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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Caporale, GM | - |
dc.contributor.author | Sousa, RM | - |
dc.date.accessioned | 2012-01-06T10:29:21Z | - |
dc.date.available | 2012-01-06T10:29:21Z | - |
dc.date.issued | 2011 | - |
dc.identifier.citation | Economics and Finance Working Paper, 11-15, Oct 2011 | en_US |
dc.identifier.uri | http://bura.brunel.ac.uk/handle/2438/6124 | - |
dc.description | Copyright @ 2011 Brunel University | en_US |
dc.description.abstract | In this paper we use a representative consumer model to analyse the equilibrium relation between the transitory deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for both stock returns and housing returns. The evidence based on data for 15 OECD countries shows that when agents expect future stock returns to be higher, they will temporarily allow consumption to rise. Regarding housing returns, if housing assets are seen as complements to stocks, then investors react in the same way, but if they are instead treated as substitutes consumption will be temporarily reduced. | en_US |
dc.language.iso | en | en_US |
dc.publisher | Brunel University | en_US |
dc.subject | Consumption | en_US |
dc.subject | Wealth | en_US |
dc.subject | Stock returns | en_US |
dc.subject | Housing returns | en_US |
dc.subject | OECD countries | en_US |
dc.title | Are stock and housing returns complements or substitutes? Evidence from OECD countries | en_US |
dc.type | Article | en_US |
pubs.organisational-data | /Brunel | - |
pubs.organisational-data | /Brunel/Brunel Active Staff | - |
pubs.organisational-data | /Brunel/Brunel Active Staff/School of Social Sciences | - |
pubs.organisational-data | /Brunel/Brunel Active Staff/School of Social Sciences/Economics and Finance | - |
pubs.organisational-data | /Brunel/University Research Centres and Groups | - |
pubs.organisational-data | /Brunel/University Research Centres and Groups/School of Social Sciences - URCs and Groups | - |
pubs.organisational-data | /Brunel/University Research Centres and Groups/School of Social Sciences - URCs and Groups/Centre for Empirical Finance | - |
Appears in Collections: | Economics and Finance Publications Dept of Economics and Finance Research Papers |
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