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293 results, from 231
  • Diskussionspapiere 1158 / 2011

    Are Stock and Housing Returns Complements or Substitutes? Evidence from OECD Countries

    In this paper we use a representative consumer model to analyse the equilibrium relation between the transitory deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for both stock returns and housing returns. The evidence based on data for 15 OECD countries shows that when agents expect future stock returns to be higher, they will ...

    2011| Guglielmo Maria Caporale, Ricardo M. Souza
  • Diskussionspapiere 1159 / 2011

    Consumption, Wealth, Stock and Housing Returns: Evidence from Emerging Markets

    In this paper, we show, using the consumer's budget constraint, that the residuals of the trend relationship among consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for a panel of 31 emerging economies and find that, when agents expect future stock returns to be higher, they will temporarily allow consumption to rise. Regarding ...

    2011| Guglielmo Maria Caporale, Ricardo M. Souza
  • Externe Monographien

    Do Google Searches Help in Nowcasting Private Consumption? A Real-Time Evidence for the US

    Zürich: KOF, 2010, 25 S.
    (KOF Working Papers ; 256)
    | Konstantin A. Kholodilin, Maximilian Podstawski, Boriss Siliverstovs
  • Diskussionspapiere 1056 / 2010

    Confronting the Representative Consumer with Household-Size Heterogeneity

    Much analysis in macroeconomics empirically addresses economy-wide incentives behind consumer/investment choices by using insights from the way a single representative household would behave. Heterogeneity at the micro level can jeopardize attempts to back up the representative consumer construct with microfoundations. One complex aspect of micro-level heterogeneity is household size, as individuals ...

    2010| Christos Koulovatianos, Carsten Schröder, Ulrich Schmidt
  • Diskussionspapiere 1332 / 2013

    The Transmission of Oil and Food Prices to Consumer Prices: Evidence for the MENA Countries

    This paper investigates the effects of global oil and food price shocks to consumer prices in Middle East-North African (MENA) countries using threshold cointegration methods. Oil and food price shocks increase domestic prices in the long run, whereby the impact of food prices dominates. While global prices are weakly exogenous, consumer prices respond to deviations from the equilibrium relationship. ...

    2013| Ansgar Belke, Christian Dreger
  • SOEPpapers 416 / 2011

    Ethnic Residential Segregation and Immigrants' Perceptions of Discrimination in West Germany

    Using survey data from the German Socio-Economic Panel, this study shows that immigrants living in segregated residential areas are more likely to report discrimination because of their ethnic background. This applies to both segregated areas where most neighbors are immigrants from the same country of origin as the surveyed person and segregated areas where most neighbors are immigrants from other ...

    2011| Verena Dill, Uwe Jirjahn
  • SOEPpapers 358 / 2011

    Personal Bankruptcy Law, Wealth and Entrepreneurship: Theory and Evidence from the Introduction of a "Fresh Start"

    A personal bankruptcy law that allows for a "fresh start" after bankruptcy reduces the individual risk involved in entrepreneurial activity. On the other hand, as risk shifts to creditors who recover less of their credit after a debtor's bankruptcy, lenders may charge higher interest rates or ration credit supply, which can hamper entrepreneurship. Both aspects of a more forgiving personal bankruptcy ...

    2011| Frank M. Fossen
  • Diskussionspapiere 1046 / 2010

    Household Savings Decision and Income Uncertainty

    This paper empirically investigates the effects of changes in the interest rate as well as transitory income uncertainty on households' consumption-savings decision. Applying a structural demand model to German survey data, we estimate the uncompensated interest rate elasticity for savings, in line with the literature, to around zero. Accordingly, any policy-induced variation of net returns to savings ...

    2010| Martin Beznoska, Richard Ochmann
  • SOEPpapers 563 / 2013

    Maintaining One's Living Standard at Old Age - What Does That Mean? Evidence Using Panel Data from Germany

    How much retirement income is needed in order to maintain one's living standard at old age? As it is difficult to find a firm basis for an empirical treatment of this question, we employ a novel approach to assessing an adequate replacement rate vis- a-vis income in the pre-retirement period. We subject indications regarding satisfaction with current income as collected in the German Socio-Economic ...

    2013| Christian Dudel, Notburga Ott, Martin Werding
  • Diskussionspapiere 1341 / 2013

    Understanding Chinese Consumption: The Impact of Hukou

    The Chinese growth miracle was based on exports and investment in recent years. While strong output growth has been maintained even during the financial crisis, the imbalances within the country increased. To return to a more sustainable path of development, policies are directed to improve the role of private consumption. However, the institutional framework is an impediment to the transformation, ...

    2013| Christian Dreger, Tongsan Wang, Yanqun Zhang
293 results, from 231
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