both countries with a market-based financial system and countries with a bank-based financial system moved toward a higher degree of responsiveness of consumption to changes in stock prices and house prices Bibliography Includes bibliographical references (pages 29-32) Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL English digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Consumption (Economics) -- OECD countries -- Econometric models Stocks -- Prices -- OECD countries -- Econometric models Housing -- Prices -- OECD countries -- Econometric models Consumption (Economics) -- Econometric models Housing -- Prices -- Econometric models OECD countries Form Electronic book Author Sløk, Torsten International Monetary Fund. Research Department. ISBN 1451890133 9781451890136 1462385435 9781462385430 1452713995 9781452713991 1281603147 9781281603142 9786613783837 6613783838 9781451841640 1451841647

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