Uncertainty and Monetary Policy in Good and Bad Times: A Replication of the VAR Investigation by Bloom (2009)
In: CAMA Working Paper No. 74/2020
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In: CAMA Working Paper No. 74/2020
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Working paper
In: CESifo Working Paper No. 8497
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In: Australian Economic Review, Band 53, Heft 1, S. 105-117
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In: CESifo Working Paper Series No. 7177
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In: CESifo Working Paper Series No. 6630
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In: Bank of Finland Research Discussion Paper No. 8/2017
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In: Melbourne Institute Working Paper No. 9/17
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In: The Australian economic review, Band 53, Heft 1, S. 105-117
ISSN: 1467-8462
AbstractWe revisit the evidence on the effect of changes in household wealth on consumption using a panel of Australian states. We find that a one per cent increase in the value of housing wealth increases consumption by about 0.16 per cent in the long‐run, with half of the response occurring within two quarters. The size of this response has been stable over time and largely reflects changes in spending on motor vehicles, durable goods and other discretionary items. We then run counterfactual scenarios using the Reserve Bank of Australia's macroeconometric model, MARTIN, to assess the macroeconomic effects of changes in household wealth. We show that increases in household wealth supported household spending between 2013 and 2017, when growth in disposable income was weak.
In: The economic journal: the journal of the Royal Economic Society, Band 125, Heft 584, S. 746-776
ISSN: 1468-0297
In: Melbourne Institute Working Paper No. 26/14
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In: Economic Record, Band 96, Heft 314, S. 225-251
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