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This paper quantifies the different impact of stock and house prices on consumption using data for 16 OECD countries. The analysis finds that the long-run impact of an increase in stock prices and house prices is in general higher in countries with a market-based financial system. The sensitivity of consumption to changes in stock wealth is about twice as large as the sensitivity to changes in housing wealth. Splitting the sample into the 1980s and 1990s shows that both countries with a market-based financial system and countries with a bank-based financial system moved toward a higher degree of responsiveness of consumption to changes in stock prices and house prices.

Finance: General --- Infrastructure --- Macroeconomics --- Real Estate --- Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) --- Financial Markets and the Macroeconomy --- Macroeconomics: Consumption --- Saving --- Wealth --- General Financial Markets: General (includes Measurement and Data) --- Housing Supply and Markets --- Price Level --- Inflation --- Deflation --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Finance --- Property & real estate --- Consumption --- Stock markets --- Housing prices --- Asset prices --- National accounts --- Financial markets --- Prices --- Economics --- Stock exchanges --- Saving and investment --- United States

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We characterize the optimal linear tax on capital in an Overlapping Generations model with two period lived households facing uninsurable idiosyncratic labor income risk. The Ramsey government internalizes the general equilibrium feedback of private precautionary saving. For logarithmic utility our full analytical solution of the Ramsey problem shows that the optimal aggregate saving rate is independent of income risk. The optimal time-invariant tax on capital is increasing in income risk. Its sign depends on the extent of risk and on the Pareto weight of future generations. If the Ramsey tax rate that maximizes steady state utility is positive, then implementing this tax rate permanently generates a Pareto-improving transition even if the initial equilibrium is dynamically efficient. We generalize our results to Epstein-Zin-Weil utility and show that the optimal steady state saving rate is increasing in income risk if and only if the intertemporal elasticity of substitution is smaller than 1.

Zonder onderwerpscode: economie

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Zonder onderwerpscode: economie

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Openingsreceptie van het nieuwe studentenhuis Hou ende Trou, Hotel de Veyrac (3/6/1918). In het midden generaal Ludwig von Falkenhausen

Ghent University. --- Gardens, Design. --- Soldiers. --- Rijksuniversiteit te Gent --- Students --- History --- Buildings. --- Ghent University, Students. --- Trees. --- Clothing and dress. --- Festivities and celebrations.