أعرض تسجيلة المادة بشكل مبسط

dc.creator Hamburg, Britta
dc.creator Hoffmann, Mathias
dc.creator Keller, Joachim
dc.date 2005
dc.date.accessioned 2013-10-16T07:01:25Z
dc.date.available 2013-10-16T07:01:25Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/18807
dc.identifier ppn:485162628
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/18807
dc.description This paper studies the long-run relationship between consumption, asset wealth and income in Germany, based on data from 1980 to 2003. While earlier studies – mostly for the Anglo- Saxon economies – have generally documented that departures of these three variables from their common trend signal changes in asset prices, we find that for Germany they predict changes in income. Asset price changes are found to have virtually no effect on consumption – both in the short as well as in the long-run. We offer an explanation of this finding that emphasizes differences between the bank-based German financial system and the rather market-based Anglo-American system: stock ownership by private households is much less widespread in Germany than in the Anglo-Saxon economies and the share of publicly traded equity in household wealth is much smaller in Germany than in the U.S., the UK or Australia.
dc.language eng
dc.publisher
dc.relation CESifo working papers 1443
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject G12
dc.subject E44
dc.subject E32
dc.subject E21
dc.subject G20
dc.subject ddc:330
dc.subject wealth effect on consumption
dc.subject business cycles
dc.subject monetary policy transmission
dc.subject financial systems
dc.subject asset price predictability
dc.subject Gesamtwirtschaftlicher Konsum
dc.subject Vermögenszuwachs
dc.subject Einkommenshypothese
dc.subject Konjunktur
dc.subject Bankensystem
dc.subject Schätzung
dc.subject Deutschland
dc.title Consumption, wealth and business cycles in Germany
dc.type doc-type:workingPaper


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أعرض تسجيلة المادة بشكل مبسط