Search results for " asset prices"

showing 4 items of 4 documents

How does fiscal policy react to wealth composition and asset prices?

2012

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Economics and Econometricsfiscal policy wealth composition asset pricesNorth-South technology transferSocial SciencesMonetary economicsFiscalpolicy0502 economics and businessEconomics050207 economicsStock (geology)Trade unions050208 financeMinimum wagesfiscal policy wealth composition asset prices.05 social sciencesWelth composition1. No povertySettore SECS-P/02 Politica EconomicaRegression analysisjel:E52jel:E37Asset pricesFiscal policyFiscal balanceWealth elasticity of demandMultinationals8. Economic growthWealth compositionNational wealthFinancial distressFiscal policy
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FISCAL POLICY AND ASSET PRICES

2011

We assess the role played by fiscal policy in explaining the dynamics of asset markets. Using a panel of ten industrialized countries, we show that a positive fiscal shock has a negative impact in both stock and housing prices. However, while stock prices immediately adjust to the shock and the effect of fiscal policy is temporary, housing prices gradually and persistently fall. As a result, the attempts of fiscal policy to mitigate stock price developments may severely de-stabilize housing markets. The empirical findings also point to: (i) a contractionary effect of fiscal policy on output in line with the existence of crowding-out effects; (ii) a weakening of the effectiveness of fiscal p…

Economics and Econometrics050208 financejel:E62Panel VAR.05 social sciences1. No povertySettore SECS-P/02 Politica EconomicaSocial Sciencesjel:H30Financial systemFiscal unionasset priceAsset pricesFiscal policyFscal policyPanel VAR8. Economic growth0502 economics and businessEconomicsH30Asset (economics)fiscal policy asset prices panel VAR.050207 economicsE62Fiscal policyBulletin of Economic Research
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Can Fiscal Policy Stimulus Boost Economic Recovery?

2011

We assess the role played by fiscal policy in explaining the dynamics of asset markets. Using a panel of ten industrialized countries, we show that a positive fiscal shock has a negative impact in both stock and housing prices. However, while stock prices immediately adjust to the shock and the effect of fiscal policy is temporary, housing prices gradually and persistently fall. Consequently, the attempts of fiscal policy to mitigate stock price developments (e.g. via taxes on capital gains) may severely de-stabilize housing markets. The empirical findings also point to significant fiscal multiplier effects in the context of severe housing busts, which gives rise to the importance of the im…

Fiscal policy asset prices panel VARSettore SECS-P/02 Politica Economica
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Can fiscal policy stimulus boost economic recovery

2011

We assess the role played by fiscal policy in explaining the dynamics of asset markets. Using a panel of ten industrialized countries, we show that a positive fiscal shock has a negative impact in both stock and housing prices. However, while stock prices immediately adjust to the shock and the effect of fiscal policy is temporary, housing prices gradually and persistently fall. Consequently, the attempts of fiscal policy to mitigate stock price developments (e.g. via taxes on capital gains) may severely de-stabilize housing markets. The empirical findings also point to significant fiscal multiplier effects in the context of severe housing busts, which gives rise to the importance of the im…

Stimulus (economics)jel:E62Fiscal policy asset prices panel VARSocial SciencesMonetary economics0502 economics and businessEconomicsH30Price levelReal interest rate050207 economics050205 econometrics 050208 financeWelfare economics05 social sciencesFiscal multiplier1. No povertySettore SECS-P/02 Politica Economicajel:H30Investment (macroeconomics)Fiscal policyShock (economics)Deficit spending8. Economic growthEconomic recoveryE62Fiscal policy asset prices panel VAR.General Economics Econometrics and Finance
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