The impact of changes in asset prices on real economic activity : a cointegration analysis for Germany
This paper reviews theoretical and empirical evidence of asset price movements impact on the real economic activity. A key channel is the wealth effect on consumption. Fluctuations in stock prices and housing prices influence the households wealth and could have important impacts on households consu...
| Main Authors: | , |
|---|---|
| Format: | Others |
| Language: | English |
| Published: |
Universität Potsdam
2010
|
| Subjects: | |
| Online Access: | http://nbn-resolving.de/urn:nbn:de:kobv:517-opus-43762 http://opus.kobv.de/ubp/volltexte/2010/4376/ |